Stock Market Discussion

[Pintu]

Sensex ends lower even as IIP grows over 10%- Market News-Stocks-Markets-The Economic Times

Sensex ends lower even as IIP grows over 10%
11 Dec 2009, 1718 hrs IST, ET Bureau

MUMBAI: Equities ended volatile session in the red Friday led by losses in banks, realty and FMCG space. Benchmarks ignored positive cues from the European markets as the Index of Industrial Production data damped sentiments.

India’s IIP for the month of October grew by 10.3 per cent in October against a paltry 0.1 per cent a year ago. The growth was led by manufacturing, particularly consumer durables, driven by the stimulus packages. However, the market was expecting over 12 per cent and came under pressure soon after the benchmark hit 52-week high.

“The growth in Index of Industrial Production is lower than expected but all its components posted robust growth aided by domestic demand and the government’s stimulus package. The consensus estimate was 12%. On the flip side, the robust industrial production number at 10.3%, September FY10 quarter GDP at 7.9% and rising food inflation – will add pressure to bring forward an interest rate hike and cut stimulus spending,” said Rupali Nambiar, economist, Networth Stock Broking.

Bombay Stock Exchange’s Sensex was at 17,119.03, down 70.28 points or 0.41 per cent. The index touched an intraday low of 17056.12 and high of 17351.71.

National Stock Exchange’s Nifty ended at 5117.30, down 17.35 points or 0.34 per cent. The 50-share index hit a new 52-week high of 5182.55 but failed to hold on to it. It has touched a low of 5088.40.

“Nifty failed to sustain 52-week high of 5182.55 as the IIP data was below expectation. The uptrend on Nifty is still intact until it breaks the intermediate support level of 5050 and 5000. On the other hand there is a stiff resistance around 5182 levels, a close above 5150 for the next three sessions can be considered as bullish,” said Praveen Kumar, technical analyst, ULJK Securities.

BSE Midcap Index was down 0.6 per cent and BSE Smallcap Index moved 0.73 per cent lower.

Amongst the sectoral indices, BSE Bankex was down 1.22 per cent, BSE Realty Index slipped 0.94 per cent and BSE FMCG declined 0.73 per cent. BSE Capital Goods Index gained 0.64 per cent and BSE Power Index was up 0.59 per cent.

Sensex gainers comprised BHEL (3.12%), NTPC (0.43%), Infosys Technologies (0.42%), ACC (0.36%) and Reliance Infrastructure (0.32%).

Bharti Airtel (-3.21%), ICICI Bank (-1.48%), State Bank of India (-1.31%), Jaiprakash Associates (-1.12%) and Reliance Communications (-1.1%) led declines.

Market breadth was negative on the BSE with 1754 losers against 1084 gainers.

European markets were in the positive terrain led by commodities and banks. FTSE 100 was up 1 per cent, CAC 40 gained 1.72 per cent and DAX moved 1.14 per cent higher.

 

[Pintu]

Central Chronicle - Madhya Pradesh's News Portal

Sensex down by 70.28 points
Posted On Friday, December 11, 2009

United News of India
Mumbai, Dec 11:
Shrugging off positive global cues, the Sensex of the Bombay Stock Exchange today moved down slightly by 70.28 points to settle at 17,119.03 in a choppy trade, marked by profit booking at higher levels by local operators on the back of less than expected Index of Industrial Production (IIP) data for October.
The Nifty of the National Stock exchange also eased by 17.35 points to close at 5,117.30.
Banking, telecom, oil & gas, realty and pharma stocks witnessed selling pressure, while capital goods stocks along with Infosys, Reliance Infra, SAIL, JSPL, NTPC and Grasim saw buying interest, brokers said.
The benchmark indices started the session higher on firm global cues. The Nifty touched a new 18-month high of 5,182.55 during the day but the IIP data wiped out all early gains and the markets turned cautious with negative bias.
The S&P CNX Nifty came off the higher level after hitting a multi-month high in early afternoon trade. Index heavyweight Reliance Industries (RIL) fell in volatile trade, while Banking and realty stocks also fell on rate hike worries even as Capital goods stocks rose.
The markets held firm in mid-morning trade. A sell-off gripped the market in early afternoon trade soon after the industrial production data for October 2009 hit the market at noon. The industrial production growth, though robust at 10.3 pc, fell below market expectations of a growth of 13 pc to 14 pc for the month. The lower than expected growth triggered a sell-off in equities.
The market recovered from lower level in mid-afternoon trade but market weakened once again later.
The Sensex was up 10.05 points to 17,199.74 at the opening session, and then rose 162.40 points at the day's high of 17351.71 in early afternoon trade. The Sensex fell 133.19 points at the day's low of 17056.12 in afternoon trade.
The S&P CNX Nifty was flat at 5136.05 points, after it hit a high of 5192.55 in early afternoon trade, its highest since May 6, 2008.
The market reported total turnover of Rs 91,619.41 crore. This included Rs 15,061.44 crore from the NSE cash segment, Rs 71,331.55 crore from the NSE F&O and the balance Rs 5,226.42 crore from the BSE cash segment.
BSE clocked a turnover of Rs 4512 crore, lower than Rs 4587.95 crore on previous day. 1075 shares advanced as compared with 1753 that declined. A total of 78 shares remained unchanged.
Among the 30-member Sensex pack, 22 fell, while the rest rose.

