Sensex up 267 points as buying continues

Last Updated: Thu, May 02, 2013 09:11 hrs

With several blue chip stocks trading firm on sustained buying support, the market remains high up in positive territory this afternoon. Expectations of a rate cut from the central bank and some buoyant quarterly results are contributing to the market's strong upmove today.

The BSE benchmark Sensex, which rose to 17,972, is currently up 267.10 points or 1.37% at 19,771.28. The Nifty index of the National Stock Exchange is up 80.20 points or 1.35% at 6010.40.

Mahindra & Mahindra, up nearly 4%, is the top gainer in the Sensex. Tata Consultancy Services is up 3.7%. Larsen & Toubro is up more than 2.5% following an announcement from the company that its Malaysia-based switchgear subsidiary, Tamco Switchgear, won an order worth over Rs 450 crore from Qatar General Electricity and Water Corporation, the sole distributor of water and electricity in Qatar.

Infosys, Sun Pharmaceutical Industries, HDFC, State Bank of India and Reliance Industries are up 2% - 2.6%.

Wipro, NTPC, HDFC Bank, ICICI Bank, Jindal Steel & Power, ITC, Maruti Suzuki and Cipla are up 1% - 1.8%. ONGC and Tata Steel are also trading notably higher.

Reliance Infrastructure remains the top gainer in the Nifty index. At Rs 391, the stock is up 4.2% from its previous closing price. Jaiprakash Associates is up 3.5%. Power Grid Corporation, Ambuja Cements, IDFC, Axis Bank, Bank of Baroda, ACC, Grasim Industries, HCL Technologies, NMDC, Kotak Bank, IndusInd Bank and Asian Paints are up 1% - 3%.

TTK Healthcare is up more than 10% following the company's announcement that its board of directors has approved the scheme of amalgamation of TTK Protective Devices (formerly known as TTK-LlG), an unlisted public company; and TSL Techno Services (TSL), a wholly owned subsidiary of TTKPD with itself.

“On amalgamation of the companies, the shareholders of TTKPD will be entitled to nine equity shares of Rs 10 each fully paid-up of TTK Healthcare, for every two shares of Rs 10 each fully paid-up held by them in TTKPD,” TTK Healthcare said in a filing.

Glaxo Smithkline Consumer Healthcare is up sharply following the company reporting an 18% year-on-year jump in net profit at Rs 156 crore for the first quarter ended March 2013, thanks to higher sales. In the corresponding quarter last year, the company had posted a profit of Rs 132 crore.

Fertilizers stocks are trading weak following the government announcing a cut in subsidy on complex non-urea fertilizers for the current fiscal. Shares of Chambal Fertilisers and Chemicals, Corromandel International, GSFC and Rashtriya Chemicals and Fertilisers are down with sharp losses at present.

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