Mumbai: The BSE Sensex and the Nifty gained for the fourth consecutive session, rising 0.6 per cent each amid a choppy trade on Thursday. Auto, healthcare, steel & mining, FMCG and HDFC group companies' shares helped the market close higher while the fall in Reliance Industries, State Bank of India and BHEL limited upside.
Also due to the better than expected response to Spain bond auction the European markets rally on Thursday, which was another cue for the market to gain. Spain sold bonds worth euro 2.54 billion, which was higher than expectations of euro 2.5 billion.
Back home, the BSE benchmark rose 111.32 points, to close at 17,503.71 led by 21 components, taking the total gains of over 409 points in four sessions. The NSE benchmark stayed above the 5300 level for major part of the session, which moved up 32.40 points to 5,332.40.
Auto stocks hogged the limelight on expectations of rise in sales volumes after the Reserve Bank of India cut repo rate by 50 basis points on Tuesday. The BSE Auto index closed at an all-time high of 10,744.73, rising 2 per cent, which saw an intraday high of 10,786.6 (a record high as well).
Tata Motors, country's largest commercial vehicle maker and Maruti Suzuki, top car maker shot up 3.2 per cent and 3.6 per cent, respectively. M&M and Hero Motocorp were up 2-2.5 per cent while Bajaj Auto gained 0.8 per cent.
Private sector lender HDFC Bank rallied over 3 per cent while rivals State Bank of India and ICICI Bank fell 0.8 per cent and 0.8 per cent, respectively. Housing financing company HDFC moved up 1.6 per cent.
Cigarette major ITC topped the weightage list on the Sensex with 9.11 per cent followed by Reliance Industries with 9.10 per cent and Infosys with 7.99 per cent. HDFC Bank comes at fourth place in terms of weightage based on free float market cap.
ITC gained 1.3 per cent and FMCG company HUL rose 0.9 per cent. Defensive sector - healthcare too participated in on Thursday's rally. Dr Reddy's Labs, Ranbaxy Labs and Cipla gained around 2 per cent while Sun Pharma was flat.
Infosys, software services provider went up 1.3 per cent after falling over 14 per cent since its Q4 results while rival TCS was up 0.5 per cent and Wipro slipped 1.35 per cent.
Largest coal mining company Coal India was the top gainer among Sensex 30, rising nearly 4 per cent. However, state-owned BHEL, post downgraded by foreign brokerages, tanked 3.66 per cent and Larsen & Toubro was down 0.5 per cent.
Index heavyweight Reliance Industries lost 1 per cent ahead of fourth quarter numbers that schedule to be announced on Friday.
Shares of ACC, country's largest cement company by market cap lost nearly 4 per cent post disappointing results in Q1CY12. Its net profit fell 57 per cent YoY to Rs 151 crore due to higher depreciation. Ambuja Cements too dropped 1 per cent.
At 15:07 hours IST: Sensex, Nifty up 0.6 per cent; HDFC Bank, Tata Motors, CIL shoot up
The BSE Sensex and Nifty headed for their fourth consecutive winning session on Thursday, as auto stocks extended a recent rally, while Infosys recovered from recent losses, though plenty of caution remains.
A winning session on Thursday would match the four-session streak ended on March 14, though traders cited plenty of uncertainty ahead as the bulk of Indian companies have yet to report earnings.
Reliance Industries' fourth-quarter results on Friday will be particularly important, according to traders. The stock fell 1 per cent.
The BSE benchmark was up 111 points or 0.64 per cent at 17,503.48 and the NSE benchmark rose 33.35 points to 5,333.35.
Auto shares led gains on optimism for improved sales, especially after the Reserve Bank of India's aggressive rate cut this week is expected to reduce the cost of loans to purchase vehicles.
Tata Motors, commercial vehicle maker surged 3 per cent while M&M, Maruti and Hero Motocorp were up 1.65-2.5 per cent.
Coal India, largest coal mining company topped the buying list, rising 3.6 per cent.
