Markets in firm mood; Sensex closes 109 points up

Ends day at 15,548 after touching intra-day high of 15,650, on strong interest at Reliance counter; Nifty up 32 points at 4,529



The benchmark Sensex surged by over 109 points on the Bombay Stock Exchange on 13 September, on buying by funds in heavy-weight stocks in oil and gas, banking and realty segment.
The 30-share index, which experienced two straight sessions of losses, rebounded to close with a gain of 109.08 points at 15,614.44. It touched the day’s high of 15,650.14 and a low of 15,547.66 points.
Similarly, the wide-based National Stock Exchange index Nifty rose by 32.10 points at 4,528.95, after touching a high of 4,540.60 and a low of 4498.05 points.
The index-heaviest Reliance Industries surged by Rs13.55 at Rs2,026.50 on favourable corporate reports, and lifted the oil and gas segment index by 6.35 points at 11,924.63.
Realty index, led by Unitech Ltd, recorded the maximum gain with a 205.52 point surge at 7,847.86, followed by banking index by 102.17 points at 8,081.94. Bank scrips rose on expectation that the US Federal Reserve might cut interest rates next week.
The PSU index rose by 73.03 points at 7,396.63, auto sector index by 63.56 points at 4,939.34, capital goods index by 59.70 points at 13,723.88, IT index by 38.59 points at 4,482.57 and technology index by 22.14 points at 3,562.58.
Mid-morning
Mumbai: The benchmark Sensex recovered by over 97 points in early trade on the Bombay Stock Exchange on 13 September on revival of buying by funds encouraged by firm global trend.
The 30-share Sensex, which shed nearly 30 points at previous day’s closing, bounce by 97.29 points to touch 15,602.65 points in the first five minutes of trade on buying in reality and banking stocks.
BSE reality index shot by over 2% lead by stocks of Unitech Ltd.
Similarly, wide-base National Stock Exchanges’ Nifty rose by 19.95 points at 4,524.80 points.
Market sentiment turned bullish on heavy buying in fundamentally strong shares available at lower level amid firming trend in the global markets.

Sensex scores a ton

BSE 30-share benchmark Sensex gained 109 points to close at 15614. NSE Nifty ended 32 points higher to close at 4528.

Finally, bulls managed to find some direction after struggling for trend in previous trading sessions. The Realty and IT stocks led from the front. Others like Auto and banking followed suit. Further, rise in India’s six key industrial production coupled with positive close in markets across Asia provided vital support. India’s July production at six key industries rose 6.3%



Realty stocks were in momentum after inclusion of construction major Unitech in Nifty-50 on 5th October. IT stocks were in limelight on back of value buying in this sector.



The BSE 30-share benchmark Sensex gained 109 points to close at 15,620 hitting an intra-day high of 15,650 and a low of 15547. NSE Nifty ended 32 points higher to close at 4,528 touching an intra-day high of 4,540 and low of 4,498.



All Reliance group stocks hit the 52-week high levels except for Reliance Communication. Others like RIL, RNRL, REL, Reliance Capital and RPL were at the roof top. REL edged lower by 0.5% at Rs890; Reliance Capital surged by 5.5% to Rs14,000, Reliance Industries gained by 1% to Rs2027, RNRL gained 1.1% to Rs51 and RPL added 0.4% to Rs130.



Dr Reddy’s Lab slipped 1% to Rs641. The company announced that they have received USFDA approval for Ranitidine (Zantac). The scrip touched an intra-day high of Rs653 and a low of Rs639 and recorded volumes of over 1,00,000 shares on NSE.



Western India Shipyard was locked at 5% upper circuit to Rs18.90 after the company announced that it approved revival plan with ABG Shipyard. The scrip touched an intra-day high of Rs18.90 and a low of Rs18.90 and recorded volumes of over 1,00,000 shares on NSE.



Lupin gained by 2.5% to Rs610 after the company announced that they have won Ramipril product patent challenge at Federal circuit. The scrip touched an intra-day high of Rs615 and a low of Rs599 and recorded volumes of over 1,00,000 shares on NSE.



BPCL gained by 0.2% to Rs310 after the oil refiner and Videocon Industries Ltd would acquire stake in a Brazilian oil exploration company owned by Canada's EnCana Corp. The scrip touched an intra-day high of Rs316 and a low of Rs306 and recorded volumes of over 2,00,000 shares on NSE.



Banking stocks were in limelight after RBI’s Deputy Governor Leeladhar said that Indian Banks are not affected by US subprime. SBI gained by 3% to Rs1674, HDFC Bank advanced by 2.6% to Rs1213. However, ICICI Bank pared gains on back of profit booking. The scrip was down 0.2% at Rs884.



Realty stocks ended firm on back of gains in Unitech, which surged by over 7% to Rs280 after The National Stock Exchange (NSE) stated it would replace IPCL in the NIFTY with Unitech. This would be with effect from October 5. Mahindra Gesco edged higher by 7% to Rs563 and Parsvnath gained 1% to Rs322.



