Date : Jan-14-2009 13:34
Market came back from choppy volatility of yesterday and now trading strong as sustained buying is experienced in Index stocks. Further, firm return in foreign Indices and strong results by Infosys boosted the sentiments of domestic investors. However, the concerns over the slowing economic momentum and corporate earnings is acting as a resistance in the market and keeping many of the investors away.
On the sectoral front, traders on-loaded position across sectors. IT stocks capitalized for the second day in a row boosted by stronger than expected Q3FY09 results from Infosys Technologies. Meanwhile, special economic zones (SEZs) set up by IT majors like Infosys, Wipro and TCS under the parent companies will soon be able to benefit 100% tax exemption on profits on par with SEZs set up as separate entities, as the government has reportedly decided to amend the income tax law relating to tax exemption for units operating of SEZ.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,281stocks traded so far, 1,329 shares advanced while 852 shares declined. Nearly 100 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 271.96 points at 9,343.32 and NSE Nifty is up by 77.4 points at 2,822.35.
The BSE Mid Cap is trading higher by 43.83 points at 3,050.25 and Small cap is trading up by 36.44 points at 3,478.80.
Gainers from the BSE Sensex Pack are Reliance Industries Ltd surged 6.51% to Rs. 1151.30 along with Infosys Tech by 5.43% at Rs. 1,297.00, TCS surged 4.25% to Rs. 545.00, Tata Steel grew 3.94% to Rs. 210.85, Reliance Infra by 3.79% to Rs. 494.20, Mahindra & Mahindra by 3.79% to Rs. 315.10 and Sterlite Ind by 3.56% at Rs. 272.10 among others.
Losers from the BSE Sensex Pack are Sun Pharma tumbled 1.20% to Rs. 1,120.90 along with Ranbaxy Labs down by 1.13% at Rs. 213.95, Tata Motors by 0.64% at Rs. 154.25.
The BSE IT index is higher by 98.67 points or 4.56% at 2,246.36. Stocks trading in green are HCL Tech gained 8.24% to Rs. 117.55, Infosys Tech by 5.43% at Rs. 1,297.00, Aptech by 5.13% at Rs. 75.80, TCS surged 4.25% to Rs. 545.00 and Tech Mahindra by 3.50% to Rs. 240.75 among others.
TCS surged 4.25% to Rs. 545.00 on speculation it has got a significant portion of World Bank contracts that were previously serviced by Satyam Computer Services.
Wipro rose 0.77% to Rs. 242.95 as American depository receipt jumped 6.67% on Tuesday, 13 January 2009.
Nucleus Software Exports gained 3.29% to Rs. 53.40 on bagging an overseas contract.
Reliance Industries Ltd surged 6.51% to Rs. 1151.30 as it would re-enter the retail fuel business when government deregulates fuel prices and allows the market-determined prices to prevail.
ONGC advanced 4.39% to Rs. 658.00 on rise in crude oil price.
NTPC rose 1.49% to Rs. 170.65 as it approved investment of Rs. 6,037 crore in super thermal power projects in Madhya Pradesh, Uttar Pradesh and Chattisgarh.
HDFC Bank gained 1.60% to Rs. 1,004.75 on anticipation of strong Q3 results due later in the day today, 14 January 2009. The results will include the impact of the merger of Centurion Bank of Punjab and hence will not be comparable.
Airline stocks Jet Airways up 5.19% to Rs.151.00, Kingfisher Airlines up 5.07% to Rs. 35.20, and SpiceJet up 5.70% to Rs. 13.90, rose on reports the government may allow foreign airlines to pick up a minority stake in domestic airlines.
Mundra Port & Special Economic Zone surged 4.77% to Rs. 371.00 on signing a pact with the state government of Gujarat, involving a total investment of Rs. 15,000 crore for expansion and development of new facilities in the state.
Satyam Computer Services slipped 5.12% to Rs. 29.65 on reports the government is finding it difficult to move ahead with a rescue plan for the company.
HOV Services jumped 6.41% to Rs. 34.85, after its board approved buyback of shares at a price not exceeding Rs. 50 per share, a 42.86% premium over the ruling market price.
