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Sensex, Nifty may trend higher: Tuesday Closing Report

Positive indications from policymakers boost the indices


The market closed higher for the second day on assurances from the new finance minister to look at easing interest rates and review the retrospective tax provisions. Today the Nifty saw a sharp bounce enabling the benchmark hit the highest intraday high since 3 April 2012. The benchmark closed almost at the same level. The trend is up and the market may still witness some days of gains. The (National Stock Exchange) NSE saw a volume of 54.35 crore shares.


The market opened marginally higher, even though most of its Asian peers were higher in morning trade on the back of a positive close in Europe and the US overnight on assurance from Germany to support the European Central Bank’s bond purchase plan. The Nifty opened 12 points up at 5,295 and the Sensex added 43 points to its previous close to start the day at 17,456.


The benchmarks slipped to the day’s low in initial trade itself with the Nifty at 5,282 and the Sensex going back to 17,418. However, brushing aside early hiccups, buying interest soon pushed the indices to a higher trajectory. The gains were supported by banking, IT, capital goods and healthcare stocks.


In his first media briefing after taking charge of the finance ministry, P Chidambaram said fiscal and monetary policies must point to the same direction to moderate inflation. “The government will work with the Reserve Bank of India to ensure that inflation is moderated in the medium term.” He also promised to review of tax rules with retrospective provisions and said that he would take corrective measures wherever necessary.


Optimism from the finance minister and the key European markets trading in the green pushed the market higher in noon trade. The market hit its intraday high around 2.40pm with the Nifty touching 5,350 and the Sensex climbing to 17,642.


Profit taking at the highs saw the benchmarks paring some of their gains, but ensured a green close for the second day in a row. The Nifty gained 54 points (1.03%) at 5,337 and the Sensex surged 189 points (1.08%) to settle at 17,602.


The advance-decline ratio on the NSE was higher at 937:733.


The broader markets underperformed the Sensex today. The BSE Mid-cap index gained 0.35% and the BSE Small-cap index rose 0.36%.


The top sectoral gainers were BSE IT (up 1.95%); BSE Auto (up 1.70%); BSE TECk (up 1.58%); BSE Realty (up 1.53%) and BSE Bankex (up 1.20%). BSE Healthcare (down 0.09%) and BSE Consumer Durables (down 0.04%) were the only losers in the sectoral space today.


Tata Motors (up 4.42%); GAIL India (up 3.21%); TCS (up 2.86%); Bajaj Auto (up 2.16%) and ICICI Bank (up 2.16%) were the top gainers on the Sensex. The losers were led by Hero MotoCorp (down 1.37%); Bharti Airtel (down 0.79%); Sun Pharma (down 0.28%); Reliance Industries (down 0.20%) and Dr Reddy’s Laboratories (down 0.01%)


The top two A Group gainers on the BSE were—TTK Prestige (up 4.99%) and Bajaj Finserv (up 4.53%).

The top two A Group losers on the BSE were—IRB Infrastructure Developers (down 6.99%) and Strides Arcolab (down3.90%).


The top two B Group gainers on the BSE were—Money Matters Financial Services (up 19.98%) and Vertex Spinning (up 19.57%).

The top two B Group losers on the BSE were—Standard Chartered PLC (down 19.97%) and Hazoor Multiprojects (down 14.91%).


The top stocks on the Nifty were Tata Motors (up 4.15%); IDFC (up 3.59%); DLF (up 3.57%); Ambuja Cement (up 3.49%) and GAIL (up 2.86%). The main losers were Cairn India (down 1.42%); Hero MotoCorp (down 1.33%); Power Grid Corporation (down 1.20%); BPCL (down 1.06%) and Ranbaxy Laboratories (down 0.89%).


Markets across Asia closed mostly in the green on renewed hopes from European policymakers to find a solution to the continent’s lingering debt problems.


The Shanghai Composite rose 0.13%; the Hang Seng gained 0.37%; the Nikkei 225 climbed 0.88%; the Seoul Composite added 0.05% and the Taiwan Weighted was up 0.13%. On the other hand, the Jakarta Composite fell 0.49%; the KLSE Composite declined 0.51% and the Straits Times settled 0.13% lower.


At the time of writing, CAC 40 of France was up 0.46%, DAX of Germany was trading 0.33% higher while UK’s FTSE 100 was down 0.16% and the US stock futures were trading with gains.


Back home, foreign institutional investors were net buyers of equities amounting to Rs555.73  crore on Monday whereas domestic institutional investors were net sellers of shares aggregating Rs4.23 crore.


Net debt of realty major DLF has come down marginally by Rs45 crore in the first quarter of this fiscal to Rs22,680 crore though it is likely to decline significantly as the company expects to finalise divestment of three major non-core assets soon.

DLF said its net debt stood at Rs22,680 crore as on 30th June against Rs22,725 crore at the end of last fiscal. The stock closed at Rs218.80 on the NSE, up 3.57% over its previous close.


Direct to Home (DTH) service provider Dish TV launched a standard definition box with recording facility branded Dish+ on Tuesday. Priced at Rs1,690, it comes with a free 4GB pen drive as part of the inaugural offer. The company said post the video cassette recorders era, consumers do not have a recording device, and it hopes to fill this gap with its SD recorder. The stock gained 2.59% to close at Rs73.20 on the NSE.


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