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Thursday, February 09, 2012

Sensex, Nifty scale over 27-week closing highs; breadth strong

Key benchmark indices gained for the second straight day to attain their highest closing level in more than 27 weeks on firm European stocks. The BSE Sensex surged 123.43 points or 0.7%, up about 220 points from the day's low and off about 50 points from the day's high. The market breadth was strong. BSE Small-Cap and Mid-Cap indices rose more than 1% each, outperforming the Sensex. Data showing sustained buying of Indian stocks by foreign institutional investors (FIIs) underpinned sentiment.

The Sensex has jumped 637.20 points or 3.7% in February 2012 so far. The barometer index has surged 2,375.83 points or 15.37% in calendar 2012 so far. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 2,694.89 points or 17.8%. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 1,980.39 points or 9.99%.

NSE Bulk Deals to Watch - Feb 9 2012

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
09-FEB-2012,AGRE,Agre Developers Ltd,ADIKARAN FINCOM LTD.,BUY,134800,36.50,-
09-FEB-2012,IGL,Indraprastha Gas Limited,HDFC STANDARD LIFE INSURANCE COMPANY LIMITED,BUY,787707,335.32,-
09-FEB-2012,IVRCLINFRA,IVRCL Limited,DAMANI MANMOHAN,BUY,1580000,57.00,-
09-FEB-2012,JINDALSWHL,Jindal SouthWest Hold Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,99813,979.26,-

Late buying lifts Sensex 123 points higher Late buying lifts Sensex 123 points higher Late buying lifts Sensex 123 points higher Late buying lift

After remaining lacklustre for most part of the trade, the markets gained momentum in late trade and closed higher for second straight session
Headlines for the day
Tata Global jumps on JV with PepsiCo
Hindalco Inds Q3 net profit declines marginally
Ambuja Cements Q4 net profit up 17%
Essar Shipping shoots up on better Q3 results

Bharat Forge

Bharat Forge

Daily News Roundup - Feb 9 2012

Tata Consultancy Services and Japans Mitsubishi will invest US$5mn in a joint venture to set up a delivery centre in Japan. (ET)

Four directors and the head of finance have quit offshore explorer Great Offshore in the past three months, triggering concerns about the Bharati Shipyard promoted company’s future. (ET)

United Bank of India has entered into an agreement with Nepal’s Global Bank to launch remittance facility to a large segment of Nepalese population working in India. (ET)

Late recovery lifts Nifty above 5350

The end of Tuesday Phenomena had minimal impact over the sentiment on Dalal Street. After taking a breather in yesterday’s session, bulls yet again began the uptrend as the NSE Nifty after a volatile session managed to end with healthy gains.

The sentiment was upbeat as the main indices were comfortably perched after a sedate start. Gains in power, metals and technology counters ensured that the Nifty moved smartly higher from a day’s low of 5325 level.

The Sensex staged a smart recovery from a low of 17580 and moved to hit a high of 17,809 before ending the session at 17,707.

Cooling continues!

Money is the opposite of the weather. Nobody talks about it, but everybody does something about it. - Rebecca Johnson.

The market is again turning as unpredictable as the weather even as it consolidates after a spectacular rally. The trend is likely to continue today as well as the Greek debt drama drags on and data shows faster-than-expected inflation in China. Bank of Korea has left borrowing costs steady. Japan’s core machinery orders dropped 7.1% in December.

Talking of economic stats, growth in the direct tax receipts remains slow while credit offtake too continues to moderate. Car sales for FY12 may be either flat or even tad lower. On the plus side, FII inflows are still positive while the domestic funds are more cautious.

Bullions shed some shine

Gold futures end the U.S. day session near the daily low due to profit taking

Bullion metal prices ended lower on Wednesday, 08 February 2012 at Comex. Both gold and silver slipped as the dollar firmed up. Comex April gold futures ended the U.S. day session near the daily low as some profit-taking pressure featured. Meantime, the crude oil market lost most of its early gains to trade just steady to firmer on the day.

Gold for April delivery ended lower by $17.1 or 1%, to end at $1,731.3 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday. Prices had earlier veered between small gains and losses, trading as high as $1,754.80 an ounce and as low as $1,729.10 an ounce. Last week, gold gained 0.5%.

Crude ends mildly higher

Prices pare most of earlier gains as inventories rise less than expected

Crude prices ended mildly higher on Wednesday, 08 February 2012 at Nymex. Prices ended little higher as energy department reported much less than expected rise in crude inventories for last week in the latest weekly inventory report. It pared most of its early gains it had mustered earlier during the day. A strong dollar also led prices give up earlier gains.

Light and sweet crude for March delivery rose $0.30 (0.3%) to $98.71 a barrel on the New York Mercantile Exchange on Wednesday. Prices rose to a high of $100.09 and fell to a low of $98.17 during intra day trading. Prices fell 1.7% last week. Prices fell 0.4% for the month of January.

Market may open lower on weak Asian stocks

The market may open lower on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 13 points at the opening bell. Tata Steel, Hindalco Industries, ACC, Ambuja Cements and HPCL unveil quarterly results today, 9 February 2012.

Tech Mahindra announced after market hours on Wednesday that consolidated net profit rose 14.8% to Rs 276 crore on 8.4% rise in revenues to Rs 1445 crore in Q3 December 2011 over Q2 September 2011.

Vineet Nayyar, Vice Chairman, MD and CEO of Tech Mahindra said, “We have had a satisfactory quarter, with growth in both revenue and margins. This is a result of our investments in growth markets, and in emerging technologies. We continue to focus on delivering enhanced value to our customers in an uncertain economic environment"

Greek concern may weigh on market at start

Tracking weak global cues, the Indian markets may fall at start and may lead to a cautious trade.

Headlines for the day
Ceat to invest Rs250 crore in Bangladesh tyre plant.
TCS eyes $500 mn sales in Japan.
EGoM on gas postponed.
GoM clears AI debt recast.
Airtel, Vodafone, Idea to be charged for extra spectrum.

SGX Nifty Live Update - Feb 9 2012

5369.25 -20.25 (-0.38%)