03:35 pm Market close:
The market ended a volatile trading session with some massive gains. The
Sensex ended at 329.95 points or 1.2 percent at 27701.79, and the Nifty was up
98.80 points or 1.2 percent at 8324.00. About 1562 shares have advanced, 1348
shares declined, and 118 shares were unchanged.
03:05 pm Global market check:
World share markets extended their 'Santa rally' into a fourth day, as a
recovery in beaten-down oil prices and the rouble and more calls for
quantitative easing from the ECB helped lift sentiment.
There were also hopes that Greece could avoid destabilising snap elections
after Greece's Prime Minister Antonis Samaras made a surprise offer to bring
pro-European independents into the government if they backed his choice for new
president.
Asian markets had set the tone with gains of 1 percent as they followed on
from Wall Street's strong finish to last week and European bourses were just as
buoyant.
02:50pm Banks gains strength
The strength in banking & financials, oil & gas, FMCG and auto
stocks helped the Sensex rally 268.34 points or 0.98 percent to 27640.18 and
the Nifty jump 82.70 points or 1.01 percent to 8307.90.
02:40pm Market Update
The market extended rally with the 30-share BSE Sensex rising 210.33
points to 27582.17 and the Nifty soaring 59.10 points to 8284.30.
About 1444 shares have advanced, 1345 shares declined, and 130 shares are
unchanged.
02:30pm Jewellery and Tyre stocks
Jewellery stocks like TBZ, Titan Company, Gitanjali Gems, Shree Ganesh
Jewellery, PC Jeweller and Thangamayil Jewellery gained 1-8 percent while tyre
stocks like JK Tyre and Ceat fell 4-6 percent.
02:20pm Interview
AK Gupta, CMD, Shipping Corporation of India (SCI) says the fall in
Baltic Dry Index (BDI) over the past 30 days impacts both the company and the
industry adversely.
The Baltic Dry Index, which tracks global freight rates for ships carrying
dry-bulk commodities such as coal, iron ore and grains, has seen a fall of 32
percent. It fell from 1123 to 803 since start of December. The index basically
is driven by Capesize vessels, which were unemployed for long a time due to
excess supply of these vessels.
Capesize vessels are typically above 150,000 long tonne deadweight (DWT)
transporting coal, ore, and other commodity raw materials.
The shipping industry on the whole is also not seeing much stability going
forward and this fall in BDI has added to the woes, says Gupta.
However, there are some signs of firming up seen on the tanker side of the
business because of fall in crude prices and with winter setting in.
02:00pm Market Check
Equity benchmarks gained strength in afternoon trade supported by FMCG, auto
and HDFC twins. The Sensex jumped 125.44 points to 27497.28 and the Nifty
rallied 36.55 points to 8261.75.
About 1384 shares have advanced, 1327 shares declined, and 128 shares are
unchanged on the Bombay Stock Exchange.
Sanjeev Prasad of Kotak Institutional Equities says Indian equities are in a
sweet spot. He expects fresh highs in the market before the Budget and advises
buying interest rate sensitives and consumer durable stocks.
State-run NTPC, Coal India, GAIL and BHEL topped the buying list on Sensex,
up 2.5-3 percent followed by M&M with 2 percent upside. ITC, HDFC, HDFC
Bank, ONGC, HUL and Bharti Airtel climbed 1-1.5 percent while TCS, Infosys,
ICICI Bank, L&T, Reliance Industries, Hindalco and Tata Steel declined
0.3-1 percent.
Meanwhile, the rupee traded flat against the dollar at 63.24 versus a close
of 63.29 on Friday. Traders say month-end and quarter-end dollar demand will
weight on rupee later in the session.
In global markets, European markets like CAC, DAX and FTSE gained 0.5-1
percent while Asian stocks closed mostly higher taking their cue from the
Friday's US market momentum and stability in crude prices. More information
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