NIFTY NEAR 5350; CAIRN, HINDALCO, SESA GOA GAIN
Date: 03/04/2012
The National Stock Exchange's Nifty extended overnight gains, taking cues from positive Asian peers, led by rate sensitives like realty, banks and metals on hopes of a rate cut by the Reserve Bank of India at its policy review meet later this month.
"The market seems to be swaying to the tune of whatever comes its way in terms of data. The data which may not have much relevance but can still benefit sentiment is the fact that the S&P 500 has risen every April for the past five years, says a report.
The PMI data revealed slower growth and saw local indices cooling. Some warmth came in from hopes that the RBI may mull a rate cut on account of the slowdown.
US indices gained ground. While the March manufacturing was a tad above expectations, the rejoicing came from the fact that US prices rose less than expected, which promoted less worries on the inflation front. All eyes are now on March jobs report due on Friday (which is a public holiday).
We expect a positive start for the markets today however some cooling-off in the later half cannot be ruled out. Short term hurdle for Nifty is seen at 5,360 above which uptrend could extend beyond 5500 levels. With global events dictating movements very often, investors may prefer remaining lighter ahead of the very long weekend," said IIFL report.
At 09:50 am; the Nifty was at 5349.60, up 31.70 points or 0.60 per cent. The broader index touched a high of 5361.15 and low of 5344.45 in trade so far.
The Bombay Stock Exchange's Sensex was at 17599.35, up 121.20 points or 0.69 per cent. It touched intraday high of 17628.26 and low of 17576.21.
BSE Midcap Index and BSE Smallcap Index were up 0.91 per cent each.
Amongst the sectoral indices, BSE Metal Index was up 1.39 per cent, BSE Realty Index gained 1.27 per cent, BSE Bankex moved 1.24 per cent higher and BSE Capital Goods Index moved up 1.03 per cent. BSE Auto Index was down 0.02 per cent.
Cairn India (2.87%), Hindalco Industries (2.55%), Sesa Goa (2.36%), Jaiprakash Associates (2.36%) and Sterlite Industries (2.33%) were the major Nifty gainers.
Tata Consultancy Services (-1.11%), Hero MotoCorp (-0.91%), Maruti Suzuki (-0.79%), M&M (-0.64%) and Sun Pharma (-0.33%) were the major index losers.
TCS was witnessing profit booking after reports that a US court has granted approval for a class action lawsuit over wage disputes.
Market breadth was positive on the NSE with 962 gainers against 361 losers.
Mossy of the Asian markets were witnessing buying action. Hang Seng was up 0.48 per cent and Seoul Composite moved 0.87 per cent higher. Nikkei was down 0.55 per cent.
NSE Nifty : For live quotes of the 50-share Nifty index companies
BSE Sensex : For live quotes of the 30-share Sensex companies
"The market seems to be swaying to the tune of whatever comes its way in terms of data. The data which may not have much relevance but can still benefit sentiment is the fact that the S&P 500 has risen every April for the past five years, says a report.
The PMI data revealed slower growth and saw local indices cooling. Some warmth came in from hopes that the RBI may mull a rate cut on account of the slowdown.
US indices gained ground. While the March manufacturing was a tad above expectations, the rejoicing came from the fact that US prices rose less than expected, which promoted less worries on the inflation front. All eyes are now on March jobs report due on Friday (which is a public holiday).
We expect a positive start for the markets today however some cooling-off in the later half cannot be ruled out. Short term hurdle for Nifty is seen at 5,360 above which uptrend could extend beyond 5500 levels. With global events dictating movements very often, investors may prefer remaining lighter ahead of the very long weekend," said IIFL report.
At 09:50 am; the Nifty was at 5349.60, up 31.70 points or 0.60 per cent. The broader index touched a high of 5361.15 and low of 5344.45 in trade so far.
The Bombay Stock Exchange's Sensex was at 17599.35, up 121.20 points or 0.69 per cent. It touched intraday high of 17628.26 and low of 17576.21.
BSE Midcap Index and BSE Smallcap Index were up 0.91 per cent each.
Amongst the sectoral indices, BSE Metal Index was up 1.39 per cent, BSE Realty Index gained 1.27 per cent, BSE Bankex moved 1.24 per cent higher and BSE Capital Goods Index moved up 1.03 per cent. BSE Auto Index was down 0.02 per cent.
Cairn India (2.87%), Hindalco Industries (2.55%), Sesa Goa (2.36%), Jaiprakash Associates (2.36%) and Sterlite Industries (2.33%) were the major Nifty gainers.
Tata Consultancy Services (-1.11%), Hero MotoCorp (-0.91%), Maruti Suzuki (-0.79%), M&M (-0.64%) and Sun Pharma (-0.33%) were the major index losers.
TCS was witnessing profit booking after reports that a US court has granted approval for a class action lawsuit over wage disputes.
Market breadth was positive on the NSE with 962 gainers against 361 losers.
Mossy of the Asian markets were witnessing buying action. Hang Seng was up 0.48 per cent and Seoul Composite moved 0.87 per cent higher. Nikkei was down 0.55 per cent.
NSE Nifty : For live quotes of the 50-share Nifty index companies
BSE Sensex : For live quotes of the 30-share Sensex companies
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