Volatile Nifty ends above 5250; GAIL, JSPL top gainers
04 September 2012
Indian equity benchmarks remained lacklustre for the second consecutive session on Tuesday due to lack of global and domestic cues. The 50-share NSE Nifty recovered quite nicely in the second half of trade, to claw back above the 5250 level amid volatility. The index rose 20.25 points to close at 5,274, supported by banks, metals, capital goods stocks and Reliance.
The stalemate in parliament over coal allocation scam continued for the 10th consecutive day today as opposition party BJP was stuck to its demand for resignation of Prime Minister. That resulted into lower participation of traders.
The 30-share BSE Sensex rose 56.47 points to 17,440.87 while the broader markets outperformed benchmarks. The BSE Midcap Index was up 0.5% and Smallcap went up 0.4%.
Index heavyweight Reliance Industries led the major support since early trade, which gained 1.9%. Commercial vehicle major Tata Motors too was among gainers since the morning trade, rising 1.7%.
Country's largest lenders State Bank of India and ICICI Bank climbed 1% each. Telecom operator Bharti Airtel and FMCG major Hindustan Unilever too moved up 1% each.
State-run gas transportation services provider GAIL and steel & power producer JSPL rallied 2.6% and 2.4%, respectively.
Engineering conglomerate Larsen & Toubro was up 0.8% and power equipment maker BHEL gained 1.13%.
India's largest software services exporter TCS rebounded with 0.3% gains while its rival Infosys fell 0.3%.
Housing finance company HDFC and drug producer Cipla dropped 1.5% each. Cigarette major ITC and state-run oil & gas producer ONGC declined 0.5%.
Anil Dhirubhai Ambani Group: Reliance Communications rallied nearly 5% as Anil Ambani, in an annual general meeting, said would complete Reliance Infratel value unlocking strategy in 2013. The company received shareholders' nod for share issue to QIBs.
Reliance Capital gained more than 3% as the board of directors would consider special dividend on September 10.
In the second line shares, HDIL, Educomp, Sintex, Aban Offshore and Opto Circuits jumped 5-7%. Ashok Leyland rose 2% on strong sales numbers in August.
Among media and entertainment stocks, Den Network, Zee Entertainment, Hathway Cable and Dish TV rallied 4-7%. S Kumars Nationwide tanked 5%.
Advancing shares outnumbered declining by 1516 to 1199 on the Bombay Stock Exchange.
Asian and European markets were down on worries over global economic growth, but the hopes of stimulus from central banks remained supportive. Investors awaited the conclusion of European Central Bank's meeting that scheduled for Thursday.
Indian equity benchmarks rebounded amid choppy trade, supported by Reliance Industries and State Bank of India. ICICI Bank, Larsen & Toubro, TCS and BHEL too recovered their entire losses.
The 50-share NSE Nifty clawed back above the 5250 level, which was up 22.10 points at 5,275.85. Meanwhile, the 30-share BSE Sensex gained 60.5 points at 17,444.85.
Index heavyweight Reliance Industries extended gains to 1.7% and commercial vehicle maker Tata Motors rose 1.5%.
Country's largest lenders State Bank of India and ICICI Bank moved up 1.4% and 0.7%, respectively. Capital goods majors Larsen & Toubro and BHEL were up 0.7% each.
State-owned gas transportation services provider GAIL and oil retailer BPCL topped the buying list with more than 2% gains.
Top IT services exporter TCS went up 0.4% whereas its rival Infosys declined 0.4%.
Among metals stocks, Tata Steel and Jindal Steel jumped over 1.5%. Housing finance company HDFC dropped 1.6%.
Private power producer Tata Power and drug manufacturer Cipla fell over 1%.
Most active shares on exchanges were United Spirits, Torrent Power, SBI, Vikas WSP, Reliance Capital, Axis Bank, ICICI Bank and HDFC.
The 50-share NSE Nifty was trading below the 5250 level amid volatility as heavyweight sectors like technology and banks (only private) were under pressure. European markets too were down in early trade on profit booking; France's CAC, Germany's DAX and Britain's FTSE fell 0.2%.
The BSE Sensex dropped 62.34 points to 17,322.06 and the NSE Nifty fell 14 points to 5,239.55.
Siddharth Bhamre of Angel Broking is bullish on the market and suggests buying on dips. Levels of 5,200-5,150 remain strong support for Nifty, he told CNBC-TV18.
According to Bhamre, one should not be worried about the slight dip seen in liquidity gush from foreign investors. Liquidity injection by foreign institutional inventors would continue because the parameters on which they have invested in India remain in intact, he explained. Foreign institutional investors have bought more than Rs 12,500 crore worth of shares since July 27.
Housing finance company HDFC lost 1.6%. Private sector lenders ICICI Bank and HDFC Bank were down 0.8% and 0.3%, respectively while public sector lender State Bank of India gained 0.5%.
