Sensex on seventh heaven

Today’s major news

Reliance Capital buys 18% in Bloomberg-UTV, the stock closes 0.64% higher

Food inflation softens to 16.12%

Reliance Power starts power generation from Rosa plant, the stock ends 0.69% up



Global Indices

European shares extended their gains on Thursday following results of the Spanish bond auction. Banks led the gainers list. As of writing this report, FTSE 100 was trading at 0.76% higher.

Major Asian indices ended on a mixed note. The indices like Shanghai Composite, Nikkei and Straits Times closed in the negative territory. While Hang Seng, Jakarta Composite and Kospi indices closed in the positive territory. SGX Nifty closed 75.50 points higher.

The US stock index futures point to a mixed opening on the Wall Street on Thursday. Investor will focus on data related to consumer price index (CPI) for May along with the US Q1 current account figures and weekly jobless claims numbers.

Indian indices

Domestic bourses maintained its positive trend for the seventh consecutive session as euro zone worries recede after successful bond auction by Spain. Food inflation softening to 16.12% for the week ended June 05, 2010 from 16.74% in the previous week and buying in heavyweights like Larsen & Toubro (L&T), Oil & Natural Gas Corporation (ONGC) and Tata Motors also supported the market to extend its recent rally.

The key benchmark index - Sensex opened at 17491, 28 points higher. The index was quite in the morning session and traded in a very narrow range. In early afternoon session, the Sensex slipped in to the red and hit the day’s low of 17395, led by fall in index heavyweight ICICI Bank. However, post lunch, the Sensex rebounded and got strengthened to hit the day’s high of 17647 as ICICI bank recovered and European markets gained.

The Sensex gained 1000 points in last seven sessions.

At finishing line, the Sensex shut shop at 17617, 154 points higher and the Nifty closed at 5275, 41 points up.

Market sentiment

The market breadth was positive. Of the 2,951 stocks traded on the BSE, 1,502 stocks advanced, whereas 1,310 stocks trailed. Hundred and thirty nine stocks closed unchanged.

Sectoral & stock screening

All the 13 sector indices on the BSE ended positive except BSE information technology (IT) that closed with marginal loss of 0.10%. BSE consumer goods (CG) surged the most by 1.78%, followed by BSE Oil & Gas that rose by 1.33%.

Among ‘A’ group stocks, Gujarat NRE Coke was the topper, up by 5.64%, followed by Indiabulls Financial Services that rose by 5.08% and Indian Overseas Bank (IOB) that jumped by 4.89%. Among losers, Religare Enterprises slid the most by 6.96%, followed by Hindustan Copper that fell by 3.34% and Container Corporation of India declined by 2.52%.

Viewing volumes

Anil Dhirubhai Ambani Group (ADAG) firm - Reliance Natural Resources Ltd (RNRL) saw highest trading with over 1.59 crore shares changing hands on the BSE, India's second largest listed cellular services provider by sales - Reliance Communications (0.60 crore shares), India’s second largest developer - Unitech (0.42 crore shares), largest independent producer of met coke in India - Gujarat NRE Coke (0.42 crore shares) and government owned telephone service provider - Mahanagar Telephone Nigam Ltd (MTNL) (0.41 crore share).