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Sensex starts on a firm note; Tech Mahindra up 6%

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May 222013
 

NEW DELHI: The S&P BSE Sensex rose 0.3 per cent early on Wednesday tracking strong global cues, led by gains in Infosys, ICICI Bank and TCS.

At 09:20 a.m.; the 30-share index was at 20183.10, up 70 points or 0.3 per cent. It touched a high of 20,189.35 and a low of 20,150.69 in trade today.

The Nifty was at 6132.75, up 18 points or 0.3 per cent. It touched a high of 6,138.30 and a low of 6,126.05 in trade today.

Tech MahindraBSE 3.64 % Ltd rallied over 6 per cent in opening trade, after the company’s net profit for the March 2013 quarter rose 24 percent, beating estimates.

The company, part of the USD 15.9 billion Mahindra Group, had posted a net profit of Rs 302.50 crore in the year-ago period, it said in a BSE filing. The stock was trading 5.7 per cent higher at Rs 961.95.

Among the sectoral indices, the BSE IT Index rose 1.1 per cent, followed by the BSE HealthCare Index which moved 0.6 per cent higher.

The BSE Banking Index gained 0.63 per cent, the BSE PSU Index was up 0.62 per cent and the BSE Metal Index was trading 0.57 per cent higher.

Coal India (1.6 per cent), Tata Motors (1.1 per cent), SBI (1.09 per cent) and Cipla (1.04 per cent) were among top Sensex gainers.

Hero MotoCorp (0.56 per cent), HDFC (0.34 per cent), Bajaj Auto (0.2 per cent) and HUL (0.08 per cent) were among top Sensex losers.

Asian stocks edged higher ahead of the outcome of the Bank of Japan’s (BOJ) policy meeting. Tokyo’s Nikkei gained 0.9 percent, breaking above 15,500 for the first time in over five years.

The BOJ maintained its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 60 trillion to 70 trillion yen.

Japan’s Nikkei 225 index was trading 1.1 per cent higher at 15,561 and Hong Kong’s Hang Seng index was trading 0.01 per cent higher at 23,366.12.

South Korea’s Kospi index was trading 0.58 per cent higher at 1992.45. China’s Shanghai index was trading 0.1 per cent lower at 2,302.63.

Nifty falls below 6,100; DLF, L&T, BPCL down

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May 222013
 

MUMBAI: The Nifty extended intraday losses and slipped below the 6,100 mark on Wednesday, mirroring losses in other global markets ahead of Ben Bernanke’s testimony before the US Congress. The Federal Reserve chairman is expected to continue bond buying program to boost growth.

At 02:20 p.m., the 50-share index was at 6,093.25, down 20.85 points or 0.34 per cent. It touched a high of 6,147.60 and a low of 6,086.30 in trade today.

The Sensex was at 20,063.4, down 48.37 points or 0.24 per cent. It touched a high of 20,220.35 and a low of 20,033.38 in trade today.

The S&P BSE Midcap Index was down 0.80 per cent and the S&P BSE Smallcap Index was 0.72 per cent lower.

Among the sectoral indices, the S&P BSE Realty Index fell 3.33 per cent, the S&P BSE Capital Goods Index was 3.11 per cent lower and the S&P BSE Oil & Gas Index was down 1.28 per cent. The S&P BSE FMCG Index was up 0.68 per cent and the S&P BSE IT Index moved 0.48 per cent higher.

DLF (6.08 per cent), Larsen & Toubro (5.39 per cent), Jaiprakash Associates (4.69 per cent), BPCL (4.01 per cent) and Bank of BarodaBSE -2.88 % (3.04 per cent) were among the Nifty losers.

Shares of Larsen & Toubro tanked following lower than expected quarterly results. The company posted 6.8 per cent drop in net profit at Rs 1,787.94 crore for the fourth quarter ended March 31, 2013 against net profit of Rs 1,920.41 crore in the same period of previous fiscal. ET Now had estimated a net profit figure of Rs 1,880 crore.

