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Monday, September 07, 2009
Pre Session Commentary - Sep 7 2009
Today domestic markets are likely to open positive as majority of Asian markets have opened with phenomenal gains on the back of positive weekend rally in US markets. Markets across Asia are trading with high positive sentiment as US employment data for the month of August showed 2,16,000 nonfarm payrolls slash as against the expected 2,30,000 job losses. Further China has also eased inbound investment rules on Friday sending positive cues for higher investment opportunities in China. In the domestic arena one could witness a northward trade backed by some early buying sentiment. During the day the domestic markets are likely to trade positive.
On Friday, All round buying during the final trading lifted the sentiments that in turn contributed the domestic markets to close with sharp gains following firm cues from several Asian stocks, as Hang Seng closed with rise of 2.82%. Favorable European stocks also added to the positive attitude. Besides, buying by the domestic investors and recovery in US index futures also boosted the sentiments. However, stocks touched the red zone during mid session and continued to trade with volatility though recovered latter. Meanwhile, investors were concerned that scarce rains will led to sharp rise in food prices and will impact agricultural sector. The BSE Sensex ended above 15,600 level and NSE Nifty closed above 4,600 mark.
The BSE Sensex closed higher by 290.79 points (1.89%) at 15,689.12 and NSE Nifty ended up by 86.85 points or (1.89%) at 4,680.40. BSE Mid Caps and Small Caps closed with gains of 62.42 and 73.69 points at 5,833.22 and 6,991.51 respectively. The BSE Sensex touched intraday high of 15,740.83 and intraday low of 15,358.94.
On Friday, US stock markets closed higher. The fairly better employment data for the month of August helped investors to come up with buying momentum after a squeeze in couple of previous sessions. For the month of August, the latest jobs report showed that 216,000 nonfarm payrolls were slashed which marked the lowest job loss tally in one year and wasn''t as bad as the 230,000 job losses that economists had expected. On the other hand the unemployment rate spiked to a 25-year high of 9.7% from 9.4%. The consensus estimate was at 9.5%. The trading was very narrow and hardly one billion shares exchanged hands in NYSE. Nearly 85% of the companies in the S&P 500 managed to close with gain and 7 of the 10 major sectors in the S&P 500 posted gains between 1.3% and 2.0%. Financials (+0.8%), consumer staples (+0.7%), and utilities (+0.3%) were relative laggards. US light crude oil futures for October delivery closed higher by a penny at $67.97 per barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed higher by 96.66 points at 9,441.27, NASDAQ index closed higher by 35.58 points at 2,018.78 and the S&P 500 (SPX) also closed higher by 13.16 points at 1016.40.
Today the major stock markets in Asia are trading positive. The Shanghai Composite is trading high by 45.89 points at 2,907.49, Hang Seng is also higher by 316.22 points at 20,634.84. Further Japan''s Nikkei is up by 103.67 points at 10,290.78. Strait times is also trading up by 4.53 points at 2,627.22. Taiwan Weighted is up by 63.34 points at 7,216.47.
Indian ADRs ended higher. In the IT space, Infosys was up 1.29%, Satyam Computers was up 1.29%, Wipro was up 1.35% and Patni Computers was up 3.05%. In the banking space, ICICI Bank was up 2.95% and HDFC Bank was up 3.13%. In the telecom space, Tata Communication was up 2.43% and MTNL was up 1.88%. In other sectors, Sterlite Industries was up 5.62%, Tata Motors was up 1.54% while Dr Reddy''s Labs was up 1.46%.
The FIIs on Friday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 1,912.30 Crore and gross debt purchased stood at Rs 2,987.10 Crore, while the gross equity sold stood at Rs 1,853.30 Crore and gross debt sold stood at Rs 250.40 Crore. Therefore, the net investment of equity and debt reported were Rs 58.90 Crore and Rs 2,736.70 Crore respectively.
On Friday, Indian Rupee closed at 48.90/91 per dollar, marginally stronger than its previous close at 48.92/93. The dollar demand from oil importers helped local currency gain strength minimally.
On BSE, total number of shares traded were 46.71 Crore and total turnover stood at Rs 5,722.02 Crore. On NSE, total number of shares traded were 96.98 Crore and total turnover was Rs 15,844.92 Crore.
