Mkts rebound on short covering, strong global cues

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 29/05/12 Are Mutual Funds betting on Nifty?

Markets @ 2:16 pm : Nifty tests 3500; Bankex up 11%, CG, IT gain 9%

Markets have surged further in line with European indices and recovered Friday's loss. Huge buying is seen in banking, capital goods, technology, telecom, power, realty and metal stocks. Midcap and small cap stocks are following the same.

Among the European indices, FTSE rose 5.67% followed by CAC and DAX, which went up 7.16% and 6.53%, respectively. United Kingdom government extended USD 64 billion lifeline to banks. Dow Jones and Nasdaq Futures rose over 5%.

At 2:16 pm, the Sensex jumped by 817 points to 11,345 and the Nifty rose 224 points to 3,503. BSE Midcap shot up over 4% and Small Cap Index rose 3.6%.

BSE Bankex went up over 11%. Capital Goods and IT indices rose over 9%. Realty, Power and Metal gained 7-8.5%. Oil & Gas, Auto and FMCG rose 3.5-4.5%.

Among the frontliners, Reliance Infrastructure, ICICI Bank, Sterlite Industries, HDFC Bank, Larsen & Toubro, Reliance Communication, Satyam, Suzlon Energy, GAIL, Cairn India, Unitech and BHEL shot up 10-18%.

Market breadth is positive; about 1814 shares have advanced while 1153 shares have declined. Nearly 217 shares are unchanged.

Total turnover traded, so far, stood at Rs 44,584 crore. This includes Rs 3,062 crore from BSE cash segment, Rs 9,012 crore from NSE cash and balance Rs 32,510 crore from NSE F&O segment.

Markets @ 12:46 pm : Mkts near day's high as European indices up 5%

Benchmark indices are witnessing huge buying interest led by banking, metal, technology, telecom, capital goods and power stocks. European markets have opened with huge gap up; FTSE shot up by 206 points, CAC is up 173 points and DAX rose 225 points, which have helped our markets as well.

The Sensex jumped 718 points to 11,246 and 203 points to 3,482, at 12:46 pm. BSE Midcap and Small cap indices gained over 3% each.

BSE Bankex rose nearly 11%. IT, TECk Metal and Realty shot up 7-9%. Capital Goods, Power and Oil & Gas rose 4-6%.

Among the frontliners, ICICI Bank gained 21%. TCS, Sterlite Industries, Reliance Infrastructure, Cairn India, Suzlon and Satyam rose 11-12%.

In the midcap space, S Kumars Nationwide jumped 30%. Jindal Drilling, DCB, Moser Baer, Chambal Fert, Kingfisher Airlines and MIC Electronics rose 15-20%.

In the small cap space, Marathon Nextgen, Bajaj Auto Finance, Ion Exchange, Golden Tobacco, Easun Reyrl, Emkay Global and Asian Star rose 19-20%.

Market breadth is positive; about 1751 shares have advanced while 1218 shares have declined. Nearly 215 shares are unchanged.

On the global front, UK government will invest £ 37 billion in Royal Bank of Scotland (RBS), HBOS and Lloyds TSB. (Lloyds TSB and HBOS will raise £ 5.5 billion and £ 11.5 billion in new capital, respectively. RBS will raise £ 20 billion in new capital from investors and UK Treasury). Lloyds TSB revised HBOS merger terms.

Markets @ 12:05 pm : Sensex holds above 11K; ICICI Bank, TCS top gainers

Benchmark indices have surged further and managed to recover some Friday's loss. This sharp rally has been led by banking, telecom, technology, metal, capital goods, power and oil stocks.

The Sensex rose 666 points to 11,194 and the Nifty gained 186 points at 3,466, at 12:05 pm. BSE Midcap Index shot up over 3% and Small Cap Index rose 2.7%.

Arun Duggal, former CEO-India, Bank of America, said Indian banks are well-capitalised, but preventive measures need to be taken. He expects to see interest rate cuts and deposit guarantees being extended. Also, he expects more funding support to overseas branches of Indian banks. BSE Bankex surged nearly 11%.

Metal, IT, TECK, Capital Goods, Power and Realty indices rose 5-6%. Oil & Gas, Auto and FMCG indices went up 3-4%.

Top gainers are ICICI Bank, TCS, Reliance Infrastructure, HDFC Bank, Hindalco, M&M, Suzlon Energy, ABB and GAIL.

TCS has got Passport order worth Rs 1,000 crore from Indian government. The stock jumped over 14%.

Market breadth is positive; about 1629 shares have advanced while 1338 shares have declined. Nearly 217 shares are unchanged.

On the global front, European Central Bank said that banks can borrow amount they wish against collateral. SNB, BoE, ECB will offer 7-day, 28-day, 84-day funds. Dollar funds will be provided at fixed, preset rates, ECB said.

Sources said that French government will have Euro 40 billion fund for French Bank stakes.

UK government will invest £ 37 billion in Royal Bank of Scotland (RBS), HBOS and Lloyds TSB.

Barclays will raise £ 3 billion by share issue after fiscal year earnings.

Markets @ 11:25 am : Nifty above 3400; Bankex up over 8%

Markets are trading sharply higher on the back of strong rebound in banking, realty, oil, metal, capital goods, power and telecom stocks. Midcap and small cap stocks are also on buyers' radar.

