The markets continue to trade on a firm note. The Sensex is now up 342 points at 20,807. The NSE Nifty has added 94 points to 6254.
Coal India continues to flare on debut. The stock is at Rs 333, up 36% when compared to its issue price. Around 353.96 million shares have changed hands at the counter on the NSE.
Among the Nifty stocks - Mahindra & Mahindra has now rallied over 4% to Rs 793. Reliance Power, Hindalco, SBI and HDFC have surged around 3% each.
Tata Motors, Sesa Goa, Reliance and Dr.Reddy's have moved up around 2% each.
HCL Technologies, Reliance Capital, TCS, Infosys, ONGC and Larsen & Toubro are the other major gainers.
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(Updated at 1128 hrs)
The markets are going great guns in mid-morning trades thanks to the slew of positive news on the global and domestic fronts. The Sensex is quoting at 20807, higher by 341 points or 1.7% and the Nifty is at 6254, up 94 points. The midcap index is at 8568, higher by 36 points and the smallcap index is at 10839, up 30 points.
While the indices got off to a flier this morning, thanks to the Fed's decision to inject fresh stimulus into the struggling US economy, the outstanding debut by Coal India further added to the cheer around. Wall Street had ended a volatile session modestly higher overnight after the Federal Reserve announced a plan to buy $600 billion in treasuries to breathe new life into the struggling economy. The Dow was up 26 points at 11,215 and Nasdaq was up six points at 2,540. Coal India is going strong at Rs 329 on the BSE, which is a premium of around 30% over the issue price of Rs 245. The stock had debuted at a premium of 17.45% at Rs 287.75. CIL, a Navratna public sector undertaking under the Ministry of Coal, Government of India, is the largest raw coal producing company and coal reserve holder in the world.
M&M has soared by 3.4% at Rs 785 to remain on top of the gainers list on the BSE. Hindalco has appreciated by 3.3% at Rs 225 and SBI has added 2.8% at Rs 3364. HDFC, TCS and RIL are the other siguificant gainers. In the midcap space, Gujarat Mineral Development Corporation has soared by 11% at Rs 155 on jump in Q2 net, while Core Projects has gained 5.8% at Rs 305 and Bajaj Electricals has added 4.7% at Rs 289. And the smallcap space has seen the likes of Ruchi Infrastructure soaring by 11% at Rs 34, Rain Commodities gaining 7% at Rs 182 and Venkys adding 5% at Rs 850.
The Sensex heavyweight stocks to buck the strong trend include Hero Honda (weakened by 1.1% at Rs 1844) and Bharti Airtel (lost 0.1% at Rs 327).
The market breadth is strong. Out of 2680 stocks traded on the BSE, there are 1466 advancing stocks as against 1117 declines.
