Sensex Gains for 8th Day, Ends 74 Points Higher

Sensex Gains for 8th Day, Ends 74 Points Higher
The markets gained for eighth day in a row on Tuesday. The Sensex advanced 74 points to close at 27,804 and the Nifty jumped 28 points to shut shop at 8,381.

For the most part of the day, the Sensex and Nifty traded in a rangebound fashion. The Nifty touched high of 8,398 and low of 8,334. The up-move in the markets came on the back of better than expected monsoon rains which will help lower inflation hence giving some head room to the Reserve Bank of India to cut interest rates further going ahead, analysts said.

On the global front, hopes that Greece would reach a deal with its creditors to avoid a default also added to the positive sentiment in the equity markets.

"Fair conclusion of Greece debt issue and kindness of rain gods can continue to bode well for equities and the economy," Deven Choksey, managing director at K R Choksey Securities told Reuters.

Meanwhile, the gains in markets were capped due to losses in blue-chip IT stocks like Infosys, TCS, HCL Tech and Wipro. On the other hand, metal, capital goods, oil & gas and select banking stocks also witnessed buying interest.

From the Nifty-50 basket of stocks, 33 stocks advanced while 17 stocks declined.

Coal India was the top Nifty gainer, the stock jumped 3.9 per cent to close at Rs 415. The stock touched its fresh 52-week high of Rs 419.75 in trades today. Punjab Naytional Bank, UltraTech Cement, Cipla, Bank of Baroda, L&T and Mahindra & Mahindra were als among the gainers.

The broader markets ended on a flat note. The BSE mid-cap index jumped 0.08 per cent and the mid-cap index jumped 0.45 per cent.

The overall breadth was marginally positive as 1,468 stocks advanced while 1,243 stocks declined.

3:30 p.m.: The Sensex provisionally closed 76 points higher at 27,806 and the Nifty advanced 28 points to provisionally settle at 8,381.

3:21 p.m.: Bank Nifty trades on a flat note, up 0.2 per cent; Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank and Canara Bank were among the top gainers.

3:11 p.m.: State Bank of India's 270 call option was the most active stock option on the NSE. The premium on the option jumped 22 per cent to Rs 2.15. Open interest on the contract reduced by 2.4 lakh shares to 4.5 million shares.

3:00 p.m.: The Sensex was up 70 points at 27,800 and the Nifty was up 27 points at 83,80.

2:50 p.m.: BSE mid-cap index edges lower. The index slipped 0.02 per cent; J P Associates, Sun TV, Titan, Apollo Hospitals, GMR Infra, Cadila Healthcare J P Power Ventures and Indian Bank were among the top losers.

2:43 p.m.: "Fair conclusion of Greece debt issue and kindness of rain gods can continue to bode well for equities and the economy," Deven Choksey, managing director at K R Choksey Securities told Reuters.

2:35 p.m.: Man Industries, Orchid Chemicals, Gravita India, Sunteck Realty, MT Educare and R S Software were among the top gainers on the small-cap index.

2:30 p.m.: The Sensex advances 107 points at 27,838 and Nifty jumped 38 points to 8,391.

2:20 p.m.: BSE IT index down nearly 1 per cent with Infosys down 1.8 per cent and TCS off 0.50 per cent.

2:10 p.m.: Hero MotoCorp is down nearly 2 per cent to be the biggest loser among the Nifty pack. Hero MotoCorp on Tuesday clarified to the stock exchanges regarding reports that it has picked up majority stake in Mybox, and entered electronics business. Hero MotoCorp said it had no such information. (Read)

2:06 p.m.: Markets turn volatile in late trade. Nifty up 0.30 per cent to 8,379 while Sensex up 0.25 per cent at 27,799. Analysts attribute the volatility to profit-taking after the 6-day rally. Markets are also likely to be volatile ahead of the derivative expiry on this Thursday.

1:55 p.m.: Lupin, Infosys, Hero MotoCorp, Zee Entertainment, Tata Power, Power Grid and NMDC were among the top gainers on the Nifty, down 1-1.7 per cent each.

1:50 p.m.: The overall breadth on the Bombay Stock Exchange was marginally positive as 1,354 stocks were advancing while 1,140 were declining.

1:40 p.m.: The Sensex jumped 110 points to 27,840 and the Nifty was up 37 points at 8,390. Meanwhile, from the Nifty-50 basket of stocks, 34 were advancing while 16 were declining.

Punjab National Bank, Coal India, UltraTech Cement, Bank of Baroda, Cipla and L&T were among the top Nifty gainers.

