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Sensex off highs; ITC, DLF, Tata Motors, HDFC up

MUMBAI: The Sensex pared some intraday gains as traders booked profits at higher levels following a technical bounce-back. A subdued opening by the European markets also dampened sentiment. At 01:00 p.m., the Sensex was at 16,099.10, up 69.01 points, or 0.43 percent. It has touched a high of 16,240.18 and a low of 16,082.51 in [...]

Indian stocks at risk of ‘de-rating’: Merrill Lynch

Bank of America-Merrill Lynch says expects BSE index to drift to its 15,000 target given economic growth and current account concerns. Adds business confidence is below the Lehman crisis levels. “While valuations are below long term averages, the market has been de-rated as India’s growth momentum is at 10-year low and the twin deficits too are [...]

Sensex slips below 16100, Nifty near 4850; Tata Motors down

NEW DELHI: The BSE benchmark fell sharply by nearly 300 points in opening trade today on fresh selling by foreign funds and retail investors, taking cues from weak Asian markets and a depreciating rupee. The rupee hit a new five-month low early, falling below the previous session low of 54.15 to the dollar and fast [...]

L&T gains over 4% on strong order inflow guidance

NEW DELHI: L&T Ltd surged over 4% in early trade on Tuesday after the engineering firm guided for a 15-20% growth in both revenues and order inflows for the year. “The reason for this optimism is a stream of orders that it clearly expects to win in the near term, having emerged as the lowest [...]

Nifty lackluster; L&T, Sesa Goa, Cipla, Hero gain

MUMBAI: The Nifty is witnessing a lackluster session after paring early losses as a pull-back in the rupee provided support. Losses in auto, realty and FMCG stocks were offset by gains in capital goods, technology and healthcare. The Asian peers continued to remain weak on concerns of a possible exit of Greece from the eurozone [...]

Sensex off highs; ITC, DLF, Tata Motors, HDFC up

Posted by pallavijoshi on May 17th, 2012

MUMBAI: The Sensex pared some intraday gains as traders booked profits at higher levels following a technical bounce-back. A subdued opening by the European markets also dampened sentiment.

At 01:00 p.m., the Sensex was at 16,099.10, up 69.01 points, or 0.43 percent. It has touched a high of 16,240.18 and a low of 16,082.51 in trade today.

The Nifty was at 4,879.70 up 21.45 points or 0.44 percent. It has touched a high of 4,922.25 and a low of 4,872.25 in trade today.

The BSE Midcap Index was up 0.30 percent and the BSE Smallcap Index moved 0.43 percent higher.

“On the momentum front, daily oscillators continue to trade in an oversold state whereas hourly indicators are trading with a positive divergence. The near-term setup does warn of a technical rebound. Rallies are likely to be capped between 4,960 and 5,000, whereas the overall setup points to a test of lower levels of 4,767 and 4,530 with immediate support at 4,805,” an Edelweiss report said.

Among sectoral indices, the BSE FMCG Index moved up 1.89 percent, the BSE Realty Index gained 1.24 percent and the BSE Metal Index advanced 0.71 percent. The BSE Capital Goods Index was down 0.92 percent, the BSE Healthcare Index declined 0.44 percent and the BSE IT Index slipped 0.41 percent.

ITC (2.92 percent), DLF (2.34 percent), Tata Motors (1.67 percent), HDFC (1.65 percent) and Reliance Industries (1.40 percent) are among the major Sensex gainers.

Cipla (3 percent), Larsen & Toubro (1.86 percent), M&M (1.58 percent), GAIL (1.08 percent) and Tata Consultancy Services (1.07 percent) are among the top losers.

Meanwhile, the partially convertible rupee was at 54.41, up 9 paise, against its previous close of 54.50.

Foreign institutional investors sold equities worth Rs 546.85 crore on Wednesday, as per provisional stock exchange data.

The market breadth was positive on the BSE with 1,392 gainers against 1,097 losers.

