MAJOR HEADLINES:
JSW Steel to buy controlling stake in Ispat Industries
Satyam Computer shoots up on NYSE re-listing plan
Sun Pharmaceuticals dips on suit over patent infringement
The key benchmark indices clocked modest gains, with the Sensex achieving a five-week closing high, as reports of higher advance tax payment by top Indian firms and firm global stocks boosted sentiment. The Sensex extended gains for the third straight day.
The Sensex rose 201.96 points at the day's high of 20,090.84 in mid-morning trade. The index rose 36.88 points at the day's low of 19,925.76 in early trade.
The S&P CNX Nifty was up 53.60 points or 0.9% to 6,000.65 its highest closing since 2 December 2010. The Nifty a hit a high of 6,007.45 in late trade.
The BSE Mid-Cap index rose 0.79% and underperformed the Sensex. The BSE Small-Cap index rose 0.95% and outperformed the Sensex.
The market breadth was strong.. On BSE, 1,806 shares rose while 1,111 shares declined. A total of 100 shares remained unchanged. Among the 30-member Sensex pack, 20 rose while the rest declined.
BSE clocked turnover of Rs 3575 crore, higher than Rs 3490.89 crore on Monday, 20 December 2010.
Metal, consumer durables, realty and banking stocks rose. But, index heavyweight Infosys reversed gains after hitting a record high. Another index heavyweight Reliance Industries (RIL) extended gains in late trade. The BSE 30-share Sensex jumped 171.44 points or 0.86%, up close to 135 points from the day's low and off close to 30 points from the day's high.
The Sensex regained the psychological 20,000 level. The 50-unit S&P CNX Nifty closed a tad above the psychological 6,000 mark.
After a firm start triggered by higher Asian stocks, the market extended gains in morning trade. The market hit a fresh intraday high in mid-morning trade. The market pared gains in early afternoon trade. The market came off lows in afternoon trade. The Sensex regained strength, soon after retracing from higher level in mid-afternoon trade. Stocks extended gains amid a bout of volatility in late trade.
NSE's volatility index, fell below 20% level to settle at 19.77% from 20.78 on Monday, 20 December 2010.
Foreign institutional investors (FIIs) sold shares worth a net Rs 32.60 crore on Monday, 20 December 2010, which was lower than an outflow of Rs 113.50 crore on Thursday, 16 December 2010. FII outflow in December 2010 totaled Rs 1460.40 crore this month (till 20 December 2010). FIIs had bought equities worth Rs 18293.10 crore in November 2010.
FII inflow in the calendar year 2010 has totaled Rs 129756 crore so far (till 20 December 2010). In dollar terms the net equity inflow in 2010 stands at $28.58 billion, above last year's $17.45 billion. The annual inflows are at record levels this year.
Advance tax payments by top 100 corporate taxpayers rose 18.7% to Rs 27,531 crore in Q3 December 2010 over Q3 December 2009, indicating better corporate performance in the third quarter this year. Advance tax is paid in four installments in June, September, December and March and is based on taxpayers' projected earnings, thus giving an indication of industry's performance in the months to come.
The annual headline inflation in January 2011 is expected to be less than the November level of 7.48%, Chief Economic Adviser in the finance ministry, Kaushik Basu said on Tuesday.
Heavyweight Reliance Industries was the leader today, rose by 1.32% as the company started drilling second well in KG-D9, Hardy Oil said. Results of KG-D9 well drilling will be seen in January-March.
However, upside was capped to some extent due to selling in Sun Pharmaceutical Industries, Infosys Technologies, Tata Consultancy Services, NTPC, Bharti Airtel, Oil & Natural Gas Corporation, Hindustan Unilever, Dr Reddy's Laboratories, Hero Honda, Bharat Petroleum Corporation along with cement companies' shares.
In midcap space, ARSS Infrastructure Projects, Akzo Nobel, India Infoline, Wockhardt and MVL gained by 5-7.5%. Ispat Industries lost by 14% (JSW Steel will be promoter of the company and will announce open offer for the company tomorrow). AIA Engineering, Money Matters, Sintex India and Unichem Laboratories slipped by 4.5-5%.
At the closing, the Sensex surged 171 points to close at 20060 and the Nifty ended at 6001, advancing 54 points.
FOR TODAY: SGX Nifty is trading around 6025 (11 points up) suggest that nifty future will open around 6025 and will trry to its resistance 6027 area. Above 6027-6029, one can buy Nifty future for a target of 6090. Around 5980/5956, very good support is there.
