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Nov 04, 2011 at 04:01pm IST

Sensex closes 80 points higher; maintains gains

Mumbai: The Indian markets closed on positive cues on Friday with the 30-shar BSE Sensex at 17562.61, up by 80.68 points and the 50-share NSE Nifty at 5284.20, up by 18.45 points.

European markets too were extremely volatile; it seems that markets globally are awaiting decision from the G-20 meet. However, analysts are not hopeful of any strong move from G-20 while investors worried about the Eurozone.

Anantha Nageswaran, senior economist of Asianomics says, the stock markets, should be avoided at this point in time. "The world, the Euro zone in particular because of its structural rigidities, is looking at stagflation in 2012, recession combined with sticky high inflation," he said.

Sensex closes 80 points higher; maintains gains

A 25 bps rate cut by ECB and Greece calling off the referendum gave Wall Street its second session of strong gains.

Back home, Reliance Industries, TCS, Tata Motors, HUL, Maruti and Tata Power were down between 0.6 per cent and 1 per cent.

However, the buying in banks, capital goods and metals has been quite supportive. ICICI Bank, L&T, SBI and BHEL gained 1-2 per cent.

From the metal space, Hindalco, Sterlite Industries, Tata Steel and JSPL climbed 1-2.5 per cent. Infosys, Bharti, Wipro, NTPC and Coal India moved up 0.4-0.9 per cent.

At 13:43 hours IST : Nifty trims gains, slips below 5300; RIL, HUL, TCS down

The NSE Nifty erased more than half of its gains due to sell-off in Reliance Industries, which lost over 0.6 per cent. FMCG, select technology and auto stocks too were under pressure. European markets turned flat after gaining 0.6 per cent in the opening trade. Slipped below the 5300 mark, the Nifty was at 5,275.55, up 10 points. Meanwhile, the Sensex rose 53 points to 17,534.73.

Tata Power and HUL fell nearly 1.5 per cent. TCS, M&M, Tata Motors and Maruti were down about 0.5 per cent.

However, heavyweights like ICICI Bank, SBI and BHEL were quite supportive; respective stocks gained 1-1.5 per cent. Infosys, L&T, Bharti Airtel, ONGC, Coal India and NTPC were up 0.5-0.9 per cent.

Hero Motocorp, Tata Steel, Sterlite Industries, Hindalco and Jaiprakash Associates jumped around 2 per cent.

The broader indices were trading in line with benchmarks today; the BSE Midcap and Smallcap up 0.7 per cent. Advancing outnumbered declining ones by 891 to 518 shares on the National Stock Exchange.

Total traded volume on both exchanges was more than Rs 67k crore.

On the global front, Asian markets closed strong; Hang Seng and Kospi moved up 3 per cent each. Nikkei and Taiwan gained 1.9 per cent each. Straits Times rose 1.7 per cent and Shanghai was up 0.8 per cent.

At 12:36 hours IST : Nifty maintains uptrend; SBI, Tata Motors most active

The BSE Sensex has sustained morning gains in the afternoon trade while the NSE Nifty continued to trade above the 5300 mark. Technology, banking, capital goods, metal and oil & gas companies' shares were lending support to the market. However, heavyweight Reliance Industries was quite volatile on the upside.

The 50-share NSE Nifty moved up 38 points to 5,304 and the 30-share BSE Sensex gained 143 points at 17,625 post positive moves from Europe.

Among the largecaps, Sterlite Industries, Tata Steel, Jaiprakash Associates, Hero Motocorp, BHEL, Axis Bank and Ambuja Cements rallied 2-3 per cent. However, Ranbaxy Labs, Dr Reddy's Labs, Tata Power, GAIL and M&M were down 0.5-1.5 per cent.

SBI, JSW Steel, Jubilant Foodworks, Tata Steel, Tata Motors, Bharti Airtel, ICICI Bank and Reliance Industries were most active shares on exchanges.

In the midcap space, MVL, Jai Corp, Hathway Cable, Himadri Chemical and Prism Cement jumped 5-9 per cent while HCL Info, Allcargo, Essar Ports, DB Realty and Jain Irrigation lost 1.5-3.5 per cent.

On the global front, Asian markets like Hang Seng and Kospi rallied 3.4 per cent and 3.1 per cent, respectively. Nikkei, Straits Times and Taiwan climbed 1.9 per cent each while Shanghai rose just 0.5 per cent.

Even though the Greek referendum may now be cancelled, Shane Oliver, head investment strategy and chief economist at AMP Capital Investors believes that market will continue to trade cautiously due to uncertainty from the euro region, mainly the G20 meet.

At 11:53 hours IST : Sensex up 1 per cent; metals, cap goods, banks lead the way

Indian equities were shining bright reflecting the rally across global markets. The 30-share BSE Sensex jumped 188.43 points to 17,670.36 and the 50-share NSE Nifty gained 52 points to 5,317.85.

Asian markets outperfomed Indian markets. Hang Seng and Kospi surged 3 per cent each. Shanghai, Nikkei, Straits Times and Taiwan were up between 1 per cent and 2 per cent.

