Sensex hits 17000, RCom, Sterlite, Tata Motors up
Friday, 4 June 2010
MUMBAI, June 3 (Economic Times): Indices moved higher as sentiments turned bullish with the positive cues from Asian peers. The upmove was led by gains in metals, auto and realty space.
"With the US market rallying and Asian markets on a firm footing, the good times should last at least for the day. Wild intra-day gyrations are a given; we do not rule out a trend reversal if there is fresh bad news from overseas markets. Stay light and nimble so that you are ready to respond to any change in sentiment.
For the long-term India bulls, any fall is a good chance to buy in limited quantity. Fundamentals remain healthy. Fund flows though erratic may well improve. In the near-term, monsoon may have some bearing though GDP grew pretty well despite bad rains last year. Overall trend will be guided more by external developments," said India Infoline report.
At 10:14 am, Bombay Stock Exchange's Sensex was at 17007.02, up 265.18 points or 1.58 per cent. The index touched a high of 17008.26 and low of 16786.28 in trade so far.
National Stock Exchange's Nifty was at 5101.40, up 81.55 points or 1.62 per cent. The index touched intraday high of 5106.55 and low of 5020.15.
Buying activity was also seen in the broader markets. BSE Midcap Index moved 1.33 per cent higher and BSE Smallcap Index moved up 1.44 per cent.
Amongst the sectoral indices, BSE Metal Index gained 2.11 per cent, BSE Auto Index moved 2.09 per cent higher and BSE Realty Index advanced 1.93 per cent.
Reliance Communications (3.20 per cent), Sterlite Industries (3.03 per cent), Tata Motors (2.87 per cent), Hindalco Industries (2.66 per cent) and Mahindra & Mahindra (2.40 per cent) were amongst the top Sensex gainers. There were no index losers.
The Anil Dhirubhai Ambani Group is ready to sell a strategic stake in Reliance Communications as the company seeks to infuse fresh equity to fund its foray into third-generation telephony and wireless broadband access.
The company is considering two options: a merger with South Africa's MTN or infusion of fresh equity from a strategic foreign investor.
Tata Motors moved higher after the company reported rise in sales and as commercial production of Nano at Sanand began Wednesday.
Market breadth was positive on the NSE with 2131 advances against 933 declines.
"With the US market rallying and Asian markets on a firm footing, the good times should last at least for the day. Wild intra-day gyrations are a given; we do not rule out a trend reversal if there is fresh bad news from overseas markets. Stay light and nimble so that you are ready to respond to any change in sentiment.
For the long-term India bulls, any fall is a good chance to buy in limited quantity. Fundamentals remain healthy. Fund flows though erratic may well improve. In the near-term, monsoon may have some bearing though GDP grew pretty well despite bad rains last year. Overall trend will be guided more by external developments," said India Infoline report.
At 10:14 am, Bombay Stock Exchange's Sensex was at 17007.02, up 265.18 points or 1.58 per cent. The index touched a high of 17008.26 and low of 16786.28 in trade so far.
National Stock Exchange's Nifty was at 5101.40, up 81.55 points or 1.62 per cent. The index touched intraday high of 5106.55 and low of 5020.15.
Buying activity was also seen in the broader markets. BSE Midcap Index moved 1.33 per cent higher and BSE Smallcap Index moved up 1.44 per cent.
Amongst the sectoral indices, BSE Metal Index gained 2.11 per cent, BSE Auto Index moved 2.09 per cent higher and BSE Realty Index advanced 1.93 per cent.
Reliance Communications (3.20 per cent), Sterlite Industries (3.03 per cent), Tata Motors (2.87 per cent), Hindalco Industries (2.66 per cent) and Mahindra & Mahindra (2.40 per cent) were amongst the top Sensex gainers. There were no index losers.
The Anil Dhirubhai Ambani Group is ready to sell a strategic stake in Reliance Communications as the company seeks to infuse fresh equity to fund its foray into third-generation telephony and wireless broadband access.
The company is considering two options: a merger with South Africa's MTN or infusion of fresh equity from a strategic foreign investor.
Tata Motors moved higher after the company reported rise in sales and as commercial production of Nano at Sanand began Wednesday.
Market breadth was positive on the NSE with 2131 advances against 933 declines.