Metals shine in firm market
Key benchmark indices surged to day's high in afternoon trade on fresh buying in index pivotals after trading in the US index futures showed the Dow could rally 133 points at the opening bell. Index heavyweight Reliance Industries (RIL) anchored rally with over 5% surge with IT pivotals extended early gains. The BSE 30-share Sensex jumped 267.51 points or 3.08% near the day's high.
Except for an odd early afternoon hiccup which was a knee jerk reaction to the Reserve Bank of India (RBI) maintaining its status quo on interest rates, market displayed firmness throughout the day, extending early gains with positive global cues lifting sentiment.
The RBI left its repo rate, reverse repo rate and the cash reserve ratio (CRR) unchanged in its third quarter review of the Monetary Policy for 2008-09, unveiled today, 27 January 2009. However, the central bank cut its growth forecast for the fiscal year ending March 2009 on a slowdown in industry and services and assuming normal agricultural production. GDP growth projection for 2008/09 was lowered to 7% from 7.5-8% earlier. The economy has grown at 9% or more for the past three fiscal years. The central added the inflation by the end of March 2009 would be signficantly lower than the projected 7%.
Volatility may swell in the coming days as futures & options contracts for January 2009 series expire on Thursday, 29 January 2009. As per reports, rollover of Nifty positions from January 2009 series to February 2009 series was 38% while marketwide rollover of positions stood at 31%, as on Friday, 23 January 2009.
Globally, the two-day policy setting meeting of the U.S. Federal Reserve starting today, 27 January 2009 and the $825 billion US stimulus package by the Republican lawmakers which will be picked up by the Senate this week and President Barack Obama could reportedly sign the bill by mid- February 2009, will be closely watched.
Asian stocks gained today, 27 January 2009, as US economic indicators gave a hope that demand for commodities and Japanese-made goods will improve. Japanese benchmark index Nikkei jumped 4.93%. Stock markets in Hong Kong, China, Taiwan, Korea and Singapore will remain shut today, 27 and tomorrow, 28 January 2009 for the Lunar New Year holidays.
US stocks ended higher on Monday, 26 January 2009, on news that drug maker Pfizer will buy opponent Wyeth for $68 billion and on a sudden rise in sales of existing homes in December 2008. The Dow Jones industrial average increased 38.47 points, or 0.48%, to end at 8,116.03. The Standard & Poor`s 500 index climbed 4.62 points, or 0.56%, to settle at 836.57. The Nasdaq Composite index increased 12.17 points, or 0.82%, to close at 1,489.46.
Foreign institutional investors (FIIs) are in selling mode after an inflow of Rs 1319.10 crore in December 2008. Their outflow in January 2009 totaled Rs 3950.20 crore (till 22 January 2009).
At 13:29 IST, the BSE 30-share Sensex was up 267.51 points, or 3.08%, to 8,941.20. The Sensex rose 286.99 points at the day's high of 8,961.34 in afternoon trade. The Sensex rose 114.71 points at the day's low of 8,789.06 in early trade.
The S&P CNX Nifty rose 82 points, or 3.06%, to 2,760.55.
The BSE 30-share Sensex had slipped 139.49 points, or 1.58%, to 8,674.35 on Friday, 23 January 2009. Stock markets remained shut on Monday, 26 January 2009, on account of Republic day.
The market breadth, indicating the overall health of the market, turned even on BSE with 1,133 shares advancing as compared with 1,139 that declined. 42 shares remained unchanged. The breadth was positive in early trade.
Among the 30-share Sensex pack, 28 advanced while the rest fell. Reliance Infrastructure, Jaiprakash Associates, Bharat Heavy Electricals, Bharti Airtel, Maruti Suzuki India, Grasim Industries, rose by between 4.14% to 7.37%.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) rose 5.51% to Rs 1,217. The company after market hours on Thursday, 22 January 2009 announced a lesser than expected 8.8% fall in net profit to Rs 3501.crore in Q3 December 2008 over Q3 December 2007. RIL's net profit dipped for the first time in three years, but beat forecasts as refining margins did not fall as much as expected. RIL earned $10 on every barrel of crude oil processed at its 660,000 barrel-a-day plant at Jamnagar in Gujarat, higher than other refineries in South Asia.
However India's largest oil exploration firm by revenue Oil & Natural Gas Corporation fell 2.76% on rise in crude oil prices.