 

[Pintu]

Sensex ends 21 points lower; FMCG, banking drag scrips - India Business - Biz - The Times of India

Sensex ends 21 points lower; FMCG, banking drag scrips
IANS 14 December 2009, 05:50pm IST

MUMBAI: Profit-booking Monday pulled down a benchmark index of the Indian equities markets, which ended trade 21 points lower as FMCG, consumer durables and banking stocks came under selling pressure.

Banking stocks suffered as annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,118.14 points, shut shop at 17,097.55 points, down 21.48 points or 0.13 percent from its previous close at 17,119.03 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,105.7 points, against the previous close at 5,117.3 points, a loss of 11.6 points or 0.23 percent.

Broader market indices also went slack with the BSE midcap index ending 0.67 percent lower and the BSE smallcap index closing 0.45 percent down.

The market breadth was tilted towards the negative, with 1,167 stocks advancing, 1,670 scripts declining and 64 remaining unchanged.

FMCG, consumer durables and banking stocks lost out the most, while IT and capital goods found favour among buyers.

Other Asian markets, however, saw some gains.

The Hang Seng, a benchmark index of the Hong Kong Stock Exchange, was ruling higher at 22,085.75 points, 0.84 percent or 183.64 points up.

The Kospi, the benchmark index of the Korean Stock Exchange, was similarly ruling higher at 1,664.77 points, up 0.47 percent.

In China, the Shanghai composite index was ruling 1.71 percent in the green at 3,302.9 points.

On the other hand, a key Japanese index, the Nikkei, closed flat at 10,105.68 points.

European markets were buoyed by the $10-billion bailout of Dubai World by peer emirate Abu Dhabi.

The FTSE 100 index, benchmark index of the London Stock Exchange, was ruling higher at 5,316.6 points, 55.03 points or 1.05 percent up.

The French index, CAC 40, was similarly ruling at 3,834.2 points, up 0.8 percent, while its German peer, the DAX, was trading 1.08 percent higher at 5,818.61 points.

 

[Pintu]

NSE, BSE to open trading at 9 am from Friday - India Business - Biz - The Times of India

NSE, BSE to open trading at 9 am from Friday
PTI 16 December 2009, 08:30pm IST

MUMBAI: Rivalry between the two leading bourses on Wednesday came to a head with both the Bombay Stock Exchange and National Stock Exchange, announcing that they would start trading from 9 am from Friday.

The announcement from the BSE to extend its trading time came closely after the NSE announced it would commence trading from 9 am.

BSE has also advanced trading in block deal window to 9 am.

"We have decided to advance the timing to 9 am from Friday," a BSE spokesperson said.

Asia's oldest bourse, Bombay Stock Exchange extended its trading time by 10 minutes on Tuesday, which it said would enable it to enhance its trading volumes and business.

NSE reacted to this move on Wednesday by advancing its trading start to 9 am effective from Friday.

"NSE is advancing the trading time to 9 am effective from Friday," an NSE spokesperson said.

"With the change in other exchange's (BSE) timing, our market participants were concerned...there was a small sense of inevitability," NSE Managing Director & CEO, Ravi Narain told a TV channel.

With this, trading on both the bourses stocks will be conducted from 9 am to 3.30 pm. Both the bourses expect this move to help them ramp-up their volumes.

 

[Pintu]

Indian stocks set for slower rise in 2010- Market News-Stocks-Markets-The Economic Times

Indian stocks set for slower rise in 2010
16 Dec 2009, 2041 hrs IST, REUTERS

MUMBAI: India's BSE stock index is likely to extend its recent rally into 2010, underpinned by strong economic growth and an improving earnings outlook, but it is unlikely to repeat 2009's spectacular rise, a Reuters poll showed.

The benchmark Sensex is likely to rise nearly 9 percent by mid-2010 and by more than 12 percent by the end of next year from Wednesday's close of 16,912.77, the poll found.

