Mumbai: The BSE Sensex closed just 0.3 per cent higher on Monday, with support especially from rate sensitives ahead of RBI's annual monetary policy for FY13 scheduled to be announced on April 17. The BSE Bankex, Capital Goods, Realty and Auto indices were up more than 1 per cent on Monday hoping for a 25 basis points rate cut.
The BSE benchmark rose 56.44 points, to close at 17,150.95 and the NSE benchmark went up 18.75 points to end at 5,226.20.
Anand Tandon, CEO, JRG Securities also believes that expectations of a rate cut of 25 basis points, but for the next rate cut one has to wait for next six months.
"The expectation is that it will be 25 basis points, but I don’t expect that too last very much. We have to factor in the inflation, which will again pick up soon as many of the user prices continue to increase and the government seems to be in a mood to increase most prices. Therefore I don’t think that we are going to see inflation abating anytime in the near-term and consequently there is no particular reason for interest rate cuts to continue from here," he reasoned.
At 14:48 hours IST: Sensex consolidates; Tata Motors up 4 per cent, Infosys down 2 per cent
The BSE Sensex and NSE Nifty continued to consolidate around its Friday's closing value. Telecom major Bharti Airtel and country's second largest software services provider Infosys tumbled 2 per cent each. Index heavyweights Reliance Industries and ONGC cut their losses to 0.2 per cent and 0.4 per cent, respectively.
The BSE benchmark climbed just 48 points to 17,142.90 and the NSE benchmark was up 17 points at 5,224.70. The Indian rupee fell 39 paise to 51.68 a dollar.
Tata Motors, country's largest commercial vehicle maker shot up 4 per cent while Maruti Suzuki, top car maker rose 1.5 per cent.
Top lenders State Bank of India and ICICI Bank were up 2 per cent and 1 per cent, respectively ahead of RBI's annual monetary policy for FY13, which schedule to be announced on Tuesday.
Cigarette major ITC gained 2 per cent. Engineering and construction company Larsen & Toubro gained 1.4 per cent and state-owned BHEL was up 0.7 per cent.
IVRCL and its subsidiaries IVRCL Assets and Hindustan Dorr-Oliver plunged 2 per cent, 5 per cent and 10 per cent, respectively. Subhash Chandra's Essel Group, which holds 12.7 per cent stake in IVRCL, said they have no intention to increase stake in the company. "IVRCL promoters are not interested in stake sale or partnering, so we will stay invested in IVRCL with current holding of 12.27 per cent," says Essel Group.
Among smallcaps, Gravita India shot up 16 per cent and Henkel India surged 13 per cent. Banco Products, Aegis Logistics and Shristi Infra were up 9-9.5 per cent while Spanco, OCL Iron, Gokaldas Export and SPML Infra fell 5.5-7 per cent.
At 13:39 hours IST: Sensex stays volatile; IVRCL, Gravita India most active
The BSE Sensex extended gains amid choppy trade, supported majorly by banks, capital goods and auto stocks. Even the European markets like France's CAC and Britain's FTSE were up 0.5 per cent each.
The BSE Bankex gained 1 per cent in afternoon trade led by 12 components while only HDFC Bank and Union Bank were down. Top lender State Bank of India rallied 1.7 per cent and private sector lender Axis Bank rose 2 per cent. Kotak Mahindra Bank, ICICI Bank, PNB, IDBI Bank and Yes Bank were up 1-1.5 per cent.
The BSE benchmark moved up 42 points or 0.24 per cent to 17,136.33 and the NSE benchmark went up 14 points to 5,221.70. Sectors like Capital Goods, Realty and FMCG climbed 1 per cent each.
Cigarette major ITC advanced nearly 2 per cent. Tata Motors, top commercial vehicle maker and Maruti, country's largest car manufacturer gained 1.25 per cent and 1.45 per cent, respectively. Top two wheeler makers Hero Motocorp and Bajaj Auto were up around 1 per cent while M&M lost 1 per cent.