Oil prices rose more than 1% on Tuesday, reversing day-ago losses as traders focused on short-term factors like cold U.S. weather and an Australian cyclone, despite forecasts of a further rise in U.S. crude stocks. U.S. light, sweet crude for March delivery rose 52 cents to $46.25 a barrel.
IT stocks rose on firm ADRs overnight in the US. India's third largest software services exporter, Wipro rose 5.94% as its ADR rose 1.66% overnight. The company forecasted a 7% fall in revenue for Q4 March 2009 on global economic downturn and pricing pressure from western clients, at the time of declaring results before market hours on 21 January 2009.
India's second largest software services exporter Infosys Technologies rose 3.84% as its ADR rose 2.46% overnight. While, India's fifth largest IT exporter by sales HCL Technologies rose 5.51% after its net profit rose 56.82% to Rs 398.01 crore on 10.97% rise in sales to Rs 1,304.85 crore in Q2 December 2008 over Q1 September 2008.
TCS, India's largest software services exporter by sales rose 4.62%.
FMCG stocks rose on defensive buying. ITC, Nestle India, Tata Tea rose by between 0.29% to 0.91%.
India's largest FMCG major by sales Hindustan Unilever rose 2.92% even after reporting a 2.48% fall in net profit in Q3 December 2008 over Q3 December 2007.
Some healthcare stocks rose on defensive buying. Cipla, Ranbaxy Laboratories, Dr. Reddy's Laboratories, Sun Pharma rose by between 2.33% to 4.57%.
Banking stocks extended gain after hiccup in midmorning trade when the Reserve Bank of India kept its key rates unchanged in its credit policy today, 27 January 2009. India's largest bank in terms of assets and branch network State Bank of India rose 3.7% after its net profit rose 37.03% to Rs 2478.42 crore in the quarter ended December 2008 as against Rs 1808.64 crore during the previous quarter ended December 2007. Total operating income rose 42.34% to Rs 18030.34 crore in the quarter ended December 2008 as against Rs 12666.82 crore during the previous quarter ended December 2007. The bank announced the result on 24 January 2008.
India's second largest private sector bank by net profit HDFC Bank rose 1.75% as its American depository receipt (ADR) rose 1.1% on Monday, 26 January 2009.
India's largest private sector bank by net profit ICICI Bank rose 2.35% even as its ADR fell 1.08% overnight. Net profit of ICICI Bank rose 3.41% to Rs 1272.15 crore in the quarter ended December 2008 as against Rs 1230.21 crore during the previous quarter ended December 2007. Total operating income declined 0.96% to Rs 7836.08 crore in the quarter ended December 2008 as against Rs 7911.77 crore during the previous quarter ended December 2007. The unexpected rise in net profit was because earnings from fees and bond trading offset slowing credit growth and rise in bad loans. The bank announced the result on Saturday, 24 January 2008.
India's largest dedicated housing finance company by total income HDFC rose 3%.
However, Federal Bank, Canara Bank, Kotak Mahindra Bank, Andhara Bank fell by between 0.53% to 1.1%.
Metal stocks surged. Hindalco Industries, Hindustan Zinc, Tata Steel, National Aluminum Company rose by between 1.72% to 9.62%.
Sterlite Industries rose 9.69% even after it reported 11.6% fall in net profit to Rs 204.01 crore on 2% fall in sales to Rs 2,583.08 crore in Q3 December 2008 over Q3 December 2007.
Steel Authority of India rose 5.45% ahead of its Q3 December 2008 result today.
India's largest engineering and construction firm by sales Larsen & Toubro (L&T) fell 1.38% after it hiked stakes in Satyam Computer Services from 4.48% to 12.04%. It acquired additional 7.56% stake in open market purchases at average price of Rs 34.5per share. The company's stake hike is an attempt to secure Satyam's board seat. While Satyam Computer Services jumped 18.4%.
India's second largest telecom services provider by sales of Reliance Communication rose 2.56% even after its net profit declined 9.04% to Rs 397.04 crore in the quarter ended December 2008 as against Rs 436.48 crore during the previous quarter ended December 2007. Sales declined 2.04% to Rs 3334.22 crore in the quarter ended December 2008 as against Rs 3403.52 crore during the previous quarter ended December 2007.
NTPC rose 3.46% after its net profit rose 26.5 % to Rs 2,250.91 crore on 20.9% rise in sales to Rs 11,277.06 crore in Q3 December 2008 over Q3 December 2007.
Sun TV Network jumped 5.69% after the company reported a 9.7% rise in net profit to Rs 112.24 crore in Q3 December 2008 over Q3 December 2007.
