(RTTNews) - Friday, the Indian market is currently trading near the day’s high despite the subdued trend in the rest of the Asian markets. Stocks across the board are trading higher after stock markets across the world climbed steeply on Thursday. A further softening in wholesale inflation for the fifth successive week and reports that the government could consider converting funds impounded under the market stabilization scheme (MSS) into regular government borrowing have improved investor sentiment.

Reports said, such a move if taken by the government, would reduce volatility in the money market and free up funds with banks for lending to borrowers. IT, metal, oil/gas, technology and banking shares are the major gainers. On the BSE, the market breadth is extremely positive, with 1241 stocks gaining compared to 431 stocks that are declining.

Meanwhile, the rupee is trading higher on Friday on expectations over a revival of foreign fund inflows after global equities rallied sharply over the past three sessions. The rupee was last trading at Rs.49.36/37 against the dollar, 0.5% stronger than its Wednesday’s close of 49.69/70. The currency market was shut on Thursday for a local holiday.

HDFC (up 12.20%), Sterlite Industries (up 10.95%), Tata Steel (up 10.30%), Reliance Industries (up 9.27%), ITC (up 9.04%), Hindalco Industries (up 8.94%), Mahindra & Mahindra (up 8.76%) and Tata Power (up 8.71%) are the major gainers. All the 30 Sensex stocks are currently trading in positive territory.

After opening at 9,362, the Sensex has further improved and is currently trading at 9,743, up 698 points or 7.72%, while the S&P CNX Nifty is trading at 2,893, up 7.26%. The mid-cap index (up 2.61%) and the small-cap index (up 2.40%), are however, under performing the key indexes.

Banking stocks are rising amid hopes of another cut in the CRR rate after wholesale prices fell for the fifth successive week. ICICI Bank (up 10.05%), HDFC Bank (up 9.45%), Bank of India (up 6.89%), State Bank of India (up 6.03%), Federal Bank (up 5.63%) and Canara Bank (up 5.53%) are some of the prominent gainers.

IT stocks such as Infosys, Wipro and Satyam Computers are trading higher after their ADRs rose sharply overnight. Wipro (up 12.05%), HCL Technologies (up 11.66%), Rolta India (up 9.94%), TCS (up 9.32%), Infosys (up 8.89%) and Financial Technologies (up 8.30%) are the major gainers.

ONGC is up 4.92% even after the company’s net profit fell around 6% for the quarter ended September following a 233% rise in subsidy burden towards crude oil discounts provided to public sector oil marketing companies. National Aluminum is up 9.65% despite the company reporting flat growth in profit for the three months ended September. East India Hotels is also up 3.19% even as the company reported a profit of Rs.313.10 million for the quarter ended September compared to Rs.427.50 million profit during the same period last year.

Suzlon Energy is down 0.43% after the company’s profit fell 95% for the September quarter. Zen Technologies is gaining 1.76% and Eicher Motors is adding 19.98% after their board of directors approved to buyback their shares. Religare Enterprises is up 0.25% after the company finalized terms for the Rs.1, 802 crore rights issue.

Sundaram Fasteners is up 5.85% even as the company’s profit fell 55% for the quarter ended September. Bharat Earth Movers (BEML) is up 0.37% after the company reported a 128% rise in its net profit for the September quarter.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Releases, Stocks.

Subscribe by RSS Subscribe by Email