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Nifty hits 2700 mark; ONGC, RIL, NTPC lead

Published on Fri, Nov 21, 2008 at 15:21 | Source : Moneycontrol.com

Updated at Fri, Nov 21, 2008 at 15:27

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Nifty

BSE | NSE 10/02/12

Are Mutual Funds betting on Nifty?

The markets have jumped higher led by buying in power, telecom, technology, oil, capital goods, banking and metal stocks. The Nifty shot up over 2700 mark and the Sensex is moving towards 9000 level.

The Sensex rose 500 points to 8,951 and the Nifty gained 158 points to 2,711, at 3:19 hrs IST.

ONGC, NTPC, Reliance Industries, SBI, Reliance Communication, Bharti Airtel, Infosys, BHEL, TCS, HDFC and L&T are leaders to this rally.

BSE Power Index surged nearly 7%. TECK, Capital Goods, Oil & Gas and IT indices rose over 5%. Bankex and Metal are up 3.5-4.5%.

Markets @ 2:30 pm : Mkts rally; ONGC, RIL, NTPC, Bharti, BHEL surge

The markets are trading higher, as technology, oil, capital goods, and select telecom stocks are supporting the markets. Positive European markets and US markets futures are helping our markets a bit.

However, DLF, Unitech, Tata Power, Sun Pharma, ICICI Bank, Tata Steel, HUL, ACC, Hindalco, Ranbaxy, M&M and Tata Communication are under pressure. Midcap and small cap stocks are weak. Market breadth is in favour of declines due to fall in broader indices; about 950 shares have advanced while 1817 shares have declined. Nearly 428 shares are unchanged.

The Sensex jumped 232 points to 8,683 and the Nifty gained 75 points to 2,628, at 2:30 hrs IST. BSE Midcap and Small Cap indices fell 0.8%.

However, sugar stocks like Bajaj Hindustan and Balrampur Chini fell 7-10%.

Realty Index lost over 5%. Unitech and DLF slumped 8-10%.

On the global front, European markets are trading higher. FTSE rose 31 points to 3,906. CAC and DAX gained 34 points and 51 points to 3,014 and 4,271, respectively.

The Dow Jones Futures shot up 4% to 7,791 and the Nasdaq Futures jumped 4.4% to 1,087.

Markets @ 1:58 pm : Mkts trading higher; ONGC, NTPC, Bharti, Reliance up

The benchmark indices have given up all gains and are trading volatile. Huge selling is seen in DLF, Unitech, ICICI Bank, Sun Pharma, HUL, Tata Power, Tata Steel, ACC, Ambuja Cements, Grasim, Ranbaxy Labs, Hero Honda, Hindalco and M&M. However, buying continues in Bharti Airtel, TCS, Infosys, BHEL, HDFC, SBI, Reliance Industries, ONGC, NTPC, Wipro, Reliance Infrastructure, Satyam, L&T and Suzlon Energy. Midcap and small cap stocks are also under a bit of pressure. The Nifty is trading below the 2,600 mark and the Sensex is below the 8,500 level.

The Sensex fell 8 points to 8,442 and the Nifty gained 8 points to 2,544, at 1:58 hrs IST. Nifty November Futures added about 26 lakh shares in the Open interest. However, BSE Midcap and Small cap indices lost over 1%. Realty index fell over 8%.

Among the midcap stocks, 3M India, IVRCL Infrastructure, Ruchi Soya, Jagran Prakashan and Deccan Chronicle jumped 4-9%. However, Balrampur Chini, Lakshmi Energy, Bajaj Hindustan, Ashapura Mine and Geodesic fell 9-12%.

In the small cap space, Kernex Micro, Magma Fincorp, Techno Electric, Indraprastha and Indo Tech Trans gained 11-20%. However, Savita Chemical, Sharyans Res, Piramal Glass, Arihant Found and Emkay Global fell 11-20%.

On the global front, European markets are flat. FTSE is in red while CAC and DAX are in green.

However, the Dow Jones Futures shot up 290 points to 7,777 and the Nasdaq Futures gained 32 points at 1,071.

