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Markets firm; sugar stocks zoom

This article was posted on Mar 22, 2011 and is filed under Market News

After opening higher, the markets continued the positive run. The Sensex was at 17,970 higher by 131 points and the Nifty added 36 points to 5401.

The Asian markets continued to trade on a positive note, the NIkkei225 jumped 334 points to 9541, Taiwan Weighted added 65 points to 8533 and Hang Seng was at 22,737, up 52 points.

Back home J P Associates was the top gainer among the Sensex stocks, the stock added 2% to Rs 84. Cipla, Bharti Airtel, Tata Motors, Tata Steel, Maruti Suzuki, NTPC, Reliance Infrastructure and SBI were also trading higher by around 1% each. On the other hand, ICICI Bank, ONGC, Jindal Steel and TCS were among the top losers.

All the sectoral indices were trading higher, the PSU index was the top sectoral gainer, up 1% or 93 points to 8567, Auto index jumped 87 points to 8549. Healthcare, realty, metal, consumer durables and capital goods stocks also witnessed some buying.

Coal India was the top gainer among the PSU stocks, the stock added 4% to Rs 360. Gujarat Mineral Development Corporation, SAIL, HMT, NMDC, MMTC, Neyveli Lignite and Andhra Bank were also trading higher by 2-3% each.

Among the auto stocks Apollo Tyres, Amtek Auto, Maruti Suzuki, Tata Motors, Ashok Leyland, Cummins India, Mahindra & Mahindra and Bajaj Auto were among the top gainers.

The broader markets outperformed the benchmark indices, the BSE mid-cap index jumped by 1% to 6554 and the small-cap index added 57 points to 7832.

The sugar stocks were on an upward spiral as the EGoM headed by Finance Minister Pranab Mukherjee would decide on the issue of increasing the exports of sugar later today.

Dwarikesh Sugar was the top gainer among the sugar stocks, the stock was zoomed 10.5% to Rs 74, Sharni Sugars added 7.5% to Rs 34. Oudh Sugar Mills, Ugar Sugar Works, Dhampur Sugar, Sakthi Sugars and Rajshree Sugars were also trading higher by around 5% each.

The overall market breadth was positive as 1389 stocks advanced while 696 stocks declined.

source: Business Standard

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