Sensex ends with moderate gains; Wipro & Bharti up 2%

It was a quiet day for the Indian equity. The Nifty held above 5600 led by IT, metal and FMCG stocks. The Sensex closed up 30.44 points or 0.16% at 18537.01, and the Nifty was up 4.30 points or 0.08% at 5630.90.

About 1576 shares advanced, 1183 shares declined, and 706 shares remained unchanged.

The broader market outperformed the benchmark indices. The BSE midcap and smallcap was up nearly 1% each.

Dhiren Sarin, technical analyst, Barclays says he is hopeful for the Indian market . He said that some optimism can return to the market as volatility has been dropping steadily across assets. "At this point, it is very early to suggest strong gains, but atleast we can see a drift higher," he added.

Sanjeev Prasad, senior executive director, Kotak Institutional Equities is also looking for around 7.5 percent growth for fiscal 2013.

Moving to stock specific movements. Top gainers on the Sensex were Wipro at Rs 375.80 up 2.50%, Sterlite Ind at Rs 98.45 up 2.23%, Tata Steel at Rs 371.50 up 1.96%, Infosys at Rs 2,416.60 up 1.71% and Bharti Airtel at Rs 310.35 up 1.62%.

However, top losers on the Sensex were M&M at Rs 922 down 3.37%, BHEL at Rs 221.50 down 1.4%, Sun Pharma at Rs 696.20 down 1.3%, HDFC Bank at Rs 662.35 down 1.07% and GAIL at Rs 337.25 down 0.81%.

Tata Steel closed up nearly 2% after the announced re-structuring of the UK operations which would lead to 900 job cuts on a net basis and shut down some of the processing sites. JP Morgan says while there are unlikely to be any near term benefits from the re-structuring, it does allow the company to compete more effectively in the new demand environment being seen in Europe. They remain overweight and would be buyers of the stock at current levels

Ranbaxy continues to be subdued in trade post the announcement of the recall of Generic Lipitor. UBS believes the Atorvastatin disruption is temporary but will result in a lower market share for the company and model 30% market share in CY13 versus the current market share of 43%. With 7 players in the atorvastatin market Ranbaxy is likely to face market share erosion.

Hindustan Copper was down 20% after the Government concluded its offer for sale at an average price of about Rs 157 per share . The chairman of the company has said that no FIIs participated, as they were not approached. They are yet to receive break-up of institutional investors and LIC may have participated in issue.

United Spirits was up over 3% after Nomura upgraded it to buy from neutral with a target of Rs 2200 from Rs 675 . Nomura believes the Diageo deal transforms the long term story of the company where profitability and financial profile will improve significantly. Despite the fact that the stock is up ~30% since the deal announcement on November 9, Nomura believes investors should now buy UNSP as part of their core holding in Indian consumer stocks.

Top gainers on the BSE Midcap  - Eros Intern, SpiceJet, BF Utilities and AstraZeneca, Sun Pharma Adv were up 12-13%.

Nifty rangebound; metals, pharma, IT gain

The Nifty has held above 5600 led by metal, pharma and IT stocks but cement felt some selling pressure. The broader markets have outperformed the benchmark indices.

The Sensex was up 66.69 points or 0.36% at 18573.26, and the Nifty was up 16.15 points or 0.29% at 5642.75.

About 1475 shares advanced, 1112 shares declined, and 878 shares remain unchanged.

Technical analyst, Dhiren Sarin of Barclays is positive on the Indian market . He said that some optimism can return to the market as volatility has been dropping steadily across assets. "At this point, it is very early to suggest strong gains, but atleast we can see a drift higher, " he added.

From the aviation pace, Jet Airways and SpiceJet were buzzing on talks of potential stake sales. Both the stocks were up 15% and 17% respectively.

GSK Consumer surged 20% after the GSK Group announced a voluntary open offer to increase their stake in the company to 75%, the offer of Rs 3,900 a share, which is at a significant premium to the current market price.

However, on the losing side, Hindustan Copper plunged 20% after the government concluded its offer for sale at an average price of Rs 157 a share.

Globally, it's a mixed session across Asia on caution ahead of the Eurozone Finance Ministers meet, where they may reach an agreement to disburse crucial aid for Greece. In currencies, the Euro is firm above 1.29, while the dollar index is weak around 80.

Global markets have been subdued over the last few sessions. In an interview to CNBC-TV18, Andrew Holland, Ambit Capital said that  the new leadership in China would lead to positive noises about growth , going forward, for the country. "I think if that is the case then that would give the backdrop for a very strong global rally as the economic outlook expectations going into 2013 would start to improve," he added.

According to him, India may see more flows going into 2013. "If you take more fundamental view, one year, we are saying that the market will probably follow earnings growth. We are expecting 10-15 percent earnings growth next year. So, we could see the market some 15 percent higher this time sheer on pure fundamentals," he added.

Top losers on the BSE Midcap - Shree Global Tr, Bhushan, STC India, Shree Renuka and Punjab & Sind were down 2-5%.

Top gainers on the BSE Smallcap - Geodesic, Gokul Refoils, Career Point, Premier and Hindustan Media were up 11-20%.

Top losers on the BSE Smallcap - C Mahendra Expo, Marg, Prakash Steelag, Orissa Sponge and Bartronics were down 5-7%.

Turnover: The NSE cash turnover was at Rs 9450.69 crore and the NSE & BSE F&O turnover was at Rs 130858.19 crore and 39444.02 respectively. The BSE cash turnover was Rs 2390 crore. Total market wide turnover was at Rs 182142.9.

