April 30, 2013

Market Pulse - 2 May, 2013

Thu, May 2, 2013 at 17:30 PM
Markets edged higher, on rate cut hopes.
Markets after opening slightly negative in the morning session gained quickly and edged higher past morning session to close firm positive, amid buying interest in rate sensitive sectors on hopes of rate cut by RBI (Reserve Bank of India) in its policy meet. Sensex closed firm up by 231.59 points or 1.19% at 19,735.77 after opening negative down by 44.85 points or 0.23% at 19,459.33 and touched a high of 19,792 and a low of 19,451.26, while Nifty closed up by 69.15 points or 1.17% at 5,999.35 after opening down by 18.80 points or 0.32% at 5,911.40 and touched a high of 6019.45 and a low of 5910.95 in the day.

Sectoral wise, all sector closed positive with IT index leading the list surged up by 2.55%, Capital Goods, Realty, Bankex and Power indices ended up between 2%-1% each, Oil & Gas and Consumer Durables indices gained up by 0.96% and 0.93% each, FMCG and PSU advanced up by 0.79% and 0.71%, Healthcare and Auto gained up by 0.57% and 0.35% and Metal inched up by 0.13%. Whereas in broader markets both the Mid-cap and Small-cap index gained up by 0.77% and 0.57%.

Major stock gainers were, Tata Consultancy Services and Mahindra & Mahindra spurged up by 3.84% and 3.48%, Larsen & Toubro and Infosys gained up between 3%-2%, HDFC, Reliance Industries Limited, NTPC, Sun Pharmaceuticals, State Bank of India, HDFC Bank Limited, ITC and Wipro Limited gained up between 2%-1%, ICICI Bank Limited and Cipla Limited advanced up by 0.74% and 0.73%, ONGC and Maruti Suzuki up by 0.69% and 0.68%, Tata Steel Limited gained up by 0.53% while Jindal Steel and Power advanced up by 0.43%.

Major stock losers were, Hero Motocorp and hindustan Unilever dropped by 1.93% and 1.93% each, Hindalco Industries, Gail (India), Bajaj Auto and Tata Motors declined between 1.50%-1% each, Dr Reddys Laboratories, Bharti Airtel and Coal India Limited fell between 1%-0.50% each, BHEL and Tata Power Company down by 0.42% each while Sterlite Industries down by 0.16%.
Bharti Airtel fell by 0.64%, after company reported a drop of 49% year-on-year (yoy) in its consolidated net profit at Rs 509 crore for the March 2013 ended quarter, due to higher depreciation and amortization cost, net interest cost, while company had reported a profit of Rs 1,006 crore a year ago in the same period.
Syndicate Bank spurted up by 8.01%, after reporting a better-than expected net profit for the quarter ended on March 2013, a jump of 92% year-on-year (yoy), due to lower provisioning for bad loans and tax expenses.

Overall market breadth was positive with 1,271 shares advanced compared to 1117 shares declined while 123 shares remained unchanged.

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