The benchmark Nifty closed with modest gains, after witnessing a consolidation throughout session. It settled at 5,000 level, after struggling to hold the same level since beginning of trade today.
The markets consolidated today after previous two-day sell-off on back of weak global cues. The Sensex shot up more than 200 points after European markets opened 1% higher but that could not sustain for long.
The 30-share BSE Sensex closed at 16,657.89, up 40.79 points or 0.25% and the 50-share NSE Nifty rose 13.20 points or 0.26% to settle at 5,000.30. Nifty June futures turned into premium of 7 points from 20 points discount.
Telecom, oil & gas, metal, capital goods, private banking and realty companies' shares helped indices to remain in positive terrain. However, the sell-off in technology and FMCG companies' shares along with NTPC, Tata Power, Tata Motors, SBI, Power Grid, Hero Honda and Siemens added to volatility.
Bharti Airtel was the top gainer on Nifty; shot up 5.3%. The telecom major was in focus as it closed the Zain Africa acquisition on Tuesday. However, rating agency Standard & Poor's tried to play party pooper and cut Bharti's rating to BB+ from BBB-. The downgrade was on account of worsening leverage and cash flow ratios.
Akhil Gupta, Deputy Group CEO and MD, Bharti Enterprises, said he absolutely disagrees with S&P's assessment. "We see no reason why our business will go down. We have built up net cash positions in the past for major acquisitions. Every good company should have a reasonable amount of debt."
Among other telecom players, Reliance Communications was up 1.5% and Idea Cellular up 0.3%.
ONGC from oil & gas space was the leading counter; gained 2.23% and heavyweight Reliance Industries rose 1%. Cairn India, GAIL and BPCL went up 0.66-1.66%.
The most beaten down metal space also bounced back today; SAIL, Sterlite Industries and Tata Steel gained 1.6-3.3%. Hindalco was up 0.6% and Jindal Steel up 0.4%.
In the financial pack, HDFC Bank, ICICI Bank, PNB, Axis Bank and IDFC were up 0.9-1.7% while SBI lost 0.5%.
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L&T from capital goods space rose 0.9% and BHEL was up 0.7%. ABB went up 0.3% while Siemens fell 0.6%.
Unitech from realty segment moved up 2.4% and DLF gained 0.35%. ACC from cement pack rose 1.9% while Ambuja Cements was flat.
In auto space, M&M and Maruti were up 0.7-1.3% while Hero Honda and Tata Motors declined 0.5-1%.
On the other side, Wipro and TCS from technology pack slipped 2% each. Infosys was down 1% and HCL Tech down 0.5%.
ITC was the biggest loser on Nifty; plunged over 4%. HUL was down 0.7%.
In the midcap space, Marico, Bajaj Holdings, Bombay Rayon, Anant Raj Industries and Kwality Dairy gained 5-6% while Thomas Cook, Rajesh Exports, Gujarat Mineral, Info Edge and Pantaloon Retail fell 3-5.5%.
However, KPIT Cummins was locked at 20% upper circuit. The company formed joint venture with Bharat Forge to manufacture an indigenously developed hybrid technology solution for automobiles.
Ashapura Mine, Titagarh Wagons, DCM Shriram Consolidated and Diamond Power went up 6-9%. However, Shristi Infra, Kanani Industries, Alcobex Metals, Money Matters and Timken lost 5-11.5%.
The market breadth was positive; about 1624 shares advanced while 1458 shares declined on BSE. Nearly 225 shares remained unchanged.
Volume remained above Rs 1 lakh crore mark; the markets reported total turnover of Rs 1,08,677.93 crore. This included Rs 11,735.54 crore from NSE cash segment, Rs 93,058.52 crore from NSE F&O and the balance Rs 3,883.87 crore from BSE cash segment.
On the global front, Shanghai surged 2.78% post Chinese exports in May grew about 50% from a year earlier, sources told Reuters on Wednesday.
Hang Seng gained 0.7% while Nikkei and Taiwan fell 1% each.
At 14:07 hours IST, the benchmark Sensex turned volatility again after witnessing sharp upmove in the last one hour of trade. The Nifty was consistently facing resistance at around the 5000 level. European markets also came off their day's high, were trading flat with positive bias.
Heavyweights slipped from their day's high and some financials came under pressure. Technology and FMCG companies' shares were down along with NTPC, SBI, Tata Motors, Sun Pharma, Hero Honda, Jaiprakash Associates, Power Grid, HDFC, DLF, Siemens and Kotak Mahindra Bank.
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However, buying continued in telecom, metal, private banking and oil & gas companies' shares.
The Sensex was trading at 16614, down 2 points and the Nifty was at 4986, down 0.45 points.
Sesa Goa, Tata Steel, SBI, Tata Motors and Hindalco were the most active shares on bourses.
