Nifty ends at sniffing distance of 5000; SBI rallies

28 May 2012

The BSE Sensex rose 1.33% on Monday as an improved global risk sentiment spurred buying in financial stocks such as top lender State Bank of India and recently dented blue chips stocks.

SBI rose 4.8%, ICICI Bank added 2.6%, while Reliance Industries ended up 1.42%.

The broader 50-share NSE index also gained 1.33% at 4,985.65. All BSE sectoral indices closed in positive terrain.

About 1718 shares have advanced, 984 shares declined, and 721 shares are unchanged.

Banking sector has outperformed the other sectoral indices. It was up over 2%. SBI, PNB, Bank of India, Axis Bank and IDBI Bank gained 3-5%.

C Jayaram, joint managing director of Kotak Mahindra Bank is positive on private sector banks. "Between the PSU banks and the private sector banks, there is a question of valuation versus comfort. At this point of time, the dice seems to be rolling in favour of the private banks. Since most investors are not looking to take great ways, they find greater comfort in the private banks," he elaborates.

Top gainers on the Sensex were SBI at Rs 2,100.35 up 4.76%, BHEL at Rs 217.10 up 4.17%, Tata Power at Rs 92.55 up 3.81%, Hindalco at Rs 114.95 up 2.82% and Tata Motors at Rs 276.60 up 2.69%.

Top losers on the Sensex were GAIL at Rs 327.50 down 2.62%, ONGC at Rs 253.50 down 1.4%, Maruti Suzuki at Rs 1,103.70 down 1.2%, HUL at Rs 417.50 down 0.82% and Jindal Steel at Rs 454.15 down 0.5%,

Most active shares on BSE were SBI, Wockhardt, Jubilant Food, Reliance and Shalimar Paints.

Top percentage gainers on the BSE - Piccadilly Agro, KELTECH Energ, Electrotherm, Bhandari Hosier and Take Solutions were up 19-20%.

Top percentage losers on the BSE - HDFC Warrants, Ramky Infra, KLRF, Cravatex and Dhruva Capital were down 10-18%.

Top gainers on the BSE Midcap - Bombay Dyeing, Jubilant Food, Infotech Enter, Guj Mineral and Nat Fert were up 6-7%

Top losers on the BSE Midcap - Pidilite Ind, S Mobility, Nava Bharat Ven, Bajaj Electric and Torrent Pharma were down 2-3%.

Turnover: The NSE cash turnover was at Rs 7374.48 crore and the NSE & BSE F&O turnover was at Rs 136423.93 crore and 34201.35 respectively. The BSE cash turnover was Rs 1587.62 crore. Total market wide turnover was at Rs 179587.38.

BSE Sensex extends gains; SBI up 4%

The BSE Sensex extended gains in afternoon trade, helped by gains in Asian shares, with the local gains led by financials and Reliance Industries.

The Sensex was up 176.18 points or 1.09% at 16394.00, and the Nifty was up 55.60 points or 1.13% at 4976.00. About 1597 shares advanced, 1039 shares declined, and 787 shares remain unchanged.

Trading may remain volatile ahead of the May month derivatives expiry on Thursday.

State Bank of India was up 4% while ICICI Bank rose 1.6%. Sudarshan Sukhani of s2analytics.com says, "SBI is very good; I have been favouring this since its results. Even on dips I suggested a buy. It is looking at Rs 2250-2230 and even higher, so go long in it."

Reliance Industries rose 1.2%, helped by its ongoing share buy-back.

Top gainers on the BSE Midcap were Jubilant Food, Wockhardt, Voltas, Havells India and Novartis India.

Top losers on the BSE Midcap were Pidilite Industries, Nava Bharat Ventures, Anant Raj Industries, Bajaj Electricals and Hind Nat Glass.

Gold prices in India, one of the world's leading consumers, climbed on Monday in line with firm global markets but the rise depressed physical demand just ahead of a lean season.

The most-active June delivery on the Multi Commodity Exchange (MCX) was up 0.24% at Rs 28,995.

The rupee, which plays an important role in determining the landed cost of the dollar-quoted yellow metal, was steady around 55.3350 to the dollar.

Sensex volatile; BHEL, SBI, Rel Infra on buyers' radar

The BSE Sensex was trading volatile ahead of the expiry of May derivatives contracts on Thursday. The rupee was on course to clock a third session of gains, after hitting an all-time low of 56.40 on Thursday.

The Sensex was up 97.40 points or 0.60% at 16315.22, and the Nifty was up 29.65 points or 0.60% at 4950.05. About 1504 shares advanced, 1028 shares declined, and 891 shares remain unchanged.

Top gainers on the Nifty were BHEL, SBI, Reliance Infra, Tata Power and Mahindra and Mahindra. GAIL, BPCL, Maruti Suzuki, ONGC and HUL were top losers.

Jan-March GDP numbers, due to be announced on May 31 at 11 a.m. (0530 GMT), will also be closely watched for RBI's rate outlook.

March fiscal deficit data to be released on May 31, around 4 p.m. (1030 GMT), also awaited.

Mobile phone carrier Reliance Communications continues to be in talks with other telecom companies, including the broadband unit of Reliance Industries , to share its telecom towers, a senior company official said on Monday

European Shares gain

European stocks rose for a third consecutive session early on Monday and the euro bounced off two-year lows, as Greek opinion polls showing rising support for pro-bailout parties calmed speculation of a disorderly exit by Athens from the single currency.

Global share markets, commodities and the euro were all recovering from sharp falls last week, when investors fled to the safety of the US dollar on mounting concerns about Greece, Spain's banking sector, and a lack of immediate policy responses from European leaders.

The euro jumped 0.8% to $1.2615, pulling away from Friday's level of $1.2495, its lowest since July 2010.

Earnings Check

Indian Oil Corporation (IOC) has come out with its fourth quarter numbers. The company's Q4 net profit was up at Rs 12,670 crore versus Rs 3,905.2 crore, YoY.

Its net sales stood at Rs 1.27 lakh crore versus Rs 98,269 crore, YoY. The company's GRMs were at USD 4.25/bbl versus USD 7.56/bbl, YoY. IOC has declared a dividend of Rs 5 per share.

Key earnings to watch out include Coal India on Monday, Tata Motors , Power Grid Corporation of India , Oil and Natural Gas Corporation and Steel Authority of India on Tuesday.

GAIL , Mahindra and Mahindra , and DLF to report on Wednesday.