Indian markets continue to surge
(Nvonews.com)
Indian markets looked set to recoup yesterday’s losses as markets opened strong and continued to witness buying through noon trade. The fillip to the market possibly to the reaction of overselling yesterday, which saw the Sensex drop below the 17000 mark made prices attractive for investors today. Also the markets have possibly got a shot in the arm with 25 of the 27 Eurozone nations agreeing to tighter fiscal integrations and better fiscal management.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,965.58 points, was ruling at 17,079.41 points, 216.11 points or 1.28 percent up from its previous close at 16,863.3 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading in the green at 5,149.4 points, up 62.1 points or 1.22 percent from its previous close.
The gains on the Indian markets were led by Realty, oil and gas and banking stocks. Bajaj Auto is the top gainer so far, surging 4% to Rs 1,602. Among banking stocks the ICICI Bank is up by 3.2% to Rs 879, as investors await its third quarter results. The SBI is enjoying heavy demand after the government decided to infuse Rs 7,900 crores in the bank. Its stock has shot up by 3%.
Other majors which are doing well are Reliance Industries, DLF, Jindal Steel, Hero MotoCorp, TCS, Hindalco, ITC, HDFC Bank, Infosys and Tata Motors. Reliance shares had fallen yesterday on profit booking. However with the buyback expected to start tomorrow, the shares of the Oil and Gas major are seeing a surge.
Among the losers in the heavyweight section are notables like Maruti Suzuki, NTPC, Coal India, Larsen & Toubro and HUL. Among sectoral indices, the BSE Capital Goods index is the only loser, falling 0.2%.
Broader markets were ruling higher as well, with the BSE 500 index trading 1.13 percent up from its previous close. The BSE midcap index was up 0.84 percent while the BSE smallcap index gained 0.67 percent.
Asian markets were ruling subdued as traders cautiously eyed outcome of Greece’s talks with creditors on bringing down its debt burden. The Japanese Nikkei nudged up 0.11 percent and closed at 8,802.51 points, while Hong Kong’s Hang Seng gained 0.79 percent to trade at 20,319.15 points. The Chinese Shanghai Composite index was ruling flat at 2,285.77 points.
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