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Rediff.com  » Business » Positive global cues keep markets firm

Positive global cues keep markets firm

Last updated on: July 30, 2012 12:37 IST

Markets continue to trade on a strong note in the late morning deals on the back of positive global cues and buying visible in the banking and capital goods stocks ahead of the Reserve Bank of India's (RBI) policy review which is due on Tuesday.

The 30-share Sensex has jumped 178 points to 17,017 and the Nifty is up 55 points at 5,155 levels. Earlier in the day, the BSE benchmark index touched the day's high at 17,037 and the day's low at 16,919.

In Asia, Japan's Nikkei share average rose to a one-week high on Monday, powered by growing expectations that the US Federal Reserve and the European Central Bank may implement further stimulus measures. The index is at 8,606, up 0.46 per cent. The Hang Seng index is up 1.46 per cent while the Shanghai Composite index is down 0.37 per cent.

The rupee on Monday rose 14 paise to 55.20 against the dollar in early trade the Interbank Foreign Exchange on selling by exporters and banks amid euro's strength against the American currency.

The rate sensitive sector stocks are on the buyers radar in trades today. The BSE banking index- bankex is the top sectoral gainer, up nearly 2 per cent or 225 points at 11,858 levels. Capital goods index is also trading higher by 2 per cent at 9,489. Realty and auto indices have also advanced nearly 2 per cent each.

From the banking space, ICICI Bank is the top gainer, the stocks is trading higher by almost 4 per cent at Rs 968. It has surged to its 5-month high price after the private sector lender reported 36 per cent year-on-year (yoy) jump in its standalone net profit at Rs 1,815 crore (Rs 18.15 billion) for the quarter ended June 30, 2012.

Tata Motors, Sun Pharma Industries, Larsen & Tuobro, Cipla and Mahindra & Mahindra have also jumped 2-3 per cent each.

Among individual stocks, TRF Limited has tanked over 9 per cent at Rs 248 on reporting a net loss of Rs 22 crore (Rs 220 million) for the quarter ended June 2012 due to lower realization and higher interest cost. The commercial vehicles maker had a net profit of Rs 3.6 crore (Rs 36 million) in the corresponding quarter of previous fiscal.

IRB Infrastructure Developers has surged over 6 per cent to Rs 121 on reporting a better-than-expected net profit of Rs 142 crore (Rs 1.42 billion), as against an average analyst estimate of Rs 100 crore (Rs 1 billion) for the quarter ended June 2012. The infrastructure company had reported a net profit of Rs 134 crore (Rs 1.34 billion) during the corresponding quarter of previous fiscal.

BSE market breadth is positive. Out of 2,348 stocks traded, 1,418 stocks have advanced, while 823 stocks have declined.

SI Reporter in Mumbai
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