Market gusted northward on bargain hunting

The indian stock market after opening lower, regained strength on bargain hunting with traders buying out in Realty, Capital Goods and Metals stocks despite heavy losses in Chinese equities, which turned lower amid fears that the summer rally could have over heaped the index too far, too fast. Meanwhile, the monsoon situation remains fragile with the country heading into the worst drought year over the last two decades.

On the sectoral front, all indices inclined. Oil exploration stocks gained as crude oil rose, as the dollar''s decline spurred investors to purchase commodities as an alternative investment. Realty and Bank stocks advanced on bargain hunting after being hammered in recent past.

The Market breadth, indicating the overall strength of the market, was strong On BSE, out of 2,532 stocks traded so far, 1,714 shares advanced while 737 shares declined. Nearly 81 shares are unchanged.

At 1.22PM, the BSE Sensex is trading higher by 289.35 points at 15,074.27 whereas NSE Nifty is up by 82.95 points at 4,470.85.

The BSE Mid Cap is trading higher by 110.51 points at 5,496.03 and Small cap is trading up by 127.80 points at 6,339.51.

Major gainers from the BSE Sensex pack are Hindalco Industries Ltd by 5.59% to Rs. 105.85 along with, Jaiprakash Associates Ltd surged 4.00% to Rs. 210.85, DLF Ltd by 3.92% to Rs. 378.70, Larsen & Toubro Ltd by 3.80% to Rs. 1,465.55, Tata Steel Ltd by 3.78% to Rs. 454.25, HDFC Bank Ltd by 2.97% to Rs. 1,449.00, Hindustan Uniliver Ltd by 2.93% to Rs. 256.75, Maruti Suzuki India Ltd by 2.86% to Rs. 1,313.00, Housing Development Finance Co by 2.78% to Rs. 2,314.80, Reliance Communication Ltd by 2.65% to Rs. 251.95, Mahindra & Mahindra Ltd by 2.52% to Rs. 765.60, Wipro Ltd by 2.44% to Rs. 508.50 and Bharti Airtel Ltd by 2.44% to Rs. 408.90.

Major losers from the BSE Sensex Pack are TCS Ltd plunged 0.61% to Rs. 507.6 and Infosys Technologies Ltd by 0.25% to Rs. 1,978.10.

The BSE Realty is higher by 133.21 points or 3.64% at 3,795.91. Stocks inclined include Phoenix Mills Ltd 5.33% to Rs. 131.50, Indiabulls Realty 4.96% to Rs. 229.50, Ansal Infrastructure Ltd by 4.39% to Rs. 61.85, Housing Development by 4.33% to Rs. 279.80, Penland Ltd 4.22% to Rs. 79.00, DLF Ltd 3.92% to Rs. 378.70, Anant Raj by 3.22% to Rs. 134.50 and Sobha Developers Ltd 3.08% to Rs. 209.45 among others.

Nava Bharat Ventures Ltd spurted 7.17% to Rs. 372.40 after the Reserve Bank of India raised the foreign portfolio investment limit in the company to 40%.

Numeric Power Systems Ltd gusted by 19.99% to Rs. 446.20 after it said its board will meet on 22 August 2009 to consider issue of bonus shares.

MVL Ltd improved 2.40% to Rs. 160.10 after its board approved splitting one share of face value Rs. 10 into five shares of face value Rs. 2 each.

Everonn Systems India Ltd gained 1.42% to Rs. 354.25 after a block deal of 2.94 lakh shares was executed on NSE at Rs. 353 per share.

Kiri Dyes & Chemicals Ltd spurted 5.98% to Rs. 410.25 after the company said it is looking for an overseas acquisition.

Mid Session Indian stock Market Commentary

The indian stock markets gained grounds from the early lows and are now trading at the day’s high as strong buying emerged across the board. The BSE Senex has crossed above the 15000 mark and the NSE Nifty above the 4450 mark in the mid trade. All the sectorial indices are trading in green in the mid trade. The significant amount of buying witnessed among the Realty, Capital Goods, Metal and Banking stocks after sharply beaten down in t he previous session. The broader market indices also remained in limelight as the both the BSE Mid Cap and the BSE Small Cap are now trading with a gain of around 2% each.

