The BSE benchmark Sensex rose by 65 points in the opening trade today, extending two-session winning streak on sustained buying by funds and retail investors, driven by a firming trend on the other Asian bourses.
The 30-share index of the Bombay Stock Exchange, which had gained almost 450 points in the past two sessions, rose by another 64.80 points, to 19,756.58 with stocks of oil and gas, metals and PSU sector stocks leading the gains.
In a similar fashion, the broad-based National Stock Exchange Nifty index moved 21.70 points up to 5,929.35.
Brokers said besides firming trend on the other Asian bourses, strong industrial growth numbers for October, released on Friday, kept investor sentiment positive.
Meanwhile, the Hong Kong's Hang Seng index was up 0.27 per cent while, the Japan's Nikkei gained 0.05 per cent in the morning trade today.
The US Dow Jones Industrial Average ended 0.16 per cent up in the previous session.
Wednesday, December 15, 2010
Sensex up 65 points in opening trade
Sensex advances for 3rd-day; up 107 pts
The BSE benchmark Sensex advanced for the third straight day by adding over 107 points as inflation slowed to an 11-month low, raising hopes that RBI will finally stop the round of policy rate hike for this year.
The Sensex, which had gained 450 points in last two trading sessions, rose further by 107.41 points to 19,799.19 as investors felt the slowing inflation would reduce pressure on the Reserve Bank to hike interest rate for the seventh time in its meeting on December 16.
Continuing with its trend towards moderation, inflation declined to 7.48 per cent in November, mainly boosted by lowering of pressure on certain food items. It had stood at 8.58 per cent in October.
In a similar fashion, the broad-based National Stock Exchange index Nifty rose by 36.45 points to 5,944.10, led by consumer durables, metals and capital goods.
The upsurge was mostly supported by stocks of consumer durables and metal sectors on expectations of rise in sales and improved earnings next quarter.
A firming Asian trend, as rising commodity prices boosted raw material stocks, further fuelled the uptrend. The MSCI Asia Pacific Index rose 0.7 per cent to 135.21, a highest level.
In the 30-BSE index components, 19 stocks gained while 11 others ended with losses. The front runners were Reliance Industries, Reliance Infra, Larsen and Toubro, State Bank of India, Tata Steel and Tata Motors.
The consumer durable sector index gained the most by 3.14 per cent to 6,207.39, followed by metal sector by 1.60 per cent to 16,588.42 as base-metal prices advanced to record high in overseas markets.
Tata Steel rose 2.33 per cent to Rs 645.50 as it said the prices for plate and wire rod in Europe will be increased from Jan. 1. Sterlite Industries, largest copper producer, rose by 3.46 per cent to Rs 170.65. Copper surged to a record amid speculation demand will rise after China, the world's largest consumer, refrained from raising borrowing costs.
The capital goods sector index rose by 0.93 per cent to 15,449.14 as Larsen increased 1.48 per cent to Rs 1,997.35 and Reliance Infra, builder of a mass transit system rose 2.67 per cent to Rs 833.10.
Friday, December 10, 2010
Sensex recovers 266 pts on IIP data
In a volatile trade, the BSE benchmark Sensex today snapped 3-day losing streak, gaining over 266 points as funds and retail investors entered a fresh round of buying, buoyed by the 10.8 per cent industrial growth in October.
The Bombay Stock Exchange sensitive index, after losing nearly 740 points in last three trading sessions, recovered partially to close the session at 19,508.89 points, a significant rise of 266.53 points, or 1.39 per cent over the previous close.
All the sectoral indices, led by consumer durables and banking, ended in the positive territory with gains of up to 3.20 per cent.
The barometer of the market moved between 19,074.57 and 19,492.37 during the day as investors returned to buy recently battered stocks like consumer durables, oil and gas, banking, metal and stocks.
The broad-based National Stock Exchange index Nifty also recovered 90.85 points, or 1.58 per cent, to 5,857.35 after shuttling between 5,721.15 and 5,865.50.
Trading sentiment, which remained extremely weak in the past three sessions on a series of negative factors, changed for the better after industrial output in October rose by 10.8 per cent, triggering widespread buying.
Later, higher opening on the European bourses also influenced the trading sentiments on the BSE, brokers said.
"Market participants accumulated frontline stocks, which became attractive after recent slide", said Manoj Choraria, a Delhi-based broker.
The Consumer Durables index gained the most, rising 3.60 per cent to 5,970.47 as stocks of Videocon Industries and Titan Industries recovered by 6.63 per cent and 2.85 per cent.
The Banking index was the second best performer among sectoral indices, gaining 2.94 per cent at 13,017.08. It was followed by oil and gas index, which rose by 2.23 per cent to
10,397.68, as Reliance Industries rose 4 per cent and ONGC by 0.03 per cent.
