Mumbai: The BSE benchmark snapped a five-day losing streak, on Wednesday, rallying 1.6 per cent following strong global cues, which included the US Federal Reserve’s pledge to keep interest rates near zero for two more years.
However, a volatile European market and fragile US index futures kept investors on the edge of their seats in the last hour of trade.
European markets like France's CAC, Germany's DAX and Britain's FTSE, which gained 1.5-2.7 per cent in initial trade, were trading 0.7-2 per cent higher at the time of closing of Indian equities. Dow Jones futures too cut its losses from 135 points to 55 points.
Back home, the 30-share BSE Sensex shed 144 points from day's high of 17,256.46, before closing up 252.60 points at 17,130.51. Meanwhile, the 50-share NSE Nifty rose 88.15 points, to end at 5,161.
The rally, led by short covering, was on expected lines as the market was in deep oversold territory, which saw the Sensex shedding 1456 points in five sessions.
Speaking to CNBC-TV18, Raamdeo Agrawal, Director & Co-Founder of Motilal Oswal Financial Services said, "It might be a slow recovery but we will see more stabilised and somewhat better market going ahead. This recovery which is starting today should continue and should become stronger in as many days."
Another reason for the market coming off its day's high is that rising crude oil prices. Crude slumped more than 20 per cent in last two weeks on fears of slowdown in US but after yesterday's FOMC meet, it won't be look like slowdown scenario. Now experts are expecting another round of quantitative easing from the world's largest economy US.
"Crude didn’t fall the way markets fell. It did fall $10-15 but still there was no permanent damage to the crude prices. Again it is back to $104-105 a barrel. So I think crude is showing lot of strength and that is our source of problem as far as our inflationary pressure is concerned," Agrawal said. Brent crude was trading at $106.2 a barrel, up $3.8.
"Hence whatever rally comes - it will be a trend within a band of 5000 to 5700.
At 15:52 hours IST : Sensex up over 250 pts as European markets regain
After three days (Friday, Monday and Tuesday) of bloodshed, the Indian equity benchmarks on Wednesday continued their upward trajectory. In the last hour of trade the indices were moving towards the day's high as European markets started regaining their losses. Even Dow Jones futures trimmed its losses to 28 points from 135 points. But all markets remained extremely volatile with positive bias.
The 30-share BSE Sensex was trading at 17,120, up 261 points and the 50-share NSE Nifty gained 83 points at 5,155. Market breadth remained positive with about six shares advancing for every one share declining.
Heavyweights like NTPC, TCS, HDFC Bank, Infosys, SBI, ICICI Bank, BHEL, L&T and Wipro rallied 2-4 per cent. Tata Motors shot up over 6 per cent on short covering and long build up.
The BSE Midcap and Smallcap indices moved up 2 per cent each. Midcaps like Page Industries, Monsanto India, Rashtriya Chemical, India Securities and Jai Corp shot up 10-20 per cent.
Brent crude inched $4 to $106.4 a barrel. WTI crude went up $3 to $82.2 a barrel on the NYMEX.
At 14:02 hours IST : Sensex face marginal loss as Dow futures slip
Equity benchmarks trimmed their gains in the afternoon trade as Dow Jones Futures lost more than 135 points. Even European markets like France's CAC and Germany's DAX came off nearly 2.3 per cent from day's high. Britain's FTSE erased 1.5 per cent gains from day's high.
The 30-share BSE Sensex lost more than 150 points from day's high to trade at 17,043. The 50-share NSE Nifty was up 56 points to 5,129.
ONGC, Bharti Airtel, ITC, HUL, Cairn, GAIL, Grasim, BPCL and Ranbaxy Labs were trading down 1-2 per cent each.
At 13:32 hours IST : Sensex gains 250 pts; Maruti, DLF, Hindalco rise 4 per cent
Equity benchmarks maintained their uptrend despite profit booking at higher levels. Experts believe investors are adopting sell-on-rally strategy to guard against any eventuality.
The 30-share BSE Sensex was up 250 points to 17,106 and the 50-share NSE Nifty went up 78 points to 5,150. The broader indices continued to outperform; the BSE Midcap index was up 2.3 per cent and Smallcap up nearly 3 per cent.