Top traded volumes on NSE Nifty – Unitech with total volume traded 68113992 shares, followed by Suzlon Energy with 52066632, DLF with 16904044, Bharti Airtel with 10425896 and Reliance Comm with 8695019 shares.
On NSE Future and Options, total number of contracts traded in index futures was 758705 with a total turnover of Rs 16,504.53 Crore. Along with this total number of contracts traded in stock futures were 540100 with a total turnover of Rs 17,367.64 crore. Total numbers of contracts for index options were 1465717 with a total turnover of Rs 34,481.59 Crore and total numbers of contracts for stock options were 54578 and notional turnover was Rs 1,906.97 Crore.
Today, Nifty would have a support at 4,723 and resistance at 4,765 and BSE Sensex has support at 15,742 and resistance at 15,813
Market seen extending Friday's gains
Key benchmark indices are seen extending Friday's gains supported by firm global cues. The SGX Nifty futures for September 2009 expiry rose 19 points in Singapore. Investors response for the Oil India initial public offer which opens today will be closely watched
Asian markets were trading firm today, 7 September 2009 led by Chinese shares on hopes that Beijing will continue to use policy to support asset prices. Key benchmark indices in South Korea, Singapore, Japan, China, Hong Kong, and Taiwan rose by between 0.04% and 1.60%.
Among the factors cited by analysts for a broad rise in Asian equity prices were a pledge by G20 leaders over the weekend to keep stimulus measures in place for longer and draft rules from China allowing more foreign portfolio investment.
US markets advanced on Friday, 4 September 2009 led by technology stocks following encouraging comments from Intel's CEO, offsetting a mixed jobs report. The Dow Jones Industrial Average advanced 96.66 points, or 1.03%, to 9,441.27. The Standard & Poor's 500 Index rose 13.16 points, or 1.31%, to 1,016.40. The Nasdaq Composite index soared 35.58 points, or 1.79%, to 2,018.78
In economic data, the unemployment rate jumped to a 26-year high of 9.7% even as layoffs seemed to be tapering off, data released by the Labor Department on Friday, 4 September 2009 showed. The report showed that 216,000 non-farm payrolls were slashed in August that marked the lowest job loss tally in one-year.
Back home, investors response for the Oil India (OIL) initial public offer which opens for subscription on Monday, 7 September 2009, will be closely watched as it will set the tone for others companies tapping the primary market for fund raising.
The Oil India initial public offer (IPO) will open for bidding on 7 September 2009 and close on 11 September 2009. OIL, which produces 3.5 million tonnes of oil annually, will be listed on the bourses on 29 September 2009. The government has fixed Rs 950-1,050 per share price band for the initial public offering of Oil India (OIL), the second state-run firm to hit the market this year after NHPC, and will raise up to Rs 4,982 crore.
The IPO response will be closely watched after recently listed power companies, NHPC and Adani Power received a tepid response on their listing day.
Meanwhile industry confidence on the economy has improved after the government's stimulus packages, according to a survey by Ficci. A majority of the respondents said the packages had spurred firms to raise their activities.
Ficci's business confidence survey for the first quarter of 2009-10 showed that business confidence index for the April-June period moved up to 67.2 from 64.1 in the last quarter of 2008-09 (January-March).
However, the poor progress and spread of monsoon this year could put a damper on economic growth, the chamber found on the flip side.
The BSE 30-share Sensex advanced 290.79 points or 1.89% to 15,689.12 and the S&P CNX Nifty gained 86.85 points or 1.89% to 4,680.40 on Friday, 4 September 2009.
As per the provisional figures on NSE, foreign funds sold shares worth Rs 399.62 crore and domestic funds sold shares worth Rs 5.35 crore on Friday, 4 September 2009.
IPO Grey Market - Oil India, Globus Spirits, Jindal Cotex
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| Jindal Cotex | 70 to 75 | 3.50 to 4 | -- |
| Globus Spirits Ltd. | 90 to 100 | 3.50 to 5 | -- |
| Oil | 950 to 1050 | 35 to 40 | 1800 to 1900 (+ 250 Form Commission) |
Copper ends almost unchanged
Prices register losses for the week
Copper prices ended almost unchanged at Comex on Friday, 04 September, 2009. Prices rose marginally as inventories at LME fell and also as job report beat expectations.
