11-7-08 StockLupe.com:The markets ended the last day of the week on a strong note. Power, oil, metal, telecom, technology and capital goods stocks led this rally. Positive global cues also helped the markets to turn back into the green. The Sensex and Nifty tested 10,000 and 3,000 levels respectively during the session.
Benchmark indices had started on a positive note, but immediately turned choppy till the first half of the session. However, renewed buying in heavyweights had pushed the markets back in the green, which remained strong in the second half of the session. Reliance Industries, NTPC, TCS, Reliance Communication, SBI, Reliance Infrastructure, HDFC and HDFC Bank were major contributors in today's gain.
The Sensex surged 230.07 points, or 2.36%, to settle at 9,964.29, after hitting an intraday high of 10,065.37 and low of 9,631.59. The Nifty has touched a high/low of 3010.00 and 2860.10 respectively. It closed with a gain of 80.35 points or 2.78% at 2973.
Among the frontliners, Reliance Infrastructure, Hindalco, Reliance Communication, TCS, Suzlon Energy, NALCO, Power Grid Corp, BPCL and Reliance Power rose between 5% and 17%.
Volumes were very low in today's session; total traded turnover stood at Rs 49,664 crore. This includes Rs 9,248.62 crore from NSE cash segment, Rs 36,963.32 crore from NSE F&O and balance Rs 3,452.06 crore from BSE Cash segment.
Power stocks charged up. Suzlon Energy surged 17.64%. Reliance Infrastructure, GMR Infra, Torrent Power, Power Grid Corp, Reliance Power and NTPC rose 5-11%. The BSE Power Index outperformed other indices, went up higher by 75.34 points or 4.43% to 1,777.57.
Oil & Gas Index rose 196.63 points, or 3.38% to 6,013.57. Reliance Industries and Cairn India gained 4-4.8%. Oil marketing companies like HPCL, IOC and BPCL jumped 7-10.3%. However, ONGC ended lower by 0.3%.
Metal stocks like NALCO, Hindalco and SAIL rose 5.6-10.7%. Sterlite Inds, Jindal Steel and Tata Steel gained 2-3.5%. Metal Index jumped 158.89 points or 3.18% to 5,152.33.
Realty Index was up by 62.14 points or 2.72%, to settle at 2,342.82. DLF and Unitech went up 2.7-3.6%.
FMCG Index gained 42.79 points or 2.22% at 1,968.70. Godrej Consumer, ITC, United Breweries, HUL and United Spirits shot up 1.5-5.5%.
Telecom stocks like Reliance Communication, Idea Cellular, MTNL and Bharti Airtel gained 1.5-5.5%.
Technology stocks like TCS, HCL Tech, Satyam, Wipro and Infosys rose 1-4.9%. IT Index moved up by 52.74 points or 2.015 to 2,670.54.
Bankex rose 90.39 points or 1.66% to 5,532.15. SBI and HDFC Bank jumped over 2.5%.
Capital Goods stocks like BHEL and L&T gained 1.3-1.8%. Index was up by 121.27 points or 1.61% to 7,635.41.
Healthcare Index went up 0.54% or 15.76 points to 2,937.11. Aurobindo Pharma, GlaxoSmithKline, Fortis Health, Pfizer and Sterling Biotech rose 2-9.7%.
Auto Index gained 13.31 points or 0.5% at 2,661.53. Hero Honda jumped 4%. However, M&M lost 1.83%. Maruti Suzuki and Tata Motors fell marginally.
BSE Midcap Index jumped 36.97 points or 1.11% to 3,355.38 and Small Cap Index was up 19.83 points or 0.51% to 3,900.10.
Among the midcap stocks, Consolidated Construction, BGR Energy, STC India, Bharati Shipyard, PTC India and Phoenix Mills jumped 10-19.5%.
In the small cap space, Kernex Micro, Murli, Micro Inks, Alembic and Arshiya Intl rose 11.5-20%.
GVK Power is recently in the news. George Soros invested around Rs 32 crore in GVK Power. His flagship company Quantum (M) bought 2.1 crore shares of GVK Power at Rs 16.2/sh. The stock surged 5.76% to Rs 18.19 in today's trade.
The market breadth was positive; about 1,607 shares have advanced while 1,358 shares have declined. Nearly 227 shares remained unchanged.
The Sensex swung 1,315 points during the week and ended higher by 1.75% or 175 points. The Nifty swung nearly 380 points during week and jumped by 3.5% or 100 points. Among the index gainers, Suzlon rose 60% followed by Ranbaxy Labs, DLF and Reliance Infrastructure, which gained 23-30%. Reliance Industries lost 11%.
On the global front, Asian markets ended higher ahead of Barack Obama's economic speech. Hang Seng jumped 3.29%. Jakarta and Straits Times rose over 2.3-2.4%. Taiwan and Shanghai gained 1-1.8%. However, Nikkei lost 3.55%.
