Global cues to guide market
The markets recorded third consecutive day of gains, as bulls settled on a new peak. Sharp fall in metal prices on LME and rise in crude oil prices dragged the key indices lower at open. However, the bulls emerged victorious as Auto, Power, Telecom, Capital Gods and Oil & Gas stocks lifted the benchmark BSE Sensex to hit an intra-day high of1456.51. Finally, the BSE benchmark Sensex surged 112 points to close at 14515. NSE Nifty advanced by 31 points to close at 4215. HDFC, REL and M&M were among the major gainers. However, Hindalco, SAIL and Colgate were among the major losers.
L&T rose by 0.8% to Rs1692 after the company announced that they have set up a Dh48 million ready mix concrete plant with a capacity of 240cubic metres per hour in Jebel Ali, Dubai. The scrip has touched an intra-day high of Rs1703 and a low of Rs1658 and has recorded volumes of over 4,00,000 shares on NSE.
SBI advanced 1.4% to Rs1197 after the company announced that share sale could be public or Rights issue. The scrip touched an intra-day high of Rs1206 and a low of Rs1170 and recorded volumes of over 12,00,000 shares on NSE.
Radha Madhav was locked at 5% upper circuit to Rs73.35 after the company announced plans to consider the fund raising option for the expansion project on 6th February. The scrip touched an intra-day high of Rs73.35 and a low of Rs66.80 and recorded volumes of over 20,00,000 shares on BSE.
Power stocks were in limelight. Reliance Energy, Suzlon and Tata Power were among the major gainers.
Telecom stocks also were among the major gainers. Frontline stocks Bharti Airtel advanced 1.2% to Rs780, Reliance Communication surged over 5% to Rs517 and VSNL added 0.4% to Rs506
Capital Good stocks ended with smart gains. Heavy weight BHEL gained 0.7% to Rs2518, ABB was up by 1.5% to Rs3808, Siemens has gained by 0.6% to Rs1187 as the German parent is keen on hiking its stake in the Indian arm, Crompton Greaves rose 2.2% to Rs211 and BEML added 0.8% to Rs1091.
Banking stocks also recorded smart gains. The heavy weight SBI and ICICI Bank were among the major gainers. Among the Mid-Cap stocks PNB gained 0.9% to Rs521, Corp Bank rose 0.7% to Rs305 and OBC added 0.6% to Rs220.
Metal stock were the major lowers as according to a Wall Street Journal report, metal trading hedge fund Red Kite's $1-billion fund lost 20% in the year to January 24. Following this report, zinc, copper and aluminum plunged. Sterlite industries lost over 6% to Rs487, Hindalco slipped by over 3% to Rs178, SAIL was down 2% to Rs111 and Nalco lost 1.2% to Rs234.