Indian marketscontinue to trade above6 month high in early on Friday after the government hiked in diesel price and US Fed"s announcement of QE3.At 10.31 am, the Sensex was trading up 368.58 points or 2.05% at 18,389.74 with 30 components gaining. Meanwhile, the Nifty was trading higher by 114.60 points or 2.11% at 5,549.95 with 49 components gaining.
The losses of oil marketing companies will be reduced by Rs 150 billion due to hike in diesel price by Rs 5 a litre. The government has also announced restriction on supply of subsidized LPG cylinders to 6 in a year, which will help OMCs to cut under-recoveries by Rs 53 billion. However, the government has retained kerosene and petrol prices.
The US Federal Reserve announced third around of quantitative easing on Thursday to support the recovery in the world"s largest economy. As a part of quantitative easing, the Fed has decided to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of USD 40 billion per month over the next year.
The 30-share benchmark index, BSE Sensex opened with a gain of 263.59 points or 1.46% at 18,284.75, while the broad based NSE Nifty started with a rise of 93.00 points or 1.71%, at 5,528.35.
Sensex Movers
ICICI Bank contributed rise of 60.58
points in the Sensex. It was followed by Reliance Industries (41.45
points), Infosys (31.17 points), Larsen & Toubro (29.98 points)
and State Bank Of India (25.81 points).
However, Hindustan Unilever contributed fall of 0.78 points in the Sensex. It was followed by Sun Pharmaceutical Industries (1.1 points), ACC (1.43 points), Reliance Communications (1.94 points) and I T C (1.96 points).
All shares in the Sensex settled with a positive note. Major were Hindalco Industries (5.30%), I C I C I Bank (4.57%), Jindal Steel & Power (4.56%), State Bank Of India (4.15%), Sterlite Industries (India) (4.13%), and Tata Motors (4.05%).
Mid & Small-cap Space
The BSE Mid and small caps underperformed their larger counterparts gaining 1.17% and 1.16% respectively.The major gainers in the BSE Midcap were Aban Offshore (2.11%), A I A Engineering (1.63%), Alstom India (1.51%), Allcargo Logistics (1.46%) and A B G Shipyard (0.15%).The major gainers in the BSE Smallcap were Styrolution ABS (India) (2.03%), A2Z Maintenance & Engineering Services (1.52%), Aarti Industries (1.13%), Aanjaneya Lifecare (0.95%) and Trident (0.11%).
Sectors in Limelight
The Realty index was at 1,625.19, up by 66.59 points or by 4.27%. The major gainers were Indiabulls Real Estate (8.51%), D L F (5.85%), Anant Raj Industries (3.81%), D B Realty (2.41%) and Godrej Properties (1.36%).
The Bankex index was at 12,101.53, up by 397.83 points or by 3.40%. The major gainers were Bank Of India(3.24%), Bank Of Baroda (3.23%), Canara Bank (3.02%), Federal Bank (2.15%) and H D F C Bank (1.88%).
The Metal index was at 10,264.90, up by 317.32 points or by 3.19%. The major gainers were Hindalco Industries (5.3%), Jindal Steel & Power (4.56%), Hindustan Zinc (2.56%), Bhushan Steel (1.07%) and Coal India (1.04%).
The Auto index was at 9,933.72, up by 267.66 points or by 2.77%. The major gainers were Exide Industries (2.41%), Ashok Leyland (2.13%), Bharat Forge (1.99%), Bajaj Auto (1.99%) and Hero Motocorp (1.36%).
Market Breadth
Market breadth was positive with 1,583 advances against 671 declines.
Value and Volume Toppers
Godrej Consumer Products topped the value chart on the BSE with a turnover of Rs. 1,103.09 million. It was followed by State Bank Of India (Rs. 544.51 million), I C I C I Bank (Rs. 396.01 million) and Tata Steel (Rs. 238.19 million).
The volume chart was led by Kingfisher Airlines with trades of over 7.37 million shares. It was followed by Spicejet (6.39 million), Transgene Biotek (2.31 million) and Godrej Consumer Products (1.67 million).
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