Indian markets extended overnight gains on Wednesday after the Prime Minister's comments that economic growth could bounce back to 9 percent boosted sentiments. Positive Asian markets also lend support to induces. The rally was led by metals capital goods and power stocks.
US markets closed in the red while Asian markets are up. Asian stocks
rose for the first time in three days, led by commodity and shipping companies as oil climbed above US$ 70 a barrel and metals prices advanced. We expect our market to open up but see some selling in the latter part of the day. For the day we are negative on the market,” said Religare Securities report.
At 11:25 am Bombay Stock Exchange’s Sensex was at 15490.93, up 363.93 points or 2.41 per cent. The 30-share index touched an intra-day high of 15561.11 and low of 15168.18.
Source: Economictimes.com
National Stock Exchange’s Nifty was at 4658.35, up 107.40 points or 2.36 per cent. The broader index hit a high of 4687.95 and low of 4551.70.
BSE Midcap Index was up 2.38 per cent and BSE Smallcap Index moved up 2.22 per cent.
Trend deciding level for the day is 14938 / 4493. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15350 – 15573 / 4621 – 4690. However, if Nifty trades below 14938 / 4493 for the first half-an-hour of trade then it may correct up to 14715 / 4423, said Angel Broking note.
Amongst the sectoral indices BSE Metal Index was up 3.60 per cent. BSE Capital goods Index gained 3.13 per cent and BSE Power Index moved 3.10 per cent higher.
Tata Power (6.77%), Reliance Infrastructure (5.37%), HDFC Bank (5.27%), Larsen & Toubro (4.59%) and Sterlite Industries (4.40%) were amongst the top Sensex gainers.
Sun Pharma (-0.44%) and Jaiprakash Associates (-0.33%) were amongst the losers.
Market breadth was positive on the BSE with 1619 advances and 822 declines.
Shares of HDFC were in demand Wednesday after the mortgage lender announced its plans to raise up to Rs 4000 crore through a debenture-cum-warrant issue to institutional investors. The company said that it would issue secured redeemable non-convertible debentures on qualified institutional placement basis, along with warrants convertible into equity shares at a future date, with both being listed separately on stock exchanges. The scrip was up 2.26 per cent.
Shares of Rural Electrification Corporation were up 2.30 per cent after the company announced plans to sell 20 per cent equity stake to raise around Rs 3000 crore for funding of power projects.
Shares of Satyam Computers hit 10 per cent upper circuit after the company surpised by reporting over Rs 2000 crore in revenues and Rs 181 crore net profit for the December 2008 quarter. Tech Mahindra, the new owner of Satyam Computers also surged 9.85 per cent. Shares of Larsen & Toubro which holds stake in Satyam Computers was up 4.34 per cent.
Wall Street ended on a flat note on Tuesday after an initial rally following the Treasury Department's announcement that 10 big banks will pay back $68 billion received under the Troubled Asset Relief Program to the government. But the market quickly retreated on concerns that the money could be put to better use by making loans to businesses and consumers, which would boost the economy.
Asian markets were trading higher on the back of a rally among commodity stocks as metal and oil prices surged. The Nikkei was up 1.70 per cent, Hang Seng advanced 2.13 per cent and Straits Times added 1.52 per cen
US markets closed in the red while Asian markets are up. Asian stocks
rose for the first time in three days, led by commodity and shipping companies as oil climbed above US$ 70 a barrel and metals prices advanced. We expect our market to open up but see some selling in the latter part of the day. For the day we are negative on the market,” said Religare Securities report.
At 11:25 am Bombay Stock Exchange’s Sensex was at 15490.93, up 363.93 points or 2.41 per cent. The 30-share index touched an intra-day high of 15561.11 and low of 15168.18.
Source: Economictimes.com
National Stock Exchange’s Nifty was at 4658.35, up 107.40 points or 2.36 per cent. The broader index hit a high of 4687.95 and low of 4551.70.
BSE Midcap Index was up 2.38 per cent and BSE Smallcap Index moved up 2.22 per cent.
Trend deciding level for the day is 14938 / 4493. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 15350 – 15573 / 4621 – 4690. However, if Nifty trades below 14938 / 4493 for the first half-an-hour of trade then it may correct up to 14715 / 4423, said Angel Broking note.
Amongst the sectoral indices BSE Metal Index was up 3.60 per cent. BSE Capital goods Index gained 3.13 per cent and BSE Power Index moved 3.10 per cent higher.
Tata Power (6.77%), Reliance Infrastructure (5.37%), HDFC Bank (5.27%), Larsen & Toubro (4.59%) and Sterlite Industries (4.40%) were amongst the top Sensex gainers.
Sun Pharma (-0.44%) and Jaiprakash Associates (-0.33%) were amongst the losers.
Market breadth was positive on the BSE with 1619 advances and 822 declines.
Shares of HDFC were in demand Wednesday after the mortgage lender announced its plans to raise up to Rs 4000 crore through a debenture-cum-warrant issue to institutional investors. The company said that it would issue secured redeemable non-convertible debentures on qualified institutional placement basis, along with warrants convertible into equity shares at a future date, with both being listed separately on stock exchanges. The scrip was up 2.26 per cent.
Shares of Rural Electrification Corporation were up 2.30 per cent after the company announced plans to sell 20 per cent equity stake to raise around Rs 3000 crore for funding of power projects.
Shares of Satyam Computers hit 10 per cent upper circuit after the company surpised by reporting over Rs 2000 crore in revenues and Rs 181 crore net profit for the December 2008 quarter. Tech Mahindra, the new owner of Satyam Computers also surged 9.85 per cent. Shares of Larsen & Toubro which holds stake in Satyam Computers was up 4.34 per cent.
Wall Street ended on a flat note on Tuesday after an initial rally following the Treasury Department's announcement that 10 big banks will pay back $68 billion received under the Troubled Asset Relief Program to the government. But the market quickly retreated on concerns that the money could be put to better use by making loans to businesses and consumers, which would boost the economy.
Asian markets were trading higher on the back of a rally among commodity stocks as metal and oil prices surged. The Nikkei was up 1.70 per cent, Hang Seng advanced 2.13 per cent and Straits Times added 1.52 per cen