Nifty gains further; ICICI Bank, SBI, RIL lead

Indian equity benchmarks gained further on the back of short covering amid mild volatility at 12:51 hours, pulled up by heavyweights like SBI, ICICI Bank, ITC, Tata Motors, Reliance Industries, Bharti Airtel, Wipro and Infosys.

Benchmarks were seeing short covering upmove in today's session after a crack seen in previous three sessions. It has been factored in all negatives for the time being and is waiting for Budget, which is scheduled on Monday, February 28.

Government has disclosed the economic survey document, which was quite positive. Government sees Indian economy to grow 8.75-9.25% in FY12 and expects Indian economy to top 9% growth rate FY12. "We are seeing fast, strong turnaround in Indian economy and India growth is likely to revert to pre-crisis level FY12," according to survey. However, maintaining growth with price stability is a key challenge, says survey.

However, there was a consistent sell-off in metal companies' shares followed by M&M, TCS, ONGC, Hero Honda, Tata Power, Reliance Infrastructure, Kotak Mahindra Bank, ACC, HUL and DLF, which capped the gains.

The 30-share BSE Sensex gained 125 points at 17,757 and the 50-share NSE Nifty went up 52 points to 5,315.

Among largecaps, Tata Motors, ICICI Bank, SBI, ITC, Jaiprakash Associates, IDFC and Axis Bank rallied 2-4%.

However, Hindalco, Reliance Infrastructure, Sterlite Industries, Tata Power, M&M and Hero Honda were down 1.5-3%.

There was a mixed trend in railway stocks during presentation of Railway Budget. Hind Rectifiers, Titagarh Wagons and Kernex Micro were down 1-3%. However, BEML and Concor gained 3%. Stone India rose 0.5%.

In midcap space, SpiceJet, Glodyne Tech, Hathway Cable, Religare Enterprises and IVRCL Infrastructure gained 5-7% while Stride Arcolab, KGN Industries, Cholamandalam, Man Infra and Patel Engg fell 4-8%.

In smallcap space, Websol Energy, Gravita India, Foseco India, KSB Pumps and SREI Infra jumped 6-17% whereas Sterling Holiday, Titagarh Wagons, Autoline Inds, Binny and Parenteral Drug lost 5-10%.

Breadth was positive - about 709 shares advanced as against 554 shares declined on National Stock Exchange.

Crude oil was trading at USD 98.20 a barrel, up USD 0.92 a barrel on the New York Mercantile Exchange.

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Sensex volatile; Hindalco, Sterlite, HUL slip

The benchmark Nifty was consolidating around the 5300-mark at 11:36 hours, with a positive bias, supported by banking stocks, healthcare and select heavyweights like Reliance Industries, ITC, Tata Motors, Bharti & BHEL. Short covering in the most beaten down stocks was helping the markets.

Asian markets too were quite supportive - Nikkei, Kospi and Taiwan gained 0.7%. Hang Seng and Straits Times were up 1-1.6% while Shanghai was flat. Traders were buying shares after looking oversold in previous three sessions due to turmoil in Libya, which pushed up crude oil prices to USD 103 a barrel on Thursday. Crude oil cooled off in late trade yesterday to USD 97 a barrel.

However, the selling continued in Hindalco, TCS, Sterlite, Tata Power, HUL, M&M, Hero Honda, Kotak Mahindra Bank, Reliance Infrastructure, DLF, ACC, Tata Steel and Maruti Suzuki, which capped the gains - these stocks were down 1-3%.

The 30-share BSE Sensex was trading at 17,699, up 67 points and the 50-share NSE Nifty climbed 35 points to 5,298. On sectoral front, the BSE Bank and FMCG indices gained more than 1% while Metal index slipped over 1%.

Among frontliners, Tata Motors, SBI, ICICI Bank, ITC, Jaiprakash Associates and Suzlon Energy rallied 2-4%.

In midcap space, Glodyne Tech, SpiceJet, Hathway Cable, Religare Enterprises and Jet Airways jumped 3-7.5% while Stride Arcolab, KGN Industries, Aurobindo Pharma, Patel Engg and Man Infra lost 4-8%.

In smallcap space, Websol Energy, Foseco India, KSB Pumps, Hindustan Media and Falcon Tyres gained 5-13% whereas Sterling Holiday, Autoline Inds, Ontrack Systems, Allied Digital and Alembic fell 5-7%.

About 1364 shares advanced as against 1122 shares declined on the Bombay Stock Exchange.

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Nifty holds 5300; SBI, ICICI Bank, RIL lead

Indian equity benchmarks rebounded today but there was a bit of volatility at 10:06 hours. The Nifty holds the 5300-mark led by financial, infrastructure, oil & gas and healthcare companies' shares. ITC, Tata Motors, Bharti Airtel and Wipro too gained. Indices were crashed on Thursday with 3% fall.

Crude oil was trading at USD 97.35 a barrel, which cooled off yesterday to close around USD 97 a barrel from USD 103 a barrel. Brent crude was trading at USD 111.75 a barrel, up 0.35%, which jumped nearly to USD 120 a barrel on Thursday.

Lawrence Eagles of JPMorgan said rising oil prices would continue to weigh down on the Indian market, stoking fears of increasing inflation, higher fiscal deficit and high interest rates. "With concerns over the political front in India now easing, focus will move back to earnings, which have to be revised downwards."