The median forecast of around 20 brokerages and investment houses, taken over the past week, has the benchmark rising to 18,375 points by the middle of 2010, and will likely end the year at 19,000.

"The Indian economy will do well. Corporate earnings will do well," said Jigar Shah, senior vice-president of Kim Eng Securities, who saw the Sensex rising to 21,000 by mid-2010.

The Sensex hit a record high of 21,206.77 in Jan. 2008. Other analysts were worried that the withdrawal of stimulus measures and the impact of this year's weak monsoon could temper the stock market's strength.

"A lot depends on monsoon. We are on the edge as far as food reserves are concerned," said Arun Kejriwal, director of research firm KRIS, pointing to the galloping food inflation.

"If we have a bad monsoon, the market could really tumble," he added.

The benchmark is up by three-quarters so far in 2009 and on track to post its best yearly gains since 1991, with analysts polled expecting the Sensex to end the year at 17,000 points.

It had posted its worst yearly loss in 2008, when it slumped by more than half.

"Life is not going to be that easy for equity investors next year," said Rajesh Agarwal, director of CD Equisearch.

"You should see the gains this year in the context of the mayhem last year and, therefore, one shouldn't expect the market to rise sharply from this level in the year ahead."

The highest mid-year 2010 forecast had the BSE index scaling new highs and touching 23,000, while five forecasts expect a decline from current levels, with the most pessimistic view expecting the benchmark to decline 40 percent from Wednesday's close to 10,115.

The forecast for the Sensex at the end of 2010 ranged from 10,893 to 24,000.

The BSE index has outperformed Japan's Nikkei, which is up 14 percent so far this year, and a 50 percent rise in Hong Kong's Hang Seng Index, but is just behind an 80 percent rise in China's Shanghai Composite Index.

The BSE index trades at 21.8 times forward earnings, in line with the benchmark in South Korea, but higher than Indonesia which trades at a multiple of 15.8.

China's Shanghai Composite Index traded at 24.1 times earnings while Brazil and Russia trade at about 17.6 and 13.3 respectively.

 

[Pintu]

http://www.ptinews.com/news/426365_Sensex-breaks-two-day-fall--up-35-pts

Sensex breaks two-day fall, up 35 pts

STAFF WRITER 16:17 HRS IST

Mumbai, Dec 16 (PTI) Erasing the early sharp decline, the Bombay Stock Exchange benchmark Sensex today ended up over 35 points on aggressive buying, mostly of technology stocks, by the fund houses.

The Sensex, which had lost 240 points in the past two sessions and shed another 100 points during the day, rebounded to close higher by 35.61 points to 16,912.77 led by the IT counters, after Infosys Technologies said it opened its first development centre in Brazil.

The wide-based National Stock Exchange index Nifty too rose by 9 points to 5,042.05, after dipping touching a low of 5,001.80 points during the day.

Among the 30-share Sensex, 16 shed minimal to notable ground, while 14 gains. The IT index led the rally gaining by 1.64 per cent to 5,034.15 as the segment major and Sensex heavyweight Infosys gained Rs 38.25 to Rs 2,544.80.

 

[Pintu]

Nifty ends choppy session flat; Tier II outperform- Market News-Stocks-Markets-The Economic Times

Nifty ends choppy session flat; Tier II outperform
17 Dec 2009, 1740 hrs IST, Mohammed Sabir, ET Bureau

MUMBAI: Equity benchmarks ended on subdued note in the negative territory Thursday, due to lack of triggers to direct the market. Realty, oil&gas and capital goods led the decline while pharma and IT stocks bucked the trend. The spotlight was more on the war between the BSE and NSE for volumes and the angry voices of brokers against implementing extended trade timings from Friday.

The National Stock Exchange’s Nifty ended flat at 5041.75, down 0.30 points or 0.01 per cent. The broader index hit a low of 5013.15 and high of 5064.20.

Bombay Stock Exchange’s Sensex ended marginally lower at 16894.25, down 18.52 points or 0.11 per cent. The index touched an intra-day low of 16826 and high of 16979.52.

“Market will remain rangebound between 4930/4950 – 5150/5180 at least for the next two weeks. Traders should take stock specific approach and book profits as high as 4 per cent and try to enter at lower levels,” said Sandeep Waghle, an independent technical analyst.

The BSE Midcap Index was up 1.09 per cent and BSE Smallcap Index moved 0.88 per cent higher.

Amongst the sectoral indices, BSE Realty Index was down 1.11 per cent, BSE Oil&gas slipped 0.59 per cent and BSE Capital Goods Index declined 0.31 per cent. BSE Healthcare Index was up 1.44 per cent and BSE IT Index gained 0.87 per cent.

