Major supports the rally with unexciting global cues

Indices managed to end in green as the index heavyweights propelled the market. Global cues were nothing much to favor as Asian indices ended mixed while Europe started off in ranged but trading in green. Among sectors, Aluminium, Cement and select FMCG stocks were the one which fuelled the days rally. But this rally was off set by selling in Auto, Banking and IT. Midcaps and Small caps too supported the rally. Index majors Reliance, industry, ACC fuelled the rally. Adding to this were the IT midcap which also supported the momentum with 3i infotech, Hexaware, Mphasis BFl trading high.

Crude traded at $58 which was good for the Energy stocks but OPEC is contemplating another cut in production in December in view of a decline in crude oil prices which could spurt crude prices to jump keeping energy stocks to trade weak. Index IT stocks too traded weak on the back of weak Dollar which is trading at Rs 44.89.

Sensex ended up by 56 points at 13186.89. It was helped up by gains in HLL (246.8,+5 percent), Guj Ambuja (128.15,+4 percent), HDFC (1526.55,+3 percent), Cipla (263.35,+3 percent) and TISCO (506.05,+3 percent). Restricting the gains were ONGC (859.8,-2 percent), Maruti (954.95,-2 percent), Bajaj Auto (2795.1499,-2 percent), SBI (1109.3,-2 percent) and Satyam (421.6,-1 percent).


Cement stocks were the once which zoomed with ACC, GUJ Ambuja, Grasim and many other small and midcap cement stocks rallied for the day. As we have positive view here because of good demand for cement in Infrastructural development which has been at full swing in the country and many SEZ's, Residential, Commercial and many more construction programs to keep cement manufactures busy.

Banking stocks were sluggish for the day on the back of news that FM will review the performance of PSU banks on various parameters like lending to the priority, agriculture & SME sectors and the first-half results. Heads of all the 17 nationalised banks, SBI and associates and IDBI attended the review meeting, besides representatives from the Reserve Bank, Indian Banks' Association and Nabard. Credit flow to agriculture, SMEs and the financial performance in the first half are the main issues to be discussed during the meeting. The Outcome came out to be that Finance Minister P Chidambaram has asked public sector banks to take a re-look at deposits and rebalance their portfolios. PC said that while the rate of credit growth in the economy was 'brisk', it was higher than sustainable levels. He said that meeting the demand for credit was a difficult challenge, and has asked the Indian Banks' Association (IBA) to suggest policy steps for growing deposits. The finance minister said that while banks must moderate credit growth to overheated sectors, productive sectors must not be denied credit. We really don't see much upsides in banks for now unless the consolidation story starts. Inflation is headed higher and a rate hike is pending. Look to take profits from this segment for now as inflation is the worry.

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