Sensex makes a comeback, ends 82 pts up on SBI show

The BSE Sensex and NSE Nifty showed a nice rebound in late trade on Friday led by outstanding performance by SBI in fourth quarter numbers and sharp recovery in rupee from record low to near previous close. However, the global markets stayed under pressure due to eurozone concerns and weak US data.

Short covering helped markets close higher on Friday. The BSE benchmark rose 82.27 points or 0.51%, to close at 16,152.75 after seeing recovery of more than 300 points from intraday low of 15,809.71.

The NSE benchmark fell below the 4800 level to hit a low of 4,788.95 during the day, before closing at 4,891.45, up 21.25 points or 0.44% led by support from banks, oil & gas, FMCG, steel and technology stocks. Index touched an intraday high of 4,908.50 in late trade.

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The Indian rupee too bounced back quite smartly to 54.56 a dollar from record low of 54.89 a dollar, but still down 9 paise from previous close of 54.47 a dollar. Currency has fallen due to sliding euro and other Asian currencies due to Eurozone turmoil.

European markets were off day's low at the time of closing of Indian equities; France's CAC and Germany's DAX were down 0.2% while Britain's FTSE fell 0.9%. Asian markets were down 1-3% at close. Spike in German government bond yields to record lows, rising US dollar, downgrade Greece by Fitch and bank crisis in Spain dampened investors' sentiment globally.

Back home, country's largest lender State Bank of India rallied 5% after better than expected net profit of Rs 4,050 crore for the fourth quarter of FY12 as against Rs 21 crore a year ago, aided by higher interest income and lower provisioning for non-performing loans. Analysts on average had expected profit at Rs 3,580 crore. Net non-performing asset (NPA) ratio declined to 1.82% as against 2.22% in the October-December quarter while the gross NPA ratio fell from 4.61% to 4.44% during the same period.

Private sector lenders ICICI Bank and HDFC Bank gained 2.26% and 0.93%, respectively. Yes Bank, UCO Bank, IDBI Bank, DCB and Syndicate Bank too moved up 1.6-3%.

Technology stocks too turned positive towards the close; Infosys and Wipro rose over 0.5% while rival TCS was flat. In midcap space, Mahindra Satyam (post strong numbers in Q4) and KPIT Cummins jumped 6% (gained 56% in a month post Q4 numbers and strong outlook).

Index heavyweight and oil & gas producer Reliance Industries rose 0.5% while state-owned ONGC was up 1%.

FMCG majors ITC and HUL too rebounded quite nicely, rising nearly 2% and 0.6%, respectively.

Among metals and mining stocks, Sterlite Industries, Jindal Steel, Sesa Goa and SAIL gained around 2-4% whereas Tata Steel and Coal India fell 1-1.5%.

Auto stocks were beaten down badly as rising rupee may increase the cost of imports and royalty payment for these companies. Tata Motors, Bajaj Auto and Maruti Suzuki tanked 2.6-4%. Hero Motocorp was down 1% whereas M&M gained 1%.

In the second line shares, aviation stocks witnessed buying interest after CNBC-TV18 reported quoting top government sources that foreign direct investment in aviation sector is in final stages of approval. Kingfisher was up 2.8%, Jet Airways rallied 6.4% and SpiceJet shot up nearly 9%.

Future Capital and Pantaloon Retail surged 5-6% after 2.5 crore equity shares (38.6% equity) of Future Capital changed hands at Rs 129.58/share via block deal.

However, state-owned earthquake equipment manufacturer BEML tumbled 7.5% after the Karnataka police frozen company's bank accounts.

Manappuram Finance was down nearly 4% ahead of fourth quarter numbers of FY12.

Declining shares outnumbered advancing by 1464 to 1232 on the BSE.

For the week; the 30-share BSE Sensex and 50-share NSE Nifty fell around 0.8%.

At 15:05 hours IST: Nifty, Sensex flat; Re recovers from record low of 54.89/$

The BSE Sensex was flat after showing recovery of more than 250 points from intraday low of 15,809.71. However, European markets extended losses, with the France's CAC, Germany's DAX and Britain's FTSE falling 1-1.5% due to spike in German government bond yields to record lows, rising US dollar, downgrade Greece by Fitch and bank crisis in Spain.

The BSE benchmark moved up 32 points to 16,102.16 and the NSE benchmark went up 9 points to 4,879.

The Indian rupee was trading at 54.71 a dollar, down 0.24 paise as compared to previous close of 54.47 a dollar. However, it recovered 19 paise from record low of 54.89 a dollar.

State Bank of India (up 4.16% post Q4 numbers), ICICI Bank (up 1.5%), ITC (up 0.9%), HUL (up 0.84%), NTPC (up 3.24%), Reliance Industries (up 0.55%) and ONGC (up 0.8%) helped the market turn positive.

However, the fall in Tata Motors (down 4.7%), TCS (down 0.92%), Maruti (down 3.7%), Bajaj Auto (down 2.82%), BHEL (down 2.33%), L&T (down 0.57%) and Bharti Airtel (down 0.77%) has limited the upside.

