The markets have rallied further with strong support from technology, metal, telecom, pharma, realty and capital goods stocks. The Sensex has again crossed 17000 mark and Nifty above 5000. Market breadth is positive; 790 shares advanced while 550 shares declined on the NSE. Midcap and small cap indices remained flat. On the global front, European markets were trading in positive terrain.
At 2:43 pm, the Sensex was up 260 points at 17,012 and the Nifty up 62 points at 5019.
TCS, Hindalco, Tata Steel and Dr Reddy’s Labs were top gainers while losers - ONGC, ACC, M&M and GAIL.
Metal stocks were shining, Index rose over 4% on the news from Steel secretary desk that secondary steel companies (like Uttam Galva, Bhushan Steel etc) will cut flat product price by Rs 4000 per tonne. Major steel companies will hold reduced prices for 3 months. Price cut is applicable only for domestic market, the said.
Technology stocks also moved up faster, Index up nearly 4% as the Indian Rupee slipped over 1% to 41.58/$. Telecom stocks also gained, BSE TECk Index up 3%.
Healthcare Index jumped by over 2% due to buying in Sun Pharma, Dr Reddy’s Labs, Ranbaxy and Biocon.
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