Sensex snaps 8-day losing streak, ends 119 pts higher

Indian equity benchmark Nifty snapped 8-day losing streak on Tuesday -- bouncing back above the 4800 mark -- led by technology, banks, metals and auto (four-wheeler) stocks. But the market was extremely volatile during the day due to choppy trade in rupee. Both the benchmarks trimmed gains in late trade following cut in gains in European markets and downward spiral in the rupee. The 30-share BSE Sensex rose 119.32 points, to close at 16,065.42 and the 50-share NSE Nifty moved up 34 points, to end at 4,812.35.

Asia's worst-performing currency in 2011, the rupee today tumbled to an all-time low of 52.73 against the US dollar. In an intra-day trade, it appreciated to 52.30, which suggests that the RBI may have sold dollars; but it again moved down to 52.59 a dollar at the time of closing of Indian equity markets.

Anant Narayan, managing director, regional head of fixed income and currency trading, south Asia at Standard Chartered Bank and Sajjid Chinoy, Asia economics at JPMorgan suggest that despite the volatility being global, in the short term, it is only the central bank that can intervene and arrest the free fall.

European markets like France's CAC, Germany's DAX and Britain's FTSE were trading 0.5% higher, which rallied 1% in the opening trade. The Dow Jones futures turned flat.

Back home, the most beaten down stocks in the last eight days saw short covering in today's trade. Tata Motors was the biggest gainer among largecaps, rising 6% to Rs 173 a share.

In the technology space, TCS, Wipro and Infosys gained 1.7-2.3%. HDFC, ICICI Bank, Reliance Industries, SBI, Sterlite and BHEL climbed 1-2%.

Jaiprakash Associates, which lost 15% in last seven days, gained 4%. However, Bharti Airtel was the major loser - dropped 2.5%.

ITC, HUL, M&M, Tata Power, Bajaj Auto and Hero Motocorp among other largecaps were down 1-2%. HDFC Bank, ONGC and NTPC were marginally lower.

Total traded turnover on both exchanges was more than Rs 1.99 lakh crore. The broader indices were flat today and even the advance:decline ratio was equal.

Amtek Auto shot up 20% on buyback news. S Kumars Nationwide, Pantaloon Retail, Educomp, Suzlon, Kingfhisher and Jet Airways gained 3-10%. However, Parsvnath Developers crashed 20%.

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At 15:07 hours IST : Nifty slips from day's high; European mkts trim gains too

The market slipped from day's high amid choppy trade. Choppiness in the rupee and trimming of gains by the European markets were reasons behind the market's volatility. The 30-share BSE Sensex rose 105 points to 16,051.11 after shedding about 150 points from day's high. Meanwhile, the 50-share NSE Nifty gained 27.7 points at 4,806.

European markets slipped from day's high; France's CAC, Germany's DAX and Britain's FTSE moved up around 0.5%. The Indian rupee was trading at 52.44 to the dollar as against 52.16 on Monday; it had gone up to 52.30 a dollar but could not hold that level for long.

Bharti Airtel tumbled over 3%. FMCG stocks like ITC and HUL too extended losses, falling more than 1%. HDFC Bank, ONGC and NTPC too slipped into the red.

L&T and BHEL turned flat after seeing a rally of 1-2.5%. Tata Motors, which rallied nearly 8%, moved up 6%.

Reliance Industries too came off day's high, rising just 0.4%. Infosys, HDFC, TCS and ICICI Bank were up 1-2%.

Total traded turnover was more than Rs 1.8 lakh crore.

At 14:16 hours IST : Nifty rises 1.5% on positive European cues; Re at 52.3/$

Appreciation in the rupee from all-time lows helped the market to rally 1.5% in the afternoon trade. About 1% upmove in European markets was also quite supportive.

The 30-share BSE Sensex gained 253 points at 16,199 and the 50-share NSE Nifty jumped 72 points to 4,850.65.

Sharp recovery in the rupee suggests that the central bank Reserve Bank of India may be selling dollars. The rupee appreciated to 52.30 a dollar from all-time low 52.73.

Metals and technology topped the buying list among all the sectors; respective BSE sectoral indices shot up 2.7% each. Auto, Oil & Gas, Bank, Capital Goods and Pharma indices rose 1-1.7% while the broader indices gained just 0.3-0.5%.

Tata Motors, Jaiprakash Associates and Tata Steel were the top three gainers among the largecaps; respective stocks shot up 7.5%, 5% and 4.5%.