Barack Obama is likely to announce his economic team, including the new Treasury Secretary. Kospi rebounded 9.5% post 25 bps rate cut. It was the third reduction in a month. It lost 3.87%.
The Dow Jones Futures was trading higher by 139 points at 8,839 and the Nasdaq rose 24 points to 1,265, at 3:52 pm. Among the European markets, FTSE went up 59 points to 4,332, CAC rose 22 points to 3,409 and DAX gained 34.97 points at 4,848.
Markets Snapshot
Sensex and Nifty Flirts with 10000 and 3000 levels in today's trade
CNX mid cap up 1.7%, Bse Small Cap up 0.5 %
Bse Oil & Gas up 3.4%, Reliance up 4.3%, Hpcl up 8.2%
Bse Metals up 3.2%, Hindalco up 6.6%, Sail up 5.2%, Sterlite Ind up 4.1%, Nalco up 10.3%,
Bse Realty up up 2.7%, Dlf up 3.1%, Unitech up 2.5%
Index Gainers: Suzlon up 17.4%, Reliance Infra up 10.6%, Power Grid up 7.8%, Rpower up 6.1%, Rcom up 5.2%, NTPC up 5%
Mid Cap Gainers: Oswal Chem up 15.2%, TTML up 14.7%, BGR Energy up 14.5%, Neyveli Lignite up 13.6%,
Mid Cap Gainers: Century Text up 11.9%, Yes Bank up 9.9%, IDFC up 9.5%, GMR Infra up 9.2%, Arvind Mills up 9.1%, Ivrcl Infra up 8.9%
Non Index Loser: Provogue dn 10%, Shasun Chem dn 9.3%, Panacea Bio dn 6.1%
NSE Adv: Decline at 2:1
Total market turnover at Rs 49664 crore versus Rs 58726.99 crore
NSE F&O Turnover at Rs 36963.32 crore versus Rs 43836.07 crore
Markets This Week
Sensex ends up 1.75% or 175 points; Swings nearly 1,315 points during week
Nifty ends up 3.5% or 100 points; Swings nearly 380 points during week
CNX Midcap up 6%, BSE SmallCap up 3.5%, Nifty Junior up 7.5%
Index Gainers: Suzlon up 60%, Ranbaxy up 30%, DLF up 30%
Index Gainers: Rel Infra up 23%
Index Losers: RIL down 11%, ABB down 8%, HDFC down 3.5%
BSE Bank Index up 10%: SBI up 13%, ICICI Bank up 8.5%, PNB up 18.5%
BSE FMCG Index up 9%: HUL up 13%, ITC up 12.5%
BSE IT Index down 7%: Satyam down 9%, Infy down 8.5%
BSE Metal Index down 3.5%: Sterlite down 14%, Tata Steel down 9.5%
Infra companies: GVK Power up 70%, IVRCL Infra up 68%, Lanco Infra up 50%
Mid-cap gainers: Everonn, Sintex up 45%, GMR Infra up 33%
Realty Stocks: Orbit up 40%, IBREL up 30%, Peninsula Land up 23%
Continued on page 2...
Markets @ 3 pm : Mkts northbound; RIL, HDFC Bank, HDFC, NTPC support
Frontline indices are trading sharply higher led by power, metal, realty, IT, telecom, FMCG, and select bank and oil stocks. Midcap and smallcap stocks are also witnessing marginal buying interest. Stocks like RIL, HDFC Bank, HDFC, and NTPC have lent support to the market.
The Sensex went up 226 points to 9,962 and the Nifty gained 77 points at 2,969, at 3 pm. BSE Midcap and Small cap indices rose over 0.5%.
Among the frontliners, Reliance Infrastructure, Hindalco, TCS, Sterlite Industries, Reliance Industries, Jaiprakash Associates, NTPC, Suzlon Energy, NALCO, Reliance Power, Power Grid Corp, Reliance Communication, BPCL and SAIL rose 5-14%.
Lanco Infratech jumped over 11%, as Lanco is the sole bidder for 1,320 MW Rajpura project in Punjab, said sources.
Market breadth is positive; about 1566 shares have advanced, 1380 shares have declined. Nearly 246 shares are unchanged.
On the global front, FTSE, CAC and DAX gained 42 points, 8 points and 16 points, respectively.
Dow Jones Futures gained 146 points and Nasdaq Futures went up 21 points.
Markets @ 2:01 pm : Sensex tests 10K; oil, metal, power, IT stocks lead
Benchmark indices surged further on a positive opening in European markets. Metal, oil, power, realty, FMCG, telecom, cement, IT, and select capital goods and banking stocks are on the buyers' radar. The Sensex is hovering around 10,000 mark while the Nifty is inching towards 3,000.
