Sensex up 120 pts as bulls continue to hold fort

Last Updated: Fri, Mar 08, 2013 06:28 hrs

The Indian stock market is trading notably higher on Friday with investors picking up stocks, buoyed by some upbeat economic data from the U.S. and China. Expectations that Indian economy will recover soon appear to be contributing as well to the positive mood.

Oil, PSU, metal, bank and consumer durables stocks figure among the most prominent gainers. FMCG, power, realty and select capital goods and automobile stocks too have moved higher. Pharmaceuticals stocks, which were a bit subdued to start with, are edging up now. Information technology stocks, however, trade weak.

The 30-share BSE sensitive index Sensex, which rose to 19,581.95, is now up 120 points or 0.62% at 19,533.54. The broader 50-stock Nifty index of the National Stock Exchange is up 37.10 points or 0.63% at 5900.40, off the day's high of 5,914.15.

Jindal Steel & Power has moved up nearly 3.5% to Rs 359. Hero Motocorp, GAIL India and HDFC are trading higher by 2% - 2.6%. Tata Steel and ONGC are up 1.8% and 1.7%, respectively.

Coal India, HDFC Bank, NTPC, Cipla, Reliance Industries, State Bank of India, Maruti Suzuki and Sun Pharmaceutical Industries are up 1% - 1.8%.

Mahindra & Mahindra is up 1.2% at Rs 896 following an announcement from the company that workmen at Nasik plant have called off their strike.

“The tool down strike by employees of its Nashik plant which started on March 05, 2013 at 6:00 p.m. as well as the proposed strike from March 11, 2013 has been called off,” M&M said in a statement.

ICICI Bank, ITC, Larsen & Toubro, Tata Power and Bharti Airtel are also trading firm.

BPCL is up with a strong gain of 3.5%. Hindustan Petroleum Corporation is trading higher by 2.5% and Indian Oil Corporation is up by around 1.5%.

Cairn India is trading 1.8% up. IDFC, Kotak Bank, Reliance Infrastructure and Siemens are also up with strong gains.

Rashtriya Chemicals & Fertilizers is up more than 5% following the government fixing a floor price of Rs 45 per share, for the offer for sale, a premium of 2.5% to Thursday's closing price.

Shares of Multi Commodity Exchange Limited plunged more than 5% to Rs 965 on heavy volumes. According to reports, Morgan Stanley has reduced its price target for MCX to Rs 1,020 from Rs 1,150 citing uncertainty surrounding the impact of commodity transaction tax on volumes and valuations as the key reasons.

In the currency market, the ruppe rose to 54.46 against the U.S. dollar in early trade this morning, gaining 10 paise. On Thursday, the partially convertible Indian rupee had ended at 54.56, gaining 16 paise.

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