Private sector lender HDFC Bank jumped 3 per cent while State Bank of India and ICICI Bank were down 0.5-0.9 per cent.
Cigarette major ITC and FMCG company HUL gained 1 per cent each. Housing finance company HDFC was up 1 per cent.
Infosys shares rose 1.2 per cent, after dropping nearly 14 per cent since disappointing investors with its revenue growth outlook on Friday during its earnings results.
However, shares of GAIL and Hindalco tanked 2 per cent each. Capital goods majors L&T and BHEL lost 0.5 per cent and 3.5 per cent, respectively.
At 14:36 hours IST: Sensex off day's high; BHEL tops sell list, RIL, ICICI down
The BSE Sensex sheds some gains as European markets came off their day's high. Banking majors, capital goods and Index heavyweight Reliance Industries extended fall a bit.
The BSE benchmark moved up 77.36 points to 17,469.75 and the NSE benchmark gained 24 points at 5,323.95. France's CAC, Germany's DAX and Britain's FTSE were trading moderately higher.
Oil & gas producer and India's most valued stock Reliance Industries dropped over 1 per cent ahead of March quarter results tomorrow. Experts feel it would be a non-event for the market.
Top lenders State Bank of India and ICICI Bank were down nearly 1 per cent while rival HDFC Bank shot up 3 per cent.
State-owned Bharat Heavy Electricals retained its top position in the selling list, losing over 3.5 per cent while engineering and construction major Larsen & Toubro was down 0.8 per cent.
Aluminium major Hindalco Industries tanked 2 per cent and gas transporter GAIL dropped 1.7 per cent.
However, auto stocks hogged the limelight, with the sectoral index hitting all-time high on Thursday. Tata Motors and Maruti Suzuki jumped 2.5 per cent; M&M rose 2 per cent and Hero Motocorp was up 1.4 per cent.
Coal India, largest coal mining company shot up 2 per cent. Shares of HDFC, ITC and Infosys moved up 1 per cent each.
At 13:59 hours IST: Sensex up 100 pts; BSE Auto Index hits all-time high
The BSE Sensex gained more than 100 points following an upmove in the European markets. France's CAC, Germany's DAX and Britain's FTSE climbed 0.5-0.7 per cent while the Dow Jones futures gained 76 points, pointing to positive start of the US markets.
Private sector lender HDFC Bank, top commercial vehicle maker Tata Motors and top car maker Maruti Suzuki topped the buying list, rising over 2.5 per cent.
The BSE benchmark was up 114 points at 17,506.13 led by 20 components. Meanwhile, the NSE benchmark rose 35 points to 5,335.25.
The BSE Auto Index rose for a sixth straight session to a new all-time high, on expectations sales will improve after an interest rate cut is seen bringing down the cost of loans. The Index gained 1.6 per cent at 10,697.70, which shot up over 30 per cent in 2012 while the Sensex rallied 12.5 per cent.
Production has also normalised at India's biggest car maker Maruti Suzuki after recent labour unrest, which is also contributing to the gains in the sub-index.
"Maruti, Tata Motors are expected to be the main beneficiaries of RBI's cut" Yaresh Kothari, sector analyst at Angel Broking said. M&M, Hero Motocorp and Bajaj Auto were up 0.5-1.5 per cent.
Shares of ITC, Infosys, Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, Sun Pharma and Sterlite were up 0.7-1 per cent.
Oil & gas producer ONGC rose 0.5 per cent while rival Reliance Industries was flat.
However, state-owned BHEL topped the selling list, falling 3.5 per cent. Gas transporter GAIL tanked 1.8 per cent. Top lenders State Bank of India and ICICI Bank, and capital goods major Larsen & Toubro fell 0.4 per cent each.
At 12:39 hours IST: Volatile Sensex gains strength on positive European cues
The BSE Sensex stayed positive amid choppy trade in the afternoon trade. Auto and healthcare stocks were witnessing buying interest while capital goods and major banks stocks were under pressure. European markets opened higher on Thursday; France's CAC rose 1 per cent while Germany's DAX and Britain's FTSE went up over 0.5 per cent.
