Sensex up 341 pts as buying continues; Coal India up 36% on strong volumes

Last Updated: Thu, Nov 04, 2010 08:19 hrs

Thanks to sustained buying at several blue chip counters, the market, which moved higher after a bright start, remains high up in positive territory with its gains intact. Metal, automobile, information technology, oil, bank and capital goods stocks are having a nice ride up north today. Realty and power stocks are also mostly trading higher.

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After a somewhat subdued start, midcap and smallcap stocks are edging higher now. The market breadth, mirroring widespread buying, is fairly positive so far.

Besides a firm trend in Asian markets on the back of the U.S. Federal Reserve's stimulus measure to boost the US economy, strong results from India Inc and fairly impressive economic data are also contributing to the rally today.

The Sensex, which rose to 20,836.63, is now up 340.77 points or 1.67% at 20,806.51.

On the National Stock Exchange, the Nifty is up with a gain of 94 points or 1.5% at 6254.50.

State Bank of India, Mahindra & Mahindra, Tata Motors and Tata Consultancy Services have scaled new peaks today. Dr Reddy's Laboratories, Glaxo Smithkline Consumer Healthcare, Nestle, Syndicate Bank, Canara Bank and M&M Financial Services have also recorded new highs today.

Mahindra & Mahindra is up nearly 4% at Rs 789.80. Hindalco is up with a gain of 3.35%. HDFC is up 2.85%, State Bank of India is gaining about 2.8%, Tata Motors is trading 2.2% up and Reliance Industries is up with a gain of 2.15%.

Larsen & Toubro, Infosys Technologies, Tata Steel, BHEL, ICICI Bank and ONGC have gained 1.5% - 1.8%. DLF, Tata Power, HDFC Bank, Jindal Steel, Cipla, Jaiprakash Associates and Sterlite Industries are also trading notably higher. ITC, NTPC, Reliance Infrastructure, Hindustan Unilever, Reliance Communications, Hindustan Unilever, Maruti Suzuki, Wipro and ACC have chipped in with modest gains.

Neyveli Lignite Corporation is up nearly 5.5%. NMDC, Central Bank of India, Reliance Power, Adani Enterprises, Reliance Natural Resources, DB Realty, Hindustan Zinc, GTL Infrastructure, Godrej Consumer Products, Motherson Sumi, Mahindra & Mahindra Financial Services, Sesa Goa, Century Textiles, LIC Housing Finance and Indiabulls Real Estate have also risen sharply.

Coal India, which has made a strong debut, is trading at Rs 333, up 36 % over the IPO price. On NSE, over 350 million shares have been traded so far at the Coal India counter today.

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Liberty Mutual Group, one of America's well known insurers, has entered into a partnership with the electronics-to-energy Videocon group. The general insurance company would invest $67 million in the initial phase and will apply for a licence to price its insurance products before the end of the year. The Videocon Industries stock is up 0.7% at Rs 261.60 at present.

Pratibha Industries has secured a contract for construction of residential buildings in Mumbai for Raheja Univesral. The value of the contract is worth Rs 63 crore. The stock is up nearly a percent at Rs 78.60 now.

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