The market improved quite nicely; about 1046 shares advanced while 1536 shares declined on the BSE.

In the second line shares, Pantaloon Retail, Jet Airways, Sun Pharma Advanced, Welspun Corp and Akzo Nobel shot up 3-5% while BEML, Manappuram Finance, S Mobility, Jagran Prakashan and Motilal Oswal fell 4-8%.

At 14 hours IST: Sensex, Nifty rebound; banks, oil & gas, FMCG lead

The BSE Sensex and NSE Nifty recouped entire losses led by buying interest in banks, oil & gas and FMCG stocks. Even the rupee recovered from record low of 54.89 a dollar to 54.72 a dollar, but it was still down 25 paise as compared to previous close of 54.47 a dollar.

The BSE benchmark rose 36.55 points or 0.23% to 16,107.03 and the NSE benchmark gained 10.85 points or 0.22% at 4,881.05.

Now the market seemed to be priced in all negative news about eurozone, says experts.

Adrian Mowat, Chief Asian and emerging equity strategist at JPMorgan Chase & Co does acknowledge that globally, markets are pricing in a debt saddled Greece exiting the euro zone. Mowat sees global equities rallying once worries from the Euro area are addressed and reined in. ''Right now is not the time to buy risk assets,'' he adds.

European markets like France's CAC, Germany's DAX and Britain's FTSE were down 0.5-0.75% as German government bond yields hit record lows on Friday, the US dollar rose, bank crisis escalated in Spain and Fitch downgraded Greece.

Back home, index heavyweight and oil & gas producer Reliance Industries shot up 1.5% while its rival state-owned ONGC rose 0.87%.

Country's top lender State Bank of India rallied 3.6% after it has reported a better than expected net profit of Rs 4,050 crore for the fourth quarter of FY12 due to improved asset quality. Even its rivals ICICI Bank and HDFC Bank gained 1.4% and 0.9%, respectively. The Bank Nifty jumped over 1%.

FMCG majors ITC and HUL were up around 1%. Shares of M&M, NTPC, Sun Pharma, Sterlite Industries, DLF and GAIL moved up 1-2%.

However, the BSE Auto Index fell 1.4% as record low rupee seen raising the cost of imports, royalty payments. Tata Motors, Bajaj Auto and Maruti tanked 2-3%; Hero Motocorp was down 1.4%.

Infosys, Larsen & Toubro, BHEL, Bharti Airtel, Coal India, Tata Power and Hindalco were down 0.7-1.5%.

At 12:55 hours IST: Sensex, Nifty pare losses; SBI shoots up 4% post Q4 nos

The BSE Sensex and NSE Nifty pared somewhat losses in afternoon trade due to buying interest at lower levels in beaten down stocks. Even country's largest lender State Bank of India helped the market trim losses as the bank reported higher than expected profit after tax of Rs 4,050 crore for the fourth quarter of FY12 due to improved asset quality performance.

Analysts on average had expected profit at Rs 3,580 crore during the quarter, due to which the stock shot up nearly 4%. Net non-performing assets declined at 1.82% versus 2.22% quarter-on-quarter. Private sector lenders ICICI Bank and HDFC Bank too trimmed losses significantly.

The BSE benchmark was down 98 points or 0.6% to 15,972 and the NSE benchmark fell 30.5 points or 0.63% to 4,840, even after the Indian rupee stayed near record low and fall of 0.6% in European markets on opening. The Indian rupee fell 36 paise to 54.83 a dollar.

Even Index heavyweight Reliance Industries turned positive with 0.4% upmove and the top software services exporter TCS too.

However, top commercial vehicle maker Tata Motors retained its top position in the selling list, falling nearly 5%. Maruti, Bajaj Auto and Hero Motocorp were down 2-3.8%.

Shares of Infosys, Larsen & Toubro, Tata Steel and BHEL tumbled 1-2% while ITC, HDFC, Bharti and ONGC declined marginally.

The broader markets too were down 0.9%. About two shares declined for every share rising on the BSE.

At 11:09 hours IST: Sensex tanks 250 pts on broadbased selling; HUL outperforms

The Sensex and the Nifty took heavy knock on Friday due to consistent fall across all the sectors. Rising concerns over Eurozone and disappointing US data dented the sentiment. Even the Indian rupee depreciated by 40 paise to record low of 54.86 a dollar as euro and other Asian currencies too were under pressure.

The market has been falling in last nine out of 13 sessions. The BSE benchmark tumbled 250.52 points or 1.56% to 15,820, weighed down by 29 components. Meanwhile, the NSE benchmark dropped 77.35 points or 1.59% to 4,792.85 (below 4800 level for the first time since January 10, 2012).

Tata Motors, country's largest commercial vehicle manufacturer plunged 5% while top car maker Maruti Suzuki lost 4%.

Engineering and construction major by sales Larsen & Toubro was down nearly 2% and state-owned BHEL fell over 3%.

Private sector lenders ICICI Bank and HDFC Bank dropped 2% and 1.35%, respectively, but State Bank of India stayed flat. Housing finance company HDFC was down 1.5%.

