F&O expiry holds the key
The markets recovered today as bulls accumulated healthy gains with benchmark index gaining over 60 points and NSE Nifty adding over 20 points. Key indices started off well following firm global cues ignoring the spurt in crude oil prices. The key indices fell from days high as investors preferred to book some profit in heavy weights like Tata Motors, HLL, ACC, Bajaj Auto and Reliance Communication. However, Short covering lifted the indices higher. Buying was also seen in Bank, Capital Good and Metal stocks holding the markets from slipping into red lifting the BSE benchmark Sensex to hit an intra-day high of 14156.46. Finally, the BSE benchmark Sensex gained 69 points to close at 14110. NSE Nifty was up by 23 points to close at 4090.
Maruti gained 1.7% to Rs934 after the company announced that they would invest Rs2500crores in Diesel plant. The scrip touched an intra-day high of Rs936 and a low of Rs914 and recorded volumes of over 10,00,000 shares on NSE.
Bank of Baroda advanced over 4.5% to Rs245 after the company declared its Q3 result with net profit at Rs3.29bn (up 63%) and total income at Rs27.2bn (up 33%). The scrip touched an intra-day high of Rs248 and a low of Rs233 and recorded volumes of over 12,00,000 shares on NSE.
Corporation Bank gained 1.2% to Rs315 after the company announced its Q3 result with net profit at Rs1.46bn (up 26.9%), total income at Rs1.46bn (up 33.5%). The scrip touched an intra-day high of Rs318 and a low of Rs309 and recorded volumes of over 1,00,000 shares on NSE.
Metal stocks were in the limelight as metal prices firmed up on LME. SAIL, Hindalco, Tata Steel and Sterlite Industries were among the major gainers.
Capital Good stocks recorded smart gains. BHEL surged 2.7% to Rs2367, L&T advanced 3% to Rs1583, Punj Lloyd advanced 1.3% to Rs1030 and Jyoti structure was locked at 5% upper circuit to Rs176.90.
Pharma stocks also witnessed profit booking. Cipla fell 3.2% to Rs246 the Company announced its Q3 result with profit at Rs1.84bn (up 5.1%) and sales at Rs8.81bn (up 12.5%), Sun Pharma declined 2.5% to Rs1021, Dr Reddy’s Lab was down by 1.1% to Rs762 and Glaxo slipped 0.4% to Rs1138.
Oil & Gas marketing stocks fell as crude oil prices rose over 7% to $55 per barrel. HPCL dropped by 2.1% to rs311, IOC was down by 1.9% to Rs482 and BPCL fell 1.25 to Rs353. However, oil exploration stocks ONGC advanced 2.4% to Rs912 and RIL was added 0.7% to Rs1369.
Positive outlook on global Mining stocks by Foreign Brokerage spurred Sesa Goa by over 10% to Rs1816. The scrip touched an intra-day high of Rs1835 and a low of Rs1650 and recorded volumes of over 12,00,000 shares on NSE.