Software services exporters TCS and Infosys fell 0.7% each. State-run oil & gas producer ONGC went down 1.25% whereas index heavyweight Reliance Industries rose 0.6%.
Private power producer Tata Power was the top loser, which declined nearly 2%. Shares of Tata Steel, Tata Motors and Hindustan Unilever outperformed other bluechips, rising 0.5-1.4%.
Indian equity benchmarks remained in a narrow range since early trade. The 30-share BSE Sensex declined 49.29 points to 17,335.11, weighed down by HDFC, ICICI Bank and Infosys. TCS, ONGC and Bharti Airtel too were down while Reliance Industries, ITC, HUL and SBI were quite supportive.
Meanwhile, the 50-share NSE Nifty was moving in a range of 5235-5253, which fell 14 points to 5,239.90.
Fast moving consumer goods majors ITC and Hindustan Unilever moved up 0.5% and 0.8%, respectively.
Country's largest commercial vehicle maker Tata Motors was up 0.6% and public sector lender State Bank of India gained 0.4%.
Engineering and construction major Larsen & Toubro rose 0.3% and index heavyweight Reliance Industries remained strong with 1% gains.
Housing finance company HDFC extended losses to 1.8%. Technology majors TCS and Infosys were down 0.8% each.
Private sector lender ICICI Bank, state-run oil & gas producer ONGC, telecom operator Bharti Airtel and drug producer Cipla fell 1%.
Power producers NTPC and Tata Power went down 1-1.5%. Shares of Bajaj Auto, M&M, Hero Motocorp and JSPL slipped 0.5%.
The broader markets were lacklustre as the market breadth was neutral.
In the second line shares, Nava Bharat Ventures, Glodyne Tech, Shree Global, Dish TV India and NIIT Tech rallied 4-7% while Blue Dart tanked 12%. Tulip Telecom, AstraZeneca, S Mobility and Coromandel International fell 3-5%.
The 50-share NSE Nifty continued to hover around 5250 level amid low volumes. The weakness was seen in technology, private banks and power stocks. However, the buying in Reliance Industries, L&T, SBI and Tata Motors has limited the downside.
The BSE Sensex declined 47 points to 17,337.42 and the NSE Nifty fell 12 points to 5,241.55 while the broader markets were trading marginally higher due to positive market breadth.
Country's largest software services exporters Tata Consultancy Services, Infosys and Wipro moved down 0.8-1%.
Housing finance company HDFC lost 1%. Private sector lenders ICICI Bank and HDFC Bank fell 0.3-0.65% while their rival State Bank of India was up 0.5%.
Telecom operator Bharti Airtel dropped 1.5%; the Department of Telecommunications will hold 2G auction pre-bid meet on September 6.
Power producers NTPC and Tata Power were down 1-1.7%. Among auto stocks, Bajaj Auto, M&M and Maruti went down 0.8% each whereas commercial vehicle major Tata Motors rose 0.7%.
Index heavyweight Reliance Industries was quite supportive with gains of more than 1%. Engineering conglomerate Larsen & Toubro gained 0.65%.
Advancers outnumbered decliners by 654 to 563 on the National Stock Exchange.
Indian equity benchmarks started off Tuesday trade marginally lower following negative Asian cues. Shanghai, Hang Seng, Nikkei and Kospi were down between 0.2% and 0.4%.
The 30-share BSE Sensex fell 53 points to 17,331 and the 50-share NSE Nifty declined 13 points to 5,240.
But overall the market (globally) looked stable ahead of European Central Bank's (ECB) meet that scheduled for Thursday. Yesterday ECB President Mario Draghi reiterated willingness to buy short term paper in a private session with European Union parliamentary committee.
Back home, Bharti Airtel, GAIL, NTPC, BHEL, Ambuja Cements, IDFC, Larsen & Toubro, TCS, JP Associates, Infosys and HCL Tech were down in early trade.
BPCL, Cairn India, Ranbaxy Labs, State Bank of India, SAIL, Punjab National Bank and Tata Power were trading higher.
The CNX Midcap Index rose 14 points to 7088 as the market breadth
In the second line shares, Ind-Swift Labs shot up 11% as Business Standard reported that Piramal Healthcare is looking to acquire contract research and manufacturing business of the company's facilities for Rs 1000 crore.
United Spirits was up 3% and United Breweries rose 0.4% as sources said UB group is likely to sell stake in Whyte & Mackay.
Tech Mahindra gained 1% as reports indicated that the company is set to buyout Indian BPO arm of hutch for USD 100 million.
Ashok Leyland was up 2% after its total sales jumped 30% YoY to 9,432 units in August.
Suzlon, Kingfisher, Dish TV, Mahindra Satyam and Shree Renuka moved up 1-1.5%.
National Fertilisers rallied 3%. REC, RCF and MTNL were down more than 0.5%.
S Kumars Nationwide tanked 5%.
TVS Motors was down another 1.5% after losing more than 5% yesterday.