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Indian equities ended volatility marred session with modest gains Wednesday, on the back of positive global markets. IT, metals and auto stocks topped the sect oral gainers while realty and banks closed lower on concerns of interest rate hike. Indices opened lower due to lack of buying activity and subdued Asian markets. Benchmarks found it difficult gain momentum for major part of the day due to lack of triggers. However, positive European markets helped the indices to gain momentum.
Nifty took support at 5000 and closed near 5050 which is important for the market. Now, If Nifty sustains below 5000 then selling pressure may intensify and Nifty may move down towards 4900-4850. On upper side, if it moves above 5100 then we may see positive range bound movement. Banks and realty sectors witnessed build-up of fresh short positions whereas metals and IT saw addition of fresh longs in open interest
National Stock Exchange’s Nifty closed at 5042.05, up 9 points or 0.18 per cent. The index bounced back from support of 5001.80 before hitting a high of 5067.25 in today’s trade.
Bombay Stock Exchange’s Sensex ended at 16912.77, up 35.61 points or 0.21 per cent. The 30-share index hit a high of 16996.12 and low of 16777.94. BSE Midcap Index was up 0.22 per cent and BSE Small cap Index gained 0.34 per cent. Amongst the sect oral indices, BSE IT Index was up 1.64 per cent, BSE Metal Index gained 0.84 per cent and BSE Auto Index moved up 0.84 per cent. BSE Realty Index was down 1.21 per cent and BSE Bankex slipped 0.56 per cent. Idea (3.98%), Tata Motors (3.38%), M&M (3.35%), Bharti Airtel (3.25%) and GAIL (2.61%) were amongst the top Nifty gainers.
The losers included Axis Bank (-2.37%), Jaiprakash Associates (-1.87%), State Bank of India (-1.28%), BPCL (-0.97%) and Cipla (-0.94%). Idea Cellular recorded its best performance in terms of monthly additions with 2.5 million new users, amidst the ongoing price-war. Bharti Airtel, the largest service provider in the country, regained its leading position in terms of monthly addition with 2.8 million new users in November, according to figures released by the Cellular Operator’s Association of India. Mahindra & Mahindra acquired 75.1 per cent stake each in two Australian companies to cash in on a growing demand for economical air transport and to also diversify operation for better earnings stability. The acquisition in Aero staff Australia and Gippsland Aeronautics was done jointly with Kotak Private Equity for Rs 175 crore and would give M&M entry into global aerospace components and the general aviation markets. German drug maker Boehringer Ingelheim (BI) has started discussions with Cipla for a drug supply agreement that could see the Indian company supply generic drugs to the $17-billion German company for two of its drugs, including one of its best sellers. The Indian company is also discussing similar deals with other global pharma majors. Shares of Orchid Chemicals & Pharmaceuticals plunged on reports that the company agreed to sell its injectables business to the US-based Hospira for around $400 million (Rs 1,850 crore), a valuation that represents a 20% premium to the Chennai-based firm’s market value and greatly boosts its financial flexibility. The scrip was down 11 per cent on the NSE. Market breadth was positive on the BSE with 1411 advances and 1391 declines.
European markets were in the green and the US markets were also expected to open higher. At 5 pm, Dow Jones stock futures were up 0.48 per cent, S&P 500 moved 0.61 per cent higher and NASDAQ 100 gained 0.79 per cent. The BSE has announced change in trading timings for its equity and equity derivatives segments. With effect from Friday, December 18, 2009, trading will commence from 9.45 a.m. onwards, instead of the present timing of 9.55 am. The continuous trading session in both segments will be from 9.45 a.m. to 3.30 pm on all business days. There will be no change in timings of any other session in both the segments.
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