Fed soothes PIGS oink; markets rebound

Today's major news

Food inflation eases to 16.61%

Biocon net profit jumps 200% in Q4, the stock surges 2.93%

Oriental Bank of Commerce Q4 net profit shoots up 75% yoy, the stock closes 3.02% higher

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Global signals

European stocks bounces back after two day’s fall on the back of mostly positive earnings and word from the US Federal Reserve that it would keep interest rates near zero for an extended period. FTSE 100 (London) was trading 0.70% higher.

Among major Asian indices, all the indices closed in the negative territory except Straits Times and Jakarta Composite. Japan's Nikkei was closed today. SGX Nifty closed 29 points higher.

US stock futures signals strong start on the Wall Street on Thursday on Federal Reserve’s move. Investors will focus on earnings of Exxon Mobile, Motorala, Procter & Gamble (P&G) and Colgate Palmolive.

Indian indices

Domestic indices bounced back from yesterday’s severe fall and retraced almost half of its losses. The market snapped the two-day losing streak, as global indices rose on optimism about a likely bailout of Greece, US Federal Reserve keeping interest rates steady and easing of inflation numbers back home lifted sentiments, which led to a positive closing of expiry of April F&O contracts.

The key benchmark index, Sensex, opened mere 2 points up at 17382 (the day’s low) and then the bulls came in action on the back of strong global cues. In the last hour, buying in heavyweights like Reliance Industries and ICICI Bank helped Sensex hit the day’s high of 17533. At finishing line, Sensex closed at 17503, higher by 123 points and Nifty shut at 39 points up at 5254.

Market sentiment

The number of advancing shares was almost twice than that of declining shares. Of the 2,988 stocks traded on the BSE, 1,910 stocks advanced, whereas 975 stocks declined. Hundred and three closed unchanged

Sectoral & stock screening

Out of the 13 sector indices on the BSE, BSE FMCG (down 0.96%), BSE HC (slid 0.34%), BSE IT (sheds 0.25%) and BSE TECk (declined 0.18%) closed in negative. The remaining nine indices ended higher. Among gainers, BSE Realty surged the most by 1.96%, followed by BSE CD that rose by 1.69% for the day

The gainers’ for the day were — Corporation Bank top the gainers list, surged by 8.29%, followed by Jet Airways that rose by 7.97% and Cummins India that increased by 7.96%.

The losers’ for the day were — Ultratech Cement that slid 5.19%, followed by Marico that declined 4.45%, and Indian Overseas Bank that closed 3.31% lower

Viewing volumes

Anil Dhirubhai Ambani group company Reliance Natural Resources saw highest trading on second straight day with over 0.78 crore shares changing hands on the BSE, followed by realty major Unitech (0.59 crore shares), industrial finance company IFCI (0.56 crore shares), sugar major Shree Renuka Sugars (0.49 crore shares) and wind turbine major Suzlon Energy (0.40 crore shares)