Shares of BPCL and other oil marketing companies were down on fuel pricing mechanism concerns. The Oil Minister Veerappa Moily has said that no decision was taken on fuel pricing mechanism today.

The minister has said that the cabinet will take final decision on switching over to export parity pricing after former Planning Commission member Kirit Parikh gives his recommendation. He added that the oil marketing companies will be compensated if the export parity model is adopted.

Sun PharmaBSE 2.90 % (2.90 per cent), Bharti Airtel (2.35 per cent), Dr Reddy’s Laboratories (1.66 per cent), ITC (1.33 per cent) and Coal India (1.02 per cent) were among the top Nifty gainers.

Market breadth was negative on the NSE with 399 gainers against 872 losers.

Foreign institutional investors bought shares worth Rs 679.44 crore while domestic institutional investors sold equities worth Rs 866.7 crore on Tuesday as per the provisional data from the National Stock Exchange.

European markets were down on profit booking ahead of the Ben Bernanke’s testimony. The FTSE 100 was down 0.12 per cent, the CAC 40 was 0.22 per cent lower and the DAX declined 0.10 per cent.

Nifty under pressure; NTPC, UltraTech, JP Associates down

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May 212013
 

MUMBAI: The pull-back move on the Nifty was short-lived and the index fell sharply to hit fresh intraday lows on Tuesday as selling pressure intensified in rate sensitives like realty, auto and banks.

At 02:45 p.m., the 50-share index was at 6,115.75, down 41.15 points or 0.67 per cent. It touched a high of 6,180.25 and a low of 6,115.55 in trade today.

The Sensex was at 20,111.34, down 112.64 points or 0.56 per cent. It touched a high of 20,308.04 and a low of 20,110.86 in trade today.

The S&P BSE Midcap Index was down 0.50 per cent and the S&P BSE Smallcap Index declined 0.32 per cent.

The S&P BSE Realty Index was down 2.37 per cent, the S&P BSE Auto Index was 1.73 per cent lower, the S&P BSE Healthcare Index slipped 0.93 per cent and the S&P BSE Bankex was 0.85 per cent lower. The S&P BSE IT Index was 0.87 per cent higher.

NTPC (4.86 per cent), UltraTech Cement (4.19 per cent), Jaiprakash Associates (3.88 per cent), Tata MotorsBSE -3.06 % (3.01 per cent) and DLF (2.74 per cent) were among the Nifty losers.

BHEL (2.37 per cent), Coal India (1.97 per cent), TCS (1.46 per cent), HCL Tech (1.44 per cent) and Infosys (1.05 per cent) were among the top Nifty gainers.

Shares of Coal India gained momentum after its Board of Directors recommended a final dividend of Rs 4.30 per share. This is in addition to the interim dividend of Rs 9.70 per share paid in March 13. Brokerages are bullish on the stock post the dividend recommendation. Nomura has maintained its ‘buy’ rating on the stock while JPMorgan has increased its target price.

Market breadth was negative on the NSE with 437 gainers against 844 losers.

Foreign institutional investors bought shares worth Rs 753.37 crore while domestic institutional investors sold equities worth Rs 764.32 crore on Monday as per the provisional data from the National Stock Exchange.

European markets extended intraday losses ahead of the US Federal Reserve Chief Ben Bernanke’s testimony. The FTSE 100 was up 0.06 per cent, the CAC 40 was 0.52 per cent lower and the DAX was down 0.35 per cent.

Sensex hits 1-week low; doubts creep in after recent rally

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May 212013
 
MUMBAI: The share markets tumbled for a second consecutive session on Tuesday hitting their lowest close in a week as recent outperforming blue-chips such as ITC fell on doubts about whether foreign investors will continue their strong buying so far.

These doubts come as Asian shares were largely subdued ahead of Wednesday’s release of minutes of the Federal Reserve’s last meeting and chairman Ben Bernanke’s testimony in Congress the same day.

Those events are expected to provide cues about the future of US monetary stimulus programme, which analysts have said is a big contributor to foreign flows into Indian stocks.

