International BusinessMarkets sustain strength
The markets have held on to their gains in the past one hour. The Sensex is quoting at 16,672, up 71 points, and the Nifty is at 4975, up 22 points. The mid-cap and small cap indices are up about a percent each. Metals, consumer durables and realty stocks have surged in morning trades, while the energy and IT space is subdued.
- Markets open strong - US stocks rise; Nasdaq at 15-month high - Cues from Asian market, RBI worries drag Sensex - FMC warns members to avoid trade in inactive accounts - PDS makes a return in soaring Kerala market - Markets end near day"s low on weak global cues
Dalal Street had opened firm this morning, mirroring the strong global cues. The US stocks rose overnight, with the Nasdaq touching a 15-month high, after a healthcare reform bill passed a crucial test in the Senate and brokerages upgraded two Dow companies on improving profit prospects. And Asia is trading firm as technology stocks tracked a rally on Wall Street.
Bharti Airtel is the leading gainer on the Sensex, strengthening Rs 7 or 2.5% at Rs 317. Hindalco has gained Rs 2 or 2.1% at Rs 140 and ICICI Bank has put on Rs 15 or 1.8% at Rs 825. Sterlite and Tata Steel are the other prominent gainers. Index heavyweight Reliance Industries is, however, subdued.
ONGC (weaker by Rs 14 or 1.2% at Rs 1162), TCS (lower by Rs 4 or 0.5 at Rs 728) and Sun Pharma (down Rs 5 or 0.3% at Rs 1490) are the major losers on the BSE.
The market breath is strong. Out of 1621 stocks traded on the BSE, there are 1304 advancing stocks as against 280 declines.