In the midcap space, Marico, Bombay Rayon, Kwality Dairy, Bajaj Finserv and Anant Raj Industries gained 4-7% while Rajesh Exports, Gujarat Mineral, Thomas Cook, Hindustan National Glass and M&M Financial fell 2-5%.
In the smallcap space, KPIT Cummins surged 19.5%. Ashapura Minechem was up 12.10%. Thiru Arooran, Diamond Power and Thinksoft went up 5%. However, Sundram, Kanani Industries, Maharashtra Polybutenes, Alcobex Metals and Money Matters lost 4-5%.
Nifty holds 5K; ONGC, Bharti, RIL, ICICI Bk, BHEL lead
At 13:30 hours IST - the benchmark Nifty was trading higher on back of short covering and was consistently holding the 5000 level, after seeing sell-off in previous two sessions. Positive European cues were quite supportive today, which were down for last three days; CAC, DAX and FTSE gained more than 0.5%.
Metal, oil & gas, realty, banking, pharma, capital goods and telecom companies' shares were helping the Sensex to trade with more than 100 points gains; respective sectoral indices rose 1-2%.
However, there was a bit of volatility due to selling in heavyweight ITC, which was down 3.4%. Tata Power, Wipro, Infosys, NTPC,Tata Motors, HUL, Power Grid and Jaiprakash Associates were other losers in trade.
The Sensex was trading at 16756, up 139 points and the Nifty was at 5031, up 44 points. However, the Nifty June future trimmed its discount to 11 points from 20 points.
Among Asian markets, Shanghai surged 2.8%. Chinese exports in May grew about 50% from a year earlier, sources said on Wednesday, a figure that blew past expectations and fuelled a big jump in domestic stocks.
Hang Seng gained 0.7% while Nikkei and Taiwan fell 1% each.
The market breadth was positive; about 913 shares advanced while 343 shares declined on NSE.
Top gainers - Bharti Airtel was trading at Rs 271.05, up 4.92%; Sterlite Industries was at Rs 624.50, up 2.50%; Reliance Infrastructure was at Rs 1,081, up 2.20%; ACC was at Rs 860.30, up 2.13%; SAIL was at Rs 193.10, up 2.12% and ICICI Bank was at Rs 831.85, up 1.83%.
(With inputs from Reuters)
Sensex trading strong; oil & gas, realty, pharma up
At 11.54 hrs IST, the Sensex was trading strong with 100 points gains at 16,719. Buying was seen in oil & gas, realty, pharma, metal, banking and auto stocks. However, FMCG stocks witnessed selling pressure. Stocks like Reliance, ICICI Bank, L&T, HDFC and HDFC Bank were the positive contributors to the Sensex while Infosys, ITC, HUL, Tata Motors and NTPC were the negative contributors.
The Sensex was up 102.44 points or 0.62% at 16719.54, and the Nifty was up 38.85 points or 0.78% at 5025.95.
About 1738 shares advanced, 1115 shares declined, and 453 shares were unchanged.
Top gainers on the Sensex were Bharti Airtel at Rs 270.50 up 4.93%, ONGC at Rs 1,198 up 2.78%, Reliance Infra at Rs 1,078 up 2.01%, ACC at Rs 857.65 up 1.95% and M&M at Rs 580.65 up 1.69%.
Index heavyweight Reliance was trading at Rs 1,010.50 up 1.41% from its previous close of Rs 996.45.
Refinery major HPCL was trading at Rs 358 up 2.89% from its previous close of Rs 347.95.
However, Top losers on the Sensex were ITC at Rs 280.60 down 3.14%, Tata Power at Rs 1,227.25 down 1.2%, Wipro at Rs 641.90 down 0.31%, Infosys at Rs 2,649 down 0.23% and HUL at Rs 251.25 down 0.1%.
Cigarette major ITC was trading at Rs 280.60 down 3.14% from its previous close of Rs 289.70.
Markets Outlook
Markets, globally, continue to witness a bout of turbulence leading to massive volatility since the past many trading sessions. However, Raamdeo Agrawal of Motilal Oswal Financial Securities feels the current fall is not alarming yet but he does agree to the fact that the cyclicals have been impacted more by the recent correction.
Concentrating on specific stocks and sectors rather than the global scenario, which, according to him, is unlikely to have any catastrophic impact on Indianmarkets in the near term, he says he is bullish on public sector banks. "The State Bank of India (SBI) looks attractive from that pack," he adds.
Suresh Mahadevan of UBS Securities "Maintaining a target of 22,000 for the Sensex by March FY11. If the markets rebound, metal stocks will do very well. He is positive on banks, pharma, real estate and power. “Also, steel stocks look attractive. In fact we have upgraded SAIL to buy,” he adds.
