Mumbai: The Sensex on Friday jumped over 363 points to close at 16846.83 while the Nifty went up by 113.30 points to close at 5050.15.
Earlier, the Nifty was trading at more than two-week high on account of support from 48 out of 50 shares. European markets too were strong, which rallied nearly 2 per cent, ahead of conclusion from the EU summit on Friday. The Sensex jumped 310 points to 16794 and the Nifty rose 101 points to 5,038.
"We are getting closer to the end point in Europe. The point where there will be some sort of resolution," Shane Oliver, head investment strategy and chief economist, AMP Capital Investors. The markets looked confident after coordinated joint central banks’ action announced on Wednesday. The Dow Jones Futures gained 116 points and Nasdaq futures rose 26 points.
Back home, the BSE Metal and Bank indices, which led the rally on Thursday, continued their upmove further; both gained 2.7 per cent each.
Power, Auto, Realty, Technology, Oil & Gas, Capital Goods, Healthcare and FMCG indices rose 1-2 per cent. The broader indices too gained 1 per cent each.
Shares of Sterlite Industries, Tata Steel, Tata Motors, Hindalco, Jaiprakash Associates and IDFC were top gainers, rising 3-4 per cent. Ambuja Cements shot up 7.5 per cent and BPCL was up 8 per cent.
Major largecaps ICICI Bank, Infosys, HDFC Bank, TCS and SBI gained 2-3 per cent; index heavyweight Reliance Industries was up 1 per cent.
About two shares gained for every share falling on the National Stock Exchange.
At 13:41 hours IST : Nifty crosses 5000 as Europe gains; metals, banks shoot up
The Sensex rallied 231 points in the afternoon trade following a rise of about 1.5 per cent in the European markets. The rally was helped by almost all the sectors. Prominent sectors were banks, technology, capital goods, metals and FMCG.
Index heavyweight Reliance Industries too turned positive, gaining a percent. The Sensex was quoting at 16,714.14. Meanwhile, the Nifty touched the 5,000 mark; up 73.55 points at 5,010.40.
German Chancellor Angela Merkel said strengthening EMU would be central theme at European Union summit. That lifted France’s CAC, Germany’s DAX and Britain’s FTSE higher.
The Indian rupee too appreciated by 19 paise to 51,27 a dollar.
Among the banks, ICICI Bank, HDFC Bank and SBI shot up 2 per cent each. Technology stocks like TCS and Infosys rose 1.5-2.5 per cent.
Metal stocks were shining; Sterlite Industries, Hindalco and Tata Steel jumped 3-4 per cent. Among the others, ITC, HDFC, L&T, HUL, NTPC and BHEL were up 1-2 per cent.
Auto stocks too zoomed; Tata Motors, M&M and Maruti Suzuki gained 2-3 per cent while Hero Motocorp was the only loser among Sensex 30.
The market breadth too was getting stronger; about 1574 shares advanced whereas 1013 shares declined on the BSE.
At 12:39 hours IST : Nifty above 4950; banks, metals, IT support
The market extended gains amid a choppy trade, led by support from banks, auto (four-wheeler), metals and technology stocks. But, the fall in index heavyweights Reliance Industries, Bharti, ONGC and L&T capped the upside. The Sensex gained 54.46 points at 16,537.91. Meanwhile, the Nifty hit the 4950 level, rising 21 points to 4,958.20.
Mithil Pradhan of Violet Arch Capital Advisors says, post the violation of 4,765, he is bullish on the market. “I think there is a good chance that Nifty can go to about 5,300 level.” However, he says, post 5,300, he will not be bullish on the market.
Shares of Tata Motors, Tata Steel and Maruti Suzuki gained 2-2.5 per cent. Among banks, ICICI Bank, HDFC Bank and SBI rose 1 per cent each.
Technology stocks like TCS and Infosys were up 0.7-1 per cent while Wipro was flat.
However, Bharti Airtel, Reliance Industries, ONGC, L&T and Hero Motocorp declined 0.4-1 per cent.
The broader indices outperformed benchmarks by a small margin; BSE Midcap was up 0.5 per cent and Smallcap up 0.4 per cent.
Market breadth also improved; about 1405 shares advanced as against 1076 shares declined on the BSE.
At 11:48 hours IST : Sensex stays close to 16500; Reliance, Bharti, L&T fall
The Sensex was moving around the 16500 level as it was consolidating after a rally of 360 points yesterday. Index heavyweights Reliance Industries, Bharti, L&T and ONGC were down while ICICI Bank, Infosys, TCS and BHEL led the support. The Sensex gained 27 points at 16,510.75 and the Nifty rose 12.45 points to 4,949.30.