Hindalco Industries reported the top gainer from the BSE Sensex pack, as it is trading higher by (5.54%) at Rs.105.80 while TCS reported the top loser trading down by (0.51%) at Rs.508.10.

The overall market breadth is positive as 1583 stocks are advancing while 758 stocks are declining and the 79 stocks remain unchanged on BSE.

At 12.31 pm, BSE Sensex was at 15,036.38 up by 251.46 points and the NSE Nifty was at 4,473.25 up by 85.35 points.

The BSE Mid cap is trading higher by 100.53 points at 5,486.04 and the BSE small Cap grew by 119.88 points to trade at 6,331.59.

HDFC, the leading mortgage lender has started its Rs 4,300 crore immediate fund raising exercise. The amount to be raised from the issue of NCDs would be about Rs 4,000 crore. Further the company is issuing 1.1 crore warrants, each convertible into one equity share of the company within three years, at a price of Rs 3,000. The stock is now trading higher by (3.12%) at Rs. 2,320.

BSE REALTY indexwas at 3,783.29 advanced by 120.59 points or by (3.29%) The main gainers were Phoenix Mill up by (5.73%) at Rs.132, Indbul Real up by (4.69%) at Rs.228.9, Penland Ltd up by (4.16%) at Rs.78.95, Housing Dev up by (3.93%) at Rs.278.75, Ansal Infras up by (3.8%) at Rs.61.5.

BSE METAL index was at 12,240.13 surged by 301.22 points or by (2.52%) The main gainers were Hindalco In up by (5.34%) at Rs.105.6, Welsp Guj Sr up by (3.71%) at Rs.209.6, Jsw Sl up by (3.46%) at Rs.707, Jindal Steel up by (3.37%) at Rs.3010.1, Tata Stl up by (3.06%) at Rs.451.1.

BSE BANKEX index was at 8,123.46 inclined by 175.59 points or by (2.21%) The main gainers were HDFC Bank Lt up by (2.76%) at Rs.1446.1, Allahabad Bank up by (2.68%) at Rs.86.1, ICICI Bank up by (2.67%) at Rs.723.7, Idbi Bank up by (2.41%) at Rs.97.6, Federal Bank up by (2.38%) at Rs.221.1.

BSE CG index was at 12,220.40 surged by 339.23 points or by (2.86%) The main gainers were Punj Lloyd up by (4.86%) at Rs.234.2, Larsen & Toubro Ltd. up by (3.82%) at Rs.1465.8, Elecon Eng C up by (3.35%) at Rs.75.5, Usha Martin up by (3.29%) at Rs.53.45, Siemens Ltd up by (3.27%) at Rs.445.6, The main losers were Thermax Lmtd down by (1.05%) at Rs.399.55.

BSE FMCG index was at 2,492.30 increased by 43.36 points or by (1.77%) The main gainers were Unitd Spr up by (5.15%) at Rs.884.9, United Brew up by (3.52%) at Rs.150.1, Hind Uni Lt up by (2.39%) at Rs.255.4, Ruchi Soya up by (2.21%) at Rs.73.85, Colgate Palm up by (1.49%) at Rs.611.

BSE AUTO index was at 5,408.27 grew by 104.77 points or by (1.98%) The main gainers were Bharat Forge up by (5.48%) at Rs.223.3, Apollo Tyre up by (4.6%) at Rs.40.9, Marutisuzuki up by (2.63%) at Rs.1310.05, Amtek Auto L up by (2.62%) at Rs.139.15, Mahindra & Mahindra Ltd. up by (2.44%) at Rs.765.

BSE CD index was at 3,016.95 increased by 30.75 points or by (1.03%) The main gainers were Videocon Ind up by (3.32%) at Rs.199, Rajesh Expot up by (2.26%) at Rs.43, Gitanjali Gem up by (1.94%) at Rs.110.3.