Sensex consolidates; Bharti, ONGC, BPCL top gainers
At 10:23 hours IST - the benchmark Sensex was consolidating at current levels, after previous two-day sell-off on weak global cues. On the one side, oil & gas, telecom, realty and bankingcompanies' shares were helping the markets.
However, selling continued in ITC, Wipro, Infosys, Tata Motors, Tata Power, L&T, Hero Honda, Sun Pharma, Jaiprakash Associates, HCL Tech, HDFC, Power Grid, Hindalco, Jindal Steel and Cipla.
The Nifty continued to face resistance at 5000 level and was trading at 4999, up 12 points. The Sensex rose just 38 points to 16655. However, the Nifty June futures have been in discount since the beginning of series; it was trading at 16 points discount.
The broader indices were outperforming the benchmark indices; about 866 shares advanced while 320 shares declined on NSE.
Top gainers - Bharti Airtel was top gainer on bourses; shot up nearly 6%. The company has made an announcement on Tuesday that it has taken control of Zain Assets.
BPCL was trading at Rs 558.50, up 2.71%; ONGC was at Rs 1,194.25, up 2.57%; Idea Cellular was at Rs 54.20, up 1.78%; M&M was at Rs 577.60, up 1.20%; Reliance Communications was at Rs 169.40, up 1.04%; HDFC Bank was at Rs 1,878, up 0.95% and DLF was at Rs 259.70, up 0.87%.
In the midcap space, Bajaj Finserv, Marico, Kwality Dairy, Simplex Infra and Redington gained 4-7.5% while Rajesh Exports, Triveni Engg, Thomas Cook, M&M Financial and KS Oils fell 2-3.5%.
In the smallcap space, KPIT Cummins, Shrenuj & Company, Shirpur Gold, Thinksoft and Jindal Worldwid went up 5-7% while Kanani Industries, Maharashtra Polybutenes, Ferro Alloys, Henkel India and Oscar Investment lost 3-5%.
Nifty flat with positive bias; oil & gas, metals up
The benchmark Nifty started the day on a flat note following quiet trade in Asian markets. It was facing resistance at around 5000 mark. Oil & gas, metal, realty, financials and auto sectors were on the buyers' radar.
At 9:03 hours IST, the Nifty was trading at 4998, up 112 points and the Sensex was at 16650, up 30 points.
The CNX Midcap rose 55 points to 7796 and BSE Smallcap gained 32 points at 8501. About 513 shares advanced while 161 shares declined on NSE.
Among the frontliners, ITC (went ex-dividend today), HCL Tech, Tata Power, Infosys, HDFC, Reliance Communications and NTPC were under pressure.
However, BPCL, Bharti Airtel, Hindalco, Cairn India, SAIL, Sterlite Industries, ICICI Bank, Reliance Industries, Unitech, ONGC and DLF were gainers in early trade.
Midcap & Smallcap space:
Bajaj Finserv shot up 10%; Berkshire Hathway arm is in preliminary talks with the company, reports CNBC-TV18 quoting sources.
M&M Financial gained just 0.6% on rumours that PE companies may buy some stake in the company.
Rana Sugars rose 2%, as the company is considering demerger of hotel, sugar business.
Texmo Pipes rose 5% and Marico shot up 6%.
Fortis Healthcare, Lakshmi Vilas Bank, Sesa Goa and Ashok Leyland gained 1.2-1.5%.
Global cues:
Asian markets were a bit soft in trade. Nikkei fell 1%. Hang Seng, Jakarta, Kospi and Taiwan lost 0.3-0.4%. Shanghai and Straits Times were flat.
Market cues:
FIIs were net sellers of USD 45.7 million in equities on June 7
NSE F&O Open Int was up Rs 3564 crore at Rs 1.25 lakh crore
As per provisional data of June 8, FIIs were net sellers of Rs 243 crore; DIIs were net buyers of Rs 41 crore in cash markets. FIIs were net buyers of Rs 169 crore in F&O.
F&O cues:
Futures Open Int up Rs 734 crore
Options Open Int up Rs 2830 crore
Nifty Futures add 18 lakh shares in Open Int
Nifty Futures at 18-point discount
Nifty Open Int PCR at 1.32 versus 1.37
Nifty Puts add 14 lakh shares in Open Int
Nifty Calls add 31 lakh shares in Open Int
Nifty 4500 Put adds 4.8 lakh shares in Open Int
Nifty 4900 Put adds 4 lakh shares in Open Int
Nifty 5000 Put sheds 6 lakh shares in Open Int
Nifty 5000 Call adds 8.9 lakh shares in Open Int
Nifty 5100 Call adds 6 lakh shares in Open Int
Stock Futures add 1 cr shares in Open Int
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