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Sensex trades with marginal gains; banks, cap good up

Published on Thu, Sep 09, 2010 at 12:57 | Source : Moneycontrol.com

Updated at Thu, Sep 09, 2010 at 15:33

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Sensex trades with marginal gains; banks, cap good up

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The Sensex continued to trade with margnial gains. Buying was seen in banks, capital goods, realty and power stocks. The BSE midcap and smallcap indices were trading with half a percent gain each. The positive contributors to the Sensex were Infosys, ICICI Bank, L&T, SBI and HDFC Bank.

At 12.48 pm, the Sensex was up 60.80 points or 0.33% at 18727.51, and the Nifty was up 7.50 points or 0.13% at 5615.35.

The markets breadth was positive, about 1666 shares have advanced, 1338 shares declined, and 383 shares are unchanged.

Top gainers on the Sensex HDFC Bank at Rs 2,230 up 2.19%, SBI at Rs 2,954 up 2.07%, M&M at Rs 647.15 up 1.86%, HUL at Rs 278.35 up 1.51% and NTPC at Rs 202.30 up 1.43%.

Naresh Kothari of Edelweiss Capital says, There is a distinct possibility of the bourses touching old highs of 21,000 on the Sensex and 6,000 on the Nifty if liquidity continues to surge. However, it is difficult to say whether this would happen in the next 6-9 months or over 12-18 months. If it happens over a longer period, then obviously fundamentals would have caught up and therefore you are a little bit more confident about the way the markets have moved. But if the surge happens in the short-term, the markets will again get into some kind of a correction zone, after they touch any of these numbers."

Top gainers on the BSE Midcap: BASF, Mahindra Holidays, KEC Int, Guj Gas and Coromandel Int were up 7-11%.

Top losers on the BSE Midcap: MVL, IndraprasthaGas, Radico Khaitan, Birla Corp and Binani Cement were down 2-16%.

Top gainers on the BSE Smallcap: Vindhya Telelink, Shasun Chemical, Parekh Aluminex, Karuturi Global and Heritage Foods were up 8-10%.

Top losers on the BSE Smallcap: Subhkam Capital, Saint-Gobain, Andhra Cement, Kothari Product and Standard Industries were down 4-5%.

At 11:55 hours IST

Nifty choppy with positive bias; banks gain

The 50-share NSE Nifty cpntinued trading in positive terrain, led by rate sensitives. Capital goods companies' shares along with NTPC, Reliance Industries, HUL, SAIL and Bharti Airtel were other gainers in trade.

There was a bit of volatility as markets were consolidating post 5600 level crossed by Nifty. The sell-off in ONGC, Sterlite, ITC, TCS, Wipro, Hindalco, Reliance Communications, HDFC and Tata Steel along with healthcare, cement and private power companies' shares was aiding to choppiness.

The Sensex was trading at 18745, up 78 points and the Nifty was at 5622, up 14 points. The broader indices were outperforming benchmarks; were up 0.8% each.

Top gainers - SBI was trading at Rs 2,957, up 2.17%; HDFC Bank was at Rs 2,227, up 2.05%; M&M was at Rs 647.10, up 1.85%; ICICI Bank was at Rs 1,040.50, up 1.48%; NTPC was at Rs 202.20, up 1.38%; Idea Cellular was at Rs 77.20, up 1.71% and HUL was at Rs 278.20, up 1.44%.

Top losers - Cipla was trading at Rs 305.30, down 1.74%; Sterlite Inds was at Rs 164.80, down 1.38%; ACC was at Rs 980.85, down 1.26%; GAIL was at Rs 461.05, down 1.25%; Ranbaxy Labs was at Rs 507, down 1.05%; Hindalco was at Rs 179.20, down 0.91% and Tata Power was at Rs 1,261.50, down 0.86%.

Today's new listing - Gujarat Pipavav was trading at Rs 53.65, up 16.63% over its issue price of Rs 46 a share.

In midcap space, BASF, Mahindra Holiday, Gujarat Gas, KEC International and Coromandel Intl gained 7-11% while MVL slipped 15%. Binani Cement, Radico Khaitan, Gammon Infra and Essar Shipping fell 1.8-2.5%.

In smallcap space, Heritage Foods, Vindhya Telelink, Shasun Chemical, Karuturi Global and Delta Corp were up 9-10% while Kothari Product, Bannariamman, Andhra Cement, Solar Ind and Ramcoind lost 2.8-4%.

Top percentage gainers - Energy Development, National Oxygen, Garnet Intl and BNK Capital shot up 20% each.

About 2004 shares advanced while 1217 shares declined on BSE. Nearly 166 shares were unchanged.

At 10:17 hours IST

Sensex northbound; rate sensitives gain

the benchmark Sensex added some more gains in today's trade and continued positive momentum for fourth consecutive day. Financial, capital goods, auto, realty, power and select metal companies' shares along with heavyweights Reliance Industries, HUL and Bharti were helping the markets to stay in positive terrain.

Even the Nifty has consistently been trading above 5600 level. Claiming recent inflows into the markets were the result of reallocation of existing funds, Samir Arora of Helios Capital told Udayan Mukherjee of CNBC TV18 that these flows will continue if markets grind higher. "A 10% blowout rally is possible, but 15% is rally is unlikely," he said.

However, the sell-off was seen in ONGC, Wipro, Sterlite Industries, TCS, ITC, Hindalco, ACC, Reliance Communications, Sun Pharma, Tata Power and Cipla.

The 30-share BSE Sensex was trading at 18746, up 80 points and the Nifty was at 5629, up 21 points. Even the broader indices gained 0.8% each; about 907 shares advanced while 336 shares declined on NSE. However, the Nifty September futures were trading at 12 points discount.

In financial space, HDFC Bank, SBI, ICICI Bank and Kotak Mahindra Bank gained 1.3-2.3%. IDFC and PNB were up 0.7%. DLF and Unitech from auto segment rose 0.9-1.6%. M&M, Tata Motors and Hero Honda from auto pack went up 0.7-1.5%; Maruti was up 0.4%.

Today's new listing - Gujarat Pipavav Port was trading at Rs 53, up 15.22% over its issue price of Rs 46 per share.

In midcap space, BASF, Britannia Industries, KEC International, Infotech Enterprise and BEML were up 5-9.5% while MVL fell 15%. Gammon Infra, Binani Cement, Wockhardt and Balrampur Chini lost 1.4-2%.

In smallcap space, Heritage Foods, Karuturi Global, Vindhya Telelink, Shasun Chemical and Mahindra Forg rallied 9-13%. However, Kothari Product, Maharashtra Polybutenes, Money Matters, Andhra Cement and Indo Rama Synthetic fell 3-4.8%.

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