Market Updates
Sensex Surges 170 Points in Mid-Afternoon
Ivaylo
11 Jun, 2007
New York City
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The benchmark index opened higher and was trading steady throughout the session supported by strong global markets and a rally in large-caps. Real estate developers were particularly strong after the successful IPO of DLF. HDFC, ITC and Hero Honda were the best performing stocks, while among the few decliners were Grasim and Tata Motors. The rupee continued to rise against the dollar.
[R]5:30AM – 4:30PM Mumbai Sensex advances 170 points in mid-afternoon trade on Monday.[/R]
The Sensex on BSE is about 170 points higher in mid-afternoon trading.
The market-breadth is strong as 1,509 have advanced, 912 have declined and 100 are unchanged.
Economic news
The rupee advanced again versus the U.S. dollar on Monday on capital inflows. In early trade on Monday the dollar bought 40.9850, up from 41.1150 per dollar on Friday.
Property developer DLF Ltd sold its institutional part of its IPO for $2.4 billion withing an hour on Monday.
Advancers
HDFC has 3.5% to Rs 1,812. ITC and Hero Honda have surged 3% each to Rs 155 and Rs 701, respectively. IT stocks were in demand. Satyam Computers advanced 2.2% to Rs 505, Infosys was up 1.9% to Rs 1,987, Wipro gained 0.9% to Rs 552, and TCS gained 0.5% to Rs 1,226, edged higher. Hindalco and HDFC Bank have rallied 2.3% each to Rs 161 and Rs 1,117, respectively. Index heavy Reliance Industries advanced 1.8% to Rs 1,692.
Decliners
Auto stocks Tata Motors, 0.4% lower to Rs 651, and Maruti Udyog declining 0.4% to Rs 734 lost after news that most auto companies were reducing production on weaker demand.
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