SENSEX 16070.48 +40.39
NIFTY 4870.20
+11.95
USD/INR 0054.27 +00.54
NASDAQ 2845.67 -28.37
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UPDATEDTIME 09.28 PM 16 MAY 2012
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Markets edged up on Thursday as bargain hunting emerged after recent falls,
while Reliance Industries gained after it was seen stepping up a
buyback of shares, though sentiment remained hit by the weakening rupee.
The rupee fell to a new record low of 54.5650, against the dollar on Thursday, breaching its previous all-time low of 54.52 hit on Wednesday, while global risk aversion remained because of political trouble in Greece.
Traders were also on hold for Friday's earnings results from State Bank of India, Tata Steel and Coal India, which will help determine direction in the near-term.
Market direction still remains down, today's rise is more on short covering.
Positive news flow from the euro zone is a must for change in trend of rupee and thus markets.
The Sensex closed up 0.25 percent to 16,070.48, recovering after hitting on Wednesday its lowest close since January 12.
The broader 50-share NSE index rose 0.25 percent to 4,870.20 points.
Shares have tumbled in May, with the BSE dropping just over 7 percent so far in May, a much bigger fall than the fall of just below 3 percent for the MSCI Asia-Pacific index, excluding Japan.
Whether foreign investors will exit India remains a key concern. Provisional data shows net sales of Rs 1,010 crore ($184.81 million) in domestic shares over the previous two sessions, but they remain net buyers of Rs 856 crore for the month.
Bargain-hunting helped some blue chips on Thursday. Tata Motors rose 0.8 percent, recovering from an over 7 percent drop of Wednesday after posting flat global vehicle sales for April.
CLSA said it would maintain its "buy" rating on the stock, saying it expected earnings results due on May 29 to be "strong" and adding it expected the auto maker to benefit from rising sales and cost-cutting.
Reliance Industries rose 1.3 percent as traders say the company has stepped up the pace of its share buyback programme. The energy conglomerate has now purchased 14.3 million of its own shares since starting the procedure on Feb. 1, the traders said.
Reliance Industries shares had dropped 9.3 percent this month as of Wednesday's close as investors remain concerned about its earnings outlook and its gas reserves.
However, among decliners Larsen & Toubro shares dropped 3.51 percent after Nomura downgraded the stock to 'reduce' from 'buy', citing concern about orderbooks.
Bajaj Auto shares fell 2.42 percent down after some traders expressed disappointment with its earnings, though the motorcycle maker maintained its industry-leading profit margins.
The rupee fell to a new record low of 54.5650, against the dollar on Thursday, breaching its previous all-time low of 54.52 hit on Wednesday, while global risk aversion remained because of political trouble in Greece.
Traders were also on hold for Friday's earnings results from State Bank of India, Tata Steel and Coal India, which will help determine direction in the near-term.
Market direction still remains down, today's rise is more on short covering.
Positive news flow from the euro zone is a must for change in trend of rupee and thus markets.
The Sensex closed up 0.25 percent to 16,070.48, recovering after hitting on Wednesday its lowest close since January 12.
The broader 50-share NSE index rose 0.25 percent to 4,870.20 points.
Shares have tumbled in May, with the BSE dropping just over 7 percent so far in May, a much bigger fall than the fall of just below 3 percent for the MSCI Asia-Pacific index, excluding Japan.
Whether foreign investors will exit India remains a key concern. Provisional data shows net sales of Rs 1,010 crore ($184.81 million) in domestic shares over the previous two sessions, but they remain net buyers of Rs 856 crore for the month.
Bargain-hunting helped some blue chips on Thursday. Tata Motors rose 0.8 percent, recovering from an over 7 percent drop of Wednesday after posting flat global vehicle sales for April.
CLSA said it would maintain its "buy" rating on the stock, saying it expected earnings results due on May 29 to be "strong" and adding it expected the auto maker to benefit from rising sales and cost-cutting.
Reliance Industries rose 1.3 percent as traders say the company has stepped up the pace of its share buyback programme. The energy conglomerate has now purchased 14.3 million of its own shares since starting the procedure on Feb. 1, the traders said.
Reliance Industries shares had dropped 9.3 percent this month as of Wednesday's close as investors remain concerned about its earnings outlook and its gas reserves.
However, among decliners Larsen & Toubro shares dropped 3.51 percent after Nomura downgraded the stock to 'reduce' from 'buy', citing concern about orderbooks.
Bajaj Auto shares fell 2.42 percent down after some traders expressed disappointment with its earnings, though the motorcycle maker maintained its industry-leading profit margins.
Among sectoral indices, the BSE FMCG Index
moved up 1.89 percent, the BSE Realty Index gained 1.24 percent and the BSE
Metal Index advanced 0.71 percent. The BSE Capital Goods Index was down 0.92
percent, the BSE Healthcare Index declined 0.44 percent and the BSE IT Index
slipped 0.41 percent.
ITC (2.92 percent), DLF (2.34 percent), Tata Motors (1.67 percent), HDFC (1.65 percent) and Reliance Industries (1.40 percent) are among the major Sensex gainers.
Cipla (3 percent), Larsen & Toubro (1.86 percent), M&M (1.58 percent), GAIL (1.08 percent) and Tata Consultancy Services (1.07 percent) are among the top losers.
Meanwhile, the partially convertible rupee was at 54.41, up 9 paise, against its previous close of 54.50.
Foreign institutional investors sold equities worth Rs 546.85 crore on Wednesday, as per provisional stock exchange data.
The market breadth was positive on the BSE with 1,392 gainers against 1,097 losers.
European markets slipped into the negative terrain on eurozone debt concerns. The FTSE 100 was down 0.41 percent, the CAC 40 slipped 0.26 percent, and the DAX moved 0.10 percent.
ITC (2.92 percent), DLF (2.34 percent), Tata Motors (1.67 percent), HDFC (1.65 percent) and Reliance Industries (1.40 percent) are among the major Sensex gainers.
Cipla (3 percent), Larsen & Toubro (1.86 percent), M&M (1.58 percent), GAIL (1.08 percent) and Tata Consultancy Services (1.07 percent) are among the top losers.
Meanwhile, the partially convertible rupee was at 54.41, up 9 paise, against its previous close of 54.50.
Foreign institutional investors sold equities worth Rs 546.85 crore on Wednesday, as per provisional stock exchange data.
The market breadth was positive on the BSE with 1,392 gainers against 1,097 losers.
European markets slipped into the negative terrain on eurozone debt concerns. The FTSE 100 was down 0.41 percent, the CAC 40 slipped 0.26 percent, and the DAX moved 0.10 percent.
Regards
RAKESH MAKIN
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OFF
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PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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