BSE PSU index was at 8,205.06 advanced by 147.17 points or by (1.83%) The main gainers were Power Finan up by (4.52%) at Rs.218.5, Hindustan Petroleum Corp. Ltd. up by (3.47%) at Rs.370.8, Andhra Bank up by (3.17%) at Rs.88, Nat Alum Co up by (3.03%) at Rs.314.5, Dredg Corp up by (2.96%) at Rs.445.

BSE POWER index was at 2,854.67 rose by 45.91 points or by (1.63%) The main gainers were Siemens Ltd up by (3.27%) at Rs.445.6, Suzlonenergy up by (2.81%) at Rs.87.75, Neyveli Lig up by (2.39%) at Rs.130.5, Rel Infra up by (2.08%) at Rs.1135.75, Bhel up by (2.02%) at Rs.2227.

BSE HC index was at 3,802.82 improved by 18.74 points or by (0.5%) The main gainers were Orchid Chem up by (4.94%) at Rs.104, Dishman Phar up by (3.75%) at Rs.204.5, Glenmark Pha up by (3.43%) at Rs.256.3, Wockhardt Lt up by (2.33%) at Rs.160.55, Sunpha Adv up by (1.95%) at Rs.70.6.

BSE OIL&GAS index was at 9,542.37 jumped by 109.86 points or by (1.16%) The main gainers were Hindustan Petroleum Corp. Ltd. up by (3.47%) at Rs.370.8, Essar Oil Ltd. up by (3.27%) at Rs.134.15, Aban Offsho up by (3.05%) at Rs.1127.6, Cairn Ind up by (3.04%) at Rs.244, Indian Oil up by (2.76%) at Rs.585.

BSE TECk index was at 2,865.50 grew by 28.27 points or by (1%) The main gainers were Rolta Ind up by (6.11%) at Rs.160.6, Mphasis Ltd up by (4.72%) at Rs.517.2, Deccan Chr up by (4.33%) at Rs.96.45, Tanla up by (3.54%) at Rs.52.6, Patni Comput up by (3.5%) at Rs.387.05.

BSE IT index was at 3,874.58 inclined by 6.73 points or by (0.17%) The main gainers were Rolta Ind up by (6.11%) at Rs.160.6, Mphasis Ltd up by (4.72%) at Rs.517.2, Patni Computer up by (3.5%) at Rs.387.05, Tech Mah up by (2.08%) at Rs.822.2, Niit Ltd up by (2.08%) at Rs.66.2.

On the global markets front, the Asian markets are trading higher as the Hang Seng, Shanghai Composite , Nikkei 225, Straits Times and Seoul Composite index are trading up by (1.04%), (1.68%), (0.16%), (0.82%) and (0.21%) respectively.

Market recovers early losses

After a subdued opening, the frontline stocks have bounced back strongly on the major Indian bourses as investors looked for some bargain hunting after yesterday’s terrible fall. On a stock specific move, Bharti Airtel is trading higher by 1.08% after telecom major received bids from more than a dozen overseas banks keen to fund its around USD 23-bn merger deal with top South African mobile company MTN. During the last hours'' trading session, buying interest have been persistent across Realty, Capital Goods (CG) and Metal stocks whereas selling pressure has emerged across Consumer Durable (CD) counter. Among the BSE sectoral indices, Realty, CG and Metal stocks surged by 2.54%, 2% and 1.87% respectively, while the CD index declined by -0.02%. Overall the market breadth is positive as 1,325 stocks are trading in green while 696 stocks are in red

At 11:30 AM BSE SENSEX was at 14,964.85 up by 179.93 points or by (1.22%) and the NSE Nifty was at 4434.55 up by 46.65 points or by 1.06% The BSE MIDCAP was at 5,471.07 up by 85.56 points or by (1.59%)and the BSE SMLCAP was at 6,315.35 up by 103.64 points or by (1.67%)

Gainers from the BSE Sensex Pack are Hindalco Industries up by (3.34%) to Rs. 103.60, along with Jaiprakash Associate by (3.13%) to Rs. 209.10, L&T Ltd by (2.63%) at Rs. 1,449, DLF Ltd by (2.51%) at Rs. 373.55, Mahindra and Mahindra by (2.46%) at Rs. 765.20 and Reliance Communication by (2.26%) at Rs.251.