At USA, copper futures for December delivery rose 0.15 cents (0.05%) to 2.8665 a pound. Earlier, prices fell by 1.1%. Copper fell 2.8% for the week. Copper ended August, 2009, higher by 7%.
On the London Metal Exchange, copper for delivery in three months ended higher by $20 (0.3%) at $6,275 a metric ton. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
After August, it was the eighth straight monthly gain for copper. Prices gained 23% in the second quarter. On a year to date basis, prices are higher by 90.7%.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.
In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.
Among other metals traded in the LME on Friday, lead rose 1.8% to $2,380 a ton and zinc gained 0.3% to end at $1,858 a ton. Nickel rose 0.9% to end at $18,360. Aluminium rose 0.7% at $1,870 a ton.
Essel Propack
We recommend a buy in Essel Propack from a short-term perspective. It is apparent from the charts that the stock has been on an intermediate-term up trend since its multi-year low of Rs 9.5 recorded in early March. In early July, the stock took support around Rs 23 and resumed its uptrend. The stock breached it 21- and 50-day moving averages in mid August and is currently positioned well above these averages. Moreover, on September 4, the counter surpassed a key resistance at Rs 32 by gaining 5 per cent. We note that there is an increase in volume over the past four trading sessions. Both the daily and weekly relative strength index (RSI) are featuring in the bullish zone. Considering that the stock’s intermediate-term up trend line is intact, we are bullish on it from a short-term horizon. We anticipate the stock’s rally to continue until it hits our price target of Rs 37 in the upcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 31.5.
via BL
Precious metals end lower
Gold and silver manage to register good weekly gains though
Precious metal prices ended lower on Friday, 04 September, 2009. Prices fell following Labor Department's job report. Nevertheless, precious metals managed to register healthy gains for the week.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Friday, gold for December delivery ended at $996.7, lower by $1 (0.1%) an ounce on the New York Mercantile Exchange. For the week, gold ended higher by 4%. Year to date, gold prices are higher by 13.5%.
Gold ended August, 2009 higher by 0.2%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (3%) since then.
On Friday, Comex silver futures for September delivery fell by 4 cents (0.04%) to $16.285 an ounce. For the week, silver ended higher by 9.9%.
Silver ended 7.1% higher for August, 2009. For second quarter, silver rose 4.5%. Year to date, silver has climbed 41.55% this year. For 2008, silver had lost 24%.
Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
Crude ends little higher
Prices register largest weekly loss in two months
Crude prices ended little higher on Friday, 04 September, 2009. Prices ended higher due to better than expected job report from Labor Department.
On Friday, crude-oil futures for light sweet crude for October delivery closed at $68.02/barrel (higher by 6 cents or 0.1%). During intra day trading, crude touched a high of $69.70 but also fell to a low of $67.12. For the week, crude ended lower by 6.5%. It was the biggest weekly loss for crude in two months.
For the month of August, 2009, crude ended higher by a marginal 0.7%. For the second quarter, crude ended higher by 40%. Crude prices had rallied 11.3% in the first quarter of 2009.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 56% since then. Year to date, in 2009, crude prices are higher by 42%.
Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.
EIA reported earlier during the week that crude inventories fell by 400,000 barrels during last week. Market had expected a decline of 1.9 million barrels. At 343.4 million barrels, crude inventories stand at a level above the upper boundary of the average range for this time of year. Utilization rate rose to 87.2% of capacity. Rising input was partly offset by another jump in crude imports. The U.S. imported 9.58 million barrels a day of crude last week, up 3.8% from a week ago.
EIA had also reported that gasoline inventories fell by 3 million barrels last week. Distillates, however, rose by 1.2 million barrels.
Also at the Nymex on Friday, October reformulated gasoline fell 1.65 cents, or 0.9%, to $1.7763 a gallon. October heating oil fell 1.45 cents, or 0.8%, to $1.7205 a gallon.