Infosys, HDFC, ICICI Bank, TCS, Hindalco, Sterlite, BHEL, DLF and Coal India rallied 2-3.7%. Reliance Industries, SBI, HDFC Bank, L&T and Wipro moved up 1-1.8%.

However, Bharti Airtel topped the selling list, falling over 2%. HUL, ITC, Tata Power and Bajaj Auto gained 0.6-1.2%.

At 13:12 hours IST : Sensex gains over 200 pts on recovery in rupee

Indian equity benchmarks moved up further on account of recovery in rupee. All major sectors such technology, banking, capital goods and metals were pushing up the market; heavyweight Reliance Industries too was quite supportive with 1.5% rise.

The 30-share BSE Sensex surged 211 points to 16,157.53 and the 50-share NSE Nifty gained 57 points at 4,835.75.

The Indian rupee has appreciated to 52.41 a dollar from all-time low of 52.73, though it has depreciated from previous day's closing level of 52.16. It seems that the RBI may have intervened to limit the fall in rupee.

Tata Motors maintained its top position in the buying list, rising 7.5%. Infosys, HDFC, ICICI Bank, TCS, BHEL, Hindalco and JP Associates, all rallied 2-4%. SBI, L&T, Tata Steel, Coal India, Wipro and Sterlite too were up 0.8-1.6%.

However, Bharti Airtel lost 2.5%. ITC, M&M, Tata Power and Bajaj Auto were down 0.5-1.7%.

Volume was quite high today; total traded turnover is more than Rs 1 lakh crore so far.

On the global front, European markets like FTSE, CAC and DAX futures gained around 1%, which is pointing to a positive start. Even Asian markets recovered from the day's low; Hang Seng and Shanghai, which lost 1% turned flat. Straits Times and Kospi rose 0.4% each.

At 11:40 hours IST : Sensex holds on to early gains; Bharti underperforms

The 30-share BSE benchmark extended gains led by technology, capital goods, oil & gas, metals and banks. The marginal recovery in the rupee from all-time low too helped the market. The rupee was trading at 52.62 to the dollar as against an all-time low of 52.73. The Sensex jumped 140 points to 16,086 and the Nifty rose 37 points to 4,815.30 amid volatility.

Rajeev Malik, senior economist at CLSA says, magnitude of rupee depreciation is 'shocking'. He doesn't rule out a level of Rs 57 per dollar. "If the RBI is not going to come in at all in any aggressive manner and we continue to see the global conditions worsen, Rs 55-57 per dollar is not all that stretched."

Technology stocks like Infosys, TCS and Wipro gained 2%. Tata Motors was the biggest gainer among largecaps, rising 4%.

Among others, Reliance Industries, HDFC, ICICI Bank, SBI and BHEL gained 1-2%. L&T and ONGC moved up 0.5-0.9%.

However, Bharti Airtel topped the selling list - dropped 2.5%. Bajaj Auto, M&M and Hero Motocorp gained 0.5-1%.

The broader indices were flat and even the market breadth was almost equal.

At 10:12 hours IST : Nifty holds 4800 amid choppy trade; Re hits low of 52.72/$

The 50-share NSE Nifty is still in its upward spiral amid a choppy trade, supported by oil & gas, capital goods, metals and financials (barring HDFC Bank). The current short covering-led upmove was despite falling rupee and weak Asian cues. The BSE Sensex rose 100.31 points to 16046.41, and the NSE Nifty moved up 28.15 points to 4,806.50.

The Indian rupee touched an all-time low of 52.72 to the dollar today as against 52.16 on Monday, which resulted outflow of foreign money. It depreciated by 74 paise at 70.99 to an euro. Nilesh Shah of Axis Direct points out to high gold imports as the reason for the weakness in rupee.

Sudarshan Sukhani of technicaltrends.com expects rupee to be at 55 to the dollar. He said he would maintain the short positions.

Major largecaps like Reliance Industries, HDFC, Infosys, ICICI Bank and ONGC gained 1-1.8%. Tata Motors, Hindalco and BHEL were top gainers, rising 2.5% each.

L&T and SBI rose 0.7% each. Tata Steel, JSPL, Cipla, NTPC and Maruti were up 1% each.

However, Bharti tumbled nearly 2% and Bajaj Auto lost 2.5%. Hero Motocorp, TCS and Wipro were other losers.

On the global front, Asian markets like Shanghai, Nikkei, Hang Seng and Taiwan fell 1% each. Straits Times and Kospi were flat.

At 9:20 hours IST : Sensex rebounds 100 points; Re hits 52.44/$

The Indian equity benchmarks