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Benchmark shares indices continued their upward trend with financials, oil and gas shares leading the gains.
At 1:20PM, the 30-share Sensex was up points 251 at 25,271 and the 50-share Nifty was up 66 points at 7,541.
The broader markets, BSE Midcap and Small cap, continue to outperform benchmarks with the BSE Midcap and Smallcap indices rising 1.3% each.
The rupee gained marginally as RBI was spotted buying dollars through state-owned banks. The rupee is currently trading at 59.1 against the US dollar.
Global Market:
Asian markets were trading mixed since the European Central Bank’s easing package meagerly uplifted the sentiment of the investors. Japan’s Nikkie plunged .01% and Hong Kong'Hang Seng Index slipped .25%, and Shanghai Composite Index dipped .6%, whereas Straits Times Index is up 0.7%, respectively.
Domestic Market:
Shares of Oil and Gas majors ONGC and Reliance Industries rose sharply on the hope that Modi-led government may hike gas price. ONGC, Reliance and GAIL are up 2-.5%, each.
Select Banking shares including SBI and Axis Bank continue its upward trend and are up 1-2.5%, each. In addition, ICICI and HDFC rose 1.55-2% and HDFC bank surged .5%
In Auto space, Hero Motocorp rose 1.8% and Bajaj Auto and Maruti Suzuki and M&M surged .5%, each.
Among FMCG majors Hind Unilever was up 1% and ITC surged 0.5% on hopes that volume growth would pick up on reports that monsoon rains would be normal and rural incomes would rise.
Pharma stocks which had remained lacklustre also witnessed buying as Cipla, Sun pharma and Dr Reddy Lab are up 0.5-1.5%, each
Among other shares, COAL India and Wipro are up .5%, each.
Metal shares which rose rise on the back of strong Chinese data witnessed profit taking with Sesa Sterlite, Hindalco are down 1.5-3%, each. In contrast its counterpart Tata Steel after hitting a 52-week high is up .5%
TCS declined 1.8% to Rs 2,067 as the stock turned ex-dividend today, 6 June 2014 for final dividend of Rs 20 per share for the year ended 31 March 2014 (FY 2014).
Power and capital goods stock also retreated after recent gains. NTPC and Tata Power were down 0.2-.5%, each while Larson and BHEL are down .2-.6%, each.
In the broader market, Videocon Industries has firmed up by 1.6% to Rs 187 on the BSE after announcing a collaboration with Huawei to launch the state-of-the-art 4G LTE-ready Packet Core technology in India.
Shares of Strides Arcolab were up over 8% at Rs 592 after the company said it has received approval from the US Food and Drug Administration for manufacture of generic Methoxsalen capsules in 10mg dosage.
Market breadth was strong with 1,931 gainers and 835 losers on the BSE.
