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Sensex stages late recovery to end higher, Nifty closes above 6500

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Sensex stages late recovery to end higher, Nifty closes above 6500

Last-hour selloff in Sensex, Nifty stocks yesterday may tempt bears to further short a falling market


3:41 p.m. Sensex stages late recovery to end 35 points higher at 21,809; Nifty closes at 6504, up 11 points

3:26 p.m. DLF topped the gainer's list among Nifty stocks, trading up by Rs. 6.45 (3.83%) at Rs.174.80, followed by JP Associates and BHEL.

3:06 p.m.Stock market update: Both Sensex and Nifty recovered to positive territory. Nifty now trading at 6508.15 up by 15.05 points and Sensex trading at 21818.28 up by 43.67 points.

2:55 p.m. Among sectoral indices CNX Pharma and CNX Realty are the major gainers. CNX Pharma now up by 61.65 (0.80%), trading at 7751.90 and CNX Realty up by 1.25 (0.71%), trading at 178.05.

2:45 p.m. The rupee has recovered from its day low, currently trading at 61.20 per US dollar, down 3 paisa against yesterday's close.

2:38 p.m.Stock market update: Sensex currently trading at 21724.65 down by 49.96 points (-0.23%) and Nifty trading at 6478.40 down by 14.70 points (-0.23%).

2:34 p.m.Crompton Greaves trading up by Rs. 3.45 (2.44%) at Rs.145 amid stake sale buzz by its promoter Mr. Gautam Thaper. But its management has declined about any such development.

2:11 p.m. NDMC currently trading at Rs.129.15 up by Rs.3.05 (0.2.42%) is the biggest gainer in Nifty followed by DLF and Dr. Reddys Lab.

2:07 p.m. The rupee currently trades at 61.30 per US dollar down 12 paisa against yesterday's close.

2:00 p.m.Stock market update: Sensex currently trading at 21610.29 down by 164.32 points (-0.75%) and Nifty trading at 6444.85 down by 48.25 points (-0.74%).

1:28 p.m  BANK Nifty, currently trading at 11906.15 (-1.94%), is the highest loser among sectoral indices.

1:09 p.m.Dr. Reddys Lab, currently trading at Rs 2793.65 (2.44%), is the top gainer in Nifty.

Market analyst Sarvendra Srivastava's maintains a buy on it with a target of Rs. 2850 and stop-loss of Rs 2,734

12:59 p.m. The rupee currently trades at 61.45 per US dollar down 28 paisa against yesterday's close.

12:44 p.m.Stock alert: Ranbaxy Lab currently trading at Rs. 338.40, down by 16.55 (-4.66%).

Supeme Court issues notice to Centre(Ministry of Health and Family Welfare), CBI and Ranbaxy on a PIL seeking a CBI probe into their plant and to restrain them from selling "adulterated" drugs in India.

The petition also seeks cancellation of Ranbaxy's license in India.

(See:Ranbaxy shares slump on Supreme Court notice)

12:12 p.m. Wholesale inflation came in at 4.68 per cent for February against 5.05 per cent in January 2014.

12:12 p.m.Stock market update: Sensex & Nifty up from its day low. Sensex currently trading at 21651.34 down by 123.27 and Nifty trading at 6456.30 down by 36.80.

11:37 a.m. Market analyst Sarvendra Srivastava's stock picks

Buy Bajaj Auto with target of Rs 2050 with stop-loss of Rs 1957
BuyFDC with target of Rs 132 and stop-loss of Rs 121.4
Buy Dr. Reddys Lab with target of Rs 2850 and stop-loss of Rs 2734

11.33 a.mBank Nifty extends its losses and it is currently trading at 11916, down 1.85 per cent slightly up from its day low of 11881

11:12 a.mCairn India currently trading down at Rs.326.55 (-0.59%); domestic brokerage Kotak maintains add recommendation on it with target at Rs.375.

