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Market firm; realty, IT stocks gain
May, 28th 2009

Stocks were trading on a firm footing shrugging off the weakness across global markets. Realty and technology Stocks continued to attract investor interest.

The market is likely to remain volatile ahead of derivatives expiry for May series and weak global markets may put pressure on domestic indices. However, presence of strong bullish sentiment may help the market to turn positive. The Nifty could test higher levels at 4325 and may dip around 4225, while the Sensex has a likely support at 13950 and may face resistance at 14250, said brokerage firm Sharekhan in a research note.

Bombay Stock Exchanges Sensex was trading at 14,302.30, higher by 1.37 per cent or 192.66 points. The index touched a high of 14,308.47 and low of 14,078.62. National Stock Exchanges Nifty climbed 0.99 per cent or 42.25 points to 4318.30. The index touched a high of 4325.70 and low of 4254.85 in trade so far.

Secondline stocks also witnessed decent amount of buying activity. BSE Midcap Index climbed 0.91 per cent and BSE Smallcap Index rose 0.96 per cent.

Sectorwise, BSE Realty Index was up 2.95 per cent, BSE IT Index climbed 1.75 per cent BSE Oil & Gas advanced 1.52 per cent and BSE Bankex edged 0.22 per cent higher.

Biggest Sensex gainers comprised Bharti Airtel (3.91%), Larsen & Toubro (3%), DLF (2.74%), Ranbaxy Laboratories (2.73%) and Mahindra & Mahindra (2.51%).

Sterlite Industries (-1.98%), Reliance Infrastructure (-1.58%), BHEL (-1.52%), Maruti Suzuki (-0.66%) and ONGC (-0.43%) were the losers.

Market breadth on BSE showed 1603 advanced against 578 declines.

On a stock specific note, shares of Novartis India rose as much as 20 per cent after parent Novartis raised its open offer price to Rs 450 rupees a share from Rs 351. Shares gave up some gains but were still trading up 14 percent at Rs 444.30.

Religare Enterprises climbed 4.28 per cent on media reports that Swiss Re, the world's second-largest reinsurer, is in talks with the financial services firm for a joint venture health insurance company.

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