HCL Technologies (4.28%), Jaiprakash Associates (3.60%), Cipla (3.46%), Suzlon Energy (2.35%) and TCS (1.65%) were amongst the top Nifty gainers.

HCL AXON, a division of HCL Technologies, has signed a five-year global IT services deal with pharma company GlaxoSmithKline. Under the agreement, HCL AXON will provide systems integration, SAP implementation and IT consulting services to GSK globally.

Losers pack included DLF (-4.15%), Unitech (-2.55%), BPCL (-2.05%), SIEMENS (-1.65%) and L&T (-1.61%) were amongst the losers.

Market breadth was positive on the BSE with 1628 advances against 1173 declines.

Meanwhile, the BSE and NSE postponed the implementation of new trade timings to January 4, 2010 from December 18, 2009, giving the broking fraternity some respite. On Friday, the bourses were to open for trade at 9:00 am instead of the usual 9:55 am and close at the usual time of 3:30 pm.

In trying to wrest volumes away from NSE, on Wednesday the BSE announced advancement of trade timing by 10 minutes to 9:45 am. In reaction, NSE said it would start trade at 9:00 am. However, the decision met with strong opposition from the brokering fraternity.

Reacting to the postponement, Dinesh Thakkar, CMD, Angel Broking, said, “We welcome this move by the stock exchanges of postponing the implementation of extended trading hours for the market, considering the large scale apprehensions that have been associated with the same. While many large brokers are geared up for the additional trading hour, we believe that it is necessary that the whole market should be geared up for the same. The postponement will give the market participants, time to put the infrastructure in place and manage the extended trading hours with full planning & preparation.”

Elsewhere, the European markets were down following weakness in banking stocks and US stock futures also indicated a lower opening. At 5:15 pm IST, Dow Jones stock futures was down 0.53 per cent, S&P 500 moved 0.68 per cent lower and Nasdaq 100 declined 0.72 per cent.

 

[Pintu]

Sensex ends down 46pts

Sensex ends down 46pts
BS Reporter / Mumbai December 17, 2009, 15:31 IST

The Sensex finally ended (provisional) with a loss of 46 points at 16,867. The NSE Nifty settled at 5,036, down six points.
_______________________________________________________
(Updated at 1430 hrs)

The Sensex has soared to a high of 16,979 and is now at 16,953, up 41 points.

Among the sectoral indices, realty index is down 2% at 3,749.

Hindalco is the top gainer on the Sensex, up 2% at Rs 146. Hindustan Unilever, TCS, Tata Steel and Mahindra & Mahindra have advanced around 1.5% each.

Jaiprakash Associates is trading at its ex-bonus price of Rs 149. DLF has dropped 4% to Rs 363. Larsen & Toubro, Maruti and Reliance Industries are down 1% each.

The market breadth is positive, out of 2,808 shares traded, 1,700 have advanced and 1,015 have declined so far on the BSE.

VALUE& VOLUME TOPPERS

SBI has topped the value chart on the BSE with a turnover of Rs 150.28 crore. It is followed by DLF (Rs 134.72 crore), Tata Steel (Rs 104.43 crore), Unitech (Rs 75.16 crore) and HDIL (Rs 74.83 crore).

Cals Refineries has led the value volumes chart on the BSE with trades of 18.50 million shares. It is followed by IFCI (9.95 million), Unitech (9.25 million), Suzlon (9.06 million) and Asahni Infra (5.45 million) shares on the BSE.

 

[Pintu]

Timing change puts off- Hindustan Times

Timing change puts off

HT Correspondent , Hindustan Times
Email Author
Mumbai, December 17, 2009
First Published: 20:14 IST(17/12/2009)
Last Updated: 20:15 IST(17/12/2009)

Yielding to protests by market players, the country’s top two stock exchanges on Thursday postponed their plans to extend trading hours to January 4.

The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) had on Wednesday announced that markets would open at 9 am from Friday.

On Tuesday, BSE had said it would advance trading by 10 minutes and was due to start at 9.45 am instead of 9.55 am. The NSE promptly switched to a 9 a.m. start from 10 a.m, attracting criticism from market players facing extra burden and costs.

“There was a massive outcry resulting in deferment,” said a broker who did not want to be identified.

BSE and NSE set aside their rivalry to issue a joint statement that said they will both start trade at 9.55 a.m. until January 4 “based on market feedback.” Regulator SEBI had allowed a 9 a.m. to 5 p.m. slot last October.

The short notice of 48 hours to change timings was apparently a key glitch.

