Closing Bell: The benchmark Sensex witnessed spectacular rally post the Finance Minister's comments on GDP (gross domestic product) growth. It surged 539 points while the Nifty rallied over 158 points in trade today, i.e. a gain of 3%. It is the strongest session in the last 35 sesssions. Positive discussions about divestment programmes in today's Cabinet meeting also added to this upsurge. Good global cues helped the indices to start on a positive note and supported the markets throughout the session. Buying was seen across all the sectors, which supported the markets to post biggest gains in the month of December. Metal, oil & gas, power, technology, capital goods and banking were the prominent sectors; respective indices gained 2.7-4%.
14.30: Relentless buying across all the sectors was pushing the Sensex higher and higher. It gained 500 points while the Nifty surged 150 points. It was the strongest session in this month. Among the sectors, the BSE Metal, Oil & Gas, Power, IT, Realty, Capital Goods and Bank indices were up 2.5-3.3%. TECk, Auto and FMCG indices went up 1.7-2.3%. Finance Minister's strong statement on GDP growth and positive global cues were supportive to the benchmark indices. Finance Minister Pranab Mukerjee said India could clock as much as 9–10% gross domestic product (GDP) growth in two-three years and FY10 growth could reach 7.75%. On the global front, European markets were trading 0.7% higher. Asian markets ended with good gains. Shanghai was up 0.76% and Hang Seng up 1.12%. Straits Times, Kospi and Taiwan Weighted gained 0.35-0.6%. The 50-share NSE Nifty was trading at 5,123, up 134 points and the Sensex gained 457 points at 17,149. These indices hit an intraday high of 5,135.05 and 17,191.85, respectively.
13.20: The Sensex was strong in trade with gains of more than 400 points and was consistently holding the 17,000 mark. The 50-share NSE Nifty was also holding the 5,100 level. Both the indices were trading above these levels for the first time in the last six sessions. Further upmove in Asian markets and positive comments from Finance Minister about GDP (gross domestic product) growth helped the markets. India can clock as much as 9–10% gross domestic product (GDP) growth in two-three years, Finance Minister Pranab Mukerjee has said. Speaking at an event, an optimistic Mukherjee said FY10 growth could reach 7.75%. India, which grossed a GDP growth of 7.9% in the third quarter of this fiscal, is one of the fastest growing economies in the world and a negative farm growth thanks to a dry spell this year is also not expected to adversely impact its growth. The GDP growth for the next two quarters was “likely to be bright”, Mukherjee said. Asian markets were positive; Shanghai and Hang Seng were up 0.8-0.9%. Straits Times, Kospi and Taiwan Weighted gained 0.35-0.6%. Frontliners like Hindalco, NTPC, Sterlite Industries, Reliance Industries, ICICI Bank and SAIL were top gainers, up 3-6%%. Not a single share was in the red on the Sensex and Nifty. The 30-share BSE Sensex was trading at 17,108, up 415 points and the Nifty was at 5,110, up 124 points. The broader indices gained 1.2-1.5%, as about 986 shares advanced while 256 shares declined on the BSE.
12.30: All the sectoral indices were up; the BSE IT, Oil & Gas, Power, Realty, Metal, Capital Goods, TECk and Bank indices were up 2-3%. The benchmark indices were outperforming the broader indices; the BSE Midcap Index was up 1% and the Smallcap was up 1.4%. The 30-share BSE Sensex was trading at 17,101, up 409 points and the Nifty was at 5,107, up 121 points. The Nifty December future was trading with 10 points premium.
11.50: Markets have further gained momentum with the BSE Sensex hitting the 17,000 mark for the first time since after 6 trading sessions. The upswing is led by the Oil & Gas, Power and the IT stocks. Even the Mid-Cap and the Small-Cap stocks are also in demand. Among the 30 components of Sensex, 29 were in the positive terrain and only Bharti Airtel is in the red. Among the major gainers are, Infosys, Reliance Industries, ICICI Bank, L&T, L&T and NTPC. At 11:45 am (IST), the BSE 30-share Sensex advanced by 291 points at 16,983 and NSE Nifty was up 89 points at 5,074.
11.15: The Nifty crossed the 5,050 level on back of buying in all the sectors. Metal, power, technology, oil & gas, banking and realty were prominent sectors in rally; respective indices gained 1-2%. The broader indices were trading in line with the benchmark indices, up 1% each. Positive Asian markets were also supportive; Shanghai, Straits Times and Taiwan Weighted were up 0.6% each. Kospi, Hang Seng and Jakarta were flat in trade. The market breadth was positive; about 1,991 shares advanced while 871 shares declined on the BSE. Nearly 576 shares were unchanged. The 30-share BSE Sensex was trading at 16,958, up 266 points and the Nifty was at 5,066, up 81 points.