The BSE benchmark was up 66 points at 17,457.97 and the NSE benchmark climbed 21 points to 5,320.80.
Private sector lender HDFC Bank rose 2.35 per cent. Infosys, India's No. 2 software services exporter moved up 0.7 per cent while its rivals TCS gained just 0.2 per cent.
Auto stocks gained momentum on likely reduction in lending rates by banks. Tata Motors, top commercial vehicle maker and Maruti Suzuki, country's largest car maker rallied 2.7 per cent and 0.7 per cent, respectively. Hero Motocorp and M&M were up over 1 per cent. Bajaj Auto, a two-wheeler maker gained 2.7 per cent.
Top lenders ICICI Bank and State Bank of India were down around 0.4-0.8 per cent. Engineering and construction major Larsen & Toubro dropped 0.6 per cent and state-owned BHEL was down 2.7 per cent.
Drug makers Sun Pharma and Cipla advanced 1 per cent each.
Advancing shares outnumbered declining by 740 to 622 on the National Stock Exchange.
At 11:19 hours IST: Nifty stuck at 5300; European markets set to open flat
The benchmark index Nifty was trading marginally higher in trade on selective buying in auto and pharma stocks after a quiet start.
Asian shares and the euro traded in tight ranges on Thursday ahead of a Spanish bond sale seen as a key test of investors' risk appetite amid renewed concerns over the euro zone's debt crisis.
The Sensex was up 3.80 points or 0.02 per cent at 17396.19, and the Nifty was up 2.35 points or 0.04 per cent at 5302.35. About 1269 shares advanced, 1016 shares declined, and 1132 shares remain unchanged.
Rate sensitive auto stocks were in top gear after RBI slashed repo rate by 50 basis points in its annual monetary policy review for 2012-13 on Tuesday, 17 April 2012. Banking stocks were trading mixed.
European shares were also expecting a mixed start, with financial spreadbetters predicting that major European markets would open between down 0.2 per cent and up 0.2 per cent. US stock futures were up 0.1 per cent.
Rupee at 14 weeks low
The rupee continued to fall, touching its weakest level in more than 14 weeks and heading closer to technical support at 52.12, as the country's economic challenges and a cautious RBI inspire little confidence.
Top gainers on the Nifty: Tata Motors, Maruti Suzuki, Tata Power, Coal India and Ranbaxy Labs were up 1-2 per cent.
Top losers on the Nifty: BHEL, Reliance Infra, Hindalco, ICICI Bank and Reliance Comm were down 1-3 per cent.
RIL has bought back 52.61 lakh shares for Rs 396.04 crore as of 17 April 2012. The average buyback price per share works out to Rs 752.77. The company's board had approved buyback of up to 12 crore shares on 20 January 2012.
Stocks to Watch
BHEL is down nearly 2 per cent. Morgan Stanley has released a cautious report on the stock. It retains an underweight rating on the stock with a target of Rs 206.
Onmobile Global was down nearly 5 per cent. News reports indicate that TRAI has blacklisted the company for violating telemarketing regulations.
Koutons was down 10 per cent on the back of NSE suspending trading in the stock from April 26.
IndusInd Bank is up over 1 per cent ahead of earnings, the stock is at 52 week high. According to CNBC-TV18 poll, net interest income may see a 17 per cent growth at Rs 454 crore, while PAT may grow by 25 per cent at Rs 214 crore.
Balrampur Chini is down 3 per cent. Merrill Lynch downgrades the stock to underperform from buy and cuts the target price by 35 per cent to 37 rupees owing to the likely delay in cyclical recovery.
Anand Rathi recommends selling Coal India between Rs 350 and 353 with a target of Rs 340 and stop loss at 358. coal india has been consolidating in a range of 315 to 355 since the past 14-15 weeks. the stock is near its crucial resistance levels and at the upper band of the trading range.
IIFL recommends buying Maruti at current market price with a target of Rs 1430 and stop loss at Rs 1335. It has given a weekly breakout above Rs 1365 and has seen strong addition on the long side.
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