Nifty’s resistance is at 5,360
In our yesterday’s closing report we mentioned that the Nifty had resisted a breakdown and may rally. Brushing aside the weak IIP numbers for February, the market went on to hit the day’s high in noon trade. However, lingering European debt concerns saw the indices paring some gains. The Nifty managed to make a higher high, higher low and a higher close today. There may be an upmove to the level of 5,450 if the index manages to close above 5,360 in the coming sessions. The National Stock Exchange (NSE) saw a volume of volume of 67.16 crore shares.
The market witnessed a gap up opening following a firming trend in the Asian pack, which took support from the US markets that closed higher after five days of losses. The Nifty opened 20 points higher at 5,247 and the Sensex resumed trade at 17,277, up 78 points. All-round buying, led by metals, capital goods and banking sectors saw all sectoral indices trading higher in early trade.
While the opening figure on the Sensex was its intraday low, the Nifty hit that mark a short while later with the benchmark touching 5,247. The market continued to accrue gains as trade progressed on institutional buying. With industrial output for February coming in below market expectations at 4.1%, the benchmarks pared some of their gains in the mid-morning session.
However, the market brushed aside the weak IIP numbers and went on to hit its intraday high in non trade. At the highs, the Nifty touched 5,291 and the Sensex rose to 17,395.
The indices came off those highs as European shares were trading lower after borrowing costs on Italy’s three-year debt rose to 3.89% from 2.76% in an auction a month ago.
The benchmarks witnessed sideways movement in post-noon session and settled in the green. The Nifty closed 50 points higher at 5,277 and the Sensex gained 133 points to end trade at 17,333.
The advance-decline ratio on the NSE was positive at 1047:576.
The broader markets outperformed the Sensex today as the BSE Mid-cap index climbed 0.85% and the BSE Small-cap index surged 1.01%.
Eleven of the 13 sectoral indices closed in the green. The gainers were led by BSE Metal (up 2.20%); BSE Bankex (up 1.62%); BSE Fast Moving Consumer Goods (up 1.50%); BSE Auto (up 1.25%) and BSE Capital Goods (1.03%). BSE IT (down 1.15%) and BSE TECk (down 0.78%) settled lower.
The top five stocks on the Sensex were Jindal Steel (up 4.86%); Sterlite Industries (up 3.91%); Maruti Suzuki (up 3.13%); Hindalco Industries (up 3.02%) and State Bank of India (up 2.95%). The main laggards were Infosys (down 1.87%); ONGC, Wipro (down 1.27% each); DLF (down 1.09%) and TCS (down 0.88%).
The Nifty was led by Jindal Steel (up 5.17%); Reliance Communications (up 4.36%); Sterlite Industries (up 4.17%); Ranbaxy Laboratories (up 3.38%) and Hindalco Industries (up 3.31%). The major losers were Dr Reddy’s Laboratories (down 2.26%); Cairn India (down 2.24%); Wipro, Infosys (down 1.84% each) and DLF (down 1.24%).
Markets in Asia were higher as a rise in commodity prices boosted material stocks. Speculations of a cut in rates by China also added to the positivism, but concerns about Europe capped the gains.
The Shanghai Composite surged 1.82%; the Hang Seng climbed 0.93%; the Jakarta Composite rose 0.23%; the KLSE Composite gained 0.26%; Nikkei 225 advanced 0.70%; the Straits Times was up 1.08% and the Taiwan Weighted added 0.08%. Bucking the trend, The Seoul Composite fell by 0.39%. At the time of writing, two of the three key indices in Europe were in the negative while the US stock futures were trading with gains.
Back home, foreign institutional investors were net sellers of shares totalling Rs445.77 crore and domestic institutional investors withdrew Rs82.24 crore from the equities segment on Wednesday.
ABB has secured an order worth Rs 75 crore from Delhi Metro Rail Corporation to provide power solutions for the proposed Jaipur metro rail network. The turnkey project includes design, installation and commissioning of essential power infrastructure for Stage 1 of the East-West corridor of Jaipur metro rail network that would serve eight stations. ABB closed at Rs836.90 on the NSE, up 1.66%.
Dish TV, India-Asia’s largest DTH operator, is offering the Indian Premier League (IPL) action in high definition (HD) on SET Max at no cost. With the maximum number of HD channels and services available, the move is aimed gaining a bigger market share by offering IPL in HD feed free for its HD customer base. The stock fell 0.41% to close at Rs60.80 on the NSE.
Credit rating agency Moody’s has downgraded the local currency ratings of state-owned Oil and Natural Gas Corporation (ONGC) and GAIL. The agency has downgraded the local currency rating of ONGC to Baa1 from A2 and that of GAIL to Baa2 from A3. The outlook for both the ratings is stable. ONGC declined 1.17% to close at Rs261 on the NSE while GAIL rose 1.34% at Rs359.
