SBI, RIL edge higher in volatile market

Key benchmark indices edged higher in volatile trade as European stocks rose on speculation European leaders will come up with a strategy to ease the region's debt crisis when they meet on Wednesday, 23 May 2012. The barometer index, BSE Sensex, advanced 30.51 points or 0.19%, off 115 points from the day's high and up about 35 points from the day's low. The market breadth was strong. Index heavyweight Reliance Industries (RIL) was firm. Auto major Tata Motors rose on bargain hunting after recent steep slide. The market extended gains for the third day in a row today, 21 May 2012. From a recent low of 16,030.09 on 16 May 2012, the Sensex has gained 153.17 points or 0.95% in three trading sessions. The Sensex has declined 1,135.55 points or 6.55% in May 2012 so far (till 21 May 2012). The Sensex has gained 728.34 points or 4.71% in calendar 2012 so far (till 21 May 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 1047.40 points or 6.91%. From a 52-week high of 19,131.70 on 8 July 2011, the Sensex has lost 2,948.44 points or 15.41%. Coming back to today's trade, private sector steel major Tata Steel rose, with the stock bouncing back after an intraday slide, on strong financial performance on sequential basis in Q4 March 2012. Tata Power Company jumped nearly 4% ahead of its FY 2012 results tomorrow, 22 May 2012. Two capital goods pivotals -- L&T and Bhel -- gained on announcing new order wins. India's largest commercial bank in terms of branch network State Bank of India (SBI) gained over 3%. IT pivotals edged lower on euro-zone debt worries. The market edged higher in early trade after G8 leaders over the weekend backed keeping Greece in the euro zone and vowed to take all steps needed to combat financial turmoil. The market regained strength after paring gains later. Intraday volatility continued as key benchmark indices recovered after paring gains after hitting their highest level in almost one week in early trade. The market was range bound in mid-morning trade. The market remained range bound in early afternoon trade. The market regained strength and was hovering near intraday high in afternoon trade. A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday highs in mid-afternoon trade. Intraday volatility continued as the barometer index, BSE Sensex, reversed direction to slip into the red at the fag end of the trading session. The BSE Sensex advanced 30.51 points or 0.19% to settle at 16,183.26, its highest closing level since 15 May 2012. The index jumped 145.64 points at the day's high of 16,298.39 in mid-afternoon trade. The index fell 3.14 points at the day's low of 16,149.61 in late trade. The S&P CNX Nifty rose 14.60 points or 0.3% to settle at 4,906.05, its highest closing level since 15 May 2012. The index hit a high of 4,937.50 and a low of 4,888.50 in intraday trade. The BSE Mid-Cap index rose 0.41% and the BSE Small-Cap index gained 0.99%. Both these indices outperformed the Sensex. The total turnover on the BSE amounted to Rs 1572 crore, lower than Rs 2024.18 crore clocked on Friday, 18 May 2012. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,643 shares advanced and 1,027 shares declined. A total of 130 shares were unchanged. Among the 30-share Sensex pack, 16 gained while the rest of them declined. India's largest coal miner Coal India rose 2.41% after net profit jumped 71.7% to Rs 8065.10 crore on 73.6% growth in total income to Rs 9518.05 crore in the year ended March 2012 (FY 2012) over the year ended March 2011 (FY 2011). The major income in standalone financials of Coal India is by way of dividend income from subsidiaries. Dividend income from subsidiaries jumped 72.4% to Rs 7307.20 crore in FY 2012 over FY 2011. The result was announced after market hours on Friday, 18 May 2012. Coal India announces FY 2012 consolidated results on 28 May 2012. Tata Power Company jumped 4.49% ahead of its FY 2012 results tomorrow, 22 May 2012. It was the top gainer from the Sensex pack. Index heavyweight Reliance Industries (RIL) rose 0.99% to Rs 695.50. The stock hit a high of Rs 700 and a low of Rs 686. RIL reportedly plans to roll out its 4G network in partnership with Himachal Futuristic Communications (HFCL), the group from which it acquired pan-India airwaves for high-speed internet and data services in May 2010. In May 2010, RIL acquired a 95% stake in Infotel from HFCL Group and announced an investment of Rs 4800 crore. Infotel is the only company with all-India airwaves for high-speed data services, which it won in an auction for Rs 12848 crore. Shares of HFCL were locked at 20% upper circuit at Rs 12.69.