Sensex, Nifty continue record-breaking spree in morning trade

The 30-share Sensex resumed higher at 27,439.06 and rose to an all-time high of 27,581.68 in opening deals before quoting 27,668.31 points at 11:00 hours.

It showed a sharp gain of 321.98 points or, 1.17 percent, from its last close.

The CNX 50-share Nifty also hardened by 97.70 points, or 1.19 per cent, to hit 8,266.90.

Major gainers were HDFC (1.56 percent), ONGC (1.54 percent), Tata Steel (1.50 percent), Infosys (1.47 percent), SBIN (1.24 percent), Hero Honda (1.15 percent), TCS (1.12 percent), Wipro (1.06 percent), Coal India (1.04 percent) and Larsen (1.03 percent).

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,257.49 crore yesterday, as per provisional data.

In overseas markets, Asian stocks rose after US economic growth topped estimates and investors speculated that Japan's pension fund will boost equity holdings.

US stocks rallied yesterday as a report showed faster-than-estimated growth in gross domestic product,
fuelling speculation that the economy is strong enough to withstand higher interest rates.

Key benchmark indices in South Korea, Hong Kong, Taiwan, Singapore, Japan and China were up 0.11-1.68 percent.

Source: MP News in Hindi and Chhattisgarh Hindi News

Pharma stocks edge lower

 Key benchmark indices traded a tad lower for the day in early afternoon trade. The barometer index, the BSE Sensex, was down 12.98 points or 0.06%, up about 100 points from the day's low and off almost equal points from the day's high. The market breadth, indicating the overall health of the market, was positive.

Realty stocks extended their recent strong gains. Pharma stocks declined for the second day in a row. Ranbaxy Laboratories dropped on reports the company has recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected. Telecom stocks edged higher.

Immense volatility was witnessed in initial trade as the two key benchmark indices -- the BSE Sensex and the 50-unit CNX Nifty -- after opening lower surged to hit fresh record high. Key benchmark indices soon slipped into the red once again later. Key benchmark indices traded a tad lower for the day in early afternoon trade.

Foreign institutional investors (FIIs) bought shares worth a net Rs 2,577.44 crore on Friday, 7 March 2014, as per provisional data from the stock exchanges.

At 12:20 IST, the S&P BSE Sensex was down 12.98 points or 0.06% to 21,906.81. The index jumped 85.75 points at the day's high of 22,005.54 in early trade, a new record high for the barometer index. The index shed 114.57 points at the day's low of 21,805.22 in early trade.

The CNX Nifty was down 0.90 points or 0.01% to 6,535.75. The index hit a high of 6,548.75 in intraday trade, a new record high. The index hit a low of 6,487.35 in intraday trade.

The BSE Mid-Cap index was up 32.02 points or 0.48% at 6,725.46. The BSE Small-Cap index was up 47.07 points or 0.71% at 6,659.42. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,263 shares gained and 1,209 shares fell. A total of 159 shares were unchanged.

Tata Motors (down 3.18%), Hindalco Industries (down 2.38%), and TCS (down 2.35%) edged lower from the Sensex pack.

Telecom stocks edged higher. Bharti Airtel (up 1.49%), Idea Cellular (up 1.69%) and Reliance Communications (up 1.86%) rose.

Realty stocks extended their recent strong gains. DLF (up 2.66%), D B Realty (up 0.53%), HDIL (up 2.5%), Sobha Developers (up 3.93%), and Unitech (up 1.32%) gained.

Pharma stocks declined for the second day in a row. Cipla (down 1.04%), Dr Reddy's Laboratories (down 1.33%), and Sun Pharmaceutical Industries (down 1.57%) declined.

Ranbaxy Laboratories dropped 2.83% on reports the company recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected...

Source: Latest News in Hindi 

From BS News

Markets remain under pressure; Bank and Metal shares decline

 Markets continued to remain under pressure on Thursday morning as financial heavyweights like ICICI Bank, HDFC, and HDFC Bank declined by 1-2% each. More than two thirds of the scrips on Sensex were trading lower compared to yesterday's close.

At 10:25 hours, the 30-share Sensex was down 78 points at 20,645, while the Nifty-50 was down by 31 points at 6,122.

Broader markets performed better than the benchmark, with the BSE Mid-cap and Small-cap gaining modestly by 0.05% and 0.03% respectively, compared to Sensex's fall of 0.37%.

At 62.34, the rupee depreciated by 0.14 compared to Tuesday's close of of 62.20 versus the dollar due to increased demand for the American currency from importers. Forex dealers said a weak opening in the domestic stock market also put pressure on the local currency but dollar's weakness against other currencies limited the fall.

Breadth of the market was marginally negative, with 810 advances, 860 declines, and 92 scrips remaining unchanged.

Sectors and Stocks

The S&P BSE Bankex was down by 136 points, or 1.16%, to 11,975. All scrips in the Bankex were trading in the red, with Bank of Baroda, HDFC Bank, ICICI Bank, PNB, State Bank of India, and Federal Bank each declining by 1.1-2.3%.

Metal shares also remained weak on the back of disappointing preliminary Chinese PMI data. Tata Steel, JSW Steel, Hindalco Industries, Steel Authority of India, Jindal Steel and Power and Sesa Sterlite have decreased by 1-2% each on the BSE.

Amongst other shares, Rhodia Specialty is locked in its upper circuit of 10% at Rs 798 after Solvay SA, one of the promoter of the company increased the delisting offer price to Rs 675 per share.

Shares of Hexaware Technologies which had surged on the back of huge volumes yesterday witnessed profit taking and were down nearly 5% at Rs 153 after the stock was quoted ex-dividend from today.

Source: Hindi News

From BS News

Sensex gains 77 points in early trade

 The benchmark BSE Sensex recovered by nearly 77 points in early trade on Friday on fresh buying by funds amid a firm trend at other Asian bourses.

The 30-share index rose by 76.80 points, or 0.38 per cent, to 20,270.15 points with tech, healthcare, auto, IT and realty sector stocks leading the gains. The index had lost 255.14 points in Thursday’s trade.

The National Stock Exchange index Nifty moved up by 19.90 points, or 0.33 per cent, to 6,021.00.

Brokers said fresh buying by funds as well as retail investors, triggered by a firming trend at other Asian bourses on overnight gains in the US markets, mainly buoyed the trading sentiment here.

Among other Asian markets, Hong Kong’s Hang Seng rose by 0.94 per cent, while Japan’s Nikkei was up by 0.69 per cent in early trade on Friday.

The US Dow Jones Industrial Average gained 0.40 per cent in the previous session.

Source: News in Hindi

From TH News