Mumbai: Nifty made an excellent start to the April series, fanned by Finance Minister Pranab Mukherjee's clarifications on Participatory Notes effective April 1. Indian rupee too registered a 55-point appreciation to 50.85 to a dollar, after the Reserve Bank of India bought bonds worth Rs 10,000 crore via open market operations (OMOs), which in turn helped market's sentiment.
The BSE benchmark surged 345.59 points or 2.03 per cent, to close at 17,404.20 supported by 28 stocks while the NSE benchmark rose 116.70 points or 2.25 per cent to 5,295.55, after hitting an intraday high of 5,307.10. The market posted first weekly gains in six weeks, ending with moderate gains for the week.
Gains in first quarter of 2012 helped the market trim losses while ending financial year 2011-12. The Sensex and Nifty closed 9-10 per cent lower in FY12.
Mehraboon Irani, Nirmal Bang Securities says, since December 2011, the Indian market has been driven only by one factor and that is global liquidity. "But fundamentally we remain on a weak wicket," he asserts.
He expects a pleasant surprise for the market in April. "We will have to watch the global liquidity flows. I believe that can possibly help us having a positive surprise as far as equity market goes because there will be a lot of liquidity around which is yet to be parked. If we have a stimulus coming from US also in June-July, which I think the chances would be 50 per cent right now, we could be having much higher levels," he asserts.
On Friday Finance Minister Pranab Mukherjee said there was no tax liability on holders of participatory-notes, reports CNBC-TV18. "Intention of government is not to harass genuine investors. Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing P-notes," he said.
At 15:01 hours IST: Nifty soars 100 pts to touch 5300, Re recovers to 50.91/$
The NSE Nifty rallied further, gaining more than 100 points due to buying interest across sectors after Finance Minister Pranab Mukherjee said there was no tax liability on holders of participatory notes. The Indian rupee gaining 49 paise to 50.91 a dollar too helped the market rally.
The BSE benchmark shot up 367 points or 2.15 per cent to 17,426 and the NSE benchmark jumped 122 points or 2.35 per cent to 5,300.7 led by 47 components. Only Cairn India, Jindal Steel and Sun Pharma were losers among largecaps, falling 0.6-1.5 per cent.
Country's largest private sector lender ICICI Bank spiked 4 per cent while its rivals State Bank of India and HDFC Bank gained over 1.9-2.2 per cent.
Shares of IDFC, Tata Steel, Ranbaxy Labs, Hindalco and Tata Power surged 4-5 per cent, topping the buy list.
Oil & gas producers and index heavyweights Reliance Industries and ONGC were up 3 per cent and 1.7 per cent, respectively.
Engineering and construction major Larsen & Toubro rose 2.44 per cent and software sevices provider Infosys moved up 2.6 per cent. State-owned Bharat Heavy Electricals rose 3.5 per cent.
At 14:15 hours IST: Sensex climbs 300 points; Reliance, ICICI Bank gain 3 per cent
The BSE Sensex continued to trade sharply higher, majorly supported by Reliance Industries and ICICI Bank with 3 per cent gains each. The Indian rupee gained 30 paise at 51.10 a dollar as the Reserve Bank of India said it would infuse Rs 10,000 crore via open market operations (OMOs) on Friday to alleviate the tight liquidity conditions.
The BSE benchmark surged 298 points or 1.75 per cent to 17,356.63 led by 26 stocks, which hit an intraday high of 17,364.86. Meanwhile, the NSE benchmark rose 94.35 points or 1.82 per cent to Rs 5,273.20. European markets too were up between 0.5 per cent and 1 per cent.
While clarifying on the General Anti-Avoidance Rules, which will come into effect from next week, Finance Minister Pranab Mukherjee said the intention of government was not to harass genuine investors. "Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing participatory notes. There is no tax liability on holders of P-notes," he said..
Sunil Jain of J Sagar Associates feels in a clarification by Finance Minister saying not taxing P-Notes is positive for the market, so genuine investors will not have to worry.
Software services provider Infosys, and engineering and construction major Larsen & Toubro climbed 2 per cent each. HDFC Bank, HDFC and State Bank of India gained 1.7 per cent each.
