Sensex closes off day's high; Wipro gains 4%, BHEL down 3%

Indian shares trimmed gains in late trade to close on a flat note as investors awaited more details of a new bond buying program from the European Central Bank (ECB).

The market was flat in morning trade, but rising hopes of fresh bond buying program that led rally in European markets helped the Sensex gain more than 100 points and the Nifty touch 5250 level in afternoon trade. However, the market cut gains in late trade due to somewhat profit booking.

The 30-share BSE Sensex rose 32.93 points to close at 17,346.27, aided by banks and technology stocks. Meanwhile, the 50-share NSE Nifty moved up 12.70 points to 5,238.40.

Market experts feel the ECB chairman Mario Draghi is likely to announce an unlimited bond-buying programme.

Nick Parsons of National Australia Bank said, "It has to be unlimited in terms of scale because any attempt to put a quantitative lid on that would immediately have the market reaching for its calculator to workout when the limit might be reached.'' Further, he said that one will have to see if a rate cut is also offered.

European markets erased somewhat gains just hours before the ECB meet. France's CAC was up 0.9% and Britain's FTSE went up 0.56% while Germany's DAX gained 1.22%. The Dow Jones futures too moved up 0.5%. Commodities like gold and NYMEX crude also gained 1% ahead of the event.

Back home, shares of companies, which get revenues from European continent, rallied quite sharply. Commercial vehicle major Tata Motors, which has UK subsidiary Land Rover and Jaguar, jumped 1.9%.

Infosys, country's second largest software services exporter shot up 3.58% while its rival TCS and Wipro were up 1.1% and 4.43%, respectively.

Top lenders State Bank of India and ICICI Bank were up 1.15% and 1.86%, respectively. However, their rival HDFC Bank lost 0.91%.

Among cement stocks, ACC gained 2.6% and Ambuja Cements surged 4.5%.

State-run power producer NTPC and gas transportation services provider GAIL gained more than 1.6%. Jindal Steel, which lost 5% yesterday, gained 2% on short covering.

Power equipment manufacturer BHEL shed another 3.2% after losing 5% yesterday. Telecom operator Bharti Airtel erased previous day's gains to close 2% lower.

Fast moving consumer goods majors ITC and Hindustan Unilever were down 2.7% and 1%, respectively.

Engineering conglomerate Larsen & Toubro and index heavyweight Reliance Industries declined 0.5% each.

The broader markets too closed marginally higher as the advancers outnumbered decliners by 1405 to 1326 on the Bombay Stock Exchange.

In the second line shares, West Coast Paper tanked 8.5% after the company denied the news saying US based International Paper (IP) is in talks to buy stake in the company. Andhra Pradesh Paper Mills, wherein IP holds 75% stake, too fell 0.6%. But other paper stocks like Rama Newsprint and BILT surged 14% and 4%, respectively.

Healthcare stocks like Aurobindo Pharma, Wockhardt and Lupin gained 3-5%. After the brokerage reports, Motherson Sumi rose 3% and OnMobile Global jumped 10%.

Deccan Chronicle fell 5%. The Deccan Chronicle Holdings (DCHL) today issued a tender notice inviting bids from prospective buyers for its IPL franchisee Deccan Chargers, which is currently in a financial mess. Sources said the Videocon Industries is likely to bid for it.

The 30-share BSE Sensex advanced 100 points, aided by the further upmove in technology and banking stocks. European markets too extended gains before the European Central Bank's (ECB) policy meet today evening.

Market experts believe the ECB chairman Mario Draghi may announce major bond buying programme to ease ongoing Eurozone debt crisis. Germany's DAX was up 1.3% and France's CAC gained 1.1% while Britain's FTSE climbed 0.7%. The Dow Jones futures rose 0.6%.

The BSE benchmark moved up 102 points to 17,415.36 and the NSE benchmark went up 32 points to 5,257.75. The Indian rupee too appreciated by 8 paise to 55.83 against the US dollar.

The Bank Nifty gained more than 100 points as major lenders State Bank of India and ICICI Bank were up 1.8% and 2.5%, respectively.

Country's largest IT services exporters TCS and Infosys rallied 1.2% and 3.6%, respectively while Wipro shot up 4.2%.

Commercial vehicle maker Tata Motors extended gains to 2.4% ahead of ECB meet as expected new bond buying plan would revive economic growth, which resulted into increase in sales of luxury brand Jaguar and Land Rover.

