vengabeats
Nilesh Nagdev
Sensex settles above 10,800; ends off intra-day high of 11,050
Recovery in markets across the globe aided recovery on the domestic bourses, but the Sensex ended well off the higher level of the day.
Two-wheeler makers and select FMCG stocks edged higher on news monsoon hit Kerala 6 days in advance. Steel shares surged.
Reliance Communications Ventures rallied on favourable court ruling in a dispute against VSNL. Refiners HPCL and Indian Oil Corporation on strong Q4 results. But IT stocks slipped.
GAIL India, Titan Industries and i-flex surged. A host of construction stocks rose.
Sensex gained 143.03 points or 1.3% to settle at 10,809.35. Sensex had risen as much 384.45 points to a high of 11,050.77 in mid-morning trade today.
The S&P CNX Nifty advanced 31.90 points or 1% to settle at 3,209.60. The volume on BSE remained low for the second day in a row. BSE clocked a turnover of Rs 3158 crore compared to Thursday's Rs 3030 crore. In the first three trading sessions of this week, the turnover on BSE was between Rs 3747 crore to Rs 3990 crore.
The market breadth was strong. 1,811 stocks rose on BSE as compared to 656 stocks that declined. 54 stocks were unchanged. Gainers outpaced losers by a ratio of 2.76:1.
Asian stocks edged higher on Friday mirroring gains in Wall Street on Thursday, after US first quarter gross domestic product growth came in at an annualised 5.3%, below expectations of a 5.7% gain. The weaker-than-expected US first quarter GDP data helped alleviate some concerns about rising US interest rates.
Stocks in Latin American emerging markets surged on Thursday. It may be recalled that prospects of further rise in US interest rates had spooked global emerging market equities since mid-May 2006. US interest rate increases tend to heighten the allure of US debt investments compared with riskier emerging market assets, siphoning off portfolio investment from developing nations.
Indian stocks have seen a major correction over the past few days. From a lifetime closing high of 12,612.38 on 10 May, Sensex has lost 1,803.03 points or 14% at current 10,809.35. Earlier, the market had witnessed a solid surge since late October 2005. From a low of 7, 685.64 on 28 October 2005, Sensex had spiraled up 4,926.74 points or 64% in a few months to a lifetime closing high of 12,612.38 on 10 May 2006.
Two-wheeler firms which derive a large part of revenue from rural economy surged today on reports monsoon hit Kerala on Friday, 6 days ahead of schedule. Hero Honda jumped 6% to Rs 848, TVS Motors gained 5% to Rs 129 and Bajaj Auto rose 4.4% to Rs 2,912.
FMCG giant Hindustan Lever gained 3.3% to Rs 245.
Cigarette major ITC rose 1.1% to Rs 182.90. But the stock ended well off the day's high of Rs 190.35 which it had struck earlier during the day. In mid afternoon trade, ITC reported a 36% growth in Q4 March 2006 net profit to Rs 567 crore (Rs 417 crore).
Steel shares surged. Tata Steel rose 5% to Rs 539, Sail gained 7% to Rs 83.30 and JSW Steel rose 9.5% to Rs 281. Steelmaker Arcelor, fighting a hostile takeover offer from global sector leader Mittal Steel, plans to merge with Russia's Severstal, Arcelor said on Friday. The deal would value Arcelor at 44 euros per share, a premium to the offer tabled by Mittal.
Reliance Communications Ventures jumped nearly 7% to Rs 285. Reliance Communication Ventures said on Friday its global bandwidth unit won a ruling to use rival Videsh Sanchar Nigam's gateway in Mumbai. In December 2004 FLAG Telecom, a unit of Reliance that provides international network and data services, had petitioned the International Court of Arbitration seeking access to VSNL's landing stations.
Cipla jumped 5% to Rs 234.60. 6.8 lakh shares changed hands in the counter on BSE.
Infosys gained nearly 3% to Rs 2,920.50 after its ADR jumped 5.3% on Thursday to $ 72.37. But the stock ended off its high of Rs 2,965.
L&T gained 3% to Rs 2,368 but the stock ended well off its high of Rs 2,475. L&T's board meets on 7 June to consider bonus issue.
Metal shares edged higher on value buying after a recent steep fall in their prices. Hindustan Zinc rose 6% to Rs 698, Sterlite Industries gained 3.5% to Rs 408 and Nalco rose 3.4% to Rs 258. But Hindalco lost 0.3% to Rs 185.
A host of construction stocks edged higher. Nagarjuna Construction jumped 7.4% to Rs 350, IVRCL Infrastructures rose 6.5% to Rs 244.55, Tantia Construction added 5.8% to Rs 178, Sadbhav Engineering rose 5% to Rs 389.85 , Pratibha Industries rose 5% to Rs 262.90, PBA Infrastructure gained 4.5% to Rs 134, Era Construction rose 4.4% to Rs 387, Patel Engineering rose 4.3% to Rs 417, Punj Lloyd rose 3.7% to Rs 943, JMC Projects gained 3.4% to Rs 189.75 and Jaiprakash Associates rose 2% to Rs 440.
HPCL gained nearly 4% to Rs 324.90. HPCL has reported a four-fold spurt in net profit for the fourth quarter ended 31 March 2006 to Rs 2,013.41 crore as compared with Rs 499.80 crore during the same period of the previous year.
Indian Oil Corporation (IOC) gained 3.7% to Rs 469. IOC today reported a sharp surge in Q4 March 2006 net profit to Rs 4031 crore (Rs 893 crore).