Cigarette major ITC rose 1 per cent and state-owned oil & gas producer ONGC moved up 1.4 per cent. Tata Consultancy Services, country's largest IT exporter went up 1.4 per cent.
Shares of Coal India, Maruti, GAIL, Tata Power, Tata Steel and Hindalco were up 2-4 per cent while Jindal Steel and Sun Pharma underperformed, falling 0.3 per cent each.
Stocks In News
Suzlon Energy tanked 3 per cent amid heavy volume. Group has re-organized its finance function: Kirti Vagadia will be new CFO, replacing Robin Banerjee. On Thursday, SE Forge, a wholly owned subsidiary of Suzlon said it faced a strike at its Coimbatore manufacturing facility impacting production and dispatches.
Sterlite Industries has received court nod to merge arm Sterlite Opportunities. The stock rose 1.65 per cent.
At 12:52 hours IST: Sensex jumps nearly 300 pts as FM clarifies on P-notes
The BSE Sensex surged nearly 300 points after clarifications on participatory notes issue by Finance Minister Pranab Mukherjee.
The Finance Minister said that intention of government was not to harass genuine investors. "Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing P-notes," he said. There was no tax liability on holders of P-notes, he added.
The BSE benchmark climbed 288 points to 17,347 and the NSE benchmark raced 91 points at 5,269.35. The BSE Midcap and Smallcap indices too gained 1.5 per cent each.
Shares of ICICI Bank topped the buying list among heavyweights, rising 3 per cent. India's most valued stock Reliance Industries, software services provider Infosys and capital goods major Larsen & Toubro moved up 2 per cent each.
ITC, HDFC Bank, HDFC, TCS, State Bank of India, Tata Motors and ONGC gained 1-1.5 per cent. Among metals, Tata Steel and Hindalco shot up 3.5-4 per cent and state-owned Bharat Heavy Electricals rose 2.5 per cent. However, Sun Pharma and Wipro were only losers among Sensex 30.
In the second line shares, Fresenius Kabi, Nava Bharat Ventures, TVS Motor, Jubilant Foodworks and DB Realty rallied 6-11 per cent.
In the smallcap space, Warren Tea, Bhagwati Banquets, Panacea Biotec, Dhanlaxmi Bank and Alchemist were up 10-20 per cent.
About 3.5 shares advanced for every share falling on the National Stock Exchange.
At 12:17 hours IST: Sensex trades strong; HPCL, BPCL rally on price hike talks
The NSE Nifty retained the 5250 level quite nicely on Friday while the BSE Sensex sustained its 200 points gains since morning trade. Banks, oil & gas, capital goods and metals stocks were leading gainers among largecaps while infrastructure, realty and banks rallied among second line shares.
Shares of Hindalco and IDFC topped the buying list, shooting up 4 per cent each. Jaiprakash Associates, Tata Power and GAIL gained 3-3.5 per cent whereas Wipro, Sun Pharma and Cairn India lost around 1 per cent.
The BSE benchmark rose 209 points to 17,267.41 and the NSE benchmark gained 68 points at 5,246.85. The BSE Midcap and Smallcap indices too rallied over 1 per cent.
Among banks, State Bank of India and HDFC Bank were up 1.4 per cent while rival ICICI Bank moved up 2.4 per cent. Housing finance company HDFC was up 1.2 per cent.
Shares of TCS, Infosys, Reliance Industries, L&T, Tata Motors, ONGC, BHEL, Coal India and Sterlite Industries were up 1-2 per cent.
Stocks In News
HDIL gained 4 per cent after MD Sarang Wadhawan sold 50 lakh (1.19 per cent) shares.
Shares of oil marketing companies were rallying on Friday after CNBC-TV18 reported quoting sources that these companies may hike petrol prices soon. HPCL shot up 5 per cent while rivals BPCL and IOC gained 1.4-2 per cent.
Nava Bharat Ventures surged 10 per cent after a block deal of 55 lakh shares.
At 11:02 hours IST: Sensex up 200 pts, Nifty above 5250; Rupee gains 28 paise
The BSE Sensex extended rally, gaining more than 200 points supported by Reliance Industries, ICICI Bank and Infosys. The Indian rupee shot up by 28 paise to 51.12 a dollar as the Reserve Bank of India said it would buy Rs 10,000 crore of 4 GILTS via open market operations on Friday.