1:35 p.m.: Nifty 8,300 put option was the most active put option on the NSE. The premium on the contract fell 43 per cent to Rs 16. 1.7 million shares were added to the open interest which jumped to 6.4 million shares.

1:27 p.m.: Next Mediaworks shares surged as much as 10 per cent to a high of Rs 13.88 on the Bombay Stock Exchange on Tuesday. Including today's gain the stock has surged 60 per cent in last one week. (Read)

1:06 p.m.: Laurence Balanco, Asian technical research analyst at CLSA, told NDTV that the current rebound in Nifty may extend up to 8,800 levels. 

12:52 p.m.: Coal India jumps nearly 3 per cent to hit fresh 52-week high of Rs 413.55 on the Bombay Stock Exchange.

12:43 p.m.: Adani Power, Union Bank, Torrent Power, UPL, Bajaj Holdings, Crompton Greaves and Oriental Bank of Commerce were among the top gainers from the mid-cap space, up 2-5.5 per cent each.

12:30 p.m.: The markets continued to trade in a rangebound fashion in noon deals. The Sensex was up 62 points at 27,793 and Nifty advanced 22 points to 8,375.

12:23 p.m.: Pharma stocks, considered as defensive bets, are likely to see correction from a short-term perspective because of rich valuations, says Surjit Pal, pharma analyst with Prabhudas Lilladher.

12:10 p.m.: Consumer durable stocks edge lower; P C Jeweller, Blue Star, Titan and Videocon Industries were among the top losers.

11:39 a.m.: The Sensex and Nifty were trading on a very volatile note. The Sensex was stuck in a narrow range and Nifty was hovering around its 200-day moving average of 8,361.

The Sensex was up 60 points at 27,790 and the Nifty advanced 18 points to 8,371.

11:24 a.m.: Shares in Jyoti, a Vadodara-based electrical equipment company, jumped by its maximum daily limit of 20 per cent to Rs 76.20 after two individual shareholders made an open offer to acquire 1.28 crore shares in the company at Rs 63 per share.

11:20 a.m.: Select banking, power, realty, consumer durables and FMCG stocks also come under selling pressure on the back of profit-booking.

11:12 a.m.: The Sensex and Nifty came off the intraday highs on the back of selling in IT stocks. The Sensex was up 32 points at 27,761 and the Nifty was up 8 points at 8,361.

Blue-chip technology stocks such as Infosys, HCL Tech, Wipro and TCS were trading on a weak note.

11:03 a.m.: Indian stock markets have gained for seven straight days, rebounding from near eight-month lows hit earlier this month. The pullback can take the Nifty to 8,800 levels, says Laurence Balanco, technical analyst at CLSA. (Click here to read full interview)

10:58 a.m.: Select IT stocks face selling pressure. The BSE IT index was the top sectoral loser, down 0.6 per cent on the back of losses in index heavyweight such as Infosys, HCL Technologies, Wipro and TCS.

10:50 a.m.: In the derivative segment, Nifty 8,400 call option was the most active call option. The premium on the option jumped 45 per cent to Rs 41.35. As many as 4.28 lakh shares were added to the open interest which was above 5.5 million shares.

10:47 a.m.: Shares of L&T outperformed on Tuesday after a report said that the engineering and construction major is getting ready to list its IT arm. (Read)

10:45 a.m.: Unitech, Indiabulls Real Estate, Jagran Prakashan, J P Associates, Suzlon Energy and State Bank of India were among the most actively traded stocks in terms of volumes on the National Stock Exchange.

10:40 a.m.: Broader markets were broadly in-line with the benchmark indices. The BSE mid-cap and small-cap indices were up 0.7 per cent each.

10:37 a.m.: Metal stocks shine; BSE metal index was up 2 per cent. Jindal Steel, Hindalco, Tata Steel, SAIL, Vedanta, Hindustan Zinc and JSW Steel were among the top gainers from this pack.

10:15 a.m.: Sensex has jumped over 100 points and the Nifty was up 34 points at 8,387 on the back of buying in metal, capital goods and oil & gas stocks. Banking, realty, power and auto stocks were also witnessing buying interest. On the other hand, IT stocks were facing the heat of selling pressure.

9:55 a.m.: Bharti Airtel was among the top Sensex gainers. Its share price jumped 2.35 per cent to Rs 432.60. Meanwhile, SoftBank has tied up with Bharti and Foxconn for setting up $20 billion clean energy venture.

9:50 a.m.: The markets rebounded from the intraday lows as buying in capital goods, metal and banking stocks resumed. The Sensex was up 65 points at 27,795 and the Nifty advanced 22 points to 8,375.

