The 50-share NSE Nifty remained in a consolidation phase for the second consecutive session on Wednesday, especially ahead of F&O expiry tomorrow. European markets too were marginally higher amid volatility as investors seem cautious ahead of major event - European Union summit scheduled for June 28-29 in Brussels.
The BSE benchmark gained as much as 123 points intraday, before closing at 16,967.76, up 61.18 points over previous value. Meanwhile, the NSE benchmark went up 21.10 points to 5,141.90.
Listen to the accompanying audio for Moneycontrol's market wrap..
Experts feel the market will see some strength going ahead on hopes of progress on reforms and policy front in near term.
Amisha Vora, Joint Managing Director of Prabhudas Lilladher said the market should be little more positive from here on, though it would (to some extent) also depend on how the monsoon pans out. She also said there would be some hope building about the change in a key position in the government and few things coming by provided the attention is back to administration and policymaking."
Country's largest commercial vehicle maker Tata Motors tanked 3% on reports that there may be further slowdown in luxury car market particularly the state level purchase from China.
Private sector lenders ICICI Bank and HDFC Bank were up 0.8% each whereas top lender State Bank of India fell 0.13%.
Metals and mining stocks extended gains in late trade; Tata Steel shot up 2.5%. Coal India, Sterlite Industries and Hindalco Industries climbed 1-1.8%.
Software services exporters TCS and Infosys rallied 1% each. Infosys will declare its earnings for first quarter ended June 30, 2012 on July 12. However, Wipro was down 0.5%.
Private power suppliers Tata Power and Reliance Infrastructure surged 2% each after Delhi Electricity Regulatory Commission Chairman said power tariffs have been hikedin Delhi.
Index heavyweights Reliance Industries, Bharti Airtel and Larsen & Toubro were marginally lower.
The broader markets too gained over 0.3% as the market breadth was marginally in favour of advances. Advancing shares outnumbered declining by 787 to 618 on the National Stock Exchange.
In the second line shares, Hindustan Motors surged 18% amid heavy volumes. Manappuram Finance surged 10% for the second consecutive session today.
JSW Energy, United Phosphorous, Power Finance Corporation and Rural Electrification Corporation gained 4-6%. However, Kingfisher Airlines tanked 8% and Educomp Solutions slipped 3%.
On the global front, European shares edged up but the euro was flat, with many investors out of the markets after Germany reiterated its staunch opposition to common bonds to share the euro zone's debt burden ahead of a European crisis summit. France's CAC and Britain's FTSE rose 0.3% each while Germany's DAX was flat.
"We expect little in terms of major direction ahead of the EU summit beginning tomorrow, with sentiment unlikely to pick up," Mitul Kotecha, Head of Global FX Strategy at Credit Agricole said.
The euro was barely changed at just under 1.25 to the US dollar, though it was above Tuesday's trough of 1.2441 a dollar, which was its lowest level since June 8.
(With inputs from Reuters)
At 14:13 hours IST: Sensex, Nifty off day's high; Reliance, Bharti, SBI decline
Indian equity benchmarks erased half of gains in afternoon trade due to fall in Tata Motors and Reliance Industries. State Bank of India, ONGC and Bharti Airtel too were under pressure. However, the buying in technology, private banks and power stocks helped markets to trade higher.
The BSE benchmark rose 51.68 points to 16,958.26 and the NSE benchmark was up 17.65 points at 5,138.45. The Indian rupee was moving towards record low of 57.35 to the US dollar that hit on Friday. It was trading at 57.21 to thedollar, down 20 paise.
Country's largest software services exporters TCS and Infosys gained 1% each. Private sector lenders ICICI Bank and HDFC Bank were up 0.6-1% whereas top lender State Bank of India fell 0.26%.
Cigarette major ITC moved up 0.6%, and private power producer Tata Power rallied 2% after Delhi Electricity Regulatory Commission hiked power tariffs in Delhi that would be effective from July 1. Domestic prices went up by 24% and commercial prices up by 19.5%.
However, top commercial vehicle maker Tata Motors tanked 2.4%. Index heavyweights Reliance Industries and Bharti Airtel were down 0.5% each.
On the global front, European markets were flat as investors remain cautious ahead of European Union summit scheduled for June 28-29 in Brussels.
At 12:25 hours IST: Sensex hovers around 17000; Bank Nifty up 1%
The BSE Sensex was consistently hovering around the 17000 level and the Nifty around 5150 level in afternoon trade; both benchmarks gained 0.5% each. The Bank Nifty climbed 1% as private sector lender ICICI Bank rallied 1.5% while its rival HDFC Bank rose 1.4%.
The BSE benchmark moved up 84.31 points to 16,990.89 and the NSE benchmark was up 28.65 points at 5,149.45. Midcap and Smallcap indices were up 0.4% each.
Country's largest software services exporters TCS and Infosys were up 1.5% and 1%, respectively.
Cigarette major ITC, engineering and construction major by sales Larsen & Toubro and housing finance company HDFC gained over 0.5%.
Among others, shares of Tata Steel, Sun Pharma, Coal India, NTPC, Hindalco and GAIL were up 1-1.5%.
However, top commercial vehicle maker Tata Motors fell 1.4% and utility vehicle manufacturer M&M lost 0.5%.
