Indian market surges up in opening session

(RTTNews) - The Indian market is currently trading firm after opening sharply higher this morning. A decline in the wholesale inflation rate for the first time in a month, positive global cues from the rest of the global markets and a retreat in the price of oil boosted investor sentiment.

Meanwhile, August series derivatives contracts expired on Thursday with strong rollovers. Marketwise rollover of positions from August to September series reportedly stood at 83%, while that of Nifty was seen at 75%. In July, the same stood at 79% and 65% respectively.

The market may move sidelines as it awaits the GDP report for the first quarter. The GDP report which will be released this afternoon and the cues from the European markets could determine the market trend for the rest of the session.

After opening higher at 14,279, the BSE Sensex has surged up further following buying across the board. The benchmark is trading at 14,370, up 322 points or 2.29%. The S&P CNX Nifty is trading at 4,307, up 2.20%. Banking, realty, public sector and capital goods are leading the rally. The market breadth is fairly positive, with 1429 stocks gaining compared to 473 stocks that are declining.

Among Sensex Stocks, only Ranbaxy Laboratories is declining by 0.82%. ICICI Bank (up 5.36%), HDFC Bank (up 4.33%), State Bank of India (up 4.01%), Reliance Infrastructure (up 4.00%), Jaiprakash Associates (up 3.36%), DLF India (up 3.36%), and HDFC (up 3.21%) are among the major gainers.

CDMA telecom companies such as Reliance communication is rising 2.18% and Tata Teleservices is up 2.19% after the Telecom minister A Raja asked the companies to bid for 3G spectrums.

Videocon industries is advancing 1.88% on news reports that the promoter family is mulling a trust structure to consolidate its holdings in the group companies.

Gitanjali Gems is down 0.15% over reports that the company has opted to pull out of the race to buy a US-based jewellerey retail chain White hall, due to difference on prices. Tata Motors is up 2.97% despite reports that the work at its plant in Singur is disrupted, as workers couldn’t turn up for duty following threatening by the activists from the Trinamool Congress party

Gremach Infrastructure Equipments & Projects is up 4.20% after the company received an approval from the government for setting up a special economic zone for metal sector in Maharashtra. Nectar Lifesciences is up 1.87% after its board of directors approved a stock-split proposal and the issue of convertible warrants to a select companies on a preferential basis.

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