Money on the markets

Sensex gains in choppy trade

The Sensex fell more than 3 percent early on Tuesday paring yesterday’s gains, but got right back into action on strong domestic buying and closed 0.1 percent up with support from positive global cues.

The benchmark swung from 13,840 in early trade to an intra-day high of 14,930 and then closed at 14,302 on profit taking. The index had gained more than 17 percent on Monday. The Nifty declined to 4,318.45, down 4.7 points.

The rise in the benchmark was led by L&T, ICICI Bank, L&T and SBI.

On the sectoral front, the BSE Realty Index rose 12.8 percent, followed by the Banking Index which ended 6.8 percent higher. The BSE IT Index, however, ended lower at 10.1 percent on a firm rupee.

FIIs bought net $11.1 million in shares and $6.7 million in debt.

At this juncture, do you think the choice of candidates for key government posts will play a role in guiding the markets?

Sensex gains in choppy trade; stress test results eyed

The BSE Sensex closed 1.37 percent higher on Thursday, tracking a rally in global markets on ebbing concerns about the health of the financial sector and the global economy.

Trade was volatile and the benchmark closed 164.19 points higher at 12,116.94, while the Nifty ended 1.62 percent higher at 3,683.90.

The rise in the Sensex was led by Reliance Industries, Sterlite Industries and HDFC.

IT stocks fell for the second straight day on the U.S. government’s tax plans but managed to close 0.06 pct higher, but analysts believe that the outsourcing benefit may be more than the tax paid by U.S. companies. TCS was down 0.4 percent and Infosy shed 0.8 percent.

On the sectoral front, the BSE Metal Index gained nearly 8.2 percent. This was followed by the Realty Index which ended up 1.9 percent. However, the BSE FMCG Index ended lower at 0.71 percent.

Sensex falls 1.4 percent, led by ICICI

The BSE Sensex closed 1.4 percent lower on Wednesday as investors booked profits ahead of the fourth phase of India’s general elections on Thursday.

The benchmark closed 178.33 points down at 11,952.75 while the Nifty ended 1.01 percent lower at 3625.05. The Sensex fall was led by ICICI Bank, HDFC, ITC and Tata Steel.

On the sectoral front, the BSE realty index shed nearly 3.7 percent. This was followed by the banking index which ended lower by 2.9 percent. All other indices also ended the day in red.

On the global front, world stocks approached a 2009 high, helped by positive results from BNP Paribas and euro zone data which showed signs of improvement. But concerns over U.S. banks results were expected to weigh on investors minds.

In Wednesday’s trade, FIIs bought net $140 million in India shares and sold $37.50 million in debt.

Do you think the election results next week would further rein in the Sensex?

Market choppy on profit booking

The Sensex closed marginally lower after a choppy session on Tuesday, as investors booked profits after the market rose over 10 percent in the previous two sessions.

The benchmark closed 3.6 points down at 12,131.08, while the Nifty ended 0.2 percent higher at 3,661.90.

Wipro, India’s No. 3 software services exporter, said it had won an outsourcing contract from telecoms firm Unitech Wireless. Shares in Wipro ended 1 percent higher at 368.40 rupees.

The Sensex fall was led by HDFC, Infosys, ITC and Reliance Industries.

Share in Larsen & Toubro closed 2.7 percent higher. L&T and the defence and security division of EADS are in talks to form a joint venture to make defence electronics in India.

On the sectoral front, the BSE Realty Index gained nearly 8.6 percent. This was followed by the Metal Index which ended up 3.5 percent. However, the IT index closed the day in the red, dropping 2.1 percent.

In today’s trade, FIIs bought net $295.60 million in India shares and sold $70.20 million in debt.

Sensex gains 2.9 pct, led by Reliance

The BSE Sensex closed 2.9 percent higher on Thursday as investors put aside worries about the world economy and returned to the market.

The benchmark closed 317.45 points higher at 11,134.99, while the Nifty ended 2.8 percent higher at 3423.70.

The rise in the Sensex was led by Reliance Industries, Infosys and ICICI Bank.

On the sectoral front, the BSE IT Index gained nearly 5.22 percent. This was followed by the BSE Metal Index which was up 5.2 percent. However, the BSE Consumer Durable Index bucked the trend and ended 0.06 percent lower.

Shares in Reliance Industries, which reported a 1 percent fall in quarterly net profit, ended 2.7 percent higher at 1762.35 rupees. Reliance Petroleum, a unit of Reliance Industries, posted a net profit of 840 million rupees ($17 million) for the March quarter on net sales of 36.78 billion rupees. Reliance Power’s net profit for the year ended March was 2.49 billion rupees.

Experts say India Inc’s revenues could be hit on account of contraction in global demand and squeezing margins. Do you think the market will continue its upswing in the face of contracting demand?

Sensex choppy on mixed bag of results

The BSE Sensex closed 0.74 percent lower on Wednesday as weak Asian markets dampened sentiments and investors booked profits for a third session.

The benchmark erased early gains and closed 80.57 points down at 10,817.54, while the Nifty ended 1.04 percent down at 3330.3.

