Mumbai: The 30-share BSE Sensex spiked as much as 290 points intraday on Friday as traders seemed to have added long positions ahead of Greek election over the weekend and RBI policy on Monday.
The BSE benchmark recouped all of Thursday's losses that rose 272 points or 1.63 per cent higher, to close at 16,949.83. Meanwhile, the NSE benchmark gained 84.30 points at 5,139.05.
Anticipation of a rate cut has boosted market on Friday. However, most experts feel that more or less the market has already priced in 25 basis points cut in both repo rate (at which banks borrow money from RBI) and cash reserve ratio (banks are required to keep certain portion of their deposits with RBI). If the RBI delivers the same then the policy would be a non-event, say experts.
From the market perspective, Ajay Bodke of Prabhudas Lilladher feels a 25 bps cut in repo and a 25 bps cut in CRR is almost given.
With a more optimistic view, he says, the market would get a strong bounce if a 50 bps cut comes in, but that looks unlikely because of the stubbornly high inflation number, he quickly said. On Thursday inflation for May increased to 7.55 per cent from 7.23 per cent in previous month.
European markets gained on reports that central banks are preparing coordinated action for emergency liquidity facilities ahead of the Greek election over the weekend. France's CAC rose 1.6 per cent while Germany's DAX was up 0.9 per cent and Britain's FTSE went up 0.6 per cent. Asian markets too strengthened in late trade.
Back home, country's largest private sector lender ICICI Bank rallied over 3 per cent while its rival HDFC Bank and State Bank of India gained 2.5 per cent and 1.3 per cent, respectively.
Shares of top commercial vehicle maker Tata Motors topped the buying list, rising 5.75 per cent after better-than-expected Jaguar & Land Rover's (JLR) sales numbers.
Its global sales increased 10 per cent month-on-month and 12 per cent year-on-year to 96,089 units for May and subsidiary JLR's sales grew 19.7 per cent MoM and 35 per cent YoY to 30,094 units.
Utility vehicle maker Mahindra & Mahindra, top car maker Maruti Suzuki and two-wheeler major Hero Motocorp surged around 2.5 per cent whereas Bajaj Auto declined 1.4 per cent.
Index heavyweight Reliance Industries and top telecom operator Bharti Airtel gained 1.5 per cent and 2 per cent, respectively.
FMCG majors ITC and HUL were up 1.5-2 per cent. Country's largest software services exporters TCS and Infosys climbed 1.6 per cent and 0.87 per cent, respectively.
Among metals and mining stocks, Coal India and Hindalco shot up 2.7 per cent each. Tata Steel was up 1.7 per cent whereas Sterlite Industries tanked 1.6 per cent.
In the second line shares, Deccan Chronicle Holdings surged 10 per cent and ITI gained 8.5 per cent. Indiabulls Real Estate, JSW Energy, Power Finance Corporation and Shree Renuka Sugars rallied 4 per cent each.
Advancing shares outnumbered declining by 804 to 583 on the National Stock Exchange. The BSE Midcap and Smallcap indices were up 0.57 per cent and 0.46 per cent, respectively.
At 14:55 hours IST: Sensex rises over 250 pts; Auto, Bankex gain 2.5 per cent
The 30-share BSE Sensex gained nearly 300 points as rally extended in banks, FMCG, auto and capital goods stocks. Index heavyweight Reliance Industries rose nearly 2 per cent.
The BSE benchmark surged 281.13 points or 1.69 per cent to 16,959.01 and the NSE benchmark moved up 89.65 points or 1.77 per cent to 5,144.40.
France's CAC and Britain's FTSE rallied over 1 per cent ahead of Greek election over the weekend. Germany's DAX gained 0.9 per cent.
Back home, shares of commercial vehicle major Tata Motors advanced 5.55 per cent amid heavy volumes after its global sales increased 10 per cent month-on-month and 12 per cent year-on-year to 96,089 units for May. Subsidiary Jaguar & Land Rover reported better than expected sales in same month that grew 19.7 per cent MoM and 35 per cent YoY to 30,094 units.
Among other auto stocks, Hero Motocorp, Mahindra & Mahindra and Maruti Suzuki climbed 2.5-3 per cent.
Traders were adding long positions in auto and banks stocks ahead of RBI's mid-quarter policy review on Monday. Auto and Bankex gained 2.5 per cent.
Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were up 1.5 per cent, 2.4 per cent and 3.77 per cent, respectively.
