It was a strong session for the benchmark indices and that continued for the second consecutive day. Huge buying in metal, oil, telecom and capital goods stocks boosted the markets. Realty, auto, power, banking and technology stocks were also on buyer's radar.
Volumes were also pretty high as compared to last few sessions. The Nifty closed above 2900 mark while the Sensex crossed 9600 level. Some follow-up buying was also seen in commodity stocks due to government's fiscal stimulus package, which was announced on Sunday. Strong Asian markets was another reason for today's rally. US markets futures also jumped up on hopes of tentative auto rescue package.
Reliance Industries, DLF, Bharti Airtel, SAIL, Reliance Communication, ONGC, Wipro, ICICI Bank, HDFC, BHEL, Tata Steel and L&T were leaders in today's trade. However, Power Grid Corporation and Ranbaxy Labs declined.
The Sensex has hit an intraday high of 9,678.70, before closing the day at 9,654.90, up 492.28 points or 5.37% over previous close. The 50-share NSE Nifty shut shop at 2928.25, up 5.18% or 144.25 points over previous close. It has touched a high of 2940.15. All sectoral indices also ended in green.
Broader indices also followed the same trend. BSE Midcap Index gained 63.21 points or 2.19% at 2,948.24 and Small Cap Index was up by 52.25 points or 1.56% at 3,395.45.
Volumes were very high in today's trade, markets clocked turnover of Rs 59,269.1 crore. This includes Rs 11,501.3 crore from NSE Cash segment, Rs 43,597.57 crore from NSE F&O and the balance Rs 4,170.23 crore from BSE Cash segment.
Realty Index was the biggest outperformer, surged 12.56% or 223.72 points to 2,005.09. DLF climbed up 18.93% and Unitech shot up 6.54%.
Huge buying was seen in metal stocks. SAIL jumped 15.77%. Tata Steel, Jindal Steel, JSW Steel and Sterlite Industries rose 9-11%. Metal Index was up 400.70 points or 8.38% to 5,181.92.
BSE Oil & Gas Index shot up 6.97% or 384.87 points to 5,906.46. Reliance Industries gained 9.57% and ONGC went up 2.65%. Oil marketing companies like BPCL, HPCL and IOC rose 1.34-2.9%. Crude was hovering at around USD 43 to a barrel.
Capital Goods stocks like L&T and BHEL moved up 3.75-5.32%. Index rose 4.51% or 294.75 points to 6,824.14.
Telecom stocks like Tata Communication and Reliance Communication gained 10-13.77%. Bharti Airtel and Idea Cellular jumped 4-5%.
Auto stocks also witnessed buying interest. M&M shot up 15.47%. Tata Motors and Maruti Suzuki gained 3.4-7.3%. Hero Honda was also up. Index closed with a gain of 94.94 points or 4.16% at 2,375.42.
Cement makers cut prices by Rs 4-6/50 kg bag from December 9, due to cut in excise duty to 8% from 12%. Grasim, ACC, Ambuja Cements, India Cements, Shree Cements and UltraTech Cements surged 7.5-14.3%.
Shipping stocks were buzzing globally due to the Baltic Dry Index, which rose for second day running from a 22-year low. Baltic Dy Index represents daily average of prices to shipping raw materials. Daiwa Institute of Research also reiterated its outperform rating on the shipping line. GE Shipping and Mercator Lines jumped 14-18.6%. Shipping Corporation rose 6%.
Power stocks charged up as well. Suzlon Energy, Reliance Infrastructure, Tata Power, CESC, GMR Infra and Reliance Power rose 3-9%. Power Index was up by 4.02% or 68.12 points to 1,762.53.
BSE Bankex gained 171.44 points or 3.58% at 4,959.29. ICICI Bank surged 8.15%. HDFC Bank and SBI rose 1.8-3%.
IT Index went up 69 points or 2.89% to 2,454.98. Wipro, Satyam, Tech Mahindra and TCS went up 3.65-10%. Infosys was up 1.44.
Pharma stocks like Aurobindo Pharma, Matrix Lab, Sun Pharma, Wockhardt, Biocon, Dr Reddys Labs and Cipla were gainers. Healthcare Index moved up 29.37 points or 1.04% to 2,850.81.
FMCG Index rose 15.33 points or 0.79% to 1,950.49. United Spirits, United Breweries, HUL, Britannia and ITC have also moved up.
In the small cap space, Escorts, Dhanalakshmi Bank, Kirloskar Pneum, JSW Holdings, ILandFS and AP Paper Mills rose 10-16%.
Market breadth was positive throughout the session; about 1682 shares advanced while 1108 shares declined. Nearly 410 shares remained unchanged.
