Jun 08, 2012 06:49 PM IST | Source: Moneycontrol.com

Sensex closes 70 pts up; weekly gains at 5%

The BSE Sensex and NSE Nifty rebounded quite smartly in late trade on Friday that helped them to close higher in all sessions of the week. The market saw highest ever weekly absolute gains in the calendar year 2012, with the Nifty rising 4.7% and the Sensex 5%.

Sensex closes 70 pts up; weekly gains at 5%

The BSE Sensex and NSE Nifty rebounded quite smartly in late trade on Friday that helped them to close higher in all sessions of the week. The market saw highest ever weekly absolute gains in 2012, with the Nifty rising 4.7% and the Sensex 5%.

Looking at the sharp recovery, it seems that the market is closely watching big events that will happen next week: Industrial output data for April on June 12, inflation for May on June 14 while globally the Greece election on June 17.

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Today, the BSE benchmark recovered 234 points from intraday low of 16,485.02, before closed up 69.82 points at 16,718.87. Meanwhile, the NSE benchmark rebounded from intraday low of 4,994.80, which ended up 18.70 points at 5,068.35.

Recovery in European markets and Indian rupee, and short covering helped the market to bounce back today.

At 15:45 hours IST, the rupee fell 50 paise to 55.44 as against the US dollar, which recovered 25 paise from day's low of 55.69 a dollar.

RBI policy will be announced on June 18. The rally in the week gone by was on hopes that the RBI may consider 50 basis points cut in repo rate instead of 25 bps to revive slowing economic growth.

The BSE Bankex jumped 8% this week while today 0.5%. Country's largest lender State Bank of India rose 0.56% while private sector lender HDFC Bank went up 0.2%. Kotak Mahindra Bank and PNB gained 1.5-2% whereas ICICI Bank closed flat.

Index heavyweight Reliance Industries was up 1.2%. Private steel company Sterlite Industries topped the buying list for second consecutive session today, rising 3.5%.

FMCG majors ITC and HUL rallied over 1.3%. Engineering and construction major by sales Larsen & Toubro surged 2.5% while state-owned capital goods company BHEL rose 1.6%.

State-owned gas transportation services provider GAIL jumped over 3%. Top telecom operator Bharti Airtel and country's largest commercial vehicle maker Tata Motors moved up 1% each.

Reliance Infrastructure was among the top five most active stocks, rising 4%.

However, software services exporters Infosys and TCS were down 1.4% and 0.75%, respectively. PSU oil & gas producer ONGC was down 1.4%.

In the second line shares, JM Financial shot up 13%. Sun TV and AP Paper Mills rose 9% each. Tata Coffee, HDIL, IVRCL and Jet Airways rallied 6% each. Rallis India was up 5% and NCC gained 3.5%.

However, India Cements fell nearly 5% as the company received CBI notice w.r.t. water allocation at 2 plants in Andhra Pradesh.

The broader markets closed marginally higher while the market breadth was neutral.

On the global front, France's CAC, Germany's DAX and Britain's FTSE trimmed losses, falling 0.5% each after weak economic data.

Italy's industrial output for April declined 1.9% month-on-month and 9.2% year-on-year, which was higher than expectations of (down) 0.5% MoM and 6.4% YoY.

Greece's industrial output for April went down 2.2% YoY.

Asian markets too closed 0.5-1% lower, but Nikkei tanked over 2% due to fall in current account surplus.

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At 14:49 hours IST: Sensex, Nifty rebound; banks, FMCG, cap goods lead

The BSE Sensex and NSE Nifty recouped all losses in late trade led by upmove in banks, capital goods, FMCG and power stocks. European markets too trimmed losses; France's CAC, Germany's DAX and Britain's FTSE were up 0.5% each.

The BSE benchmark rose 78.64 points to 16,727.69 and the NSE benchmark gained 22.40 points at 5,072.05.

Index heavyweight Reliance Industries went up 1.3%. Engineering and construction major by sales Larsen & Toubro shot up 2.5% and state-owned capital goods company BHEL was up 1.8%.

FMCG majors ITC and HUL moved up over 1%. Shares of private steel company Sterlite Industries surged nearly 4% and state-owned gas transportation services provider GAIL rose 3.3%.

Country's largest lender State Bank of India rebounded with 0.75% gains while its rival HDFC Bank was up 0.5%.

At 14:49 hours IST: Nifty, Sensex pare losses; Reliance, L&T, HUL gain 1% each

The 50-share NSE Nifty and 30-share BSE Sensex pared losses in afternoon trade led by support from index heavyweight Reliance Industries and Larsen & Toubro.

The BSE benchmark fell 46.33 points to 16,602.72 and the NSE benchmark was up 17 points to 5,032.75. However, the Indian rupee dropped 69 paise to 55.63 as against the US dollar.