UTV Software jumped 11.8% after its consolidated net profit jumped 29% in Q3 December 2008 over Q3 December 2007.
Source: NDTV
Except for an odd early afternoon hiccup which was a knee jerk reaction to the Reserve Bank of India (RBI) maintaining its status quo on interest rates, market displayed firmness throughout the day, extending early gains with positive global cues lifting sentiment.
The RBI left its repo rate, reverse repo rate and the cash reserve ratio (CRR) unchanged in its third quarter review of the Monetary Policy for 2008-09, unveiled today, 27 January 2009. However, the central bank cut its growth forecast for the fiscal year ending March 2009 on a slowdown in industry and services and assuming normal agricultural production. GDP growth projection for 2008/09 was lowered to 7% from 7.5-8% earlier. The economy has grown at 9% or more for the past three fiscal years. The central added the inflation by the end of March 2009 would be signficantly lower than the projected 7%.
Volatility may swell in the coming days as futures & options contracts for January 2009 series expire on Thursday, 29 January 2009. As per reports, rollover of Nifty positions from January 2009 series to February 2009 series was 38% while marketwide rollover of positions stood at 31%, as on Friday, 23 January 2009.
Globally, the two-day policy setting meeting of the U.S. Federal Reserve starting today, 27 January 2009 and the $825 billion US stimulus package by the Republican lawmakers which will be picked up by the Senate this week and President Barack Obama could reportedly sign the bill by mid- February 2009, will be closely watched.
Asian stocks gained today, 27 January 2009, as US economic indicators gave a hope that demand for commodities and Japanese-made goods will improve. Japanese benchmark index Nikkei jumped 4.93%. Stock markets in Hong Kong, China, Taiwan, Korea and Singapore will remain shut today, 27 and tomorrow, 28 January 2009 for the Lunar New Year holidays.
US stocks ended higher on Monday, 26 January 2009, on news that drug maker Pfizer will buy opponent Wyeth for $68 billion and on a sudden rise in sales of existing homes in December 2008. The Dow Jones industrial average increased 38.47 points, or 0.48%, to end at 8,116.03. The Standard & Poor`s 500 index climbed 4.62 points, or 0.56%, to settle at 836.57. The Nasdaq Composite index increased 12.17 points, or 0.82%, to close at 1,489.46.
Foreign institutional investors (FIIs) are in selling mode after an inflow of Rs 1319.10 crore in December 2008. Their outflow in January 2009 totaled Rs 3950.20 crore (till 22 January 2009).
At 13:29 IST, the BSE 30-share Sensex was up 267.51 points, or 3.08%, to 8,941.20. The Sensex rose 286.99 points at the day's high of 8,961.34 in afternoon trade. The Sensex rose 114.71 points at the day's low of 8,789.06 in early trade.
The S&P CNX Nifty rose 82 points, or 3.06%, to 2,760.55.
The BSE 30-share Sensex had slipped 139.49 points, or 1.58%, to 8,674.35 on Friday, 23 January 2009. Stock markets remained shut on Monday, 26 January 2009, on account of Republic day.
The market breadth, indicating the overall health of the market, turned even on BSE with 1,133 shares advancing as compared with 1,139 that declined. 42 shares remained unchanged. The breadth was positive in early trade.
Among the 30-share Sensex pack, 28 advanced while the rest fell. Reliance Infrastructure, Jaiprakash Associates, Bharat Heavy Electricals, Bharti Airtel, Maruti Suzuki India, Grasim Industries, rose by between 4.14% to 7.37%.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) rose 5.51% to Rs 1,217. The company after market hours on Thursday, 22 January 2009 announced a lesser than expected 8.8% fall in net profit to Rs 3501.crore in Q3 December 2008 over Q3 December 2007. RIL's net profit dipped for the first time in three years, but beat forecasts as refining margins did not fall as much as expected. RIL earned $10 on every barrel of crude oil processed at its 660,000 barrel-a-day plant at Jamnagar in Gujarat, higher than other refineries in South Asia.
However India's largest oil exploration firm by revenue Oil & Natural Gas Corporation fell 2.76% on rise in crude oil prices.
Oil prices rose more than 1% on Tuesday, reversing day-ago losses as traders focused on short-term factors like cold U.S. weather and an Australian cyclone, despite forecasts of a further rise in U.S. crude stocks. U.S. light, sweet crude for March delivery rose 52 cents to $46.25 a barrel.
