Sensex recovers 65 points; HCL Tech rallies 7.5 per cent

HCL Tech saw a major surge, following the announcement of good quarterly numbers after market close yesterday. The stock finally ended 7.36 per cent higher

Among other technology stocks, Wipro added 2.07 per cent

Suzlon Energy resumed its rally and recovered most of its losses from yesterday. The stock gained 3.14 per cent

Dabur sustained its rally and closed with impressive gains of 5.32 per cent

Zee Entertainment also recovered and added 4.16 per cent

Sterlite Industries added 2.72 per cent after yesterday's correction
Among telecom stocks, MTNL gained 1.95 per cent and Bharti closed 1.88 per cent higher

SBI was the other major gainer, closing 2.36 per cent higher

Oil marketing stocks corrected after yesterday's rally. BPCL declined 3.74 per cent while HPCL closed 2.08 per cent lower

Siemens was the worst performing Nifty stock and closed 4.65 per cent lower

Tata Steel slipped nearly 5 per cent in early trades after the announcement of a large rights issue led to fears of equity dilution. The stock recovered partly and closed 3.12 per cent lower

Among other Tata stocks, Tata Power lost 3.1 per cent and Tata Motors ended 1.11 per cent lower

Cement stocks corrected after two sessions of good gains. Grasim lost 1.27 per cent and Gujarat Ambuja ended 0.53 per cent lower

Among other major losers, Bajaj Auto gave up 1.95 per cent and HLL lost 1.68 per cent

Global markets / crude oil
US markets were mixed yesterday as the broader indexes gained while technology stocks were subdued. Better than expected corporate earnings and lower consumer inflation helped counter the profit booking after previous days rally.

The Dow ended 0.4 per cent higher and the S&P 500 index added 0.2 per cent. The subdued trend in technology stocks saw the NASDAQ closing 0.05 per cent lower.

Asian markets were mixed today as select markets saw profit booking after the recent gains. Japanese Nikkei was helped by property stocks and was the best performer in the region with gains of 0.8 per cent. South Korea added nearly 0.4 per cent while Shanghai recovered from a weak start and closed nearly unchanged

Singapore added nearly 0.45 per cent while Thailand closed 0.4 per cent higher. Indonesia lost 0.3 per cent and Malaysia gave up over 0.1 per cent. Hong Kong ended with modest losses

European markets were weak in opening trading and remain subdued. Major European indexes are trading with losses of between 0.2 per cent and 0.55 per cent each in afternoon trading.

Crude oil prices resumed its decline yesterday, after Monday's steady trend. Near month NYMEX futures ended 51 cents lower at $63.1 per barrel yesterday and have lost more than 40 cents per barrel in European trading today.

Large-cap news flow

Mid-caps and small caps also recovered all of yesterday's losses. The CNX Mid-cap index gained 27 points, or 0.52 per cent, to end at 5116. The BSE mid-cap index gained 0.57 per cent and the BSE small cap index closed 0.67 per cent higher.

Hindustan Oil Exploration saw a major rally and closed 19.57 per cent higher

Pritish Nandy and Rajvir Industries closed at 10 per cent upper circuits.

GTL, Sterling Biotech, Nicco Tiles, Infomedia India, Sangam India, Khandwala Securities and BASF India were the other major gainers among mid and small-caps

Dish TV, the de-merged DTH business of Zee Entertainment, got listed today. The stock opened at Rs114 on the NSE and declined later to close at Rs101.4 per share

Cambridge Technology corrected 8.46 per cent after rallying for the previous two sessions

C&C Constructions, iGate Global, Savita Chemicals, Swaraj Mazda, Wheels India, Weizman Industries and MM Forgings were the other major losers among mid-cap and small-cap stocks

Mid-cap news flow

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks.

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