Nifty up over 100 pt; ONGC, RIL, Bharti, ICICI Bank lead

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Q2 GDP nos lift Sensex over 300 pts; metals, realty gain

At 11:11 hours IST, the Nifty rallied further post better-than-expected Q2 GDP (gross domestic product) numbers. The benchmark indices jumped nearly 1.9% each as GDP for the second quarter came in at 7.9% as against 6.1% in previous quarter and 7.7% in same quarter of last year. Earlier, CNBC-TV18 was expecting at 6.3%.

April-September GDP growth was at 7% as against 7.8% YoY (on year-on-year basis). Mining sector growth increased at 9.5% versus 3.7% and manufacturing sector growth was at 9.2% versus 5.1% while construction growth slipped to 6.5% versus 9.6% and Farm sector growth was at 0.9% versus 2.7% (YoY).

Buying was seen across all the sectors; the BSE Metal, Realty, Auto, Capital Goods and Bank indices gained 1.5-3%. Other sectoral indices went up over 1%. However, only Power Grid Corporation was down nearly 2%, as MSCI removed the stock from MSCI India Index.

The Sensex was up 303 points at 16,935 and the Nifty gained 92 points at 5,033. About 1085 shares advanced while 135 shares declined on the NSE.

Cairn India, ONGC, Reliance Industries and GAIL were up 1-2% in the oil & gas space. BPCL and HPCL were marginally up.

Banking stocks like Kotak Mahindra, ICICI Bank and Union Bank gained 2-3.7%. PNB was up 1.31% and HDFC Bank up 0.66%. SBI and Bank of Baroda increased 0.35% each.

In the metal space, NMDC, Hindustan Zinc, JSW Steel, Hindalco, Sterlite Industries, Tata Steel and Jindal Saw were up 3-5%. Gujarat NRE Coke, Sesa Goa, NALCO, SAIL and Jindal Steel moved up 1-2.5%.

In the capital goods segment, Suzlon Energy shot up 3.58% as MSCI added the stock in its MSCI India Index. Siemens, L&T, ABB, BHEL and Punj Lloyd were up 1-2%.

HDIL surged 4.82% as MSCI included the stock in the MSCI India Index. Indiabulls Real, DLF and Unitech went up 2.2-3.8% in the realty space.

In the midcap space, GMDC, Thomas Cook, Wockhardt, Shriram City and Spice Communications gained 5-9.4% while Glenmark lost 2.8% as MSCI removed the stock from its India Index. Nagarjuna Construction, Omaxe, Emami and ING Vysya Bank went down 0.9-1.4%.

In the smallcap space, Resurgere Mines, Cambridge Solutions, Atlanta, Ganesh Housing and Goodricke Group were up 7-12% while Zodiac Clothing, Ushdev International, Advani Hotels, Lloyds Metals and Orissa Sponge lost 2-4.6%.

Nifty bounces back above 5000 on positive Asian cues

The Sensex bounced back smartly on the back of positive Asian cues.  Investors believe that Dubai is an isolated event and exposure of Indian companies to Dubai is limited. All markets recovered from their day's low post Abu Dhabi comments, which said that it would help Dubai on case to case basis.

The Nifty got back above the 5,000 mark and the Sensex too is seen inching towards 17,000. At 9:56 am, the former one was trading at 5,019, up 77 points while the later one was trading at 16,888, up 256 points. The CNX Midcap was up 106 points at 7,143. About 671 shares advanced while 61 shares declined on the NSE.

Suzlon Energy was up 4%, as the company's arm REpower received order for up to 954 MW. It also included in the MSCI India Index.

Tata Motros gained 3% post second quarter numbers.

Among the frontliners, Jaiprakash Associates, Reliance Industries, HDFC, ICICI Bank, L&T, Sterlite, DLF, Unitech, Ranbaxy Labs, Cairn, Jindal Steel and Tata Steel were biggest gainers in early trade.

However, defensive stocks like ITC and HUL were in the red.

Midcap space:

Wockhardt gained 9% as according to sources, Wockhardt-DBS reached out of court settlement in CDR (corporate debt restructuring) case.

In the realty space, HDIL, Orbit Corporation and Indiabulls Real were up 2-4%.

Midcap technology companies like KPIT Cummins, Rolta and Mahindra Satyam gained 1-3%.

Gujarat NRE Coke and Sesa Goa were also up 2-3%.

However, Power Grid was down over 1.5% as MSCI removed from MSCI India Index.

Global cues:

Asian markets bounced back. Shanghai, Nikkei, Hang Seng and Kospi gained 2.5-3.2%. Taiwan Weighted was up 1.5% and Jakarta up 0.6%. SGX Nifty rose 1%. However, Straits Times fell 2%.

The US markets fell on the back of credit troubles in Dubai during shortened session of trade. The Dow Jones Industrial Average ended down 155 points or 1.5% at 10,310. The Nasdaq Composite fell 37.6 points at 2,138. The S&P 500 Index lost 19 points at 1,091.5.

Commodities

CRB Commodity Index ended down 2% on Friday. It was trading down 4% in early trade.

Crude ended down 2.8% at $76/bbl. It was trading down 6% in early trade.

Gold fell more than $12 at $1,174/ounce.

Baltic Dry Index was down 3.5%.

Market cues:

-FIIs net buy USD 66.1 million in cash on November 26
-MFs net sell Rs 257 crore in cash on November 26
-Total F&O Open Int up by Rs 4,687 crore to Rs 84,297 crore
-FIIs net sell Rs 1057 crore in cash on November 27 (prov)
-DIIs net buy Rs 700 crore in cash on November 27 (prov)
-FIIs net sell Rs 158 crore in F&O on November 27

F&O cues:

-Nifty down 1.3%, Futures Open Int up 5%
-Total Futures Open Int up by Rs 866 crore, Total Options Open Int up by Rs 3820 crore
-Nifty IVs at at 26-30% levels
-Nifty Open Int PCR up from 1.26 to 1.33
-Nifty Dec futures trading at 5 pt premium versus 13 pt discount
-Nifty Calls add 19.7 lakh shares in Open Int, Nifty Puts adds 50.3 lakh shares in Open Int
-Nifty Dec 4800 Put Adds 10.3 lakh shares in Open Int
-Nifty Dec 4700 Put Adds 9.6 lakh shares in Open Int
-Nifty Dec 5000 Call Adds 8 lakh shares in Open Int
-Nifty Dec 4900 Call Adds 6.1 lakh shares in Open Int
-Stock futures add 1.84 crore shares in Open Int