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The momentum may carry on

This article was posted on Apr 1, 2009 and is filed under Market News

After staging a strong come back on Tuesday, Indian markets would look to carry the momentum atleast in the opening trades , provided global cues give some way. However, volatility would be the order of the day.

Bulls staged a strong come back on Tuesday on the back of firm cues from the Asian markets coupled with all round buying witnessed in scrips across the sectors. The rally was led by the interest rate sensitive stocks followed by the capital goods and the Pharma stocks.

Among the 30-share Sensex 25 stocks ended in the positive terrain and only 5 stocks ended in the red. JP Associates, Tata Steel, Ranbaxy, Tata Motors and Reliance Communication were among the top gainers.

On the other hand, HDFC, NTPC, ICICI Bank, Hindustan Unilever and ONGC were among the major losers.

Finally, the BSE benchmark Sensex surged by 140 points 9,708 and the NSE Nifty surged by over 40 points at 3,017.

Shares of Tata Power gained by a percent to Rs765 after reports stated that it announced the commencement of operations of its 250MW unit 8 of its Trombay Thermal Power Station. The scrip touched an intra-day high of Rs789 and an intra-day low of Rs755 recording volumes of over 0.12mn shares on BSE

Shares of Reliance Industries have edged higher by 0.5% to Rs1523 after reports stated that the company is close to signing KG gas sale agreements with over 6 power companies including Dhabol. Reports also stated that the company stopped production of crude oil at KG-D6 for 45 days to bring more wells into operation, thus raising output to peak of 40,000 barrels per day.

The scrip touched an intra-day high of Rs1552 and an intra-day low of Rs1514 recording volumes of over 1.6mn shares on BSE.

Shares of L&T have surged by over 3% to Rs672 after the company announced that it bagged a slew of large-value orders aggregating Rs 11bn in the electrical construction sector in the fourth quarter of 2008-09. The orders have come from PowerGrid Corporation of India Limited and the Rail Vikas Nigam Limited an involves setting up high end transmission lines and substations as well as a project for the Indian Railways.

Shares of DLF advanced by 1% to Rs167 after reports stated that the company may announced a relief package for its customers of its Gurgaon project, ‘Express Greens’, a few days after it announced a similar package for those who booked at its ‘New Town Heights’ residential project.

Reports also stated that the company has decided to divest its windmill power generation business. The scrip touched an intra-day high of Rs171 and an intra-day low of Rs160 recording volumes of over 4.6mn shares on BSE.

Shares of Reliance Infrastructure have advanced by 2.5% to Rs515 after the company announced that it is empanelled as the Information Technology Implementation Agency with Power Finance Corporation for implementing information technologies in State Electricity Boards.

After staging a strong come back on Tuesday, Indian markets would look to carry the momentum atleast in the opening trades , provided global cues give some way. However, volatility would be the order of the day.

source: Indiainfoline

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