Nifty has resisted a breakdown and may rally tomorrow
Nervousness ahead of the release of the key economic indicators and the RBI monetary policy kept the market subdued till noon. While gains in Europe perked up the indices in the second half, the news of a massive earthquake off the Indonesian coast resulted in a flat close.
The Nifty broke yesterday’s range to close in the negative. The index still carries a negative bias. If the index closes below 5,205, we may see it going down to the level of 5,165 and then further to 5,100. However, to see some gains the index must close above 5,295. The National Stock Exchange (NSE) saw a volume of 68.38 crore shares.
The market opened in the negative on global cues as Asian markets were trading lower on fresh European debt concerns. Nervousness ahead of the Reserve Bank of India’s (RBI) monetary policy, due next week, also weighed on the sentiments. The Nifty opened 35 points lower at 5,209 and the Sensex resumed trade at 17,126, down 118 points from its previous close.
The early slide saw all sectoral indices on the BSE trading lower. The market fell to its intraday low in the first half-hour itself with the Nifty touching 5,191 and the Sensex dropping to 17,076.
A gradual upmove was noticed as investors resorted to bargain hunting at lower levels. The market ventured into the green in noon trade on positive signals from the European markets. The benchmarks hit their day’s high around 2.00pm with the Nifty rising to 5,264 and the Sensex going up to 17,319.
However, as news of an 8.7 magnitude striking off the coast of Indonesia was known, the markets once again slipped into the red in the last hour. But a firm trend in the European indices ensured a flat ending. The Nifty closed 17 points down at 5,227 and the Sensex finished 44 points lower at 17,199.
The advance-decline ratio on the NSE was 659:977.
Among the broader indices, the BSE Mid-cap index declined 0.63% and the BSE Small-cap index fell by 0.27%.
BSE Healthcare (up 0.58%); BSE Bankex, BSE IT (up .019% each) and BSE Fast Moving Consumer Goods (up 0.10%) settled higher while BSE Metal (down 1.34%); BSE Capital Goods (down 1.05%); BSE Oil & Gas (down 0.86%); BSE Capital Goods (down 0.83%) and BSE Realty (down 0.77%) were the top sectoral losers.
The top Sensex gainers were Sun Pharma (up 2.08%); NTPC (up 1.79%); Infosys (up 0.92%); State Bank of India (up 0.43%) and HDFC Bank (up 0.33%). The losers were led by Jindal Steel (down 2.92%); Bharti Airtel (down 2.27%); Sterlite Industries (down 1.97%); BHEL (down 1.92%) and Tata Power (down 1.87%).
The key performers on the Nifty were Kotak Mahindra Bank (up 2.55%); Sun Pharma (up 2.01%); Infosys (up 1.86%); NTPC (up 1.85%) and Power Grid Corporation (up1.27%). The main losers on the index were ACC (down 4.31%); Ambuja Cement (down 4.05%); Reliance Infrastructure (down 3.71%); Jaiprakash Associates (down 3.30%) and Reliance Power (down 2.35%).
Markets in Asia settled lower as fresh debt concerns in Europe weighed on the sentiments. A spike in the yields of 10-year Spanish bonds, touching the highest level this year, had investors worried.
The Hang Seng declined 1.06% the Jakarta Composite lost 0.48%; the Nikkei 225 dropped 0.83%; and the Straits Times closed 1.21% lower. Bucking the trend, the Shanghai Composite rose 0.13% and the Taiwan Weighted advanced 0.21%. Markets in South Korea and Malaysia were closed for trade today. At the time of writing, the key indices in Europe were in the positive and US stock futures were in the green.
Back home, institutional investors—both foreign and domestic—were net sellers in the equities segment on Tuesday. While foreign institutional investors pulled out funds worth Rs328.67 crore, domestic institutional investors sold stocks amounting to Rs190.18 crore.
Piramal Healthcare today said it has received approval from European regulator to market its bio-orthopaedic product BST- CarGel used for cartilage repair in the European Union. The approval provides access to a $200 million-market in Europe with a potential for a larger market with greater penetration of treatment in Europe. The stock declined 1.24% to close at Rs450.30 on the NSE.
Unity Infraprojects is looking to generate up to 25% of its targeted Rs5,000-crore revenue by 2014-15 from overseas markets in a bid to ensure a better rate of return and higher margins. The stock settled 0.10% lower at Rs50.55 on the NSE.
Engineering, procurement and construction company, Tecpro Systems, has secured orders totalling Rs297 crore from Abhijeet Projects and NTPC. The APL order is worth Rs 155 crore while the NTPC order is valued at Rs 141.9 crore. The stock closed at Rs188.55 on the NSE, up 2.88% over its previous close.