Reliance Industries, NTPC, ONGC, SAIL, TCS, L&T, HDFC, Bharti Airtel, SBI, Suzlon Energy, Reliance Communication, Hindalco, Infosys and HDFC Bank are supporting the indices.
The Sensex went up 279 points to 10,013 and the Nifty rose 99 points to 2,992, at 2:01 pm. BSE Midcap and Small cap indices are up half a percent.
Market breadth is positive; about 1537 shares have advanced while 1413 shares have declined. Nearly 242 shares are unchanged.
Union Chemcial & Fertiliser Minister Mr Ram Vilas Paswan said that FY09 urea need is seen at 28.8 million tonne Vs 26.2 million tonne. Supplies are comfortable despite higher demand. He said that the fertiliser sudsidy bill will come down to Rs 1 lakh crore versus 1.2 lakh crore because of lower global prices. Government may mull reimbursing FY08 fertiliser bond sale loss to companies. FY08 Fertiliser bond sale loss to companies is pegged at Rs 1,000 crore, reports CNBC-TV18 quoting sources.
Fertiliser stocks jumped higher. Rashtriya Chemicals, National Fertilisers and Chambal Fertilisers rose 3-5.5%
Alembic shot up over 9%, as the company's board will meet on November 14 to decide on share buyback.
On the global front, European markets are trading higher. FTSE rose 1.5%. CAC and DAX gained around 1%.
Dow Jones, Nasdaq and S&P 500 Futures jumped 1.6-2%.
Markets @ 12:51 pm : Mkts trade higher; RIL, NTPC, ONGC, ITC, SAIL lead
The markets started trading higher but some amount of volatility is still lingering in frontline indices. The Nifty again rose above 2900 level while the Sensex jumped 113 points to 9,847 and the Nifty rose 58 points to 2,951, at 12:51 pm. Major contributors to the gain are Reliance Industries, NTPC, ONGC, Nalco, Hindalco, Suzlon Energy, ITC, SAIL, TCS, Bharti Airtel, HUL and Reliance Communication. However, ICICI Bank, Tata Communication, DLF, ABB, Tata Power and Tata Steel are under pressure.
Buying is seen in oil, FMCG, power, telecom, IT and cement stocks.
Breadth continues to weak; about 1369 shares have advanced while 1562 shares have declined. Nearly 261 shares are unchanged.
Railway officials said that Indian Railways has cut the freight rate by up to 50% on iron ore exports, reports CNBC-TV18 quoting NW18. Freight rate cut is valid from November 8 - December 31. The freight rate cut will help to push iron ore exports, officials added.
Nalco jumped over 8%, Sterlite Indusries rose 2% and Hindalco gained over 4%.
Markets @ 12:17 pm : Markets ranged; Nifty hovering around 2900
The markets lack direction. The Nifty is currently hovering around the 2,900 mark. Reliance Industries, NTPC, ITC, Suzlon Energy, HUL, HDFC, ONGC, TCS, Ambuja Cements, Reliance Communications, Idea Cellular, and Reliance Infrastructure are trading in positive terrain.
The Sensex slipped 48 points to 9,686 while the Nifty rose 1.55 points to 2,894, at 12:17 pm. BSE Midcap and Small cap indices are down around half a percent.
Selling continues in ICICI Bank, Bharti Airtel, SBI, BHEL, DLF, Infosys, HDFC Bank, Tata Steel, M&M, Maruti, Tata Motors and Ranbaxy Labs.
SA Narayan, Managing Director, Kotak Securities, feels markets are likely to re-test October lows in the next two months. 'The market is likely to be extremely volatile, but within a range.' He feels the investors are moving to safety avenues since liquidity is a concern.
Market breadth is weak; about 1325 shares have advanced while 1618 shares have declined. Nearly 249 shares are unchanged.
TVS Motor has cut its FY09 capex to Rs 40 crore from Rs 100 crore, said CMD of the company. The stock fell over 3%.
Daiichi Sankyo said that they now hold 63.9% stake in Ranbaxy Labs. Ranbaxy is down around 1.5%.
Crude December Futures is trading above USD 61 to a barrel on the NYMEX. Indian Rupee is trading at around 47.75 to a dollar.
On the global front, Asian markets are trading higher barring Nikkei. Shanghai, Hang Seng, Kospi and Taiwan rose 1-4%. Jakarta and Straits Times gained marginally. However, Nikkei fell over 3.5%.
Markets @ 11:07 am : Mkts see-saw; ITC, NTPC, Bharti, Suzlon, Nalco gain
The markets continued to trade choppy as frontline indices are consolidating at current levels. Metal, capital goods, auto, select technology and banking stocks are under pressure. However, oil, telecom, and FMCG stocks are holding in the green. ITC, NTPC, Bharti, Suzlon, Nalco are the top gainers in today's trade.
