Tuesday, May 24, 2011



Gains were led by energy major Reliance Industries and engineering conglomerate Larsen and Toubro, with most financial stocks also trading higher.
Few stocks that had fallen recently are seeing a bounce back. But the sentiment has not really improved and I would still be cautious on the durability of these gains,” said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries.
The 30-share BSE index was up 0.49 percent at 18,081.49 points, with 20 of its components rising. It had almost wiped out all gains at one stage.

In the broader market, 1,073 gainers outpaced 972 declines on volume of 56.5 million shares.
Larsen & Toubro rose 1.7 percent to 1,640 rupees as investors bet on prospects for the country’s leading engineering and construction firm.
The stock has gained about 8 percent since the company forecast strong revenue and new order growth for the current fiscal year, after its quarterly results on Thursday.
Reliance Industries, which last week fell to its lowest level in more than six weeks, was trading up 0.8 percent at 916.80 rupees.
Private sector lenders ICICI Bank and HDFC Bank, which have lost ground since the central bank raised rates by a more-than-expected 50 basis points this month, were up nearly 1 percent each.
Shares in state-run power equipment maker Bharat Heavy Electricals rose 2 percent on value buying. The stock had slid more than 7 percent on Monday after its board approved a share sale for 5 percent of the equity capital.
Metal firms traded weaker after copper futures on the London Metal Exchange dived 3 percent on Monday over worries of slowing manufacturing growth in China and the debt crisis in Europe.
Hindalco Industries, Sterlite Industries, and Tata Steel were trading 0.4 to 2 percent lower.
Largest listed developer DLF was down 2.3 percent ahead of its quarterly earnings. The company is expected to report weak results, with worries that rising interest rates and soaring property prices will cut demand for homes and offices.
The 50-share NSE Index was up 0.48 percent at 5,412.65 points.

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