Sensex firm as Ranbaxy too regains ground - July 17, 2008

Bank and realty stocks, among the biggest losers in recent sessions, have bounced back strongly and posted impressive gains today. Auto, IT, capital goods and oil stocks have also recorded sharp gains. Select PSU, power and FMCG stocks have rallied higher while pharma stocks remain a bit subdued. Metal stocks have declined sharply after a positive start and mirroring their fall, the BSE Metal index has slipped by 2.37% now.

The Sensex, which had sailed past the 13,000 mark in early trade this morning, is up with a big gain of 318.04 points or 2.53% at 12,893.94 at present. At 3892.30, the Nifty is up 1.98% or 75.60 points over its previous closing mark.

Heavyweight bank stocks HDFC Bank, ICICI Bank and State Bank of India are up by 6.05%, 4.3% and 3.15% respectively. Axis Bank has gained 5.55%. Kotak Bank and Union Bank of India are up by 4.7% and 4.9% respectively.

Andhra Bank, Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, Yes Bank, Canara Bank and Federal Bank have also posted smart gains.

Bank of Maharashtra, Central Bank of India, IDBI Bank, Corporation Bank, UCO Bank and Vijaya Bank, which are not part of the Bankex, have also moved up today.

Ranbaxy Laboratories, which had crashed to Rs 431.25 on heavy selling earlier in the day, has bounced back to Rs 460 now, cutting down its loss to just around 2.35%. The stock tops the turnover chart on NSE at present. Around 9.8 million shares valued at over Rs 447 crore have changed hands at the Ranbaxy counter on NSE today.

Reliance Industries, Reliance Capital, ICICI Bank, Larsen & Toubro, Axis Bank, Bharti Airtel and HDFC have moved up sharply on strong volumes today.

Market Opens In Positive. - June 26, 2008

The market today opens in green on the positive cues from the global markets. The buying support is seen in the IT, Oil & Gas, Capital Goods and Banking stocks. The BSE Sensex open above the14300 level. The BSE Mid Cap and BSE Small Cap are also trading higher with a gain of more than 1.5% in the opening trade.

The overall market breadth is positive as 1394 stocks are advancing whereas 405 stocks are declining on BSE.

Satyam Computer reported the top gainer from the BSE Sensex pack, as it is trading with a gain of (2.99%) at Rs.458.50 while Mahindra & Mahindra the top loser down by (2.59%) at Rs.526.

At 10.30AM, the BSE Sensex was up by 173.08 points at 14,393.15 and the Nifty was up by 32.25 points to 4,284.90.

The BSE Mid Cap increased by 102.62 points to 5,849.28 and the BSE Small Cap improved by 132.38 points to 7,190.40.

BSE IT index advanced by 56.77 points to trade at 4,151.72. The major gainers are Satyam Computer, HCL Technologies, Financial Technologies and Infosys Technologies grew by (2.65%), (2.16%), (2.14%) and (1.91%) to Rs.457, Rs.267.35, Rs.1,685 and Rs.1,782 respectively.

BSE Capital Goods index improved by 135.99 points to trade at 10,938.17. The top gainers are Bharat Electrical increased by (1.99%) to Rs.1,094.70, BHEL inclined by (1.87%) to Rs1,469, L&T increased by (1.42%) at Rs.2,345.95 followed by Punj Lloyd up by (1.51%) to Rs.242.

Idea Cellular is trading higher by (1.28%) at Rs.103.20, The company is going to acquire Spice Communications to strengthen its position in the growing telecom market. Idea will acquire the Modis’ 40.8% stake in Spice.

Sensex Sheds Some Gains @ 10:48 Hrs

As blue chip stocks extended their gains, the benchmark BSE index Sensex raced past the 16,400 mark after a highly buoyant start this morning. Information technology stocks, led by heavyweight Infosys Technologies, are having a fine run in the positive zone once again.

A host of stocks from consumer durables, realty, power, metal, PSU, oil and capital goods sectors have also posted impressive gains. Bank stocks, which opened on a somewhat sedate note, have rallied to higher levels now. Auto, pharma and FMCG sectors witness stock specific buying.

