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Aug 06, 2012, 12.35 PM IST
Indian shares maintained early gains quite nicely, rising more than 1% due to buying interest in banks, auto, metals and infrastructure stocks. The broader markets too were on buyers' radar; the Midcap Index was up 1% and Smallcap up 1.4% as about three shares advanced for every share declining on the BSE.
Globally every market was trading strong after higher than expected additions in US payrolls on Friday. Emerging optimism for European action on the debt crisis too improved the sentiment.
Asian peers like Hang Seng, Nikkei and Kospi gained 2% each while Shanghai went up 0.7%. Straits Times and Taiwan Weighted were up 1% each.
Back home, the Indian rupee appreciated 33 paise to 55.42 against the US dollar. Even the hopes of some reforms in the monsoon parliament session (that will start on Wednesday) too helped the rupee recover.
Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank moved up 1-1.7%. Housing finance company HDFC was up over 1%.
Oil & gas producer Reliance Industries and top commercial vehicle maker Tata Motors topped the buying list, rising 4.6% and 3.5%, respectively.
Engineering and construction major Larsen & Toubro and state-owned power equipment manufacturer BHEL climbed 1.5-2%.
However, shares of TCS, Dr Reddy's Labs and Coal India were down 0.4% each.
The 30-share BSE Sensex gained more than 200 points led by buying interest across sectors. Asian markets too remained strong due to better than expected US payrolls data; Hang Seng, Nikkei and Kospi jumped 2% each while Straits Times and Taiwan Weighted gained 1% each.
The BSE Sensex and NSE Nifty started off trade with 1% gap up on Monday morning as global markets rallied quite sharply on Friday after stronger than expected US payroll data and some positive cues from Eurozone.
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK