Sensex ends 346 pts up, posts 1st weekly gains in 6 weeks

The Nifty made an excellent start to the April series, fanned by Finance Minister Pranab Mukherjee's clarifications on Participatory Notes effective April 1. "The intention of the government is not to harass genuine investors. Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing P-notes." the FM said. Following this, the BSE benchmark surged 345.59 points or 2.03%, to close at 17,404.20 supported by 28 stocks while the NSE benchmark rose 116.70 points or 2.25% to 5,295.55, after hitting an intraday high of 5,307.10. The market posted first weekly gains in six weeks, ending with moderate gains for the week.

Indian rupee too registered a 55-point appreciation to 50.85 to a dollar, after the Reserve Bank of India bought bonds worth Rs 10,000 crore via open market operations (OMOs), which in turn helped market's sentiment.

Although, market managed to trim losses via gains made in the last quarter of FY 12, but both Sensex and Nifty finished the year down 9-10% compared to FY 11.

Mehraboon Irani, Nirmal Bang Securities says, since December 2011, the Indian market has been driven only by one factor and that is global liquidity. "But fundamentally we remain on a weak wicket," he asserts.

He expects a pleasant surprise for the market in April. "We will have to watch the global liquidity flows. I believe that can possibly help us having a positive surprise as far as equity market goes because there will be a lot of liquidity around which is yet to be parked. If we have a stimulus coming from US also in June-July, which I think the chances would be 50% right now, we could be having much higher levels," he asserts.

The BSE Bankex, which shot up more than 25% in the current quarter, rose 2.55% today. Country's largest private sector lender ICICI Bank spiked 3.6% while rival State Bank of India was up 1.6% and HDFC Bank up 1.8%. Kotak Mahindra Bank jumped 4%.

The Oil & Gas, Realty, Metal, Auto, IT, Capital Goods and Healthcare indices were up 2-3%.

Index heavyweights and oil & gas producers Reliance Industries and ONGC gained 3.2% and 2.5%, respectively.

Infosys and Tata Consultancy Services, top software services provider moved up 1.5-2.5%. Capital goods majors L&T and BHEL were up 2-3%.

Among metals, shares of Tata Steel, Coal India and Hindalco surged 3-4%. Maruti Suzuki, country's largest car maker rallied 3.76%. However, Jindal Steel and Sun Pharma were only losers, falling 1.24% and 0.23%, respectively.

Oil marketing companies like BPCL and IOC gained 2-3% on hopes that the government may hike petrol prices soon. Shares of HPCL shot up 7%.

About 3.5 shares advanced for every share gaining on the National Stock Exchange. The BSE Midcap and Smallcap indices were up 2% each.

On the global front, European markets too were positive, rising 0.65-1.3%. The Dow Jones futures gained 55 points.

At 15:01 hours IST: Nifty soars 100 pts to touch 5300, Re recovers to 50.91/$

The NSE Nifty rallied further, gaining more than 100 points due to buying interest across sectors after Finance Minister Pranab Mukherjee said there was no tax liability on holders of participatory notes. The Indian rupee gaining 49 paise to 50.91 a dollar too helped the market rally.

The BSE benchmark shot up 367 points or 2.15% to 17,426 and the NSE benchmark jumped 122 points or 2.35% to 5,300.7 led by 47 components. Only Cairn India, Jindal Steel and Sun Pharma were losers among largecaps, falling 0.6-1.5%.

Country's largest private sector lender ICICI Bank spiked 4% while its rivals State Bank of India and HDFC Bank gained over 1.9-2.2%.

Shares of IDFC, Tata Steel, Ranbaxy Labs, Hindalco and Tata Power surged 4-5%, topping the buy list.

Oil & gas producers and index heavyweights Reliance Industries and ONGC were up 3% and 1.7%, respectively.

Engineering and construction major Larsen & Toubro rose 2.44% and software sevices provider Infosys moved up 2.6%. State-owned Bharat Heavy Electricals rose 3.5%.

At 14:15 hours IST: Sensex climbs 300 points; Reliance, ICICI Bank gain 3%

The BSE Sensex continued to trade sharply higher, majorly supported by Reliance Industries and ICICI Bank with 3% gains each. The Indian rupee gained 30 paise at 51.10 a dollar as the Reserve Bank of India said it would infuse Rs 10,000 crore via open market operations (OMOs) today to alleviate the tight liquidity conditions.

The BSE benchmark surged 298 points or 1.75% to 17,356.63 led by 26 stocks, which hit an intraday high of 17,364.86. Meanwhile, the NSE benchmark rose 94.35 points or 1.82% to Rs 5,273.20. European markets too were up between 0.5% and 1%.

While clarifying on the General Anti-Avoidance Rules, which will come into effect from next week, Finance Minister Pranab Mukherjee said the intention of government was not to harass genuine investors. "Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing participatory notes. There is no tax liability on holders of P-notes," he said..

Sunil Jain of J Sagar Associates feels in a clarification by Finance Minister saying not taxing P-Notes is positive for the market, so genuine investors will not have to worry.

Software services provider Infosys, and engineering and construction major Larsen & Toubro climbed 2% each. HDFC Bank, HDFC and State Bank of India gained 1.7% each.

Cigarette major ITC rose 1% and state-owned oil & gas producer ONGC moved up 1.4%. Tata Consultancy Services, country's largest IT exporter went up 1.4%.

Shares of Coal India, Maruti, GAIL, Tata Power, Tata Steel and Hindalco were up 2-4% while Jindal Steel and Sun Pharma underperformed, falling 0.3% each.

Stocks In News

Suzlon Energy tanked 3% amid heavy volume. Group has re-organized its finance function: Kirti Vagadia will be new CFO, replacing Robin Banerjee. Yesterday, SE Forge, a wholly owned subsidiary of Suzlon said it faced a strike at its Coimbatore manufacturing facility impacting production and dispatches.

Sterlite Industries has received court nod to merge arm Sterlite Opportunities. The stock rose 1.65%.

At 12:52 hours IST: Sensex jumps nearly 300 pts as FM clarifies on P-notes

The BSE Sensex surged nearly 300 points after clarifications on participatory notes issue by Finance Minister Pranab Mukherjee.

The Finance Minister said that intention of government was not to harass genuine investors. "Income Tax department will examine taxability of FIIs and would not to go beyond FII issuing P-notes," he said. There was no tax liability on holders of P-notes, he added.

The BSE benchmark climbed 288 points to 17,347 and the NSE benchmark raced 91 points at 5,269.35. The BSE Midcap and Smallcap indices too gained 1.5% each.

Shares of ICICI Bank topped the buying list among heavyweights, rising 3%. India's most valued stock Reliance Industries, software services provider Infosys and capital goods major Larsen & Toubro moved up 2% each.

ITC, HDFC Bank, HDFC, TCS, State Bank of India, Tata Motors and ONGC gained 1-1.5%. Among metals, Tata Steel and Hindalco shot up 3.5-4% and state-owned Bharat Heavy Electricals rose 2.5%. However, Sun Pharma and Wipro were only losers among Sensex 30.

In the second line shares, Fresenius Kabi, Nava Bharat Ventures, TVS Motor, Jubilant Foodworks and DB Realty rallied 6-11%.

In the smallcap space, Warren Tea, Bhagwati Banquets, Panacea Biotec, Dhanlaxmi Bank and Alchemist were up 10-20%.

About 3.5 shares advanced for every share falling on the National Stock Exchange.

At 12:17 hours IST: Sensex trades strong; HPCL, BPCL rally on price hike talks

The NSE Nifty retained the 5250 level quite nicely today while the BSE Sensex sustained its 200 points gains since morning trade. Banks, oil & gas, capital goods and metals stocks were leading gainers among largecaps while infrastructure, realty and banks rallied among second line shares.

Shares of Hindalco and IDFC topped the buying list, shooting up 4% each. Jaiprakash Associates, Tata Power and GAIL gained 3-3.5% whereas Wipro, Sun Pharma and Cairn India lost around 1%.

The BSE benchmark rose 209 points to 17,267.41 and the NSE benchmark gained 68 points at 5,246.85. The BSE Midcap and Smallcap indices too rallied over 1%.

Among banks, State Bank of India and HDFC Bank were up 1.4% while rival ICICI Bank moved up 2.4%. Housing finance company HDFC was up 1.2%.

Shares of TCS, Infosys, Reliance Industries, L&T, Tata Motors, ONGC, BHEL, Coal India and Sterlite Industries were up 1-2%.

Stocks In News

HDIL gained 4% after MD Sarang Wadhawan sold 50 lakh (1.19%) shares.

Shares of oil marketing companies were rallying today after CNBC-TV18 reported quoting sources that these companies may hike petrol prices soon. HPCL shot up 5% while rivals BPCL and IOC gained 1.4-2%.

