Continuous buying in oil, technology, metal, capital goods, telecom and power is supporting the benchmark indices. Midcap and small cap stocks are also on buyers' radar. The Nifty tested 2900 mark and the Sensex is hovering around 9500 level. Markets are getting help from positive global cues as well. Reliance Industries, ONGC, DLF, Bharti Airtel, SAIL, Reliance Communication, HDFC, NTPC, L&T and BHEl are leaders.
The Sensex surged 400 points to 9,563 and the Nifty gained 124 points at 2,907. BSE Midcap and Small Cap indices are up 1-1.5%.
BSE Realty Index is outperforming other indices, up 9%. DLF shot up 12.5%. Unitech rose 5.63%.
BSE Metal Index rose 6.4%. SAIL, NALCO, Sterlite Inds, Tata Steel and JSW Steel are up 7-12%.
Oil stocks like Reliance Industries rose 6.3% and ONGC gained 3.8%. Oil marketing companies like BPCL, IOC and HPCL rose 0.4-2.25%. Oil & Gas Index gained 5%.
Telecom stocks like Tata Communication, Reliance Communication, Bharti Airtel and Idea Cellular surged 3-9%.
Capital Goods Index shot up 3.3%. L&T gained 4.5% and BHEL is up 2%.
Power stocks also charged up. Suzlon Energy, Tata Power, Reliance Infrastructure, GMR Infra, CESC, Reliance Power and NTPC jumped 2-10%.
Buying is seeing in technology stocks as well. IT Index jumped 2.8%. Wipro, TCS, Satyam and Infosys gained 1.8-6%.
Among the banking stocks, ICICI Bank and HDFC Bank rose 3.4-7.8%. SBI is up 1%. BSE Bankex moved up 2.5%.
Market breadth is positive; about 1628 shares have advanced while 1170 shares have declined. Nearly 402 shares are unchanged.
On the global front, European markets are also up. FTSE rose 7% to 4,388. CAC gained 11 points at 3,309 and DAX up 36 points to 4,815.
US markets futures are trading in positive terrain. The Nasdaq Futures rose 1.77% to 1,238 and Dow Jones Futures went up 1.7% to 8,870.
The benchmark indices are seeing huge buying interest. Realty, metal, oil, telecom, capital goods, technology, power, and banking stocks are on buyers' radar. Midcap and smallcap stocks are following the same trend. The market breadth is positive; about 1,586 shares have advanced while 1,221 shares have declined. Nearly 393 shares are trading unchanged.
The Sensex surged 331 points to 9,493 and the Nifty gained 108 points at 2,892, at 12:44 hours IST. The Sensex hit a high of 9,502.94. BSE Midcap Index rose over 1% and Small Cap Index went up nearly 0.9%.
Redemption–based selling pressure has abated. Incremental flows at FII desk are marginally positive. However, sentiment remains cautions and there is no major buying. Domestic institutions are still sitting on the sidelines.
Reliance Industries, ONGC, Bharti Airtel, DLF, NTPC, SAIL, Reliance Communication, Wipro, TCS, HDFC, Sterlite Industries, BHEL, ICICI Bank and L&T are leading this rally. However, Power Grid, Siemens and Tata Motors are weak.
Dr Reddy's received one more tender approval from AOK (Germany's Largest Insurer). Total tenders won from AOK up to 8 from 7 earlier. The stock went up half a percent.
Cement makers cut prices by Rs 4-6/50 kg bag from December 9, due to cut in excise duty to 8% from 12%. Grasim, ACC and Ambuja Cements surged 3.5-9.5%.
BSE Realty Index jumped 8%. Metal and Oil & Gas indices gained 6.5% and 5%, respectively. TECK, Capital Goods, IT, Power and Bankex rose 2-3%.
Among the midcap stocks, Mercator Lines, GE Shipping, Matrix Lab, ING Vysya Bank and Usha Martin went up 6-10%.
In the small cap space, Escorts, ILandFS, Eimco Elecon, Nalwa Sons and Banco Products rose 9-15%.
On the global front, Asian markets are up between 2-4%.
Buying continues in metal, technology, oil, realty, telecom, power and capital goods stocks and those are helping the markets to remain in uptrend. Positive Asian markets are also supportive to the Indian benchmark indices. The Nifty is trading above 2,850.
The BSE Sensex climbed up 205 points to 9,368 and the Nifty rose 77 points to 2,860, at 11:52 hours IST. BSE Midcap and Small Cap indices went up over half a percent.