Markets @ 12:54 pm : Mkts off day's high; BSE midcap, smallcap slip in red

Markets are trading positive but are off the day's high. The CNX Midcap 100 and BSE midcap and small cap indices have slipped in the red. The IT index has outperformed all other sectoral indices; it was up 3.25%. Buying interest is also seen in power, oil & gas, capital goods, bank and metal stocks. However, realty stocks are still witnessing heavy selling pressure.

At 12.54 pm, the Sensex is up 238.70 points or 2.82% at 8,689.71 while the Nifty is up 67.55 points or 2.65% at 2620.70.

About 1,261 shares have advanced, 1,697 shares declined, and 237 shares are unchanged.

On the global front, Asian markets are trading strong. US Dow Futures is up 3.6% or 270 points and Nasdaq Futures is up 3.39% or 35 points.

Top gainers on the Sensex are HDFC at Rs 1,376.30 up 6.71%, Sterlite Ind at Rs 213.50 up 6.48% and TCS at Rs 498.15 up 6.10%.

Nirmal Jain, Chairman of India Infoline feels the next six months would remain an uncertain period for the market given the looming elections and bad news from the US but said a recovery is likely after that. However, he is not bearish and does not see the Sensex testing 5,000-6,000 levels. He believes the markets are close to their bottom and sees some consolidation taking place by January next year.

Index heavyweight Reliance was trading at Rs 1,094.40 up 3.38% from its previous close of Rs 1,058.60.

Tech major Infosys was trading at Rs 1,162.00 up 3.08% from its previous close of Rs 1,127.25.

Cigarette major ITC was trading at Rs 166.30 up 1% from its previous close of Rs 164.65.

Refinery major HPCL was trading at Rs 225.90 up 1.39% from its previous close of Rs 222.80.

Markets rally; Oil, CG, IT stocks up, realty dips

The benchmark indices are witnessing buying interest on account of short covering and recovered yesterday's losses significantly. Technology, telecom, power, capital goods, oil, metal and banking stocks are supporting the markets. Positive Asian markets is another reason to this rally. Reliance Industries, Infosys, ITC, Bharti Airtel, L&T, ONGC, NTPC and SBI are leading the markets. However, realty stocks are under pressure.

The Sensex rose 318 points to 8,769 and the Nifty gained 94 points at 2,646, at 12:04 hrs IST. BSE Midcap and Small cap indices are up over 0.5%.

Top gainers are TCS (7.45%), Reliance Communication (6.53%), BHEL (6.35%), Sterlite Industries (6.26%), HDFC (6.24%) and Suzlon Energy (9.38%). However, DLF (-4.29%), Unitech (-9.43%), Tata Communication (-3.79%), Hero Honda and Ranbaxy Labs are losers..

Market breadth is slightly weak; about 1313 shares have advanced while 1447 shares have declined. Nearly 435 shares are unchanged.

BSE Capital Goods, Power, TECK, IT and Oil & Gas indices shot up over 4%. Metal and Bankex gained 3.5%.

On the global front, Asian markets are trading higher. Hang Seng and Kospi jumped 4.5-5.8%. Taiwan, Nikkei and Straits Times rose 2-2.7%. Shanghai gained nearly 1%.

Markets @ 10:50 am : Nifty holds at 2600; Infra, IT, tele, oil, bank stocks up

The markets are trading higher on account of buying in most beaten down heavyweight stocks. Power, capital goods, technology, telecom, metal, oil and banking stocks are in focus. The Nifty is holding at the 2600 mark and the Sensex is trading above 8600 level..

The Sensex gained 285 points to 8,736 and the Nifty jumped 82 points to 2,635, at 10:50 hrs IST. BSE Midcap Index surged 1% and Small Cap index rose 0.5%.

Bharti Airtel, Reliance Industries, ONGC, NTPC, BHEL, Infosys, SBI, TCS, Reliance Communication, L&T, HDFC, SAIL, ICICI Bank and HDFC Bank are supporting the benchmark indices.

Market breadth is slowly improving though it is weak; about 1084 shares have advanced while 1667 shares have declined. Nearly 444 shares are unchanged.

BSE Power and Capital Goods indices jumped over 4% each, as there are reports that the infrastructure companies may get easy access to foreign loans and the government is set to lift interest rate cap.