India's most valued stock Reliance Industries moved up 1.1% and engineering and construction major by sales Larsen & Toubro was up 1.35%.

FMCG major HUL and state-owned gas transportation services provider GAIL too gained over 1%.

Private steel company Sterlite Industries was the biggest gainer for the second consecutive session, rising 3.5%. Yesterday it had gained 4%.

Top telecom operator Bharti Airtel and state-owned capital goods company BHEL were up 0.4% and 0.7%, respectively.

Country's largest lender State Bank of India turned flat.

However, shares of Infosys and Maruti tanked 2% each. State-owned oil & gas producer ONGC was down 1.69%.

TCS, HDFC Bank, ICICI Bank, HDFC and Tata Steel dropped 0.3-0.8%.

In the second line shares, Sun TV and AP Paper shot up 9% each. Tata Coffee and Indiabulls Financial gained 6% each.

IVRCL rose 4% today and shot up 22% in the week. Jet Airways and NCC were up 3% each.

On the global front, France's CAC, Germany's DAX and Britain's FTSE stayed 1-1.5% lower. The Dow Jones futures fell 81 paise after waning hopes of QE3.

At 14:49 hours IST: Sensex, Nifty extend losses; Rupee sheds 60 paise

The BSE Sensex and NSE Nifty extended losses following further fall in rupee and European markets. France's CAC, Germany's DAX and Britain's FTSE were down 1.2-1.7% after disappointing data from Italy.

The BSE benchmark fell 140.43 points to 16508.62 and the NSE benchmark was down 45.10 points to 5,004.55. The Indian rupee tanked 61 paise to 55.55 as against the US dollar.

Italy's industrial output for April declined 1.9% month-on-month and 9.2% year-on-year, which was higher than expectations of (down) 0.5% MoM and 6.4% YoY.

Reuters reported that Spain is expected to make aid request from banks this weekend. IBEX Index (Spain) was down 1.35% and Athex Composite (Greece) went down 2%.

Back home, country's largest lender State Bank of India and private sector lender HDFC Bank fell 1% each while rival ICICI Bank slipped nearly 2%.

State-owned oil & gas producer ONGC tumbled nearly 3% whereas Reliance Industries stayed flat.

Infosys, India's No. 2 software services exporter dropped over 2% while its rival TCS was down 0.9%. Cigarette major ITC went down 0.4%.

Among auto stocks, Tata Motors, M&M and Bajaj Auto were down 1-1.5%. Top car maker Maruti crashed 2.5%.

However, FMCG major HUL rose over 1% and steel manufacturer Sterlite Industries surged 2.5%.

GAIL gained 1%. Shares of BHEL, Larsen & Toubro and Bharti Airtel were marginally higher.

At 12:41 hours IST: Sensex loses 100 pts; European mkts open lower

The BSE Sensex and NSE Nifty stayed lower since early trade due to weak global cues and somewhat profit booking after rising more than 4% in previous four sessions.

The BSE benchmark fell 108 points to 16,541 and the NSE benchmark was down 36 points to 5,014. The Indian rupee dropped 48 paise to 55.42 as against the US dollar in afternoon trade.

European markets like France's CAC, Germany's DAX and Britain's FTSE opened 0.7-1% lower. Among Asian markets, Japan's Nikkei lost 2% due to fall in current account surplus while others declined 0.7-1%.

In the international market, commodities were under pressure. Brent crude tanked 1.5% and NYMEX crude was down 2.5%.

Back home, software services exporter Infosys and state-owned oil & gas producer ONGC tumbled 2% each.

Country's largest lenders State Bank of India and ICICI Bank were down 1% and 1.8%, respectively. Shares of TCS, ITC, HDFC and Wipro slipped 0.5-1%.

However, Sterlite Industries toppped the buying list for the second consecutive session, rising 2.8%. Shares of HUL, L&T and GAIL gained 0.5-1%.

Most active shares on the BSE were Reliance Capital (up 0.4%) with 10,64,371 shares and Reliance Infrastructure (up 3.6%) with 6,56,393 shares.

In the second line shares, Motilal Oswal, Himadri Chemical, Tata Coffee, MindTree and Shoppers Stop were up 3-7% whereas Rajesh Exports, India Cements, BEML, ING Vysya Bank and StanChart IDR lost 3-4.5%.

Declining shares outnumbered advancing by 1249 to 1096 on the BSE.

At 11:43 hours IST: Sensex slips over 70 pts; Asian markets down too

Indian equity benchmarks continued to trade marginally lower due to profit booking. Asian markets too were down, which may be because of no explicit signal of quantitative easing three (QE3) from Federal Reserve chairman Ben Bernanke.

The 30-share BSE Sensex declined 73.93 points to 16575.12 and the 50-share NSE Nifty went down 25 points to 5,024.65.

