Markets surge after 3-day losses

The Indian markets registered gains after three-day fall as investors bought stocks available at lower levels

Major headlines

Coal India overtakes RIL as most valued company

Suzlon bags 48.3 MW repeat order from IOC

Maruti drops 3% on production cut report



Indian indices

The Indian markets broke three-day losing run and closed volatile trade on a positive note. Buying interest in beaten down stocks mainly in technology led the upmove. FMCG, capital goods, consumer durables and metal shares were also on the buyers’ radar. Rate sensitives like realty, auto and banks posted losses. Major heavyweight losers were DLF, Maruti, ICICI Bank, M&M, SBI and RIL.

Sensex movements: The Sensex started the session 51 points higher at 16782, shrugging of subdued global cues. Heavy buying in technology stocks led the index to hit the day's high of 17000 in mid-morning trade. Later, the index lost momentum on selling pressure in realty, auto shares coupled with weak European cues. The index slipped in red in early afternoon session and touched the day's low of 16709. The Sensex swung 300 points throughout the day. The Sensex shut shop at 16841, up by 110 points and the Nifty closed at 5057, up by 21 points.

Market sentiment

The market breadth stood in favour of declines. Of the 2,948 stocks traded on the BSE, 890 (30.19%) shares rose, 1,954 (66.28%) shares fell and 104 (3.53%) shares remained unchanged.

Sectoral & stock screening

Eight sectors closed higher, while rest five fell. BSE IT outperformed the sectoral indices rising by 2.23% followed by BSE TECk up by 1.57% and BSE FMCG advanced by 1.38%. On the losers’ side, BSE Realty declined the most by 2.82%, followed by BSE Auto down by 1.20% and BSE Bankex fell by 1.10%.

In 'A' group stocks, the top three gainers were - Jubilant Foodworks up by 4.54%, Apollo Tyres advanced by 3.99% and Shriram Transport Finance Company rose by 3.29%. The top three losers were - Jet Airways (India) down by 13.12%, BF Utilities declined by 10.74% and DLF slipped by 6.03%.

Viewing volumes

Wind turbine major - Suzlon Energy was traded the most, with over 0.61 crore shares changing hands on the BSE. It was followed by one of the largest listed real estate companies in India - Indiabulls Real Estate (0.34 crore shares), a major Indian telecommunication company - Reliance Communications (0.31 crore shares), India's biggest real estate developer - DLF (0.27 crore shares) and India's second largest real estate developer - Unitech (0.25 crore shares).

Global indices

The European stock markets traded lower on Wednesday, with financial stocks leading the losses due to the perceived inability of France and Germany to find a clear solution to the European debt crisis.

The Asian indices ended on a mixed note on Wednesday.

The US stock index futures signal positive opening on the Wall Street on Wednesday.

Market Outlook: Producers Price Index will be released in the US on Wednesday.