3:30 pm Market close: After a heady swing, the market ended
wirth some smart gains. The Sensex was up 142.01 points at 29462.27 and the
Nifty gained 26.20 points at 8895.30. About 1374 shares have advanced, 1514
shares declined, and 198 shares are unchanged.
Sesa Sterlite was up 7 percent, Hindalco gained 3 percent. Tata Power and
M&M are other top gainers in the Sensex. Heavyweights like Infosys, SBI,
Tata Motors and ICICI Bank were losers in the Sensex.
3:15 pm Market check: The market is gaining quickly. The
Sensex is up 152.33 points or 0.5 percent at 29472.59 and the Nifty up 37.90
points at 8907.00. About 1344 shares have advanced, 1515 shares declined, and
204 shares are unchanged.
Sesa Sterlite is up 7 percent while Hindalco, Tata Power, L&T and Tata
Steel are top gainers.
03:00pm Market Update
The market rebounded in late trade led by capital goods, metals, technology
stocks and HDFC. The Sensex rose 60.41 points to 29380.67 and the Nifty climbed
7 points to 8876.10.
About 1266 shares have advanced, 1544 shares declined, and 208 shares are
unchanged on the BSE.
02:30pm Global Markets
A softer stance from the Federal Reserves knocked the dollar down on
Thursday but failed to lift stock markets in Europe, where the looming deadline
for Greece to get a new debt deal kept investors nervous.
In contrast, Japan's shares hit a 15-year high as the minutes from the Fed's
meeting in January showed officials were concerned about hiking interest rates
too soon. Export data also showed the weaker yen was helping the economy.
Investors revised their expectations for the timing of a first Fed hike and
the trajectory of rates for the next couple of years. The dollar fell about 0.2
percent against a basket of currencies.
In Europe, whose barely growing economy could benefit from a weaker
currency, the euro rose 0.2 percent to USD 1.1412 and the broader FTSEurofirst
300 index slipped 0.3 percent to 1,511.18 points.
The retreat from seven-year highs was accelerated by a slide in oil prices
on expectations US inventories would reach record highs and a possible increase
in Saudi output stoked new worries about oversupply.
Brent crude futures for
April fell below USD 60 a barrel, trading at USD 59.32 a barrel, down USD 1.21
Concerns about Greece, the country at the heart of the euro zone debt crisis
for the past five years, also weighed. Athens is expected to seek an extension
to its loan agreement with the euro zone, without which it could run out of
cash in weeks. Euro zone officials said Athens had to agree to a deal by
Friday, reports Reuters.
02:00pm Market Check
The market extended losses in afternoon trade due to further profit booking
in FMCG, banks, oil and power stocks. The Sensex shed 174.18 points to 29146.08
and the Nifty fell 61.60 points to 8807.50.
The broader markets declined too; the BSE Midcap and Smallcap indices
slipped 0.7 percent and 0.4 percent, respectively. About 1116 shares have
advanced, 1646 shares declined, and 201 shares are unchanged on the Bombay
Stock Exchange.
Vibhav Kapoor of IL&FS says corporate earnings have been disappointing,
valuations of most companies are looking stretched; sectors like cement and
FMCG look very expensive now. One should reduce weightage in economy related
sectors, he adds.
European markets are under pressure today as Germany and France fell more
than 0.5 percent while the Dow futures indicate start could be on the weaker
side today. Greece is likely to ask for an extension to repay its euro zone
loans, but a deal has not been struck yet.
JSPL is the biggest gainer today, up a whopping 23 percent after the company
won back its Gare Palma 2 and 3 blocks. The management told they can use coal
from Gare Palma for other plants as well and additional merchant power sales
can happen at coal e-auction prices. Other metals stocks too saw buying
interest amid ongoing e-auction. Tata Steel, Sesa Sterlite and Hindalco
Industries gained 1-2 percent.
Coal secretary Anil Swaroop says power companies won't be allowed to pass on
premiums in fixed cost bids for power tariffs. He reiterates that Coal India's
output will cross 500 million tonnes this year. More information please visit
this site www.bigprofitbuzz.com
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