The rally that started on Monday morning may last for another two days. The Nifty may stall at around 5,850
The rally that started on Monday morning may last for another two days. The Nifty may stall at around 5,850. The National Stock Exchange (NSE) recorded a volume of 72.52 crore shares and advance-decline ratio of 1045:474.
The market opened in the green on hopes of a recovery in the global economy. US markets had closed higher on Tuesday as the Institute for Supply Management's services index registered 56 from 55.2 in the previous month. Markets in Asia were in the positive in morning trade today tracking overnight gain in the US markets.
The Nifty opened 32 points higher at 5,816 and the Sensex started off at 19,254, a gain of 111 points over its previous close. A minor bout of profit taking in early trade saw the indices touching their intraday lows (albeit in the positive) around 9.45am. The Nifty fell to 5,795 and the Sensex went down to 19,195 at their respective lows.
Buying activity helped the market bounce back from their lows in subsequent trade. a firm opening of the key European indices kept the momentum intact in the second half of the trading session.
Sustained buying led the benchmarks to their highs around 1.45pm. At this point, the Nifty touched 5,829 and the Sensex climbed to 19,293.
The market pared a small part of its gains on profit booking but settled in the green for the second day in a row. The Nifty advanced 34 points (0.59%) at 5,819 and the Sensex closed at 19,253, climbing 109 points (0.57%) over its previous close.
The broader indices outperformed the Sensex today, as the BSE Mid-cap index climbed 1.14% and the BSE Small-cap index climbed 1.50%.
Except for BSE FMCG (down 1.05%) and BSE Consumer Durables (down 0.44%) which ended in the negative, all the other sectoral indices closed in the positive. The top gainers were BSE Realty (up 4.52%); BSE Capital Goods (up 2.47%); BSE Metal (up 2.20%); BSE IT (up 1.32%) and BSE TECk (up 1.04%).
Eighteen of the 30 stocks on the Sensex closed in the positive. The main gainers were Sterlite Industries (up 4.60%); Hindalco Industries (up 3.25%); Tata Motors (up 2.88%); Larsen & Toubro (up 2.86%) and Tata Steel (up 2.59%). Among the losers were Mahindra & Mahindra (down 2.16%); Hindustan Unilever (down 1.98%); ITC (down 1.57%); Maruti Suzuki (down 1.21%) and GAIL (down 0.83%).
The top two A Group gainers on the BSE were—HDIL (up 12.23%) and Mahindra & Mahindra Finance (up 7.04%).
The top two A Group losers on the BSE were—AstraZeneca Pharma India (down 7.27%) and MMTC (down 6.12%).
The top two B Group gainers on the BSE were—La Opala RG (up 20%) and Zuari Global (up 19.99%).
The top two B Group losers on the BSE were—GSL Nova (down 12.93%) and Virinchi Tech (down 11.41%).
Of the 50 stocks on the Nifty, 30 ended in the green. The key gainers were Jaiprakash Associates (up 5.67%); IDFC (up 4.75%); DLF (up 3.92%); Siemens (up 3.45%) and Sesa Goa (up 3.41%). The main losers were Hindustan Unilever (down 2.10%); M&M (down 1.96%); ITC (down 1.71%); BPCL (down 1.12%) and Power Grid (down 1.01%).
The Asian pack closed in the positive on firm economic data from the US and hopes that governments across the world would continue growth boosting measures.
The Shanghai Composite gained 0.90%; the Hang Seng climbed 0.96%; the Jakarta Composite surged 1.58%; the KLSE Composite advanced 0.57%; the Nikkei 225 jumped 2.13%; the Straits Times surged 1.09%; the Seoul Composite rose 0.20% and the Taiwan Weighted settled 0.22% higher.
At the time of writing, the European markets were trading with gains between 0.14% and 1.03%. At the same time, the US stock futures were in the positive, indicating a firm opening for the US markets.
Back home, foreign institutional investors were net buyers of equities totalling Rs220.80 crore on Tuesday. On the other hand, domestic institutional investors were net sellers of shares amounting to Rs244.80 crore.
The board of directors of Mukta Arts at its meeting has decided to obtain approval from shareholders to form a company as a subsidiary of Mukta Arts which will carry on the business of exhibition and programming which is presently being conducted by the company itself and forming substantial part of the company revenue. The stock rose 0.50% to close at Rs30.30 on the NSE.
Micro Technologies announced that it has received attractive orders from renowned educational institutions to provide security to their campuses in the commercial capital. These security solutions will enable to provide security cover to students and faculties of some of the top 50 educational institutions and business schools. Besides providing safety and security for the students and assets of the educational institutions, they also deter miscreants in the campus and thereby ensuring safer educational environment and eliminating problems for their administrators. The stock rose 7.57% to close at Rs43.80 on the NSE.
Pharmaceutical major Elder Pharmaceuticals has entered into a joint venture agreement with Japan-based Kose Corporation to manufacture and sell cosmetics in the domestic market. The JV will have 60% holding by the Japanese partner while the Elder will hold remaining 40%. The stock gained 1.44% to close at Rs317 on the NSE.