WERE TODAY'S GAINERS
SENSEX 19470.98 +349.50
NIFTY 5851.65 +110.90
NASDAQ 2141.54 +17.78
UPDATEDTIME 09.28 PM 20 APRAIL 2011 |
Indian markets closed near day's highs following buying spree in global equities. Auto, technology and metals stocks led the rally while capital goods and realty bounced back after briefly slipping in the red.
Indices had opened higher tracking positive global cues, normal monsoon forecast and higher exports data. Some profit booking was seen in the afternoon but bulls managed to pull-back towards the close.
Bombay Stock Exchange's Sensex closed at 19470.98, up 349.15 points or 1.83 per cent. The 30-share index hit a high of 19484.77 and low of 19171.03 intraday.
National Stock Exchange's Nifty ended at 5851.65, up 110.90 points or 1.93 per cent. The broader index touched a high of 5857.35 and low of 5759.65 in today's trade.
"We are not surprised with the upmove as FIIs have not been shorting index futures. 5700-5750 are strong support levels for the Nifty. The index faces resistance at 5950 which is likely to be breached. Trade with positive bias and don't short the market. Reliance Industries and L&T look positive.
BSE Midcap Index was up 1.18 per cent and BSE Smallcap Index moved 1.29 per cent higher.
Amongst the sectoral indices, BSE Auto Index was up 2.72 per cent, BSE IT Index gained 2.39 per cent and BSE Metal Index moved 2.32 per cent higher.
Shares of HCL Technologies surged 10.16 per cent higher after the company reported stellar quarterly numbers. The company reported a net profit of about Rs 4.68 billion in Jan-March, while revenue rose 31.5 per cent to Rs 41.38 billion. Profit was expected to rise 25 per cent to Rs 4.3 billion, according to a Reuters poll
"HCL Tech's results are above our estimates. The 5.8% USD revenue growth as well as the improvement in margins were higher than our expectations. The stock is available at a discount to the larger peers and consistent performance in the future may provide decent upside to the stock price.
M&M (5.05%), TCS (4.63%), Hindalco Industries (4.16%), Tata Motors (3.99%) and Jaiprakash Associates (3.92%) were the major Sensex gainers.
Hindalco Industries and Sterlite Industries are planning to double copper refining fees with effect from June, say reports.
Shares of Reliance Communications and Unitech were under pressure after a special court rejected the bail plea of five corporate honchos who have been named in the chargesheet in the 2G spectrum scam. Bail applications of Vinod Goenka, Director, Swan Telecom , Sanjay Chandra, Managing Director, Unitech Wireless (Tamil Nadu) and three top officials of Reliance ADA Group Gautam Doshi, Surendra Pipara and Hari Nair were rejected by Special CBI Judge O P Saini. Unitech closed 5.48 per cent lower.
Reliance Communications (-1.99%), Hero Honda (-1.87%) and L&T (-0.04%) were the only losers.
Market breadth was positive on the BSE with 1962 advances against 951 declines.
The European markets continued to remain strong while the stock futures indicated a positive start. Dow Jones futures was up 1.11 percent, S&P 500 gained 1.35 per cent and Nasdaq moved 1.22 per cent higher.
Indices had opened higher tracking positive global cues, normal monsoon forecast and higher exports data. Some profit booking was seen in the afternoon but bulls managed to pull-back towards the close.
Bombay Stock Exchange's Sensex closed at 19470.98, up 349.15 points or 1.83 per cent. The 30-share index hit a high of 19484.77 and low of 19171.03 intraday.
National Stock Exchange's Nifty ended at 5851.65, up 110.90 points or 1.93 per cent. The broader index touched a high of 5857.35 and low of 5759.65 in today's trade.
"We are not surprised with the upmove as FIIs have not been shorting index futures. 5700-5750 are strong support levels for the Nifty. The index faces resistance at 5950 which is likely to be breached. Trade with positive bias and don't short the market. Reliance Industries and L&T look positive.
BSE Midcap Index was up 1.18 per cent and BSE Smallcap Index moved 1.29 per cent higher.
Amongst the sectoral indices, BSE Auto Index was up 2.72 per cent, BSE IT Index gained 2.39 per cent and BSE Metal Index moved 2.32 per cent higher.
Shares of HCL Technologies surged 10.16 per cent higher after the company reported stellar quarterly numbers. The company reported a net profit of about Rs 4.68 billion in Jan-March, while revenue rose 31.5 per cent to Rs 41.38 billion. Profit was expected to rise 25 per cent to Rs 4.3 billion, according to a Reuters poll
"HCL Tech's results are above our estimates. The 5.8% USD revenue growth as well as the improvement in margins were higher than our expectations. The stock is available at a discount to the larger peers and consistent performance in the future may provide decent upside to the stock price.
M&M (5.05%), TCS (4.63%), Hindalco Industries (4.16%), Tata Motors (3.99%) and Jaiprakash Associates (3.92%) were the major Sensex gainers.
Hindalco Industries and Sterlite Industries are planning to double copper refining fees with effect from June, say reports.
Shares of Reliance Communications and Unitech were under pressure after a special court rejected the bail plea of five corporate honchos who have been named in the chargesheet in the 2G spectrum scam. Bail applications of Vinod Goenka, Director, Swan Telecom , Sanjay Chandra, Managing Director, Unitech Wireless (Tamil Nadu) and three top officials of Reliance ADA Group Gautam Doshi, Surendra Pipara and Hari Nair were rejected by Special CBI Judge O P Saini. Unitech closed 5.48 per cent lower.
Reliance Communications (-1.99%), Hero Honda (-1.87%) and L&T (-0.04%) were the only losers.
Market breadth was positive on the BSE with 1962 advances against 951 declines.
The European markets continued to remain strong while the stock futures indicated a positive start. Dow Jones futures was up 1.11 percent, S&P 500 gained 1.35 per cent and Nasdaq moved 1.22 per cent higher.
Regards
RAKESH MAKIN
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