Sensex spurts on strong global cues, rally in IT, metal stocks

• BSE Sensex opened 150 points higher than the previous days close and is currently trading at 19,596.51, up by 125 points.

• TCS and Reliance, two of the biggest companies are expected to announce their results today. While TCS was higher by 1.17% at Rs 1,233 Reliance was trading at Rs 1,032.85 higher by 0.7%

• Among the main gainers in the initial hours were Hero Honda and the metal pack led by Hindalco, Jindal Steel and Sterlite.

• Real Estate stock too were showing some movement with DB Realty leading the group with a rise of 3.3% and Unitech up by 2.47% Reliance Infra has in an notice to the stock exchange said that it has bought-back 1,00,000 equity shares of the company from the market.

• Broker Reports CSFB has maintained it ‘Outperform’ rating to Bharti Airtel with a price target of Rs 415. It has maintained an ‘Underperform’ rating for Tata Steel with a price target of Rs 525 and an ‘Underperform’ rating to Yes Bank with a target of Rs 296

• Citi has initiated a ‘Sell’ call on MOIL on account of depressing prices of manganese ore due to modest steel outlook and high inventory of the ore at Chinese ports.