Tuesday, October 23, 2007

Markets northbound: Rel Energy, L&T, ABB surge

The markets are trading near the highest point putting on more weight on account of increased buying in index pivotals. The bounce back has been phenomenal, Sensex is up over 600 points and Nifty has also scored a double century gaining over 200 points.

Realty, metal, power and capital goods stocks surged. All the key BSE indices are in green with significant gains and the market breadth was also very good.Capital goods index is up over 6%, followed by metal, oil & gas and realty indices are up over 4%. Pressure is seen on select ITand auto pivotals.

At 13.03 hrs IST, the Sensex is up 646.89 points or 3.67% at 18260.88, and the Nifty up 220.45 points or 4.25% at 5404.45.

Power and capital goods stocks have rebounded and Suzlon is up 13% o the back of strong quarterly numbers. Reliance Energy is up over 6% and BHEL, ABB & L&T are also up over 6%.

Rupee was quoting at 39.69 against a US dollar. Volume has been extremely impressive on account of broad base participation by the investors.

Top gainers on the Sensex are Bharti Airtel at Rs 987.20 up 6.42%, Reliance Energy at Rs 1,454.80 up 6.19% and BHEL at Rs 2,168.80 up 5.44%.Top gainers on the Nifty are Reliance Energy at Rs 1,455 up 6.40%, Bharti Airtel at Rs 986.85 up 6.08% and Unitech at Rs 324.30 up 6.05%.

Top losers on the Nifty are HDFC at Rs 2,540 down 0.74%, BPCL at Rs 339.80 down 0.6% and Hero Honda at Rs 754 down 0.48%.



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