European markets slipped into the negative terrain on eurozone debt concerns. The FTSE 100 was down 0.41 percent, the CAC 40 slipped 0.26 percent, and the DAX moved 0.10 percent.

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Indian stocks at risk of ‘de-rating’: Merrill Lynch

Posted by pallavijoshi on May 16th, 2012

Bank of America-Merrill Lynch says expects BSE index to drift to its 15,000 target given economic growth and current account concerns. Adds business confidence is below the Lehman crisis levels.

“While valuations are below long term averages, the market has been de-rated as India’s growth momentum is at 10-year low and the twin deficits too are the worst in over a decade,” BoA-ML analysts say.

The bank adds “a meaningful recovery” is unlikely until the government undertakes reforms.

But BoA-Merrill adds oil prices could provide near-term relief, saying a $10/barrel decline in oil reduces India’s current account deficit by 0.4 percent of GDP and the fiscal deficit by 0.2 percent of GDP.

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Sensex slips below 16100, Nifty near 4850; Tata Motors down

Posted by pallavijoshi on May 16th, 2012

The rupee hit a new five-month low early, falling below the previous session low of 54.15 to the dollar and fast approaching a record low of 54.30 hit in December.

“The Reserve Bank of India (RBI) likely sold dollars via state-run banks starting at around 54.27 rupee levels, pushing up the local unit as it approached its record low against the dollar,” a Reuters report said.

The suspected intervention pulled back the rupee from a new five-month low of 54.27 to the dollar hit earlier in the session. The rupee was last trading at 54.16 to the dollar versus its Tuesday’s close of 53.79.

Tata Motors slipped over 6 percent to its day’s low of Rs 270.60 after the automaker reported flat global sales in April at 87,377 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 25,143 units during April, up 29 percent from the same month last year.

At 09:50 a.m., the Nifty was at 4,860, down 82.30 points, or 1.6 percent. It has touched a high of 4,882.25 and a low of 4,854.35 in trade today.

The Sensex was at 16,052.21, down 274.37 points, or 1.6 percent. It has touched a high of 16,132.12 and a low of 16,029.04 in trade today.

“Market sentiment turned bearish largely on weakness in global cues, profit-taking by speculators after previous sessions of gains and the rupee’s weakness which is near to its fresh low of 54.30 hit in December,” according to analysts.

Auto, realty, banking, capital goods and metal stocks were under pressure, dragging down the Sensex.

The BSE Midcap Index was down 0.8 percent and the BSE Smallcap Index moved 0.88 percent lower.

Among sectoral indices, the BSE Auto Index slipped 3 percent, the BSE Realty Index dropped 2 percent, the BSE Banking Index fell 1.7 percent and the BSE Power Index corrected 1.9 percent. The BSE Oil & Gas Index was up 0.15 percent.

GAIL India (1.3 percent), ONGC (0.5 percent), Wipro (0.4 percent), TCS (0.45 percent) and Bharti Airtel (0.16 percent) are among the gainers.

Tata Motors (6.1 percent), HDFC (3.9 percent), Maruti Suzuki (3 percent), BHEL (2.7 percent) and NTPC (2.5 percent) are among the top losers.

In the Asian region, Hong Kong’s Hang Seng shed 2.6 percent and Japan’s Nikkei was trading 1.3 percent down this morning.

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L&T gains over 4% on strong order inflow guidance

Posted by pallavijoshi on May 15th, 2012

NEW DELHI: L&T Ltd surged over 4% in early trade on Tuesday after the engineering firm guided for a 15-20% growth in both revenues and order inflows for the year.

“The reason for this optimism is a stream of orders that it clearly expects to win in the near term, having emerged as the lowest price bidder in some of them,” an ET report said.

What also bolsters the company’s confidence at the moment is its strategy which is centered around going increasingly global since capital formation in the domestic economy is unlikely to see a significant upturn in the near term.