On the global front, Asian markets ended sharply higher. Hang Seng rose 5.59%. Shanghai, Nikkei, Straits Times, Kospi, Taiwan and Jakarta gained 2-4.2%.
US markets futures were trading in positive terrain ahead of rescue package for automakers. Dow Jones Futures shot up 1.23% or 107 points to 8,827 and Nasdaq Futures up 15 points or 1.23% to 1,232, at 3:42 hours IST. Congress may vote today on USD 15 billion auto rescue package after White House & Democrats reach an agreement.
However, European markets were weak. FTSE fell 0.8% or 35 points to 4,346. CAC lost 20 points or 0.61% to 3,277 and DAX down 0.06% or 2.95 points to 4,776, at 3:42 hours IST.
Market Snapshot
Markets end near the highest point of the day led by smart rally in large cap stocks
Nifty manages to close above important 2900 levels
Sensex ends up 492 points at 9654; Nifty ends up 144 points at 2928
CNX Midcap Index up 2.3%, BSE Small-cap Index up 1.6%
Realty stocks continue to gain on back of rate cuts that came over the weekends.
BSE Realty Index up 12.6%, Dlf up 18.7%, Hdil up 14%, IB Real Estate up 11%, Unitech up 5.9%
Metal Stocks builds up on the rally from Monday. BSE Metal Index up nearly 20% in a week’s time
BSE Metal Index up 8.4%: Sail up 15.7%, Tata Steel up 11.2%, Sterlite Ind up 9%, Hindalco up 5.9%
Shipping stocks gains as Baltic Dry Index rise for 2nd day running from its 22-year low: Mercator Lines up 18.7%, GE Shipping up 14.6%, SCI up 6.2%
BSE Oil & Gas Index up 7%, Reliance Ind up 9.7%, Gail up 6.8%, Cairn up 5.1%, Essar Oil up 6.6%
BSE Cap Goods Index up 4.5%, L&T up 5.5%. Punj Lloyd up 4.2%, Bhel up 3.8%
Cement Gainers : Grasim up 14.3%, Ambuja Cem up 10.3%, Acc up 10.2%, India Cement up 10.7%
Index Gainers : M&M up 14.3%, Rcom up 10.3%, Suzlon up 9.5%, Rel Infra up 8.8%
Mid Cap Gainers : Escorts up 17.5%, Dish Tv up 16.2%, Lanco Infra up 15.9%, Century Textile up 14.6%,
Mid Cap Gainers: IDFC up 10.6%, Ivrcl Infra up 9.5%, HCC up 8.7%, GVK Power up 7.3%
NSE Advance Decline at 5:2
Total markets turnover around Rs 59269.1 crore vs Rs 51695.34 crore on Monday
Markets @ 2:56 pm : Mkts strong; oil, metal, telecom, pvt bank, shipping surge
Metal, oil, telecom and private banking stocks are leading today's rally. Volumes are pretty high. The Sensex has crossed 9600 level and the Nifty is trading above 2900 as well. Buying is also seen in realty, capital goods, power, technology, cement and shipping stocks.
The Sensex shot up 455 points to 9617 and the Nifty rose 139 points to 2,923, at 2:56 pm. BSE Midcap and Small Cap indices moved up 1-1.8%.
Among the frontliners, SAIL, Tata Communication, DLF, Grasim and Ambuja Cements gained 10-15%. Tata Steel, M&M, Reliance Inds, Reliance Communication, ACC, Wipro, Suzlon Energy, Zee Entertainment and Sterlite Inds went up 8-9.5%.
Reliance Infrastructure, NALCO, ICICI Bank, Tata Power, HDFC, Cairn India, GAIL, Sun Pharma, Satyam, TCS and L&T rose 5-7.6%. However, Power Grid and Ranbaxy are under pressure.
BSE Realty Index shot up over 9%. Metal Index rose 7.5% and Oil & Gas up 6.7%. TECK, Capital Goods, Power, Bankex and IT indices gained 3-4%.
Markets @ 1:40 pm : Nifty hits 2900 mark; RIL, ONGC, Bharti, L&T, HDFC lead
Continuous buying in oil, technology, metal, capital goods, telecom and power is supporting the benchmark indices. Midcap and small cap stocks are also on buyers' radar. The Nifty tested 2900 mark and the Sensex is hovering around 9500 level. Markets are getting help from positive global cues as well. Reliance Industries, ONGC, DLF, Bharti Airtel, SAIL, Reliance Communication, HDFC, NTPC, L&T and BHEl are leaders.
The Sensex surged 400 points to 9,563 and the Nifty gained 124 points at 2,907, at 1:40 hours IST. BSE Midcap and Small Cap indices are up 1-1.5%.
