Sensex consolidates; SBI, ICICI Bank, HDFC Bank, Bharti dip
At 10:45 hours IST - equity benchmarks snapped four-day winning streak in early trade today and were witnessing volatility in trade. Banking, telecom, auto, capital goods and realty companies' shares were putting pressure on markets. Even ONGC, Tata Steel and Hindalco were also down.
January 04, 2011 / 11:56 IST
At 10:45 hours IST - equity benchmarks snapped four-day winning streak in early trade today and were witnessing volatility in trade. Banking, telecom, auto, capital goods and realty companies' shares were putting pressure on markets. Even ONGC, Tata Steel and Hindalco were also down.
However, Reliance Industries, Cairn, GAIL, NTPC, Sterlite, Suzlon, Reliance Infrastructure, Sun Pharma and Dr Reddy's Labs along with technology and FMCG companies' shares were on buyers' radar, which capped losses.Gautam Shah of JM Financial said the markets should continue to trend up but witness a short intra-week correction. "The bullish reversal pattern breakout that we spotted last week now provides support at 20100/6020 and this level should act as the worst case in case of any pullback. The same pattern has a pending target of around 6350/21200," he said.The 30-share BSE Sensex was trading at 20,518, down 42 points and the 50-share NSE Nifty fell 13 points to 6,144. The broader indices erased early gains; were flat in trade.Among frontliners, HUL, Jindal Steel, Reliance Infrastructure, Sterlite Industries, Wipro and Cairn India gained 1-2%. Suzlon Energy was trading at Rs 57.05, up 5.26%; Gamesa is looking at picking up majority stake in Suzlon and deal is likely to value Suzlon at market cap of around USD 3 billion, reports CNBC-TV18 quoting sources.However, Bajaj Auto, ICICI Bank, SBI, HDFC Bank, Bharti Airtel, Hindalco and Reliance Communications lost 1-2.5%.In midcap space, Kirloskar Brothers rose 12%. Peninsula Land, Clariant, Bombay Rayon and Kwality Dairy rallied 3.8-5% while KGN Industries, Fresenius Kabi, Dewan Housing, Amtek Auto and United Bank fell 2-3.5%.In smallcap space, Mandhana Industries surged 19%. Infinite Comp, Advanta, Varun Industries and Dynamatic Tech were up 6-9% while Timken, Ganesh Housing, Maharashtra Polybutenes, Spectacle Info and Sujana Towers lost 5-7.7%.About 1243 shares advanced as against 1128 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty volatile; NTPC, HDFC, Tata Steel up, SBI dipsThe benchmark Nifty started the session on a positive note amid volatility and maintained its upmove for fifth consecutive day. Metal, FMCG, technology and select power companies' shares gained while banks stocks declined.Among frontliners, Suzlon Energy, Reliance Infrastructure, Jaiprakash Associates, NTPC, HDFC, IDFC, Kotak Mahindra Bank, Ambuja Cements, Sterlite Industries, Tata Steel, HUL, TCS, Bharti Airtel, Reliance Communications and ITC were on buyers' radar.However, Hero Honda, M&M, ICICI Bank and Bajaj Auto were witnessing selling pressure. Sun Pharma fell 0.4%; subsidiary Caraco is not going to commence manufacturing products from Detroit by FY11.HDFC Bank declined 0.5%; the bank raised its interest rates on retail term deposits by up to 1.25% depending on the maturities. The rate hike will be effective January 1.At 9:17 hours IST, the 30-share BSE Sensex was trading at 20,633, up 72 points and the 50-share NSE Nifty rose 18 points to 6,176. The Nifty January futures were trading at 21 points premium.The CNX Midcap went up 51 points to 8,970 and Nifty Junior rallied 68 points to 12,328. About 555 shares advanced while 119 shares declined on National Stock Exchange.Midcap & Smallcap space:RCF, Chambal Fertiliser, National Fertilisers and Nagarjuna Fertilisers were up 1.5-3.5%.GSPL rose 3% and Pipavav Shipyard gained 0.8%. Uttam Galva was up 1.9% and Jayaswal Neco up 2.3% (Tied up for debt for Rs 3300 crore expansion)Zee Learn moved up 2.5%.Shashun Chemical, Jupiter Bioscience and Bajaj Hindusthan were up 1-1.5%.However, Hexaware was down 0.5%._PAGEBREAK_Global cues:Asian markets were trading higher. Shanghai and Nikkei (which closed on Monday) went up 1.1-1.4%. Hang Seng, Straits Times and Kospi rose 0.3-0.56%.The US markets scored its strongest percentage gain in a month on back of strong economic data.The Dow Jones Industrial Average ended up 93 points at 11671. The Nasdaq Composite was up 39 points at 2691.5 and S&P 500 up 14 points at 1272.CommoditiesCRB Commodity Index ended up 0.1% after gaining almost 0.8% during the dayCrude oil ended up 0.2% at USD 91.55/barrelNatural gas gained 5.5% at USD 4.65 per MMBtu Gold gained 0.1% at USD 1422.9/ounce Silver was up 0.1% at USD 31.13/ounceSugar surged 5.7% F&O cues: Total Nifty futures up Rs 1,645 croreOptions up Rs 4186 croreOptions total Open Int up by Rs 11,975 crore in last 2 daysStock futures net add 4 cr shrs in Open Int Nifty Fut Open Int net add 3 lk shrs in Open IntNifty futures prem at 26 pts versus 28 ptsNifty Open Int PCR unchanged at 1.41Nifty Put add 32.6 lk shrs in Open IntNifty Call adds 24 lk shrs in Open IntHighest Open Int O/S at 6000 Put (60 lakh)Highest Open Int O/S at 5900 Put, 6300 Call Nifty 6200 Put adds 10 lk shrs in Open Int Nifty 6300 Call adds 7.5 lk shrs in Open Int Nifty 6200 Call adds 6.1 lk shrs in Open IntNifty 6500 Call adds 5.7 lk shrs in Open IntNifty 6100 Put adds 5 lk shrs in Open IntNifty 5700 Put adds 4.8 lk shrs in Open IntNifty 6100 Call shed 5 lakh shares in Open Int 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!