Prakriti Sofat of Barclays Capital says, the market is going to have choppy movements and sideways movements for sometime.
In the largecap space, shares of Maruti Suzuki, Tata Motors, Tata Steel, ICICI Bank, HUL, IDFC and BPCL were top gainers, rising 1-2 per cent. Ambuja Cements topped the buying list among largecaps on NSE, gaining over 4 per cent.
However, Reliance Industries, Bharti Airtel and Ranbaxy Labs lost 1 per cent each. Hero Motocorp, Bajaj Auto, ONGC and Tata Power declined over 0.8 per cent.
The broader indices were up nearly 0.5 per cent. Advancing outnumbered declining ones by 1317 to 1018 on BSE.
On the global front, Asian markets remained under pressure. Shanghai fell over 1 per cent after disappointing manufacturing data. China's PMI manufacturing decreased to 49 in November from 50.4 in October - fall for the first time in nearly three years.
Among others, Hang Seng, Straits Times, Kospi and Taiwan were down 0.2-0.5 per cent. However, Nikkei rose 0.3 per cent.
At 10:25 hours IST : Nifty in 4925-4945 range; private banks, tech lead
The Nifty has chosen a narrow range of 4925-4945 to trade since morning. Now, every market across globe is eyeing the eurozone meet tomorrow after pricing in global central banks' move. Sectors like oil & gas, metal and capital goods remained in negative terrain while private banks and technology sectors were playing supportive role. The Sensex was up 13.70 points at 16,497.15 and the Nifty up 5.30 points at 4942.15.
Index heavyweights Reliance Industries, L&T and ONGC fell 1 per cent each. Shares of ITC, Bharti Airtel, Hero Motocorp, Bajaj Auto, BHEL and M&M declined 0.5-0.8 per cent.
Metals stocks too were seeing profit taking; Sterlite, Hindalco and JSPL were down around 1 per cent.
However, shares of private sector lenders ICICI Bank and HDFC Bank gained 1 per cent each.
Largest car makers Tata Motors and Maruti topped the buying list, rising over 1.5 per cent. Among others, Infosys, TCS, HUL and Tata Steel moved up over 0.5 per cent.
The market breadth turned in favour of advances; about 1179 shares gained while 837 shares declined.
At 9:19 hours IST : Sensex trades slightly lower; metals, cap goods drag
The Sensex stalled its rally today and fell marginally as investors opted to book profits. The index, which gained 360 points on Thursday on global cues, was down 26.5 points at 16,456.94. The Nifty was down 7 points at 4,929.50. Even Asian markets were under pressure. Metals, capital goods, oil & gas, telecom and PSU banking sectors were under pressure.
Shares of BHEL, Bharti Airtel, Hindalco, Sterlite, Tata Steel, JP Associates, L&T, ONGC, Reliance Industries, SBI, PNB, TCS and DLF weighed down on the market.
However, cement shares like Ambuja Cements and ACC gained
HUL, ITC, Maruti, NTPC, HDFC and Hero Motocorp were other gainers.
The CNX Midcap Index fell 9 points to 6,698. The market breadth was in favour of declines.
In the second liner shares - government is going to raise FDI in cable industry to 74 per cent, reports CNBC-TV18 quoting Business Standard. Hathway Cable rallied 9 per cent; Dish TV and WWIL gained 3-4 per cent.
SKS Microfinance gained 3 per cent. Ansal Housing shot up 8 per cent ahead of board meet on buyback of shares.
However, Kingfisher Airlines crashed 4 per cent after MIAL asked the company to clear dues or face likelihood of shutting operations, reports CNBC-TV18 quoting The Economic Times.
Jet Airways was down 0.8 per cent.
Global cues
Asian markets were trading lower. Shanghai was down over 1 per cent. Hang Seng, Straits Times, Kospi and Taiwan fell 0.3-0.8 per cent while Nikkei gained 0.2 per cent.
The US equity markets ended flat on Thursday after gaining more than 7 per cent during last three previous sessions. The market is watching for crucial government non-farm payroll today and Eurozone meet tomorrow and EU summit next week.
The Dow Jones Industrial Average ended down 25 points at 12,020. The NASDAQ Composite was up 6 points at 2,626 and the S&P 500 Index was down 3 points at 1,245.
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