Gainers from the NSE Nifty Pack are Idea Cellular surged by (3.19%) at Rs. 79.15 along with Hindalco Industries by (3.14%) at Rs. 103.4, Siemens Ltd by (3.12%) at Rs. 445, DLF Ltd by (3.05%) at Rs. 375.5, L&T Ltd by (2.93%) at Rs. 1,454.35 and HUL (2.54%) at Rs. 254.7.

BSE Realty is trading higher by (2.54%) or 92.98 points at 3,755.68. The top gainers in the index are Phoenix mill surged by (6.33%) to Rs. 132.75 along with Penland Ltd by (4.35%) to Rs. 79.10, Indiabul Real by (3.36%) to Rs. 226, followed by Housing Dev by (3.21%) at Rs. 276.80.

BSE CG is trading higher by (2%) or 237.04 points at 12,118.21. The major gainers are Elecon Eng surged by (3.56%) at Rs. 75.65 along with Siemens Ltd by (3.31%) at Rs. 445.80, AIA Eng by (2.85%) at Rs. 236.50 followed by L&T Ltd by (2.63%) at Rs. 1,449.

Indian stock Market Opening, 18/09/2009

The Indian stock markets opened flat today after a sharp sell off in the previous session. However the markets are witnessing a little bit of volatility in the early trade. The Realty, Capital Goods and Consumer Durables stocks edged higher in the opening trade. While, the Pharma and IT stocks are trading with modest losses. The broader market indices also trading with modest gain as both the BSE Mid Cap and the BSE Small Cap index are now trading with a gain of around 0.5% each.

The BSE Sensex is now trading near the 15800 mark and the NSE Nifty above the 4400 mark in the early trade.

At 10.32 IST, the BSE Sensex is trading marginally up by 12.13 points or (0.08%) at 14,797.05 and the NSE Nifty is trading marginally higher by 4.85 points or (0.11%) at 4,392.75.

The BSE Mid Cap is trading higher by 28.56 points at 5,414.07 and the BSE Small Cap grew by 29.06 points or (0.47%) to 6,240.77.

HUL reported the top gainer from the BSE Sensex pack, as it is trading up by (1.52%) at Rs.253.25 while Tata Motors reported the top loser trading down by (2.44%) at Rs. 425.

The Overall market breadth is negative as 870 stocks are advancing while 794 stocks are declining and the 54 stocks remained unchanged on BSE.

The US stocks markets closed lower on Monday, marking the worst single-session percentage loss in six weeks due to huge selling pressure. Profit booking also prevailed, as slower-than-expected economic growth in Japan prompted a global sell-off on worries that an economic rebound may be further off than previously considered. Investors were not exciting by the news that the empire state manufacturing index moved into positive territory, signaling growth for the first time since April 2008. The Dow Jones Industrial Average (DJIA) ended down by 186.06 points at 9,135.34, NASDAQ index declined by 54.68 points to 1,930.84 and the S&P 500 (SPX) closed lower by 24.36 points at 979.73.

Asian markets were trading down today as the Hang Seng, Nikkei 225, Straits Times and Seoul Composite index are trading lower by (0.31%), (0.54%), (0.02%) and (0.79%) respectively.

BSE Realty index advanced by 62.05 points or (1.69%) at 3,724.75. The top gainers are Phoenix Mil grew by (4.12%) to Rs.130, Penland inclined by (2.90%) to Rs.78, Ansal Infra grew by (1.86%) to Rs. 60.35 followed by Mahindra Life increased by (1.67%) to Rs.303.90.