Analysts also caution that a nearly 11 percent rally in the BSE index since mid-May has made Indian shares more expensive and tactically overbought for the short term, raising prospects of a near-term correction.

“Profit-booking is seen across the board as markets went up too fast, too soon,” said G. Chokkalingam, executive director and chief investment officer at Centrum Wealth Management.

While domestic institutional selling may continue for a while, foreign investors won’t turn major sellers, added Chokkalingam.

The benchmark BSE index fell 0.56 percent, or 112.37 points, to end at 20,111.61, marking its lowest close since May 14.

The broader NSE index fell 0.7 percent, or 42.80 points, to end at 6,114.10.

Among blue-chips, ITC Ltd fell 1.1 percent, marking its fourth day of declines.

Auto makers also fell after recent gains. Tata Motors Ltd lost 3 percent, marking its lowest close since May 6, while Maruti Suzuki India Ltd fell 2.6 percent after hitting its all-time high of 1,774.40 rupees on Monday.

Divi’s LaboratoriesBSE -7.29 % Ltd slumped 7 percent after its March-quarter profit fell 16.6 percent, lagging analysts estimates.

Shares in VoltasBSE -3.63 % Ltd also fell 3.4 percent after its January-March net profit declined 91.4 percent to 89.2 million rupees.

However technology companies rose as recent falls in the rupee are making the sector more attractive and offsetting some of the worries over a pending US immigration bill that sparked a selloff in the sector last month.

Infosys Ltd rose 1.1 percent, while Tata Consultancy Services Ltd ended 1.4 percent higher and HCL Technologies Ltd gained 1.2 percent.

Shares in Coal India Ltd gained 2.1 percent after its board recommended on Monday a higher-than-expected dividend of 4.3 rupees per share for financial year 2012-13.

Sensex advances for 4th day; up 39 points on higher inflows

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May 182013
 
MUMBAI: Extending gains for the fourth day in a row, the BSE benchmark Sensex today rose by 39 points, mainly on buying in power, capital goods and realty sector stocks amid increased foreign inflows.

The 30-share index rose by 38.79 points, or 0.19 per cent, to 20,286.12. It has gained 556 points in last three trading sessions.

Sensex had climbed to its highest level since January 2011 yesterday and has gained one per cent this week, the longest rising streak since October last year.

Similarly, the National Stock Exchange index — Nifty — rose by 17.40 points, or 0.28 per cent, to 6,187.30.

Also, MCX-SX flagship index SX40 rose 18.03 points, or 0.15 per cent, to 11,972.52.

Brokers said the market remained bullish on reports of higher foreign fund inflows on optimism about a rate cut by the Reserve Bank in the wake of falling inflation numbers.

They said a better trend in Asian region and higher opening in Europe further influenced the trading sentiment to some extent.

FIIs bought domestic stocks worth around USD 195 million yesterday (Rs 1,070.33 crore), according to BSE provisional data.

Out of the 30 BSE index components, 16 stocks gained led by BHEL by rising the most in five months, pacing gains among other makers of power equipments. The stock rose 4 per cent to Rs 201.35.

Banking stocks were in demand on hopes of interest rate cut. ICICI Bank rose 1.92 per cent to Rs 1,228.60, SBI by 0.41 per cent to Rs 2,424.60 and Axis Bank by 0.18 per cent to Rs 1,532.80.

The power sector index gained the most by 3.08 per cent to 1,844.29, followed by capital goods index by 2.95 per cent to 10,423.08. Realty index advanced 2.02 per cent to 2,032.03 and banking index by 0.56 per cent to 15,214.45.

NSE set to offer more products for derivatives, awaiting Sebi’s nod

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May 182013
 

MUMBAI: Punters may get a new product to bet on in the derivatives segment if the capital market regulator gives the National Stock Exchange the nod to launch derivatives on the CNX Dividend Opportunities index and CNX Low Volatility index, a Sebi official told ET.

However, he added, that stock exchanges should first create awareness about any derivative product they intend to launch as the retail investors may find it complex.

