Market bounced back smartly

Date : Aug-13-2009 11:34



After opening on a rousing note, the benchmark indices are continuously marching towards the northward backed by strong global cues impressive domestic industrial production data and the new direct tax code. On a stock specific move, PSL Ltd is trading higher by 10.85% after it bagged orders worth around Rs 500 crores from Gail for supplying quality pipes for Dahej-Vijaipur pipe line upgradation project. During the last hour, almost all the sectoral indices are trading with fair gains. Among the sectoral indices, the BSE Realty, Metal and Bankex indices jumped by 3.93%, 3.13% and 2.91% respectively. Overall the market breadth is positive as 1,758 stocks are trading in green while 351 stocks are in red.

At 11.30 AM, the BSE Sensex surged by 326.68 points at 15,346.84 whereas NSE Nifty up by 96.89 points at 4,554.4. Besides, the BSE Mid Cap and Small Cap is trading higher by 138.13 points and 196.95 at 5,552.66 and 6,331.88 respectively.

Gainers from the BSE Sensex Pack are ICICI Bank up by (4.06%) to Rs. 739.40, along with Hindalco Industries by (3.82%) to Rs. 107.45, Hero Honda Motors by (3.73%) at Rs. 1,492.20, SBI by (3.62%) at Rs. 1,764, Sterlite Industries by (3.27%) at Rs. 644.25 and Jai Prakash Associate by (3.24%) at Rs.221.15.

Gainers from the NSE Nifty Pack are Tata Communication higher by (4.79%) at Rs. 484.85 along with ICICI Bank by (4.77%) at Rs. 744, Unitech Ltd by (4.65%) at Rs. 92.35, National aluminium by (4.31%) at Rs. 320.95 and Hindalco Ind by (4.01%) at Rs. 107.7.

BSE Realty is trading higher by (3.93%) or 148.29 points at 3,920.88. The major gainers are Penland Ltd up by (10.12%) at Rs. 83.25 along with Unitech Ltd by (4.47%) at Rs. 92.30, Housing Dev by (4.32%) at Rs. 288.85, Parsvnath by (3.33%) at Rs. 113.10 followed by DLF Ltd by (3.14%) at Rs. 384.80.

BSE Metal is trading higher by (3.13%) or 378.72 points at 12,483.81. The top gainers in the index are Jai Corp up by (4.98%) to Rs.220.20 along with Ispat Industries by (4.22%) to Rs. 22.25, National Aluminium by (4.05%) to Rs. 320, Hindalco Industries by (3.82%) to Rs. 107.45, followed by JSW SL by (3.91%) at Rs. 701.55.

Market bounced back smartly

After spectacular opening, the key benchmark indices extended gains in a narrow range. Firm global market and forecast of strong rains in the coming days suppressed the negative sentiments. The momentum was also boosted by strong Asian stocks movement led by South Korean Steel giant POSCO which raised its production target and Singapore upgraded its forecast for economic growth.

On the sectoral front, all 13 Indices traded positive. Oil exploration stocks gained as oil rose above $60 a barrel due to improved sentiment amid a stock market rally. Metal stocks advanced after Shanghai copper rose 1.4% yesterday and investors kept aside demand worries following a rally in Asian equities. Capital Goods, Construction, Realty and Cement stocks improved on expectation of rising demand due to thrust on infrastructure development in the Union Budget 2009-10.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,472 stocks traded so far, 1,774 shares advanced while 626 shares declined. Nearly 72 shares are unchanged.

At 1.30PM, the BSE Sensex is trading higher by 360.78 points at 13,761.10 whereas NSE Nifty is up by 105.54 points at 4,079.60.

The BSE Mid Cap is trading higher by 162.75 points at 4,747.36 and Small cap is trading up by 176.40 points at 5,234.10.

Major gainers from the BSE Sensex pack are Reliance Infrastructure Ltd surged 7.39% to Rs. 1,038.10 along with DLF Ltd 6.39% to Rs. 286.50, ICICI Bank Ltd spurted 5.35% to Rs. 665.60, Tata Steel Ltd improved 4.84% to Rs. 355.30, BHEL Ltd advanced 4.77% to Rs. 2,055.50, Housing Development Finance Co Ltd improved 4.43% to Rs. 2,305.20 and Jaiprakash Associates Ltd gained 4.26% to Rs. 184.80 among others.

Losers from the BSE Sensex Pack are Hindustan Uniliver Ltd weaken 0.25% to Rs. 262.55 along with Hero Honda Motors Ltd plunged 0.02% to Rs. 1397.90.

The BSE Realty is higher by 171.55 points or 6.26% at 2,909.90. Stocks trading in green are Ackruti surged 11.40% to Rs. 448.10, DLF Ltd 6.39% to Rs. 286.50, Housing Development 6.09% to Rs. 201.30, Unitech Ltd improved 5.54% to Rs. 68.60 and Indiabulls Realty 5.20% to Rs. 185.25 among others.

Gitanjali Gems Ltd zoomed 5.77% to Rs. 98.00 after the company disclosed its US unit has acquired 51% stake in New York based Diamlink Inc.

ICICI Bank Ltd spurted 5.35% to Rs. 665.60 after its ADR surged nearly 5% to $27.29 overnight on the NYSE.

HDFC Bank Ltd gained 0.12% to Rs. 1,376.10 after gross NPA improved to 2.05% in Q1 June 2009 as compared with 1.54% in Q1 June 2008.

Ramco Industries Ltd spurted 19.99% to Rs. 839.60 on report the company said its board will meet on 23 July 2009 to consider stock-split and issue of bonus shares.

Strides Arcolab Ltd spurted 8.21% to Rs. 132.50 on reports the company is exploring stake sale in its businesses that are being hived off into three separate entities.

Oracle Financial Services Software Ltd gained 3.17% to Rs. 1,147.00 after the company won an overseas contract for its software product.

Bajaj Auto Ltd gained 4.91% to Rs. 1,068.80 on reports the company is likely to raise its stake in Austria''s power bike company KTM Power Sport AG to leverage on the foreign company''s superior expertise in technology and brand name.

Gammon India Ltd weaken 7.28% to Rs. 153.55 on reports the Central Government may ban the company, working on the Delhi Metro Project, after a portion of a bridge collapsed on Sunday, 12 July 2009.