Nifty closes with modest gain ahead of expiry; BPCL up 6.9%

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty?

Nifty extends gain on positive European cues; sugar rallies

At 13:30 hours IST - the Nifty continued to trade higher and was holding an important psychological level of 5,100. Shares of oil & gas, metal, banking, auto, FMCG, cement and technology companies' shares were witnessing buying interest. However, selling continued in DLF, ICICI Bank, Cairn, Sun Pharma and Suzlon.

On the global front, Shanghai bounced back with smart gains, up 2%. Among other Asian markets, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted gained 0.3-0.7%. More than 0.5% gain in European markets was also supportive.

The Sensex rallied 146 points to 17,277 and the Nifty rose 42 points to 5,132. The BSE Midcap Index was up 0.5% and Smallcap up 0.65%.

All sugar stocks rallied post UP Sugar Association reached pact with farmers. UP Farmers will get Rs 190-195/quintal for sugarcane. Currently UP SAP (state advisory price) is at Rs 160-165/quintal. US mills will pay Rs 25 over SAP. This is positive for UP sugar mills. Karnataka and Maharashtra are paying Rs 230/quintal for cane.

Bajaj Hindusthan, Balrampur Chini, Dhampur Sugar, Triveni Engg and Oudh Sugar Mill gained 2.5-4%. Among others, Andhra Sugar, Bannariamman, Dwarikesh Sugar, EID Parry, Mawana Sugars, Ponni Sugars (E), Shree Renuka, Simbhaoli Sugar, Upper Ganges and Uttam Sugar were up 1-4%.

Bajaj Hindusthan shot up 4%, as it finalised power capacity expansion to 830 MW. The company is going to set up 5 power plants costing Rs 1,600 crore within 20 months.

Technology stocks were also seeing buying interest. TCS was up 1.4%. Infosys gained 0.6% and Wipro up 0.4%. Infosys said India job scenario getting better. "FY11 hiring target at around 20,000 seems reasonable. See Indian IT industry hiring at 2.5-3 lakh in FY11."

Gold has hit a new high of $1180.10/ounce in the international markets. Ahmedabad 999 gold made an all-time high at Rs 18000/10gms and Mumbai pure gold was at Rs 17800/10 grams.

Top gainers on the BSE Midcap: M&M Financial, KGN Industries, Gujarat Gas, Sintex India and Prism Cement were up 4-6%.

Top losers on the BSE Midcap: Motherson Sumi, Indiabulls Real Estate, Motilal Oswal, Nagarjuna Fertilisers and OnMobile Global slipped 2-4%.

Top gainers on the BSE Smallcap: Honda Siel, KPIT Cummins, Avaya Global, NESCO and Nahar Spinning were up 9-17%.

Top losers on the BSE Smallcap: Grindwell Norton, Jindal Worldwide, Hikal, Shristi Infra and Hind Nat Glass were down 3-7%.

Sensex trades higher; oil & gas, metals, auto, banks gain

At 12:12 hours IST - the Sensex remained positive led by buying interest in oil & gas, metal, banking (barring ICICI Bank), auto and select infrastructure stocks. ITC, Bharti Airtel, Infosys and Wipro were other gainers. However, selling was seen in ICICI Bank, Tata Power, DLF and Reliance Infrastructure.

Positive Asian markets were also supportive. Shanghai was up 1.2%. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were up 0.3-0.5%.

Cairn India was down half a percent due to crude falling below $ 76 per barrel. This was positive for oil marketing companies. BPCL shot up 6%. HPCL and IOC gained over 3%. GAIL and Reliance Industries were up nearly 2%. ONGC was up 1%. Reliance Industries continued to hold in green as it will go ex-bonus tomorrow.

All banking stocks were seeing buying interest; Bank of Baroda, Kotak Mahindra, Axis Bank, PNB, HDFC Bank and SBI were up 0.7-1.7% while only ICICI Bank fell 0.5%.

Auto stocks maintained gains for third day in a row. Maruti Suzuki, M&M, Hero Honda and Ashok Leyland went up 1-1.6%. Bajaj Auto was up 0.76% and Tata Motors up 0.30%.

JSW Steel and SAIL gained over 2% in the metal space. Jindal Saw, Sesa Goa, Sterlite Industries, Jindal Steel, Tata Steel and NALCO moved up 1-1.9%. Hindalco was up 0.33%.

The Nifty rose 37 points to 5,127 and the Sensex gained 123 points at 17,253. The broader indices were trading in line with benchmark indices, up 0.9% each.

In the midcap space, M&M Financial, Gujarat Gas, Reliance Industrial Infra, Prism Cement and Welspun Gujarat were up 4-7.5%. However, Motherson Sumi, Chambal Fertiliser, OnMobile Global, Sterling Bio and Aurobindo Pharma fell 1.4-4%.

In the smallcap space, Honda Siel was up 14%. NESCO, Avaya GlobalConnect, TIL and Ador Welding were up 9-11% while Jindal Worldwide, Grindwell Norton, Shristi Infra, Entegra and TV TodayNetwork lost 3-5%.

Nifty above 5,100; RIL gains ahead of ex-bonus, BPCL up 5%

At 10:52 hours IST - the Nifty strengthened further after a consolidation in early trade. Oil & gas, metal, auto, FMCG, capital goods, cement and banking (barring ICICI Bank) stocks were witnessing buying interest. It was trading above the 5,100 level. However, selling in ICICI Bank, Bharti, DLF, Cairn, Tata Power, HCL Tech, Jaiprakash Associates, Reliance Infrastructure and Sun Pharma capped the gains to major extent. There was still volatility in the markets.