In the F&O segment, Put writing is seen around 4600 strike price, which added 16 lakh shares in open interest. However, Nifty 5200 call added 3 lakh shares in open interest, which suggested some call writing. Tata Motors has seen huge long build up, adding 53000 shares in open interest; the stock was up 7 per cent.
M&M, Maruti, Hindalco, DLF and SAIL were top gainers, with rising 4-6 per cent.
European markets opened on a strong note following rally in US markets yesterday. Federal Reserve said interest rates would stay near-zero for the next two years. But they have shaved off about 1 per cent from early gains.
France's CAC, Germany's DAX and Britain's FTSE gained 0.5-1.5 per cent. However, Dow Jones futures lost 90 points.
At 12:45 hours IST : Nifty holds 5150 as European markets join global rally
Indian benchmarks continued to trade in the green as European markets joined the global rally. The DAX, CAC and FTSE were up 1-3 per cent in opening trades.
Back home, the NSE Nifty held on the 5150 level, while the Sensex was up 287.37 points or 1.70 per cent at 17145.28. Meanwhile, the BSE auto index was the top gainer, up nearly 4 per cent.
Strong buying interest was also seen in realty, IT, banks, metal, capital goods and IT stocks.
Market breadth was also healthy at 2181 shares advancing to every declining, while 950 shares remained unchanged.
Top gainers on the Sensex were Tata Motors at Rs 845 up 6.22 per cent, M&M at Rs 727.90 up 4.79 per cent, DLF at Rs 208.85 up 4.06 per cent, Maruti Suzuki at Rs 1,256 up 3.99 per cent and Hindalco at Rs 153.25 up 3.69 per cent.
Most active shares on BSE were Inventure Growth, Maruti Suzuki, Tata Steel, SBI and Tata Motors.
Fertiliser stocks were on buyer radar. Chambal Fertilisers was quoting at Rs 100.65, up Rs 7.45, or 7.99 per cent. Fertilisers and Chemicals was quoting at Rs 43.30, up Rs 4.75, or 12.32 per cent. National Fertilizers was quoting at Rs 85.15, up Rs 4.50, or 5.58 per cent.
At 12:20 hours IST : Sensex sheds marginal gains on fresh Korean tussle
Indian equity benchmarks erased some its early gains after fresh scuffle emerged between North and South Korea. The 30-share BSE Sensex lost about 90 points from day's high, however, heavy buying kept positive sentiment intact.
The benchmark gained 267 points at 17,125 and the 50-share NSE Nifty rallied 83 points to 5,156.
Heavyweights TCS, Infosys, SBI, Reliance Industries, HDFC Bank, ICICI Bank, L&T and BHEL were up 2-3 per cent. Tata Motors remained the biggest gainer, with gaining over 6 per cent.
However, ONGC, Bharti Airtel, HUL, GAIL and BPCL went down 1-1.6 per cent. ITC, Ranbaxy Labs, Tata Power, Siemens and Grasim were other losers.
At 11:42 hours IST : Sensex holds on to early gains; Tata Motors top gainer
It was green all over the screen today with bulls going full throttle across the globe. The pullback was powered by short covering. The 30-share BSE Sensex was trading at 17,154, up 296 points and the 50-share NSE Nifty jumped 93 points to 5,166.
Tata Motors was leading the largecap space, gaining 6 per cent as it had beaten quite badly on fears of slowdown in US and Europe.
Among other laregcaps, top gainers like Hindalco, M&M, DLF, Infosys and SAIL surged 3.5-5 per cent.
ONGC lost 1.5 per cent on profit booking. Earlier the stock rallied, when the markets sharply corrected in previous five sessions, on hopes that subsidy sharing burden may come down post more than 20 per cent fall in crude oil prices in last few sessions.
HUL, Bharti Airtel, Sun Pharma, BPCL and GAIL too were under pressure, with falling 0.5-1 per cent.
In the midcap space, Monsanto India jumped 13 per cent as company will consider bonus share issue on August 13.
Among other midcaps, Page Industries, India Securities, Jubilant Foodworks and Gujarat NRE Coke were up 8-9 per cent.
In the smallcap space, Midvalley Enterprises shot up 17 per cent. EIH Associated Hotel, Nitin Fire Protection, Aanjaneya Life and Zenith Infotech rallied 9-10 per cent.
At 11:00 hours IST : Nifty scores a ton; broader indices on fire
The bulls are back with a vengeance and how. The 30-share BSE Sensex surged 329 points to 17,186 and the 50-share NSE Nifty scored 103 points to 5,176.