Country's second largest software services exporter Infosys crashed 2.2% while its rival TCS fell over 1%.

Top lenders State Bank of India and ICICI Bank were down 1-1.5% whereas their rival HDFC Bank was up 0.2%.

State-owned oil & gas producer ONGC tanked 1.65%. Index heavyweight Reliance Industries was flat.

Auto stocks stayed under pressure. Shares of Tata Motors, M&M, Bajaj Auto and Maruti Suzuki were down 1% each.

However, FMCG major HUL jumped 1.5% and top telecom operator Bharti Airtel rose 0.6%.

Sterlite Industries, which was the top gainer yesterday, gained more than 2% today. Capital goods majors L&T and BHEL were up over 0.5%.

The Indian rupee declined 42 paise to 55.32 as against the US dollar.

Globally Spain (world's 12th largest economy) currently remains a big worry in the eurozone, say experts. Yesterday Fitch downgraded Spain by 3 notches to BBB from A, which is negative outlook.

Robert Parker, Credit Suisse AMC is worried that Spain is a much more serious situation than Greece. "The problem in Spain is that there are macro economic problems with the contraction of the economy which could easily reverse by up to 1.82% this year," he said.

Hang Seng, Straits Times, Kospi and Taiwan Weighted lost 0.6-1.1%. Japan's Nikkei tumbled 2% on decline in current account surplus.

At 10:26 hours IST: Volatile Sensex trades lower; Rupee declines 32 paise

The 30-share BSE Sensex and 50-share NSE Nifty dropped around 0.5% each on Friday due to fall in oil & gas, auto, power and technology stocks. Country's largest lenders State Bank of India and ICICI Bank too were down 1% each on profit booking.

The BSE benchmark declined 76.46 points to 16,572.59 and the NSE benchmark slipped 25.50 points to 5,024.15. Even the Indian rupee depreciated 32 paise to 55.26 as against the US dollar.

India's largest software services exporters TCS and Infosys were down 1% and 1.5%, respectively whereas Wipro gained 0.4%.

Rate sensitives too were down on profit booking after seeing a rally on rate cut hopes. Among auto stocks, Bajaj Auto, M&M, Maruti Suzuki, Tata Motors and Hero Motocorp moved down 0.5-1%.

Oil & gas majors Reliance Industries and ONGC went down 0.6% and 1.5%, respectively.

However, engineering and construction major by sales Larsen & Toubro gained 1.3% and FMCG major HUL was up 1.4%.

The broader markets were flat and the market breadth was neutral too.

In the second line shares, Himadri Chemical, Tata Coffee, Motilal Oswal, HT Media and Hindustan National Glass were up 3-4% whereas Rajesh Exports, India Cements, BEML, ING Vysya Bank and KSK Energy Ventures declined 2.5-4.5%.

Major commodities too were under pressure. Gold and copper lost 1% each. NYMEX crude oil went down 1.8% and Brent crude was down 0.4%.

At 9:20 hours IST: Sensex, Nifty fall on profit booking; RIL, SBI down

The BSE Sensex and NSE Nifty opened marginally weak on Friday due to profit booking after rising more than 4% in previous four consecutive sessions.

The BSE benchmark declined 69.12 points to 16,579.93 and the NSE benchmark fell 26.45 points to 5,023.20.

Sudarshan Sukhani of s2analytics.com said the market would pause after the 250-point move on the Nifty.

"After a sustained rally that took us 250-point up, the market will pause. It will take some rest, consolidate and probably go through a minor correction," he said.

Asian markets too were under pressure today. Hang Seng, Straits Times, Kospi and Taiwan Weighted lost 0.4-0.9%. Nikkei tanked over 1.5% due to fall in current account surplus.

Back home, Reliance Industries, L&T, Infosys, ITC, ONGC, Sesa Goa, Reliance Infrastructure, JP Associates, BHEL, SBI, Tata Motors, Maruti, Bank of Baroda, Axis Bank and Bharti were under pressure.

Cairn India lost 2% as crude prices declined 2% in international market.

However, HDFC Bank, HUL, HDFC, GAIL and Wipro outperformed.

The CNX Midcap Index slipped 38 points to 6,967. About two shares declined for every share rising on the National Stock Exchange.

In the second line shares, India Cements tanked 3% after CBI summoned its MD in Jagan Mohan Reddy's disproportionate assets case.

GMR Infra, SREI Infrastructure, Pantaloon Retail, Jet Airways, Kingfisher, BEML, Chambal Fertiliser and Adani Power were down 2-3%. SpiceJet slipped 0.8%.

However, Deccan Chronicle, Jain Irrigation, Bajaj Hindusthan and Shree Renuka Sugars were up 1-3%.

SJVN, Hexaware Tech and Rallis India gained 1% each.

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