IT stocks rose on firm ADRs overnight in the US. India's third largest software services exporter, Wipro rose 5.94% as its ADR rose 1.66% overnight. The company forecasted a 7% fall in revenue for Q4 March 2009 on global economic downturn and pricing pressure from western clients, at the time of declaring results before market hours on 21 January 2009.
India's second largest software services exporter Infosys Technologies rose 3.84% as its ADR rose 2.46% overnight. While, India's fifth largest IT exporter by sales HCL Technologies rose 5.51% after its net profit rose 56.82% to Rs 398.01 crore on 10.97% rise in sales to Rs 1,304.85 crore in Q2 December 2008 over Q1 September 2008.
TCS, India's largest software services exporter by sales rose 4.62%.
FMCG stocks rose on defensive buying. ITC, Nestle India, Tata Tea rose by between 0.29% to 0.91%.
India's largest FMCG major by sales Hindustan Unilever rose 2.92% even after reporting a 2.48% fall in net profit in Q3 December 2008 over Q3 December 2007.
Some healthcare stocks rose on defensive buying. Cipla, Ranbaxy Laboratories, Dr. Reddy's Laboratories, Sun Pharma rose by between 2.33% to 4.57%.
Banking stocks extended gain after hiccup in midmorning trade when the Reserve Bank of India kept its key rates unchanged in its credit policy today, 27 January 2009. India's largest bank in terms of assets and branch network State Bank of India rose 3.7% after its net profit rose 37.03% to Rs 2478.42 crore in the quarter ended December 2008 as against Rs 1808.64 crore during the previous quarter ended December 2007. Total operating income rose 42.34% to Rs 18030.34 crore in the quarter ended December 2008 as against Rs 12666.82 crore during the previous quarter ended December 2007. The bank announced the result on 24 January 2008.
India's second largest private sector bank by net profit HDFC Bank rose 1.75% as its American depository receipt (ADR) rose 1.1% on Monday, 26 January 2009.
India's largest private sector bank by net profit ICICI Bank rose 2.35% even as its ADR fell 1.08% overnight. Net profit of ICICI Bank rose 3.41% to Rs 1272.15 crore in the quarter ended December 2008 as against Rs 1230.21 crore during the previous quarter ended December 2007. Total operating income declined 0.96% to Rs 7836.08 crore in the quarter ended December 2008 as against Rs 7911.77 crore during the previous quarter ended December 2007. The unexpected rise in net profit was because earnings from fees and bond trading offset slowing credit growth and rise in bad loans. The bank announced the result on Saturday, 24 January 2008.
India's largest dedicated housing finance company by total income HDFC rose 3%.
However, Federal Bank, Canara Bank, Kotak Mahindra Bank, Andhara Bank fell by between 0.53% to 1.1%.
Metal stocks surged. Hindalco Industries, Hindustan Zinc, Tata Steel, National Aluminum Company rose by between 1.72% to 9.62%.
Sterlite Industries rose 9.69% even after it reported 11.6% fall in net profit to Rs 204.01 crore on 2% fall in sales to Rs 2,583.08 crore in Q3 December 2008 over Q3 December 2007.
Steel Authority of India rose 5.45% ahead of its Q3 December 2008 result today.
India's largest engineering and construction firm by sales Larsen & Toubro (L&T) fell 1.38% after it hiked stakes in Satyam Computer Services from 4.48% to 12.04%. It acquired additional 7.56% stake in open market purchases at average price of Rs 34.5per share. The company's stake hike is an attempt to secure Satyam's board seat. While Satyam Computer Services jumped 18.4%.
India's second largest telecom services provider by sales of Reliance Communication rose 2.56% even after its net profit declined 9.04% to Rs 397.04 crore in the quarter ended December 2008 as against Rs 436.48 crore during the previous quarter ended December 2007. Sales declined 2.04% to Rs 3334.22 crore in the quarter ended December 2008 as against Rs 3403.52 crore during the previous quarter ended December 2007.
NTPC rose 3.46% after its net profit rose 26.5 % to Rs 2,250.91 crore on 20.9% rise in sales to Rs 11,277.06 crore in Q3 December 2008 over Q3 December 2007.
Sun TV Network jumped 5.69% after the company reported a 9.7% rise in net profit to Rs 112.24 crore in Q3 December 2008 over Q3 December 2007.
UTV Software jumped 11.8% after its consolidated net profit jumped 29% in Q3 December 2008 over Q3 December 2007.
Source: NDTV
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