After yesterday's correction, a recovery was expected in early trades this morning. The early bounce-back was much stronger than expected as almost all frontline stocks opened with gains. Most Asian markets were trading at higher levels which helped the sentiments.
However, Asian markets gave up all their early gains and slipped into the red. This turned the sentiment in the local markets as well and the indices came down considerably from their early highs.
The Sensex opened with substantial gains at 10145 and saw a new intra-day lifetime high of 10192. The index is trading higher by 30 points at 10117 at 11.10 AM.
The Nifty could not go past its lifetime high and saw a high of 3049 in early trades. The index is trading at 3026, higher by 9 points.
Nalco has made a smart come back after yesterday's fall and is now trading with gains of more than 4 per cent.
Bajaj Auto is continuing its rally from yesterday and has added another 4 per cent. There is market speculation that the company would announce the de-merger of its investment division sooner than expected. The company's investment portfolio is worth nearly $1 billion.
HLL is continuing the good show after the announcement of excellent results yesterday. Many leading brokerages have upgraded the stock which is trading with gains of nearly 4 per cent.
MTNL has added nearly 2.5 per cent after its ADR gained over 6 per cent yesterday.
ABB, Gail, HPCL, ITC and Jet Airways are the other major gainers.
Tata Tea has corrected after posting good gains over the last few days. The stock is now trading with losses of more than 2.5 per cent.
Select technology stocks are facing pressure today. HCL Tech has lost nearly 2.5 per cent while Infosys is trading nearly 1.5 per cent lower.
PNB, Reliance Industries, Reliance Energy, Hero Honda and OBC are among the other losers.
ENI, the company which operates the radio channel 'Radio Mirchi', made its debut on the exchanges. Issued at Rs162 per share, the stock opened at Rs250 on the NSE and is now trading at Rs260.
South East Asia Marine, Rajvir Industries and Vishesh Info are among the major gainers in mid-caps.
*Disclaimer:The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.