In the sectoral front, the Realty space continued its second straight session rally, gaining by 3.93%. Additionally, the Capital Goods, Metal and Banking sectors also contributed to the significant rally, advancing by 2.51%, 2.19% and 2.04% respectively. Both the Nifty and Sensex remained strong throughout the session and finally closed near their respective intraday highs. The flattish closing for the overnight US markets had limited impact on the domestic market during morning trade. The Dow Jones Industrial Average (DJIA) closed with a gain of 1.81 points or 0.02% at 12,041.97, while NASDAQ index finished lower by 1.63 points or 0.06% to 2,749.56. The S&P 500 (SPX) closed down by 3.56 points or 0.27% to 1,304.03.
Among the Sensex pack, 29 stocks ended in positive while only 1 ended in the negative terrain. The overall market breadth also remained positive, as out of total 2,984 stocks traded on BSE, 1,763 stocks advanced, whereas 1,037 stocks declined and 184 stocks remained unchanged.
The BSE Sensex closed up by 358.69 points or (1.98%) at 18,449.31 and NSE Nifty ended higher by 94.75 points or (1.74%) at 5,526.75. BSE Midcap closed with a gain of 73.67 points or (1.09%) at 6,827.87 while BSE Smallcap closed higher by 101.59 points or (1.21%) at 8,464.00. The BSE Sensex touched intraday high of 18,466.21 and intraday low of 18,064.61.
Gainers from the BSE Sensex pack were DLF (7.42%), JP Assoc (6.06%), Bharti Artl (5.12%), Hindalco Inds (4.62%), Tata Motors (4.08%), L&T (3.72%) and Rel Infra (3.08%).
Bajaj Auto (0.51%) was the only loser from the BSE Sensex pack.
On the macroeconomic front, the government expects exports from India to surpass the target of $200 billion by the end of this financial year. Good exports would result because of good incentives being offered since the global financial slump. In accordance to the Federation of Indian Export Organizations (FIEO), exports might stand at $220 billion by the end of 2010-11, increasing the country"s share in global trade. Moreover, it has also estimated that the exports could reach $537 billion in 2014-15.
Finance Minister Pranab Mukherjee said that growth of 8.5% will be achieved as per the plan. He even pointed out that the stock market must remain calm instead of showing high volatility that can hinder the growth further. He further added that the country"s macroeconomic fundamentals are strong and thus the anticipated growth can be achieved.
Today the benchmark Indices are likely to open positive as Asian stocks surged driving the MSCI Asia Pacific Index to a two-week high, thanks to improved earnings and takeover announcement by steel manufacturer, Nippon Steel Corp. Further, Japan"s Nikkei 225 Stock Average is up by 1.14% or 118.66 points to 10,550.02 as reports of improving corporate earnings overshadowed concern related to anti- government protests in Egypt. Further, most of the Asian stocks will be closed today on occasion of Lunar New Year Holiday. In the domestic arena, the markets are likely to follow the rout of global counterpart and trade range-bound with upside movement. Realty, Metal and Bankex pivotals will be in focus today.
On Thursday, the domestic bourses ended on a robust note as the benchmark indices posted nearly 2% gains backed by Realty, Metal and Banking space. The market started off the session on a flat to positive note tracking flattish global cues. Most of the Asian bourses were closed today on the occasion of Lunar New Year Holiday.
However, the Japanese market traded weak as violence flared after demonstrators clashed in anti- government protests in Egypt, and earnings disappointed some investors. Investors turned cautious and trading volumes were low due to political unrest in Egypt and a mixed finish on Wall Street overnight. After the flattish start, market started hovering across the baseline in a narrow range.
However, the benchmark indices were seen rallying northwards as significant short covering took place. As the day progressed the market continued making fresh intraday highs as the Realty space coupled with index heavyweights started picking up. Finally, the benchmark Nifty closed above the 5,500 mark as the market managed to hold on its gains unlike the previous session. The negative opening for the European bourses failed to make any impact in the domestic front.
The BSE Sensex closed up by 358.69 points or (1.98%) at 18,449.31 and NSE Nifty ended higher by 94.75 points or (1.74%) at 5,526.75. BSE Midcap closed with a gain of 73.67 points or (1.09%) at 6,827.87 while BSE Smallcap closed higher by 101.59 points or (1.21%) at 8,464.00. The BSE Sensex touched intraday high of 18,466.21 and intraday low of 18,064.61.
On Thursday, the U.S. markets closed with modest gain after spending most of the session in negative territory. Further, news had least impact on the session. Market participants ignored news such as initial jobless claims for the week ended January 29 totaled at 415,000, down from the prior week''s tally of 457,000 and less than the 425,000 initial claims expected. Besides, Nonfarm productivity for the fourth quarter proved surprisingly strong which increased 2.6%, that is better than the expected 2.2% increase.
On the corporate front, strong earnings assisted a few stocks, but the rest of the market was mostly uninspired by results. Both Visa (V 71.63, -0.46) and MasterCard (MA 245.39, +6.00) posted upside earnings surprises, but their shares plunged. The rest of the financial sector was also mixed; it finished with a fractional gain. Even though there was a barrage of headlines, stocks traded listlessly for entire session.
There was a midmorning flurry of selling that pulled stocks below the prior session''s low, but a rebound took hold once the S&P 500 secured support at the 1295 line. Stocks then spent some time drifting sideways along the neutral line before a bit of late buying helped take stocks into positive territory. Crude oil futures for March lost 0.4% to $90.54 per barrel and February natural gas prices closed down by 1.9% to $4.34 per MMBtu.
The Indian bourses have bounced back after opening lower and have gained momentum during the midsession trade such that it reached the sessions high. Domestic market was least affected by the global cues as most of the Asian market remained closed on occasion of Lunar New Year. And the Wall Street had reported a mixed overnight close. Back on the domestic front, market is witnessing high buying support from the investors across certain sectors. Meanwhile, all the BSE sectoral indices are trading in the positive terrain while the broader market indices have gained modestly as compared to the benchmark indices.
The broader market indices are trading positive as BSE Mid Cap and Small Cap are trading up by 0.68% and 0.66% respectively. The key benchmark indices are trading at BSE 30-share Sensex above 18,405 mark, while Nifty is above the 5,515 mark.
At 12.27 BSE SENSEX was trading at 18,406.06 up by 315.44 (1.74%) and the NSE Nifty was trading at 5,518.20 up by 86.20 (1.59%).
The BSE MIDCAP was at 6,800.46 up by 46.26 (0.68%) and the BSE SMLCAP was at 8,417.81 up by 55.40 (0.66%).
On the economic front, Finance Minister Pranab Mukherjee said that growth of 8.5% will be achieved as per the plan. He even pointed out that the stock market must remain calm instead of showing high volatility that can hinder the growth further. He further added that the country"s macroeconomic fundamentals are strong and thus the anticipated growth can be achieved.
On the corporate front, GLAXOSMITHKLINE CONSUMER HEALTHCARE LTD rose by 6.12% to Rs 2,093.00 after the company reported a net profit of Rs. 53.37 crore in its Q4 results which is 58.5% higher in comparison to the corresponding quarter last year.
Greaves Cotton Ltd rose by 0.54% to Rs 92.35 after the company entered into a long term pact with Mahindra & Mahindra to supply single cylinder engines for its three-wheelers.
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