Market came back from choppy volatility of yesterday and now trading strong as sustained buying is experienced in Index stocks. Further, firm return in foreign Indices and strong results by Infosys boosted the sentiments of domestic investors. However, the concerns over the slowing economic momentum and corporate earnings is acting as a resistance in the market and keeping many of the investors away.
On the sectoral front, traders on-loaded position across sectors. IT stocks capitalized for the second day in a row boosted by stronger than expected Q3FY09 results from Infosys Technologies. Meanwhile, special economic zones (SEZs) set up by IT majors like Infosys, Wipro and TCS under the parent companies will soon be able to benefit 100% tax exemption on profits on par with SEZs set up as separate entities, as the government has reportedly decided to amend the income tax law relating to tax exemption for units operating of SEZ.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,281stocks traded so far, 1,329 shares advanced while 852 shares declined. Nearly 100 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 271.96 points at 9,343.32 and NSE Nifty is up by 77.4 points at 2,822.35.
The BSE Mid Cap is trading higher by 43.83 points at 3,050.25 and Small cap is trading up by 36.44 points at 3,478.80.
Gainers from the BSE Sensex Pack are Reliance Industries Ltd surged 6.51% to Rs. 1151.30 along with Infosys Tech by 5.43% at Rs. 1,297.00, TCS surged 4.25% to Rs. 545.00, Tata Steel grew 3.94% to Rs. 210.85, Reliance Infra by 3.79% to Rs. 494.20, Mahindra & Mahindra by 3.79% to Rs. 315.10 and Sterlite Ind by 3.56% at Rs. 272.10 among others.
Losers from the BSE Sensex Pack are Sun Pharma tumbled 1.20% to Rs. 1,120.90 along with Ranbaxy Labs down by 1.13% at Rs. 213.95, Tata Motors by 0.64% at Rs. 154.25.
The BSE IT index is higher by 98.67 points or 4.56% at 2,246.36. Stocks trading in green are HCL Tech gained 8.24% to Rs. 117.55, Infosys Tech by 5.43% at Rs. 1,297.00, Aptech by 5.13% at Rs. 75.80, TCS surged 4.25% to Rs. 545.00 and Tech Mahindra by 3.50% to Rs. 240.75 among others.
TCS surged 4.25% to Rs. 545.00 on speculation it has got a significant portion of World Bank contracts that were previously serviced by Satyam Computer Services.
Wipro rose 0.77% to Rs. 242.95 as American depository receipt jumped 6.67% on Tuesday, 13 January 2009.
Nucleus Software Exports gained 3.29% to Rs. 53.40 on bagging an overseas contract.
Reliance Industries Ltd surged 6.51% to Rs. 1151.30 as it would re-enter the retail fuel business when government deregulates fuel prices and allows the market-determined prices to prevail.
ONGC advanced 4.39% to Rs. 658.00 on rise in crude oil price.
NTPC rose 1.49% to Rs. 170.65 as it approved investment of Rs. 6,037 crore in super thermal power projects in Madhya Pradesh, Uttar Pradesh and Chattisgarh.
HDFC Bank gained 1.60% to Rs. 1,004.75 on anticipation of strong Q3 results due later in the day today, 14 January 2009. The results will include the impact of the merger of Centurion Bank of Punjab and hence will not be comparable.
Airline stocks Jet Airways up 5.19% to Rs.151.00, Kingfisher Airlines up 5.07% to Rs. 35.20, and SpiceJet up 5.70% to Rs. 13.90, rose on reports the government may allow foreign airlines to pick up a minority stake in domestic airlines.
Mundra Port & Special Economic Zone surged 4.77% to Rs. 371.00 on signing a pact with the state government of Gujarat, involving a total investment of Rs. 15,000 crore for expansion and development of new facilities in the state.
Satyam Computer Services slipped 5.12% to Rs. 29.65 on reports the government is finding it difficult to move ahead with a rescue plan for the company.
HOV Services jumped 6.41% to Rs. 34.85, after its board approved buyback of shares at a price not exceeding Rs. 50 per share, a 42.86% premium over the ruling market price.
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