Yesterday, Greek bailout deal referendum scrapped and European Central Bank cut lending rate by 25 bps to 1.25 per cent (for the first time in 2 years).

But UR Bhat, MD, Dalton Capital Advisors said one should be careful because Europe is still on the edge of a precipice.

Back home, major largecaps like Infosys, ICICI Bank, SBI, L&T, BHEL and ONGC gained 1-2 per cent.

Sterlite Industries and Tata Steel shot up 3 per cent each. Reliance Industries, TCS and ITC rose over 0.5 per cent.

Bharti Airtel went up nearly 1 per cent post management comments over its second quarter numbers. Country's largest telcom service provider's net profit slipped marginally to Rs 1,207 crore against Rs 1215.2 crore (QoQ). This is the seventh straight quarter in which Bharti Airtel has reported a consecutive decline in its net profit due to higher interest outgo and costs related to the roll-out of its 3G network.

About 1688 shares advanced while 807 shares declined on BSE. The broader markets were up 1 per cent.

At 10:32 hours IST : Nifty holds 5300 on broadbased buying

The NSE Nifty has maintained its uptrend, though it slipped marginally from day's high due to some profit booking in largecaps at higher levels. The index rose 39 points to 5,304.60 amid choppy trade on the higher side. Meanwhile, the 30-share BSE Sensex gained 149 points at 17,631.10.

Anil Manghnani of Modern Shares & Stock Brokers says, holding 5,200 will be the key for the Nifty. According to him, the market will see strong resistance at 5,400-5,450.

The BSE Metal, Realty, Auto, Capital Goods and IT indices were up between 1 per cent and 1.7 per cent. Power, Bank, Oil & Gas and Healthcare indices moved up over 0.5 per cent.

Heavyweights Infosys, ICICI Bank, SBI, TCS, L&T, ONGC, Tata Motors and Bharti Airtel gained 1-1.5 per cent.

Tata Steel, BHEL, Sterlite Industries and Hindalco rose over 2 per cent.

However, HUL and Tata Power were only losers among 30 stocks on Sensex; respective stocks fell 0.5 per cent and 1 per cent.

The broader indices too gained 0.9 per cent each. About two shares gained for every share falling on National Stock Exchange.

On the global front, Asian markets extended rally. Hang Seng jumped 3.3 per cent. Kospi, Taiwan and Jakarta surged 2-3 per cent. Nikkei was up 1.4 per cent and Straits Times up 1.7 per cent. Shanghai rose 0.8 per cent.

,b>At 9:20 hours IST : Sensex rises 200 pts in opening trade on global support

The BSE benchmark rallied 200 points in the opening trade mirroring strong global cues.

A surprise 25 bps rate cut by ECB and Greece calling off the referendum gives Wall Street its second session of strong gains. Major indices are back into positive territory for the year. European markets too close higher.

The 30-share BSE Sensex jumped 173 points to 17,655.30 and the 50-share NSE Nifty went up 48 points to 5,314.15.

Metal, technology, capital goods and auto were leading the markets higher.

Hindalco, Sterlite, Sesa Goa, Tata Steel, Tata Motors, Bajaj Auto, ONGC (ahead of results today), DLF, BHEL, L&T, TCS, Infosys, SBI, Reliance Communications (up for third day) and Maruti were trading strong.

However, Bharti Airtel fell just 0.6 per cent post lacklustre performance in Q2. The company reported a loss of 15.5 per cent in Q2 net profit to Rs 1027 crore QoQ.

The CNX Midcap gained 82 points at 7,331. Market breadth was strongly in favour of advances; about four shares advanced for every share falling.

Results Reaction: Jubilant Foodworks down 1 per cent. Ashok Leyland rallied 2 per cent on surprise jump in realisation in Q2. Sun TV shot up 6 per cent. TTML rose 1 per cent as there was improvement at EBITDA level though net loss increased in Q2.

SKS Microfinance, Dhanlaxmi Bank, Orchid Chemical, Onmobile Global, IVRCL, Indiabulls Real, JSW Steel and Welspun Corp were up 2-3 per cent.

Oil marketing companies like HPCL and IOC gained 1 per cent post IOC hiked petrol prices by 1.82 per litre.

Global cues

Asian markets were trading sharply higher. Hang Seng shot up 3 per cent. Nikkei, Straits Times, Kospi and Taiwan went upi 1-2.7 per cent. Shanghai was up 0.5 per cent.

Global markets surged as Greek bailout deal referendum scrapped & European Central Bank cut lending rate by 25 bps to 1.25 per cent for the first time in 2 years.

Greek FM Evangelos Venizelos said the nation won’t hold a referendum to vote on its latest financial rescue. Euro was up 0.5 per cent at 1.3817/dollar.

The Dow Jones Industrial Average ended up 208 points at 12,044. NASDAQ Composite was up 58 points at 2,698 and S&P 500 Index rose 23 points at 1,261.