Journalism of Courage
BSE Sensex today rose by 80 points in early trade,extending an upward streak for the third straight sesseion,after Reliance Industries and HCL Technologies posted encouraging fourth quarter earnings.
Besides,a firming trend in the global markets also buoyed the trading sentiment here.
The 30-share index,which had gained over 502 points in the previous two sessions,rose by 80.09 points,or 0.43 per cent,to 18,825.02,with stocks of IT,technology,realty and consumer sectors leading the rise in early trade.
Similarly,the wide-based National Stock Exchange index Nifty rose by 30.45 points,or 0.54 per cent,to 5,719.40.
Buying activity triggered after Reliance Industries yesterday posted a 32 per cent jump in its fourth quarter net profit,the biggest rise in almost three years,brokers said.
A better trend in the Asian region,following overnight gains on US markets,following on the back of positive corporate earnings,further generated buying,they said.
Shares of RIL rose 0.68 per cent to Rs 810,after the company yesterday reported a net profit of Rs 5,589 crore in January-March as against Rs 4,236 crore in the same period a year ago.
In the IT segment,TCS surged one per cent to Rs 1500,while HCL Technologies,which posted an over 72 per cent jump in net profit at Rs 1,039.9 crore for the January-March quarter today,was trading higher by up 4.30 per cent at Rs 795.50.
In the Asian region,Hong Kong8217;s Hang Seng index was up by 0.16 per cent,while Japan8217;s Nikkei Index gained 1.03 per cent in the morning trade today.
The US Dow Jones Industrial Average ended 1.08 per cent higher in yesterday8217;s trade.
Indian stocks to watch 8211; April 17
GLOBAL MARKETS WATCH
Nifty futures on the Singapore Exchange up 0.4 percent and the MSCI-Asia Pacific index excluding Japan was 0.3 percent higher.
Asian shares and commodities recovered on Wednesday as a sharp sell-off over the past two sessions lured bargain hunters,with sentiment bolstered by positive American corporate earnings and data supporting the case for ongoing U.S. monetary stimulus.
US stocks jumped more than 1 percent on Tuesday,a day after their worst decline since November,as gold prices rebounded and earnings from Coca-Cola and Johnson amp; Johnson improved the outlook for first-quarter results.
FACTORS TO WATCH
HCL Technologies,Tata Consultancy Services report March quarter earnings.
Finance Minister P. Chidambaram meets U.S. investors in New York.
Indian Prime Minister at global clean energy summit.
INDIAN STOCKS TO WATCH
Reliance profit grows as refining margins rise
Goldman Sachs to manage India state companies ETF-sources
State Bank of India FY13 loan growth at 21 pct-chairman
Adani Ports may get security clearance
GAIL to sell stake in China Gas Holdings
SBI mulls merging one of its associate banks this year
India,EU eye more sops,fail to clinch trade deal
Debt-laden GOL Offshore defaults repayment of 2 bln rupees FCCBs
Lamp;T close to winning 43 bln rupees Saudi order
