Markets in consolidation phase; end in green

The Indian markets witnessed another day of consolidation and ended with marginal gains. The Nifty ended above the crucial 5300 mark while the Sensex registered its highest close since April 19. Major Headlines: Ashok Leyland reported 28% hike in June sales Bad day for PSU OMCs; stock down over 1% Aban Offshore witnesses 3% rise in share prices L&T rises as subsidiary's order book gets loaded Indian Indices It's the consolidation phase that the Indian markets have been witnessing from the last three trading sessions. The Nifty closed above the 5300 level for the first time since April 19, 2012. The index rose 14.60 points to close at 5,302.55. The Sensex too edged higher and shut shop registering its highest close since April 19, moved up 37.10 points to 17,462.81. Movement of the Indian indices for the day:- The key benchmark indices kicked-off trade today on a positive note with the help of strong Asian cues. Soon after the opening bell, markets hit their respective intraday highs. Sensex rose to 17,523.77 and Nifty was at 5,317.65. Continuing the upward journey amid volatility, the markets traded higher for most part of the day. However, as the Indian currency pared some of the early gains and fell to 54.50 per dollar, the key indices turned around and eventually hit the red zone in the afternoon session. Thereafter, as the European markets opened on a negative note, the bourses registered their respective intraday lows. Sensex registered a low at 17,372.45 and Nifty fell to 5,273.30. Post slipping into red on rupee fall, the market again rose as the metal stocks rallied on the back of positive news from the Karnataka government. Further, trade sentiments improved as the rupee appreciated a bit against the dollar and rose to 54.26 per dollar. The indices surged and traded amidst volatility in green till the end of trade. The Nifty closed above the 5300 level for the first time since April 19, 2012. The broader market too ended trade on a positive note. At the end of day, the BSE Midcap index rose 0.84%, while the BSE Smallcap index was up by 0.91%. The Sensex ended at 17,462.81, up by 37.10 points or 0.21%, from the previous close while the Nifty shut shop at 5,302.55, up by 14.60 points or 0.28%. Following are the stocks which were in news today:- 1. Metal stocks were the shining stars of the day as the BSE Metal Index surged over 2%. Sterlite Industries topped the buying list, rising over 5%. Sesa Goa shot up over 4% and Jindal Steel gained 3.4%. Tata Steel and Hindalco were up over 1%, after the Karnataka government recommended approval of eight iron ore mines and also okayed Sesa Goa's 2.2 million tonne iron ore mine. 2. Engineering and construction major Larsen & Toubro moved up 0.9% as its subsidiary L&T construction received orders worth Rs1,523 crore. 3. Idea Cellular jumped nearly 6% to Rs86.50, extending yesterday's gains on reports that the company along with other GSM operators, Bharti Airtel and Vodafone said that they will continue to offer third generation services on a pan-India basis, after the Telecom Disputes Settlement Appellate Tribunal (TDSAT) reported a split verdict on the 3G roaming case. 4. State Bank of India also was amongst the top gainers. SBI rose 1.85% in trade today. Currency movement for the day:- Rupee ends at 54.50 to the Dollar vs 54.36 on Tuesday (July 03, 2012). The domestic currency rose as high as 54.18 earlier, its strongest since May 17. The rise was witnessed on news reports that the government may remove the withholding tax on bonds for foreign investors. Market sentiment The market breadth stood in favor of advances. Of the 3015 stocks traded on the BSE, 1771 (58.74%) rose, 1121 (37.18%) fell and 123 (4.08%) stocks remained unchanged. Sectoral & stock screening Out of 13 sectoral indices, nine sectors stood higher. The topmost gainers were - BSE Metal which gained 2.12%, BSE Realty up 1.91%, BSE CD advanced 0.68%. The top Losers: BSE Oil & Gas which slipped 0.56%, BSE FMCG declined 0.47%, BSE IT dropped 0.38%. Among 'A' group stocks, top three gainers were- Voltas which gained 7.32%, Dish TV India surged 6.01% and Idea Cellular advanced 5.62%. Top three losers were- Sun TV Network which dropped 2.81%, IPCA Laboratories fell 2.93% and Manappuram Finance slipped 2.30%. Global signals: Asian markets mostly gains on Wednesday following a lead from Wall Street and Europe and amid rising hopes that central banks are poised to act to boost economic growth. European shares gained and touched the two-month high on Wednesday on hopes of more monetary stimulus from central banks and progress made in dealing with the euro zone debt crisis US markets was closed today on account of Independence Day.