The benchmark indices have moved up further - the 50-share NSE Nifty has tested 2800 mark. Huge buying is seen in the Reliance pack. Oil & Gas, banking, telecom, capital goods, power and select metal stocks are also on buyers' radar. Midcap and small cap stocks are also doing well. However, DLF, Wipro, TCS, Maruti, Grasim, Tata Steel, Infosys and Hero Honda are under pressure.
The Sensex gained 199 points at 9,246 and the Nifty went up 63.85 points at 2,800.55, at 11:29 hours IST. BSE Midcap and Small cap indices rose 0.8-0.9%.
Reliance pack is trading on the higher side. In the case of ADAG pack, Reliance Infrastructure, Reliance Capital, Reliance Communications, Reliance Natural Resources and Reliance Power went up 2-5%.
In the pack of Mukesh Ambani, Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure rose 2-4%.
L&T is in deal wIth Westinghouse Electric for 1,000 MW nuclear plant, the stock shot up nearly 2.5%.
CLSA, in their report, stated that TCS missed Q3 revenues, EBIT and net profit estimates substantially. The firm expects organic revenues to be flat in FY10; zero organic growth in FY10 based on volumes will pick up post September 10. It sees 5-6% EPS decline in FY10 in TCS and expects underperformance ahead. The stock lost around 0.9% and other tech stocks are also weak.
Kotak has downgraded Maruti Suzuki to sell from reduce and has maintained target price of Rs 435/share. The firm expects Maruti to have negative free cash flow for FY09 and FY10. It went down nearly 1%.
Market breadth is slightly positive; about 1431 shares have advanced while 1356 shares declined. Nearly 140 shares are unchanged.
On the global front, Asian markets are trading firm as well. Shanghai and Nikkei went up over 2.5%. Kospi rose 1.4%. Straits Times and Taiwan gained 0.7%. Hang Seng rose 0.2%.
Markets @ 10:32 am : Mkts northward; oil, power, telecom, bank, CG gain
The benchmark indices extended its rally a bit further amid volatility, with the help of shares from oil & gas, telecom, power, capital goods, banking, auto, and select metal companies. Midcap and small ap stocks are following the same trend. However, TCS, Wipro, DLF, Grasim and Tata Steel are under pressure.
The Sensex is hovering around 9200 level and gained 147 points at 9,193, at 10:32 hours IST. The 50-share NSE Nifty rose 43 points to 2,779. Among the broader indices, BSE Midcap and Small Cap indices went up around 1%.
Reliance pack is trading on the higher side. In the case of ADAG pack, Reliance Infrastructure, Reliance Capital, Reliance Communications, Reliance Natural Resources and Reliance Power went up 2-4%.
In the pack of Mukesh Ambani, Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure rose 2.5-4%.
Market breadth is mixed; about 1391 shares have advanced while 1396 shares declined. Nearly 139 shares are unchanged.
The markets have seen a nice pullback following positive Asian cues. The markets have seen a nice pullback following positive Asian cues. Metal, telecom, oil & gas, capital goods and banking stocks are supporting the benchmark indices. Among frontliners, ACC, HCL Technologies, Unitech, Reliance Capital, SAIL, Suzlon Energy, Hindalco, Reliance Industries, Tata Steel, Sterlite Industries, and ICICI Bank have gained.
At 9:56 am, the Sensex rose 108 points to 9,154 and the Nifty gained 27 points at 2,763. CNX Midcap went up 1% to 3,508.
Satyam went up 17% with volumes of 6.19 million shares.
TCS lost 2.5%, after the company's Q3 numbers hit by rupee movement and reported below expecations. The revenues were lower by Rs 130 crore at Rs 7,277 crore versus the consensus estimate of Rs 7,347.7 crore. The net profit grew only at 7% QoQ at Rs 1,352 crore while the expectation was anywhere between 11% and 12% on the street.
Kingfisher Airlines and Jet Airtways surged higher, after the news that oil PSUs will raise jet fuel price by Rs 800/kL from today.
Asian markets bounced back. Shanghai surged 2.2% and Nikkei gained 1.85%. Kospi rose nearly 1%. Straits Times, Taiwan and Hang Seng went up 0.3-0.4%.
Nymex crude is trading at 3-week low and it settled down 5% at $35.40/bbl on Thursday. OPEC said global demand in 2009 estimated to decline 1,80,000 bpd as well as EIA also forecasted global demand in 2009 to decline by 8,10,000 bpd. Crude February contract is trading at USD 35.5 a barrel on the NYMEX.
US markets recovered nearly 3% from days low, after Dow fell below 8,000 for the first time since its November bear market low. US Senate votes to release second half of TARP Funds in 52-42 ratio.
The Dow Jones ended up 12.3 points at 8,213, which recovered 218 points from days low of 7,995. The Nasdaq was up by 22.2 points at 1,512, which recovered 56 points from days low of 1,456. S&P 500 ended flat at 844 that recovered 27 points from days low of 817.
Market cues:
US markets end flat, Asia opens in the green
FIIs net buy USD 18.6 million in equity on January 14
MFs net sell Rs 145.7 crore in equity on January 14
NSE F&O Open Int down by Rs 271 crore at Rs 47,607 crore
F&O cues:
Futures Open Int down by Rs 532 crore, Options Open Int up by Rs 261 crore
Nifty Futures add 10 lakh shares in Open Int, at 25 pt discount
Stock Futures Open Int almost unchanged
Nifty Open Int Put-Call ratio drops further to 0.89 versus 0.94
Nifty Puts shed 2.8 lakh, Calls add 14 lakh shares in Open Int
Nifty 2600 Put adds 8 lakh shares in Open Int
Nifty 2700, 2800 Calls add over 5 lakh shares each in Open Int
Nifty 3100 Put sheds over 7 lakh shares in Open Int
