Sensex ruling moderately higher in morning session
By IANSFriday, February 25, 2011
MUMBAI - A benchmark index for Indian equities markets Friday was ruling moderately higher in the morning session, having lost a whopping 546 points the previous day.
Ahead of the railway budget, to be presented by Railway Minister Mamata Bannerjee, most stocks of companies in the sector were ruling in the positive.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,775.08 points, was ruling at 17,766.97 points, up 134.56 points or 0.76 percent from its previous close at 17,632.41 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was trading 1.12 percent higher at 5,321.65 points.
With the railway budget to be presented around 11 a.m. Friday by Banerjee, most stocks in the sector were ruling in the green. Container Corporation of India and Texmaco was in the green while Kalindi Rail Nirman was in the negative.
Broader markets were also trading in the green. The BSE midcap index was up 0.52 percent and the BSE small cap index trading 0.6 percent higher.
IT, telecom and metal stocks were in the red, while banking, FMCG and consumer durables were among gaining stocks.
The market breadth was positive, with 1,285 stocks advancing compared to 856 scrips on the decline. A total of 72 stocks remained unchanged.
Among gainers on the 30-scrip Sensex were Tata Motors, ICICI Bank, Jaiprakash Associates and ITC, while the losers included Maruti Suzuki, Bajaj Auto, Hindalco and Hero Honda.
Asian markets were in the green with some gaining more than others even though traders remained circumspect on the prolonging crisis in the Middle East which has sent crude prices soaring globally.
Hong Kong’s Hang Seng was ruling 1.6 percent up at 22,961.63 points, while the Japanese Nikkei was up 0.53 percent to rule at 10,508.55 points.
A benchmark index of the Chinese bourse, the Shanghai Composite index, was ruling a modest 0.24 percent higher at 2,885.6 points.
The popular uprising against Libyan leader Muammar Gaddafi has had an impact on crude output in the country — Africa’s third largest oil producer by about one-third.
Protests in some Middle Eastern countries like Bahrain and fears of such public outrage spreading to some other major oil producers has resulted in oil prices shooting up to a two-and-a-half year high in some markets like the US, which is among the largest energy consumers.
