Markets Are Trading Near Living Low - June 22, 2009

The markets lost further grounds and are now trading near the day’s low ahead of the expiry of the derivatives contracts later this week. Further the negative opening of the European markets also turned down the sentiments. The selling pressure was seen among the Oil & Gas, Power, Metal and Realty stocks. However, the buying interest was seen among the FMCG and Banking stocks.

The BSE Sensex is now trading below the 14400 mark while the NSE Nifty below the 4250 mark.

The overall market breadth is negative as 1109 stocks are advancing while 1407 stocks are declining in BSE.

ICICI Bank reported the top gainer from the BSE Sensex pack, as it is trading up by (2.58%) at Rs. 732.20 while Mahindra & Mahindra reported the top loser trading down by (4.36%) at Rs. 705.15.

The BSE Sensex is trading down by 171.04 points at 14,350.85 and the NSE Nifty is trading lower by 70.35 points or (1.63%) at 4,243.25.

The BSE Mid Cap decreased by 10.76 points or (0.22%) to 4,947.97 and the BSE Small Cap fell by 6.69 points or (0.12%) to 5,611.27.

The Oil and Gas index is trading lower by 281.33 points or 3% at 9,105.86. Losers from this pack are Reliance industries trading down by 3.43% at Rs1969.70 along with RPL by 3.39% at Rs122.45, RNRL by 3.30% at Rs89.45, Gail India by 2.57% at Rs280.10, BPAL by 2.02% at Rs415, Cairn India by 2.24% at Rs228.80, ONGC by 1.90% at Rs990.20 and IOCL by 1.50% at Rs543.50.

The Power index is trading with losses of 55.08 points or 1.95% at 2,776.68. Scrips from the losers pack are Crompton Greaves trading lower by 3.85% at Rs270 in line with Tata Power by 3.36% at Rs1125.20, GMR Infra by 3.34% at Rs 141.85, Neyveli Lignite by 2.76% at Rs118.10, NTPC by 2.73% at Rs192.70, Reliance Infra by 2.71% at Rs1228, Reliance Power by 1.96% at Rs172.45 and Suzlon Energy by 1.44% at Rs109.40.

The most active shares on NSE are IFCI trading at Rs 51.25 with a total traded quantity of 45298944 shares followed by Unitech trading at Rs.78.85 with a total traded quantity of 43284060 shares.

ONGC is trading down by 1.93% at Rs990.60. Oil & Natural Gas Corporation (ONGC) has made three oil and gas discoveries.

It has found oil in the Cambay basin, oil and gas in Matar area in Vadodara district (Gujarat) and gas in the Krishna-Godavari (KG) basin, according to the sources.

On the global markets front, the European markets are now trading lower as the FTSE 100, DAX and CAC 40 index are trading down by (1.19%), (1.36%) and (1.39%) respectively.

Mkts: ICICI Bank, Infosys Rally; Sensex Up Nearly 325 Pts @ 10:55 Hrs - June 16, 2008

The market, which opened on a rousing note this morning, has gained further ground in the positive territory now thanks to sustained buying across the board.

The Sensex, which zoomed to 15,553.37 this morning, is up with a sparkling gain of 323.61 points or 2.13% at 15,513.23 at present. At 4607.65, a few points down from a high of 4616.40 it had touched earlier this morning, the Nifty is up 2% or 90.55 points over its previous closing mark.

Bank, realty, information technology, metal and power stocks have risen sharply. There are impressive gains for several stocks from capital goods, oil and pharma sectors as well. Auto and FMCG stocks also rule firm, albeit with less pronounced gains.

Besides several large cap stocks, a number of stocks from midcap and smallcap segments too have moved up sharply. Mirroring the sharp surge in prices of stocks from these segments, the BSE Midcap and Smallcap indices have advanced by around 1.75% now.