Engineering and construction major by sales Larsen & Toubro rose over 2 per cent while state-owned capital goods company BHEL was up 1 per cent.
FMCG majors ITC and HUL advanced 1.4 per cent and 1.8 per cent, respectively. top software services exporters TCS and Infosys were up 0.8-1 per cent.
At 13:53 hours IST: Sensex up 200 pts prior to RBI meet; ICICI Bank gains 3 per cent
Indian equity benchmarks extended gains, rising more than 1 per cent in afternoon trade due to further buying in banks, auto, FMCG and technology stocks. Asian markets too turned strong in late trade and European markets gained 0.6-0.8 per cent ahead of Greek election over the weekend.
The BSE benchmark Sensex climbed 200 points to 16,877.59 as traders may be adding long positions in anticipation of surprise by the Reserve Bank of India in its mid-quarter policy review on June 18 (Monday). Meanwhile, the NSE benchmark Nifty moved up 62.5 points to 5,117.25.
Top commercial vehicle maker Tata Motors gained as much as 5 per cent to intraday high of Rs 238.40 after better than expected sales numbers reported by Jaguar & Land Rover (JLR). JLR sales shot up 19.7 per cent to 30,094 units for May as against 25,143 units in previous month. Total sales of the group increased 10 per cent MoM to 96,089 units. At 13:39 hours IST, shares gained 4 per cent.
Shares of Hero Motocorp, India's largest two-wheeler manufacturer rallied 2.9 per cent whereas rival Bajaj Auto declined 1.4 per cent. Utility vehicle maker M&M and top car maker Maruti Suzuki gained 1-1.6 per cent.
Country's largest private sector lender ICICI Bank surged 3 per cent while its rivals HDFC Bank was up 1.5 per cent and public sector lender State Bank of India was up 0.7 per cent.
Oil & gas producer Reliance Industries, top telecom operator Bharti Airtel and engineering & construction major by sales Larsen & Toubro rose 1-1.5 per cent.
Country's largest software services exporters TCS and Infosys were up 0.6 per cent. FMCG majors ITC and HUL climbed 0.8 per cent each.
Among metals and mining stocks, Coal India, Tata Steel and Hindalco gained 1.5-2 per cent whereas Sterlite Industries tanked 2.7 per cent..
Advancing shares outnumbered declining by 776 to 571 on the National Stock Exchange.
On the global front, Hang Seng went up 2.26 per cent at close and Shanghai gained 0.5 per cent. Straits Times and Taiwan Weighted were up over 1 per cent. Nikkei was flat while Kospi declined 0.7 per cent.
At 12:35 hours IST: Sensex gains 1 per cent; auto, banks, realty surge
Indian equity benchmarks rose 1 per cent each in afternoon trade led by auto, banks and Reliance Industries. Shares of top commercial vehicle maker Tata Motors shot up 4.5 per cent Jaguar & Land Rover's sales numbers for May were stable. Brokerages were expecting good sales numbers in May as compared to previous month.
The BSE benchmark moved up 162.92 points to 16,840.80 and the NSE benchmark was up 53 points at 5,107.50. European markets opened 0.5 per cent higher on Friday.
Index heavyweight Reliance Industries climbed 1.4 per cent and engineering and construction major by sales Larsen & Toubro went up 0.9 per cent.
The BSE Bankex surged 1.5 per cent as country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were up 0.9 per cent, 2 per cent and 1.6 per cent, respectively.
Top two-wheeler major Hero Motocorp and largest coal mining company Coal India rallied 2 per cent each.
Software services exporters Infosys and TCS, and cigarette major ITC and top telecom operator Bharti Airtel rose 0.6 per cent each.
In the second line shares, HMT, Shree Global, Allcargo Global, India Cements and Gujarat Mineral shot up 5 per cent while Corporation Bank, VST, KSK Energy Ventures, Himadri Chemical and DB Realty lost 3-5 per cent.
At 11:38 hours IST: Nifty hits 5100; Coal India, Hero Motocorp up 2 per cent
The NSE Nifty touched the 5100 level due to consistent buying in index heavyweight Reliance Industries, ICICI Bank and Infosys. The Indian rupee too appreciated by 7 paise to 55.73 as against the US dollar.
The BSE benchmark rose 145 points to 16,823 and the NSE benchmark was up 46 points at 5,100.75 while the broader markets were marginally higher.
Reliance Industries, India's most valued stock gained 1.46 per cent and second largest software services exporter Infosys went up 0.9 per cent.