However, index heavyweight Reliance Industries trimmed losses to 0.3 per cent from 1.3 per cent.
Infosys, India's No. 2 software services exporter fell 1.2 per cent and top telecom operator Bharti Airtel was down 1.5 per cent. Shares of HDFC, HDFC Bank and ONGC went up 0.4 per cent.
Most active shares on the BSE were IVRCL with 57.25 lakh shares, Gravita India (surged 14.5 per cent) with 3.7 lakh shares and Karur Vysya (down 1.8 per cent) with 5.58 lakh shares.
IVRCL tanked 5 per cent post Subhash Chandra's Essel Group said they have no intention to increase stake in the company. "IVRCL promoters are not interested in stake sale or partnering, so we will stay invested in IVRCL with current holding of 12.27 per cent," says Essel Group.
In the second line shares, Aurobindo Pharma, Parsvnath, Whirlpool, Motilal Oswal and Edelweiss Capital rallied 5-7.5 per cent while Gujarat State Petronet, AstraZeneca, HT Media, Info Edge and CESC slipped 2-3 per cent.
At 12:32 hours IST: Sensex choppy; Reliance, Infosys, Bharti, ONGC decline
The BSE Sensex and NSE Nifty continued to move around its previous session's closing value. The market was waiting for the RBI monetary policy for FY13, which schedule to be announced on Tuesday.
Inflation for March came in at 6.89 per cent as against 6.95 per cent in February, which was more or less in line with expectations, say experts. They believe the RBI may cut rates on Tuesday.
Steve Brice, Chief Investment Strategist, Standard Chartered Bank expects 25 bps cut in repo rate in the RBI policy meeting on Tuesday.
The BSE benchmark was up just 7.6 points at 17,102.12 and the NSE benchmark rose 4.85 points to 5,212.30.
Buying interest continued in rate sensitives. State Bank of India and ICICI Bank, country's largest lenders rallied 2 per cent and 1 per cent, respectively.
Capital goods majors Larsen & Toubro and BHEL moved up 1 per cent each. Auto stocks like Tata Motors, Maruti, Hero Motocorp and Bajaj Auto gained 0.6-1.7 per cent.
Cigarette major ITC extended gains in afternoon trade, rising 1.2 per cent.
However, index heavyweights Reliance Industries, Infosys, Bharti Airtel and ONGC have been trading lower since early trade, falling 0.8-1.3 per cent.
About 802 shares advanced while 574 shares declined on the National Stock Exchange.
At 11:27 hours IST: Sensex flat; Karur Vysya, JSW Steel, SpiceJet most active
The BSE Sensex stayed lower amid volatility since early trade, weighed down by index heavyweights Reliance Industries and Infosys. However, buying interest in banks, capital goods, auto and realty has limited the downside.
The BSE benchmark fell 32 points or 0.2 per cent to 17,062.46 and the NSE benchmark was down 7 points to 5,200.60.
India's most valued stock Reliance Industries and software services provider Infosys were down 1 per cent and 1.6 per cent, respectively.
Bharti Airtel, top telecom operator lost 1.4 per cent. HDFC and ONGC declined 0.4 per cent each.
However, State Bank of India, top lender rose 1.8 per cent while private sector lender ICICI Bank moved up 0.3 per cent ahead of RBI monetary policy on April 17. Experts feel the RBI may consider rate cut of 25 basis points.
Even auto stocks like Bajaj Auto and Maruti gained 0.8-1.3 per cent whereas Tata Motors and Hero Motocorp were moderately higher.
Cigarette major ITC was up nearly 1 per cent.
Aviation stocks were trading higher as Aviation Minister Ajit Singh said the FDI in the sector may be considered this week. Jet Airways and SpiceJet gained 1-2 per cent while Kingfisher was flat.
