Market continues uptrend, Sensex above 29000; RIL up 3%

Moneycontrol News10:40 am Market Expert: Jayant Manglik of Religare Securities says the results of the state elections hold the key for market which is scheduled on March 11. Before that, we have IIP data for the month of January on Friday i.e. March 10 after market hours.
He feels bulls still have upper hand and any decline to 8700-8800 zone would attract fresh buying interest. At the same time, traders should limit their positions only in the quality stocks and avoid temptation to fall into risky penny counters.10:33 am Market update: Benchmark indices extended rally in morning, with the Sensex rising 199.11 points to 29031.56, driven largely by Reliance Industries that rallied 3.5 percent.The Nifty gained 58.10 points at 8955.65. The market breadth was strong as about 1444 shares advanced against 817 declining shares on the BSE.10:20 am Iron ore handling at ports surge: Iron ore shipments handled by the country's 12 major ports surged 169 percent to 38.61 million tonnes (MT) in the April-January period of this fiscal.

The government-owned ports had handled 14.37 MT of the key steel-making raw material in the corresponding period of the previous financial year.

The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report said that "percentage variation from previous year" in iron ore handling was as high as "168.59 percent" in the first ten months of the current fiscal.

Mining giant Vedanta had recently said the worst phase for the domestic iron ore industry is over and exuded confidence that its Goa arm is prepared to sustain the export momentum amid softening global prices and subdued demand.