The BSE Metal index, up 1.43 per cent at 15,966.22 as Sterlite Ind, the biggest copper producer, recovered 1.73 per cent while Tata Steel moved up by 2.28 per cent.
Sensex Gained Momentum on Strong IIP Data for October 2010
MUMBAI: On account of the strong Index of Industrial Production (IIP) data for the month of October 2010, the Sensex gained momentum on Friday and was at 19459.93, up 217.57 points or 1.13 per cent. The index touched a high of 19468.81 and low of 19074.57 in trade so far.
The Central Statistics Office of the Ministry of Statistics and Programme Implementation released the Index of Industrial Production (IIP) for the month of October 2010 on Friday. As pet the reports, IIP recorded a double-digit growth at 10.8% compared to 4.4% on a month-on-month basis.
A statement from the ministry of statistics & programme implementation said,” The present growth rate of IIP shows that the revival of economic growth as started a year back is continuing.”
The IIP data was 10.1% during the same period of the previous year and 4.4% during the previous month. The manufacturing sector grew by 11.3% versus 10.8% year-on-year and the capital goods’ growth was recorded at 2.2%.
SensexAccording to experts, several positive factors in the month of Octobers lead to the growth. These factors include previous month’s (September) festive activities, strong auto sales number, PMI growth to 58.4% and Infrastructure Index growth by 7% in the month of October.
Reacting to the announcement, National Stock Exchange’s Nifty was at 5834.40, up 67.90 points or 1.18 per cent. The broader index touched intraday high of 5842.25 and low of 5721.15. BSE Midcap Index was up 2.45 per cent and BSE Smallcap Index gained 2.34 per cent. Buying activity was seen in banks, oil & gas and pharma stocks.
Meanwhile, Jaiprakash Associates leads the rally among the Sensex scrips, trading higher by more than 5% at Rs 105. The other Sensex gainers were ICICI Bank (4.17%), Cipla (3.67%), Reliance Communications (3.22%) and Reliance Industries (3.02%).
Among the Sensex losers were, Bajaj Auto (-2.67%), HDFC Bank (-1.99%), Bharti Airtel (-1.79%), Tata Motors (-0.65%) and Infosys Technologies (-0.58%), TCS, Dr Reddys and DLF.
Thursday, December 9, 2010
Sensex tanks over 454 pts on global cues
The BSE benchmark Sensex today recorded second biggest fall in a month by losing over 454 points today on year-end selling by foreign funds in banking and realty sectors, amid rise in food inflation that could signal a possibility of interest rate hike.
The Bombay Stock Exchange benchmark Sensex, which had lost 285 points in last two trading sessions, tumbled by 454.12 points to 19,242.36, after dipping to 19,160.87 as financial and realty stocks continued to be battered. On November 16 the index fell 444 points.
The National Stock Exchange index Nifty fell by 137.20 points to 5,766.50, after touching the day's low of 5,742.30.
Major market players pressed 'panic' button on reports of the deepening crisis over the 2G spectrum allocation scam and food inflation rising to 8.69 per cent from 8.60 per cent for the week ended November 27.
Already battered banking and realty segments on hike in deposit rate concerns, fell further as investors felt that food inflation might fuel overall inflation and could lead banking regulator RBI to raise interest rate for the seventh time since March.
The reports of Employees Provident Fund suspending further investment in LIC Housing Finance, further fuelled the down-trend in last one-hour trading. The LIC Housing stock tumbled by 7.26 per cent to Rs 894.10.
Besides, foreign funds were off-loading on approaching year-ending in the absence of any positive trigger from domestic front and uncertainty in the global economies, especially European.
In the 30-BSE index components, 27 stocks declined while three others ended with gains. The consumer durable index was the biggest loser followed by realty, metal and banking.
The banking index suffered further losses by falling 3.24 per cent to 12,645.15. State Bank of India, the largest lender, slid for a sixth day to its lowest level in almost four months. HDFC, a mortgage lender, fell 1.85 per cent.
Another interest-linked Realty sector index was lower by 4.76 per cent to 2,704.95, on fears that the RBI's policy rate changes might impact the sale of houses and developments. The RBI is meeting on December 16.
Reliance Communications Ltd, the second-largest mobile phone operator, fell for the fifth day by losing 5.66 per cent to Rs 122.50. The CBI searched homes of former telecom minister A Raja, who is at the centre of a probe for a scam in allocating 2G spectrum. Another major phone operator Bharti Airtel fell by 2.58 per cent to Rs 338.60.
Bucking the general weakening trend, Infosy rose by Rs 16.95 to Rs 3,151.55, Wipro by Rs 2.90 to Rs 436.90 and Mphasis by Rs one to Rs 597.35.