Indian shares higher in afternoon trade led by energy, tech stocks
Indian shares were trading higher in the afternoon today led by energy and IT stocks.
At 0730 GMT, the Bombay (OTCBB:BBAO) Stock Exchange's Sensex was up 203 points, or 1.2 pct, to 17,124, while the National Stock Exchange's S&P CNX Nifty was trading up 1 pct to 4,994, off its record high. The Nifty crossed 5,000 mark within minutes of opening today.
The rally was in line with the record-breaking performance in Asia, where shares in Hong Kong, Sydney and Singapore hit new highs powered by the overnight rally in the US and upbeat estimates about the Asian third-quarter earnings season.
Reliance Energy was the biggest gainer on the Sensex, up 7.2 pct to 1,099 rupees amid reports the company is restructuring its business.
'There is buzz in the market that Reliance Energy is going to de-merge into real estate and utility businesses,' said Devang Dhruv of Max consultancy Pvt Ltd.
Infosys Technologies (NASDAQ:INFY) rose 4.26 pct to 1,902 rupees.
Other IT stocks like Wipro, Tata Consultancy Services (OOTC:TACSF) and Satyam (NYSE:SAY) Computer also gained, propped by the country's central bank's intervention to bring down the rupee from its nine-year high of 39.62.
The Reserve Bank of India was said to have been aggressively buying dollars to tame the rupee -- that ended the day at 39.72 against the dollar.
Satyam was up 3 pct to 444 rupees after the company announced the launch of a new solutions centre in Brisbane, Australia.
The baking sector, however, witnessed some profit-booking with ICICI Bank (NYSE:IBN) and HDFC Bank Ltd (NYSE:HDB) both down about 0.5 pct.
Also, today being the futures and options expiry day, the market could see some volatility towards the closing.
'The Reliance Petroleum (OOTC:RPLUF) and Reliance Industries Ltd scrips in particular could be volatile as a lot of short positions have built up in these two stocks,' Dhruv said.