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Wednesday, October 13, 2010
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Sensex jumps 484.54 points at close; IT stock zooms
Indian equities bounced back on Wednesday snapping earlier losses. Markets saw a stupendous rally today on the back of relentless buying seen in index heavyweights. All sectoral indices ended in the green with IT leading the space followed by teck, capital goods, realty, FMCG and banking stocks. Both Sensex and Nifty hit 32 months high. Finally, the index closed with a whopping gain of 484 points at 20,687.88 after touching a high of 20,703.97.
Technology stocks lift Nifty above 6200
Major headlines
Va Tech Wabag makes a strong debut
KPIT Cummins completes merger of German company; the stock closes 1.96% lower
Coal India IPO price band at Rs225-245 per share
Across the board gains for Asia
Fed fuels risk appetite as quantitative measures seen approaching soon
Asian markets rose today as the recent logic of liberal quantitative measures pushing up the risky assets continued to keep things in favor of the bulls. Positive closing on Wall Street in the previous session following yet another sign of quantitative measures from the Federal Reserve as well breathtaking gains in commodities also supported sentiments. US stocks eked out small gains as the minutes of the September FOMC meeting revealed that a number of Federal Reserve members agreed to consider reinitiating quantitative easing measures "before long”. The major averages were able to recover from early weakness to reach new five-month closing highs with the Dow adding up 10.06 points or 0.1% to end at 11,020.40.
VA Tech Wabag attracts 30% premium
Settles at Rs 1,709.40 on BSE
Shares of VA Tech Wabag settled at Rs 1709.40 on BSE, a 30.49% premium over the initial public offering price of Rs 1310. The stock debuted at Rs 1655, a 26.34% premium over the initial public offering (IPO) price. The stock hit a high of Rs 1806.60 and low of Rs 1651.10. The counter clocked a volume of 52.19 lakh shares on BSE.
IT stocks lead 2.4% Sensex surge
The key benchmark indices surged to hit 33-month closing highs as world stocks rose on growing expectations that the US Federal Reserve will take further measures to boost the slowing economic recovery. The market breadth was strong. All the sectoral indices on BSE rose. The BSE 30-share Sensex jumped 484.54 points or 2.4%, off close to 15 points from the day's high and up close to 475 points from the day's low. IT, banking, realty and FMCG stocks led the rally. State Bank of India and Tata Motors scaled record highs. Wipro hit a 52-week high.
NSE Bulk Deals to Watch - Oct 13 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
13-OCT-2010,ARCHIES,Archies Limited,RAHUL DOSHI,BUY,46325,190.39,-
13-OCT-2010,ARSHIYA,Arshiya International Ltd,SHARAD SHAH.,BUY,300000,336.30,-
BSE Bulk Deals to Watch - Oct 13 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
13/10/2010 530901 ACIL Cot Inds ABHIJAI INVESTMENT B 80100 28.54
13/10/2010 530901 ACIL Cot Inds MANGUKIYA BHAVNABEN L S 65000 28.53
13/10/2010 530133 Amco India R SARANGAPANI NAIDU B 20584 44.39
Latest Grey Market Premiums - Oct 13 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| VA Tech Wabag | 1310 (Upper Band) | 350 to 360 |
| Ashoka Buildcon | 324 (Upper Band) | 18 to 20 |
| Sea TV Network | 100 (Upper) | 16 to 17.50 |
| Bedmutha Ind. | 102 (Upper) | 15 to 17 |
| Commercial Engg. | 127 (Upper) | + / - 3 to 5 |
| Oberoi Realty | 260 (Upper) | 6 to 8 |
| B.S. Trans | 248 to 257 | Discount |
| Prestige Estate | 172 to 183 | Discount |
| Gyscol Alloy | 65 to 71 | 10 to 12 |
| Coal India | 225 to 245 | 20 to 22 |
Market may edge higher on firm Asian stocks
The market may edge higher in early trade tracking firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could gain 21.50 points at the opening bell.
Asian stock markets rose Wednesday as the minutes from the Federal Reserve's latest meeting signaled that the U.S. central bank will soon act to boost growth. The key benchmark indices in China, Hong Kong, Indonesia, South Korea, Singapore and Taiwan rose by between 0.02% to 0.83%.
Street divided on Coal India
The wait for Coal India’s initial public offer (IPO) pricing is finally over, with the government announcing a price band of Rs 225-245, which values the company at Rs 1,54,752 crore at the upper price band. However, the pricing has come as a surprise, and the Street seems divided on this.
Markets expect a positive start
Headlines for the day:
Fortis to buy Quality Healthcare Asia arms for Rs882 crore
Shipping Corp files papers with market regulator Rs1300 crore FPO
Four top pharma firms bid for Paras
Daily News Roundup - Oct 13 2010
Coal India IPO price band has been fixed at Rs225 and Rs245 per share. The company plans to mop between Rs142bn and Rs155bn from the IPO proceeds. (BS)
Tata Motors has successfully completed its qualified institutional placement of shares aggregating US$750mn. (ET)
Black diamond enters the street!
Diamonds are nothing more than chunks of coal that stuck to their jobs.- Malcolm S.
The IPO buzz will hit a crescendo with the high c-ash content Coal India issue. It will open on Oct. 18 and will close on Oct. 21. While some fear that investors will liquidate shares to subscribe for India’s biggest IPO others are confident that there is enough liquidity available to take care of this issue.
IIP spooks Sensex…Nifty below 6100
The Indian equity markets ended in the red after India's IIP expanded at a sharply slower pace in August after surging in the previous month. India's IIP grew by just 5.6% in August 2010 after expanding by an impressive 15.2% in July.
Nagarjuna Construction Company
We recommend a sell in the stock of Nagarjuna Construction Company from a short-term perspective. It is evident from the charts of the stock that it had been on an intermediate-term uptrend from March 2009 low of Rs 34 until it encountered significant long-term resistance in the band between Rs 190 and Rs 200 in April 2010.
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