Natural gas rallied 22 cents, or 8.8%, to $2.728 per million British thermal units. The contract tumbled more than 7% in the previous session. Natural gas ended the week down 10%. EIA reported on Thursay that U.S. natural gas inventories rose 65 billion cubic feet in the week ended 28 August, 2009. At 3,323 billion cubic feet, stocks were 489 billion cubic feet higher than last year at this time and 501 billion cubic feet above the five-year average.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
Daily News Roundup - Sep 7 2009
ArcelorMittal plans to become co-promoter of Uttam Galva Steels. (ET)
L&T is in talks to buy a thermal coal mine in Australia for about US$300mn. (ET)
NTPC moves to Supreme Court challenging Bombay High Court’s decision that allowed Reliance Industries to amend its petition on the gas dispute citing government’s pricing policy. (BS)
Aban Offshore may get contracts for more offshore rigs.(BL)
JSW Steel has reported a 53% growth in crude steel production in August, its highest-ever monthly crude steel production.(BL)
Patni joins TCS, Infosys and IBM in competing for a share of the lucrative domestic IT market. (ET)
Wipro plans to soon start offering complete IT solutions to mining and natural resource companies. (ET)
Bayer, failed to get a court stay on Cipla from seeking permission to launch the cancer treating drug, Nexavar, in India. (ET)
The proposed health insurance JV between Religare Enterprises and Swiss Re has fallen through. (ET)
Wockhardt plans to sell its key marketing divisions in a bid to ease its debt burden of Rs34bn. (ET)
SBI has cut deposit rates by 25bps for 1,000-day deposits with effect from September 8.(BL)
Tata Power plans to bid for more ultra mega power projects but wanted complete transparency in bidding documents. (BS)
ONGC Videsh to seek CCEA nod for 27% more capex in Brazil. (BS)
Foreign investment regulator rejects a plea by Zenotech Laboratories seeking the withdrawal of its earlier ruling that allowed Daiichi Sankyo to acquire a 20% stake in the open offer. (ET)
L&T eyes orders of over Rs120bn in a month. (ET)
RCF plans to spin off the third phase of its Thal unit in Maharashtra into a separate company. (ET)
Aditya Birla Group plans to increase its investment in Egypt. (ET)
Bajaj Auto is looking at building a factory in Egypt. (ET)
Kaya, the skin care services venture of Marico is making foray into Bangladesh. (ET)
Virgin, Spice Keen On Bidding for MTNL’s 3G bid call. (ET)
Bhushan Steel arm acquires a 60% stake in Australian exploration company, Bowen Energy. (BS)
Aban Offshore is in talks with SBI and other public sector and private bank lenders for restructuring its Rs130bn loan. (BS)
Vijaya Bank expects to receive Rs7bn as recapitalisation from the government by the end of third quarter. (BS)
India Infrastructure Finance has set for the current fiscal a disbursement target of about Rs110bn.(BL)
ONGC Videsh and its partners Indian Oil Corp and Oil India would invest around $5 billion in developing a gas field discovered in offshore Iran.(FE)
Nagarjuna Construction Company to raise Rs3.7bn via QIBs.(BL)
Maruti Suzuki plans to shift car production from its Gurgaon plant to the new facility at Manesar in a phased manner. (BS)
ONGC Petro-additions Ltd plans an IPO by 2011 and plans to dilute 25% of equity for an overseas partner. (BS)
United Spirits to invest Rs1bn in capacity expansion over 3 years. (BS)
Patel Engineering forays into power, to set up plants in Arunachal, TN over the next three years. (BS)
The government is considering listing BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being. (ET)
Tata Teleservices again approaches the government for airwaves to roll out its GSM service in Delhi immediately. (ET)
Crompton Greaves says its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a JV company to manufacture transformers.(FE)
Morgan Stanley may sell Indian back-office operations. (ET)
HDFC Property Ventures and Temasek are in talks to invest about Rs6.25bn in Prestige Estates Projects. (ET)
FDI beyond 24% in micro units to require FIPB nod. (BS)
A proposal to increase the price of natural gas produced from fields to be submitted to the Cabinet soon for its approval. (ET)
India agrees to lend up to US$10bn to the IMF. (ET)
The blanket ban on foreign companies and individuals from certain countries to undertake hydel projects in sensitive border areas may soon be lifted. (ET)
The government extended the implementation date for mobile number portability to December 31. (ET)
Road transport and highways ministry is seeking a loan of $2.96bn from the World Bank to develop 5,937 kms of highways. (ET)