Housing finance company HDFC and engineering conglomerate Larsen & Toubro were marginally higher.

Cigarette major ITC and state-owned power equipment manufacturer BHEL dropped 2.5% each. Telecom operator Bharti Airtel fell nearly 2%.

Advancing shares outnumbered declining by 838 to 550 on the National Stock Exchange.

Indian shares gained strength amid choppy trade, helped by gains in European markets ahead of major event - European Central Bank (ECB) policy meet. ECB chairman Mario Draghi is set to unveil his plan on saving the Euro later in the day.

The 30-share BSE Sensex climbed 91 points to 17,403.97 and the 50-share NSE Nifty rose 27.5 points to 5,253.15, supported by banks, technology, metals and power stocks.

Expectations from the Draghi have been mounted. Tom Price of UBS feels the ECB will start buying bonds mainly because there is no other short-term solution available to Europe to support growth. France's CAC and Germany's DAX rallied more than 1% while Britain's FTSE rose 0.8%. Spain and Italy's 10-year bond yields declined ahead of the event.

Back home, country's largest lenders State Bank of India and ICICI Bank jumped 1.5-2% while housing finance company HDFC was up 0.5%.

Software services exporters widened gains quite smartly, partly may be due to likely revived bond buying program. European continent contributes to revenues of these IT companies. Infosys and Wipro surged 3.5-4% while TCS gained 1%.

State-run oil & gas producer ONGC, gas transportation services provider GAIL and power producer NTPC were up 1.5% each.

Commercial vehicle maker Tata Motors and top car manufacturer Maruti Suzuki moved up 1% and 1.5%, respectively.

Metals stocks bounced back after yesterday's sharp fall; Jindal Steel jumped 2.6% while Hindalco Industries rose 1.8%. Sterlite was up 1.3% and Tata Steel gained 0.6%.

Cigarette major ITC and state-owned power equipment manufacturer BHEL dropped more than 2%. Telecom operator Bharti Airtel fell 1.8% and FMCG major Hindustan Unilever was down 0.8%.

The BSE Sensex and NSE Nifty were completely directionless due to flat trade in global markets. The BSE IT Index topped the buying list with more than 2% gains as the sharp spurt indicated that there may be value buying in the stock. Software services exporter Infosys rallied 3% and Wipro surged 3.6% while their rival TCS was up 0.7%.

The BSE benchmark moved up 9 points to 17,322.14 and the NSE benchmark was up 1.2 points at 5,226.90. European markets opened marginally higher ahead of European Central Bank's policy meeting today at 5:15 hours IST.

Top private sector lender ICICI Bank advanced 1.2% while its rival State Bank of India and housing finance company HDFC remained higher with 0.5% gains.

Car maker Maruti Suzuki went up 1% on hopes that production at riot-hit Manesar facility will reach to its full capacity by September-end.

State-run oil & gas producer ONGC moved up 0.7%. Shares of Jindal Steel rallied over 2%.

Power equipment manufacturer BHEL widened losses to 3.25% after losing 5% yesterday. Cigarette major ITC too extended losses to 2.2%.

Telecom operator Bharti Airtel cut losses to 1.6% from 2.7%. Shares of Reliance Industries, Hindustan Unilever, Larsen & Toubro, M&M and Tata Steel were down more than 0.5%.

Two-wheeler major Hero Motocorp lost 1% while its rival Bajaj Auto was down 0.67%.

Indian equity benchmarks remained listless since early trade as Asian markets too were lacklustre ahead of conclusion of European Central Bank's policy meeting later in the day today.

The BSE benchmark rose 8 points to 17,321.33 and the NSE benchmark was flat at 5,225.45. But the broader markets were marginally higher as advancers outnumbered decliners by 724 to 576 on the National Stock Exchange.

Euro gained 0.1% to 1.2608 against the American currency US dollar ahead of European Central Bank's meeting today evening. There are some leaked reports that say Mario Draghi will announce unlimited purchases of bonds upto three years from European sovereigns. Jerome Paul Booth of Ashmore Investment says unlimited bond-buying by the ECB will face opposition.

The Indian rupee fell by 8 paise to 55.99 against the US dollar. Yesterday, the rupee dropped by 25 paise due to dollar demand form importers amid a weakness in stock market.

Back home, software services exporter Infosys topped the buying list with 2.5% gains while its rival Wipro rallied 2% and TCS gained 0.65%.

