Mid Session Market for October 06, 2010

The Indian benchmark indices are rallying on the back of foreign fund investment and improved global appetite for risk. Positive sentiments were imbued into investors as world stocks surged on optimism that stimulus measures were likely to continue as Bank of Japans monetary easing measure triggered anticipation that other central banks may follow suit. Further, state owned Shipping Corp of India reached its highest level since January 2008, after the cabinet approved a 10% stake sale in the shipping major. On the sectoral front, Metal and Realty index were up by 2.25% and 1.82% respectively. The broader market indices are trading positive as BSE Mid Cap and Small Cap are trading higher by 1.26% and 1.18% respectively. The key benchmark indices are currently trading in positive with BSE 30-share Sensex above the 20,525 mark, while Nifty is above the 6,180 mark.

At 12.26 PM BSE SENSEX was trading at 20,527.10 up by 119.39 (0.59%) and the NSE Nifty was trading at 6,180.50 up by 34.70 (0.56%).

The BSE MIDCAP was at 8,440.25 up by 105.35 (1.26%) and the BSE SMLCAP was at 10,681.01 up by 124.23 (1.18%).

On the economic front, Government is preparing a proposal to establish a new overseas borrowing window for Indian corporate enabling them to accumulate up to US$1bn annually particularly for infrastructure projects.

On the corporate front, Elecon Engineering Company Ltd grew 3.24% to Rs 92.50 after it obtained an order of Rs 562.6mn client for design, engineering, manufacturing, testing, supplying, crectioning and commissioning of Material Handling Equipments and other Equipments.

Hindustan Dorr-Oliver Ltd surged 10.00% to Rs 141.90 as its water Business division has obtained Refinery ETP Orders worth Rs. 965.7mn.

At present, the market breadth indicating the overall health is positive with 1,931 stocks advancing, 949 shares declining and 98 stocks are left unchanged. Further, the overall market breadth is positive as all the 13 sectoral indices are trading with gains.

Gainers from the Sensex Pack till now are - Hindalco Inds (4.33%), JP Asso (3.98%), Sterlite Inds (3.31%), Jindal Steel (2.05%), Tata Steel (1.93%), Reliance Infra (1.08%) and DLF (1.04%).

The BSE Metal index was at 17,960.64 up by 395.06 points or by (2.25%). The main gainers were Hind Zinc (4.51%), Hindalco Inds (4.33%), National Alum (3.44%), Sterlite Inds (3.31%), Jindal Steel (2.05%) and Tata Steel (1.93%).

The BSE Realty index was at 3,979.73 up by 71.23 points or by (1.82%). The main gainers were Indiabulls Real Est (5.43%), Peninsula Land (3.73%), Sobha Dev (1.98%), Orbit Corp (1.93%), D B Realty (1.64%), HDIL (1.44%) and Phoenix Mills (1.43%).

The leading Asian bourses are trading with gains as Hang Seng, Nikkei 225, Taiwan Weighted, Shanghai Composite, Seoul Composite and Straits Times are trading higher by 282.94, 172.67, 83.60, 44.98, 25.01 and 20.27 points respectively.

Read more about: benchmark, indices, rallying
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