Among the frontliners, Sterlite Inds, DLF, Grasim, Reliance Communication and Jaiprakash Associates rose 5.5-8%. Tata Steel, Wipro, Hindalco, Satyam, Reliance Inds, ONGC, ACC and ICICI Bank gained 2-4%. However, Power Grid, Maruti, Tata Motors, Siemens and M&M are weak.
Shipping stocks are buzzing globally due to the Baltic Dry Index, which rose for second day running from a 22-year low. Baltic Dy Index represents daily average of prices to shipping raw materials. Daiwa Institute of Research also reiterated its outperform rating on the shipping line.
However, Industry experts say that one should not read much into movement of Baltic Dry Index as nothing has changed on the ground. The experts expect some relief only during the next year.
GE Shipping, Essar Shipping, Hariyana Ship, Mercator Lines and Shipping Corporation jumped 2-10%.
Market breadth is in favour of advances; about 1,557 shares have advanced while 1,239 shares have declined. Nearly 404 shares are unchanged.
On the global front, Asian markets are strong. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan gained 2-4%. Shanghai rose 0.4%.
Markets @ 10:48 am : Nifty holds above 2800; oil, tech, metal, telecom gain
The benchmark indices are trading higher on account of buying in realty, metal, oil, telecom, private banking, technology, power, and capital goods stocks. A bit of buying is also seen in midcap and smallcap stocks. However, SBI, Maruti and Tata Motors are under pressure. The Nifty is trading above the 2800 mark.
Reliance Industries, ONGC, DLF, SAIL, Bharti Airtel, NTPC, Reliance Communication, Sterlite Industries, TCS, Wipro, ICICI Bank, BHEL, Infosys and Tata Steel are leaders in this rally.
The Sensex went up 175 points to 9,338 and the Nifty surged 62 points to 2,845, at 10:48 hours IST. BSE Midcap and Small Cap indices gained more than 0.5%.
R Venkat Subramanium of Kotak Securities feels the markets may see a trading rally in the near-term as he sees investors buying now due to fundamentals falling in place. He said falling inflation numbers, easing liquidity, and bubble burst in the commodity cycle are factors that would stabilise the market. However, he continues to expect negative domestic and global news flows.
Escorts denied talk of land sale at Faridabad and said not looking at raising money for Escorts Construction. The stock jumped 14% and its volumes surged nearly 1000%.
Market breadth is positive; about 1561 shares have advanced while 1241 shares have declined. Nearly 397 shares are unchanged.
BSE Realty and Metal indices jumped over 4%. Oil & Gas Index rose 3%. TECK, IT, Power and Capital Goods indices gained 1.4-2%.
Markets @ 9:56 am : Mkts continue Mon rally; RIL, Bharti, Infy, ONGC lead
The markets are trading up in early trade and are continuing Monday's rally further. Positive Asian markets and an uptrend in SGX Nifty are suggesting a good day for markets. Buying is seen in private banking, metal, oil, power, technology, and telecom stocks. The Nifty is getting resistance at 2850 mark.
At 9:56 am, the Sensex rose 178 points to 9,341 and the Nifty gained 54 points at 2,838. CNX Midcap Index went up 33.45 points to 3,361. Market breadth is positive; about 339 shares have advanced while 121 shares declined.
ICICI Bank, DLF, Reliance Petroleum, Sterlite Industries, HDFC Bank, Infosys, Jaiprakash Associates, Tata Communication, Reliance Industries and Reliance Communication are major gainers.
Asian markets are trading higher barring Shanghai. Hang Seng, Nikkei, Kospi and Taiwan gained 2.5-3%. Jakarta and Straits Times rose 0.8-1.2%. However, Shanghai fell 1.16%. SGX Nifty surged more than 2%.
Nymex January crude gained 3.5% on estimates of sizeable output cut from OPEC. Market participants are estimating a cut of 2-2.5 mbpd from OPEC. IEA has lowered demand for 2009 by 0.8% to 86.5 mbpd. It is currently trading at USD 43/bbl.
US markets declined on Tuesday as more layoffs and lowered outlooks tripped the momentum out of the recent rally. The Dow plunged 242.85 points, or 2.72%, to 8,691.33. The S&P 500 index declined 21.03 points, or 2.31%, to 888.67. The Nasdaq composite index fell 24.40 points, or 1.55%, to 1,547.34.