Jindal Steel, which crashed 5% yesterday, extended gains to 2% on short covering. Private sector lender ICICI Bank rose over 1% while its rival State Bank of India and housing finance company HDFC were up 0.5% each.

Top telecom operator Bharti Airtel and state-run power equipment maker BHEL dropped 2.5% and 3%, respectively.

Index heavyweight Reliance Industries, engineering conglomerate Larsen & Toubro and FMCG major Hindustan Unilever went down 0.5% each. Cigarette major ITC plummeted 1.7%.

In the second line shares, Glodyne Tech, Shree Global, KSK Energy Ventures, Delta Corp and Prestige Estate gained 4-5% while Chennai Petroleum, India Cements, Elantas Beck, Central Bank and Indiabulls Financial lost 2-4%.

Indian shares continued to trade in a range around their previous closing values following lacklustre trade in global markets ahead of a meeting of European Central Bank today evening. The weakness in Reliance Industries, L&T and ITC counterbalanced the gains in Infosys, ICICI Bank, SBI and TCS.

The 30-share BSE Sensex declined 5 points to 17,308.14 and the 50-share NSE Nifty was down 3 points to 5,222.70.

Overall the market has been in a range, which experts feel would continue. Vibhav Kapoor of IL&FS said the Nifty would remain rangebound between 4,950-5,400. He feels the the index may move to 4,900 if global cues disappoint.

Infosys, country's second largest software services exporter extended gains to 2.3% while its rivals TCS and Wipro gained 0.7-1%.

Private sector lenders ICICI Bank and Axis Bank rose 1% each after losing 4-5% yesterday. Public sector lender State Bank of India went up 0.6%

Traders also covered their shorts in metals stocks; Jindal Steel and Sterlite Industries, which fell 3-5% yesterday, gained more than 1%.

India's largest car maker Maruti Suzuki moved up nearly 1% as the COO S Maitra hopes that the company's Manesar facility will start full by month-end. "We will produce about 700 cars per day from Manesar shortly (which is currently around 580 cars)," he said.

Fast moving consumer goods majors ITC and HUL were down 1.5% and 0.5%, respectively. Engineering conglomerate Larsen & Toubro fell 0.6%.

State-run power equipment manufacturer BHEL, which topped the selling list with 5% losses yesterday, dropped 2.4%. Telecom operator Bharti Airtel erased yesterday's gains, falling 2.7%.

The BSE Sensex and NSE Nifty started off Thursday trade on a flat note as investors seem to be more in the wait and watch mode ahead of a meeting of European Central Bank today evening.

The BSE benchmark was down just 0.52 point at 17,312.82 and the NSE benchmark fell 2.35 points to 5,223.35.

Asian markets were mixed and yesterday US markets too were listless at close. ECB chairman Mario Draghi will address press conference today at 18 hours IST. Some market experts feel he may go for more short-term bond buying plan and may also cut refinancing rate, but others said it would be a non-event.

Andrew Benito of Goldman Sachs expects the ECB to reiterate its preparedness to buy short-dated govt debt which will be dependent on requests for EFSF & ESM support. "The risk is that today's announcements will fall short of expectations," he adds.

Back home, BHEL, Ranbaxy, Sun Pharma, Dr Reddy's Labs, Bank of Baroda, PNB, Kotak Mahindra Bank, IDFC, L&T, NTPC, TCS and ITC were down in early trade.

Yesterday's badly beaten down stocks saw buying interest today. Infosys bounced back with 1.8% gains. ICICI Bank was up 1%.

Axis Bank rose 0.8% as the research firm Nomura has put a buy rating on the stock with a target of Rs 1200. "The bank hasn't seen any signs of higher stress in any particular sector but has indicated that there might be some lumpiness in corporate restructuring," says Nomura report.

Sterlite, Hindalco, JP Associates and Jindal Steel & Power too rebounded.

The CNX Midcap Index was flat, though the market breadth was in favour of advances.

In the second line shares, West Coast Paper lost more than 3% despite the news that US-based International Paper is eyeing the company with deal around Rs 800-1200 crore, reports CNBC-TV18 quoting The Economic Times.

Crompton Greaves, Tata Global Beverage, Shasun Pharma, Dish TV and S Kumars Nationwide were up nearly 1%. Traders' favourite Delta Corp was up 3%.

Deccan Chronicle tanked 4%.