MARKET ENDED 01.11.2010 MONDAY
SENSEX 20355.63 +323.29
NIFTY 6117.55 +99.85
NASDAQ 2506.35 -01.06
| S&P 500 1187.02 +03.76 HANG SENG 23652.94 +556.62 UPDATEDTIME 09.28 PM 01 NOV 2010 |
Indian benchmarks closed above psychological resistance levels Monday aided by strong manufacturing data from China and in-line quarterly earnings back home. The rally was led by banks, realty and capital goods space while oil & gas and FMCG space ended with minimum gains.
All eyes are now set on the Reserve Bank of India’s credit policy Tuesday and US FOMC meet on Wednesday. According to experts, the Indian central bank may hike rates to rein in inflation.
Domestic factors such as growth, inflation and credit do warrant a rate hike and we maintain our view of the RBI hiking once or possibly twice by fiscal year end. However, uncertainty arising due to global factors – imminent QE2 on Nov 3, recent measures by central banks the world over on tempering capital flows along with the flexibility that RBI has to make announcement every six weeks, could prompt a wait and watch stance in the policy tomorrow.
Bombay Stock Exchange’s Sensex closed at 20355.63, up 323.29 points or 1.61 per cent. Trading on the exchange was halted at 12 pm for around two hours due to some technical glitches whereas business ran as usual on the National Stock Exchange.
National Stock Exchange’s Nifty ended at 6117.55, up 99.85 points or 1.66 per cent. The broader index touched a high of 6132.40 and low of 6084.75.
However, a breakdown below 19768 / 5932 level would lead to bearish ‘Head and Shoulder’ breakdown and the indices may test the Fibonacci retracement levels of 19328 - 18979 / 5814 - 5706 of the entire up-move, which started from 17819 to 20854 / 5348 to 6284 levels.
BSE Midcap Index was up 1.69 per cent and BSE Smallcap Index gained 1.21 per cent.
Sectorally BSE Bankex was up 3.38 per cent, BSE Realty Index gained 2.90 per cent and BSE Capital Goods Index moved 2.18 per cent higher.
ICICI Bank (5.88%), 
M&M (5.14%), Jaiprakash Associates (3.62%), L&T (3.17%) and DLF (3.16%) led the Nifty upmove.
ICICI Bank has been on an upmove since the bank announced second quarter results. The bank’s consolidated net profit rose 21.8 per cent to Rs 1,395 crore for the quarter ended September 30, 2010 against Rs 1145 crore in the same quarter a year ago.
Jaiprakash Associates registered a 63 per cent jump in its turnover to Rs 3,071.2 crore for the quarter ended September 30, 2010, from Rs 1,888.9 crore a year ago. In the quarter, the company, with business interests in engineering & construction (E&C), power, cement, expressways, real estate and hospitality, reported a 65.5% jump in profit before tax (PBT) to Rs 289.6 crore (excluding exceptional items) from Rs 175 crore in the year-ago period.
Maruti Suzuki (-2.66%), Hero Honda (-1.38%), NTPC (-0.77%), Reliance Industries (-0.41%) and Tata Power (-0.30%) were amongst the losers.
Reliance Industries, the index heavy-weight, was also in action after reporting 28 per cent rise in quarterly net profit. The results were in line with analysts' estimates. The scrip moved up early in the day but ended at Rs 1,093.10, down 0.25 per cent on the BSE.
Maruti Suzuki was under pressure after the company reported marginally below estimates results due to lower sales. Credit Suisse has downgraded the stock to neutral from outperform.
Market breadth was positive on the BSE with 1,859 gainers against 1,028 losers.
While the European markets were off early highs, stock futures indicate a positive start on Wall Street. At 5 pm IST, Dow Jones futures was up 0.45 per cent, S&P 500 moved 0.56 per cent higher and Nasdaq gained 0.46 per cent.
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