Markets Gains On Positive Global Cues - Jan 28, 2009

The markets continued to open higher for the second straight session in this week on the back of positive cues from the global markets. But suddenly the markets turned choppy. Volatility could be higher ahead of January F&O expiry. The Realty, Auto, Capital Goods, Metal and FMCG stocks are in favor in the opening trade. The BSE Mid Cap and the Small Cap are also trading higher in the early trade.

The Asian markets are trading higher today as Nikkei 225, Straits Times and Seoul Composite index are trading higher by (1.36%), (3.43%) and (5.23%) respectively. However the Shanghai, Hang Seng and Taiwan markets are shut today.

The US stock market on Monday closed in positive territory on the back of some better than expected earnings. The market shrugged off dismal economic data as weak Conference Board consumer confidence index, which tumbled to 37.7 in January, and a record year-over-year decline of 18.2% in home prices in the 20 largest US metropolitan areas. However, the market participants will be looking forward to the latest Federal Open Market Committee statement. The Dow Jones Industrial Average (DJIA) grew by 58.70 points to close at 8,174.73. The NASDAQ Composite (RIXF) index increased by 15.44 points to close at 1,504.90 and the S&P 500 (SPX) grew 9.14 points to close at 845.71.

The BSE Sensex is now trading above the 9,000 mark and the NSE Nifty trading arthe 2,800 mark.

Tata Motors reported the top gainer from the BSE Sensex pack, as it is trading higher by (4.70%) at Rs. 146.90. However, Tata Steel reported a top loser among the BSE Sensex pack down by (2.50%) at Rs. 168.

The overall market breadth is positive as 795 stocks are advancing while 485 stocks are declining on BSE.

At 10.33AM, the BSE Sensex was up by 76.57 points at 9,080.65 and the Nifty was up by 29.50 points to 2,800.85.

The BSE Mid Cap increased by 17.62 points to 2,885.49 and the BSE Small Cap advanced by 21.74 points to 3,288.28.

BSE Auto index is trading higher by 38.40 points or (1.59%) to trade at 2,449.30. The top gainers are Tata Motors increased by (4.95%) to Rs.147.25, Mahindra & Mahindra up by (1.82%) to Rs.277.15, Ashok Leyland inclined by (1.82%) to Rs.14 followed by Maruti Suzuki grew by (1.59%) to Rs. 546.

BSE Capital Goods index is trading higher by 95.91 points or (1.58%) to trade at 6,184.98. The major gainers are Havells India inclined by (2.96%) to Rs. 113, L&T up by (2.32%) to Rs.653, Alstrom Project increased by (2.49%) to Rs.232.40 followed by Punj Lloyd grew by (1.39%) to Rs.94.60.

SAIL is trading higher by (2.64%) at RS. 75.70. The company registered a 56.4% decline in its net profit at Rs. 843.30 crore for the third quarter ended December, 2008 as against Rs. 1,934.7 crore in the corresponding period of the previous year. Net sales dipped 5.9% to Rs 8,852.3 crore from Rs 9,403.4 crore in the year-ago period. The higher input costs and lower sales realizations has led to the fall in profit.

Market Made A Smart Recovery

The market made a smart recovery from the yesterday’s lows and opened higher today. The buying interest is seen in the Capital Goods, Pharma, Consumer Durables, Metal and FMCG stocks. However, the Power, IT and Bank stocks are trading in red in the opening trade. The Mid Cap and Small Cap are also trading higher in the opening bell.

Reliance Power stocks after ex bonus opened at Rs.308.95 and now is trading at Rs.248.45 down by 39.34%.

The overall market breadth is positive as 996 stocks are advancing whereas 677 stocks are declining on BSE.

At 10.30AM, the BSE Sensex was up by 92.33 points at 16,408.59 and the Nifty was up by 33.75 points to 4,869.05.

The BSE Mid Cap increased by 32.36 points to 6,774.12 and the BSE Small Cap advanced by 19.83 points to 8,200.90.

L&T reported the top gainer from the BSE Sensex pack. It is trading with a gain of 4.43% at Rs.3010 while Wipro reported the top loser down by 1.36% at Rs.505.55.

