Sep 16, 2013, 03.41 PM | Source:

BSE Sensex recovers; ICICI Bank, HDFC Bank rally 3%

August WPI inflation came in higher at 6.10 percent as against 5.79 percent in previous month, led by rising food and fuel prices. June inflation revised higher to 5.16 percent from 4.86 percent reported earlier. Now all eyes are on RBI monetary policy that is scheduled for September 20.

Moneycontrol Bureau
Live Market Commentary

02:40pm Market Update

The market recouped its losses with the Sensex gaining more than 100 points, supported by private financials and telecom stocks.

The Sensex is up 102.32 points at 19835.08, and the Nifty is up 20.95 points at 5871.55.

Top private sector lenders ICICI Bank and HDFC Bank surged more than 3 percent while heavyweights ITC, HDFC and L&T gained more than 1 percent.

Telecom operators Bharti Airtel and Idea Cellular advanced 2 percent. Among auto stocks, Maruti, M&M and Hero MotoCorp rallied 1.5-3 percent whereas Infosys, TCS, Cipla and Coal India declined 1-2 percent.

Globally, European markets extended gains after a flat initial trade. France's CAC and Germany's DAX gained 1 percent while Britain's FTSE rose 0.9 percent.

Also Read - Asian strategists turn cautious on India post recent run up

02:20pm Buzzers

HCL Infosystems gained 12% on a media report that the sales teams of HCL Technologies and HCL Infosystems are working together and jointly pitching for new technology service contracts in India & west Asia. HCL Infosystems confirmed that the companies are collaborating, but it denied markt buzz of a possible merger.

Cadila Healthcare shares gained more than 1 percent as it launched cholesterol drug Lipaglyn in Indian market.

Also Read - Buy cos with 1-yr earnings visibility; bet on TCS: Antique

02:05pm The market remained under pressure in afternoon trade Monday as higher-than-expected August WPI inflation dented sentiment. Pharma and IT stocks are the biggest losers in trade.

The Sensex is down 47.26 points at 19685.50, and the Nifty is down 26.95 points at 5823.65.

There is no relief on the inflation front. August WPI inflation came in higher at 6.10 percent as against 5.79 percent in previous month, led by rising food and fuel prices. June inflation revised higher to 5.16 percent from 4.86 percent reported earlier. Now all eyes are on RBI monetary policy that is scheduled for September 20.

The Reserve Bank of India will perhaps not ease rates in the near term, says Taimur Baig, India Economist, Deutsche Bank. He believes it will take another 2-3 months for RBI to rollback measures.

Ranbaxy Labs crashed 28 percent after the USFDA announced an import alert on the company's Mohali plant. While there is no financial impact on account of this import alert, it can delay new product approvals. Brokerages gave the stock a thumbs down.

Financial Technologies slipped 7 percent. Forward Markets Commission's interim report on NSEL stated that only 15 percent stock found in NSEL's 16 warehouses. The value of stock is Rs 358 crore, which is much lower than NSEL's claims of Rs 2,389 crore worth of stock.

BHEL and Sesa Goa are top losers in the Sensex, falling 3 percent and 4.5 percent, respectively.

The Sensex is down 106.97 points or 0.54 percent at 19625.79, and the Nifty slips 45.40 points or 0.78 percent at 5805.20. About 895 shares have advanced, 1177 shares declined, and 115 shares are unchanged.

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The market lost more than half of its early gains in noon trade after the WPI inflation increased higher-than-expected to 6.10 percent in August from 5.79 percent in previous month on food inflation.

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Asian markets trend higher after Lawrence Summer withdrew his name from the race for the Fed's top job. The relief rally was on account of the fact that many investors considered him to be a candidate that was more likely to curtain the central bank's aggressive moves.

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The market continued its upward journey with the equity benchmarks rising more than one percent, supported largely by banks, capital goods, oil & gas and metals stocks.

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The market has kick started the week on a strong rally with the Sensex gaining 289.66 points or 1.47 percent at 20022.42. The Nifty is at 5925.50, up 74.90 points or 1.28 percent.

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READ MORE ON  BSE Sensex, Nifty, Market, Indian Rupee


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