Most active shares on the BSE were Karur Vysya (down 1.5 per cent) with 5.57 lakh shares, JSW Steel (up 1.5 per cent) with 1.6 lakh shares and SpiceJet with 36.78 lakh shares.
The broader markets outperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.6 per cent each. Advancing shares outnumbered declining by 1369 to 888 on the BSE.
At 10:10 hours IST: Sensex trims losses; SBI, ICICI Bank gain on rate cut hopes
The BSE Sensex trimmed its losses amid choppy trade, led by support from banks, realty and capital goods stocks. Country's largest lender State Bank of India shot up 2 per cent on hopes that the Reserve Bank of India may cut rates by 25 basis points on Tuesday in its monetary policy for FY13.
"We maintain the RBI will cut the repo rate by 25 bps on April 17, but keep CRR unchanged for now as the liquidity deficit has improved. It will issue a less dovish policy statement than is generally anticipated and will focus on the multiple risks to the inflation outlook despite soft growth," Rajeev Malik of CLSA said.
Axis Bank and Punjab National Bank moved up 1.5 per cent. Kotak Mahindra Bank and ICICI Bank were up 0.5-0.9 per cent while realty firm DLF spiked 1.6 per cent. Maruti Suzuki, top car maker and Bajaj Auto, India's second largest two-wheeler manufacturer were up 0.9 per cent and 0.4 per cent, respectively.
The BSE benchmark was down just 22 points at 17,072.80 and the NSE benchmark fell 5.6 points to 5,201.85. The Indian rupee depreciated by 35 basis points to 51.64 a dollar.
Engineering and construction major Larsen & Toubro and state-owned Bharat Heavy Electricals gained 0.3 per cent each.
However, Reliance Industries, India's most valued stock and Tata Consultancy Services, top software services exporter dropped around 1 per cent. Wipro too was down more than 1 per cent.
Shares of HDFC, Bharti Airtel, HDFC Bank, NTPC, ONGC, Coal India, JSPL, Hindalco and Sterlite were down 0.2-1 per cent.
At 9:19 hours IST: Sensex, Nifty open 0.4 per cent lower; Reliance, TCS down
The BSE Sensex and NSE Nifty started off trade with 0.4 per cent gap down on first day of the week, tracking negative global cues. Lower than expected China's GDP, Spain worries and weaker than expected US data weighed on global equities; Asian markets were down 0.2-1 per cent.
Back home, the BSE benchmark managed to hold the 17,000 level amid selling pressure, which fell 59.61 points to 17,034.90. Meanwhile, the NSE benchmark was down 17.60 points to 5,189.85.
Coal India, Hindalco, Sesa Goa, Jindal Steel, Bharti Airtel, Cairn India, Reliance Industries, SAIL, Reliance Infrastructure, BHEL and ACC were down on Monday.
However, banks stocks were trading higher ahead of RBI monetary policy for FY13 on April 17. SBI and Axis Bank rose nearly 1 per cent.
Infosys, India's No.2 software services provider bounced back with 0.5 per cent gains. It had fallen nearly 13 per cent on Friday post results.
L&T rose 0.4 per cent and Reliance Communications was up 1.2 per cent.
In the second line shares, Allahabad Bank, Dena Bank, DCB and UCO Bank moved up 1.5-2 per cent.
Hotel Leela tumbled over 4 per cent after The Economic Times reported that lenders including IOB, Syndicate Bank and BOI backed out of Hotel Leela Rs 3000 crore CDR.
BEML was down 1.6 per cent while Viceroy Hotel rallied 5 per cent.
Parsvnath Developers shot up 10 per cent as CNBC-TV18 reported that Sahara, ICICI and Bhushan Steel are in fray to buy Parsvnath's land in Delhi for Rs 700 crore. Company had bought this land for Rs 200 crore in 2008.
Kingfisher, Mahindra Satyam, IGL and Pantaloon were up 1-1.5 per cent.
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