The BSE benchmark shot up 239 points or 1.4 per cent to 17,297.60 and the NSE benchmark gained 78 points at 5,256.65, supported by 48 stocks.
Software services provider Tata Consultancy Services rose 1.5 per cent after AmBank, Malaysia selected company's universal financial services platform. Infosys, India's No. 2 IT exporter moved up 1.8 per cent and Wipro was up 0.55 per cent.
India's most valued stock Reliance Industries and state-owned oil & gas producer ONGC were up 1.4 per cent each.
Country's largest lenders State Bank of India and ICICI Bank gained 1.55 per cent and 2.3 per cent, respectively while rival HDFC Bank climbed 1.5 per cent.
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SBI, Everonn Education, HDFC, Gateway Distriparks and Nava Bharat Ventures were most active shares on exchanges.
Shares of Tata Steel, Hindalco, BHEL, Tata Power and DLF rallied 2-3 per cent. GAIL, gas transporter, topped the buying list, rising 3.7 per cent.
Compact Disc was locked at 20 per cent upper circuit after the company said it would consider issue of preferential shares in Friday's board meeting.
At 10:17 hours IST: Sensex spikes 1 per cent; Bank Nifty gains over 150 pts
The BSE Sensex stayed strongly higher, rising over 1 per cent due to consistent buying interest across sectors. The broader markets too rallied 1 per cent. The Bank Nifty gained more than 150 points, supported by ICICI Bank with 2 per cent gains and State Bank of India with 1.4 per cent. Punjab National Bank jumped 2 per cent while rival HDFC Bank was up 0.6 per cent.
Oil & gas producer and India's most valued stock Reliance Industries rose 1.4 per cent and state-owned ONGC was up 0.6 per cent.
The BSE benchmark climbed 189 points to 17,247.64, supported by 29 stocks. Meanwhile, the NSE benchmark was up 62 points at 5,241.25.
Shares of Tata Power and Jaiprakash Associates topped the buying list, rising 3 per cent each.
Tata Consultancy Services and Infosys, country's largest software services provider advanced more than 1 per cent. Housing finance company HDFC too was up 1 per cent.
Drug maker Sun Pharma gained 2 per cent while rival Cipla was up 1 per cent. Capital goods majors Larsen & Toubro and Bharat Heavy Electricals were up 1-1.5 per cent.
Among metals and mining, Tata Steel, Sterlite Industries, Hindalco and Coal India moved up 1.5-2 per cent.
About three shares advanced for every share falling on the National Stock Exchange.
JHS Svendgaard rallied more than 15 per cent amid heavy volume, which shot up 20 per cent on Thursday.
At 9:19 hours IST: Sensex rebounds, Nifty above 5200 on 1st day of Apr series
The NSE Nifty started off trade above the 5200 level on first day of April Series, helped by banks, capital goods, technology and metals stocks. The BSE Sensex too gained more than 150 points in early trade after falling in previous two sessions, even after mixed Asian markets.
The BSE benchmark was up 153 points to 17,211.64 led by 28 components. Meanwhile, the NSE benchmark rose 48 points to 5,226.40.
The Indian rupee appreciated by 23 paise to 51.17 a dollar reacting to Reserve Bank of India's open market operations (OMO) on Friday. The RBI has announced it will buy Rs 10,000 crore of 4 GILTS via OMOs.
Frontliners, Tata Power, GAIL, Sun Pharma, DLF, JP Associates, IDFC, ICICI Bank, Axis Bank, PNB, Reliance Infrastructure, BHEL, State Bank of India and TCS were leading gainers.
However, ACC, Maruti, Wipro and Ranbaxy Labs were down 0.5-1 per cent in early trade.
The CNX Midcap rose 47 points to 7,565. About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, Shree Renuka Sugars, Hexaware, IDBI Bank, HCC, Unitech, VIP Industries, Essar Oil, India Cement, Ashok Leyland and GVK Power shot up 1.5-2.5 per cent. IVRCL rose nearly a percent.
Nava Bharat Ventures surged 4 per cent post block deal.
However, GMR Infra and Idea Cellular fell nearly 1 per cent.