10.00: The Sensex started the day on a positive note and continued its yesterday's rally further. The Nifty has touched the 5,000 mark on the back of buying in across all sectors. At 9:56 am, the Nifty was trading at 5,015, up 29 points and the Sensex was at 16,781, up 89 points. The CNX Midcap Index gained 39 points to 7,264, as about 600 shares advanced while 100 shares declined on the NSE. Among the frontliners, ICICI Bank, Infosys, Suzlon, NTPC, Reliance Power, SAIL and Unitech were gainers in early trade. However, ITC, Grasim, ONGC and HUL fell.
Opening Bell: Nifty (Spot) support for the day exists at 4960-4920 and Resistance to the up-move is at around 5020-5060. Book profit at regular interval and keep strict stop loss. Trade safe avoid risky trade till clarity.
Market is moving in a narrow range. It needs to break out on huge volume for further direction. Trade has been choppy and carryovers are not great suggesting that rollovers will be a low key affair.
Zee to merge with unit, spin off education div 23 Dec 2009, 2001 hrs IST
Zee Entertainment approved merging unit ETC Networks with itself to consolidate its entertainment business.
ONGC unit raises $420 mn via bonds 23 Dec 2009, 1037 hrs IST
The overseas arm of India's Oil and Natural Gas Corp has raised 19.7 bn rupees ($420 mn) via bonds, two sources with direct knowledge of the matter said on Wednesday.
AP-exposed stocks feel heat 23 Dec 2009, 0908 hrs IST, Rajesh Chandramouli
While a political solution to the Telengana imbroglio is being hammered out, stocks of companies which have a large exposure to Andhra Pradesh are at the receiving end at the bourses.
Oil cartel may fail to maintain balance in '10 23 Dec 2009, 0345 hrs IST, Ramkrishna Kashelkar
Organization of Petroleum Exporting Countries (OPEC) members may have to cut production in 2010 as well, similar to what they did in 2009.
Cadila: Growth should match valuation 23 Dec 2009, 0329 hrs IST, Kiran Kabtta Somvanshi
Cadila Healthcare, the Rs 3,000-crore Gujarat-based pharma company, has been on a steady growth path over the past couple of years.
Good response to Bharati's open offer for Great Offshore 22 Dec 2009, 2229 hrs IST
The open offer for Great Offshore closed on Tuesday with bidder Bharati Shipyard receiving little over one crore shares accounting for 27.56 per cent of the equity, sources close to the development said.
World markets rise on stronger US housing sales 23 Dec 2009, 1857 hrs IST
Asian and European stock markets were higher after a jump in US housing sales suggested the world's biggest economy is picking up speed.
US stocks rally amid reports of economic recovery 23 Dec 2009, 1112 hrs IST
US stocks were up Tuesday after the government reported that the economy grew in the third quarter, although at a slower-than-expected rate.
Wall St gains on optimism after home sales jump 23 Dec 2009, 0312 hrs IST
US stocks logged another 14-month high on Tuesday as a surge in existing home sales indicated more stabilisation in housing and boosted optimism about the economic recovery.
European shares hit 14-month closing high 23 Dec 2009, 0036 hrs IST
European shares rose to their highest close in 14 months on Tuesday, with energy stocks gaining and US home sales data boosting sentiment.
US markets rise after strong home sales data 22 Dec 2009, 2110 hrs IST
US stocks added to gains after a bigger-than-expected jump in Nov existing home sales reassured investors the housing market was stabilizing.
World stocks, dollar rise on US recovery hopes 22 Dec 2009, 1522 hrs IST
World stocks rose for a second day running on Tuesday and oil also gained on rising expectations of US economic recovery, which sent US Treasury yields and the dollar higher.
Nikkei hits 3-mth closing high on yen; Isuzu jumps 22 Dec 2009, 1236 hrs IST
Japan's Nikkei average rose 1.9 per cent to a three-month closing high on Tuesday as a weaker yen lifted exporters.
Nikkei hits 8-week high on weaker yen 22 Dec 2009, 1112 hrs IST
Japan's Nikkei average hit its highest in eight weeks on Tuesday as a weaker yen lifted exporters.
Global markets: Investors buy stocks, sell bonds on economy hopes 22 Dec 2009, 0400 hrs IST
M&A activity drove up stocks in both US and Europe, and the signs of a recovering economy bolstered markets.
