(RTTNews) - The Indian market is trading higher in early trading on Wednesday, buoyed by comments by finance minister that there are no immediate plans to end stimulus measures. Favorable Asian cues and covering of short positions also helped the market end a 6-day losing streak.

The BSE Sensex opened higher at 15,488 and rose to a high of 15,623 thus far in early trading. Since then, the benchmark has pared some of its gains and is now trading at 15,498, up 94 points or 0.61% and the S&P CNX Nifty is trading at 4,585, up 0.45%.

The BSE mid-cap index is moving up 0.97% and the small-cap index by 0.56%. The market breadth on the BSE is fairly positive, with 1022 gainers versus 843 decliners.

Among the top gainers, Jaiprakash Associates is up over 4%, Infosys is rising 3.60%, DLF is gaining 2.67%, ICICI Bank is adding 2.47% and TCS is up 2.23%.

Reliance Industries, Bharti Airtel, Tata Motors, Grasim Industries, Hindalco Industries, Wipro, Reliance Infrastructure and ACC are the other prominent gainers.

However, Tata Power, Tata Steel, SBI, BHEL, HDFC Bank, Hindustan Unilever, Reliance Communication, HDFC, Mahindra & Mahindra, NTPC and Hero Honda Motors are trading in the red.

Reliance Industries is up 2.30% and RNRL is rising 0.53% as the apex court resumes its hearing on a long-standing gas dispute between the Ambani brothers Wednesday. Reliance Communications is losing 0.57% after it introduced a per-second billing plan for its customers.

IFCI is up nearly a percent on reports the government may convert its zero-coupon optionally convertible debentures worth Rs.5.23 billion held in the firm into equity. ONGC is up 0.68% on reports the government may allow the firm to auction its small and marginal fields.

Essar Oil said it has time until Nov 30 to end exclusive talks with Royal Dutch Shell Plc to acquire three of its European refineries. The stock is up 0.86%.

Mahindra Satyam is up 3.49% on winning a contract worth around $300 million from Swedish defence and aerospace firm Saab. Ashok Leyland is adding 2% on reporting a 57% rise in its commercial vehicle sales in October from a year earlier.

Allied Digital Services is gaining 2.41% after it fixed Nov 12 as the record date for splitting its existing equity shares of Rs.10 each into two shares of Rs.5 each. City Union Bank is up 1.35% after it fixed Nov 13 as the record date for a rights issue.

Bag Films is rising over 2% after its board approved raising of funds up to $30 million from overseas markets.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Eurozone, Releases, Stocks.

Subscribe by RSS Subscribe by Email