Bulls defend 5K

Today's major news

Aurionpro Solutions inks pact with CameronTec; the stock ends 1.65% down

Reliance Industries to reopen 750 retail fuel outlets; the stock closes 1.045 higher

ARSS Infrastructure Projects bags Rs114.49-crore order, the stock ends 5.02% up



Global signals

European stocks turned negative after erasing initial gains on Wednesday as British Petroleum down on investors citing concerns over its dividend. As of writing this report, FTSE 100 was trading at 0.33% lower.

Major Asian indices closed mixed on Wednesday. The indices like Nikkei, Kospi and Straits Times closed in the negative territory. However, better than expected exports from China lifted Shanghai Composite by 2.78%. SGX Nifty closed 40 points higher.

The US stock index futures signal mixed opening on the Wall Street as investors keep an eye on Texas Instruments Inc after the company said that the second-quarter earnings and revenue would be at the higher end of its previous estimates, and Federal Reserve Chairman Ben Bernanke's testimony before the US House Budget Committee.

Indian indices

Today, no domestic triggers seemed strong enough to guide the market and the Indian bourses remained at the mercy of the global indices. After tumbling almost 500 points in the last two days, the Sensex snapped its two days losing streak to close marginally higher. The China’s exports in May grew about 50% from a year earlier that lifted the market sentiments. The Nifty also regained its significant 5000 levels after breaching the crucial level in the previous session. Revival in monsoon rains and surge in May 2010 auto sales also supported the domestic market.

The Sensex began mere four points higher at 16621 and soon expanded its gains. The bourses remained highly volatile throughout the session. Post lunch, the domestic market hit the day’s high of 16818 after most of the Asian indices pared its morning losses on rise in the China’s exports and firm opening in the European markets. However, the Sensex erased all its early gains in late afternoon to touch the day’s low of 16591 as the European indices turned negative. At finishing line, the Sensex closed 41 points higher at 16658 and the Nifty shut at 5000, 13 points higher.

Market sentiment

The market breadth was positive as advancing shares outdid the declining stocks. Of the 2,897 stocks traded on the BSE, 1,480 stocks advanced, whereas 1,286 stocks declined. Hundred and thirty one stocks traded unchanged.

Sectoral & stock screening

Metal stocks did well for the day, with BSE Metal up by 1.54%. BSE health care (HC) was second gainer in the sectoral list, advanced by 1.36%. On the other hand, BSE fast moving consumer goods (FMCG) was the top loser, down by 2.41%. BSE IT, second in the losers’ list, fell 2.26%.

Among 'A' group stocks: Gainers' were - Marico surged by 6.06%, followed by Bharti Airtel that rose by 5.57% and Bajaj Holdings that jumped 5.47%. Losers' were - Gujarat Mineral Development Corporation lost 3.93%, followed by Pantaloon Retail that slid by 2.84% and Mahindra & Mahindra Financial that shed 2.72%.

Viewing volumes

India's second largest listed cellular services provider by sales - Reliance Communications saw highest trading with over 0.70 crore shares changing hands on the BSE, India’s second largest developer - Unitech (0.50 crore shares), aluminum major - Hindalco Industries (0.49 crore shares), industrial finance company - IFCI (0.37 crore shares) and wind turbine major - Suzlon Energy (0.32 crore share).