Jul 15, 2013, 06.15 PM | Source: Moneycontrol.com

Sensex ends above 20K, at 6-week high; telecom, banks up

Amit Dalal of Tata Investment Corporation says the market can not blowout of the range which has been created now for almost six months. So, one should not expect substantially more up moves from the market, but July is definitely a better month than the month of June, he adds.

Moneycontrol Bureau

Indian stocks gained for the third consecutive session Monday with the BSE Sensex reclaiming the 20000-mark for the first time since May 30. Better-than-expected monthly inflation and positive global cues helped the market.

The 30-share Sensex rose 76.01 points to close at 20034.48, and the 50-share Nifty gained 21.80 points to end at 6030.80, but the broader markets outperformed benchmarks.

The BSE Midcap Index advanced 0.9 percent and Smallcap climbed 0.8 percent. Advancing shares outpaced declining ones by 1341 to 958 on the BSE.

Amit Dalal of Tata Investment Corporation says the market can not blowout of the range which has been created now for almost six months. So, one should not expect substantially more up moves from the market, but July is definitely a better month than the month of June, he adds.

Wholesale Price Index inflation increased marginally to 4.86 percent in June from 4.7 percent in previous month, but that was higher-than-forecast of 5 percent .

Anand Rathi says a sharp jump in prices of food articles led to marginal pick up in the WPI inflation. However, impact of a 10 percent fall in rupee is yet to be factored in WPI inflation in coming months, the brokerage house adds.

“Nevertheless, due to weak pricing power of the manufactures, the impact of rupee depreciation is likely to be around 30-50bps on the overall WPI inflation. We expect RBI to maintain status quo in the July 2013 policy,” Anand Rathi says.

Also Read - Rangarajan paints rosy FY14, but macros stay weak

FMCG, banks, telecom and metals stocks gain while power stocks were under pressure.

Shares of TCS, Hindustan Unilever, Bharti Airtel, M&M and Bajaj Auto rallied 2-3 percent. Aluminium major Hindalco Industries topped the buying list, rising 3.7 percent.

Sterlite Industries shares surged more than 3 percent after National Green Tribunal says that Sterlite's Tuticorin plant can remain open as reports suggest that the Sterlite plant not polluting Tuticorin area. The final order on Sterlite Tuticorin Unit will come soon.

Tata Steel declined 2 percent after its European arm reported a record loss of 1.2 billion pounds for the year.

Infosys lost 2 percent on profit booking; the stock had rallied 11 percent Friday on better-than-expected first quarter earnings and keeping the dollar revenue guidance for FY14 unchanged at 6-10 percent. CLSA maintained outperform rating on the stock and raised target price by 16 percent to Rs 3025 from Rs 2605 while Morgan Stanley has raised its target price to Rs 3225 from Rs 2890 earlier, maintaining overweight rating.

TTK Prestige shares slipped 5 percent after its first quarter net profit fell 16 percent year-on-year to Rs 25.8 crore and operating profit margin declined 230 basis points Y-o-Y (170 bps sequentially) to 13.5 percent.

SpiceJet shares gained 8 percent as the airline company says few investors showed interest in company post FDI clearance and it is too early to comment on equity issuance to interested companies.

Shares of medical equipment manufacturer Opto Circuits soared 34.43 percent amid hefty volumes.

The rupee was off day’s low on some dollar selling by a large US bank as well a large state-run bank, dealers say. "A large US bank was selling around 59.90/91 levels," says a senior dealer, reports Reuters. The domestic currency fell by 34 paise to 59.89 per dollar, after hitting an intraday low of 60.10.

Globally, Asian markets closed higher while European markets were trading with marginal gains, at the time of closing of Indian equities.

The market continues to be volatile in last trading hour of the day. The Sensex is up 87.58 points at 20046.05, and the Nifty is up 24.45 points at 6033.45. About 1265 shares have advanced, 915 shares declined, and 137 shares are unchanged.

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Opto Circuits India rallied 32 percent amid heavy volumes. Trading volumes increased 11.5 times to 2,51,29,696 equity shares as compared to its five-day average of 21,74,359 shares.

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It is a strong start to the week with a comfortable cruise above 6000 for the Nifty led by pharma and bank stocks. The BSE Sensex is also at a 1.5 month-high, adding 75.55 points at 20034.02.

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Equity benchmarks gained marginal strength after WPI inflation staying below the 5 percent level. The Nifty clawed back above the 6000 level and the Sensex hit 20000-mark for the first time since May 31st.

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The market is going extremely choppy as it kick-starts the week marked by first quarter earnings by major companies like TCS and Reliance Industries. The Nifty is struggling hard to stay above 6000. The Nifty is 5996, down 12.95 points while the Sensex slips 31.93 points to 19926.54.

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The broader markets outperformed benchmarks as advancing shares outnumbered declining ones by 945 to 683 on the BSE. BSE Midcap and Smallcap indices gained 0.5 percent.

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The market opens in negative terrain on weak macro data. The Sensex is down 40.78 points at 19917.69 and the Nifty slips 17.80 points to 5991.20. About 168 shares have advanced, 143 shares declined, and 30 shares are unchanged.

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