However, TCS, HUL, Hindalco, Sterlite, Maruti, Hero Honda, JSPL, Power Grid, Tata Power, Bajaj Auto, Reliance Infrastructure, Tata Steel, Kotak Mahindra Bank and ACC were witnessing selling pressure, which limited the upside.

The 30-share BSE Sensex gained 83 points at 17,715 and the 50-share NSE Nifty went up 41 points to 5,303 led by short covering. About 653 shares advanced as against 548 shares declined on National Stock Exchange.

SBI, ICICI Bank, HDFC and Axis Bank from financial space rose 1.5-3%; HDFC Bank went up nearly 1%. Heavyweights Reliance Industries, ITC and Bharti Airtel climbed 1-3%.

L&T, BHEL, NTPC and ONGC were up 0.5-1%. Tata Motors was the top gainer with 3.5% gain, which was plunged 8%.

Mphasis was the most active share on exchanges and was down 20% on the back of disappointing results. Its Q1 EBITDA slipped to Rs 257.5 crore from Rs 320.4 crore and PAT went down by 20% at Rs 226.7 crore.

SBI, Tata Steel, Reliance Inds, Tata Motors and ICICI Bank were the most active shares on exchanges.

In midcap space, SpiceJet, Kirloskar Oil, Hathway Cable, Himadri Chemical and Jai Corp rallied 3-6% while Karnataka Bank, Stride Arcolab, Man Infra, Cholamandalam and Andhra Bank fell 3-9%.

In smallcap space, Kirloskar Inds, Graviss Hosp, KSB Pumps, Asian Hotel (W) and Zodiac Clothing jumped 6.5-11% whereas Bhansali Engg, Allied Digital, Sujana Towers, Urja Global and Alembic lost 5-8%.

Nifty bounces back; financials, pharma gain

The benchmark Nifty bounced back sharply on Friday morning after sharp cut in last few sessions due to rise in crude oil prices, but immediately shaved off some gains from early day's high. It was hovering around the 5300-mark amid volatility.

Crude also cooled off to USD 97 a barrel from USD 103 a barrel on Thursday. Asian markets too were quite supportive. Financial, select infrastructure and metal companies' shares were supporting the markets.

Among frontliners, Tata Motors, ICICI Bank, Ranbaxy, IDFC, Reliance Power, Reliance Capital, Bajaj Auto, Axis Bank, SBI, BPCL, Jaiprakash Associates and Reliance Communications were leading the markets higher today.

However, HUL, TCS, HCL Tech and Maruti were witnessing selling pressure.

At 9:18 hours IST, the 30-share BSE Sensex was trading at 17,682, up 49 points and the 50-share NSE Nifty gained 32 points to 5,295. 

The CNX Midcap rose 39 points to 7,393 and Nifty Junior went up 75 points to 10,414. About 547 shares advanced as against 349 shares declined on National Stock Exchange.

Midcap & Smallcap space:

Mphasis crashed 25% on back of extremely poor results and has touched a 52-week low of Rs 456.95. The company's consolidated net profit was down by 15% at Rs 227 crore versus Rs 268 crore.

Karnataka Bank plunged 9%. Orchid Chemical fell 4% and Alembic lost 3%.

However, Aurobindo Pharma was up 2%.

Railway stocks were on buyers' radar ahead of Rail budget today. Kalindee Rail, Texmaco and Titagarh Wagons went up 3-4%. 

Jubilant Foodworks was up another 2%.

Uttam Galva jumped 5% on debt restructuring news. Fortis Healthcare was up 1%.

Global cues

Asian markets were trading higher. Hang Seng and Straits Times went up 1%. Shanghai, Kospi, Nikkei and Taiwan were marginally in green.

The US markets recovered from day's low as crude cooled off to USD 97.3/barrel after hitting USD 103 on Thursday.

There were talks that Libyan leader Muammar Gaddafi was shot. However, US officials said they have no reason to believe Gaddafi is dead. There was also news that Saudia Arabia was in talks with European refiners to cover any shortfall caused by the Libyan turmoil.

The Dow Jones Industrial Average ended down 37 points at 12,068, after seeing recovery of 85 points from day's low of 11,983.

Commodities

Crude oil ended down 0.8% at USD 97.28 a barrel after hitting USD 103.4 a barrel during the day

March natural gas was down 0.2% at USD 3.88 per MMBtu

April gold was unchanged at USD 1413.8/ounce

March silver fell 0.2% at USD 33.18 per ounce

F&O cues:

Nifty Open Int PCR at 1.35 versus 1.31 at start of Feb series      

Highest Open Int outstanding at 5300 Put, 5400 Put, 5400 Put, 5000 Put, 5500 call

Nifty 5300 Put add 19.6 lakh shares in Open Int

Nifty 5400 Call adds 17.5 lakh shares in Open Int

Nifty 5500 Call adds 13.4 lakh shares in Open Int

Nifty 5300 Call adds 9.1 lakh shares in Open Int

Nifty 5000 Put adds 7.6 lakh shares in Open Int

Nifty 4700 Put adds 5.2 lakh shares in Open Int

Nifty 51000 Put adds 5 lakh shares in Open Int