BSE Sensex added 139 points while Nifty added 42 points by the end of the day today. Mahindra and Mahindra announced its quarterly result today where its net profit stood at Rs 832 crore.
BSE Sensex added 139 points while Nifty added 42 points by the end of the day today. The markets largely remained range bound. The impact of the positive news flow on inflation and Greece bail out also wasn’t seen much on the markets, we believe that markets have already discounted these factors. What market would really look for is actual cut in the interest rate now.
European markets opened on negative note even after Euro zone finance ministers approved the Greece bailout plan (130 billion Euros). The markets there must be skeptical about the fiscal measures that Greece has to undergo after the bailout plan. The key markets in Europe are currently trading in negatives.
Asian markets earlier closed on a mixed note. While Hang Seng and Shanghai gained, Nikkei slipped into negatives.
Dow Jones Futures is currently trading 42 points or 0.32 per cent up at 12971, indicating positive sentiment in the US markets.
Back home with the exception of IT index, all other sectoral indices closed in positives. Realty index by the end of the day emerged as a top gainer by, up by over 4 per cent. Led by the Titans 5 per cent intraday returns, CD index gained 3.29 per cent. Oil and Gas gained by 2.29 per cent. Power index which was seen high flying by mid day ended its run by cutting some intraday earnings. HC index remained almost flat while IT lost by 0.16 per cent.
Among the 30 Sensex stocks, 19 stocks ended up as gainers. BHEL closed with 4.78 per cent gains. Financial shares of ONGC, Hindalco Industries, RIL, Bharti Airtel and Tata Steel also gained over 2 per cent. Shares of SBI, Hero MotorCorp and DLF ended up higher by over 1 per cent. Among losers were Tata Power, Sterlite Industries, and Wipro were down by over 1 per cent. Other IT stocks also remained subdued for the whole day. NTPC after consecutive gains in the last week ended on a negative note today.
Mahindra and Mahindra announced its quarterly result today where its net profit stood at Rs 832 crore. The shares of company rose by 1.42 per cent by the end of the day.
Among the major corporate announcements, GPT Infra has Bagged orders worth Rs. 125 Crore. The financial shares of the company rose by 2.22 per cent.
Kingfisher remained lower for the whole day and recorded a day’s low to Rs 21.40. Its shares however recovered after the DGCA gave Kingfisher time till Wed to submit its flight schedule.
The overall market breadth, which remained mixed for most of the day, changed to positive in the last session. Out of a total of 3152 stocks traded, 1822 stocks advanced, 1220 stocks declined while 110 stocks remained unchanged.
The major event that will have impact on the power index is the proposed meeting of managements of the power companies with the Prime Minister’s office.
With another day closing in the green and things getting cleared investors may now look forward to invest in equity markets.