TODAYS SENSEX GAINERS
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MARKET ENDED 20.04.2010 TUESDAY
SENSEX 17460.58 +59.90
NIFTY 5230.10 +26.45
NASDAQ 2480.11 -01.15
DJIA 11092.05 +73.39
RS/$ 44.62 -00.27
Indian equity benchmarks ended a volatile session on a higher note Tuesday, after traders bought frontline stocks near day’s lows in the last half hour of trade. Rate-sensitive sectors like realty, banking and auto led the upmove after Reserve Bank of
Indices opened on a positive note in line with other global peers and turned rangebound ahead of RBI’s policy meet. The rate hike by the central bank saw rate sensitives and infrastructure stocks surge and take the indices to higher levels. However, the market pared gains and found support near intra-day low levels towards the close.
RBI today hiked key policy rates by 25 basis points. The repo rate now stands at 5.25 per cent, the reverse-repo at 3.75 per cent and Cash Reserve Ratio at 6 per cent. According to experts, the RBI is likely to continue to hike rates going forward.
Shares of infrastructure related companies shot up after the RBI proposed allowing banks to buy non-SLR bonds issued by infrastructure companies having a minimum residual maturity of seven years under the held-to-maturity category.
Apart from raising rates, the RBI took the opportunity of today's meeting to announce a number of monetary measures designed to boost the infrastructure sector. These included permitting banks to buy infrastructure bonds with a minimum residual maturity of 7 years under the held to maturity (as opposed to mark to market) category as well as reducing provisioning requirements for infrastructure loans classified as sub-standard to 15% from 20%. These are to be welcomed but, if successful, might further crowd out bank's demand for government bonds
Bombay Stock Exchange’s closed at 17,460.58, up 59.90 points or 0.34 per cent. The index touched a high of 17560.09 and low of 17394.68.
National Stock Exchange’s Nifty ended at 5230.10, up 26.45 points or 0.51 per cent. The broader index hit a high of 5257.25 and low of 5208.30.
BSE Midcap Index was up 1.39 per cent and BSE Smallcap Index gained 1.58 per cent.
Amongst the sectoral indices, BSE Realty Index advanced 3.08 per cent and BSE Bankex moved 1.53 per cent higher and BSE Auto Index gained 1.19 per cent. BSE IT Index was down 1.28 per cent.
Sensex gainers were State Bank of
Losers comprised Tata Consultancy Services (-2.74%), Hero Honda (-2.39%), Wipro (-1.27%), Infosys Technologies (-0.99%) and ITC (-0.7%).
Amongst the infrastructure related companies, Supreme Infrastructure surged 9.70%, Maytas Infra jumped 6.36 per cent, MSK Projects gained 5.85%, Puravankara Projects advanced 5.65 per cent, Nagarjuna Constructions moved 5.61 per cent higher, and Unitech rose 4.50 per cent.
GAIL surged after Petroleum & Natural Gas Regulatory Board released its new proposed tariff for GAIL’s (
TCS posted the fastest profit growth in three years by reporting a 47% jump in fourth-quarter profit to Rs 1,931 crore. Revenue rose at a more sluggish pace of 7.9% to Rs 7,377 crore. The company’s profit was boosted by Rs 42 crore of gains due to currency fluctuations while a 3.6% appreciation in the rupee impacted operating profit margins by 1.92%.
Hero Honda after reporting earnings on Monday said the twin effects of slower industry growth and higher commodity prices in 2010-11 could affect profit margins and halve its sky-high sales growth rate. The company, which posted a 48.9% jump in fourth quarter net profit to Rs 598.8 crore, was quick to dampen expectations of a repeat performance by stressing that the industry and demand scenario will be substantially different.
Market breadth on BSE remained positive with 2,088 advances against 785 declines.
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