BSE Metal index advanced by 228.83 points to trade at 16,908.28. The top gainers are Sterlite Industries inclined by (2.95%) to Rs.927.90, SAIL increased by (1.83%) at Rs.163.90 followed by Hindalco Industries and Tata Steel up by (1.43%) and (1.41%) to Rs.192 and Rs.908.70.

BSE Capital Goods index surged by 335.91 points to trade at 13,162.94. The major gainers are L&T, BHEL, ABB and Siemens grew by (4.43%), (2.10%), (1.53%) and (0.37%) to Rs.3,010, Rs.1,631.15, Rs.1,010 and Rs.564.25 respectively.

Firmness Prevails

The market is trading on the front foot on the back of heavy buying across the sectoral heavy weights. Tracking the favoring cues from the global markets, the domestic market opened with a bang. The market breadth is strong as 1792 stocks are trading in green while 571 stocks are trading in red.

At 11.32AM, BSE Sensex is trading higher by 173.65 points at 17,034.55 and NSE Nifty is trading up by 40.25 points at 5,052.90. The BSE Mid Cap and Small Cap are trading higher by 127.20 points and 156.85 points at 7,073.11 and 8,560.14 respectively.

The Capital Goods index is trading higher by 190.43 points at 13,312.25. Pushing it are Kirloskar BR trading up by (3.43%) at Rs250 along with Havells India by (2.78%) at Rs460.85, Punj Lloyd by (2.74%) at Rs341, Areva by (2.68%) at Rs1550, Praj industries by (2.37%) at Rs203.40, Jyoti Structures by (1.88%) at Rs151.50, Suzlon Energy by (1.70%) at Rs283.35, Alstom Projects by (1.57%) at Rs603.20 and SKF India by (0.89%) at Rs288.50.

The Bankex index is trading up by 137.41 points at 8,702.54 as Karnataka bank trading higher by (6.94%) at Rs215 in line with Federal bank by (3.09%) at Rs246.80, Allahabad bank by (2.32%) at Rs90.50, IOB by (2.16%) at Rs148.85, Axis bank by (2.14%) at Rs896, BOB by (2.11%) at Rs297.90, Union bank by (1.60%) at Rs168 and Yes bank by (1.02%) at Rs163.40.

Leading the rally from the gainers pack of BSE are SH. Precoated trading up by (8.44%) at Rs215.80 followed by UCO bank by (7.23%) at Rs47.45, Spice Tele by (5.54%) at Rs41.90, Mosear Baer by (5.51%) at Rs183.75, Indbul Real by (5.04%) at Rs544, Reliance industrial Infra by (5%) at Rs1389.20, HDIL by (4.92%) at Rs769 and HMT by (4.88%) at Rs78.50.

ICICI bank is trading up by (2.2%) at Rs899.9. The bank has lowered the equated monthly installments (EMIs) for a large number of borrowers by enhancing the tenure of their home loans.

Tata Steel is trading higher by (2.85%) at Rs866.9. The company announced that it will hold the prices of the products for the next three months.

Unitech is trading up by (3.1%) at Rs288. The company’s subsidiary has applied for the issuance of the licenses for the international long distance services as well as national long distance services.

Satyam is trading up by (2.51%) at Rs503.25. The company and SAP had entered into a new partnership to give a boost to the technology deployment and improve their return on investment. As per this agreement, Satyam has become a SAP global services partner to help Fortune 1000 companies worldwide to implement SAP solutions and transform business processes

Market Gains Momentum

The market gains some momentum as the buying intensified across the counters. The India’s inflation rose 7.41% in the week ended March 29 as against 7% previous year. The inflation grew at a fastest pace in more than three years. The market breadth is strong as 1388 stocks are trading in green while 856 stocks are trading in red.

At 11.34AM, BSE Sensex is trading higher by 172 points at 15,867 and NSE Nifty is trading up by 55.2 points at 4,788.20. The BSE Mid Cap and Small Cap are trading higher by 37.49 points and 48.22 points at 6,516.45 and 8,079.28 respectively.

The Oil and Gas index is trading higher up 147.80 points at 10,874.54. Pushing it are Aban Offshore trading up by (4.83%) at Rs3,280 along with Cairn India by (2.5%) at Rs248.80, BPCL by (1.88%) at Rs394.75, Reliance industries by (1.59%) at Rs2507, Gail India by (1.59%) at Rs433.70, Essar Oil by (1.53%) at Rs235.80, RPL by (1.40%) at Rs177.95, IOCL by (0.93%) at Rs452 and HPCL by (0.45%) at Rs246.