New SEBI norms reduce public issue time to 10 days. (ET)
India’s total foreign exchange reserves rose US$4,405mn to touch US$276.4bn during the week ended August 28. (ET)
Sub-Brokers are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations. (ET)
DTH industry opposes to hike foreign investment ceiling in direct-tohome distribution of telecast signals from the current 49% to 74%. (ET)
Pharma companies will require approval of central drug regulator Drug Controller General of India for exports
CERC has proposed a tariff cap of Rs11/unit for short-term power transactions on the two operational nationwide power exchanges and in the bilateral markets to rein in, what it called, runaway prices. (BL)
DoT is considering allowing telecom operators to exclude revenues from non-wireless services for the purpose of calculating spectrum charges.(BL)
General insurance industry grew at 14% in the month of July, riding mainly on sales of motor insurance policies.(BL)
SEBI cuts FII limit in gilts to Rs8bn.(BL)
Happy at start!
It is only possible to live happily ever after on a day-to-day basis.
A mildly happy opening is on the cards following Friday’s recovery and some firmness in global markets. US markets will remain closed on account of Labour Day. As a result, the world market may not witness any major action.
We are just a few days away from marking the first anniversary of the September crises. To say that the world has changed a lot since the earth-shattering event would be an understatement. Last week, policymakers from the G20 gathered in London in the run up to this month’s major summit in Pittsburg. The conclusion at the end of the two-day meeting was that the recession has eased considerably, but we cannot afford to be complacent. The group also concurred that the so-called ‘exit strategy’ should be put on hold till we are completely out of the woods.
In other words, there is optimism in the air, though a measured one. Aggression can wait for a while, as the recovery will be in fits and starts and not leaps and bounds. Any advance will be tempered by periodic burst of reversals or subdued activity. A major breakout can happen only if global markets resume their uptrend. Fund flows also need to improve considerably. Take each day as it comes.
The week is fairly light on economic reports as far as Wall Street is concerned, with readings on the trade gap, weekly jobless claims and consumer sentiment being the standouts. September historically has been a weak month on Wall Street. Much will hinge on incremental good news, either corporate or economic.
OPEC members will meet on Sept. 9 to review the policy on supplies. The cartel is unlikely to make any material changes in output quotas.
The China market also needs to be followed after the recent turbulence in that market and its fallout on world equities. Meanwhile, Chinese authorities plan to ease rules on foreign investment, including provisions to raise investment limits by 25% and to shorten the duration of 'lock-ups' on certain types of investments they make. The Chinese government has also said that the curbs on bank lending will be undertaken over a period of time.
The Oil India IPO opens today and will close on Sept. 10. ONGC could stay firm as investors tend to compare listed companies in similar line of business. Uttam Galva will be in focus after ArcelorMittal said that it will become a co-promoter. The steel titan has launched an open offer at Rs120 per share.
FIIs were net sellers at Rs4bn in the cash segment on Friday on a provisional basis while the local funds pulled out Rs53.5mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs107mn. On Thursday, FIIs were net buyers of Rs589mn in the cash segment. Mutual Funds were net buyers of Rs267mn on the same day.
US stocks rose on Friday amid low volume ahead of the Labor Day weekend, as investors focused on the positives in a mixed report on the labor market. However, all the three major stock indexes ended the week lower.
The Dow Jones Industrial Average gained 96 points, or 1%, to 9,441.27. The S&P 500 index added 13 points, or 1.3%, to 1,016.40. The Nasdaq Composite index advanced 35 points, or 1.8%, to 2,018.78.
On the whole, the jobs report was okay, suggesting moderation in job losses. But the market is saturated with good news and is starting to show fatigue after a 50% rally in the S&P 500 since early March.
Stocks tumbled in the first three sessions of this week as investors worried about the health of the US economy. There was a late-session advance on Thursday as some of the bank and technology shares that slumped earlier in the week bounced back.
