The BSE Sensex continued to trade higher amid volatility, rising over 50 points due to consistent buying in capital goods, banks, metals and power stocks. Non-banking finance companies, which provide finance to power projects, were on buyers' radar today; PTC India shot up 6.5%.
Non-banking finance companies, which provide finance to power projects, were on buyers' radar today; PTC India shot up 6.5% while Power Finance Corporation and Rural Electrification Corporation gained 4% each. The Tamil Nadu Electricity Regulatory Commission has approved 37% tariff hike which will generate additional Rs 78,700 crore for the state utility in FY13. CLSA said this is a big relief for private players.
The BSE benchmark gained 55 points at 17,459 and the NSE benchmark was up 12 points at 5,307.40 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices rose 1% each.
Engineering and construction major Larsen & Toubro jumped 1.7% and state-owned Bharat Heavy Electricals was up 1.5%.
Country's largest lender State Bank of India moved up 1% while rivals HDFC Bank gained 0.6% and ICICI Bank was flat.
TCS, top software services exporter and Bharti Airtel, India's largest telecom operator were up nearly 1%. However, India's most valued stock Reliance Industries fell 0.7%. FMCG majors ITC and HUL were down 0.4% and 1%, respectively.
Bajaj Auto, second largest two-wheeler maker, dropped 1.6% ahead of auto sales numbers for March.
The market breadth was strong; about 4 shares advanced for every share falling on the BSE.
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Tata Motors rose 1% after company's total sales for March jumped 20.4% to 1 lakh units year-on-year.
Mahindra and Mahindra gained 1.4% as the company posted 25% growth year-on-year in vehicle sales for March at 47,001 units.
Eicher rallied 2.6% as it sold 6,051 units (trucks and buses) in March as against 5,065 in same month of previous year.
Coal India fell 1.65% after the TCI decided to launch legal action against the company.
IVRCL management was supposed to meet over the weekend to discuss Essel group buying 10%. The stock rose 2%.
Varun Shipping surged 8.6% after the company decided to demerge shipping management business and investment business.
HCC gained 2.5% after the company sold its 7% stake in Jyoti Ltd.
Zee Entertainment surged close to 3% ahead of board meeting on April 4 to again consider a buy-back. In the last buy back, the company has managed to buy back shares worth only Rs 232 crore versus Rs 700 crore. The Business Standard reported that Subhash Chandra promoted Zee Group is close to buying out Dainik Bhaskar.
Yes Bank was up 1.55% amid heavy volume after the Economic Times reported that the company raised Rs 380 crore from IFC and will raise USD 400 million via GDR. Even it was the most active stock today.
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.
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