“A greater number of derivative products could create confusion for retail investors and the thrust should be on financial inclusion with high investment products,” said the Sebi official, but added that the regulator was studying NSE’s proposal.

Known as strategy indices, the products NSE has sought approval to track the performance of an algorithmic trading strategy and specify actions that need to be taken.

NSE says the Dividend Opportunities Index was designed to provide exposure to high-yielding companies along with price stability and volume depth. As the name suggests, the CNX Low Volatility index aims to measure performance of the least volatile stocks on NSE.

The reservations of Sebi stem from the fact that there has been a thrust on derivative trading and cash market volumes have seen a sharp fall. Around 80%-85% of equity trading in India is concentrated in derivatives.

“India’s stock market is shallow as it lacks products that can promote investment culture rather than trading and speculation,” said Deven Choksey, MD, KR Choksey Shares and Securities. According to Choksey, since India requires long-term capital to build the economy it is necessary to have investment products, which is also the key objective or underlying of any equity market.

“If derivative products need to be launched, it is important to promote delivery-based settlement rather than cash-based system. The latter method results in high manipulation and high speculative activity, making it difficult to attract retail investors,” said Choksey.

Pre-market: Nifty seen opening higher; ITC eyed

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May 172013
 

NEW DELHI: The 50-share Nifty index is expected to open higher on Friday tracking positive Asian markets, while investors will keep a close eye on ITC ahead of its quarterly results which will be out later today.

FMCG major ITC is likely to announce 18 per cent jump in standalone net profit for quarter ended March 2013 at Rs 1,904 crore as compared to a net profit of Rs 1614 crore in the corresponding quarter a year ago.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 24 point higher at 6198, indicating a higher opening on the domestic market.

Nifty had a volatile trading session on Thursday but managed to end yet another day with gains. The index ended with a gain of 23 points at 6169.

“The present upside may now face severe resistance near 6220 to 6240 range as long as it trades above 6150, it may attempt to move higher,” said Swati A. Hotkar, Technical Analyst at LKP Advisory

“The level of 6110 would now act as an intraday support, whereas 5980 has now turned as a positional support for Nifty,” she added.

Hotkar is of the view that any move below this level might trigger panic selling which may drag a Nifty towards 5800 odd levels. Coming trading sessions are expected to be a volatile so we advise the traders to ride rally but be very stock specific and with strict stop loss, she added.

Overnight, US stocks after a Federal Reserve official said the central bank could begin easing up on its monetary stimulus this summer.

“The Fed’s purchases of $85 billion a month in bonds has been a significant driver of the rally in equities that has taken indexes to record highs and pushed the S&P 500 up nearly 16 percent this year,” Reuters reported.

The Dow Jones industrial average dropped 42.47 points, or 0.28 percent, to close at 15,233.22. The Standard & Poor’s 500 Index fell 8.31 points, or 0.50 percent, to end at 1,650.47. The Nasdaq Composite Index slipped 6.37 points, or 0.18 percent, to finish at 3,465.24.

Asian shares were trading steady after a U.S. Federal Reserve official said the central bank may begin to taper its asset buying this summer.

U.S. crude futures slipped to about $95 a barrel.

Japan’s Nikkei 225 index was trading flat at 15,037 and China’s Shanghai index was trading 0.26 per cent higher at 2,258.63.

Sensex turns choppy; tech, FMCG, realty advance

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May 172013
 

MUMBAI: The S&P BSE Sensex witnessed a choppy session on Friday in absence of fresh buying interest after the recent sharp rally. Gains in technology, FMCG and realty were offset by losses in banks, pharmaceuticals and capital goods sectors.

“Q4 has been weaker than expected. 40% of the companies that have reported so far have witnessed earnings downgrades and FY14 Sensex EPS has been lowered by 1.6% during the season so far. This coupled with strong market gains over the last few weeks and potential disappointment on rate action implies a market correction is possible. Our top picks are ICICI BankBSE 0.62 %, Axis BankBSE -0.36 %, L&T, Tata MotorsBSE 1.25 % & Zee Entertainment,” said Mahesh Nandurkar of CLSA.