Nava Bharat Ventures surged 10% after a block deal of 55 lakh shares.

At 11:02 hours IST: Sensex up 200 pts, Nifty above 5250; Rupee gains 28 paise

The BSE Sensex extended rally, gaining more than 200 points supported by Reliance Industries, ICICI Bank and Infosys. The Indian rupee shot up by 28 paise to 51.12 a dollar as the Reserve Bank of India said it would buy Rs 10,000 crore of 4 GILTS via open market operations today.

The BSE benchmark shot up 239 points or 1.4% to 17,297.60 and the NSE benchmark gained 78 points at 5,256.65, supported by 48 stocks.

Software services provider Tata Consultancy Services rose 1.5% after AmBank, Malaysia selected company's universal financial services platform. Infosys, India's No. 2 IT exporter moved up 1.8% and Wipro was up 0.55%.

India's most valued stock Reliance Industries and state-owned oil & gas producer ONGC were up 1.4% each.

Country's largest lenders State Bank of India and ICICI Bank gained 1.55% and 2.3%, respectively while rival HDFC Bank climbed 1.5%.

SBI, Everonn Education, HDFC, Gateway Distriparks and Nava Bharat Ventures were most active shares on exchanges.

Shares of Tata Steel, Hindalco, BHEL, Tata Power and DLF rallied 2-3%. GAIL, gas transporter, topped the buying list, rising 3.7%.

Compact Disc was locked at 20% upper circuit after the company said it would consider issue of preferential shares in today's board meeting.

At 10:17 hours IST: Sensex spikes 1%; Bank Nifty gains over 150 pts

The BSE Sensex stayed strongly higher, rising over 1% due to consistent buying interest across sectors. The broader markets too rallied 1%. The Bank Nifty gained more than 150 points, supported by ICICI Bank with 2% gains and State Bank of India with 1.4%. Punjab National Bank jumped 2% while rival HDFC Bank was up 0.6%.

Oil & gas producer and India's most valued stock Reliance Industries rose 1.4% and state-owned ONGC was up 0.6%.

The BSE benchmark climbed 189 points to 17,247.64, supported by 29 stocks. Meanwhile, the NSE benchmark was up 62 points at 5,241.25.

Shares of Tata Power and Jaiprakash Associates topped the buying list, rising 3% each.

Tata Consultancy Services and Infosys, country's largest software services provider advanced more than 1%. Housing finance company HDFC too was up 1%.

Drug maker Sun Pharma gained 2% while rival Cipla was up 1%. Capital goods majors Larsen & Toubro and Bharat Heavy Electricals were up 1-1.5%.

Among metals and mining, Tata Steel, Sterlite Industries, Hindalco and Coal India moved up 1.5-2%.

About three shares advanced for every share falling on the National Stock Exchange.

JHS Svendgaard rallied more than 15% amid heavy volume, which shot up 20% yesterday.

At 9:19 hours IST: Sensex rebounds, Nifty above 5200 on 1st day of Apr series

The NSE Nifty started off trade above the 5200 level on first day of April Series, helped by banks, capital goods, technology and metals stocks. The BSE Sensex too gained more than 150 points in early trade after falling in previous two sessions, even after mixed Asian markets.

The BSE benchmark was up 153 points to 17,211.64 led by 28 components. Meanwhile, the NSE benchmark rose 48 points to 5,226.40.

The Indian rupee appreciated by 23 paise to 51.17 a dollar reacting to Reserve Bank of India's open market operations (OMO) today. The RBI has announced it will buy Rs 10,000 crore of 4 GILTS via OMOs.

Frontliners, Tata Power, GAIL, Sun Pharma, DLF, JP Associates, IDFC, ICICI Bank, Axis Bank, PNB, Reliance Infrastructure, BHEL, State Bank of India and TCS were leading gainers.

However, ACC, Maruti, Wipro and Ranbaxy Labs were down 0.5-1% in early trade.

The CNX Midcap rose 47 points to 7,565. About two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, Shree Renuka Sugars, Hexaware, IDBI Bank, HCC, Unitech, VIP Industries, Essar Oil, India Cement, Ashok Leyland and GVK Power shot up 1.5-2.5%. IVRCL rose nearly a percent.

Nava Bharat Ventures surged 4% post block deal.

However, GMR Infra and Idea Cellular fell nearly 1%.