The benchmark indices have moved up further on the back of short covering. Buying is seen in metal, technology, telecom, oil and banking stocks. The Nifty has been hovering around the 2,900 mark and the Sensex is holding above 9,500 mark. This pullback rally is due to Asian markets, which rallied on Wednesday and Thursday.
Reliance Industries, ONGC, Bharti Airtel, Infosys, NTPC, HDFC, Wipro, TCS, ICICI Bank, HDFC Bank, SBI and BHEL are leading the pullback.
The Sensex rose 704 points to 9,749 and the Nifty gained 188 points at 2,884, at 10:36 am. The BSE Midcap and Small Cap indices jumped over 2% each.
The market breadth is positive; with 1,742 shares advancing while 1,214 shares have declined. Nearly 234 shares are unchanged.
BSE IT, Metal, TECk, Oil and Gas and Bank indices gained 8-9.5%. FMCG, Power, Auto, Realty and Capital Goods Index rose 3.5-5.8%.
Bharti Airtel jumped over 7% after its second quarter numbers. Its Q2 (US GAAP) net profit was up at Rs 2,046 crore versus Rs 2,025 crore and revenues up at Rs 9,020 crore versus Rs 8483 crore (QoQ).
Aban Offshore shot up over 10% on account of strong numbers in Q2FY09. Its Q2 consolidated net sales went up by 73% at Rs 824.3 crore versus Rs 476.1 crore. OPMs improved to 55.9% versus 52.4%. Its net profit was up by 29 times at Rs 267.6 crore from Rs 9 crore.
Asian markets are mixed; Shanghai, Nikkei and Hang Seng fell 1-2.5%. Straits Times, Taiwan and Kospi gained 1-3%.
Markets @ 9:56 am : Mkts surge; oil, bank, metal, IT stocks lead
The markets have opened with a huge gap up following positive US cues. SGX Nifty, which rose 7%, has also been suggesting the same. Buying was seen in oil, banking, technology, metal, realty, telecom and power stocks.
At 9:56 am, the Sensex jumped 484 points to 9,529 and the Nifty rose 142 points to 2,839. CNX Midcap 100 gained 2.35% at 3,465.
Reliance Industries, ICICI Bank, SBI, Cairn India, ITC, ONGC, HDFC, Reliance Infrastructure and Suzlon Energy are the leaders.
Asian markets are trading mixed. Shanghai and Hang Seng fell 1.5-3%. Nikkei lost 0.7%. However, Straits Times gained 0.91%. Kospi, Taiwan and Jakarta jumped 3-6.6%.
In the US markets, traders shrugged off disappointing GDP data, which showed the economy is shrinking, in late trade. It was yet again a session of wild swings with last-minute gains. The Dow gained 189.73 points, or 2.11%, to 9,180.69. The S&P 500 index advanced 24 points, or 2.58%, to 954.09, while the Nasdaq composite index surged 41.31 points, or 2.49%, to 1,698.52.
Market cues:
FIIs net sell USD 250.6 million in equity
MFs net buy Rs 503.5 crore in equity
Crude declines to $65/bbl; copper and gold slump
Inflation lower than anticipated at 10.68%; raises expectations of single digit inflation sooner
NSE F&O Nov series begins with Open Int of Rs 36,982 crore versus Rs 54,427 crore in October
F&O cues:
Marketwide rollover at 75% Vs 76% seen last time
Nifty rollover at 62% Vs 63% seen last time
Nifty Futures at 26-point premium vs 49-point premium at beginning of Oct series
Nifty Open Int PCR at 1.02 vs 1.17 at beginning of Oct series
Nifty 2700 Put adds 12 lakh shares in Open Int
Nifty 2400 Put adds 6 lakh shares in Open Int
Nifty 2700 Call adds 11 lakh shares in Open Int
Thursday, October 30, 2008
Wall Street ends higher; Dow up 189 points
Traders shrugged off disappointing GDP data that showed the economy is shrinking in late trade. It was yet again a session of wild swings with last minute gains. The Dow closed with a gain of 200 points up 2% while the Nadaq and the broader S&P 500 put on about 2.5% at close.
US 3Q GDP shrank 0.3% Vs growth of 2.8% in 2Q; biggest decline since 2001. US 3Q GDP was expected to drop by 0.5%. US Consumer spending dropped 3.1% against expectation of 2.4% drop. US Consumer spending drops for the 1st time since 1991 and witness biggest since 1980. Initial jobless claims for the week ending Oct. 25 were unchanged at 479,000 against expectation of 475,000.
The Dow gained 189.73 points, or 2.11%, to 9,180.69. The S&P 500 index advanced 24 points, or 2.58%, to 954.09, while the Nasdaq composite index surged 41.31 points, or 2.49%, to 1,698.52.
US 3Q GDP shrank 0.3% Vs growth of 2.8% in 2Q; biggest decline since 2001. US 3Q GDP was expected to drop by 0.5%. US Consumer spending dropped 3.1% against expectation of 2.4% drop. US Consumer spending drops for the 1st time since 1991 and witness biggest since 1980. Initial jobless claims for the week ending Oct. 25 were unchanged at 479,000 against expectation of 475,000.
The Dow gained 189.73 points, or 2.11%, to 9,180.69. The S&P 500 index advanced 24 points, or 2.58%, to 954.09, while the Nasdaq composite index surged 41.31 points, or 2.49%, to 1,698.52.
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