The Metal index is trading up by 130.99 points at 13,985.94 as Bhushan Steel trading higher by (2.95%) at Rs781.95 along with Hindalco inds by (2.71%) at Rs178.15, Hind Zinc by (2.43%) at Rs553.20, Jindal Steel by (1.46%) at Rs1854.60, Welspun Guj by (1.32%) at Rs393.95, Nalco by (1.18%) at Rs433.40, JSW Steel by (1.02%) at Rs731.25 and Maharash Sea by (0.93%) at Rs292.80.

Leading the rally of the gainers from BSE are MMTC trading up by (10%) at Rs24,407.10 followed by I-Flex by (6.65%) at Rs1088, Aban Offshore by (4.83%) at Rs3280, Areva by (4.70%) at Rs1570, GVK Power by (4.41%) at Rs45, Neyvelli Lignite by (3.71%) at Rs129.90, CESC by (3.24%) at Rs434, Cairn India by (2.99%) at Rs249.40, Tata Power by (2.96%) at Rs1235.20 and Indbull Real by (2.92%) at Rs484.30.

Tata Power is trading higher by (3.25%) at Rs1238 as the company will set up 30mw gas based power plant in Haldia to meet the requirements of Hooghly Met Coke & Power plants. This is a part of company’s plans to set up 120 mw gas based generation units with an investment of Rs500 crore in Haldia.

Reliance Energy is trading up by (2.47%) at Rs1285 as the company has bought shares worth over Rs230 crore which is nearly 30% of th buyback offer.

BPCL is trading higher by (1.88%) at Rs394.75. The company is planning to take non-petroleum revenue to a new level by setting up highway fuel station integrated with cinema halls and restaurants. It is keen to expand its non-petroleum business from the current turnover of Rs550 crore to touch Rs1,500 crore by 2011.

TCS is trading up by (1.67%) at Rs915 as the company has signed a new multi-year contract with car manufacturer Chrysler to provide a portfolio of IT services. The company will deliver IT application and maintenance support services to Chrysler. It also involves several functional areas such as sales & marketing, shared services, product development and after sales.

Market Opens Slightly Higher.

The market today opens slightly higher. The market suddenly lost momentum as selling emerged in the larges cap stocks. However, the Mid Cap and Small Cap stocks are trading higher in the opening trade. The strong buying is seen in the Metal and Realty stocks. However, the Auto, Bank and IT stocks are trading lower.

The overall market breadth is positive as 1273 stocks are advancing whereas 740 stocks are declining on BSE.

Tata Steel reported the top gainer from the BSE Sensex pack. It was up by 3.03% at Rs.653 while the Infosys Technologies the top loser down by 1.71% to Rs.1,467.

At 10.30AM, the BSE Sensex was down by 19.79 points at 16,197.70 and the Nifty was up by 4.35 points to 4,881.85.

The BSE Mid Cap increased by 47.37 points to 6,221.86 and the BSE Small Cap advanced by 87.66 points to 7,372.30.

BSE Realty index surged by 104.65 points to trade at 7,555.89. The top gainers are India Bull Real inclined by (13.01%) to Rs.491.95, Purvankara increased by (3.77%) at Rs.190 followed by HDIL and Ansal Infrastucture up by (5.42%) and (3.03%) to Rs.613 and Rs.153.

BSE Metal index advanced by 65.71 points to trade at 13,673.35. The major gainers are Gujarat NRE, Ispat Industries, Sterlite Industries and Tata Steel grew by (10.32%), (4.38%), (3.88%) and (3.19) to Rs.136.25, Rs.31, Rs.731.40 and Rs.654 respectively.

State Bank of India is trading higher by (1.21%) at Rs.1,760. The bank gets full bank status in Singapore. SBI is the first bank to get this status in Singapore. The full bank status will enable SBI to open up to 25 branches including ATMs and offer full range of financial services in Singapore.

