Sensex up 258 points as bulls hold fort

Last Updated: Thu, Nov 29, 2012 08:27 hrs

With the bulls continuing to dominate proceedings at the ring and lapping up blue chip stocks, the market remains high up in positive territory this afternoon.

Realty stocks continue to hog the limelight on the bourses. Mirroring strong demand for key stocks in the realty space, the BSE Realty index has now moved up by over 3%. Automobile, bank, metal, capital goods and oil stocks are among the other major gainers.

Quite a few front line stocks from FMCG, consumer durables, PSU and healthcare sectors too have moved up smartly. Power stocks are trading mixed, while information technology stocks continue to remain subdued.

At 19,100.31, a few points off the day's high of 19,110.28, the Sensex is now up with a gain of 258.23 points or 1.37%. The Nifty index of the National Stock Exchange is up by around 75 points or 1.3% at 5802.50.

Sterlite Industries, Bajaj Auto and Tata Motors are up 4% - 4.4%. Cipla is up nearly 3% and ICICI Bank is up with a gain of 2.8%. HDFC is up 2.6%.

Larsen & Toubro is up with a gain of 2.4% at Rs 1658 thanks to a strong order book. The company has reportedly secured new orders valued over Rs 11.78 billion across various business segments in November 2012.

Tata Power, Dr Reddy's Laboratories, ONGC, HDFC Bank, Reliance Industries, Sun Pharmaceutical Industries, GAIL India, Hindalco, Wipro, ITC and NTPC are up 1% - 2%. Coal India, Tata Steel, State Bank of India, Mahindra & Mahindra, Jindal Seel and Hero Motocorp are also trading notably higher.

Tata Consultancy Services Limited has announced that it has won a multi-million, multi-year contract from the Home Office, a key department of the United Kingdom government to manage the technology needs and support services of the newly formed Disclosure and Barring Service. The stock is trading modestly higher at Rs 1300 at present.

Suzlon Energy is up nearly 10% at Rs 18.70. Indiabulls Financial Services is trading 8.75% up. IRB Infrastructure, Gujarat Fluorochemicals, Opto Circuits, Unitech, HDIL, Sun TV Network, Eicher Motors, JP Power, IndusInd Bank and Oberoi Realty are up 4% - 7%.

DLF is trading more than 2% up. The realty major, according to reports, is close to selling its international hotel chain, Aman Resorts, to a US-based investment company for $325 million (Rs 1,800 crore). A company spokesperson said the company will not comment on market speculation.

ABG Infralogistics has gained nearly 18% on reports the company is close to clinch a tender for container handling at the Kolkata Port Trust.

Fortis Healthcare stock jumped 10% following the company approved the setting up of a committee that would explore various means to raise funds.

“The board of directors of the company on November 27, 2012 has approved the constitution of a committee of the board to explore various methods of funds raising and accordingly to secure necessary approval of shareholders or otherwise,” Fortis Healthcare said in a filing.

Container Corporation, REC, LIC Housing Finance, Tata Chemicals, J&K Bank, CESC, Sesa Goa, Lanco Infratech, Century Textiles, Power Finance Corporation, Essar Oil, Asian Paints and Aurobindo Pharma have also risen sharply today.

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