IT stocks were back in action after being on the side lines. Satyam Computer gained by 1.6% to Rs434, Wipro was up by 1% at Rs456, Infosys advanced by 1% to Rs1834 and Tech Mahindra surged by 2.1% to Rs1309.

calls for 13th

BUY

Selan sl 136.7--172.80--146.50

Unitech sl 259 tr 267--271.50

SRF sl 145.50 tr 151.50--154.35

RCF sl 54.20 tr 56--57.10

Triveni sl 86.40 tr 88.40--91.95

PTC sl 85.90--tr 89.20--91.40

HOCL sl 58.25--62--63.50

HTMTGlobal sl 412 tr 428--435

HindujaTMT sl 463 tr 585--500

ADSL sl 347 tr 360.8--371

BATA sl 174.80 tr 181.95--185.90

GNFC sl 142.25 tr 147.20--150


keep close watch on.. Advanta, Indiainfoline, Everon, Hindoilexp, ICRA, Naukri, REL, RELCAP, JPASSO

SELL ( HIGHLY RISKY)

HDIL sell near 580 sl 587 tr 572--566

Hanung sell near 167 sl 171 tr 164--161

IFB Agro sl 118 tr 114-111

Dollar slips to record low vs euro

The US currency declines for a sixth day, the longest losing streak since April, as investors bet the Federal Reserve will reduce its target interest rate
The dollar slid to a record low against the euro on Wednesday as global investors bet that the Federal Reserve will cut interest rates to lift global markets out of the current turmoil linked to the subprime mortgage losses. Any hike by Bernanke & Co. will narrow the interest rate gap between the US and Europe. Late on Tuesday, short-term interest rate futures signaled a perceived 67% chance of a 50-basis point cut in the fed funds target rate at the US central bank's Sept. 18 policy-setting meeting. The US currency declined for a sixth day, the longest losing streak since April, after the National Association of Realtors yesterday cut its home sales forecast, stoking concern that the housing slump is spreading to other parts of the US economy. The dollar fell to US$1.3887 per euro by 7:53 a.m. in New York, after earlier declining to an all-time low of US$1.3889. That compares with the previous low of US$1.3852 on July 24. The US currency is down more than 7% from its highest point this year, reached Jan. 12. The dollar also slipped to 113.83 yen from 114.27 yesterday, on speculation that Japanese investors will cut riskier overseas bond holdings after Prime Minister Shinzo Abe said he will resign. The dollar slumped to the lowest in more than a month versus the British pound and was recently little changed at US$2.0318. Against the Canadian dollar, the US currency held near the lowest since the end of July, at 96.13 US cents. It fell to the lowest since August 1995 versus Denmark's krone.

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Dull market ends slightly down

The 30-share Sensex closed lower by 37 points at 15505 and NSE Nifty closed flat at 4497.

The struggle for clear direction continued today on Dalal Street. As, markets failed to capitalize the gains on Wall Street, across Europe, Latin America and other emerging markets. In a range bound trading session, markets swung between gains and loses before ending slightly lower. Select index heavyweights like ICICI Bank, NTPC, ITC and L&T wer among the major loses dragging the key indices lower. While, RIL, REL and Bajaj Auto were among the notable gainers. Finally, the 30-share Sensex closed lower by 37 points at 15505 and NSE Nifty closed flat at 4497.


Essel Propack rallied by over 7% to Rs67 after reports stated that the Indian maker of laminated tubes and packaging plans to buy the packaging unit of Alcan Inc. The scrip has ouched an intra-day high of Rs69 and a low of Rs64 and recorded volumes of over 4,00,000 shares on NSE.


Reliance Industries edged higher by 1.5% to Rs2013 after reports stated that the world's largest polyester maker will pay $250mn to buy the assets of Hualon Corp. of Malaysia. The scrip touched an intra-day high of Rs2021 and a low of Rs1992 and recorded volumes of over 24,00,000 shares on NSE.


IDFC advanced by 1.4% to Rs134 as the RBI has increased the investment limit for FIIs in the companies. The scrip touched an intra-day high of Rs138 and a low of Rs133 and recorded volumes of over 57,00,000 shares on NSE.


Hanung Toys surged by above 6% to Rs164 amid reports that it has won a Rs6bn order from a Swedish company. The scrip touched an intra-day high of Rs167 and a low of Rs154 and recorded volumes of over 8,00,000 shares on NSE.


Pharma stocks were in poor health. Sun Pharma edged lower by 0.4% to Rs1006; Cipla was down by 1.4% to Rs174, Ranbaxy declined by 0.7% to Rs416 and Dr Reddy’s Lab edged lower by 0.5% to Rs647.


IT stocks ended lower as rupee continued strengthen against the USD. Satyam Computer slipped by 1.4% to Rs427, TCS was down by 1% to Rs1015, Rolta dropped by 4% to Rs480 and Mphasis declined by 3.2% to Rs282.


Realty stocks were in momentum. DLF gained by 2.7% to Rs635, Unitech advanced by 3% to Rs262 and Sobha was flat at Rs752.


Metal stocks continued to trade firm. Sterlite Industries gained by 2.3% to Rs624, Tata Steel gained by 0.5% to Rs711, JSW Steel advanced by 1.5% to Rs681 and Hindustan Zinc added 0.5% to Rs709.