Sensex up 118 points as buying continues: Realty stocks rally

Last Updated: Wed, Mar 06, 2013 06:07 hrs
Commuters walk past the BSE building in Mumbai

With several blue chip stocks from across various sectors trading firm on sustained buying support, the market, which opened on a firm note this morning, remains well placed in positive territory now.

Following some upbeat economic data, the U.S. markets ended on a buoyant note yesterday with the Dow Jones Industrial Average hitting a new all-time closing high. Taking cues, Asian markets are moving higher, setting up the stage for the bulls at the Indian ring as well.

The Sensex is now up 118 points or 0.61% at 19,261.17, while the Nifty index of the National Stock Exchange is up with a gain of 35.70 points or 0.62% at 5819.95.

Larsen & Toubro and BHEL, the capital goods sector heavyweights, are up 3.2% and 1.7%, respectively. Metal stocks Sterlite Industries, Hindalco, Tata Steel, Jindal Steel & Power and Coal India are trading higher by 1% - 2.3%.

Tata Motors has moved up by nearly 2.5%. Wipro, Infosys, State Bank of India, Reliance Industries, ONGC and ICICI Bank are trading higher by 1% - 2%. Maruti Suzuki, Hero Motocorp, Tata Consultancy Services and NTPC are up with modest gains.

Jaiprakash Associates is up nearly 4%. Bank of Baroda, Reliance Infrastructure, IDFC, Sesa Goa, Cairn India, Siemens, HCL Technologies, Ranbaxy Laboratories and Punjab National Bank are also up with strong gains.

Amid expectations that the Reserve Bank of India will announce a rate cut later this month, investors are indulging in some hectic buying in the realty space this morning. Mirroring strong gains posted by key stocks in this space, the BSE Realty index has spurted nearly 5.5% now.

HDIL, up more than 13%, is the top gainer in the Realty index at present. Sobha Developers has jumped nearly 9%. Anant Raj Indsutries, Indiabulls Real Estate and Oberoi Realty are up 6.5% - 7.5%. DLF, Phoenix Mills, Prestige Estates, Unitech and Godrej Properties are trading higher by 3% - 5%, while Parsvnath Developers is up with a gain of 1.2%.

AIA Engineering, AIL, Bharat Earth Movers, Bharat Electronics, FAG Bearing, Havells India, Lakshmi Machine Works, Punj Lloyd, Sadbhav Engineering, SKF India and Welcorp are some of the most impressive gainers in the capital goods space.

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