The Indian market is trading notably higher on Monday, tracking positive global cues, after a better-than-expected U.S. jobs report eased economic worries. However, trading remains range bound, as the U.S. markets are closed today for Labour Day holiday. Metal, realty and IT stocks are spearheading the rally.
Among individual stocks, Hindalco, Tata Motors, Sterlite Industries, Infosys, DLF, Tata Steel, ICICI Bank, HDFC, Jindal Steel, TCS, Jaiprakash Associates and Maruti Suzuki are among the top gainers.
The 30-share Sensex is currently trading near the day's high at 18,368, up 147 points or 0.81% and the 50-share Nifty is rising by 45 points or 0.82% to 5,524. The BSE small-cap and mid-cap indexes are up over a percent each, and in the broader market, gaining shares are outpacing declining ones by 2087 to 413 shares.
Hindalco Industries is rallying 3.40% after it proposed to invest Rs.10,000 crore this year on its ongoing expansion program. Jindal Poly Films is plunging 5.26% after its board approved a liberal 1:1 bonus issue and a Rs.2,000-crore fund-raising proposal.
NMDC is considering investing in Potash One Inc.'s mining project in Canada, and a rock phosphate venture in Zimbabwe as part of a plan to foray into fertilizers, reports suggest. The stock is moving up 1.42%.
Wipro is edging up 0.66% after it signed a pact with global enterprise software products firm Oracle Corp. to jointly provide computer services to manufacturing companies.
Kingfisher Airlines is adding 1.89% after it started code-sharing with British Airways. Maruti Suzuki is up a little over a percent on reports that its parent, Japan's Suzuki Motor Co, would build a new factory in India. Mahindra Satyam, which is expected to declare its results by the end of this month, is moving up 1.20%.
Larsen & Toubro is adding 0.54% after it signed a concession agreement for the Rs.12,132-crore Hyderabad Metro Rail Project, under the public-private partnership initiative. Tata Steel is gaining 1.49% on reports it may refinance long-term debt for its British unit Corus.
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