BSE IT index fell by 22.95 points or (0.59%) at 3,844.90. The top losers are Patni Computer fell by (2.77%) to Rs.384.30, TCS declined by (1.12%) to Rs.505, Financial Technologies decreased by (0.65%) to Rs.1,454.30 followed by Infosys Technologies down by (0.50%) to Rs.1,973.15.

HDFC, the leading mortgage lender has started its Rs 4,300 crore immediate fund raising exercise. The amount to be raised from the issue of NCDs would be about Rs 4,000 crore. Further the company is issuing 1.1 crore warrants, each convertible into one equity share of the company within three years, at a price of Rs 3,000. The stock is now trading marginally lower by (0.75%) at Rs. 2,233.

Pre Session Indian stock Market Commentary, 18/08/2009

Today indian stock market are likely to open negative as the US markets closed in negative territory after the disappointment over the Japanese economy which showed lower than expected growth of 0.9% during the second quarter. The sentiments across Asia are weak and therefore in the domestic market one could witness another day of selling pressure. During the day the domestic markets are likely to trade range bound with negative bias.

On Monday, Domestic markets closed with heavy losses. The domestic market today nosedived deep into red terrain on huge selling pressure over the ground as unsatisfactory US consumer sentiment report weakened concerns about the recovery in global economy. Market closed near day’s low tracking negative European markets. In addition, weak Asian markets along with lower US index futures also took huge beating on the bourses. Meanwhile, benchmark indices also exhibited weakness on monsoon worries as the country is going towards the worst drought year over the last two decades. The BSE Sensex ended below 14,800 level and NSE Nifty closed below 4,400 mark. During final trading hours, market slipped sharply and widened its negative gap to end the day with huge losses on intense selling pressure over the stocks. From the sectoral front, investors offloaded positions across the sectors. Besides, Realty, Metal, Auto, Oil & Gas, Bank, Capital Goods, FMCG and Consumer Durables stocks contributed to most of the selling pressure. Broader markets also supported the negative sentiments as BSE Midcap and Smallcap stocks lost more than 3% each.

The BSE Sensex closed lower by 626.71 points or (4.07%) at 14,784.92 and NSE Nifty ended down by 24.95 points at 4,580.05. BSE Mid Caps and Small Caps closed with losses of 218.30 and 200.85 points at 5,385.51 and 6,211.71 respectively. The BSE Sensex touched intraday high of 15,284.23 and intraday low of 14,740.63.

On Monday, US stock markets closed lower. Profit taking in the wake of slower-than-expected economic growth in Japan triggered a global sell-off that sent stocks below their recent trading ranges and handed the major U.S. indices their worst single-session percentage loss in six weeks. With stocks looking overextended in the near term, overseas participants moved against stocks upon learning that Japan''s economy expanded at a slower-than-expected rate of 0.9% in the second quarter. In turn, Japan''s Nikkei shed 3.1%, while several other major Asian averages also finished with losses exceeding 3%. US light crude oil futures for September delivery closed at $66.75 per barrel lower by 1.1% on the New York Mercantile Exchange.

The Dow Jones Industrial Average (DJIA) closed lower by 186.06 points at 9,135.34, NASDAQ index declined by 54.68 points to 1,930.84 and the S&P 500 (SPX) closed lower by 24.36 points at 979.73.

Today major stock markets in Asia are trading negative. Japan''s Nikkei is trading down by 21.42 points at 10,247.19 followed by Hang Seng which is trading lower by 155.59 points at 19,982.155.59, and Taiwan Weighted is trading also trading lower by 132.77 points at 6,843.27.

Indian ADRs plunged on Monday. In the IT space, Satyam Computers was down 6.36%, Patni Computers was down 5.77%, Wipro was down 4.8% and Infosys was down 3.13%. In the banking space, ICICI Bank was down 6.82% and HDFC Bank was down 2.75%. In the telecom space, Tata Communication was down 6.12% and MTNL was down 4.8%. In other sectors, Sterlite Industries was down 8.63%, Tata Motors was down 7.63% and Dr Reddy''s Labs was down 5.04%.