10:52 a.m Tech Mahindra currently trading higher at Rs.1791 (0.59%) after RBI yesterday increasing FII investment limit from 45% to 48%. JP Morgan maintains a buy on it and maintains target at Rs.2200.

10:40 a.m.Stock market update: Sensex, Nifty under renewed selling pressure.  Sensex down 130 points at 21,643 while Nifty is off 47 points at 6,445.

Except the healthcare index, all the sectoral indices are trading in the red with banking, realty and capital goods stocks under strong selling pressure.

Ambuja Cement, Axis Bank, HCL Tech, Kotak Mahindra Bank and IDFC are down between 2.25 per cent and 3.6 per cent. (See the major losers today)

Ajay Bodke, head of investment strategy and advisory at Prabhudas Lilladher, says he is positive on the Indian markets in the medium term but is cautious in the short-term. The rally has been fast and furious with markets factoring in the positive election outcome, he said.

10:25 a.m. Stock in news: A newspaper report said that the promoters have put up their stake for sale in Crompton Greaves. The shares are up 0.9 per cent  at Rs 142.75.

10:17 a.m. The rupee hit a one-week low of 61.50 in opening trade on risk aversion as tensions in Ukraine flared up and weak China data renewed concerns about global growth. The pair last traded at 61.42/43 versus Thursday's close of 61.17/18.

(See:Rupee hit one-week low)

10:15 a.m.Stock market update:  Sensex down 90 points at 21,684 while Nifty is off 31 points to 6,461.

9:45 a.m. Dr Tirthankar Patnaik, director and strategist of institutional research at Religare Capital Markets, though this pre-election rally has some legs the upside looks capped.  There is hope in the air that a stable government will come at the centre but there are concerns over emerging market flows given the concerns over Ukraine and China, he adds. (Track markets)

9:40 a.m.Stock market update: Sensex, Nifty off day's low but still trade 0.5 per cent lower. Sensex was down 112 points at 21,663, off its day's low of 21,614. Nifty trades 35 points lower at 6,458.

Banking, realty and capital goods stocks were among major losers today.  ICICI Bank, Axis Bank and Kotak Mahindra Bank are down between 1.4 per cent to 2 per cent.  The other major losers are DLF and HCL Tech, down between 2.5 per cent and 3 per cent.

9:26 a.m. Market analyst Sarvendra Srivastava says the Nifty could correct up to 6400 and 6384 remains the short-term reversal level. However, he says that the uptrend remains intact with projected range of 6700-6800.

9:16 a.m.Stock markets open lower with Sensex, Nifty off nearly 0.7 per cent each

9:05 a.m. Market analyst Sarvendra Srivastava's stock picks

Buy BPCL with target of Rs 475 with stop-loss of Rs 427.4
Buy ITC with target of Rs 365 and stop-loss of Rs 334.4
Buy Coal India with target of Rs 280 and stop-loss of Rs 257.4

8:50 a.m. BSE Sensex and Nifty are likely to open lower as risk-off sentiment is back in the global markets over fresh Ukraine concerns and soft China data. (See:Nikkei slides to one-month low on strong yen)

At 8:50 a.m., the SGX CNX NIFTY is down 44 points at 6,480.50.

Last-hour selloff in domestic shares yesterday may tempt bears to further short a falling market. The Nifty may break the lower end of the consolidation range at 6,475 and could head down to 6,413, says market analyst Sanjeev Bhasin.

(See:Sanjeev Bhasin's top stock tips)

Japanese stocks skidded 2.7 per cent to a one-month low on Friday morning as concerns over Ukraine and slowing growth in China rattled investors, underpinning the safe-haven yen and hurting exporters.

Asian shares skidded to a three-week low and the yen held steady at lofty levels on Friday, as heightened tension in Ukraine ahead of a weekend referendum prompted investors to shed riskier assets.

(See:Asian stocks skid as Ukraine crisis darkens mood)

(With Agency inputs)



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