Nifty,hits,two-week,high,Coal, business, insurance Nifty hits two-week high; Coal India scales record high

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The BSESensex was up 138 points or 0.76%. The 50-unit S&P CNX Nifty hit itshighest level in more than two weeks. The market breadth was strong. Indexheavyweight Reliance Industries (RIL) nudged higher. FMCG stocks rose on hopesthe timely arrival of monsoon rains will help boost rural income. Realty stockstoo gained. Coal India hit a record high.Themarket edged higher in early trade on firm Asian stocks. The market extendedinitial gains to hit fresh intraday high in morning trade.At 10:20IST, the BSE Sensex was up 138 points or 0.76% to 18,370.06. The Sensex jumped147.41 points at the day's high of 18,379.47 in morning trade. The index rose34.55 points at the day's low of 18,266.61 in early trade.TheS&P CNX Nifty was up 50.35 points or 0.92% to 5,523.45. The Nifty hit highof 5,524.10 in morning trade, its highest level since 16 May 2011.Themarket breadth, indicating the health of the market, was strong. On BSE, 1323shares advanced while 560 shares declined. A total of 79 shares remainedunchanged.Amongthe 30-member Sensex pack, 23 stocks rose while the rest of them fell. M&M,ONGC and RCom fell by between 1.14% to 1.61%. HDFC, Wipro and HDFC Bank rose bybetween 1.47% to 1.68%.Indexheavyweight Reliance Industries (RIL) rose 0.61%. RIL is reportedly buyingregasified liquified natural gas (R-LNG) from Royal Dutch Shell and PetronetLNG at double the price. The move comes in the wake of shortage of natural gasfrom its D6 fields in the Krishna-Godavari (KG) basin.OilIndia gained 0.14% after net profit rose 30.54% to Rs. 562.61crore on 10.20% rise in sales to Rs. 2018.93 crore in Q4 March 2011over Q4 March 2010.State-runcoal miner Coal India rose 1.85% to Rs. 402.55 on good financialperformance for the year ended March 2011 announced last week. The stock scaleda record high of Rs.404.50 today.Realtystocks edged higher on bargain hunting after recent steep losses. DLF,Indiabulls Real Estate and HDIL rose by between 0.58% to 1.77%.Unitechrose 1.88% extending Monday's 4.39% surge triggered by positive sales outlookissued by the company. Unitech said at the time of announcing its consolidatedresults for the year ended March 2011 (FY 2011) on Sunday, 29 May 2011, that itis targeting sales bookings of Rs. 5000 crore for the year endingMarch 2012 (FY 2012), a projected growth of 15.66% over sales bookings of Rs. 4323crore in the year ended March 2011 (FY 2011). The company said it has a healthybalance sheet with a real-estate net debt to equity ratio of 0.46. As of 31March 2011, the company had a net worth of Rs. 11614crore. The company's debt, net of cash, reduced by Rs. 228crore in FY 2011, it said.Unitechalso said that the ongoing telecom matter pertains to Unitech WirelessTamilnadu (Uninor), which is a separate legal entity engaged in the telecombusiness, and will not impact Unitech (the real estate company). Unitech saidit will continue to focus on its real estate business in the normal course.FMCGstocks rose on hopes the timely arrival of monsoon rains will help boost ruralincome. The rural sector, whose livelihood depends on farm cultivation, contributesa substantial part of FMCG firms' revenues. Nestle India, Dabur India,Hindustan Unilever and ITC rose by between 0.39% to 1.49%.SmartlinkNetwork Systems was frozen in at the 20% lower circuit filter at Rs. 80.95,after the stock turned ex-dividend today, 31 May 2011, for special interimdividend of Rs. 30 pershare for the year ended March 2011.Thegovernment unveils Q4 March 2011 GDP data today, 31 May 2011 at 11:00 ISTtoday, 31 May 2011. The data could provide cues on the likely monetary policystance of the central bank at the mid-June 2011 review. The recent data showinggain in food prices in mid-May 2011 will increase pressure on the Reserve Bankof India (RBI) to raise policy rates when it undertakes mid-quarter monetarypolicy review on 16 June 2011.Theannual monsoon rains hit Kerala two days earlier than expected, boostingprospects for a harvest that could spur Asia's third-largest economy. The IndiaMeteorological Department (IMD) has predicted the southwest monsoon 2011 to be98% (normal) of the long period average (LPA) with a model error of plus/minus5%. IMD has indicated that there is very low probability for the seasonrainfall to be deficient (below 90% of LPA) or excess (above 110% of LPA).Goodrains would help ease food inflation and boost rural income. Rainfall thatcomes within 96% to 104% of the long-term average is considered a normalmonsoon season, but this alone doesn't guarantee a good crop. The timing andspread of the rains are equally important. The quantity and geographical spreadof rainfall during the monsoon season is crucial for India's agriculturesector, which lacks irrigation facilities on more than half its farm land.Monsoon rains usually enter India's mainland through the southern state ofKerala in the first week of June, gradually progressing to cover most ofcentral and northern India by July, before retreating in September.Asianstocks rose on Tuesday amid speculation European officials will sanction moreassistance for Greece. The key benchmark indices in Hong Kong, Japan,Singapore, South Korea and Taiwan rose by between 0.37% to 1.66%. The keybenchmark indices in China and Indonesia fell 0.13% and 0.04% respectively.Moody'sInvestors Service today placed the Government of Japan's Aa2 local and foreigncurrency bond ratings on review for possible downgrade.Tradingin US index futures indicates that the Dow could gain 70 points at the openingbell on Tuesday, 31 May 2011. US markets were closed on Monday, 30 May 2011,for Memorial Day.