Country's second largest software services exporter Infosys tumbled 2.5% and cigarette major ITC declined 1.35%.

Among metals stocks, Tata Steel, Sterlite Industries, Jindal Steel and Hindalco tanked 2-3%. However, HUL was the only gainer among Sensex 30, rising 0.5%.

About two shares went down for every share advancing on the BSE. The BSE Midcap Index was down 1% and Smallcap was down 0.8%.

Most active stocks on the BSE were AstraZeneca (up 6%) with 89,052 equity shares and Kajaria Ceramic (up 2.6%) with 8,33,357 shares.

In the second line shares, BOC India (on delisting buzz), Fresenius Kabi, Hindustan National Glass and Edelweiss Capital gained 2-5% whereas Supreme Industries, Sterlite Tech, Indiabulls Real, Berger Paints and Manappuram Finance lost 4-5.5%.

Hindustan Media Ventures shot up over 6% ahead of the fourth quarter numbers today.

Aviation stocks rallied. CNBC-TV18 reported quoting top government sources that foreign direct investment in aviation is in final stages of approval. Jet Airways was up 1.7% and Kingfisher Airlines rose 2.8%. SpiceJet surged 4%.

At 10:16 hours IST: Sensex down over 180 points, Re falls to record low

The BSE Sensex and NSE Nifty showed somewhat recovery, though both were down nearly 1% each. The Indian rupee fell to a record low against the dollar for the third consecutive day on Friday as risk aversion made a strong comeback with Asian stocks showing deep cuts and euro falling to a four-month low.

The BSE benchmark fell 183.64 points or 1.14% to 15,886.84 after hitting an intraday low of 15,838.51. Meanwhile the NSE benchmark was down 56.80 points or 1.17% to 4813.40.

The rupee was last trading at 54.83, breaching its previous all-time low of 54.60 hit on Thursday.

The euro zone crisis and the country's deficit worries are the macro news that is taking the Indian currency lower.

Infosys, India's No. 2 software services exporter lost 2.35% while its rivals Wipro and TCS were flat.

Tata Motors, top commercial vehicle maker tanked 3%; Bajaj Auto, Maruti, Hero Motocorp and M&M were down 1-2%.

Index heavyweights and oil & gas producers Reliance Industries and ONGC moved down just 0.4% and 0.9%, respectively.

Top private sector lenders ICICI Bank and HDFC Bank 1.4% and 0.7%, respectively, but rival State Bank of India rallied 1.44% ahead of fourth quarter numbers today. Analysts on average expect strong numbers from country's largest lender.

Cigarette major ITC and top telecom operator Bharti Airtel declined 1.5%.

However, HUL and Cipla gained 0.3-0.7%.

About three shares declined for every share rising on the National Stock Exchange.

At 9:20 hours IST: Mkt opens 1.3% down on nagging EU woes, weak US data

The BSE Sensex and NSE Nifty began trading with 1.2% gap down on Friday morning in reaction to rising concerns over Spain and Greece in Eurozone, and weak US economic data.

The BSE benchmark slipped below the 16000 level in the opening trade and was trading at 15,882.03, down 188.45 points or 1.17%.

Moody's cut 16 Spanish bank ratings by 1-3 notches including EU's largest Banco Santander. Spanish bonds yield was at 6.25% and now market experts feel bond slide could see yields moving to 7%. Fitch downgraded Greece to CCC from B- and sees heightened risk of Greece exiting Euro.

Back home, the NSE benchmark tested 4800 level on opening tick; it fell 61.20 points or 1.26% to 4,809.

Commodity shares took beating due to fall in commodities yesterday. JSPL, Tata Steel, Hindalco, SAIL and Sterlite Industries tanked 2-3%.

Auto stocks too were under pressure; Bajaj Auto, Tata Motors, M&M and Maruti fell 2-3%.

IDFC, ITC, L&T, DLF, BHEL, JP Associates, Ranbaxy Labs and Infosys slipped 1.5-2%. Reliance Industries and HUL were down 1%.

However, ONGC gained 0.5% on falling crude oil prices. SBI rose 0.3% ahead of its healthy numbers in Q4.

The CNX Midcap Index plummeted 93 points or 1.35% to 6,793. About five shares declined for every share rising on the National Stock Exchange.

In the second line shares, Mahindra Satyam shot 4% post excellent performance in profit after tax in Q4. Tech Mahindra gained 3%.

Jaypee Infratech rose 2.5% after good numbers in March quarter.

Jet Airways gained 2% on rising market share. Kingfisher Airlines went up 3.5% as CNBC-TV18 reported quoting top government sources that FDI in aviation is in final stages of approval.

BOC India rallied 4.5% on delising buzz.

However, JSW Ispat and JSW Steel were down 1-3%.

IRB Infra, IVRCL and Punj Lloyd tanked 3-5%.

Delta Corp, Unitech, REC, PFC, Ashok Leyland, VIP, Voltas and Educomp Solutions tumbled 2-4%.