Markets continue the upmove

Jindal Steel, ICICI Bank and SBI among the top Sensex gainers

Markets have maintained the upmove in the morning deals ahead of the policy measures which are to be announced later in the day to strengthen rupee. The Sensex has jumped 115 points to 17,088 and the Nifty is up 35 points at 5,180 levels.

Meanwhile, the Rupee recovered sharply by 65 paise against the dollar in early trade today on selling of US dollars by banks amid expectations that Reserve Bank may announce steps to boost the local unit.

After plunging to all-time low of 57.32 in the previous session, rupee gained a hefty 65 paise to trade at 56.50 against the dollar at the Interbank Foreign Exchange market.

Reports suggest that the measures may include the issuance of bonds for non-resident Indians and a revised interest rate ceiling on FCNR (B) deposits.

Back to markets, Jindal Steel has emerged as the top gainer among the Sensex stocks, up 2% at Rs 442. Maruti Suzuki, ICICI Bank, State bank of India, Tata Power and Gail India have also advanced 1.5-2% each. On the other hand, Infosys, ONGC and Hindalco are among the notable laggards.

Among the individual stocks, Indian Hotels is trading nearly 5% higher at Rs 62.50 in opening trades on the National Stock Exchange, extending its Friday’s 6% rally after the directors approved the allotment of 48 million ordinary equity shares of Re 1 each of the company at a premium of Rs 102.64 per share aggregating to Rs 497.47 crore to its promoter Tata Sons.

SKS Microfinance is trading higher by 7% at Rs 70 after the company said that Andhra Pradesh High Court has issued an interim order suspending District Rural Development Agency's (DRDA) notice to cancel the company's registration in Mahabubnagar district.

Hindustan Construction Company (HCC) is trading higher by 4% at Rs 20.25, on reports that the bankers have agreed to give an additional loan of Rs 1,500 crore to revive the company, on condition that the key promoters infuse Rs 302-crore capital and give a personal guarantee.
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(Updated at 9.20 AM)


Markets have opened higher in trades today ahead of the policy measures which are to be announced to strengthen rupee. The Sensex has advanced 83 points to open at 17,055 and the 50-share Nifty is up 26 points at 5,172.

Meanwhile, the Asian markets are trading lower as concerns about faltering global growth and Europe's intractable debt crisis continued to sap investor confidence. The Nikkei, Shanghai Composite, and Taiwan indices were trading lower by 0.2-0.5% each.

Back home, Government is likely to announce policy measures to strengthen the rupee in consultation with the RBI.

Reports suggest that the measures may include the issuance of bonds for non-resident Indians and a revised interest rate ceiling on FCNR (B) deposits.

Most of the Sensex stocks are trading higher. Coal India is the top gainer among the Sensex stocks. The stocks has opened higher by 1.6% at Rs 343 after the company hiked the prices by an average 10-15% for non-coking coal mined from selected blocks in Western Coalfields.

Maruti Suzuki, Gail India, Tata Motors, Tata Power, ICICI Bank, State Bank of India, Larsen & Toubro and Jindal Steel have also opened higher by 1-1.3% each.

On the other hand, Infosys and ITC are the only losers in the opening deals.

Buying is visible across the board. The BSE metal index is the top sectoral gainer, up 1.15% or 119 points at 10,463. Realty, bankex, capital goods, auto, PSU, power and consumer durable indices have also opened higher by 0.6-1% each.

Among the individual stocks, Suzlon Energy has opened higher by 4.3% at Rs 18 on reports tthat it has sold its Chinese manufacturing subsidiary for Rs 340 crore.

The broader markets are in-line with the benchmark indices. The BSE mid-cap index is up nearly 1% or 50 points at 6,060 and the small-cap index is up 42 points at 6,449.

The overall breadth is extremely positive as 1,024 stocks are advancing while 289 are declining.