“There was no need to hurry on extending trading time,” said Raamdeo Agrawal, Director and co-founder, Motilal Oswal Financial Services Ltd, adding, “Deferment of decision now gives more time for players to adjust to the new cycle, though it is more of a mindset change that is required than anything else,” said Agrawal.

Indian bourses have already been under pressure to advance trade timing in order to avoid some of the business going to Singapore, which wakes up ahead of India. “The basic problem is infrastructure. Our banking and other infrastructure are not able to cope with the changes in capital market,” said Rakesh Goyal, senior VP of Bonanza Portfolio Ltd.

 

[Pintu]

Nifty closes below 5000; DLF, RIL down- Market News-Stocks-Markets-The Economic Times

Nifty closes below 5000; DLF, RIL down
18 Dec 2009, 1702 hrs IST, Mohammed Sabir, ET Bureau

MUMBAI: Equities slipped sharply in the last one hour of trade Friday and closed below psychological support levels. Realty, banks and oil&gas led the decline while healthcare and auto stocks ended marginally higher.

Market opened on a subdued note in line with other Asian markets. Benchmarks moved in a narrow range but gave away support in the afternoon to slip sharply lower despite positive opening of European markets.

National Stock Exchange’s Nifty closed at 4987.70, down 54.05 points or 1.07 per cent from Thursday’s close. The index touched intra-day low of 4979.05 and high of 5043.40.

Bombay Stock Exchange’s Sensex ended at 16719.83, down 174.42 points or 1.03 per cent. The 30-share index hit a low of 16693.06 and high of 16899.19.

“We see 4920 as an important support for the Nifty and unless that is broken market will be rangebound. We are not bearish at the moment and may look at buying at lower levels. Stocks like RIL, ONGC, Deccan Chronicle, Praj Industries and Core Projects are looking good on the charts,” said, Hemen Kapadia, CEO, chartpundit.com.

The BSE Midcap Index was down 0.66 per cent and BSE Smallcap Index moved 0.38 per cent lower.

Amongst the sectoral indices, BSE Realty Index was down 2.06 per cent, BSE Oil&gas Index slipped 1.74 per cent and BSE FMCG slipped 1.23 per cent. BSE Healthcare Index was up 1.32 per cent and BSE Auto Index moved 0.27 per cent higher.

Unitech (-3.09%), GAIL (-2.87%), DLF (-2.78%), Reliance Industries (-2.77%) and Sterlite Industries (-2.66%) were amongst the Nifty losers.

Tata Motors (3.14%), HCL Tech (2.04%), Ranbaxy Laboratories (1.15%), TCS (0.99%) and Sun Pharma (0.88%) resisted the fall.

Shares of DLF have been under pressure ever since the company decided to merge its commercial realty arm DLF Assets (DAL) with itself, a move aimed at repaying some of DAL’s debt.

“Given the current portfolio as well as future development portfolio of both the entities, we believe the ratio is marginally in favour of the promoters. We value Caraf at Rs 25.5 billion and DCCDL at Rs 51.2 billion (details in table 2 below). However, DLF shareholders will now get valuation upside from the REIT listing of DCCDL due to reduction in cap rate (we have assumed 10% cap rate for our valuation).

Though we believe this is a step in the right direction, we believe the valuations of DLF are factoring in strong recovery in the real estate market. We maintain our NAV estimate of Rs 340. Maintain our reduce rating on the stock with target price of Rs 300,” said an Emkay Research report.

Shares of Tata Motors were in limelight after the company’s global sales, including those for Jaguar and Land Rover, rose 62 per cent in November, on the back of improved demand and low sales base. Global sales of the two British premier brands, Jaguar and Land Rover, rose to 18,825 vehicles in November, up 30 percent from a year earlier.

Market breadth was negative on the BSE with 1,650 declines and 1,180 advances.

 

[Pintu]

Nifty closes near 4950; Cipla, IDFC, HCL Tech down- Market News-Stocks-Markets-The Economic Times

Nifty closes near 4950; Cipla, IDFC, HCL Tech down
21 Dec 2009, 1655 hrs IST, Mohammed Sabir, ET Bureau

MUMBAI: Equity indices ended in the negative terrain Monday as cautious investors resorted to profit booking ahead of Christmas holiday later this week. Capital goods, metals and auto stocks ended with losses while oil&gas and banks resisted the decline.

Market opened flat in line with other Asian markets and turned rangebound due to lack of triggers. Benchmarks slipped lower in the afternoon and closed near the psychological support levels. Positive opening of the European markets failed to lift sentiments.

National Stock Exchange’s Nifty closed at 4952.60, down 35.10 points or 0.70 per cent. The index touched an intra-day low of 4943.95 and high of 4997.85.