Sensex flat; Aviation on a high, Jet up 12%

The Indian benchmark indices has lost its morning gains but still trading with positive bias. The NSE Nifty is trading flat with only 8 points gain. The Sensex was up 41.97 points or 0.23% at 18548.54, and the Nifty was up 7.95 points or 0.14% at 5634.55. About 1338 shares advanced, 910 shares declined, and 1217 shares remained unchanged.

Amit Gupta, ICICI Direct says the Nifty may continue to trade in this range for couple of weeks and then possibly the directional movement may start. "Looking at the private banking stocks, which are still holding the market. I think it is possible that if 5,500 is held, we may see a little up leg towards 5,770 or 5,775," he said. ( read details )

Jet Airways surged 12% on the news that the company is likely to announce stake sale with Eithad Airways in 45 days. The airline may convert some holding company shares to self, say sources. Jet Airways touched a 52-week high of Rs 598.80. It was quoting at Rs 564.60, up Rs 58.85, or 11.64%.

Other aviation stocks are also on a high today. SpiceJet touched a 52-week high of Rs 45.60. It was quoting at Rs 44.95, up Rs 5.65, or 14.38%. Kingfisher Airlines was quoting at Rs 14.02, up Rs 0.30, or 2.19%.

Top gainers on the Sensex were Sterlite Ind at Rs 98.75 up 2.54%, Tata Motors at Rs 266.95 up 2.40%, Tata Steel at Rs 371.50 up 1.96%, Hindalco at Rs 109.70 up 1.67% Dr Reddys Labs at Rs 1,766 up 1.46%.

However, M&M at Rs 932.60 down 2.26%, NTPC at Rs 157.65 down 1.16%, BHEL at Rs 222.30 down 1.05%, HDFC Bank at Rs 665 down 0.67%, Sun Pharma at Rs 701.20 down 0.59%.

Meanwhile, Asian markets are mixed without a discernable uptrend as investors are cautious ahead of the key Eurozone ministers meeting while Japanese equities tested a 7 month high on the back of a weaker Yen.

The euro saw near one month high on Friday of 1.299 while the yen continues to languish at 82.3 after a low of 82.8 last week.

The rupee is a tad lower yet again underperforming Asian currencies and the euro. There is big demand from oil companies and other importers for month end demand.

Bonds are higher on hopes the reserve bank will announce a bond purchase program for this week by tomorrow evening. An RBI Deputy Governor hinted some steps will be taken if the Liqudity deficit persists.

Sensex stable; Tata Steel, Hindalco, Bharti top gainers

Indian equities are going stable in the morning trade. Buying was seen in metal, IT, FMCG, aviation and capital goods stocks while select realty stocks were on the lower trend.

The Sensex was up 51.17 points or 0.28% at 18557.74, and the Nifty was up 9.60 points or 0.17% at 5636.20. About 1157 shares advanced, 668 shares declined, and 1640 shares remained unchanged.

Analysts warn that this week is likely to be choppy. In an interview to CNBC-TV18, Sudarshan Sukhani, s2analytics.com said, "The Nifty faces resistance at 5,650". According to him, the F&O expiry could be anywhere in between 5,550-5,600."

Meanwhile, top gainers on the Sensex were Tata Steel at Rs 372.20 up 2.15%, Sterlite Ind at Rs 98.10 up 1.87%, Hindalco at Rs 109.60 up 1.58%, Bharti Airtel at Rs 310 up 1.51% and HUL at Rs 536.80 up 1.35%.

Index heavyweight Reliance was trading at Rs 777.05 up 0.51% from its previous close of Rs 773.10.

Tech major Infosys was trading at Rs 2,396.30 up 0.85% from its previous close of Rs 2,376.00.

Aviation stocks are zooming today. Jet Airways was quoting at Rs 564.70, up Rs 58.95, or 11.66%. SpiceJet has touched a 52-week high of Rs 43.75. It was quoting at Rs 42.65, up Rs 3.35, or 8.52%. Kingfisher Airlines was quoting at Rs 13.92, up Rs 0.20, or 1.46%.

However, top losers on the Sensex were M&M at Rs 937 down 1.8%, Sun Pharma at Rs 698.15 down 1.02%, NTPC at Rs 158.75 down 0.47%, BHEL at Rs 223.75 down 0.4% and ICICI Bank at Rs 1,021.80 down 0.35%.

Sensex up 60 pts, GSK Consumer gains 20%

Indian market has kickstarted the week on a positive mood. Holding firm right now, the market is waiting eagerly for some reform announcement as the government on Monday has called an all-party meeting to resolve the stalemate over FDI in retail. The big mover of the week is also likely to be the Q2 gross domestic product (GDP) which will be released on Friday.

The Sensex was up 59.53 points or 0.32% at 18566.10, and the Nifty was up 15.65 points or 0.28% at 5642.25.

About 773 shares have advanced, 241 shares declined, and 2451 shares are unchanged.

Bharti Airtel, Wipro, Infosys, M&M, ACC, Ultratech Cement and ONGC were among major gainers on the indices, Ranbaxy, Siemens and HUL were the losers on the indices.

GlaxoSmithKline Pharmaceuticals and GlaxoSmithKline Consumer Healthcare were up 7% and 20% respectively on the back of the news that GSK group increasing its stake in the companies .

Asian markets were trading mixed. China's Shanghai Composite was down 0.32%, Hang Seng was flat, Nikkei gained 0.61%, Straits Times rose 0.44% and Seoul Composite was down 0.27%.

On Friday the US markets ended higher. The Dow Jones added 172.79 points, or 1.35 percent, to 13,009.68. The S&P 500 Index gained 18.12 points, or 1.30 percent, to 1,409.15. The Nasdaq Composite rose 40.30 points, or 1.38 percent, to 2,966.85.