Among the frontliners, ICICI Bank spiked up nearly 17%. Hindalco, Reliance Infrastructure, SBI, Mahindra & Mahindra, GAIL, Suzlon Energy and HDFC Bank gained 6-9%.

At 11:25 am, the Sensex jumped 490 points to 11,018 and the Nifty rose 127 points to 3,407. CNX Midcap gained 3.37% at 4,039 and the BSE Small Cap Index shot up by 2.21% at 4,451.

Market breadth is positive; about 1587 shares have advanced while 1375 shares have declined. Nearly 221 shares are unchanged.

Top losers are Ranbaxy Labs, HDFC, ACC, Ambuja Cements, Tata Communication and BPCL.

Pyramid Saimira Theatre jumped over 13%, as promoters will buy 24.9% stake from Ravichandran, Nirmal Kotecha at Rs 200 per share.

BSE Bankex surged 8.4%. ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, HDFC Bank, IDBI Bank and SBI are major gainers.

Telecom stocks like Idea Cellular, Bharti Airtel, MTNL and Reliance Communication rose 3-6.5%.

Capital Goods stocks like Elecon Engg, Siemens, Punj Lloyd, Crompton Greaves, Larsen, Thermax, ABB, Alstom Projects, Praj Industries and BHEL gained 3.5-6.5%. Index rose 3.3%.

Realty Index shot up 2.9%. Sobha Developer, HDIL, Akruti City, Ansal Properties, Puravankara Projects, Unitech and DLF are gainers.

IT Index surged 2.7%. Patni Computer, Rolta, Tech Mahindra, TCS, Satyam, Mphasis, Infosys and Wipro gained.

Metal Index rose 3.1%, as Gujarat NRE Coke, JSW Steel, Hindalco, SAIL, Tata Steel, NALCO, Jindal Saw and Hind Zinc are gainers.

Oil & Gas Index surged 2.7%. GAIL, Cairn India, HPCL, Essar Oil, Reliance Inds, ONGC, Aban Offshore and Reliance Petroleum are gainers.

Markets @ 10:08 am : Sensex tests 11K; ICICI Bank jumps over 13%

Markets have bounced back sharply on first day of the week after sharp cut seen in last week. Banking, realty, capital goods, metal, power, technology, oil and FMCG stocks are trading higher. Midcap and small cap stocks also participated in bulls' party.

At 10:08 am, the Sensex rose 482 points to 11,010 and the Nifty gained 131 points at 3,412.

Hindalco, ICICI Bank, Reliance Infrastructure, Unitech, DLF, Tata Steel, SBI, ITC and Siemens have gained.

Axis Bank has jumped over 9%, as it has posted 76.85% jump in its net profit to Rs 402.91 crore for the quarter ended September 30, 2008 as compared to Rs 227.82 crore for the quarter ended September 30, 2007.

ICICI Bank shot up over 10% after sharp drop in last week. KV Kamath, Managing Director and CEO of ICICI Bank, clarified that there has not been any drastic decline in deposits in the last three weeks. He said their morale will remain high, and that the bank will continue to fight for its customers.

Asian markets are trading mixed. Shanghai fell 3.44%, Jakarta -3.24% and Taiwan Weighted -2.59%. However, Hang Seng rose 2.92%, Straits Times 2% and Kospi 2.8%. Japanese's Nikkei is closed today for the Sports Day holiday.

Crude had dropped 10% last week and hit a low of USD 77 to a barrel on Friday. It is currently trading around USD 80/bbl. 

OPEC has called for Emergency meetng on November 18 in Vienna. Crude inventories increase and US fuel demand declined 8.6% to 18.4 million bpd.

US markets ended mixed after a rollercoaster session on Wall Street. The Dow saw its biggest point swing ever, a 1000 point swing. It recovered from a 697 points tumble and rose as much as 322 points in the last hour as an industry group said the bankruptcy auction of Lehman Brothers' debt won't worsen credit losses. But for the week the Dow posted the steepest ever weekly slide. The Dow plunged 128 points, or 1.49%, to 8,451.49 and the S&P 500 index lost 10.70 points or 1.18%, to 899.22. The Nasdaq composite index gained 4.39 points, or 0.27%, to 1,649.51.

Market cues:

FIIs net sell USD 210.1 million in equity

MFs net sell Rs 118.5 crore in equity

NSE F&O Open Int down by Rs 1,035 crore at Rs 66,004 crore

F&O cues:

Futures Open Interest down by Rs 1,675 crore and Options Open Interest up by Rs 640 crore

Nifty Futures add 4.4 lakh shares in Open Int, at 23-pt premium

Nifty Open Interest Put-Call Ratio (PCR) at 0.73 Vs 0.77

Nifty Puts shed 4.5 lakh shares in Open Interest

Nifty Calls add 22.5 lakh shares in Open Interest

Nifty 3300 Put adds 12.8 lakh shares in Open Interest

Nifty 3400 Put sheds 8 lakh shares in Open Interest

Nifty 3400 Call adds 6.4 lakh shares in Open Interest

Nifty 3500 Call adds 6 lakh shares in Open Interest

Nifty 3600 Call adds 7.7 lakh shares in Open Interest