BPCL was the top gainer on the NSE with 5% gain, as Crude slipped below $ 76 a barrel. Reliance Industries was up 1.55%, as it will go ex-bonus tomorrow. Reliance has announced the bonus issue in the ratio of 1:1.

The Sensex was up 99 points at 17,230 and the Nifty gained 26 points at 5,116. The broader indices were up 0.8% each, as about 1,787 shares advanced while 1,021 shares declined on the BSE. Nearly 625 shares were unchanged.

Bajaj Hindusthan and Balrampur Chini Mills moved up 2.6-4%, as UP Sugar Association reached pact with farmers. UP Farmers will get Rs 190-195/quintal for sugarcane. Sugar Mills will pay farmers Rs 25 over SAP.

In the largecaps, M&M, Maruti Suzuki, Sterlite Industries, Hero Honda and SAIL were up 1.5-2%.

Reliance Industries, Mahindra Satyam, Astec Life, Den Networks, Sesa Goa, ICICI Bank and JSW Steel were most active shares on the bourses.

Astec Lifesciences was trading at Rs 85.35 as against issue price of Rs 82 per share.

In the midcap space, M&M Financial, Gujarat Gas, Jai Corp, Jagran Prakashan and Reliance Industrial Infrastructure gained 4-6% while KGN Industries, Motherson Sumi, Chambal Fert, OnMobile Global and REI Six Ten fell 2-5%.

In the smallcap space, Man Industries, Jindal Drilling, IndiaNivesh, Honda Siel and Ador Welding went up 8%. However, Grindwell Norton, Shristi Infra, Jindal Worldwid, Mahindra Forgings and Suraj Stainless slipped 3-5%.

Sensex volatile ahead of expiry tomorrow; ICICI Bk dips

The Sensex started the day with some consolidation ahead of F&O expiry on Thursday. Heavyweight Reliance Industries was marginally up, as it is the last day for RIL's cum bonus trade. It will go ex-bonus tomorrow.

At 9:56 am, the Sensex was up 25 points at 17,155 and the Nifty gained just 2 points at 5,092. The CNX Midcap went up 37 points to 7,267. About 509 shares advanced while 176 shares declined on the NSE.

Among the frontliners, ICICI Bank slipped below Rs 900 level, down 1.5%. Reliance Infrastructure, Wipro, Infosys, TCS, HDFC, Bharti Airtel and Hindalco were other losers.

However, BPCL, M&M, Maruti, Hero Honda, ITC, IDFC, BHEL and ONGC were gainers in early trade.

Unitech will raise money for third time. It has proposed to issue GDR/FCCB for $ 700 million.

Astec Lifesciences started the first day at Rs 87 as against issue price of Rs 82 per share.

Midcap space:

Man Industries was up 11%.

Den Networks was down 0.5%, after slipping 16% on first day yesterday.

Vishal Retail fell over 5.5%. MphasiS was up 1.7% post good numbers.

Geometric Soft and Max India were up over 2%.

Global cues:

Asian markets were quiet in trade. Shanghai, Hang Seng and Kospi were marginally down while Nikkei, Straits Times and Taiwan Weighted were flat.

The US markets ended off day's low after Fed raised 2010 GDP forecast while shrugged off lower than expected preliminary 3Q GDP data.

The Dow Jones Industrial Average ended down 17 points at 10,434, which saw recovery of 75 points from day's low of 10,359.

The Nasdaq Composite ended down 6.8 points at 2,169, after seeing recovery of 14 points from day's low of 2,155.

The S&P 500 index ended flat at 1,105, after seeing recovery of 8 points from day's low of 1,098.

Fed raised its GDP target for 2010 to the range of 2.5% to 3.5% from prior forecast of 2.1% to 3.3% in July.

Commodities

Reuters CRB Index was down 1%.

Crude oil was down 2% at $76/bbl, at 5-week lows.

Gold held above $1165/ounce.

Copper was down 1.1% at $ 6870/tonne.

Baltic Dry Index was down 2%.

Market cues:

-FIIs net sell USD 14.6 million on November 23
-MFs net buy Rs 219.2 crore on November 23
-Total F&O Open Interest up by Rs 2,229 crore at Rs 1,17,186 crore
-FIIs net buy Rs 170 crore in Cash on November 24 (prov)
-DIIs net sell Rs 147 crore in Cash on November 24 ( prov)
-FIIs net sell Rs 116.5 crore in F&O on November 24

F&O cues:

-Total Futures Open Int up by Rs 982 crore
-Total Options Open Int up by Rs 1247 crore
-Nifty down 0.3%, Futures Open Int up 5%
-Nifty Dec futures trading at 7 pt premium
-Nifty IVs at 22-26%
-Nifty Open Int PCR at 1.66 versus 1.65
-Nifty Calls add 6.4 lakh shares in Open Int
-Nifty Puts add 15.2 lakh shares in Open Int
-Nifty Nov 5100 Put adds 5.9 lakh shares in Open Int
-Nifty Dec 5000 Put adds 5.3 lakh shares in Open Int
-Nifty Dec 4800 Put adds 4.6 lakh shares in Open Int
-Stock Futures add 1.46 crore shares in Open Int