Private sector lender ICICI Bank surged 2 per cent while its rivals State Bank of India and HDFC Bank were up 1 per cent each.
Shares of top commercial vehicle maker Tata Motors climbed 2 per cent ahead of Jaguar & Land Rover's sales numbers for May. Brokerage houses expect sales around 28000-30000 units as against 25143 units in previous month.
Country's largest two-wheeler manufacturer Hero Motocorp and state-owned coal mining company Coal India too rallied 2 per cent each.
Engineering and construction major by sales Larsen & Toubro rose 1.2 per cent. FMCG majors HUL and ITC were up 0.7 per cent each.
State-owned MMTC was among the top five most active stocks, with 2,87,880 shares that gained 2 per cent. HMT and ITI rose 5 per cent.
At 10:20 hours IST: Sensex, Nifty stay up; Reliance, ICICI Bank, Infosys lead
The 30-share BSE Sensex stayed higher with more than 100 points gains since early trade led by banks, oil & gas, FMCG and technology stocks. Friday's bounce back indicates that traders may be adding long positions ahead of two big events - Greek election over the weekend and RBI mid-quarter policy review on Monday.
As per consensus estimates, the central bank would announce a 25bps repo rate cut at least .
However, given the inflationary pressure and widening fiscal deficit R Sukumar of Franklin Templeton Investments believes that the market should not expect a very sharp sustained fall in interest rates from the current level in the next two quarters.
The BSE benchmark climbed 120.82 points to 16,798.70 and the NSE benchmark was up 37.5 points to 5,092.25.
Country's largest private sector lender ICICI Bank jumped 1.6 per cent while its rivals State Bank of India and HDFC Bank were up 1 per cent and 0.8 per cent, respectively.
Index heavyweight Reliance Industries rose 0.7 per cent and state-owned oil & gas producer ONGC moved up 1 per cent.
Infosys, India's No. 2 software services exporter gained nearly 1 per cent. FMCG majors ITC and HUL advanced 0.6-1 per cent.
Top commercial vehicle maker Tata Motors rallied 1.76 per cent ahead of Jaguar and Land Rover's sales numbers for May on Friday.
However, shares of Bajaj Auto topped the selling list, falling more than 2 per cent.
HDFC fell 0.2 per cent after Macquarie downgraded the stock to underperform from outperform and cut the target to Rs 550.
Top telecom operator Bharti Airtel and state-owned capital goods company BHEL were down 0.3 per cent each.
About two shares gained for every share declining on the National Stock Exchange.
At 9:20 hours IST: Sensex gains over 100 pts higher; banks, oil & gas lead
The BSE Sensex and NSE Nifty bounced back in opening trade with 0.73 per cent gains on Friday after taking a beating on Thursday on diminishing hopes of aggressive rate-cut by RBI in its mid-quarter policy review on June 18.
Traders may be keeping long positions open ahead of Greek election over the weekend and RBI policy on Monday.
The BSE benchmark was up 121.32 points to 16799.20 and the NSE benchmark advanced 37 points to 5,091.60. The Indian rupee appreciated by 9 paise to 55.71 as against the US dollar.
JP Associates shot up 2.5 per cent after The Economic Times reported that Birla and Lafarge are eyeing its cement business that could fetch JP group Rs 9000 crore.
Top commercial vehicle maker Tata Motors was up over 1 per cent ahead of JLR monthly sales numbers on Friday afternoon post 1 pm.
ACC, Ambuja Cements, ONGC, IDFC, SBI, Kotak Mahindra Bank, ICICI Bank, Bank of Baroda, Coal India, L&T and HUL gained 1-2 per cent.
However, Bajaj Auto, Cipla, BPCL, Bharti Airtel, TCS and HDFC were under pressure in early trade.
The CNX Midcap Index rose 38 points to 7,015. About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, state-owned HMT and ITI climbed 6 per cent each.
Liquor baron Vijay Mallya-led UB group stocks gained further. UB Holdings was up 3.6 per cent. Kingfisher Airlines moved up 2 per cent and United Spirits up 1.6 per cent.
WWIL went up 3 per cent. Reliance Capital and Pantaloon Retail rallied 2 per cent each.
IRB Infrastructure, Lanco Infratech, IVRCL, GMR Infra and GVK Power moved up 1-2 per cent.
However, HPCL fell 0.5 per cent after The Times of India reported that petrol prices would be cut by Rs 2/litre soon.
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