Golden Investment Research (P) Limited
The market piled on to early morning gains following an appreciation in the rupee and firm Asian cues.
All sectors saw buying interest ahead of third quarter earnings. Technology stocks too gained 0.4-1% ahead of Infosys earnings on Thursday, though gains were less as compared to other leading sectors like oil & gas, capital goods, banks and metals.
However, experts are still bearish on the market, though market has had a better-than-expected start to 2012. Krishna Kumar Karwa, MD, Emkay goldennifty says market still remains more or less pessimistic.
The market will watch the third quarter earnings and subsequently the Reserve Bank's meet closely, he feels.
Karwa says the HNI and retail participation has waned. The retail participation has definitely reduced on the equity markets, borne by a fall in daily cash and futures volumes to around 30%.
The rupee has continued its appreciation; it gained 22 paise to 52.28 a dollar after opening at 52.40.
The BSE Bank, Capital Goods, Auto, Realty, Metal and Oil & Gas indices gained 1.5-2%. Power, Healthare, TECk, FMCG and IT indices rose around 1%.
Index heavyweights Reliance Industries, ICICI Bank, L&T, SBI, Bharti Airtel and BHEL were up 2-2.6%.
Asian markets remained higher. Shanghai and Kospi gained 1.6%. Hang Seng, Nikkei, Straits Times and Taiwan Weighed moved up 0.5-1%.
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