(RTTNews) - Friday, the Indian market is trading firm in early trading, helped by firm global cues and reports that the forthcoming interim budget may contain changes in tax rates and sector-specific stimulus to boost the slowing economy. Sentiment is also upbeat as investors await a vote on a massive U.S. economic stimulus package.

The BSE Sensex opened at 9,161 and rose further on favorable overseas cues. The index is now trading at the day’s high of 9,235, up 145 points or 1.59%, while the S&P CNX Nifty is trading at 2,829, up 1.75%.

Stocks across the sectors are receiving support. Realty, oil/gas and banking stocks are leading the bounce back. On the BSE, the market breadth is positive, with gainers outnumbering decliners by 926 to 519. The small-cap index is rising 0.94%, the mid-cap index is adding 1.14% and the broad-based BSE 500 index is also gaining 1.43%.

Among the major gainers, Tata Motors is surging up 4.26%, Ranbaxy Laboratories is climbing 3.92%, Jaiprakash Associates is adding 3.51%, Reliance Infrastructure is gaining 2.90%, TCS is advancing 2.85% and ICICI Bank is up 2.71%.

Reliance Communication, Tata Steel, Reliance Industries, Mahindra & Mahindra, ONGC, Wipro, Bharti Airtel, State Bank of India, NTPC and DLF are the other prominent gainers.

Twenty-nine out of 30 Sensex stocks are trading in positive territory, while Sterlite Industries is bucking the rising trend and is down 1.63%.

Satyam Computers is surging up 5.19% after its newly constituted board appointed A S Murty, a insider, as the company’s chief executive officer.

Shipping Corporation of India is rising 2.34% despite reports that its plan to foray into the dredging business has failed to take off. Ashapura Minechem is adding 3.73% after the company said it will set up an Alumina Complex at Ratnagiri, in the coastal belt of Maharashtra at an investment of Rs.4, 200 crore.

Alchemist is up 0.47%, Godawari Power & Ispat is advancing 1.53% and Karuturi Global is up 2.07% even as the companies disclosed details about pledging of shares by their promoters to the stock exchanges. Vishal Retail is up 0.71% following reports that it may shut about one third of its 172 outlets and downsize its staff to reduce costs amid slowing sales.

Reports that the minister for corporate affairs Prem Chand Gupta asked the Registrar of Companies to inspect the financial statements of 150 private sector companies has affected sentiment in several listed stocks. Prominent losers on the BSE include Swaraj Mazda (down 5.41%), Shalimar Paints (down 1.69%), Madras Aluminum (down 1.87%), Uttam Galva Steel (down 0.64%)and Manipal Finance Corporation (down 4.90%).

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Posted in Categories: Releases, Stocks, USA.

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