Nifty tests 4850; BPCL, IDFC, Unitech, Cipla top losers

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Nifty consolidates; broader indices outperform

At 11:20 hours IST, the Nifty was trading marginally higher amid volatility and was also trying to hold the 4900 mark. Buying was seen in metal, technology, realty, cement and auto (four-wheeler) stocks. HDFC, Sun Pharma and PNB were the other gainers.

However, selling in banking and telecom stocks along with Reliance Industries, NTPC, BHEL, ITC, BPCL, Cipla and Hero Honda capped the gains to some extent.

The Sensex was trading at 16417, up 61 points and the Nifty was at 4910, up 10 points. The Nifty February future was trading with 9-10 points discount. However, the broader indices were outperforming the benchmark indices; the BSE Midcap Index was up 1.1% and the Smallcap was up 1.8%.

The market, Daryl Guppy of guppytraders.com says, is likely to move sideways for the next few weeks with the possibility of testing key support levels. He sees strong support for the National Stock Exchange's 50-share index Nifty at 4,600 and resistance at 5,150. "I expect to see some more weakness at the Nifty."

Sterlite Industries, Tata Steel, SAIL, Hindalco and Jindal Steel gained 0.5-3.7% in the metal space.

DLF was up 2.7% and Unitech up 1% in the realty segment. TCS, Infosys, Wipro and HCL Tech went up 0.6-1.8% in the technology space.

Grasim, ACC and Ambuja Cements gained 1-1.5% in the cement pack.

In the midcap space, Emami was up 16% and Spice Communications up 12.5%. GMDC, Prakash Industries and HT Media were up 6-7%. However, Atlas Copco, Simplex Infra, Asian Star, REI Six Ten and Apollo Tyres fell 2-3.86%.

In the smallcap space, Shree Ashtavinayak shot up 19.90% and Uttam Galva up 16.06%. Zydus Wellness, Reliance World and Entegra rallied 10-11.6%. However, Maharashtra Polybutenes, FDC, Elgi Equipments, DCM Shriram Ind and Subros lost 2-3.5%.

Sensex erases early gains; pvt banks, FMCG, telecom drag

At 10:13 hours IST, the benchmark Sensex came off its day's high on the back of selling in private banking, FMCG, oil & gas, PSU power and select telecom companies' shares. However, buying in metal, technology, realty, auto, cement and PSU banking companies' shares was helping the markets.

Asian markets, which rallied in early trade, were also mixed in trade; Taiwan was down 1% and Kospi down 0.5%. However, Shanghai and Nikkei gained 1% each. Hang Seng and Jakarta went up 0.3% each.

The 30-share BSE Sensex was trading at 16385, up 29 points and the Nifty was at 4903, up 3 points. 

ICICI Bank, HDFC Bank and Axis Bank fell 1% each in the banking space. Bharti Airtel, Idea Cellular and Reliance Communications declined 0.7-0.9% in the telecom pack.

ITC and HUL slipped 0.5% each in the FMCG space.

However, the broader indices continued to outperform the benchmark indices; the BSE Midcap Index was up 1.1% and the Smallcap was up 1.7%.

Top percentage gainers - Suryalata Spinning, Lords Chemicals, Spice Island, Shree Ashtavinayak and Astec Life shot up 20% each. Reliance World, ECE Industries and Octav Invest went up 12-13%.

In the midcap space, Spice Communications, GMDC, Emami, KGN Industries and Redington rallied 5-12% while REI Six Ten, Simplex Infra, Asian Star, Tulip Telecom and Atlas Copco lost 1-2.7%.

In the smallcap space, Uttam Galva, Dalmia Cement and KRBL went up 9-11% while Dhanalakshmi Bank, Vindhya Telelink, Subros, Indian Metals and FDC fell 2-3%.

Sensex trades higher on positive global cues; metals up

The Nifty opened strong following positive global cues post Obama's USD 3.8 trillion package for Job sector. The index was trading above the 4900 mark while the Sensex above the 16500 level. Commodities, technology, auto and realty stocks went up smartly.

At 9:02 hours IST - the Nifty was trading at 4943, up 43 points and the Sensex was at 16518, up 162 points. The CNX Midcap gained 100 points at 7440, as about 759 shares advanced while 34 shares declined on the NSE. 

Among the frontliners, Cairn, Hindalco, Tata Steel, Sterlite, Infosys, TCS, Unitech, DLF, Tata Motors (post good January sales numbers), Hero Honda (post good January sales numbers), M&M, HDFC and Jaiprakash Associates (post good January sales numbers) were the gainers in early trade.

However, NTPC was down 1.1%, post government fixed the floor price for the company's follow-on public offer at Rs 201/share.

Midcap & Smallcap space:

Shree Ashtavinayak shot up 20% and Reliance Media World was up 5%.

KRBL rose 7.5% and Gujarat NRE Coke gained 3.5%.

Moser Baer went up 3% and Clutch Auto rallied 5%.

Global cues:

Asian markets were trading higher. Nikkei surged 1.88% and Shanghai gained 1.26%. Hang Seng, Straits Times, Kospi and Jakarta were up 0.5-0.9%.

The US markets gained as Barack Obama proposes USD 3.8 trillion budget on job, including USD 100 billion additional stimulus.

Commodities gained as dollar index snapped a four-day winning streak.

The Dow Jones Industrial Average ended up 118.2 points at 10185. The Nasdaq was up 24 points at 2171 and S&P 500 up 15.5 points at 1090.

ISM factory index rose to 58.4, gains fastest since August 2004 ((in line with manufacturing data from India, China, South Korea and Australia)).

Commodity:

Reuters CRB Index was up 1%, had declined 6.3% in January.

Crude gained 2.1% at $74.43/bbl, gained most in 4 weeks.

Gold was up 2% at USD 1105/ounce, gained most in 4 weeks.

Silver was up 2.9% to $ 16.66/ounce, had declined 4% in January.

Copper rose 0.5% to $ 6790/tonne, had declined 10% in January.

Market cues:

-FIIs net buy $ 42.5 million on January 29
-MFs net buy Rs 636 crore on January 29
-Total F&O Open Interest up by Rs 3,625 cr at Rs 96,189 cr
-FIIs net sell Rs 494 cr in cash mkts on February 1 (prov)
-DIIs net buy Rs 200 cr in cash mkts on February 1 (prov)
-FIIs net buy Rs 737 cr in F&O on February 1 (prov)

F&O cues:

-Total Futures Open Int up by Rs 1,052 crore
-Total Options Open Int up by Rs 2,572 crore
-Stock Futures add 1.2 crore shares in Open Int
-Nifty Calls add 20.5 lakh shares in Open Int
-Nifty Puts adds 18 lakh shares in Open Int
-Nifty PCR at 1.14 versus 1.15
-Nifty Futures add 1.1 lakh shares
-Futures flat versus 6-pt discount
-Nifty 4900 Put adds 3.85 lakh shares in Open Int
-Nifty 4700 Put adds 3.5 lakh shares in Open Int
-Nifty 4800 Put adds 3.4 lakh shares in Open Int
-Nifty 5000 Call adds 3.2 lakh shares in Open Int