Recovery in markets across the globe aided recovery on the domestic bourses, but the Sensex ended well off the higher level of the day.
Two-wheeler makers and select FMCG stocks edged higher on news monsoon hit Kerala 6 days in advance. Steel shares surged.
Reliance Communications Ventures rallied on favourable court ruling in a dispute against VSNL. Refiners HPCL and Indian Oil Corporation on strong Q4 results. But IT stocks slipped.
GAIL India, Titan Industries and i-flex surged. A host of construction stocks rose.
Sensex gained 143.03 points or 1.3% to settle at 10,809.35. Sensex had risen as much 384.45 points to a high of 11,050.77 in mid-morning trade today.
The S&P CNX Nifty advanced 31.90 points or 1% to settle at 3,209.60. The volume on BSE remained low for the second day in a row. BSE clocked a turnover of Rs 3158 crore compared to Thursday's Rs 3030 crore. In the first three trading sessions of this week, the turnover on BSE was between Rs 3747 crore to Rs 3990 crore.
The market breadth was strong. 1,811 stocks rose on BSE as compared to 656 stocks that declined. 54 stocks were unchanged. Gainers outpaced losers by a ratio of 2.76:1.
Asian stocks edged higher on Friday mirroring gains in Wall Street on Thursday, after US first quarter gross domestic product growth came in at an annualised 5.3%, below expectations of a 5.7% gain. The weaker-than-expected US first quarter GDP data helped alleviate some concerns about rising US interest rates.
Stocks in Latin American emerging markets surged on Thursday. It may be recalled that prospects of further rise in US interest rates had spooked global emerging market equities since mid-May 2006. US interest rate increases tend to heighten the allure of US debt investments compared with riskier emerging market assets, siphoning off portfolio investment from developing nations.
Indian stocks have seen a major correction over the past few days. From a lifetime closing high of 12,612.38 on 10 May, Sensex has lost 1,803.03 points or 14% at current 10,809.35. Earlier, the market had witnessed a solid surge since late October 2005. From a low of 7, 685.64 on 28 October 2005, Sensex had spiraled up 4,926.74 points or 64% in a few months to a lifetime closing high of 12,612.38 on 10 May 2006.
Two-wheeler firms which derive a large part of revenue from rural economy surged today on reports monsoon hit Kerala on Friday, 6 days ahead of schedule. Hero Honda jumped 6% to Rs 848, TVS Motors gained 5% to Rs 129 and Bajaj Auto rose 4.4% to Rs 2,912.
FMCG giant Hindustan Lever gained 3.3% to Rs 245.
Cigarette major ITC rose 1.1% to Rs 182.90. But the stock ended well off the day's high of Rs 190.35 which it had struck earlier during the day. In mid afternoon trade, ITC reported a 36% growth in Q4 March 2006 net profit to Rs 567 crore (Rs 417 crore).
Steel shares surged. Tata Steel rose 5% to Rs 539, Sail gained 7% to Rs 83.30 and JSW Steel rose 9.5% to Rs 281. Steelmaker Arcelor, fighting a hostile takeover offer from global sector leader Mittal Steel, plans to merge with Russia's Severstal, Arcelor said on Friday. The deal would value Arcelor at 44 euros per share, a premium to the offer tabled by Mittal.
Reliance Communications Ventures jumped nearly 7% to Rs 285. Reliance Communication Ventures said on Friday its global bandwidth unit won a ruling to use rival Videsh Sanchar Nigam's gateway in Mumbai. In December 2004 FLAG Telecom, a unit of Reliance that provides international network and data services, had petitioned the International Court of Arbitration seeking access to VSNL's landing stations.
Cipla jumped 5% to Rs 234.60. 6.8 lakh shares changed hands in the counter on BSE.
Infosys gained nearly 3% to Rs 2,920.50 after its ADR jumped 5.3% on Thursday to $ 72.37. But the stock ended off its high of Rs 2,965.
L&T gained 3% to Rs 2,368 but the stock ended well off its high of Rs 2,475. L&T's board meets on 7 June to consider bonus issue.
Metal shares edged higher on value buying after a recent steep fall in their prices. Hindustan Zinc rose 6% to Rs 698, Sterlite Industries gained 3.5% to Rs 408 and Nalco rose 3.4% to Rs 258. But Hindalco lost 0.3% to Rs 185.
A host of construction stocks edged higher. Nagarjuna Construction jumped 7.4% to Rs 350, IVRCL Infrastructures rose 6.5% to Rs 244.55, Tantia Construction added 5.8% to Rs 178, Sadbhav Engineering rose 5% to Rs 389.85 , Pratibha Industries rose 5% to Rs 262.90, PBA Infrastructure gained 4.5% to Rs 134, Era Construction rose 4.4% to Rs 387, Patel Engineering rose 4.3% to Rs 417, Punj Lloyd rose 3.7% to Rs 943, JMC Projects gained 3.4% to Rs 189.75 and Jaiprakash Associates rose 2% to Rs 440.
HPCL gained nearly 4% to Rs 324.90. HPCL has reported a four-fold spurt in net profit for the fourth quarter ended 31 March 2006 to Rs 2,013.41 crore as compared with Rs 499.80 crore during the same period of the previous year.
Indian Oil Corporation (IOC) gained 3.7% to Rs 469. IOC today reported a sharp surge in Q4 March 2006 net profit to Rs 4031 crore (Rs 893 crore).