BSE Realty Index is outperforming other indices, up 9%. DLF shot up 12.5%. Unitech rose 5.63%.
BSE Metal Index rose 6.4%. SAIL, NALCO, Sterlite Inds, Tata Steel and JSW Steel are up 7-12%.
Oil stocks like Reliance Industries rose 6.3% and ONGC gained 3.8%. Oil marketing companies like BPCL, IOC and HPCL rose 0.4-2.25%. Oil & Gas Index gained 5%.
Telecom stocks like Tata Communication, Reliance Communication, Bharti Airtel and Idea Cellular surged 3-9%.
Capital Goods Index shot up 3.3%. L&T gained 4.5% and BHEL is up 2%.
Power stocks also charged up. Suzlon Energy, Tata Power, Reliance Infrastructure, GMR Infra, CESC, Reliance Power and NTPC jumped 2-10%.
Buying is seeing in technology stocks as well. IT Index jumped 2.8%. Wipro, TCS, Satyam and Infosys gained 1.8-6%.
Among the banking stocks, ICICI Bank and HDFC Bank rose 3.4-7.8%. SBI is up 1%. BSE Bankex moved up 2.5%.
Market breadth is positive; about 1628 shares have advanced while 1170 shares have declined. Nearly 402 shares are unchanged.
On the global front, European markets are also up. FTSE rose 7% to 4,388. CAC gained 11 points at 3,309 and DAX up 36 points to 4,815.
US markets futures are trading in positive terrain. The Nasdaq Futures rose 1.77% to 1,238 and Dow Jones Futures went up 1.7% to 8,870.
Markets @ 12:44 pm : Sensex tests 9500; metal, oil, telecom, CG support
The benchmark indices are seeing huge buying interest. Realty, metal, oil, telecom, capital goods, technology, power, and banking stocks are on buyers' radar. Midcap and smallcap stocks are following the same trend. The market breadth is positive; about 1,586 shares have advanced while 1,221 shares have declined. Nearly 393 shares are trading unchanged.
The Sensex surged 331 points to 9,493 and the Nifty gained 108 points at 2,892, at 12:44 hours IST. The Sensex hit a high of 9,502.94. BSE Midcap Index rose over 1% and Small Cap Index went up nearly 0.9%.
Redemption–based selling pressure has abated. Incremental flows at FII desk are marginally positive. However, sentiment remains cautions and there is no major buying. Domestic institutions are still sitting on the sidelines.
Reliance Industries, ONGC, Bharti Airtel, DLF, NTPC, SAIL, Reliance Communication, Wipro, TCS, HDFC, Sterlite Industries, BHEL, ICICI Bank and L&T are leading this rally. However, Power Grid, Siemens and Tata Motors are weak.
Dr Reddy's received one more tender approval from AOK (Germany's Largest Insurer). Total tenders won from AOK up to 8 from 7 earlier. The stock went up half a percent.
Cement makers cut prices by Rs 4-6/50 kg bag from December 9, due to cut in excise duty to 8% from 12%. Grasim, ACC and Ambuja Cements surged 3.5-9.5%.
BSE Realty Index jumped 8%. Metal and Oil & Gas indices gained 6.5% and 5%, respectively. TECK, Capital Goods, IT, Power and Bankex rose 2-3%.
Among the midcap stocks, Mercator Lines, GE Shipping, Matrix Lab, ING Vysya Bank and Usha Martin went up 6-10%.
In the small cap space, Escorts, ILandFS, Eimco Elecon, Nalwa Sons and Banco Products rose 9-15%.
On the global front, Asian markets are up between 2-4%.
Markets @ 11:52 am : Mkts surge higher; RIL, ONGC strong
Buying continues in metal, technology, oil, realty, telecom, power and capital goods stocks and those are helping the markets to remain in uptrend. Positive Asian markets are also supportive to the Indian benchmark indices. The Nifty is trading above 2,850.
The BSE Sensex climbed up 205 points to 9,368 and the Nifty rose 77 points to 2,860, at 11:52 hours IST. BSE Midcap and Small Cap indices went up over half a percent.
Among the frontliners, Sterlite Inds, DLF, Grasim, Reliance Communication and Jaiprakash Associates rose 5.5-8%. Tata Steel, Wipro, Hindalco, Satyam, Reliance Inds, ONGC, ACC and ICICI Bank gained 2-4%. However, Power Grid, Maruti, Tata Motors, Siemens and M&M are weak.
Shipping stocks are buzzing globally due to the Baltic Dry Index, which rose for second day running from a 22-year low. Baltic Dy Index represents daily average of prices to shipping raw materials. Daiwa Institute of Research also reiterated its outperform rating on the shipping line.