Sectors like technology, realty, auto, bank, metal and capital goods, which got butchered in previous five sessions on poor global cues, were seeing huge buying interest. Their respective sectoral indices rallied anywhere between 2-3 per cent.
Broader indices were outperforming the benchmarks. The BSE Midcap Index went up 2.2 per cent and Smallcap gained nearly 3 per cent.
Market breadth too was strong - about 11 shares gained for every one share declined.
Asian markets like Hang Seng and Taiwan were up 3-3.5 per cent. Shanghai, Nikkei and Kospi rose 1-2 per cent.
At 10:32 hours IST: Sensex up 350 pts; ONGC, BPCL, HUL, Grasim trail
Indian equity benchmarks are celebrating the rally seen across globe. The 30-share BSE Sensex shot up 355 points to 17,213 and the 50-share NSE Nifty jumped 110 points to 5,183.
Heavyweights like TCS, Reliance Industries, Infosys, HDFC Bank, SBI, ICICI Bank, BHEL and L&T gained 2-4 per cent. Sterlite Industries, SAIL and Tata Motors rallied 3.5-5 per cent. ONGC, HUL, Grasim and BPCL were the only losers on Nifty.
SBI, Tata Steel, Inventure Growth, Reliance Industries, Mahindra Satyam, Infosys, TCS and M&M were most active shares on exchanges.
Among midcaps, Monsanto India, Jubilant Foodworks, Jai Corp, Gujarat NRE Coke and Jindal PolyFilm rallied 7-11 per cent. However, KGN Industries lost 5 per cent.
Brent crude too went up by $2.4 /bbl to $105/bbl.
At 9:56 hours IST : Sensex holds 300 pts gain; Tata Motors, Hindalco, TCS surge
The benchmark Sensex was holding the 300 points gain led by buying across sectors. Technology, banking, capital goods and metal were the prominent sectors; respective sectoral indices gained 2-3 per cent.
The Nifty was trading steady above the 5150 level; it shot up 99 points to 5,172 on support from 46 stocks. The 30-share BSE Sensex jumped 321 points to 17,178.
Tata Motors, Hindalco, Sterlite Industries, DLF, TCS and HCL Tech were top gainers among largecaps, rising between 3 per cent and 4.5 per cent. HUL, GAIL and Sun Pharma were other gainers.
At 9:18 hours IST : Sensex witnesses splendid pullback; Tech finds new takers
Indian benchmark indices witnessed a magnificent pullback on Wednesday following a splendid bounce-back in the US markets; courtesy Fed's announcement that interest rates will stay near-zero for the next two years. The euphoria was reflected in the market breadth. The advance-decline ratio stood at 7:1.
The benchmark Sensex rallied nearly 400 points in the opening trade on short covering. However, there was some profit booking at higher levels as a few investors sold-on on the rally. The 30-share Sensex jumped 293 points to 17,151 and the 50-share NSE Nifty went up 92 points to 5,165.
Most beaten sectors like metal, realty and technology saw huge buying interest. Sterlite Industries, HCL Tech, Infosys and TCS were up 3-4 per cent.
DLF was up 4 per cent and Tata Motors gained 4 per cent. Anil Dhirubhai Ambani group companies' shares like Reliance Power, Reliance Capital and Reliance Infrastructure too rallied 4-5 per cent.
In the banking space, ICICI Bank, Axis Bank and SBI were up 2-3 per cent.
However, HUL fell half a per cent.
The CNX Midcap rose 147 points to 7,657. Market breadth was in favour of advances - about 611 shares were advancing as against 54 shares declining.
Mahindra Satyam shot up 10 per cent on stellar performance in April-June quarter of 2011. PAT of the company stood at Rs 225.2 crore in Q1 as against loss of Rs 327 crore in previous quarter and EBITDA shot up to Rs 210 crore from Rs 178.3 crore quarter-on-quarter.
United Breweries and GSPL gained 2.5-3 per cent post first quarter numbers. Adani Enterprises went up 2 per cent ahead of quarterly numbers.
High beta - Suzlon Energy jumped up 4 per cent.
VIP Industries and Lovable Lingerie were up 3-4 per cent. Gujarat NRE Coke, Firstsource and Jubilant Foodworks too rallied around 5 per cent.
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