Markets bounce back, end 5-day losing streak

Mumbai: The markets have bounced back in early trade and broke five-day losing streak.

Metal, banking, capital goods, oil, power and technology stocks are witnessing buying interest.

The Nifty has tested 2700 level while the Sensex is trading above 9000 mark.

At 10:09 am, the Sensex gained 196 points at 9,133 and the Nifty rose 52 points to 2,736. CNX Midcap went up 0.37 per cent to 3,439.

SAIL, Tata Steel, Cipla, Idea Cellular, Suzlon Energy, BHEL, L&T, SBI, Reliance Industries, Reliance Infrastructure, Hindalco, DLF, HDFC Bank, ICICI Bank and Infosys are gainers.

Metal stocks are in focus today, as government announced 5 per cent import duty on steel, iron. Tata Steel, SAIL and Sterlite Industries are among the gainers.

Asian markets are trading mixed. Shanghai rose 2.26 per cent and Hang Seng gained 0.21 per cent. However, Nikkei, Taiwan, Kospi and Jakarta fell 1.2-2.5 per cent. Straits Times lost 0.9 per cent.

Crude December Futures settled below USD 55 to a barrel on the NYMEX on Tuesday.

Currently, it is trading at 22 months lows, at about USD 54.98/bbl. Inventory data from the US may show increase in stockpiles for Eighth week.

Organization of the Petroleum Exporting Countries (OPEC) is going to co-ordinate with non-OPEC countries for cut in output.

US stocks pulled off a final-hour rally, boosted by a better-than-expected forecast from Hewlett-Packard after a volatile session.

The Dow gained 151.17 points, or 1.83 per cent, to 8,424.75. The S&P 500 index advanced 8.37 points, or 0.98 per cent, to 859.12 and the Nasdaq composite index was up 1.22 points, or 0.08 per cent, to 1,483.27.

Market cues:

Reliance Industries may raise Rs 5,000 crore from LIC via 11.5 per cent NCDs: NW18

FIIs net sell USD 156.7 million in equity

MFs net sell Rs 390.9 crore in equity

NSE F&O Open Interest down by Rs 1,017 crore at Rs 49,217 crore

F&O cues:

Futures Open Interest down by Rs 1,152 crore, Options Open Interest up by Rs 135 crore

Nifty November Futures shed 7 lakh, December Futures add 6 lakh shares in Open Interest

Nifty November at 3-point discount, December at 10-point discount

Nifty Open Interest Put-Call ratio at 0.94 versus 1.02

Nifty Puts shed 16 lakh, Calls add 15 lakh shares in Open Interest

Nifty Nov 2900 Put sheds 5.2 lakh shares in Open Interest

Nifty Nov 2700 Put sheds 5 lakh shares in Open Interest

Nifty Nov 2800 Call adds 6.3 lakh shares in Open Interest

Nifty Nov 2700 Call adds 4.3 lakh shares in Open Interest

Stock Futures shed 1.1 crore shares in Open Interest