At 16,324.66, nearly 80 points down from a high of 16,413.80 it had touched earlier this morning, the Sensex is now 171 points or 1.06% ahead of its previous closing mark. The Nifty, which shot up to 4951.40 earlier in the day, has drifted down to 4920.90 but still remains well placed in the positive territory with a sharp gain of 41.25 points or 0.85%.

Several stocks from mid and small-cap segments too have moved up sharply this morning. Reflecting investor interest for these stocks, the BSE Midcap and Smallcap barometers have climbed up 1.97% and 2.08% respectively.

Thanks to widespread buying, the market breadth remains extremely strong. Out of 1970 stocks seen in action on BSE at present, only 295 stocks are down in the red. 38 stocks trade flat while 1637 stocks are up in the positive territory.

Reliance Energy, the top gainer in the Sensex, is up by 4.2% at Rs 1355. Infosys Technologies (up 4.1% at Rs 1572.80) is not lagging far behind. Satyam Computer Services (2.9%), Wipro (2.8%) and Tata Steel (2.35%) also rule firm with strong gains.

Tata Steel, DLF, Jaiprakash Associates, Larsen & Toubro, Ranbaxy Laboratories, Reliance Industries, Tata Consultancy Services, Hindalco, HDFC, ICICI Bank and Reliance Communications are up by 1% - 2%. State Bank of India, Bharti Airtel, ITC, BHEL and NTPC have posted modest gains.

Among non-Sensex IT stocks, Aptech has gained 7.5% at Rs 247. MindTree Consulting has moved upby 5.7% to Rs 423.50. HCL Technologies is up by a little over 5.5% at Rs 259.40. Tech Mahindra and Rolta India have gained 4.8% and 4.55% respectively.

NIIT, Mphasis, Financial Technologies, Patni Computer Services, i-Flex Solutions, NIIT Technologies, Moser Baer, HCL Infosys, Hexaware, Polaris, Financial Technologies and CMC have also risen sharply.

Bankex Makes The Most Of Market Rally

The BSE Sensex was up 543.88 points or 3.55% to 15,832.78 on easing credit worries in United States following JP Morgan Chase & Co's improved offer to buy Bear Stearns.

All sectoral indices on BSE advanced. The BSE Consumer Durables index (up 3.76% to 3,623.69), the BSE Power (up 3.90% to 3,078.44), the BSE Metal index (up 4.22% to 13,327.18), the BSE Realty index (up 4.42% at 7,106.81), the BSE Oil & Gas index (up 3.08% to 10,030.26), and the BSE IT index (up 4.67% to 3,581.80), outperformed the Sensex.

The BSE Auto (up 1.89% at 4,487.51), the BSE Health Care index (up 1.83% at 3,746.29), the BSE Capital Goods index (up 3.45% at 13,682.39), The BSE TecK index (up 4.46% to 3,051.43), the BSE PSU index (up 2.89% to 7,416.27), the BSE FMCG index (up 1.25% at 2,207.35), underperformed the Sensex.

The BSE Bankex had underperformed the market over the past one month till 24 March 2008, declining 23.70% compared to the Sensex’s fall of 11.87%. It had also underperformed the market in the past one quarter, declining 30.24% compared to Sensex’s decline of 22.99%.

ICICI Bank (up 6.02% to Rs 854), State Bank of India (up 4% to Rs 1712), Axis Bank (up 10.10% to Rs 790.20), and HDFC Bank (up 3.56% to Rs 1385), were the key gainers from BSE Bankex.

Bankex Makes The Most Of Market Rally

The BSE Sensex was up 543.88 points or 3.55% to 15,832.78 on easing credit worries in United States following JP Morgan Chase & Co's improved offer to buy Bear Stearns.

All sectoral indices on BSE advanced. The BSE Consumer Durables index (up 3.76% to 3,623.69), the BSE Power (up 3.90% to 3,078.44), the BSE Metal index (up 4.22% to 13,327.18), the BSE Realty index (up 4.42% at 7,106.81), the BSE Oil & Gas index (up 3.08% to 10,030.26), and the BSE IT index (up 4.67% to 3,581.80), outperformed the Sensex.

