April 13, 2011 / 11:58 IST
Indian equity benchmarks were strong in trade after witnessing a consolidation in previous four days with a negative bias. About 40 stocks out of 50 on the Nifty were in green - technology ahead of Infosys earnings tomorrow, financial, auto, capital goods, FMCG and power sectors led the 50-share NSE Nifty to 5850 level at 11:40 hours.
Asian markets too recovered - Nikkei, Straits Times and Kospi were up 1-1.5%. Hang Seng and Taiwan went up over 0.5%. Shanghai rose 0.35%.Fourth quarter earnings season is set to kick off tomorrow with IT bellwether Infosys. Infosys is expected to report a fourth quarter profit after tax (PAT) of Rs 1856 crore, a growth of 4.2% over Rs 1779.8 crore in previous quarter, according to CNBC-TV18 estimates. Infosys, HCL Tech and Wipro gained more than 1%; TCS jumped over 2%.Financial companies like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, HDFC and IDFC went up 1-2%. SBI and IDFC were up more than 0.5%. In auto space, Tata Motors, Maruti, Hero Honda and Maruti rallied 1-2%.Jaiprakash Associates was the top gainer, with rising more than 4.5%. L&T was up 1.7% and BHEL up 1%. Siemens and HUL gained over 2.5%.The 30-share BSE Sensex was trading at 19,469, up 207 points and the 50-share NSE Nifty rose 58 points to 5,843. Breadth too was positive; about 902 shares advanced as against 346 shares declined on National Stock Exchange.However, JSPL, Sterlite, Sun Pharma, Bharti, Hindalco, Tata Power, ACC and GAIL were only losers on Nifty.In midcap space, Sun Pharma Advanced rallied 16% after a deal between Sun Pharma and Merck. Sterlite Tech, JM Financial, Gammon Infra and Shree Global gained 5-7%.However, KGN Industries, Kwality Dairy, Marico, Bajaj Electrical and Core Projects fell 2-5%.In smallcap space, CCL Products, GRUH Finance, EIH Associated Hotel, Hatsun Agro and Petron Engg jumped 9-15%.However, Geojit BNP tanked 7% on disappointing results. It has reported a net profit of Rs 3 crore for the quarter ended March 2011, a fall of nearly 65% from Rs 8.5 crore in the same period last year.Acropetal Tech, AGC Networks, Smartlink Network and ESS DEE slipped 3-5%._PAGEBREAK_IT, banks, capital goods, auto push Nifty above 5800Indian equity benchmarks recovered sharply after initial sell-off, supported by technology, capital goods, financial, auto and oil marketing companies' shares. Heavyweights Reliance Industries and HUL too were quite supportive. The 50-share NSE Nifty got back above the 5800 level, to trade around 5,813, with gaining 28 points, at 10:17 hours. It has recovered more than 75 points from day's low. Mark Mobius of Templeton Emerging Markets Group said that Indian market is showing signs of investors returning to India once again. He is optimistic that India may see new highs by year-end. Mobius warns that lack of government action may pose a big risk to India. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
