The Sensex picked up momentum and was near the day's high led by gains in FMCG, oil & gas, healthcare and capital goods stocks on buying at lower levels after a sharp correction. A positive opening by European indices also provided support to the benchmarks.
At 12:40 p.m., the Sensex was at 16,846.11, up 140.28 points, or 0.84 percent. It has touched a high of 16,862.17 and a low of 16,681.89 today.
The Nifty was at 5,104.80, up 40.55 points, or 0.80 percent. It has touched a high of 5,105.70 and a low of 5,048.10 today.
Shankar Sharma, Chief Global Trading Strategist at First Global, said Indian markets have recovered most of the losses of last month, adding that he expects the markets to strengthen as the year progresses.
"The market has pretty much recovered all its losses of May. It was about 17,000 or so prior to May and has more or less clawed back and that tells you how resilient this market has been despite global markets having had a terrible time through late April and May and even the first half of June. The Indian market remains very resilient," Sharma said.
"India's outperformance in the wake of a very bleak global market situation is telling me that there is a lot of relative strength to this market, and you will see that translate into actual stock price gains as the year progresses," he added.
The BSE Midcap Index was up 0.07 percent and the BSE Smallcap Index edged 0.03 percent higher.
Among sectoral indices, the BSE Oil & Gas Index was up 1.87 percent, the BSE FMCG Index gained 1.80 percent and the BSE Capital Goods Index moved up 0.95 percent. The BSE Realty Index was down 0.09 percent and the BSE IT Index declined 0.02 percent.
Gainers include ITC (2.86 percent), ONGC (2.47 percent), GAIL (1.91 percent), Reliance Industries (1.79 percent) and Larsen & Toubro (1.56 percent).
Sterlite Industries (2.35 percent), Infosys Technologies (1.15 percent), BHEL (0.75 percent), Tata Power (0.38 percent) and Bajaj Auto (0.24 percent) are among the decliners.
The market breadth was negative on the BSE with 1,060 gainers against 1,243 losers. Foreign institutional investors bought equities worth Rs 412.41 crore on Monday, as per provisional stock exchange data.
European markets opened in the positive territory. The FTSE 100 was up 0.53 percent, the CAC 40 gained 0.34 percent and the DAX moved 0.36 percent higher.
Shares of Infosys Technologies were under pressure after reports that it may be forced to pare its already low growth guidance due to strong fluctuations of global currencies, including the pound sterling, the Australian dollar and the euro, against the US dollar - the currency in which Infosys forecasts growth.
Shares of Reliance Communications fell to a 52-week low after research firm Veritas recommended a 'sell' on the stock, valuing it at Rs 15/ share. Meanwhile, RComm said the Veritas report lacks credibility and has factual inaccuracies. The company has always been compliant with all accounting policies, it added. The stock is now down 4.37 percent at Rs 62.30 on the BSE.News bureau
At 12:40 p.m., the Sensex was at 16,846.11, up 140.28 points, or 0.84 percent. It has touched a high of 16,862.17 and a low of 16,681.89 today.
The Nifty was at 5,104.80, up 40.55 points, or 0.80 percent. It has touched a high of 5,105.70 and a low of 5,048.10 today.
Shankar Sharma, Chief Global Trading Strategist at First Global, said Indian markets have recovered most of the losses of last month, adding that he expects the markets to strengthen as the year progresses.
"The market has pretty much recovered all its losses of May. It was about 17,000 or so prior to May and has more or less clawed back and that tells you how resilient this market has been despite global markets having had a terrible time through late April and May and even the first half of June. The Indian market remains very resilient," Sharma said.
"India's outperformance in the wake of a very bleak global market situation is telling me that there is a lot of relative strength to this market, and you will see that translate into actual stock price gains as the year progresses," he added.
The BSE Midcap Index was up 0.07 percent and the BSE Smallcap Index edged 0.03 percent higher.
Among sectoral indices, the BSE Oil & Gas Index was up 1.87 percent, the BSE FMCG Index gained 1.80 percent and the BSE Capital Goods Index moved up 0.95 percent. The BSE Realty Index was down 0.09 percent and the BSE IT Index declined 0.02 percent.
Gainers include ITC (2.86 percent), ONGC (2.47 percent), GAIL (1.91 percent), Reliance Industries (1.79 percent) and Larsen & Toubro (1.56 percent).
Sterlite Industries (2.35 percent), Infosys Technologies (1.15 percent), BHEL (0.75 percent), Tata Power (0.38 percent) and Bajaj Auto (0.24 percent) are among the decliners.
The market breadth was negative on the BSE with 1,060 gainers against 1,243 losers. Foreign institutional investors bought equities worth Rs 412.41 crore on Monday, as per provisional stock exchange data.
European markets opened in the positive territory. The FTSE 100 was up 0.53 percent, the CAC 40 gained 0.34 percent and the DAX moved 0.36 percent higher.
Shares of Infosys Technologies were under pressure after reports that it may be forced to pare its already low growth guidance due to strong fluctuations of global currencies, including the pound sterling, the Australian dollar and the euro, against the US dollar - the currency in which Infosys forecasts growth.
Shares of Reliance Communications fell to a 52-week low after research firm Veritas recommended a 'sell' on the stock, valuing it at Rs 15/ share. Meanwhile, RComm said the Veritas report lacks credibility and has factual inaccuracies. The company has always been compliant with all accounting policies, it added. The stock is now down 4.37 percent at Rs 62.30 on the BSE.News bureau
No comments:
Post a Comment