Trading for the New Year begins on positive note
Trading for the New Year began on a positive note as key benchmark indices edged higher on higher European shares. Data showing a sharp improvement in manufacturing activity in December 2011 and comments by Reserve Bank of India governor that the central bank is likely to begin easing monetary policy to address concerns about economic growth, underpinned sentiments. The BSE Sensex was provisionally up 79.03 points or 0.51%, up close to 175 points from the day's low and off about 10 points from the day's high. The market breadth turned positive from negative in late trade.
Index heavyweight Reliance Industries (RIL) jumped more than 2%. L&T gained after winning new orders totaling Rs 2056 crore. Shares of motorcycle makers tumbled on a likely hike in petrol prices. Motorcycle major Bajaj Auto tumbled nearly 8% after reporting monthly sales volume data for December 2011. Shares of another bike major -- Hero MotoCorp plunged over 3%. Another two-wheeler maker TVS Motor Company tumbled nearly 8% after the company reported decline in overall automobile sales for the month just gone by.
IT stocks rose on a weak rupee. Interest rate sensitive realty stocks declined on expectations of weak Q3 results. Realty major DLF fell over 2%, extending Friday's 2% losses triggered by a downgrade from credit rating agency CRISIL. Cement stocks reversed intraday losses ahead of the announcement of cement dispatches data for December 2011. Copper and aluminium major Hindalco Industries hit a 52-week low.
The market regained positive zone after slipping into the red briefly after a positive start. Intraday volatility continued as key benchmark indices regained positive zone after slipping into the red to hit fresh intraday lows in morning trade. Volatility continued as key benchmark indices alternately moved between positive and negative terrain in mid-morning trade. The market skidded to hit its lowest level in nearly two weeks in early afternoon trade. Key benchmark indices recovered in afternoon trade after a survey showed that manufacturing activity picked up sharply in December 2011. Key benchmark indices once again slipped into the red after regaining positive zone in early afternoon trade. The market soon regained positive zone.
As per provisional figures, the BSE Sensex was up 79.03 points or 0.51% to 15,533.95. The index rose 87.93 points at the day's high of 15,542.85 in late trade. The index fell 96.90 points at the day's low of 15,358.02 in afternoon trade, its lowest level since 20 December 2011.
The S&P CNX Nifty was up 15.75 points or 0.34% to 4,640.05, as per provisional figures. The index hit a high of 4,645.95 in intraday trade. The index hit a low of 4,588.05 in intraday trade, its lowest level since 20 December 2011.
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