Employers cut 216,000 jobs from their payrolls in August, the Labor Department reported, after paring a revised 276,000 jobs in July. The month brought the smallest number of job cuts since August 2008. Economists had forecast 230,000 job cuts.
The unemployment rate, generated by a separate survey, rose to 9.7% from 9.4%, a 26-year high. Economists had expected unemployment to rise to 9.5%. Unemployment is expected to hit 10% by the end of the year or early 2010, even as the US economy is starting to recover.
Select financial shares rose. The KBW Bank index added 1.4%.
A number of truckers, airlines and railroad shares rose, now that oil prices have come down off 10-month highs set last week. Fuel prices are directly linked to the profitability of transportation companies. The Dow Jones Transportation average gained 2%.
Apple shares rose ahead of its media event next week where it is expected to introduce iPod Nano and Touch models that include digital cameras. Investors are also wondering if CEO Steve Jobs, now back at work after a six-month medical leave, will make an appearance. Apple shares have nearly doubled this year.
Other big tech gainers included Microsoft, IBM, Cisco Systems.
US light crude oil for October delivery rose 6 cents to settle at $68.02 a barrel on the New York Mercantile Exchange. Oil prices have been slipping since hitting a 10-month high just below $75 a barrel late last month.
COMEX gold for December delivery fell $1 to settle at $996.70 an ounce, after inching closer to the psychologically significant $1,000 level over the last few sessions.
Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.44% from 3.34% late on Thursday.
In currency trading, the dollar fell versus the euro and the Japanese yen.
European shares climbed. The pan-European Dow Jones Stoxx 600 index rose 1.2% to 233.40, though it finished in negative territory for the week. The UK's FTSE 100 index rose 1.2% to 4,851.70, while Germany's DAX index climbed 1.6% to 5,384.43 and the French CAC-40 index advanced 1.3% to 3,598.76.Indian markets snapped a five day losing streak on Friday led by buying in the index heavyweights like Reliance Industries, L&T, HDFC, ITC and ONGC. Among the sectoral indices, the Auto, Metals and the Capital Goods stocks were among the major gainers even the Mid-Cap and the Small-Cap participated in the upswing.
The BSE Sensex gained 291 points or 1.9% at 15,689 after touching a high of 15,741 and a low of 15,358. The index opened at 15,425 against the previous close of 15,398. The NSE Nifty gained 86 points to shut shop at 4,679.
In Asia, the Nikkei in Japan slipped by 0.3% at 10,187 while Australia's S&P/ASX ended higher by 0.2% at 4,435. The Hang Seng index in Hong Kong surged 2.8% at 20,318. Shanghai index in China was up by 0.5% at 2,861.
In Europe, stocks were in the green. The FTSE in the UK was up 1%, The DAX in Germany was up 0.8% and the CAC 40 index in France was up 0.5%.
Coming back to India, among the BSE sectoral indices, the Auto index was the top gainer, surging 3%, followed by the Metal index that was up 2.8%. The BSE Capital Goods index up 2.2% and the BSE Oil & Gas index was up 2.1%.
The BSE Mid-Cap index gained 1% and the BSE Small-Cap index gained by 1%.
Among the 30-components of Sensex, 28 stocks ended in the green and only TCS and Tata Motors ended in the negative terrain. Among the major gainers were Reliance Industries, HDFC, L&T, ITC and ONGC.
Outside the frontline indices, the big gainers in the broader market were IFCI, Praj, Hind Zinc, IDBI Bank, GMDC and CESC. On the other hand, losers included Renuka, United Spirits, Sun TV, IRB and Glaxo.
The top gainers: The top gainers in the Sensex were Maruti Suzuki (up 8.8%), Hero Honda (up 6.9%), Hindustan Unilever (up 4.9%), Reliance Capital (up 3.7%) and Tata Motors (up 3.6%).
The Top Losers: The top losers in the Sensex were Bharti Airtel (down 6.9%), BHEL (down 5.1%), Reliance Industries (down 4.5%), Ranbaxy Labs (down 3.8%) and Tata Power (down 3.7%).
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