MC: Nifty above 2700; power, cap goods, oil, IT stocks gain
The benchmark indices have bounced back and continued Friday's rally further on account of support from oil, PSU banking, power, capital goods, metal, technology and telecom stocks. However, selling continued in private banking and realty stocks. Midcap and small cap stocks are up a bit. The Sensex tested 9,000 mark while the Nifty is trading above 2,700 level. There is some volatility.
The Sensex rose 116 points to 9,031 and the Nifty gained 41 points at 2,735, at 10:33 hours IST. BSE Midcap and Smallcap indices went up 0.8% each.
Major leaders to this small rally are NTPC, SBI, Reliance Industries, L&T, BHEL, Bharti Airtel, HDFC, ONGC, Reliance Communication, SAIL, Idea and Infosys.
Power and capital goods stocks are trading strong, as there are reports that Government is planning Rs 50,000 crore fund for Infrastructure projects.
Market breadth is positive; about 1,299 shares have advanced while 1,212 shares have declined. Nearly 684 shares are unchanged.
Sugar stocks are in focus ahead of Allahabad Court hearing today.
On the global front, US markets futures are trading in positive terrain, after the news that US government moved to guarantee USD 300 billion in troubled Citi Assets and the government will inject additional USD 20 billion in Citigroup.
Dow Jones, Nasdaq and S&P 500 are up close to half a percent.
However, Asian markets are still weak. Shanghai, Hang Seng, Jakarta, Straits Times, Kospi and Taiwan fell 1-2%.
Markets @ 10:14 am : Mkts choppy; SBI, NTPC, BHEL, TCS, HDFC, L&T support
The benchmark indices are witnessing volatility after opening weak in early trade. SBI, Reliance Power, NTPC, TCS, BHEL, Idea Cellular, Cairn, SAIL, Tata Power, Hindalco, HDFC, Infosys, L&T, Tata Steel, ACC, M&M, and Tata Motors are supporting the markets. However, ONGC, DLF, Unitech, Reliance Industries, Bharti Airtel, ICICI Bank, and HDFC Bank are still weak.
The Sensex fell 1.75 points to 8,913 while the Nifty gained 9.2 points to 2,702, at 10:14 hours IST. However, BSE Midcap and Small Cap indices are marginally up.
Market breadth is still weak; about 1160 shares have advanced while 1344 shares have declined. Nearly 691 shares are unchanged.
Markets @ 9:56 am : Mkts retreat; RIL, ONGC, Infy, HDFC Bank, Bharti lag
The markets have retreated after Friday's sharp upmove. Asian markets are trading weak. Realty, banking, technology, oil, and select telecom stocks are under pressure.
At 9:56 am, the Sensex went down 136 points to 8,778 and the Nifty fell 27 points to 2,666. CNX Midcap 100 lost 9.55 points to 3,288.
HDFC Bank, Infosys, ICICI Bank, DLF, Reliance Communication, ONGC, Reliance Petroleum, Sterlite Industries, Sun Pharma, Bharti Airtel, TCS, Satyam, Suzlon Energy, Reliance Industries, Tata Communication and Unitech are losers.
However, Hero Honda, Idea Cellular and M&M are gainers.
Asian markets are weak. Shanghai, Straits Times, Kospi, Taiwan and Jakarta fell 1.5-2.3%. Hang Seng went down 0.9%. Japanese markets are shut today.
Crude regained $50 to a barrel ahead of OPEC meet. It is currently trading at USD 50.60/bbl. Slowing demand has added one million barrels per day of oversupply. US oil inventories also stood at 6 month highs.
US markets surged in late trade on Friday. The S&P 500 index rebounded from an 11-year low, Dow moved back above the 8,000 mark after President elect Barack Obama has picked Timothy Geithner head of the Federal Reserve Bank of New York, for the post of treasury secretary.
At closing bell, the Dow Jones ended up 494 points at 8046.42, Nasdaq ended up 68.2 points at 1384.35 while the S&P was up 47.5 points at 800.
Market cues:
Most Asian markets open lower; US markets saw huge rally on Friday
FIIs net sell USD 162.6 million in equity on November 20
MFs net sell Rs 98.7 crore in equity November 20
NSE F&O Open Int up by Rs 4,208 crore at Rs 52,499 crore
F&O cues:
Stock Futures add 4 crore shares in Open Int
Traded volume at Rs 47,696 cr versus Rs. 37,984 cr in previous trading session
Futures Open Int up by Rs 2,121 crore, Options Open Int up by Rs 2,088 crore
Nifty Nov Futures shed 6.7 lakh, Dec Futures add 14.7 lakh shares in Open Int
Nifty Nov at 12-pt premium, Dec at 9-pt premium
Nifty Open Int Put-Call ratio at 0.87 versus 0.85
Nifty Puts add 20 lakh, Calls add 12.5 lakh shares in Open Int
