Sunday, July 5, 2009

Indian Stocks Open Up On Budget Hopes

. Sunday, July 5, 2009

By stockOzone team

Despite weak global cues, equities opened on a bright note on the major Indian bourses this morning with investors picking up stocks on expectations of a reforms-oriented budget from the finance minister Pranab Mukherjee. Also on equity

The Sensex, which spurted to 15,041.10 following a strong start, has drifted down to 14,979.72 on encountering resistance at higher levels, but still remains fairly well placed in the positive territory with a sharp gain of 66.67 points or 0.45%. The Nifty index of the National Stock Exchange is up by 19.70 points or 0.45% at 4443.95. Earlier, after opening at 4429.60, the Nifty had surged to 4460.70.

Realty stocks are the most prominent gainers. Capital goods, power, consumer durables, PSU and bank stocks have also moved up sharply. Pharma, oil, FMCG and metal sectors see stock specific action. Information technology stocks are subdued at present.

Besides several large cap stocks, dozens of midcap and smallcap stocks have also recorded handsome gains. The market breadth is pretty strong at present with advances outscoring declines by nearly 3 to 1 on BSE.

Realty stock DLF (up nearly 5% at Rs 353.60) is the top gainer in the Sensex. NTPC has gained close to 3%. Larsen & Toubro is up by around 2.35%. Jaiprakash Associates has notched up a gain of 2.2%.

Reliance Infrastructure, State Bank of India, ICICI Bank, Reliance Communications, BHEL, Sun Pharmaceuticals and Tata Motors are up by 1% - 2%. HDFC, Reliance Industries, Mahindra & Mahindra, Wipro, Tata Power, Tata Consultancy Services, ITC, Grasim Industries and Hindalco are also up with notable gains.

Unitech, which moved on to Rs 87.70, has eased slightly to Rs 86.45 and is up with a sharp gain of 3.25 now. Power Grid Corporation, SAIL, Suzlon Energy, Ambuja Cements, Siemens, ABB and Punjab National Bank have also surged higher.

Disclosure: Author does not own any of the stocks discussed here.

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