Bajaj Auto (BAJAJAUTO.NS: 2101.05 dwn) rallied nearly 3 percent to an all-time high after the No. 2 motorcycle maker said September sales rose 26 percent.
Car sales in India raced ahead in September helped by strong economic growth, while demand in the United States, Europe and Japan stayed stuck in low gear.
Maruti Suzuki, Tata Motors (TATAMOTORS.BO:1136.05 +38.75 up) and Mahindra & Mahindra were up between 0.8 percent and 3.2 percent.
Mahindra Satyam (SATYAM.BO: 90.75 -0.45 dwn) earlier known as Satyam Computer Services, was down 0.7 percent in choppy trade after the outsourcer said on Friday it had received a notice from the U.S. Securities and Exchange Commission saying the market regulator may file a civil suit alleging fraud.
By 10:53 a.m. (0523 GMT), the 30-share BSE index was up 0.79 percent at 20,606.94 points, with 21 of its components advancing.
In early trade, the benchmark rose as much as 1.3 percent and hit 20,706.74, its highest since January 2008, and is about 600 points away from a record high. The index is up nearly 18 percent in the year to date.
"No one wants to read into any caution right now. People are ignoring all likely negatives and are focused on optimism,"
Foreign funds have pumped $19.2 billion into Indian equities so far in 2010, compared with $17.5 billion in 2009.
Bajaj Auto was up 2.1 percent at 1,575.45 rupees after hitting a record 1,589.90.
Financials firmed as investors expected loan demand to catch up in the world's second-fastest growing major economy after China.
Top lender State Bank of India (SBIN.NS:3274 +1.85) was up 0.7 percent while rivals ICICI Bank (ICICIBANK.NS:1165.85 +30.65 up) and HDFC Bank rose 2 percent and 0.3 percent respectively.
IT firms rose after Accenture raised its earnings outlook for the new fiscal year on Friday and boosted its dividend, defying concerns that a sluggish global economy could hurt sales.
Leading outsourcers Tata Consultancy Services (TCS.NS: 963.3 +1.5 up), Infosys Technologies (INFOSYS.BO:3117 +13.6 up), and Wipro (WIPRO.NS:470.55 +8.85 up) were up between 1.3 percent and 2.1 percent.
In the broader market, gainers led losers in a ratio of 1.7:1 on volume of 183 million shares.
The 50-share NSE (^NSEI:6180 +36.6 up) index was up 0.8 percent at 6,190.60 points.
Elsewhere, the MSCI's measure of Asian markets other than Japan was up 1 percent, while Japan's Nikkei traded flat.
STOCKS ON THE MOVE
* Sun Pharmaceutical Industries rose 1.7 percent to 2,064 rupees after the drugmaker said late on Friday it got tentative U.S. FDA approval for generic Stalevo tablets.
* Jaiprakash Associates
MAIN TOP 3 BY VOLUME
* Koutons Retail on 5.6 million shares
* Suzlon Energy on 4.9 million shares
* Tirupati Inks on 4.7 million shares
0 comments:
Post a Comment