(RTTNews) - The Indian market is trading higher in early trading on Monday, helped by positive Asian cues. Prime Minister Manmohan Singh’s positive statement on disinvestment in state-run firms and proposed legislative changes in the insurance and pension sectors also helped improve sentiment.

The BSE Sensex opened higher at 16,191 and has risen to a high of 16,275 thus far in the session. Since then, the index has pared some of its early gains and is now trading at 16,239, up 81 points or 0.50% and the S&P CNX Nifty is trading at 4,816, up 0.41%.

The BSE mid-cap index is moving up 0.55% and the small-cap index by more than a percent. The market breadth on the BSE is extremely positive, with 1324 gainers versus 630 decliners.

Among the prominent gainers, SBI, Tata Power, Reliance Industries, Tata Steel, HDFC, ITC and ICICI Bank are up by around a percent each.

On the flip side, Reliance Communication and Bharti Airtel are losing over 2% each, DLF is down 1.75%, Maruti Suzuki is declining 1.29%, Mahindra & Mahindra is down 1.02% and ONGC is losing 1.02%.

BHEL, Reliance Infrastructure, Tata Motors, Sun Pharma, ACC, Larsen & Toubro, Grasim Industries, Hindalco, NTPC and Infosys are also trading in the red.

Tata Steel is rising 1.27% on reports it has received alternative land in Vietnam for building a 4.5-million tonnes per annum steel plant. Reliance Industries is up 1.24% on reports it is close to announcing a major overseas acquisition before its annual general meeting on November 17.

Simbhaoli Sugars is locked at the 5% upper circuit limit after the company proposed to raise funds by way of fresh share offerings. Jet Airways is down 0.12%, while Kingfisher Airlines is up by a percent after they raised fuel surcharge on air fares by up to Rs.200 per ticket to partly offset losses due to rising fuel prices.

Bank of Baroda is up 0.43% after it signed an agreement with T Rowe Price for proposed divestment of a 6.50% stake in UTI Asset Management Company and UTI Trustee Company.

Likewise, SBI is gaining 1.58% after signing a similar agreement with T Rowe Price. SBI has also cut its deposit rates by 25-50 basis points on select maturities.

Gas Authority of India is losing 0.67% on reports it plans to set up a special purpose vehicle for developing an integrated refinery-cum-petrochemical plant in India and overseas markets. Srei Infrastructure Finance is declining over 2% amid reports its arm Srei Venture Capital is floating a $150-million fund.

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Posted in Categories: Releases, Stocks.

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