9:44 a.m.: Laurence Balanco of Asia technical research with CLSA told NDTV that markets are likely to stay in a range and Nifty has support around 7,700-8,000.

9:42 a.m.: Sun TV shares fell as much as 6 per cent on Tuesday after Economic Times newspaper reported, citing sources, that the Prime Minister's Office has found merit in the Home Ministry's decision to deny the broadcaster security clearance for its 33 channels. (Read)

9:39 a.m.: Laurence Balanco of Asia technical research with CLSA told NDTV that one should stay away from markets at the current juncture and the Nifty can re-test 8,000 in the short term.

9:32 a.m.: The markets have turned absolutely flat; the Sensex was down 5 points while the Nifty was up 3 points.

9:30 a.m.: Profit-booking has creeped in the markets after seven days of gains. Select banking, power, realty, FMCG, consumer durables and IT stocks were facing selling in the morning deals.

Analysts said that the dip in markets was on account of profit booking after seven days of gains which took Nifty above its psychological level of 8,350.

From the Nifty-50 basket of stocks 25 stocks were advancing while 25 were declining.

Infosys was the top Nifty loser, the stock fell 1.5 per cent to Rs 1,008 after its annual general meeting which was concluded on Monday.

GAIL India, Wipro, HDFC, ITC, Tata Power, Idea Cellular and Zee Entertainment were also among the laggards.

On the other hand, Punjab National Bank, Bank of Baroda, Bharti Airtel, Hindalco and L&T were among the gainers on the Nifty.

9:18 a.m.: The markets are witnessing profit-booking after yesterday's 400 points up move. The Sensex which opened flat edged lower. The Sensex was down 57 points at 27,673 and the Nifty fell 15 points to 8,338.

9:15 a.m.: The markets opened on a flat note in trades today; the Sensex jumped 25 points and the Nifty was trading above its psychological level of 8,350.

9:05 a.m.: SV Prasad of Chime Consulting says monsoon rains have bolstered sentiments; the rally has been driven by domestic institutional investors.

9:00 a.m.: Rupee opens lower at 63.58 as against Monday's close of 63.51 per dollar.

8:50 a.m.: Garuang Shah of Geojit BNP Paribas says Nifty can test 8,000 again, short-term investors should take profits off from table.

8:20 a.m.: Morgan Stanley has initiated 'equal weight' on Indiabulls Housing Finance for target of Rs 650 per share. Morgan Stanley says that valuations are positive. It says that the company offers good return on equity and high dividend yields. (Click here for more brokerage calls)

8:10 a.m.: Below are the stocks which will be in focus today:

NTPC: NTPC is looking to restructure many of its divisions. This would be the first such remodelling since its inception. The steps will be taken improve the efficiency of its divisions.

L&T: Larsen & Toubro (L&T) plans to list its IT arm by the month of December. The company plans to raise Rs 1,800 crore via listing.

Blue Dart Express: Blue Dart Express has bought majority stake in Blue Dart Aviation.

Asian Paints, UCO Bank, Indian Bank: All the three entities will go ex-dividend today.

MBL Infra: MBL Infra has sought shareholders nod for bonus issue of shares. The bonus will be in ratio of one share for every one share held.

City Union Bank: City Union Bank will seek shareholders nod for raising Rs 500 crore via qualified institutional placement.

HDIL: Nomura Singapore has bought 24.3 lakh shares of HDIL at Rs 89.25/share.

8:05 a.m.: The Indian benchmark indices registered seventh day of gain on Monday. In the last seven trading sessions, the Nifty has advanced 4.8 per cent, the bank Nifty has jumped 5.9 per cent and the CNX mid-cap index has rallied 5.1 per cent.

8:00 a.m.: The foreign institutional investors (FIIs) turned buyers on Monday. The FIIs purchased shares worth Rs 651 crore while the domestic institutional investors sold shares worth Rs 94 crore. In the futures & options segment, the FIIs purchased index futures worth Rs 1,418 crore and stock futures worth Rs 779 crore.

7:45 a.m.: Nifty is likely to open on a positive note tracking positive global cues. The global equity markets jumped in trades on Tuesday on hopes that Greece would reach a deal with its creditors to avoid a default.

Meanwhile, the Nifty traded on the Singapore Stock Exchange was up 0.2 per cent.

Meanwhile, the Asian shares rose on Tuesday, bolstered by hopes that Greece's latest budget proposals would stave off a debt default and lead to a deal with lenders later this week.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, while Japan's Nikkei share average jumped 1.2 per cent to a fresh 15-year high as investors bought back shares they sold in three losing weeks.

Overnight, U.S. stocks ended higher on Monday, with the Nasdaq closing at a record high.

(With agency inputs)

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