The BSE Auto (up 1.89% at 4,487.51), the BSE Health Care index (up 1.83% at 3,746.29), the BSE Capital Goods index (up 3.45% at 13,682.39), The BSE TecK index (up 4.46% to 3,051.43), the BSE PSU index (up 2.89% to 7,416.27), the BSE FMCG index (up 1.25% at 2,207.35), underperformed the Sensex.

The BSE Bankex had underperformed the market over the past one month till 24 March 2008, declining 23.70% compared to the Sensex’s fall of 11.87%. It had also underperformed the market in the past one quarter, declining 30.24% compared to Sensex’s decline of 22.99%.

ICICI Bank (up 6.02% to Rs 854), State Bank of India (up 4% to Rs 1712), Axis Bank (up 10.10% to Rs 790.20), and HDFC Bank (up 3.56% to Rs 1385), were the key gainers from BSE Bankex.

Sensex Up 740 Pts As Heavies Soar

MUMBAI: Equities gained more ground as investor optimism increased looking at the advances in global markets. Thursday’s dip also offered good buying opportunity to buy at attractive prices. “The sharp reduction in the open interest indicates that the venom has been flushed out of the system and traders at Dalal Street may be ready to tango with the rest of the global markets. This is the first time in two years that the open interest has fallen below the level with which the series began,” said Anagram Stock Broking in a note.

“For the immediate term, things look rosy in which our market could recoup some 1000 points more from the occupying bears,” the note added. Banking and power stocks were the biggest beneficiaries of the rally adding over 5 per cent to their respective sectoral indices on the BSE.

At 11:15 am, the Bombay Stock Exchange’s Sensex was up 738 points or 4.28 per cent at 17,959.52, briefly touching a high of 18,025.94 after opening at 17,504. The 30-share index saw no losers. The biggest gainers were Reliance Energy (up 9.33%), ONGC (8.55%), ICICI Bank (7.44%), Mahindra & Mahindra (6.33%) and Bajaj Auto (5.57%).

The National Stock Exchange’s Nifty was at 5273.95, higher by 241 points or 4.78. The index touched a high of 5294.10 and low of 5035.05, with all 50 shares posting gains.

Stocks rallied across the globe on better than expected corporate results in the US and after lawmakers agreed on a plan to pay tax rebates to families. The news appeased investors, not only in the US, but in Asia aswell, on expectations consumer spending will not decrease. Key US indices ended about a per cent higher, and Asia followed suit. The Nikkei was up 3.33 per cent, the Hang Seng added 5.33 per cent and the Straits Times increased by 2.66 per cent.

Mkt May Rally On Corporate Results: Analysts

Investors on Dalal street may see a positive rally this week and the stock market can scale new heights on robust third quarter results, analysts said.

Market analysts and traders feel the bourses will reflect earning trends of the corporates even as the third quarter results started trickling in with IT major Infosys announcing better-than-expected earnings last week.

The 30-share BSE Sensex gained 245 points to close at 20,827.45 on Friday, while NSE Nifty rose 44 points to settle at 6,200.10. The Sensex also scaled a new milestone of 21,000 points last week in intra-day trade.

According to brokerage firm Prabhudas Lilladhar, current valuation of the market is likely to be sustained as economic fundamentals and corporate performances are seen as stable.

"Our view for the Sensex is it will remain in the 19,000- 23,000 band through 2008 and end at about 23,000-24,000. Our favoured sectors are banking and financial services, capital goods, engineering, construction, media and oil and gas," Prabhudas Lilladhar analyst Apurva Shah said in a report.

Among frontline Companies, State Bank of India, Ranbaxy Laboratories, HDFC, ITC and Wipro will announce their December 2007 quarterly results in the coming week.

Infrastructure Development Finance Company, EMCO, KLG Systel, Monnet Ispat, Omnitech Infosolutions, Amtek India, Jubilant Organosys, Allahabad Bank, Petronet LNG, Chambal Fertilizers & Chemicals and Idea Cellular among others will also declare their December 2007 quarterly results next week.