However, most analysts are of the opinion that although the guidance bodes well for the company, it looks a little challenging given the current market conditions.

“I believe that a 15-20 percent growth in inflows still seems challenging even considering a few thousand worth of projects. However, I guess right now the growth numbers should be somewhere in the range of 8-10 percent compared to 15-20 percent which certainly seems to be on the higher side,” Abhinav Bhandari, Research Analyst, Elara Capital, said.

“L&T’s guidance of 20 percent growth in new order wins for FY13 bodes well for the company, but looks a little challenging,” Vishal Jajoo, Senior Research Analyst, Nirmal Bang Securities, said. “Investors can enter the stock at present levels as most of the negatives for the stock are already priced in by the markets,” Jajoo added.

The Mumbai-based company on Monday reported a rise of 13.9 percent in net profit to Rs 1,920 crore in the fourth quarter from a year earlier. Sales rose 21 percent to Rs 1,846.1 crore, it said.

Larsen & Toubro’s (L&T) annual financial results for FY12 may have exceeded expectations of the Street. However, the results are a reflection of L&T missing its guidance and the dismal state of the domestic capital goods industry.

Shares in L&T, valued at $13 billion, have gained more than 16 percent this year to outperform the broader market, which is up more than 7 percent.

At 11:30 a.m., the stock was trading 4.6 percent higher at Rs 1,213.65 on the Bombay Stock Exchange. It has hit a high of Rs 1,220.00 and a low of Rs 1,143.25 so far in trade.

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Nifty lackluster; L&T, Sesa Goa, Cipla, Hero gain

Posted by pallavijoshi on May 15th, 2012

The partially convertible rupee was at 53.83 per dollar, up 14 paise, against the previous close of 53.97. The rupee pulled back after breaching the 54 per dollar level in opening trade. According to dealers, the RBI seems to have sold dollars near the 54.15 levels.

“The market may extend recent losses on weak Asian stocks. Oil and copper fell, while bond risk climbed after Pacific Investment Management Company said China faces slower growth ahead of a report that may show Europe’s economy contracted for the first time since 2009.

Commodities slid to the cheapest level this year and the euro weakened to a three-month low amid growing concern Greece will exit the European currency,” an SMC Investments and Advisors report stated.

At 10:10 a.m., the Nifty was at 4,909.90, up 2.10 points, or 0.04 percent. It has touched a high of 4,915.95 and a low of 4,868.55 in trade today.

The Sensex was at 16,236.66, up 20.82 points, or 0.13 percent. It has touched a high of 16,259.42 and a low of 16,123.04 in trade today.

“The trend deciding level for the day is 16,244/4,913. If the indices trade above this level in the first half hour of trade, we may witness a further rally up to the 16,363-16,509/4,952-4,996 levels. However, if they trade below the 16,244/4,913 levels for the first half hour of trade, they may correct up to the 16,097-15,978/4,869-4,830 levels,” an Angel Broking report said.

The BSE Midcap Index was down 0.13 percent and the BSE Smallcap Index slipped 0.36 percent.

Among sectoral indices, the BSE Capital Goods Index was up 2.26 percent, the BSE IT Index moved 0.35 percent higher and the BSE Healthcare Index gained 0.18 percent. The BSE Auto Index was down 0.95 percent, the BSE Realty Index slipped 0.82 percent and the BSE Oil & Gas Index declined 0.33 percent.

Maruti Suzuki (2.38%), IDFC (1.56%), Dr Reddy’s Laboratories (1.55%), NTPC (1.12%) and SAIL (1.09%) are among the top Nifty losers.

Larsen & Toubro (4.11%), Sesa Goa (1.74%), Cipla (1.17%), Hero MotoCorp (1.12%) and Wipro (1.09%) are among the gainers’ pack.

Foreign institutional investors bought equities worth Rs 355.10 crore on Monday, as per provisional stock exchange data. In the past three sessions, they bought shares worth Rs 831.09 crore.