The Sensex lost 45 points to 9,688 while the Nifty rose 2.05 points to 2,894, at 11:07 am. BSE Midcap and Smallcap indices fell 0.8% and 0.4%, respectively.
Kirby Daley, Senior Strategist, Newedge Group, said the relief rally is over and US economic fundamentals are still in a disastrous shape. He feels many markets may re-test October lows and expects more periods of volatility going forward.
ICICI Bank, BHEL, DLF, Infosys, HDFC Bank, Maruti Suzuki, M&M, L&T, Tata Steel and Tata Motors are dragging indices lower while NTPC, ITC, Bharti Airtel, Reliance Industries, ONGC, Suzlon Energy, BPCL, Reliance Communication, Idea and BPCL are supporting.
Market breadth is in favour of declines; about 1227 shares have advanced while 1712 shares have declined. Nearly 253 shares are unchanged.
Markets @ 10:17 am : Mkts choppy; ICICI Bank, Maruti, M&M, Tata Motors lag
The markets are seeing some volatility, after trading higher for a short period of time. Buying continues in Reliance Industries, ONGC, NTPC, ITC, Bharti Airtel, Reliance Communications, Wipro, Idea, Suzlon Energy, HDFC, and HUL. However, ICICI Bank, DLF, Infosys, BHEL, L&T, SAIL, Maruti Suzuki, HDFC Bank, M&M, Tata Steel, Sterlite Industries, Tata Motors and Satyam continue to lag.
The Sensex fell 73 points to 9,661 while the Nifty rose 1 point to 2,894, at 10:17 am. BSE Midcap lost nearly 1% and Smallcap index fell 0.2%.
Market breadth is weak; about 1248 shares have advanced while 1701 shares have declined. Nearly 243 shares remain unchanged.
Markets @ 9:56 am : Markets bounce back; Nifty holds above 2900
The markets have opened marginally lower due to negative cues from US markets, but immediately recovered, and turned into the green following a recovery in Asian markets from the day's lows. Buying is seen in oil, capital goods, realty, telecom and FMCG stocks.
The Sensex rose 98 points to 9,824 and the Nifty jumped 26 points to 2,918, at 9:56 am. CNX Midcap 100 rose 10 points to 3,668.
Suzlon Energy, ONGC, Nalco, Reliance Communication, Unitech, Tata Steel, Ranbaxy Labs, HDFC, Reliance Industries, Power Grid and ITC are gainers.
However, Infosys, Maruti, Tata Steel, BHEL, M&M and ICICI Bank are losers.
JSW Steel is going to cut production by 20% from November. The stock plummeted over 5.5% to Rs 284.
Ashok Leyland will shut the Hosur and Ennore plants for 12 working days each in November and December, reports CNBC-TV18, quoting sources. Its October sales fell by 50%. The share price declined over 5%.
Asian markets are mixed. Nikkei and Straits Times fell 1.7% and 1.35%, respectively. However, Shanghai, Hang Seng, Taiwan and Jakarta gained marginally. Kospi rose 2.4%.
Crude December Futures is trading at around USD 61 to a barrel on the NYMEX. Bank of England shocked with 1.5% cut in interest rate to 3%. IMF projected lower growth forecast for US, Japan and Europe and it said that global economy will expand at rate of 2.2%.
OPEC may defend USD 60/bbl sharply and there are talks of another supply cut.
US markets logged their biggest two-day point decline on record on economic concerns and poor earnings. Weekly jobless claims continue reflecting weak labor market and retailers reported weak monthly same-store sales data. The shrinking economy crushed earnings at companies from Blackstone to News Corp.
The Dow plunged 443.48 points, or 4.85%, to 8,695.79. The S&P 500 index lost 47.89 points, or 5.03%, to 904.88, and the Nasdaq composite index declined 72.94 points, or 4.34%, to 1,608.70.
Market cues:
IMF cuts India's FY09 growth forecast to 6.3% versus earlier estimate of 6.9%
FIIs net buy USD 84.2 million in equity
NSE F&O Open Interest down by Rs 992 crore at Rs 45,404 crore
F&O cues:
Futures Open Interest down by Rs 987 crore and Options Open Interest down by Rs 5 crore
Nifty Futures shed 10 lakh shares in Open Interest, at 4-point discount
Nifty Open Interest PCR at 1.14 versus 1.10
Nifty Puts add 5.7 lakh shares in Open Interest
Nifty Calls shed 6.1 lakh shares in Open Interest
Nifty 2900 Put adds 7.5 lakh shares in Open Interest
Nifty 2500 Put adds 5.3 lakh shares in Open Interest
Nifty 3200 Call sheds 4.5 lakh shares in Open Interest
Stock Futures add 35 lakh shares in Open Interest
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