Apr 03, 2012 02:47 PM IST | Source: Moneycontrol.com

Sensex extends rally; BHEL up 3% post Q4 numbers

The BSE Sensex continued to trade higher and NSE Nifty consistently retained the 5350 level quite nicely. Index heavyweights Reliance Industries, State Bank of India, ICICI Bank and Larsen & Toubro were the major contributors in today's rally, which surged more than 2%.

Sensex extends rally; BHEL up 3% post Q4 numbers

The BSE Sensex continued to trade higher and NSE Nifty consistently retained the 5350 level quite nicely. Index heavyweights Reliance Industries, State Bank of India, ICICI Bank and Larsen & Toubro were the major contributors in today's rally, which surged more than 2%.

State-owned engineering company Bharat Heavy Electricals shot up 3% post better than expected provisional numbers for fourth quarter and financial year 2011-12. The company reported a growth of 14% year-on-year in FY12 turnover of Rs 49,301 crore and profit after tax grew by 14% to Rs 6,868 crore (CNBC-TV18 had expected at Rs 6,493 crore). Its profit after tax in Q4 spiked 15% YoY to Rs 3,208 crore.

The BSE Sensex moved up 170 points or 1% to 17,648 and the NSE Nifty rose 55 points to 5,373.

Metals stocks extended rally in afternoon trade - Sterlite Industries and Hindalco jumped 3-3.5%. Jaiprakash Associates and Cairn India shot up 4.5% each.

However, shares of TCS, Hero Motocorp and Maruti were down 1-1.8%. HUL, Sun Pharma and M&M fell 0.3-0.8%.

The Indian rupee gained 0.6% to a ten-day high of 50.56 a dollar on strong risk on sentiment across Asian markets and currencies. Three-day holiday has also led to bunched up flows.

Government bond prices tumbled and yields jumped as the government prepares to inaugurate the borrowing season with the largest ever borrowing in a single week at Rs 18,000 crore. Yield on the 12-year bond, Rs 8000 crore of which will hit the market, has jumped to a 4-month high of 8.76%; the 10-year yield is at 8.67%.

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At 12:15 hours IST: Sensex, Nifty up 0.8%; Cairn, JP Associates top buy list

The Sensex and Nifty retained its early trade gains, rising 0.8% each led majorly by oil & gas, banks and metals stocks. The broader markets remained outperformers since yesterday; the BSE Midcap and Smallcap indices rose 1% each.

Shares of private oil & gas producer Cairn India topped the buying list today, rising over 4% while rival Reliance Industries shot up 2.5%. State-owned ONGC and Oil India gained 1% each.

The BSE benchmark was up 141 points at 17,619.59 and the NSE benchmark gained 43 points at 5,361.45.

High beta stock Jaiprakash Associates jumped 3.5%. ICICI Bank and State Bank of India, country's largest lenders rallied 2% each.

Metal stocks like Hindalco and Sterlite Industries were among top five gainers, shooting up 2-3%.

However, Hero Motocorp, Dr Reddy's Labs and TCS topped the selling list, falling 1% each. Shares of Sun Pharma, Maruti and HUL were down 0.5-0.8%.

Nearly three shares gained for every share falling on the National Stock Exchange.

In the second line shares, VST, Manappuram Finance, Pantaloon Retail, Muthoot Finance and 3M India surged 6-10%.

Smallcaps like Gammon India, ARSS Infra, DQ Entertainment, A2Z Maintenance and Minda Industries surged 9-14%.

At 11:07 hours IST: Sensex rises 150 pts; banks, oil & gas extend rally

The Sensex and the Nifty rose, led by lenders, on growing expectations for a rate cut from the RBI during its mid-April meeting, while rising global equities are raising confidence of foreign investors.

Foreign investors bought a net of Rs 2.5 billion in Indian equities on Monday, the first session of the quarter, according to provisional National Stock Exchange data.

State Bank of India rose 1.7%, while private sector lender ICICI Bank gained 2%. Banks account for nearly one-fourth of the weighting in Indian indexes. HDFC Bank rose 1.35%.

The main 30-share BSE index gained 150.34 points at 17,628.49 and the 50-share Nifty index rose 47.35 points to 5,365.25, heading for their third consecutive winning session.

Looking ahead to the rest of the session, traders are particularly eyeing a Supreme Court ruling regarding petitions to review its February order revoking the 2G telecom licenses granted in a scandal-tainted 2008 sale.

"Markets opened up in-line on global positive news. Going ahead, markets will take cues from the Supreme Court verdict in the 2G case," said Jigar Lodaya, assistant vice president of the advisory unit at brokerage Sharekhan.

Reliance Industries, India's most valued stock rallied 2% while state-owned ONGC was up 1%. Cairn India shot up 4%.

Engineering and construction major Larsen & Toubro moved up 1.6%.

Metals and mining stocks like Tata Steel, Sterlite, Hindalco and Coal India climbed 1-2.5%.

However, Tata Consultancy Services, Hero Motocorp and Maruti fell 0.7%.

About three shares gained for every share declining on the National Stock Exchange.

The Indian rupee appreciated by 31 paise to 50.55 a dollar.

(With inputs from Reuters)

At 10:17 hours IST: Sensex stays up over 100 pts; ICICI, SBI, RIL, L&T lead

The BSE Sensex stayed higher with 100 points gains due to consistent buying in index heavyweights ICICI Bank, State Bank of India, L&T and Reliance Industries. However, Tata Consultancy Services, Hero MotoCorp, Maruti, M&M and Sun Pharma were only losers, falling 0.3-0.65%.

The BSE benchmark was up 122 points or 0.7% to 17,600.17 led by 25 components. Meanwhile, the NSE benchmark gained 38 points at 5,355.85, but the broader markets outperformed benchmarks, rising 1%.

Sanjay Dutt, director of Quantum Securities sees the Nifty rising beyond 5,600 in the next few months.

Dutt says, the market is not correcting despite negative newsflow.  He says, it is set to defy sceptics and inch higher.

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