The market breadth was negative on the NSE with 1,396 gainers against 1,811 losers.

The Asian markets are witnessing profit booking. The Nikkei 225 was down 1.04 percent, the Shanghai Composite was 0.81 percent lower, the Kospi was down 0.99 percent and the Taiwan Weighted slipped 0.06 percent.

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Nifty below 4900; RIL, JP Associates, SAIL, DLF down

Posted by pallavijoshi on May 14th, 2012

MUMBAI: The Nifty is witnessing selling pressure as the weak opening of European markets and pick-up in inflation hurt sentiments. Index heavy weight Reliance Industries, trading below January lows, also added to the woes.

According to dealers, cash based selling is seen in RIL after it reduced its estimates for proven gas reserves from its KG-D6 block by 6.7% to 3.67 trillion cubic feet. The case between the government and the company is also not headed anywhere. No major trigger is expected in the company for the next 1-2 years.

At 02:45 p.m., the Nifty was at 4,878.55 down 50.35 points, or 1.02 percent. It has touched a high of 4,957.20 and a low of 4,875.30 in trade today.

The Sensex was at 16,146.87, down 146.11 points, or 0.90 percent. It has touched a high of 16,390.33 and a low of 16,128.43 in trade today.

The BSE Midcap Index fell 1.22 percent and the BSE Smallcap Index declined 1.13 percent.

Rate sensitive stocks were under pressure after the pick-up in April WPI inflation 7.23 per cent against 6.89 percent in March doused hopes of any rate hike by the Reserve Bank of India.

Among sectoral indices, the BSE Bankex was down 2 percent, the BSE Oil&gas Index fell 1.64 percent, the BSE Metal Index declined 1.52 percent and the BSE Realty Index slipped 1.50 percent. The BSE Healthcare Index was up 0.29 percent and the BSE FMCG Index edged up 0.05 percent.

Jaiprakash Associates (3.74%), Cairn India (3.53%), Reliance Infrastructure (3.16%), SAIL (3.08%), DLF (3.07%) and Reliance Industries (2.47) are among the top nifty losers.

BPCL (2.08%), Larsen & Toubro (1.22%), Ranbaxy Laboratories (1.16%), Maruti Suzuki (1.03%) and Infosys Technologies (0.67%) led the gainers pack.

Foreign Institutional Investors bought equities worth Rs 158.57 crore on Friday, as per the provisional data from the stock exchanges.

The market breadth was negative on the NSE with 426 gainers against 1031 losers.

The European markets were under pressure over political uncertainty in Greece. The FTSE 100 was down 1.81 percent, CAC 40 fell 2.27 percent and the DAX moved 2.32 percent.

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Nifty futures trading back to ‘normal’

Posted by pallavijoshi on May 14th, 2012

The National Stock Exchange said trading in Nifty futures was now “normal”, and that prior issues involving the confirmation of orders had been resolved. An NSE spokeswoman earlier said trades were continuing to come through, but that the confirmation of orders was not allowing the execution of those orders.

Nifty futures were down 1 percent as of 0928 GMT (1:58 p.m., India time).

Earlier the spokeswoman said Nifty futures were not trading and the bourse was looking to resolve the issue. Traders had previously cited problems placing orders on the NSE’s futures and options platforms. Trading in the cash markets continued as normal, the spokeswoman added.

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Sensex ends at 16,200; Oil & gas, banks, realty down

Posted by pallavijoshi on May 14th, 2012

MUMBAI: The Sensex ended in the negative territory led by losses in oil & gas, banking, realty and power stocks. The increase in the April WPI and a selloff in the European markets following the political uncertainty in Greece hurt sentiment.

The Sensex ended at 16,199.23, down 93.75 points, or 0.58 percent. It touched an intraday high of 16,390.33 and a low of 16,124.82 today.