Bombay Stock Exchange’s Sensex ended at 16601.20, down 118.63 points or 0.71 per cent. The 30-share index hit a low of 16577.78 and high of 16750.99.

“The near term view on the Nifty is bearish as long as it remains below 5075. For long term investors it’s a great opportunity to enter the market at these levels from six-month perspective. Cement and banks look good at these levels,” said Rakesh Gandhi, senior technical analyst, LKP Shares.

The BSE Midcap Index was down 0.46 per cent and BSE Smallcap Index slipped 0.15 per cent.

Amongst the sectoral indices, BSE Capital Goods Index was down 1.63 per cent, BSE Metal Index slipped 1.59 per cent and BSE Auto Index declined 1.51 per cent. BSE Oil&gas was up 0.17 per cent and BSE Bankex moved 0.10 per cent higher.

Hindalco Industries (-4.59%) M&M (-3.57%), Cipla (-3.38%), IDFC (-3.33%) and HCL Tech (-3.09%) were amongst the Nifty losers.

Gainers included AXIS Bank (2.07%), TCS (1.15%), Cairn India (1.06%), Reliance Indsutries (0.58%) and NTPC (0.51%).

The Supreme Court on Friday reserved its verdict on the gas supply dispute between Reliance Natural Resources Ltd and Reliance Industries. The three-member bench of Chief Justice K.G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. Sathasivam reserved the verdict after the conclusion of arguments that lasted 27 days spread over nine weeks.

Reliance Life Sciences, a company promoted by Reliance Industries’ chairman, Mukesh Ambani, is looking at biopharmaceuticals as a huge thrust area. The company recently launched its fourth biosimilar product, TPA Reteplase. Biopharmaceuticals are medical drugs produced using biotechnology.

Market breadth was positive on the BSE with 1270 advances and 1544 declines.

The European markets were in the green led by commodities and banks. US markets are also likely to open in the positive terrain. At 4:35 pm IST, Dow Jones stock futures was up 0.18 per cent, S&P 500 moved 0.21 per cent higher and Nasdaq 100 gained 0.30 per cent.

 

[Pintu]

Nifty inches near 5000; SAIL, Suzlon, Tata Steel up- Market News-Stocks-Markets-The Economic Times

Nifty inches near 5000; SAIL, Suzlon, Tata Steel up
22 Dec 2009, 1704 hrs IST, Mohammed Sabir, ET Bureau

MUMBAI: Equity benchmarks ended a lacklustre session with positive bias Tuesday due to lack of buying activity ahead of Christmas holiday later this week.

Markets opened higher in line with Asian peers and turned rangebound. According to dealers, frontline stocks were subdued as it was time for some FIIs to book profits ahead of end of calendar year 2009. Positive cues from the global markets were overlooked.

National Stock Exchange’s Nifty closed at 4985.85, up 33.25 points 0.67 per cent. The broader index touched a high of 4997.30 and low of 4953.35.

Bombay Stock Exchange’s Sensex ended at 16,692, up 90.80 points or 0.55 per cent. The 30-share index hit a high of 16738.12 and low of 16633.81.

“Sensex has been moving in a narrow range of 16600-17300. It needs to break out on huge volume for further direction. Trade has been choppy and carryovers are not great suggesting that rollovers will be a low key affair,” said Sanjay Vaid, president, institutional equity desk, Systematix Shares.

BSE Midcap Index was up 0.78 per cent and BSE Smallcap Index moved 0.99 per cent higher.

Amongst the the sectoral indices, BSE Metal Index was up 2.87 per cent, BSE Realty Index gained 1.51 per cent and BSE Bankex moved 1.16 per cent higher. BSE IT Index was down 0.35 per cent ans BSE Healthcare Index edged 0.17 per cent lower.

“Sectorwise rotation will continue. Banking stocks are in oversold territory and a bounce back is expected. Stock wise, SAIL and Tata Steel should do well in coming days,” Vaid said.

SAIL (7.41%), Suzlon Energy (4.76%), Tata Steel (4.25%), Hindalco Industries (4.08%) and Bharti Airtel (3.68%) were amongst the top Nifty gainers.

ACC (-2.28%), ONGC (-1.23%), Grasim (-1.20%), TCS (-1.16%) and Jaiprakash Associates (-0.84%) were amongst the losers.

Market breadth was positive on the BSE with 1694 advances and 1107 declines.

European markets were in the green led by banks and US markets were also expected to open higher. At 4:50 pm IST, Dow Jones stock futures was up 0.37 per cent, S&P 500 moved 0.39 per cent higher and Nasdaq 100 gained 0.58 per cent.

