Sensex above 14500; telecom, IT, rate sensitives gain

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Mkts positive; metals, infra, realty, banks up

The markets opened higher following positive SGX Nifty Index. Metal, banking, infrastructure, realty and auto stocks were witnessing buying interest. The broader indices were also following the same trend.

At 9:56 am, the Nifty rose 40 points, to 4,270 and the Sensex gained 135 points at 14,386. The CNX Midcap went up 65 points, to 5,418 and the BSE Smallcap Index rose 50 points, to 5,596. About 533 shares advanced while 63 shares declined.

Among the frontliners, Hindalco, Nalco, Reliance Infrastructure, DLF, Unitech, SAIL, Tata Motors, ABB, Ranbaxy Labs, ICICI Bank, Reliance Capital, Suzlon Energy, M&M, TCS (ahead of Q1 numbers), SBI and Cairn India were the gainers.

However, Sterlite Industries lost 4.6%, after losing 6% yesterday, due to dilution concerns in ADS issue.

Midcap space

NMDC locked at 10% upper circuit. The government may be divested between 8.38%-20% of the company, which may fetch between Rs 10,351 crore-Rs 24,704 crore.

NOCIL and Oswal Chemical were witnessing buying interest.

Recently listed Mahindra Holidays slipped 2% on the second day.

Exide shot up 5% due to good bottomline numbers in Q1FY10.

JK Tyre was up 13%, as its Q1FY10 bottomline doubled versus Q1FY09.

India Infoline was up 3% while Opto Circuits was down 3% post quarterly numbers.

Gujarat NRE Coke was up 3%.

Global cues:

Asian markets were trading marginally higher. Hang Seng, Nikkei, Kospi and Taiwan Weighted were up 0.4-1.4%. Shanghai and Straits Times were flat. SGX Nifty was up 0.7%.

The US stocks rallied for a fourth day after strong results, Roubini reiterating that recession will end this year. Week till date, S&P 500 has gained 7%.

The Dow Jones Industrial Average was up 95.6 points or 1.1% to 8,711.8. The S&P 500 gained 8 points or 0.86% at 940.7 and the Nasdaq Composite advanced 22 points or 1.2% to 1,885.

Commodities

Crude ended up 0.8% at $62 a barrel. It was up 4% this week - biggest weekly gain in a month.

Gold was down 0.4% at $935.4/ounce.

Copper was down 0.3% and Lead down 1%. However, Aluminium was up 2% and Tin up 4.5%.

Sugar declined 2%.

Baltic Dry Index went up 5.3%.

Market cues:

FIIs net buy Rs 114 cr in Nifty Futures, Open Interest down by 15090 contracts
FIIs net sell Rs 278 cr in Nifty Options
FIIs net sell Rs 11 cr in Stock Futures
FII F&O turnover as % of total F&O turnover 19.7%
Cumulative FII positions as % of total gross market position at 32.6%
FIIs net buy Rs 32 cr in cash on July 16 (prov)
DIIs net sell Rs 35 cr in cash on July 16 (prov)
FIIs net sell Rs 167 cr in F&O on July 16

F&O cues:

Total Futures Open Int down by Rs 109 crore
Total Options Open Int up by Rs 953 crore
Nifty Futures, Open Int remains unchanged
Nifty July Futures at 7-pt discount versus 3-pt premium
Nifty IVs at 34-38% levels
Nifty Open Int Put Call Ratio at 1.03 versus 0.99
Nifty Calls add 22 thousand lakh shares
Nifty Puts add 19.1 lakh shares
Nifty 4200 Put adds 4.7 lakh shares
Nifty 4100 Put adds 4.6 lakh shares
Nifty 4000 Put adds 4.1 lakh shares
NIfty 4300 Call adds 3.6 lakh shares
Nifty 4600 Call sheds 5.3 lakh shares
Stock Futures shed 1.24 cr shares in Open Int