Nifty has to break through the day’s range for further direction
Lack of any triggers kept the market near the previous close for a major part of the session. However, a recovery in the last hour enabled the benchmarks snap their two-day losing streak. After two consecutive days of losses the Nifty closed a tad higher today. The index has to break through the day’s range for some direction. The National Stock Exchange (NSE) saw a volume of 64.95 crore shares.
The market opened almost unchanged as the bourses in Asia were mixed in morning trade while the US markets settled lower overnight. The Nifty opened 20 points up at 5,254 and the Sensex resumed trade at 17,259, a gain of 37 points over its previous close.
The market could not sustain the gains and dipped into the red immediately after the opening bell. In the absence of any triggers and the investors awaiting fourth quarter results, the market remained range-bound but volatility saw the benchmarks fluctuating near the previous day’s close.
Buying in select stocks lifted the market to its intraday high around 10.30am. At this point the Nifty touched 5,256 and the Sensex rose to 17,275. But the gains were short-lived as the indices kept hovering in out of the red.
A lower opening of the key European markets pushed the domestic benchmarks to their lows in noon trade. At the lows, the Nifty fell to 5,212 and the Sensex went down to 17,136.
The market recovered from the day’s lows as another bout of buying pushed the indices into the green in the last hour. The benchmarks pared some of those gains but closed higher, snapping a two-day decline.
The Nifty closed nine points higher at 5,244 and the Sensex rose 22 points at 17,244.
The advance-decline ratio on the NSE was in favour of the decliners at746:925.
The broader indices underperformed the Sensex; the BSE Mid-cap index declined 0.26% and the BSE Small-cap index fell by 0.12%.
The sectoral gainers were led by BSE Fast Moving Consumer Goods (up 1.99%); BSE Auto (up 0.85%); BSE Bankex (up 0.48%); BSE Realty (up 0.18%) and BSE Consumer Durables (up 0.15%). BSE Capital Goods (down 0.95%); BSE IT (down 0.94%); BSE Metal (down 0.90%); BSE TECk (down 0.72%) and BSE Oil & Gas (down 0.63%) were the sectoral losers.
Tata Power (up 3.83%); Tata Motors (up 2.85%); Hindustan Unilever (up 2.63%); State Bank of India (up 2.37%) and ITC (up 2.19%) led the Sensex higher. On the other hand, BHEL (down 2.89%); GAIL India (down 1.82%); Infosys (down 1.63%); ONGC and Sterlite Industries (down 1.42% each) settled lower on the index.
The top gainers on the Nifty were Tata Power (up 4.39%); Reliance Communications (up 3.25%); Tata Motors (up 2.90%); Hindustan Unilever (up 2.84%) and SBI (up 2.43%. The key losers on the index were Ambuja Cement (down 2.54%); Ranbaxy Laboratories (down 2.41%); BHEL (down 2.39%); BPCL (down 2.28%) and GAIL (down 2.16%).
Markets in Asia settled mixed. While China reported a trade surplus for March, the Bank of Japan on Tuesday decided to keep its monetary policy unchanged, with investors awaiting the next BoJ meeting, scheduled for 27th April.
The Shanghai Composite gained 0.88%; the KLSE Composite rose 0.37%; the Straits Times climbed 0.75% and the Taiwan Weighted advanced 0.52%. On the other hand, the Hang Seng tanked 1.15%; the Jakarta Composite shed 0.10%; the Nikkei 225 fell 0.09% and the Seoul Composite slipped by 0.13%. At the time of writing, the key European indices were trading with losses of around 1% and the US stock futures were in the green.
Back home, institutional investors—both foreign and domestic—were net sellers in the equities segment on Monday. While foreign institutional investors offloaded stocks totalling Rs269.43 crore, domestic institutional investors pulled out funds worth Rs105.82 crore.
Pharma major Venus Remedies today said it has received approval from the Australian Patent Office (APO) for its product Vancoplus, used for treating bacterial infections. The company has already received patent approvals for the product from countries such as the US, Japan, South Africa, New Zealand and Ukraine and is expecting approvals from Canada, Europe, Brazil, Mexico and India. The stock jumped 3.37% to close at Rs168.50 on the NSE.
Cairn India has received crucial nods for raising output from its largest fields in the Rajasthan block by 25,000 barrels per day (bpd). The company’s plan to raise output from Mangala by 25,000 bpd to 150,000 bpd has got endorsements from partner Oil and Natural Gas Corporation (ONGC) and third party independent valuers—Knowledge Reservoir and Technip. Cain India closed at Rs345.85, up 1.41 over its previous close.
TTK Prestige today signed a business collaboration arrangement with Switzerland-based Vestergaard Frandsen. This agreement envisages introduction of household water purification devices in India with the support of LifeStraw technology provided by the overseas partner. The products will carry the brands of both the partners and will be manufactured/assembled, marketed and distributed through the company. The stock closed 0.78% lower at Rs3,189.90 on the NSE.