Markets Are Trading At Day High - July 03, 2009

The markets gained further grounds and are now trading at the day’s high after railway Minister presented the populist railway budget. The significant buying witnessed among the Banking, Power, Pharma, Capital Goods and Metal stocks. However, IT and FMCG stocks are still trading lower.

The BSE Sensex is now trading above the 14,800 mark while the NSE Nifty near the 4,400 mark.

The overall market breadth is negative as 1161 stocks are advancing while 1333 stocks are declining in BSE.

HDFC reported the top gainer from the BSE Sensex pack, as it is trading up by (5.60%) at Rs. 2,535 while Hero Honda reported the top loser trading down by (1.63%) at Rs. 1,362.

The BSE Sensex is trading up by 164.36 points at 14,822.85 and the NSE Nifty is trading higher by 50.65 points at 4,399.50.

The BSE Mid Cap increased by 40.92 points to 5,185.19 and the BSE Small Cap grew by 15.03 points to 5,815.27.

The Health Care index is trading with gains by 57.84 points or 1.61% at 3,648.08. Gainers from this pack are Glenmark Pharma trading up by 7.90% at Rs236.20 along with Ranbaxy Labs by 4.24% at Rs252.25, Aurobindo Pharma by 3.94% at Rs504, Cipla by 3.52% at Rs257.25, Lupin Limited by 2.57% at Rs852.05, Biocon by 1.62% at Rs223.35 and Dr. Reddy''s lab by 1.04% at Rs795.25.

The Bank index is trading higher by 137.66 points or 1.66% at 8,415.73. Leading from the gainers pack are ICICI Bank trading up by 2.88% at Rs752.80 in line with SBI by 2.54% to Rs1803.50, Punjab National Bank by 2.53% at Rs684.85, Oriental bank by 2.37% at Rs181.50, Axis bank by 1.98% at Rs870, Bank of India by 1.46% at Rs351.45 and Indian Overseas Bank by 1.38% at Rs88.40.

The most active shares on NSE are Suzlon Energy trading at Rs 106.30 with a total traded quantity of 34209073 shares followed by RNRL Energy trading at Rs.90.10 with a total traded quantity of 27965934 shares.

Sun Pharmaceutical Industries Limited. is trading lower by 0.17% at Rs1143.90. The company has announced receipt of a tentative approval from USFDA for Sun Pharma''''s Abbreviated New Drug Application (ANDA) for generic Optivar, azelastine ophthalmic solution, 0.05%.

Tnls sterile azelastine hydnochloride ophthalmic solution is therapeutically equivalent to Optivar Ophthalmic solution, 0.05% from Medpolnte Pharmaceuticals that has annual sales of approximately USD 48 million.

On the global markets front, the European markets are now trading mixed as the FTSE 100 is trading up by (0.06%) while DAX and CAC 40 index are trading down by (0.07%) and (0.30%) respectively.

Market Sentiment Was Unsettled - June 30, 2009

After fabulous opening, the key benchmark indices traded jittery on profit booking after the latest data indicated a slowdown in infrastructure sector growth. There are apprehensions about the growth prospect of key sectors due to lackluster demand and increasing gestation period for major projects. Meanwhile, the corporate sector is expecting a removal of the fringe benefit tax (FBT) in the budget.

The domestic brokerages and fund houses want the government to soften securities transaction tax (STT) on trading in securities in the Budget. On the sectoral front, out of 13 Indices, all were traded in red.

The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,530 stocks traded so far, 765 shares advanced while 1,686 shares declined. Nearly 79 shares are unchanged.

The BSE Sensex is trading lower by 194.55 points at 14,591.19 whereas NSE Nifty is down by 67.14 points at 4,323.80.

The BSE Mid Cap is trading lower by 106.23 points at 5,123.85 and Small cap is trading down by 102.71 points at 5,785.15.

Major gainers from the BSE Sensex pack are Sun Pharmaceutical Industries Ltd surged 2.24% to Rs. 1,125.00 along with TCS Ltd 2.10% to Rs. 394.00, Grasim Industries Ltd gained 1.51% to Rs. 2,350.00, Hindustan Uniliver Ltd improved 1.16% to Rs. 269.25, ONGC Ltd advanced 0.92% to Rs. 1,077.90, Hero Honda Motors Ltd jumped 0.59% to Rs. 1391.00, Wipro Ltd gained 0.41% to Rs. 380.20, Tata Steel Ltd gained 0.24% to Rs. 398.10 and Larsen & Toubro Ltd improved 0.06% to Rs. 1,616.00 among others.

Losers from the BSE Sensex Pack are Tata Motors Ltd plunged 5.37% to Rs. 297.00 along with DLF Ltd by 5.27% to Rs. 320.20, Jaiprakas Associates Ltd dipped 4.71% to Rs. 210.60, Reliance Communication Ltd plunged 4.16% to Rs. 294.00, Sterlite Industries Ltd 4.13% to Rs. 620.00, Reliance Infrastructure Ltd by 3.94% to Rs. 1,217.70, ICICI Bank 2.90% to Rs. 727.00 and Reliance Industries Ltd slipped 2.06% to Rs. 2041.95 among others.

The BSE Realty is lower by 196.27 points or 5.67% at 3,267.80. Stocks trading in red are Housing Development 9.09% to Rs. 240.90, Indiabulls Realty Ltd 7.71% to Rs. 197.00, Unitech Ltd retreated 6.27% to Rs. 79.95, DLF Ltd by 5.27% to Rs. 320.20 and Parsvnath Developers 4.95% to Rs. 83.60 among others.

Motherson Sumi Systems Ltd gained 1.79% to Rs. 76.65, after consolidated net profit increased phenomenally 98.6% to Rs. 122.83 crore in Q4 March 2009 over Q4 March 2008.

Sun Pharmaceutical Industries Ltd surged 2.24% to Rs. 1,125.00 on bargain hunting after the stock fell 18.19% in the preceding three trading sessions.

BEML Ltd zoomed 3.81% to Rs. 1,101.35 after net profit surged 45.2% to Rs 172.02 crore on a 20.4% increase in sales to Rs 1262.51 crore in Q4 March 2009 over Q4 March 2008.

Unitech Ltd retreated 6.27% to Rs. 79.95 on concerns of equity dilution after it allotted 22.75 crore convertible warrants at Rs. 50.75 each to Harsil Projects, a promoter group company.

Hindustan Construction Company Ltd fell 1.96% to Rs. 104.80 despite Chairman Ajit Gulabchand said the order book will reach Rs. 21,000 crore by end of the current financial year from current Rs. 16,500 crore.

Apollo Hospitals Enterprise Ltd gained 0.25% to Rs. 568.30 after consolidated net profit spurted 32.83% to Rs 102.49 crore in the year ended March 2009 over the year ended March 2008.

Larsen & Toubro Ltd improved 0.06% to Rs. 1,616.00 after the company bagged six orders worth Rs. 1,230 crore for various electrical projects in the country.

Areva T&D India Ltd plunged 2.61% to Rs. 347.00 despite the company bagged an order for commissioning of two 220 kilovolt conversions substations.