Mumbai: Indian stocks rose Monday morning on expectations that the strengthening US economy will provide better orders for IT companies. (Asian stocks) Over the weekend, a government report showed that unemployment rate in the US fell to the lowest level in two years.
This lifted sentiment in Asian markets, which are already trading with gains. Investors are buying stocks of companies that will benefit from the economic recovery in the US.
Sensex: 19,495 +0.39%
Nifty: 5,844 +0.32%
Nikkei: 9,751 +0.44%
Hang Seng: 24,061 +1.09%
Except Oil & Gas, all sectoral indices on the BSE are trading with gains. State-owned oil marketing companies lost ground as crude oil prices resumed their up-trend. Brent crude oil prices rose $0.22 to $118.92 a barrel on expectations that the recovering US economy will consume more fuel.
BSE IT: 6,614 + 1.49%
BSE Auto: 9,429 +0.78%
BSE Bankex: 13,288 +0.75%
BSE Oil & Gas: 10,149 –0.30%
The companies that were named in the 2G spectrum probe - Reliance Communications, Unitech and DB Realty shed value in morning deals. Over the weekend, CBI charged these firms along with former telecom minister A. Raja. Read more...
Reliance Communications: Rs 108 –2.86%
Unitech: Rs 40 –2.51%
DB Realty: Rs 113 –2.45%