Oil & gas producers Reliance Industries and ONGC declined 0.5% each.
Most active shares on exchanges were SBI, Container Corporation, HDIL, Manappuram Finance,Reliance Infrastructure, Infosys, Tata Motors and ICICI Bank.
In the second line shares, Himadri Chemical, Manappuram Finance, Polaris Tech, MindTree and Shree Global rallied 5-10% whereas Andhra Bank, Educomp Solutions, Tata Communications, KSK Energy Ventures and DB Realty fell 2-5%.
At 11:36 hours IST: Volatile Sensex holds early gains; Tata Motors, ONGC down
The BSE Sensex and NSE Nifty maintained early trade gains amid volatility due to consistent buying interest in banks, technology, capital goods, power and metals & mining stocks. Asian markets too stayed higher; Hang Seng and Straits Times rose 1% each. Nikkei rebounded to trade with 0.4% gains. Shanghai was up 0.3% and Taiwan Weighted moved up 0.6%.
The BSE benchmark gained 87.56 points at 16,994.14 and the NSE benchmark advanced 30 points to 5,150.90.
Country's largest private sector lenders ICICI Bank and HDFC Bank were up 1.5% and 1.3%, respectively. Top lender State Bank of India and housing finance company HDFC moved up 0.3% each.
Software services exporters TCS and Infosys climbed 1% each. Engineering and construction major by sales Larsen & Toubro and state-owned power equipment manufacturer BHEL went up 0.5% each.
Among metals and mining stocks, Tata Steel and Hindalco Industries gained 1% each; Coal India and Sterlite Industries were up over 0.5%.
Power suppliers Reliance Infrastructure and Tata Power moved up over 2%.
However, top commercial vehicle maker Tata Motors and state-owned oil & gas producers ONGC fell 1.4% and 0.8%, respectively.
Advancing shares outnumbered declining by 1432 to 832 on the BSE.
At 10:33 hours IST: Nifty holds 5150; ICICI Bank, HDFC Bank, Infosys lead
The NSE Nifty continued to trade above the 5150 level, though it shed some early gains due to fall in ONGC and Tata Motors. Even ITC, L&T and Reliance Industries came off day's high. However, banks, technology, power and metals stockskeep supporting the market.
The BSE benchmark moved up 91.52 points to 16,998.10 and the NSE benchmark was up 29.70 points at 5,150.50. The broader markets too gained 0.5% as about two shares advanced for every share falling on the National Stock Exchange.
Country's largest private sector lenders ICICI Bank and HDFC Bank climbed 1-1.5% while their rival State Bank of India rose 0.5%.
Top software services exporter Tata Consultancy Services and Infosys climbed nearly 1%. FMCG major ITC rose 0.65% whereas its rival HUL was down 0.32%.
Engineering and construction major by sales Larsen & Toubro moved up 0.7% and housing finance company HDFC gained 0.7%.
Oil & gas producer Reliance Industries was up just 0.3% whereas its rival ONGC went down 1%.
Top commercial vehicle maker Tata Motors fell 1.6% while other auto stocks were marginally lower.
In the second line shares, MindTree, Muthoot Finance, Shree Global, Strides Arcolab and Himadri Chemical gained 4-7% while Andhra Bank, Educomp Solutions, Infotech Enterprises, Gujarat Pipavav and Jubilant Foodworks lost 1-5%.
At 9:20 hours IST: Sensex rises 100 pts; Reliance Infra, Tata Power up 3%
The BSE Sensex gained more than 100 points in early trade on Wednesday following positive Asian cues. Banks, technology, power, capital goods and metal stocks moved up. Globally all markets looked cautious ahead of critical European Union summit that scheduled for June 28-29 in Brussels.
The BSE benchmark rose 109.44 points to 17,016.02 and the NSE benchmark went up 36.3 points to 5,157.10.
Asian markets bounced back following positive US cues. Hang Seng rose 1% while Straits Times and Taiwan Weighted went up 0.74% each. Shanghai was up 0.4% whereas Kospi fell 0.27%.
Back home, Reliance Infrastructure and Tata Power rallied 3% each after Delhi Electricity Regulatory Commission hiked power tariffs in Delhi that would be effective from July 1. Domestic priceswent up by 24% and commercial prices up by 19.5%.
Cairn, GAIL, JP Associates, ICICI Bank, PNB, SBI, Sesa Goa, JSPL, Hindalco, Tata Steel, HDFC, BHEL, L&T and NTPC too were quite supportive.
Bharti Airtel, BPCL, ONGC, Infosys, Wipro, Tata Motors and HUL were flat.
The CNX Midcap went up 36 points to 7,197. About three shares advanced for every share declining on the National Stock Exchange.
In the second line shares, sugar stocks were on buyers' radar. Bajaj Hindusthan, Balrampur Chini, Dhampur Sugar and Shree Renuka shot up 1.5-4%.
ARSS Infrastructure jumped 5%. IVRCL, NCC and IRB Infra were up 1% each.
Muthoot Finance surged 3.5% after rising more than 10% yesterday.
State-owned non-banking finance companies like PFC, REC and PTC India gained 2% each.
However, Kingfisher was down 2% after Business Standard reported that lessors have taken back 34 aircrafts of the company as it has failed to pay Rs 1000 crore lease rentals.