Sensex soars 143 pts; HUL, BoB, Kotak Mahindra Bank up 3-5%

Dhiren Sarin, Technical Analyst, Barclays is bullish on the Nifty and sees it gaining 5 percent in next few days. We can be modestly bullish, but we can't be aggressively bullish until that 6400 area gives way, he says.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney
moneycontrol.com

Home » News » Markets » Local Markets

Jul 23, 2013, 06.12 PM | Source: Moneycontrol.com

Sensex soars 143 pts; HUL, BoB, Kotak Mahindra Bank up 3-5%

Dhiren Sarin, Technical Analyst, Barclays is bullish on the Nifty and sees it gaining 5 percent in next few days. "We can be modestly bullish, but we can't be aggressively bullish until that 6400 area gives way," he says.

Like this story, share it with millions of investors on M3

Sensex soars 143 pts; HUL, BoB, Kotak Mahindra Bank up 3-5%

Dhiren Sarin, Technical Analyst, Barclays is bullish on the Nifty and sees it gaining 5 percent in next few days. "We can be modestly bullish, but we can't be aggressively bullish until that 6400 area gives way," he says.

Post Your Comments

Share Cancel

16:25
Moneycontrol Bureau

After closing on a flat note for the last two sessions, the key benchmarks on Tuesday rose more than 0.7 percent, tracking strength in major Asian markets.

The BSE Sensex rose 143.01 points to close at 20302.13, but the broader markets were flat.

The NSE Nifty gained 46 points to finish at 6077.80 after witnessing volatility ahead of July expiry on Thursday.

Dhiren Sarin, Technical Analyst, Barclays is bullish on the Nifty and sees it gaining 5 percent in next few days. "We can be modestly bullish, but we can't be aggressively bullish until that 6400 area gives way," he says.

However, fundamental analyst Vibhav Kapoor of IL&FS feels the market is likely to correct as he expects more disappointing news coming from Q1 earnings ahead. Although rupee depreciation has benefited the Nifty and some of the heavy weight stocks and sectors, it has not really helped the broader market or the economy as a whole, he adds.

He sees Nifty trading in a range of 5,500-5,600 on lower side and 6,100-6,200 on the upper side. The best way to play the market is be selective and just trade, he advises.

FMCG and banks led the major support today while telecom stocks were under pressure.

BSE FMCG Index rose 1.5 percent as Hindustan Unilever surged over 3 percent and ITC gained nearly 2 percent.

Country’s largest lenders State Bank of India and ICICI Bank rallied 1.5-2 percent while Kotak Mahindra Bank and Bank of Baroda soared 4-5 percent.

YES Bank shares gained 3.5 percent ahead of Q1 earnings on Wednesday. Analysts on an average expect the private sector lender to report 39 percent growth year-on-year in net interest income at Rs 658 crore and 32 percent growth in profit after tax at Rs 382 crore.

State-run capital goods major BHEL bounced back with 2 percent gains after a 15 percent fall witnessed in previous two sessions on orderbook concerns. Its rival Larsen & Toubro closed flat.

Meanwhile, telecom majors lost ground today. Reliance Communications, Idea Cellular and Bharti Airtel were down 1.8-2.9 percent.

Wipro and Asian Paints (post Q1 earnings) were top losers among Nifty 50 stocks, falling 2-2.7 percent.

L&T Finance Holdings shares were flat despite the company reported 20 percent year-on-year rise in its first quarter (April-June) consolidated net profit at Rs 145 crore driven by a combination of reasons: retail credit expansions, spike in other income and tax refund.

Century Textiles, Dewan Housing Finance Corporation and Tata Elxsi gained 1-4 percent after strong results in first quarter.

Ambuja Cements, Cairn India, Hero MotoCorp, Central Ban of India and United Phosphorous will announce their April-June quarter earnings on Wednesday.

Jewellery stocks gained despite the Reserve Bank of India put further curbs on gold import mandating that banks and nominated agencies should retain 20 percent (or one fifth) of every lot of gold imports in the customs bonded warehouses. They will be able to import further gold only if they export 75 percent of that stored gold. PC Jeweller surged nearly 19 percent while Shree Ganesh Jewellery rose 11 percent. TBZ gained 7 percent.

The domestic currency depreciated to 59.76 per dollar today as against previous day's closing value of 59.72.

Globally, major Asian markets like Shanghai and Hang Seng gained 2 percent each while Nikkei rose 0.8 percent. European markets were up 0.3 percent at 04:30 hours IST.

15:29
The market managed to keep its head above water but Nifty's struggle to breach 6100 continued. The Sensex ends up 143.01 points at 20302.13 while the Nifty closes the day below 6100 at 6077, up 46.00 points or 0.76% at 6077.80.

Read More »

14:40
It is a stable day for the market with the BSE Sensex advancing 166.39 points or 0.83 percent to 20325.51, tracking strong Asian cues.

Read More »

13:21
The Nifty is at 6088, up 56 points while Sensex is up 177.84 points at 20336.96. About 1061 shares have advanced, 922 shares declined, and 140 shares are unchanged.

Read More »

12:17
The market remained in a upward journey with both the equity benchmarks gaining 0.8 percent, helped by oil & gas, banks, FMCG and technology stocks. Asian markets extended gains in late trade; Shanghai and Hang Seng rallied 1.6-2 percent while Nikkei rose 0.8 percent.

Read More »

11:15
It is a steady run for the market with the Nifty holding well over 6050 led by banks and commodity plays. The Sensex is up 162.60 points at 20321.72, and the Nifty is up 49.15 points at 6080.95.

Read More »

10:21
Indian equity benchmarks gained momentum today after witnessing flat closing for previous two sessions, tracking positive Asian cues. Larsen & Toubro rebouned with 1.6 percent gains after falling 7.5 percent in earlier session on poor Q1 numbers.

Read More »

09:19
The market has opened on a stable note with the Sensex gaining around 100 points. The Sensex opens at 20263.97 up 104.85 points while the Nifty gains 32.50 points at 6064.30.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Sensex soars 143 pts; HUL, BoB, Kotak Mahindra Bank up 3-5%

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login