Market basks in Akshaya Tritiya glee, sees 300-pt comeback
The Indian market was due for a bounce-back and it couldn't have come at a better time on an auspicious occasion like Akshaya Tritiya. It was a classic pullback led by rate sensitives, autos and banks which were whacked out of shape by the bears this week.
Moneycontrol Bureau
The Indian market was due for a bounce-back and it couldn't have come at a better time on an auspicious occasion like Akshaya Tritiya. It was a classic pullback led by rate sensitives, autos and banks which were whacked out of shape by the bears this week.The market recovered smartly after the BSE Sensex recorded its longest losing streak in a decade falling for nine consecutive sessions on falling corporate earnings and rampant inflation. The Sensex ended at 18518.81, up 308.23 points or 1.69% and the Nifty closed at 5551.45, up 91.60 points or 1.68%. The breadth of the market was also encouraging. About 1674 shares advanced, 1178 shares declined, and 783 shares remain unchanged. Tata Motors nudged over Rs 1,200 mark with close to 6% gains today. The largecap was accompanied by ICICI Bank, Hero Honda, HDFC Bank and M&M. On the losing side Bharti Airtel got more battering from bears for disappointing quarterly results. Reliance Infra, Sterlite Industries, ONGC and Tata Power shut shop with losses. On weekly basis, BPCL and BHEL were up 6% and 3% respectively. ACC, Ambuja Cement, Bajaj Auto, Reliance Communication, Reliance Power, Reliance Infra, Sesa Goa were down 7-11%.Top gainers on the BSE Midcap - Jet Airways, SpiceJet, DeccanChronicle, M&M Financial and TVS Motor were up 7-13%.Top losers on the BSE Midcap - SKS Microfinance, OnMobile Global, KGN Industries, Jindal PolyFilm and Manappuram were down 4-20%.Top gainers on the BSE Smallcap - Asian Star, Kingfisher Air, DCM Shriram Con, Ansal Properties and Saint-Gobain were up 8-14%.Top losers on the BSE Smallcap - Allied Digital, Eveready Industries, Magma Fincorp, Great Offshore and Shree Ram Urban were down 5-10%.F&O Check: Nifty May futures ended with 3.5 points discount. May futures added 0.21% in Open Interest. The volatility indicator, India VIX closed at 20.97, down 3%. Nifty 5600 was the most active call with 4.68% shed in open interest. Nifty 5500 Put was the most active put with 18.54% addition in open interest.Crude Impact: Oil marketing companies pumped up in today's trade. Crude is down close to 15% from its recent peak. HPCL, BPCL and IOC advanced 2-3%. The major reaction of fall in crude prices was seen in aviation stocks. Jet Airways, Kingfisher Airlines and Spicejet soared 10-12% in anticipation of downward revision in ATF prices. On the other hand, Cairn India took beating and stock was down 3%. New Listing: Country's largest gold financing company Muthoot Finance today listed on the Bombay Stock Exchange at Rs 180, a premium of 2.85% over the issue price of Rs 175. The stock finally closed the day with minimal gains on debut.Buzzing Stock: Shares in SKS Microfinance fell by the maximum daily limit of 20 percent on Friday to an all-time low, after JPMorgan cut its share price target by more than half and investors got jittery about expected weak results.Turnover: The NSE cash segment recorded turnover of Rs 11953.22 crore while the NSE F&O turnover was Rs 115018.74 crore. The BSE cash segment registered turnover of Rs 3,389.53 crore. Total market wide turnover was Rs 1,30,361.49 crore.Crude: Oil prices fell 5% on Friday, after a 10% crash on Thursday, as fears about global economic recovery pushed investors to further unwind commodities positions."The big drop yesterday has scared the bulls, so now only bears are left," said Thorbjoern Bak Jensen, an analyst at Global Risk Management."The instinct is to liquidate. Even if you are a bull, you need to have deep pockets to ride this out," said a Singapore-based trader. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