However, Industry experts say that one should not read much into movement of Baltic Dry Index as nothing has changed on the ground. The experts expect some relief only during the next year.
GE Shipping, Essar Shipping, Hariyana Ship, Mercator Lines and Shipping Corporation jumped 2-10%.
Market breadth is in favour of advances; about 1,557 shares have advanced while 1,239 shares have declined. Nearly 404 shares are unchanged.
On the global front, Asian markets are strong. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan gained 2-4%. Shanghai rose 0.4%.
Markets @ 10:48 am : Nifty holds above 2800; oil, tech, metal, telecom gain
The benchmark indices are trading higher on account of buying in realty, metal, oil, telecom, private banking, technology, power, and capital goods stocks. A bit of buying is also seen in midcap and smallcap stocks. However, SBI, Maruti and Tata Motors are under pressure. The Nifty is trading above the 2800 mark.
Reliance Industries, ONGC, DLF, SAIL, Bharti Airtel, NTPC, Reliance Communication, Sterlite Industries, TCS, Wipro, ICICI Bank, BHEL, Infosys and Tata Steel are leaders in this rally.
The Sensex went up 175 points to 9,338 and the Nifty surged 62 points to 2,845, at 10:48 hours IST. BSE Midcap and Small Cap indices gained more than 0.5%.
R Venkat Subramanium of Kotak Securities feels the markets may see a trading rally in the near-term as he sees investors buying now due to fundamentals falling in place. He said falling inflation numbers, easing liquidity, and bubble burst in the commodity cycle are factors that would stabilise the market. However, he continues to expect negative domestic and global news flows.
Escorts denied talk of land sale at Faridabad and said not looking at raising money for Escorts Construction. The stock jumped 14% and its volumes surged nearly 1000%.
Market breadth is positive; about 1561 shares have advanced while 1241 shares have declined. Nearly 397 shares are unchanged.
BSE Realty and Metal indices jumped over 4%. Oil & Gas Index rose 3%. TECK, IT, Power and Capital Goods indices gained 1.4-2%.
Markets @ 9:56 am : Mkts continue Mon rally; RIL, Bharti, Infy, ONGC lead
The markets are trading up in early trade and are continuing Monday's rally further. Positive Asian markets and an uptrend in SGX Nifty are suggesting a good day for markets. Buying is seen in private banking, metal, oil, power, technology, and telecom stocks. The Nifty is getting resistance at 2850 mark.
At 9:56 am, the Sensex rose 178 points to 9,341 and the Nifty gained 54 points at 2,838. CNX Midcap Index went up 33.45 points to 3,361. Market breadth is positive; about 339 shares have advanced while 121 shares declined.
ICICI Bank, DLF, Reliance Petroleum, Sterlite Industries, HDFC Bank, Infosys, Jaiprakash Associates, Tata Communication, Reliance Industries and Reliance Communication are major gainers.
Asian markets are trading higher barring Shanghai. Hang Seng, Nikkei, Kospi and Taiwan gained 2.5-3%. Jakarta and Straits Times rose 0.8-1.2%. However, Shanghai fell 1.16%. SGX Nifty surged more than 2%.
Nymex January crude gained 3.5% on estimates of sizeable output cut from OPEC. Market participants are estimating a cut of 2-2.5 mbpd from OPEC. IEA has lowered demand for 2009 by 0.8% to 86.5 mbpd. It is currently trading at USD 43/bbl.
US markets declined on Tuesday as more layoffs and lowered outlooks tripped the momentum out of the recent rally. The Dow plunged 242.85 points, or 2.72%, to 8,691.33. The S&P 500 index declined 21.03 points, or 2.31%, to 888.67. The Nasdaq composite index fell 24.40 points, or 1.55%, to 1,547.34.
Market cues:
US markets slip, Asian markets open in the green
FIIs net buy USD 12.7 milion in equity on December 7
NSE F&O Open Int up by Rs 3,903 crore at Rs 47,971 crore
F&O cues:
Futures Open Int up by Rs 2,315 crore, Options Open Int up by Rs 1,588 crore
Stock Futures add 2.7 crore shares in Open Int
Nifty Futures add 39 lakh shares in Open Int, at 7-point premium
Nifty Open Int PCR at 1.13 versus 1.08
Nifty Puts add 34 lakh, Calls add 17 lakh shares in Open Int
Nifty 2700 Put adds 10 lakh shares in Open Int
Nifty 2800 Put adds 6 lakh shares in Open Int
Nifty 2800 Call adds 6.2 lakh shares in Open Int
Nifty 2900 Call adds 4 lakh shares in Open Int
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