Sensex up 154 points - IT, Auto & Tech show strength

Vidrum / 24 Oct 2011

Among the sectoral indices, IT, Auto and Tech showed some strength, while Capital Goods and Bankex pulled the Sensex down.

Post-closing commentary for 24th October 2011

Sensex gave up most of its morning gains, but closed in the green zone at its day’s low. Among the sectoral indices, IT, Auto and Teck showed some strength, while Capital Goods and Bankex pulled the Sensex down.

Benchmark Indices
Index Closing % Change
SENSEX 16939.28 0.92
NIFTY 5098.35 0.96
Hang Seng 18771.82 4.14
Nikkei 8843.98 1.90
Shanghai 2370.33 2.29
Live
FTSE 5522.39 0.62
DAX 6007.65 0.61
CAC 3179.78 0.27

European markets are trading higher for the second day, as Euro leaders edged towards agreeing on the strategy to contain the sovereign debt crisis.

Asian markets had a strong run after a report showed that China’s manufacturing may expand for the first time in 4 months and also on easing concerns over the Euro debt crisis.

The Dow Jones Futures is currently trading 26 points or 0.22% up at 11783, indicating a positive sentiment in the US markets.


Sectoral Indices
Category/Index Close Change(Pts) Change (%)
Broad
MIDCAP 6091.78 -20.09 -0.33
SMLCAP 6805.68 -19.42 -0.28
BSE-100 8814.05 70.16 0.8
BSE-200 2067.8 13.78 0.67
BSE-500 6497.97 36.85 0.57
Sectors      
IT 5631.26 105.62 1.91
AUTO 9012.33 164.16 1.86
OIL&GAS 8792.15 142.38 1.65
TECk 3411.24 54.3 1.62
FMCG 4020.44 54.04 1.36
REALTY 1791.39 18.85 1.06
CD 6767.9 61.95 0.92
POWER 2120.42 12.08 0.57
HC 5951.93 23.8 0.4
METAL 11142.26 42.07 0.38
PSU 7377.62 1.8 0.02
BANKEX 11052.42 -41.89 -0.38
CG 10370.83 -187.58 -1.78


Among the Sensex stocks, Tata Motors and ONGC were among the top leaders, gaining more than 4%. Other stocks like TCS, Bajaj Auto and HUL were up 3%. ITC was up 1.62% at Rs 206.95 after posting its Q2 FY12 numbers. Axis Bank, which posted a very good set of numbers on Saturday, was also up 4% to Rs 1168.70. L&T continued its losses, and was down 3.24% to Rs 1292.65.
Banking heavyweights like SBI, HDFC and ICICI traded in a narrow range, and will take some cues from the RBI’s monetary policy tomorrow.

Other scrips that were trading lower include Coal India, Sun Pharma, Jindal Steel, etc. Leading plastic products maker, Supreme Industries, closed 1.49% up at Rs 190.65, as the company has planned to invest Rs 200 crore in the current fiscal year.
Sadbhav Engineering jumped 5.29% to Rs 134.35, after posting a very good set of numbers. Its topline increased by 65% to Rs 430 crore and the bottomline increased by 32% to Rs 18 crore.

The Power Grid Corporation of India rose 1.67% to Rs 100.65, as the net sales of the company increased by 6.5% to Rs 2264 crore and net profits increased by 8.8% to Rs 708 crore.

Lanco Industries tanked 13.46% to Rs 29.25 at its day’s low, after disappointing Q2 FY12 numbers. It posted a net loss of Rs 17.82 crore, as against a net profit of Rs 20.43 crore in previous quarters.

We advise our readers to keep track of companies like Sesa Goa, NTPC, Kotak Mahindra Bank; Dr Reddy’s Labs, etc. as they are going to post their Q2 FY12 numbers tomorrow.  


Advance-Decline Table
Index Advances Declines Unchanged
BSE 30 23 7 0
BSE 100 61 38 1
BSE 200 101 97 2
BSE 500 201 293 6
Others 1076 1235 115


The BSE clocked a turnover of Rs 1939 crore, lower than Rs 2342 crore as on 21th October, 2011. The market breadth, which indicates the overall health of the market, was negative. Out of a total of 3256 stocks traded, 1670 stocks declined, while 1462 advanced. 124 stocks remained unchanged.

In conclusion, we believe that the market will remain volatile tomorrow, with the RBI’s meet on the monetary policy stance and also the October series expiry.

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