The benchmark index Nifty shut shop for the week with striking gains, soothing investors' nerves. A blend of capital goods, auto, power, realty, pharma and banking stocks was the recipe for bulls. The oil and gas sector was the flavor of the day, but for all the wrong reasons.
The Indian market opened this week with the aftershocks of the petrol price hike and SBI results. Positive surprises from L&T, Ashok Leyland and ITC at the later half ended the week on a cheerful note.The BSE Sensex surged nearly 200 points within minutes of the opening bell today. The index extended its rally to 260 points overlooking subsidy burden news on upstream companies. Profit booking in last hour of trade trimmed gains to 184 points. The broader markets underperformed largecaps. The Sensex closed at 18326.09 up 184.69 points or 1.02% and the Nifty ended at 5484.25 up 56.15 points or 1.03%. About 1569 shares advanced, 1307 shares declined, and 765 shares remain unchanged.In the largecap space, IDFC, Larsen, Reliance Power, Tata Steel and Bajaj Auto were up 3-4.5%. ONGC, ITC, Ambuja Cements, Sesa Goa and GAIL were down 0.5-1.5%.Subsidy burden: ONGC will chip in Rs 24,892.4 crore in FY2010-11. Subsidy payout on upstream companies will be at 38.7% Vs 33% earlier. Oil India will pay Rs 3,293 crore fuel subsidy in FY11. GAIL will pay Rs 2,111 crore as fuel subsidy. The most active shares on NSE were L&T, SBI, ITC, Reliance and Infosys.Broader marketsMidcap gainers: Kwality Dairy, Jindal PolyFilm, Voltas, Wockhardt and Motilal Oswal Finance were up 5-10%.Midcap losers: Bayer Cropscien, MVL, STC India, Jindal Saw and Den Networks were down 3-5%.Smallcap gainers: MIC Electronics, Asian Hotel (E), Carol Info, Vakrangee and Adhunik Metalik were up 6-13%.Smallcap losers: Falcon Tyres, ITD Cementation, Jindal Cotex, Unisys Soft and Surana Corp were down 8-18%.Sectoral check: In the capital goods space, Crompton Greave, Larsen, Gammon India, Alstom Projects and Praj Industries advanced. Mahindra Life, DLF, Orbit Corporation, Phoenix Mills and HDIL shined in the realty pack.F&O cues: Nifty May futures added 5.3% in open interest. Nifty open interest put call ratio now stands at 0.95 versus 0.88. The volatility indicator India VIX was at 19.45 down 5%, a bullish sign. Nifty 5500 call shed 15% in open interest indicating short covering by call writers. Nifty 5400 Put added 9.5% in open interest.Nifty view: "The market being stuck in a range, on the downside of about 5300 to 5550 maximum on the upside at least in the short term. With derivate expiry due next Thursday, the action can possibly heat up closer to the expiry." says Gopinath Natarajan, EVP IIFL PReMIA, IIFL.Turnover: The total turnover for the day was Rs 158148.33 crore. Segment wise breakup: NSE Cash Rs 10172.97 crore, BSE Cash Rs 2765.95 crore, NSE F&O Rs 145209.41 croreCrude: Oil prices recovered on Friday as traders saw the previous session's dip as an opportunity to snap up cargoes amid expectations that concerns over supply disruption from the Middle East would continue to support the market. 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!
