The Sensex is quoting at 16694, up 248 points and the Nifty is at 5009, up 78 points.
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(Updated at 1049 am)
RIL, ADAG stocks call the shots
When God proposes, man disposes. Paraphrase the adage by replacing the 'GOD' with the 'Reliance Group' and you can seen the indentifiable outcome on the ground. For given their weightage on the indices and sentiment-boosting value on the Street, a rising tide in Reliance shares lift all the boats along. No matter, the Sensex is going strong at 16655, up 205 points and the Nifty has just slipped off the 5000 mark and is now quoting at 4995, up 64 points.
There are times when sportsmen perform as if in a zone. Extrapolate this to the Reliance pack and you can sense a glimpse of this in terms of their performance on the bourses this morning. Reliance Infra has strengthened by 6.6% at Rs 1054, Reliance Communication has added 5.7% at Rs 141 and RIL has strengthened by 3.5% at Rs 1030. Reliance Industrial Infrastructure has soared by 13% at Rs 801, RNRL has spurted by 20% at Rs 53, Reliance Power has raced ahead by 9% at 151 and Reliance Capital is up 5.8% at Rs 679.
The Ambani Group companies have soared as the two brothers Mukesh and Anil took a step towards reconciliation in their long-running feud by ending non-compete agreements and thereby opening a window for an entry into hitherto unexplored businesses.
Among the other notable gainers, Tata Motors, Sterlite and Jaiprakash Associates have added more than 2% each.
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The general mood has rubbed on to the broader indices as well. The midcap sector gained by 1.5% at 6791 and the small-cap index added 2.1% at 8595. In the mid-cap space, Gammon Infrastructure Projects, Jai Corp and Gujarat NRE Coke added between 3% and 9% each. And in the small-cap space, the likes of ARSS Infrastructure Projects, NRB Bearings and Forbes are up more than 7% each.
On the losers side (among the index stocks), HDFC weakened by 1.7% at Rs 2667, Tata Power shed 0.4% at Rs 1254 and Cipla lost 0.2% at Rs 315.
The market breadth is strong. Out of 2448 stocks traded on the BSE, there are 1918 advancing stocks as against 481 declines.