Mid Market Session

The market has once again proved its firmness as the BSE Sensex sets a new landmark at 19,984.18. The rally across broader market is observed as fresh buying is in momentum. At one end the P-note issue seems to be solved by SEBI allowing the sub accounts to register as FIIs. The stability in the market is also backed by the strong fundamental growth in sectors like capital goods and metal. Well if the momentum goes on then the 20K mark in not too far. The Mid cap is higher by 147.12 points at 8,067.78 and small cap advanced by 184.58 points to 9,735.53.

The overall market breadth looks firm as 1675 stocks are advancing while 967 stocks are declining on BSE.

At 12.40pm, BSE Sensex is up by 713.91 points at 19,957.08, while Nifty was high by 204.2 points at 5906.50.

BSE CG is leading ahead by 1,281.87 points at 19,822.02. Companies like BHEL, L&T and Thermax have come up with phenomenal quarterly results. This proves the strong growth prospect of these companies and the industry as a whole. L&T has recorded a remarkable growth of 73% in net profit at Rs. 348cr in Q2FY08 as against Rs. 201.22cr in Q2FY07. The company has embarked to build two mega integrated and commercial ports with an investment of Rs. 3,500cr. L&T and BHEL are gaining by 10.40% at Rs. 4,279 and 8.77% at Rs. 2,645 respectively.

BSE Metal index is gaining by a striking 557.46 points at 17,302.02. The good quarterly numbers from a majority of the metal companies have kept the buying interest firm. Jindal Steel and National Aluminum Corporation are moving up by 7.13% and 5.72% at Rs. 8,980 and Rs. 329.95 respectively.

BSE Bankex has gained 323.06 points at 10,596.59. HDFC bank is still gaining by 6.40% at Rs.1,645. ICICI bank, Yes Bank and Punjab National Bank are up by gains of 4.69% at Rs. 1,240, 3.51% at Rs. 221 and 3.04% at Rs. 540 respectively. The investors are optimistic about good news coming from the RBI''s monetary review on 30th October.