Health shares lift Wall St, Nasdaq at 15-month high 22 Dec 2009, 0320 hrs IST
US stocks rose on Monday, with the Nasdaq hitting a 15-month high after a healthcare reform bill advanced in the Senate and brokerages upgraded two Dow components on improving profit prospects.
COMMODITIES
BULLION
Madras Cements shelves plan to enter sugar biz 23 Dec 2009, 1822 hrs IST, S Sujatha & Chandra Ranganathan
Madras Cements shelves plan to enter sugar biz, allows Bannari Amman Sugars to implement the project instead.
Pawar asks sugar mills to share rising profits with farmers 22 Dec 2009, 2148 hrs IST
With skyrocketing sugar prices in the retail market, Food and Agriculture Minister Sharad Pawar asked the sugar industry to pass on the higher realisation from the sweetener to the cane farmers.
Farmers yet to get a clear field for organic farming 22 Dec 2009, 0517 hrs IST, Jayashree Bhosale
Farmers face trouble in practising the chemical-free method.
Open market wheat price likely to be cut soon 21 Dec 2009, 0054 hrs IST, Arun Iyer & Madhvi Sally
Union government will announce a reduction in the open market price for wheat sold through the FCI.
Ruchi Soya set to invest Rs 150 cr in plantations 18 Dec 2009, 0216 hrs IST, NIDHI SHARMA
India's largest edible oil company Ruchi Soya Industries plans to invest Rs 150 crore in palm plantations in India. It is also in advanced talks to acquire palm oil projects globally.
States told to push movement of imported sugar 18 Dec 2009, 0113 hrs IST
The Centre on Thursday said it has asked states to facilitate the movement of imported raw sugar from ports to the mills as it will help augment domestic supplies.
Rice import not likely on high yields 18 Dec 2009, 0104 hrs IST
The country may not need to import the staple food grain as a higher yield is likely after the late rains.
Poor infra seen to spoil coconut procurement plan 17 Dec 2009, 1753 hrs IST
Kerala co-operation minister G Sudhakaran is the latest knight-in-armor to attempt to save the coconut farm sector in the state.
From farm to mandi, vegetable prices go up by 400% 17 Dec 2009, 1016 hrs IST, Neha Lalchandani
Did you know that there is a 400% mark-up on vegetables in the last mile when it travels from the wholesale market - the mandi - to the vegetable vendor?
MCX declares broker ISF a defaulter 17 Dec 2009, 0051 hrs IST
MCX declared the broker a defaulter for its failure to settle a mark-to-market loss.
Gold declines on hectic stockists selling 23 Dec 2009, 1843 hrs IST
Gold prices declined by Rs 170 per ten grams on sustained selling by stockists and traders driven by bearish trend in international markets.
Correction in gold may be temporary 23 Dec 2009, 1137 hrs IST, Bakul Chugan Tongia
Having touched record high of Rs 18,200/10 grams gold prices have been subject to sharp correction of about 7-7.5%.
Gold slightly lower on dollar, profit-taking 23 Dec 2009, 1121 hrs IST
Gold futures were slightly lower in early trade on Wednesday as traders were cautious tracking a firm dollar and on profit booking ahead of Christmas holidays, analysts said.
Gold, silver plunge on heavy selling 23 Dec 2009, 0417 hrs IST
Gold plunged at the domestic bullion market on Tuesday on emergence of aggressive selling by stockists and traders amid sharp drop in New York.
Gold hits 7-week low as dollar gains against euro, yen 22 Dec 2009, 2123 hrs IST
SPDR Gold Trust said its holdings rose 6.097 tonnes or 0.5% to 1,132.708 tonnes.
Gold plunges on heavy selling, silver also drops 22 Dec 2009, 1928 hrs IST
Gold plunged at the domestic bullion market today on emergence of aggressive selling by stockists and traders amid sharp drop in New York.
Spot gold down as buyers absent 22 Dec 2009, 1803 hrs IST
Dealers said the Hindu wedding season, which will last till December-end, will prevent a major fall in prices.
Gold futures lower on firm dollar 22 Dec 2009, 1149 hrs IST
Gold futures were slightly lower in early trade on Tuesday under pressure from a firm dollar, though technical buying in international gold limited losses, analysts said.
Gold loses lustre, but buyers still won’t touch it 22 Dec 2009, 1100 hrs IST, Bhargav Trivedi
Though gold price has fallen about 8% from its peak, jewellery shops bore an empty look for want of customers.