BSE TECK and IT indices also rose over 4%. Metal Index gainex 3.5%. Bankex, Oil & Gas and Auto indices went up 1.9-2.8%.

Markets @ 10:27 am : Mkts trading higher; ONGC, Bharti, SBI, BHEL, RIL lead

The markets are trading higher on account of short covering, but there is still some volatility. The Nifty is holding the 2600 mark and the Sensex is trading at around 8500 level. Market breadth is negative; about 941 shares have advanced while 1,816 shares have declined. Nearly 436 shares are unchanged.

This mild bounce in today's trade is on account of buying in heavyweights like ONGC, Bharti Airtel, Reliance Industries, SBI, BHEL, Infosys and TCS. Buying is also seen in SAIL, ITC, Reliance Communication, NTPC, L&T, DLF, Wipro, Maruti Suzuki, Suzlon Energy, Tata Steel and Hindalco. However, Unitech, Cairn India and Tata Communication are losers.

The Sensex rose 137 points to 8,588 and the Nifty gained 45 points at 2,598, at 10:27 hrs IST. BSE Midcap and Small cap indices are flat.

C Jayaram of Kotak Mahindra Bank said the markets would certainly test earlier lows over the next couple of weeks. "I don't expect it to seriously breach previous bottoms. Over the next couple of months or so, the markets will settle in a range before one can make any further prognosis."

On the global front, Asian markets are mixed. Hang Seng jumped 4.5%. Kospi rose 3.05% and Taiwan gained 2.2%. Nikkei and Straits Times are up 0.7-0.9%. However, Shanghai fell 4% and Jakarta lost 2.4%.

Markets @ 9:56 am : Mkts see mild bounce back; Nifty tests 2600

The markets bounced back in early trade on short covering and are trading with higher with some choppines. Both indices broke seven days' losing streak, as recovery in Asian markets helped the benchmark indices. However, steep fall in the US indices on Thursday did not impact our markets.

At 9:56 am, the Sensex rose 34 points to 8,485 and the Nifty gained 21 points to 2,574. CNX Midcap 100 went up 21 points to 3,293.

SBI, Reliance Communication, Reliance Industries, DLF, Tata Steel, L&T, Bharti Airtel, BPCL, Suzlon Energy, ONGC, TCS, Idea and HDFC are gainers.

However, Tata Communication, Unitech, ICICI Bank and Cairn India are losers.

Asian markets recovered from lows of the day. Nikkei, Hang Seng, Korea and Taiwan are in green. Shanghai is in red.

Crude January Futures is trading below USD 50 to a barrel on the NYMEX. Growing concerns about economy, weak demand and bleak outlook were the main reasons behind this fall in crude prices. Nymex Crude December Futures expired at 3.5 years low and closed down by $4/bbl at $49.62/bbl.

The sell-off continued in US markets and the stocks plunged further as jobless claims rose to 16-year highs. US stocks plunged, as hopes fade for bailout of auto industry and energy prices continue to slide. Financials hammered and the Citigroup plunges.

The Dow plunged 444.99 points, or 5.56%, to 7,552.29, its lowest close since March 2003. The S&P 500 index declined 54.14 points, or 6.71%, to 752.44, its lowest close since 1997. The Nasdaq composite index lost 70.30 points, or 5.07%, to 1,316.12, also a six-year low.

Market cues:

US markets slide further; S&P 500 at 11-year lows

FIIs net sell USD 51.6 million in equity on November 19

MFs net sell Rs 50.7 crore in equity on November 19

NSE F&O Open Int down by Rs 1,629 crore at Rs 48,290 crore

F&O cues:

Futures Open Int down by Rs 354 crore, Options Open Int down by Rs 1,275 crore

Nifty Nov Futures add 2 lakh, Dec Futures add 7 lakh shares in Open Int

Nifty Nov at 3-pt discount, Dec at par

Nifty Open Int Put-Call ratio at 0.85 versus 0.91

Nifty Puts shed 15 lakh, Calls add 13 lakh shares in Open Int

Nifty 2400 Put adds 2.8 lakh shares in Open Int