Sensex opens with moderate gains; banks, auto support
The BSE Sensex gained more than 50 points in early trade amid volatility after opening flat on first day of April. Banks and auto stocks were on buyers' radar while index heavyweight Reliance Industries was under pressure.
The BSE Sensex gained more than 50 points in early trade amid volatility after opening flat on first day of April. Banks and auto stocks were on buyers' radar while index heavyweight Reliance Industries was under pressure. It will be truncated week for the market due to holiday on Thursday and Friday.
The BSE benchmark was up 75 points at 17,479.14 and the NSE benchmark rose 16 points to 5,311.50.
Coal India was down 2% after TCI said it would launch legal action against the company and instructed its lawyers Luthra & Luthra to begin legal process against CIL.
BPCL fell 1.3% as hopes of fuel price hike eased for the time being.
Sterlite Industries, Axis Bank, ICICI Bank, HUL, Reliance Industries, L&T, Ranbaxy Labs, Infosys, Sesa Goa, ONGC, ACC, DLF and Ambuja Cements gained 0.5-1%.
However, Tata Motors and M&M gained more than 1% after better than expected sales numbers in March 2012. Tata Motors' sales went up 20.4% to 1 lakh units YoY and M&M's sales rose 25% to 47,001 units.
Kotak Mahindra Bank, TCS, Bajaj Auto, Reliance Power, Bharti Airtel, SBI and ITC too were supporting the market.
The CNX Midcap Index rose 17 points to 7,728.
In the second line shares, Aurobindo Pharma tanked 6% amid heavy volume.
Dhanlaxmi Bank lost 1.5%. Kingfisher Airlines was down 2%.
Power financing companies (non banking finance companies) PTC India, PFC and REC shot up 3-4%.
Titan Industries was up 4% as The Financial Express reported that the company was allowed by DGFT to import gold directly, which will save around 1% cost.
IVRCL gained 1.5%. TVS Motor jumped 2.5% ahead of auto sales numbers for March.
Manappuram Finance rebounded with 1.6% gains after losing more than 15% in last week.
JHS Svendgaard shot up for third consecutive session today, gaining 11% after the company said it would allott 5 lakh shares on preferential basis to promoter Nikhil Nanda at Rs.97.75/share.
Zee Entertainment surged nearly 3% as Business Standard reported that Subhash Chandra promoted Zee Group is close to buying out Dainik Bhaskar. The company will have board meet on April 4 to consider a buy-back again.