The fall in the Sensex was led by L&T, ONGC, BHEL and SBI.

On the sectoral front, the BSE Realty Index lost nearly 4.6 percent. This was followed by the BSE Consumer Durable Index which was down 3.9 percent. However, the BSE FMCG Index bucked the trend and gained 0.18 percent.

Cement maker ACC posted better-than-expected 23 percent rise in quarterly profit on strong sales volumes. The stock ended 5.2 pct higher at 645.75 rupees.

Outsourcer Wipro beat expectations with a 4 percent rise in profit, although it forecast a fall in June quarter revenue. Shares in Wipro ended 2.7 percent higher at 281.65 rupees.

Globally, there was an air of caution amongst investors despite U.S. Treasury Secretary Geithner saying most U.S. banks had adequate capital to keep lending.

Sensex remains choppy despite rate cut

The BSE Sensex closed 0.74 percent lower on Tuesday, tracking weak Asian markets and a downward bias of growth forecast by the RBI.

The benchmark closed 81.39 points lower at 10,898.11, while the Nifty ended 0.35 percent down at 3,365.30. The Sensex fall was led by ICICI Bank, L&T, Infosys and SBI.

The Reserve Bank of India (RBI) in its latest policy review slashed its repo and reverse repo rates by 25 basis points each, but left the cash reserve ratio unchanged at 5.0 percent.

The central bank has moderated its growth forecast to 6 percent for the year 2009/10 from 6.5-6.7 percent.

On the sectoral front, the rate cuts could not help the banking stocks much, and the banking index lost nearly 2.8 percent. This was followed by the BSE Auto Index which was down 2.5 percent. However, the BSE Realty Index bucked the trend and gained 2.2 percent.

On the global front, Asian markets remained weak after news of mounting bad loans of Bank of America (which has received $45 billion of taxpayers’ money) raised further concerns of a global financial system.

The RBI, in its latest endeavour to shore-up growth, has brought down both its key policy rates, but will this force commercial banks to reduce lending and deposit rates that in turn can boost loan growth? Do you see another round of rate cuts in the offing?

Sensex rises amid choppy trade

The Sensex seesawed in early trade today but managed to close 0.57 percent higher, tracking gains in Asian and European markets.

The benchmark closed 61 points up at 10,803.86, with investors locking in gains ahead of the earnings season and national elections.

Reliance Industries, ICICI, L&T and Tata Steel led the benchmark. Tata Steel was also the top index gainer, closing 7.7 percent higher.

Among sectors, the BSE Realty Index led with gains of 5.4 percent, followed by the  Banking Index which was up 2.6 percent. The BSE FMCG index was among the top loser.

The 50-Share Nifty index ended 0.03 percent down at 3342.05.

Data released today showed industrial production fell 1.2 percent in February from a year earlier, while the inflation rate stood at 0.26 percent in the 12 months to March 28.

The key benchmark indices remained flat even as expectations of further measures by the Reserve Bank rose after the government released key economic data today.

Sensex pares early losses to climb 1.97 pct

The Sensex closed nearly 2 percent higher after being down more than 3 percent in early trade.

The benchmark closed 207 points higher at 10,742.34, as short coverings and positive sentiments erased morning losses.

The Sensex took a hit early due to weak global cues as well data released by FICCI that showed exports could take a hit as demand contracts in key markets. Reliance Industries, ITC, L&T and NTPC led the benchmark. Jaiprakash Associates was the top index gainer, closing 8.7 percent higher.

Among sectors, the BSE Realty Index led with gains of 4.7 percent, followed by the Capital Goods Index which was up 4.6 percent. All indices, barring the banking index, closed in positive territory.

The key benchmark indices have gained momentum in the past few sessions indicating positive sentiments.

With fourth quarter results around the corner and speculation that it will be weaker than the previous one, do you think the Sensex will be able to hold the current upswing?

Reliance leads Sensex rally

The BSE Sensex today crossed the psychological mark of 10,000 and ended 446 points higher, its best close in nearly five months, guided by strong Asian and European markets.

The benchmark index ended at 10,348.83, while the 50-share Nifty ended 150.7 points higher at 3,211.05. Reliance Industries surged more than 5 per cent on reports the company has started pumping gas from the KG basin, which at full throttle will nearly double India’s gas output.

The Sensex rise was led by Reliance Industries (up 5.2 percent), ONGC (up 8.2 percent) and L&T (up 6.6 percent).

Top among the gainers were DLF, Jaiprakash Associates and Tata Motors, all gaining over 12 percent.

The BSE Realty index emerged on top, posting gains of 9.1 percent. Anant Raj Industries, HDIL and DLF were up in the range 6-15 percent.

The sectoral picture looked healthy with most indices closing in the green. The BSE Oil & Gas Index ended 5.7 percent up, while the Banking Index closed 4.7 pct higher.

Latest data shows the wholesale price index, India’s most widely watched inflation measure, rose 0.31 percent in the 12 months to March 21. Analysts say it is likely to turn negative in the coming weeks, which would provide enough room for a further easing of monetary policy by the Reserve Bank of India (RBI).