 

[Pintu]

Bourses have say on trade timings: Sebi - India Business - Biz - The Times of India

Bourses have say on trade timings: Sebi
AGENCIES 22 December 2009, 03:40am IST

MUMBAI: Barely a week after premier bourses BSE and NSE announced advancing trading hours to 9am from 9.55am earlier, market regulator Sebi on Monday said stock exchanges have the discretion to decide the market timings
.

"Change in market timings is an issue, which we have left to the stock exchanges to decide. The exchanges will decide...(on market timing)," CB Bhave, chairman, Sebi told reporters after attending the high level coordination committee meeting on financial markets here.

Competitors BSE and NSE trying to outdo each other last week announced advancing trading hours which faced the wrath of the brokers
' community. The NSE changed timing to 9am on December 16 to match BSE's changing trading hours a day before to 9.45am. Within minutes, the BSE too announced advancing market timing to 9am. The changed timings were to be effective last Friday. Both the bourses were forced to put off the changes to January 4.

 

[Pintu]

Rupee edges down, stock gains to support- Forex-Markets-The Economic Times

Rupee edges down, stock gains to support
23 Dec 2009, 1115 hrs IST, REUTERS

MUMBAI: The rupee eased in early trade on Wednesday, tracking weak regional currencies, but a firm start to the domestic sharemarket is expected to arrest the fall and could push the local unit up later in the session. At 10:30 a.m. (0500 GMT), the partially convertible rupee was at 46.83/84 per dollar, a little below its previous close of 46.80/81. Last Thursday, the rupee fell to a low of 46.97, its weakest since Nov. 27.

So far the rupee has traded in a band of 46.8175 to 46.84. Most Asian units were weaker compared to the dollar. Activity was thin ahead of year-end, with Monday being declared a holiday for the markets in addition to Friday. "Gains in the stock market are getting offset by the dollar's rise versus the euro, which is quite significantly down," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank.

"Had it been for the euro's move alone, then the rupee should have crossed 47 by now. But it would continue to be in 46.75-46.87 range for the rest of the month. There is very little impetus for any movement and only in the New Year we could see some fresh triggers," he added. Shares rose 1 percent in morning deals, supported by gains in Asia, but they may lack further momentum for a sharper move.

"We may see the dollar-rupee drifting lower towards 46.75 tracking shares later today," said R.K. Gurumurthy, head of treasury, at ING Vysya Bank. The U.S. dollar notched a two-month top on the yen in Asia on Wednesday, with buyers enticed by U.S. yields at four-month highs and the steepest yield curve on record. One-month offshore non-deliverable forward rupee contracts were quoted at 46.82/92, little changed from the onshore spot rate.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.85 respectively, with the total traded volume on the two exchanges at about $400 million.

 

[Pintu]

http://www.ptinews.com/news/437588_Rupee-falls-by-seven-paise-on-firm-US-dollar

Rupee falls by seven paise on firm US dollar

STAFF WRITER 18:1 HRS IST

Mumbai, Dec 23 (PTI) In contrast to equities, the Indian rupee today fell by seven paise against the US dollar on buying by importers amid a firm American unit overseas that set a two-month peak against the yen.

Trapped in a narrow range, the strong rise in stock market could not stem the rupee's fall.

Forex dealers said, some dollar buying by importers and banks as well as short-coverings ahead of holidays weighed on the rupee.

The broadly firm greenback that was at a two-month high against the yen after better-than-expected US housing market data, raising hopes for a solid recovery in the US economy dragged down the rupee, they added.

This may also lead the Federal Reserve to raise interest rates sooner than later, sending dollar higher, said analysts.

Trading in a narrow zone, the rupee finished the day at 46.87/88 a dollar.

 

[Pintu]

Good Read :goodstuff:

Expect moderate returns in 2010

Regards

 

[Pintu]

http://www.ptinews.com/news/443388_-Markets-to-be-buoyant-before-ringing-in-2010-

'Markets to be buoyant before ringing in 2010'

STAFF WRITER 17:10 HRS IST

Mumbai, Dec 28 (PTI) Choppy sessions are likely to mark trading this week-- truncated by two holidays on Monday and Friday -- but markets are expected to notch up some gains before ushering in the new year, analysts have said.

Dalal Street is expected to open a notch higher tomorrow on the back of strong Asian and European cues when markets open after four-day long holiday. Japan's Nikkei ended 1.33 per cent higher on Monday, while Shanghai closed up 1.51 per cent. In Europe, CAC 40 of Paris was trading with gains of 0.76 per cent.

However, brokers said bourses would be sluggish before the expiry of the futures contract on December 31.

"The market would see choppy trading towards Thursday as it stares at the expiry of derivatives contract. We expect no expansion in position in futures trade this week," Bonanza Portfolio Assistant Vice President Avinash Gupta said.

