The key benchmark indices extended initial gains to hit fresh intraday high in morning trade, tracking mostly higher Asian stocks.
The market edged higher in early trade on firm Asian stocks. The market extended initial gains to hit fresh intraday high in morning trade.
At 10:20 IST, the BSE Sensex was up 138 points or 0.76% to 18,370.06. The Sensex jumped 147.41 points at the day's high of 18,379.47 in morning trade. The index rose 34.55 points at the day's low of 18,266.61 in early trade.
The S&P CNX Nifty was up 50.35 points or 0.92% to 5,523.45. The Nifty hit high of 5,524.10 in morning trade, its highest level since 16 May 2011.
The market breadth, indicating the health of the market, was strong. On BSE, 1323 shares advanced while 560 shares declined. A total of 79 shares remained unchanged.
Among the 30-member Sensex pack, 23 stocks rose while the rest of them fell. M&M, ONGC and RCom fell by between 1.14% to 1.61%. HDFC, Wipro and HDFC Bank rose by between 1.47% to 1.68%.
Index heavyweight Reliance Industries (RIL) rose 0.61%. RIL is reportedly buying regasified liquified natural gas (R-LNG) from Royal Dutch Shell and Petronet LNG at double the price. The move comes in the wake of shortage of natural gas from its D6 fields in the Krishna-Godavari (KG) basin.
Oil India gained 0.14% after net profit rose 30.54% to Rs. 562.61 crore on 10.20% rise in sales to Rs. 2018.93 crore in Q4 March 2011 over Q4 March 2010.
State-run coal miner Coal India rose 1.85% to Rs. 402.55 on good financial performance for the year ended March 2011 announced last week. The stock scaled a record high of Rs.404.50 today.
Realty stocks edged higher on bargain hunting after recent steep losses. DLF, Indiabulls Real Estate and HDIL rose by between 0.58% to 1.77%.
Unitech rose 1.88% extending Monday's 4.39% surge triggered by positive sales outlook issued by the company. Unitech said at the time of announcing its consolidated results for the year ended March 2011 (FY 2011) on Sunday, 29 May 2011, that it is targeting sales bookings of Rs. 5000 crore for the year ending March 2012 (FY 2012), a projected growth of 15.66% over sales bookings of Rs. 4323 crore in the year ended March 2011 (FY 2011). The company said it has a healthy balance sheet with a real-estate net debt to equity ratio of 0.46. As of 31 March 2011, the company had a net worth of Rs. 11614 crore. The company's debt, net of cash, reduced by Rs. 228 crore in FY 2011, it said.
Unitech also said that the ongoing telecom matter pertains to Unitech Wireless Tamilnadu (Uninor), which is a separate legal entity engaged in the telecom business, and will not impact Unitech (the real estate company). Unitech said it will continue to focus on its real estate business in the normal course.
FMCG stocks rose on hopes the timely arrival of monsoon rains will help boost rural income. The rural sector, whose livelihood depends on farm cultivation, contributes a substantial part of FMCG firms' revenues. Nestle India, Dabur India, Hindustan Unilever and ITC rose by between 0.39% to 1.49%.
Smartlink Network Systems was frozen in at the 20% lower circuit filter at Rs. 80.95, after the stock turned ex-dividend today, 31 May 2011, for special interim dividend of Rs. 30 per share for the year ended March 2011.
The government unveils Q4 March 2011 GDP data today, 31 May 2011 at 11:00 IST today, 31 May 2011. The data could provide cues on the likely monetary policy stance of the central bank at the mid-June 2011 review. The recent data showing gain in food prices in mid-May 2011 will increase pressure on the Reserve Bank of India (RBI) to raise policy rates when it undertakes mid-quarter monetary policy review on 16 June 2011.
The annual monsoon rains hit Kerala two days earlier than expected, boosting prospects for a harvest that could spur Asia's third-largest economy. The India Meteorological Department (IMD) has predicted the southwest monsoon 2011 to be 98% (normal) of the long period average (LPA) with a model error of plus/minus 5%. IMD has indicated that there is very low probability for the season rainfall to be deficient (below 90% of LPA) or excess (above 110% of LPA).
Good rains would help ease food inflation and boost rural income. Rainfall that comes within 96% to 104% of the long-term average is considered a normal monsoon season, but this alone doesn't guarantee a good crop. The timing and spread of the rains are equally important. The quantity and geographical spread of rainfall during the monsoon season is crucial for India's agriculture sector, which lacks irrigation facilities on more than half its farm land. Monsoon rains usually enter India's mainland through the southern state of Kerala in the first week of June, gradually progressing to cover most of central and northern India by July, before retreating in September.
Asian stocks rose on Tuesday amid speculation European officials will sanction more assistance for Greece. The key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan rose by between 0.37% to 1.66%. The key benchmark indices in China and Indonesia fell 0.13% and 0.04% respectively.
Moody's Investors Service today placed the Government of Japan's Aa2 local and foreign currency bond ratings on review for possible downgrade.
Trading in US index futures indicates that the Dow could gain 70 points at the opening bell on Tuesday, 31 May 2011. US markets were closed on Monday, 30 May 2011, for Memorial Day.
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