SENSEX BACK TO 19,000 LEVELS WITH 210 POINTS GAIN.....The FIIs were net buyers with investment worth Rs 72.54 Cr (prov. cash market fig).
Indian markets continued to gain for the second day on Tuesday. At the close, the benchmark 30-share index, BSE Sensex added 209.80 points or 1.11% at 19,092.05 with 23 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 69.30 points or 1.23% at 5,724.05 with 41 components registering rise.
Tata Consultancy Services contributed rise of 45.74 points in the Sensex. It was followed by Infosys Technologies (30.5 points), ITC (29.55 points), Sterlite Industries (India) (16.63 points) and HDFC Bank (15.6 points).
However, Reliance Industries contributed fall of 7.35 points in the Sensex. It was followed by Housing Development Finance Corporation (6.81 points), Reliance Infrastructure (6.75 points), Bharti Airtel (5.16 points) and Tata Power Company (2.65 points).
Biggest gainers in the 30-share index were Tata Consultancy Services (5.48%), Sterlite Industries (India) (4.42%), Jindal Steel & Power (3.06%), Wipro (2.79%), Cipla (2.67%), and Jaiprakash Associates (2.66%).
On the other hand, Reliance Energy (4.53%), Tata Power Company (0.92%), Bharti Airtel (0.89%), Housing Development Finance Corporation (0.63%), DLF (0.62%), and Reliance Industries (0.32%) were the biggest losers in the Sensex.
Mid & Small-cap Space:
The BSE Mid and small caps underperformed their larger counterparts gaining 0.45% and 0.28% respectively.
The major gainers in the BSE Midcap were AIA Engineering (2.4%), ABG Shipyard (2.16%), Aban Offshore (0.66%), A2Z Maintenance & Engineering Services (0.5%) and Alstom Projects India (0.34%).
The major gainers in the BSE Smallcap were Adhunik Metaliks (2.04%), Action Construction Equipment (1.34%), ABG Infralogistics (0.68%), Reliance MediaWorks (0.58%) and Aarti Industries (0.36%).
Sectors in Limelight:
The IT index was at 6,720.76, up by 170.57 points or by 2.60%. The major gainers were HCL Technologies (2.76%), Mphasis (2.25%), Infosys Technologies (1.54%), Core Projects and Technologies (1.5%) and Tech Mahindra (0.52%).
The Metal index was at 16,528.72, up by 373.37 points or by 2.31%. The major gainers were JSW Steel (3.81%), Jindal Steel & Power (3.06%), NMDC (2.69%), Bhushan Steel (2.12%) and Hindalco Industries (2.09%).
The TECk index was at 3,934.86, up by 69.70 points or by 1.80%. The major gainers were Mphasis (2.25%), Deccan Chronicle Holdings (1.87%), DB Corp (1.01%), Reliance MediaWorks (0.58%) and GTL (0.29%).
On the other hand, the Oil & Gas index was at 9,931.41, down by 12.41 points or by 0.12%. The major losers were GAIL (India) (0.9%), Reliance Industries (0.32%), Indian Oil Corporation (0.03%) and Oil India (0.02%).
Market Breadth:
The market breadth was positive with advances at 723 against declines of 576 on the NSE.
Value and Volume Toppers:
Adani Enterprises topped the value chart on the BSE with a turnover of Rs. 1,811.83 million. It was followed by State Bank Of India (Rs. 891.52 million), Reliance Infrastructure (Rs. 821.12 million) and Tata Consultancy Services (Rs. 810.86 million).
The volume chart was led by Bampsl Securities with trades of over 6.39 million shares. It was followed by Suzlon Energy (5.82 million), Exide Industries (5.27 million) and Shekhawati Poly-Yarn (4.80 million).
Amar Ambani, Head of Research, India Private Clients, IIFL said, "Market sentiment got a boost after index heavyweight TCS beat street estimates. In addition, Gail also delivered better than expected quarterly earnings. Stable Asian markets and strong start to the European markets also lifted the mood on Dalal Street. The Nifty on Monday had made a Doji pattern on the daily charts which is considered as a reversal pattern, indicating that the rally may continue for the coming days as well. Results will continue to have a bearing on the sentiment in the near term apart from next week`s RBI policy review".
Gul Tekchandani viewed that the worst is not over yet. "I think one more leg down—probably 5500 to 5300 and then you can possibly go and pick up from a technical perspective.”
Prashastha Seth, senior fund manager at IIFL Private Wealth cautioned, “The macro concerns still remain very much a threat ahead. If people still want to take out the money, because of macro concerns, we could probably see another leg down but I think it’s a good level to buy but can’t say that you wouldn’t see further downfall from here”.
Rahul Mohinder of viratechindia.com predicts pressure around the 5720 mark in the short-term. “If we go past that, the best case scenario is a 80-90 point kind of upward rally. On the whole, what I am reading is, today's up move is on the back of smallish price moves—small volumes coupled with it, which clearly points to just a corrective up move, which means there are traders, which will use this opportunity up to probably short the market. The strategy continues to look like one should sell into the rallies".
Puneet Kinra, Bonanza Portfolio said, “After making spinning top candlestick pattern on daily charts, Nifty showed good strength, which shows Bulls are trying to enter from 5,600-5,650 area. Buying momentum may be seen if Nifty manages to maintain above 5,730 levels else profit booking may also be seen. Volatility may be expected next few days because of December quarter results”.
Note: Some portions and data are taken from Moneycontrol
Note: Some portions and data are taken from Moneycontrol