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So positive is the mood that only Tata Motors (down 0.2%) and Hindalco (down marginally), among the Sensex components are down in the negative territory at present. Among Nifty stocks, Cairn India (down 2.05%) and Hero Honda (down 0.15%) have posted losses.

HDFC, the most prominent gainer in the Sensex, is up by around 4.8% at Rs 2235. ICICI Bank and Infosys Technologies are up by nearly 3.5% at present. Bharti Airtel has gained 3.7%. ONGC is up by a little over 3%.

Satyam Computer Services, Jaiprakash Associates, NTPC and BHEL are up by 2% - 2.5%. ACC, Ambuja Cements, Grasim Industries, Cipla, Larsen & Toubro, Ranbaxy Laboratories, Reliance Industries, State Bank of India, Tata Steel, Wipro and Tata Consultancy Services have also posted strong gains.

Power Grid has gained nearly 4.5%. Siemens is up by around 4.25%. Unitech has gained close to 4%. GAIL India, Tata Communications, Sterlite Industries, HCL Technologies, Punjab National Bank, Zee Entertainment, Tata Power, SAIL, Sun Pharmaceuticals, Suzlon Energy and Reliance Petroleum have recorded impressive gains.

Sensex Up 233 Pts; Banks Lead

MUMBAI - The market opened on a positive note Tuesday tracking a bounce in global indices. Banks and oil shares led the advances. At 10:05 am, the Bombay Stock Exchange's Sensex was up 233 points or 1.4 per cent at 16,864.33. The National Stock Exchange's Nifty was up 53 points or 1.3 per cent at 4920.1

Biggest Nifty gainers in early trade comprised ICICI Bank (up 3.5%), SAIL (3.33%), Satyam Computer (3.31%), Sterlite (3.14%), Punjab National Bank (2.93%) and VNSL (2.73%). Glaxo (down 1.2%), Ranbaxy Laboratories (0.98%), Sun Pharmaceuticals (0.73%), ITC (0.46%) and Ambuja Cements (0.13%) were the losers.

Asian shares were moderately higher Tuesday taking cues from the positive close in the US. However, investors were not completely convinced by the rebound. The Nikkei 225 was up 0.81 per cent, the Hang Seng added 1.93 and the Straits Times climbed 1.65 per cent.

US indices ended higher Monday as higher oil prices saw energy shares lead the rally. The Dow Jones Industrial Average rose 0.48 per cent, the Standard & Poor's 500 Index added 0.59 per cent and the Nasdaq Composite Index gained 0.66 per cent.

Bond yields hold at lows, rate cut debated

MUMBAI: Federal bond yields crawled near one-year lows on Tuesday as traders speculated on the likelihood of a rate cut at the central bank's policy review on Jan. 29. At 9:25 a.m., the 10-year bond yield was at 7.54 percent, steady from Monday's close. It fell to 7.51 percent on Friday, its lowest since January 2006. Total volume was a 4.95 billion rupees ($126 million) on the central bank's electronic platform.

"Yields are moving sideways around these levels as a 25 basis point repo rate cut is factored in at these levels," said Vikas Anand Naik, senior manager at Mumbai-based Dena Bank. "If the rate cut is around 50 basis points, then we may see bond yields rallying more," he said.

The 10-year bond yield fell 16 basis points last week and is now 36 basis points down from mid-December. Bonds have rallied as cash conditions in the banking system improved and as speculation grew of a likely rate cut due to low inflation and economic data.

Traders said a robust pipeline of supplies this week was helping keep bond yields in a tight range. The central bank will auction 65 billion rupees of treasury bills on Wednesday and will sell 40 billion rupees of market stabilisation scheme bonds on Thursday, the first MMS bond sales since early November.

It sold 208 billion rupees worth of bonds and bills last week. ICICI Bank expects the 10-year yield to remain within the 7.50-7.60 percent band with yields on an upward bias due to the fresh supplies. Spreads between the 1-year and 10-year bonds contracted to 24 basis points on Monday from 26 basis points on Friday, according to IDBI Gilts.