Friday, the Indian market is trading firm on reports that that the government is likely to announce a second stimulus package in the next few days to lift slowing growth. Stocks across the sectors are trading in positive territory. Realty, oil/gas stocks such as Reliance Petroleum, BPCL & HPCL and metal stocks are rising sharply.
According to the commerce and industry minister Kamal Nath, the package may include steps to ease liquidity and relief measures for export and housing sectors. More measures to maintain the growth momentum in employment generating sectors like textiles, steels and pharmaceuticals are also expected to be announced.
However, the market is showing volatility on account of profit taking due to weekend considerations. Investors await inflation data scheduled to be released this afternoon. The index of wholesale inflation for the week ended December 13 is expected to have fallen to a fresh nine-month low of 6.61% from 6.84% a week earlier.
On the BSE, the market breadth is positive, with 933 advances compared to 425 stocks that are declining. The Sensex futures are also trading at a premium of 93 points to the benchmark.
The BSE Sensex is trading at the day's high of 9,700, up 130 points or 1.36%. The small-cap index is up 0.91%, the mid-cap index is rising 1.71% and the broad-based BSE 500 index is also gaining 1.46%. Meanwhile, the S&P CNX Nifty is trading at 2,953, up 1.25%.
Jaiprakash Associates, Tata Steel, Satyam Computers, Reliance Communication, Reliance Infrastructure, ACC, DLF, Hindalco Industries, Sterlite Industries, Reliance Industries, Tata Motors, Larsen & Toubro are some of the prominent gainers.
Unitech is rising 4.18% on reports that the company is planning to merge all its eight telecom subsidiaries to consolidate and better manage the telecom business. Powergrid Corporation of India is down 0.56% despite reports that it may get a part of the additional $3-billion loan that the World Bank will provide to India before July 2009.
eliance Petroleum is surging up 11.24% after the company commissioned its 27 million tonne export refinery at Jamnagar on Thursday despite speculation over a possible delay in the commissioning. Reliance Industries is also gaining 2.28%.
ETC Networks is up 0.51% after the company's board of directors proposed to consider and approve the issuance of secured non-convertible debentures to banks / financial institutions on a private placement basis.
Jubilant Organosys is adding 0.47% after the company's board of directors resolved to explore opportunities for buying back of FCCBs issued by the company.
Source : RTT News