Sensex up 78 points at 13,991.46 in early trade
The Bombay Stock Exchange benchmark Sensex moved up over 78 points in early trade on Tuesday, extending its gains for the third session, on short-covering by traders ahead of the expiry of derivatives contracts later this week.business Updated: May 26, 2009 10:42 IST
The Bombay Stock Exchange benchmark Sensex moved up over 78 points in early trade on Tuesday, extending its gains for the third session, on short-covering by traders ahead of the expiry of derivatives contracts later this week.
However, weak trends on the other Asian bourses capped gains on the domestic equity markets to some extend.
The 30-share index, which had gathered over 175 points in the past two sessions, gained another 78.24 points at 13,991.46 points, supported by the rise in realty, capital goods and banking sector stocks.
Similarly, the wide-based National Stock Exchange index Nifty rose 18.50 points to 4,256.05 after slipping temporarily to 4,227.85 points at the outset.
Stock brokers said covering-up of pending short positions by speculators ahead of the monthly expiry in the derivatives segment on Thursday, mainly pushed up the share prices.
They said buying activity continued to pick up in small and mid-cap sector stocks, helping trading sentiment to improve.
Stocks of Ranbaxy Laboratories continued its winning streak and gathered 5 per cent at Rs 277.40. It had jumped over 20 per cent on Monday after the pharma major announced a change of guard at its top management.
Among major gainers were DLF Ltd which moved up 1.92 per cent to Rs 358.80, HDFC Ltd 1.70 per cent to Rs 2,123, Hindalco 1.03 per cent to Rs 78.20, ICICI Bank 0.54 per cent to Rs 707.35, State Bank of India 0.82 per cent to Rs 1,734, Infosys Technologies 1.45 per cent to Rs 1,526, Jaiprakash Associates 1.45 per cent to Rs 188.30 and Larsen and Toubro by 0.51 per cent to Rs 1,311.30.
However, ONG Corp stock remained under pressure and traded 1.93 per cent down at Rs 1,019.
Meanwhile, the Hong Kong's Hang Seng was down marginally by 0.15 per cent and Japan's Nikkei 0.77 per cent in early trade.