After a mild retreat that resulted in the market shedding some early gains, equities rallied higher on resumption of buying only to drift down again due to a round of profit taking in select blue chip stocks. The Sensex, which had rallied to 16,642.44 in early trade this morning, is up with a gain of 100.44 points or 0.61% at 16,554.89 at present. The Nifty is up 33.25 points or 0.68% at 4925.35. Metal stocks are in demand.
Mirroring sharp gains posted by key stocks in that space, the BSE Metal index has surged 2.5% now. Realty, bank and automobile stocks are also seen attracting strong buying enquiries. PSU stocks, which has turned a bit subdued in the previous session, are gaining in strength this morning on renewed support. Power, capital goods, FMCG and IT sectors witness stock specific action.
Several midcap and smallcap stocks have posted sharp gains this morning. The market breadth is quite strong at present. Out of 2370 stocks seen in action on BSE, 1481 stocks are trading in positive territory. 809 stocks have declined and 80 stocks trade flat. Tata Steel has rallied to Rs 515.80, gaining around 5%. Sterlite Industries is up 2.65% at Rs 763. Jindal Steel (3%), SAIL (3%), Ispat Industries (2.8%), JSW Steel (2.6%), Nalco (2.1%) and Jai Corp (1.2%) are the other prominent gainers in the metal space.
Realty stocks DLF, Unitech, Phoenix Mills, Mahindra Lifespace, Anant Raj Industries, Orbit Corporation, Sobha Developers and Omaxe are trading with notable gains. Mahindra & Mahindra, Reliance Communications, Jaiprakash Associates, State Bank of India, Bharti Airtel, ICICI Bank, Hero Honda, ACC, ITC, Tata Power, Maruti Suzuki, Larsen & Toubro, ONGC, NTPC, Tata Motors, HDFC Bank and Infosys Technologies are up with sharp to moderate gains.
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