The FIIs on Monday stood as net buyers in equity and net sellers in debt. Gross equity purchased stood at Rs 2,639.90 Crore and gross debt purchased stood at Rs 447.60 Crore while the gross equity sold stood at Rs 1,609.20 Crore and gross debt sold stood at Rs 821.00 Crore. Therefore, the net investment of equity reported was Rs 1,030.70 Crore and net debt was Rs (373.40) Crore.

On Monday, the partially convertible rupee ended at 48.95/96 per dollar, 1.47% weaker than previous close at 48.24/25. Rupee lost the strength against the dollar on the back of huge selling pressure in the local stock markets that led to huge losses in benchmark indices raising further concerns of greenback inflow.

On BSE, total number of shares traded were 37.72 Crore and total turnover stood at Rs 4,977.50 Crore. On NSE, total number of shares traded were 83.57 Crore and total turnover was Rs 15,425.56 Crore.

Top traded volumes on NSE Nifty – Suzlon Energy with total volume traded 60045516 shares, followed by Unitech with 48357785, DLF with 10765817, Tata Steel with 9396975 and Idea Cellular with 8828467 shares.

On NSE Future and Options, total number of contracts traded in index futures was 787408 with a total turnover of Rs 16,578.8 Crore. Along with this total number of contracts traded in stock futures were 526933 with a total turnover of Rs 16,261.97 crore. Total numbers of contracts for index options were 1596210 with a total turnover of Rs 36,217.85 Crore and total numbers of contracts for stock options were 60574 and notional turnover was Rs 1,924.57 Crore.

Today, Nifty would have a support at 4,491 and resistance at 4,596 and BSE Sensex has support at 14,536 and resistance at 14,896.

Raw jute prices witnesses fall

Raw jute prices in the domestic market, witnessed fall of 40 per cent to reach around Rs 18,000 a tonne this month.

The steep fall in raw jute prices has been seen amid concerns of a possible 25 per cent dilution in Jute Packaging Materials Act (JPMA) of 1987. JPMA provided 100 per cent reservation for jute bags in packaging of food grains and sugar procured by the government.

The Centre''s Standing Advisory Committee chaired by the Union textiles secretary recommended the 25 per cent dilution in JPMA. The matter was expected to be taken up for discussion by the Cabinet Committee on Economic Affairs (CCEA). The sharp fall in raw jute prices has also been attributed to the sugar industry''s move to refrain from procuring jute bags, on the feedback that the Union textiles ministry is bent on 25 per cent dilution.

Spot rubber turns weak

On Monday, the spot rubber rates turned weak. A bearish mood in the domestic and international rubber futures weighed on the sentiments during the day. Sheet rubber dropped to Rs 102 (102.50) a kg on buyer resistance The trend was mixed as ISNR 20 and Latex 60 per cent finished flat with dull volumes

The September futures for RSS 4 ended at Rs 102.21 (104), October at Rs 101.10 (102.16), November at Rs 99.80 (101.09) and December at Rs 100.89 a kg on National Multi Commodity Exchange (NMCE). RSS 3 declined sharply at its August futures to Yen 195.2 (Yen 204.5) (Rs 101.10), September to Yen 189.2 (Yen 200.6), October to Yen 188.3 (Yen 201.2), November to Yen 190.9 (Yen 203.2), December to Yen 193.2 (Yen 205.5) and January to Yen 195.6 (Yen 208.1) a kg during the day session on TOCOM. The September futures for the grade finished at Yen 187.1, October at Yen 187, November at Yen 189.2, December at Yen 191.4 and January at Yen 193.5 a kg while the August futures remained inactive during the night session. RSS 3 slipped to Rs 99.42 (101.12) a kg on Singapore Commodity Exchange (SICOM). The grade (spot) improved to Rs 100.49 (100.08) a kg at Bangkok.

Spot rates were (Rs/kg): RSS-4: 102 (102.50); RSS-5: 100 (100.50); ungraded: 98 (99); ISNR 20: 94.50 (94.50) and latex 60 per cent: 79 (79).