At 09:35 a.m., the 30-share index was at 20,257.01, up 9.68 points or 0.05 per cent. It touched a high of 20,308.97 and a low of 20,217.49 in early trade today.

The Nifty was at 6,165.65, down 4.25 points or 0.07 per cent. It touched a high of 6,188.60 and a low of 6,158.10 in early trade today.

“The humongous rally was followed by a range bound session yesterday. However, the bias remained positive throughout the session. There is no major change in the price structure. Hence, we continue to expect that the market may move higher towards 20,438 – 20,700 / 6,200 – 6,280 levels in the near term. On the flipside, 20,096 / 6,116 level would act as an immediate support for our market,” said an Angel Broking note.

“Considering the daily chart, we are of the opinion that Tuesday’s low of 19,652 / 5,970 (also coincides with hourly ’89 EMA’) has now become a strong near term base for our market. Hence, only a violation of this level would result in loss of near term optimism,” the report added.

The S&P BSE Midcap Index was up 0.08 per cent and the S&P BSE Smallcap Index was 0.16 per cent higher.

Among the sectoral indices, the S&P BSE IT Index was 1.23 per cent higher, the S&P BSE FMCG Index gained 0.75 per cent and the S&P BSE Realty Index advanced 0.42 per cent. The S&P BSE Bankex Index was down 0.65 per cent, the S&P BSE Healthcare Index was 0.56 per cent lower and the S&P BSE Capital Goods Index declined 0.11 per cent.

Dr Reddy’s Laboratories (1.31 per cent), HDFC BankBSE -1.07 % (1.31 per cent), CiplaBSE 0.83 % (1.18 per cent), Bajaj AutoBSE 0.54 % (0.93 per cent) and HDFC (0.83 per cent) were among the top Sensex losers.

TCS (1.24 per cent), InfosysBSE 0.83 % (1.11 per cent), ITC (0.65 per cent), ONGC (0.58 per cent) and NTPCBSE 1.31 % (0.45 per cent) were among the index gainers.

JM Financial rallied nearly 10 per cent as Vikram Pandit will acquire 50 per cent stake in JM’s non-banking financial company (NBFC) and buy 3 per cent stake in the parent company.

Market breadth was positive on the BSE with 591 gainers against 579 losers.

Foreign institutional investors bought shares worth Rs 1,070.32 crore while domestic institutional investors sold equities worth Rs 390.42 crore on Thursday as per the provisional data from the National Stock Exchange.

Asian shares were trading steady after a U.S. Federal Reserve official said the central bank may begin to taper its asset buying this summer. Japan’s Nikkei 225 index was up 0.33 per cent, the China’s Shanghai Composite edged 0.13 per cent higher and the South Korea’s Kospi index gained 0.79 per cent.

Foreign investors buy most Indian stocks in 3 months

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May 162013
 

Foreign institutional investors ( FIIs) were net buyers of Rs 1,647 crore of stocks on Wednesday, marking their biggest single day of buying since Feb. 7, regulatory and provisional exchange data showed.

Foreign investors have been net buyers of stocks for 20 consecutive sessions as of Tuesday, as per regulatory and exchange data, bringing their total for the year to $12.98 billion.

Traders said a global market rally, sparked by easier monetary policy, has led to a surge in foreign investments into domestic markets.

MSCI India index adds Wockhardt, Oil India, GSK Consumer, Apollo Hospitals

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May 162013
 

Apollo Hospitals Enterprise Ltd, Oil India Ltd, Wockhardt Ltd, and GlaxoSmithKline Consumer Healthcare Ltd have been added in the MSCI India index, the index provider said in a statement on Wednesday after completing its May review.

There have been no deletions from the MSCI India index. Oil India has additionally been added to MSCI Emerging Markets index.

The changes will take place after the close of trade on May 31, MSCI added.

Inclusions in MSCI small-cap index includes stocks like Alembic Pharma, CARE, eClerx, Godrej Properties, IRB Infrastructure, JK Cement, PC Jeweller, SE Investments and Videocon Industries Ltd.

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