Mumbai: The market stayed in a positive terrain amid choppy trade on Friday, supported by banks, capital goods, steel and technology stocks. Asian markets too maintained their upside following improvement in Europe; Nikkei and Kospi rose 1-1.5 per cent; Hang Seng, Shanghai and Straits Times were up 0.3-0.6 per cent. Back home, the Sensex was up 68 points at 16,711.88 and the Nifty went up 13.55 points to 5,031.95.
Chris Wood of CLSA feels that the improving sentiment towards the Eurozone has definitively helped India's efforts to shore up its currency since a renewed swing to 'risk-off' would almost certainly hit the rupee. "Two percentage points will be added to India in the APAC ex-Japan relative-return portfolio this week," he said.
Shares of Wipro and Bajaj Auto topped the buying list, following their third quarter numbers. Both gained 3.7 per cent each.
Shares of country's second largest lender ICICI Bank remained on buyers' radar and retained its leading positive since yesterday; the stock gained 3.4 per cent following better numbers from US financial companies like Morgan Stanley and Bank of America.
FMCG major ITC rose 0.6 per cent ahead of its numbers for quarter ended December FY12. Among index heavyweights, TCS was up 0.66 per cent and SBI gained 1.4 per cent; BHEL went up nearly 3 per cent.
Steel stocks like Jindal Steel, Tata Steel and Sterlite Industries were up 1-3 per cent.
However, the fall in Reliance Industries, HDFC, Bharti, ONGC and Infosys limited the upside - these stocks fell 0.2-0.9 per cent. Shares of country's largest mining company Coal India retained its top position in the selling list, falling 2.6 per cent.
The broader markets outperformed benchmarks, rising 0.9 per cent. About two shares advanced for every share falling on the BSE.
At 9:19 hours IST : Nifty hits 5050 in early trade; ICICI Bank, Wipro surge
The Nifty touched the 5050 level in early trade following positive global cues, tracking development in Greece, improved US jobless claims and encouraging performance of US financials in Q4. However, the market erased some gains immediately on profit booking in Reliance.
The Sensex rose 64.69 points to 16,708.43 and the Nifty gained 15 points at 5,033.20.
Wipro shot up 3 per cent on better than expected 12 per cent growth in Q3 net profit of Rs 1456 crore quarter-on-quarter. It was the second company after HCL Tech, which came in with in-line numbers. However, IT majors TCS and Infosys could not show outperformance.
Frontline shares like ICICI Bank, Axis Bank, SBI, Reliance Infrastructure, BHEL, JP Associates, DLF, Sterlite, Sesa Goa and SAIL gained.
However, Reliance Industries, HDFC, HDFC Bank, Hero Motocorp (post Q4 numbers), HUL, Reliance Power, HCL Tech and Infosys were under pressure.
The CNX Midcap rose 31 points to 6,777. About three shares gained for every share falling on the National Stock Exchange.
Results Reactions: Dish TV was down 4 per cent, IFCI fell 2.5 per cent, SKS Microfinance lost 4.5 per cent and Jet Airways slipped 3 per cent.
HCC lost 1 per cent ahead of third quarter numbers. Kingfisher Airlines fell 1 per cent.
However, Max India gained 0.7 per cent; in a block deal about 40 lakh shares changed hands on BSE at Rs 155 a share.
Den Networks continued to gain 5 per cent. Indiabulls Real rose 5 per cent on reports that its Mumbai residential projects got environment nod.
Pantaloon Retail went up 3.5 per cent.
Sugar stocks gained after govt sources say, EGOM on food will meet on February 7 to consider more sugar export. Shree Renuka, Bajaj Hindusthan and Balrampur Chini were up 1-2.5 per cent.
Adani Enterprises shot up 2 per cent; it seemed to the biggest gainers among midcaps in 2012; the stock had gained 68 per cent in last eight days.
Comments
0 comment