Reliance Industries is trading lower by (0.73%) to Rs.2,297. The company has decided to shut about 900 of its 1,400 petrol stations in the next few weeks. The company said that it is unable to compete with the subsidised price of public sector oil retailing companies as the public sector oil retailing companies are compensated by the Government for their revenue losses, and this is not available to the private sector players.

Market Opens Higher But Volatility Grips

The market opens with a bang but is unable to sustain at higher levels as the profit booking prevails. The volatility grips the market since the initial start of the session. The heavy buying is seen across the metal index scrips while the capital goods, power and auto are out of favor.

The market will remain closed from 11:45 IST to 12:25 IST due to sun outage. Trading time has been extended till 16:15 IST. The changes in timings will be applicable to 18 March 2008.

The overall market breadth is weak as 818 stocks are declining whereas 775 stocks are advancing on BSE.

At 10.31AM, the BSE Sensex is up by 129 points at 15,486 and the Nifty is higher by 23.3 points to 4,646.90.

The BSE Mid Cap decreased by 40.66 points to 6,487.01 and the BSE Small Cap dropped by 49.02 points to 8,026.16.

BSE Metal index is trading higher by 293.46 points at 14,667.42. Pulling it are JSW Steel trading up by (3.32%) at Rs927 in line with Jindal Steel by (2.84%) at Rs2040, Sterlite inds by (2.69%) at Rs751, SAIL by (2.60%) at Rs199.25, Tata Steel by (2.40%) at Rs713.90, Jindal Stainless by (1.70%) at Rs131.30 and Maharash Sea by (1.31%) at Rs300.70.

BSE Realty is trading up by 59.84 points at 7,422.26 as HDIL is trading higher by (2.37%) at Rs631 along with DLF by (1.36%) at Rs615, Purvankara by (1.34%) at Rs291, Parsvnath by (1.01%) at Rs209.60, Sobha Dev by (0.31%) at Rs676 and Unitech by (0.21%) at Rs266.50.

Power Grid Corporation of India Ltd is trading higher by (3.37%) at Rs92 as the company would invest nearly Rs1.5 lakh crore for the transmission system for supplying surplus power to other states.

Tata Steel is trading up by (1.58%) at Rs708 as the company announced its consolidated financial results for the third quarter 2007 in which the net profit grew by 34% at Rs1,415.54 crore as against Rs1,054.61 crore in the corresponding period last year.

Market Gains Some Grounds

The market gains some grounds on the back of selective buying across the counters. However IT stocks remains in the lime light as most buying is seen from these baskets. Among the Sensex pack, 17 stocks are trading in green while 13 stocks are trading in red.

At 1.27PM, the BSE Sensex is trading higher by 170 points at 17,819 and NSE Nifty is trading up by 65.45 points at 5,202.90.

Losers from the BSE are puj Lloyd trading lower by (9.88%) at Rs398.50 followed by Asian Paints by (7.68%) at Rs1150, Mosear Baer by (7.25%) at Rs199, Orchid Chem by (6%) at Rs225.50, Lanco Infra by (5.61%) at Rs455.95.

The IT index is trading higher by 136.27 points at 3,846.38. Pushing it are Rolta India trading up by (8.08%) at Rs252.20 along with I-Flex up by (6.30%) at Rs1030, Satyam by (6.12%) at Rs413, Educomp Soln by (4.66%) at Rs3563.50, TCS by 4.31% at Rs913, Infosys by (4.13%) at Rs1566 and Tech Mahindra by (2.84%) at Rs712.20.

The Auto index is trading up by 66.33 points at 4,898.81 as Hero Honda is trading higher by 5.93% at Rs717.10 along with Tata Motors by 4.30% at Rs736.50, Bajaj Auto by 2.53% at Rs2415.15 and Maruti Suzuki by 1.21% at Rs859.

TCS is trading up by (4.31%) at Rs913 as the company''s subsidiary Diligenta has bagged a $200mn order from Canadian financial services major Sun Life Financial. The order is for outsourced services to the Canadian company''s UK operations and the services are expected to commence in May this year.

Tata Power is trading higher by (4.85%) at Rs1340 as the company has sought the regulator''s approval to hike its electricity tariff. If this approved, the consumers across Mumbai and rest of the State will have to shell out an additional 10%-15%in power tariff. Also, the company and IOC will soon form a joint venture to set up a 1,000 mw power project at Mirthapur in Orissa.