The Nifty closed at 4,900, down 28.25 points, or 0.57 percent. It touched an intraday high of 4,957.20 and a low of 4,874.50 today.

The BSE Midcap Index fell 0.97 percent and the BSE Smallcap Index declined 1.26 percent.

Rate-sensitive stocks were under pressure after a pick-up in April WPI inflation to 7.23 percent, against 6.89 percent in March, doused hopes of any rate hike by the Reserve Bank of India.

Among sectoral indices, the BSE Oil & Gas Index was down 1.87 percent, the Bankex fell 1.81 percent, the BSE Realty Index declined 1.29 percent and the BSE Power Index slipped 0.89 percent. The BSE Healthcare Index was up 0.75 percent and the BSE IT Index edged up 0.42 percent.

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Bank Nifty futures end in green as traders cover shorts

Posted by pallavijoshi on May 12th, 2012

MUMBAI: Traders, who built up heavy selling positions in Bank Nifty futures contracts, covered some of their shorts built up since May 2 when the RBI issued Basel III norms requiring banks to raise shareholder capital in stages. This pulled up the index which ended at 9385, up 30 points from its previous close.

The stringent Basel III norms are seen hurting banks’ profitability as they would have to raise an estimated Rs 3.9 -5lakh crore to comply with the norms, according to Moody’s.

Since RBI issued the norms, traders have been building up naked shorts, indicating a negative sentiment. However, traders unwound some of their short positions Friday after beating down the contract since last Wednesday.

Outstanding positions or open interest (OI) increased by 23,425 shares on Friday as the contract ended in the green, indicating that traders covered some of their shorts. Since last week, the OI has jumped from 17.63 lakh shares to to 21.05 lakh shares on Friday, with the contract having shed over the same period.

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Sensex falls for 4th straight day on weak data

Posted by pallavijoshi on May 12th, 2012

MUMBAI: Benchmark indices fell 0.8% on Friday, extending losses to the fourth straight day, dragged down by a lower-than-expected industrial production reading in March. Pharma shares led declines with the BSE’s healthcare index dropping over 2% over the previous close.

“Being a defensive sector, pharma stocks held on all this while. But some compression in margins was noticed in the recently-declared quarterly numbers. In an already bearish market, this led to a correction in prices,” said Rikesh Parikh, VP-equities at Motilal Oswal Securities.

Sensex fell 127 points and closed at 16,292 points, 0.8% below its prior close. Nifty declined 36.80 points or 0.74% to end at 4928.90. The index of industrial production (IIP) contracted 3.5% in March compared with a year earlier, significantly below analyst estimates of a 1.5% growth.

The unexpected numbers weighed down sentiment, already pessimistic after shares of pharmaceutical companies ended their rally and corrected almost 4%.

Front-line bank shares recovered losses on some short-covering and bargain hunting in anticipation of inflation numbers next week. A fall in inflation is widely expected to prompt the RBI to cut policy rates, which would benefit banks.

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Sensex off highs; ITC, DLF, Tata Motors, HDFC up

Indian stocks at risk of ‘de-rating’: Merrill Lynch

Sensex slips below 16100, Nifty near 4850; Tata Motors down

L&T gains over 4% on strong order inflow guidance

Nifty lackluster; L&T, Sesa Goa, Cipla, Hero gain

Sensex off highs; ITC, DLF, Tata Motors, HDFC up

Indian stocks at risk of ‘de-rating’: Merrill Lynch

Sensex slips below 16100, Nifty near 4850; Tata Motors down

L&T gains over 4% on strong order inflow guidance

Nifty lackluster; L&T, Sesa Goa, Cipla, Hero gain

Nifty below 4900; RIL, JP Associates, SAIL, DLF down

Nifty futures trading back to ‘normal’

Sensex ends at 16,200; Oil & gas, banks, realty down

Bank Nifty futures end in green as traders cover shorts

Sensex falls for 4th straight day on weak data

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