 

[Pintu]

http://www.ptinews.com/news/444558_Sensex-up-41-points-to-complete-four-day-rally

Sensex up 41 points to complete four-day rally

STAFF WRITER 16:27 HRS IST

Mumbai, Dec 29 (PTI) The Bombay Stock Exchange benchmark Sensex today rose by over 40 points to complete the four straight sessions of gains on institutional buying amid expectations of robust third quarter earnings by India Inc.

After a four-day holiday,t he markets opened up over 80 points and surged to a fresh 19-month high. However, late profit booking trimmed early gains and the barometer index ended the day higher by 40.95 points at 17,401.56.

The Sensex touched the day's high of 17,486.05 as stocks in power, metal and banking sectors recorded handsome gains.

Markets had spurted by 759 points in the last three trading sessions during the day.

On year-to-year recovery, the market has risen by a spectacular 80 per cent this year, set for its best annual performance in the past 18 years.

Purchases by global investors have reached USD 17.

 

[Pintu]

Extension of market hours: Brokers for status-quo

Extension of market hours: Brokers for status-quo
Press Trust of India / Mumbai December 30, 2009, 16:40 IST

A prominent body of Indian stock brokers today demanded both Bombay Stock Exchange and National Stock Exchange to maintain status-quo in their trading hours until adequate infrastructure is in place.

"We are of the view that it is necessary to maintain status-quo on the timing, till adequate infrastructure is in place. There should not be any hurry to extend the market timing," Association of National Exchange Members of India, Secretary, Ishaq Merchant told reporters here.

Citing a recent survey, the association said nearly 62 per cent of its members are against the move as extending the trading hours could put additional load on the system.

"A weak infrastructure will not be in the interest of any concerned party and investor may lose out in the short run," Merchant said.

Although extended market hours seems inevitable in the long run, current infrastructure and environment does not completely support the move, he said.

 

[Pintu]

Nifty rally snapped by weak global cues- Market News-Stocks-Markets-The Economic Times

Nifty rally snapped by weak global cues
7 Jan 2010, 1633 hrs IST, Mohammed Sabir, ET Bureau

MUMBAI: Equities ended a range-bound session lower Thursday, as traders booked profits at higher levels. Subdued global markets also dampened sentiments.

Analysts are of the view that the market will consolidate for the next few sessions before the next move. Stock specific action will be seen as corporate will start reporting earnings from next week.

The indices failed to build onto a positive opening and drifted lower as the session progressed. Selling activity was also seen in broader markets towards the end of session.

“Nifty movement in the last few trading sessions does not inspire much confidence to think that we are headed immediately for a rise beyond the 5300 in any decisive way. On the way down, below 5250, support exists at 5242, 5232 and then between 5221 and 5214.

While chances are not that bright that it will sustain above 5305-5311 range, it would face strong supply pressure between 5340 and 5347. Again, the range between 5389 and 5410 would be another strong supply zone.

Our understanding is that instead of going up in a sustained manner from here, the Nifty might post a top shortly and then retrace back to below 5200 level for a minimum and then decide its future course of movements,” said Rajat K Bose of www.rajatkbose.com.


National Stock Exchange’s Nifty ended at 5263.10, down 18.7 points or 0.35 per cent. The index touched intraday low of 5244.75 and high of 5302.55.

Bombay Stock Exchange’s Sensex closed at 17,615.72, down 85.41 points or 0.48 per cent. The 30-share index hit a high of 17733.34 and low of 17,566.54.

BSE Midcap Index was down 0.02 per cent and BSE Smallcap Index moved 0.62 per cent higher.

Amongst the sectoral indices, BSE IT Index was down 2.22 per cent, BSE Auto Index declined 1.72 per cent and BSE Healthcare Index slipped 0.95 per cent. BSE Oil&gas Index was up 1.24 per cent and BSE Consumer Durables Index moved 1.11 per cent lower.

Nifty gainers comprised Hindalco Industries (2.4%), Reliance Industries (1.51%), Tata Steel (1.16%), Reliance Comunications (0.96%) and Bharti Airtel (0.64%).

Tata Motors (-3.37%), Tata Consultancy Services (-2.61%), Grasim Industries (-2.53%), Hero Honda (-2.51%) and Infosys Technologies (-2.3%) were the losers.

Market breadth on BSE showed 1638 advances against 1237 declines.

European markets were down on profit booking and US stocks were also expected to open lower. At 4:30 pm IST, Dow Jones futures was down 0.31 per cent, S&P 500 slipped 0.41 per cent and Nasdaq 100 declined 0.36 per cent.