04 October 2011

Sensex directionless; L&T, BHEL, Maruti, JP Associates jump

Indian equity benchmarks were hovering around their previous closing values. Capital goods, power, metals and Anil Dhirubhai Ambani Group's stocks were witnessing buying interest. However, the sell-off in Infosys, Reliance Industries, Bharti, TCS, HDFC and HDFC Bank has limited the upside. The 30-share BSE Sensex was trading at 16154.92, up just 3.47 points and the 50-share NSE Nifty rose 5.65 points to 4,855.15.

Rajat Rajgarhia, head of research at Motilal Oswal Securities said, the market have factored in all the negatives right now. The current level of 16,000 is quite good enough for the market to sustain, he added.

From the capital goods space, L&T and BHEL rallied 1.5-2%. Jaipraksh Associates shot up 3%.

Maruti Suzuki gained 2% as workers’ problem at its Manesar plant has been solved. From the metal space, Tata Steel, Hindalco and Sterlite Industries were up 1% each.

Major largecaps like ONGC and NTPC were marginally in the green.

However, heavyweights Reliance Industries, TCS, Bharti Airtel and Infosys fell 0.6-1%. Wipro, HDFC and HDFC Bank lost 0.3-0.5%.

Tata Motors was the biggest loser among largecaps - tumbled 3%.

About 766 shares advanced as against 483 shares declined on National Stock Exchange.

At 9:20 hours IST : Market opens lower, Nifty fights chance to break into green

Indian equity benchmarks slipped half a percent in the opening trade amid a choppy trade, following weak global cues. There was a quick recovery soon after and Nifty is fighting for a chance to break into the green. Analysts believe yesterday's sell-off in reaction to Greece concerns was overdone.

At 9:20 hours IST, the 30-share BSE Sensex fell 67 points to 16,084.40 and the 50-share NSE Nifty declined 17 points to 4,832.30.

Among frontliners, SAIL, Cairn India, JSPL, HDFC, Tata Motors, Wipro, HCL Tech and Reliance Industries were under pressure.

Maruti Suzuki, Jaiprakash Associates, L&T, ONGC and BHEL were supporting the markets.

New Listing - Prakash Constrowell jumped 6% to Rs 146 a share as against issue price of Rs 138.

About two shares declined for every one rise on NSE.

Sintex Industries, HDIL, PFC and REC were down 1-2%.

However, Titan Industries gained 1% as there reports that company may increase product prices.

Global cues

Asian markets were trading lower. Nikkei and Straits Times fell 1.6% each. Hang Seng was down 0.8% and Taiwan down 0.2%. Kospi tanked 5% (it was closed yesterday).

The US equity markets slumped to a 13-month low in heavy volume trade led by financials. The S&P 500 Index was at its lowest level since September 8, 2010 and S&P financials index ended down 4.5%.

Fall on fears that a large European lender could fail. Moody’s warned about the financial position of the Franco-Belgian financial group Dexia, which has large exposure to Greek debt.

The Nasdaq Composite ended down 3.3% at 2,336. The S&P 500 Index fell 2.9% to 1,099 and the Dow Jones Industrial Average ended down 2.4% at 10,655.

Commodities

Crude ended at a year low.

WTI crude settled down 2% at SUD 77.91/barrel on Monday. It is now at USD 76.44/barrel today.

Brent crude settled down 1% at USD 101.7/barrel yesterday. It is currently at USD 100.6/barrel.

Gold was up 1.6% on Greece worries; it was at USD 1662/ounce

LME Copper fell 3%

F&O cues:

Total Stock Futures OI add 2.05 cr shares

Nifty Oct Futures trading at 8.25 points prem v/s 8.95 points discount to Spot

Nifty PCR rose to 1.42 from 1.4

Total Put adds 50.56 lakh shares in OI

Total Call adds 29.98 lakh shares in OI

Highest OI Outstanding at Nifty 4700 Put, 4800 Put & 5200 Call

Nifty 4700 Put adds 12.85 lk shrs in OI

Nifty 4300 Put adds 11.26 lk shrs in Open Int

Nifty 4800 Put adds 10.94 lk shrs in Open Int

Nifty 4900 Call adds 7.40 lk shrs in Open Int

Nifty 4600 Put adds 4.62 lk shrs in Open Int

Nifty 5000 Put sheds 3.49 lakh shrs in Open Int

Nifty 4900 Put sheds 2.53 lk shrs in Open Int

Nifty 5100 Put sheds 1 lk shrs in Open Int

Nifty 4400 Put sheds 62000 shrs in Open Int

India VIX closed at 35.07 up by 9.8%