Daily Market Review
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MARKET REVIEW 22nd June, 2010
Weakness in global stocks triggered profit taking on the domestic bourses, with metal and IT stocks leading the decline. Bank stocks also fell. Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. The BSE 30-share Sensex fell 126.86 points or 0.71%. The Sensex had jumped 1,259.45 points or 7.5% in nine trading sessions to settle at 2-1/2 month closing high of 17,876.55 on Monday, 21 June 2010, from a recent low of 16,617.10 on 8 June 2010. FMCG stocks rose. The market breadth was negative in contrast to a positive breadth earlier in the day…
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MARKET REVIEW 21st June, 2010
Rally in Asian and European stocks boosted the domestic market after China said over the weekend that it will allow its currency more freedom to move against the US dollar, which should spur its economic growth. An end to the row over regulation of Unit Linked Insurance Products (Ulips), also aided the rally on the domestic bourses. Buying was broad based with high-beta metal and realty stocks at the forefront of the rally. The 30-share BSE Sensex climbed 305.73 points or 1.74%, up 221.74 points…
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MARKET REVIEW 18th June, 2010
The key benchmark indices lost ground in the second half of the day’s trading session after a firm start which pushed the market to 1-1/2 month high. Profit booking was a key culprit causing market to snap a seven-day rally. Weakness in shares of the Mukesh and Anil Ambani pack emerged after the Mukesh Ambani gave no details of reconciliation between the two brothers at Reliance Industries’ (RIL) annual general meeting.
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MARKET REVIEW 17th June, 2010
The key benchmark indices extended gains for the seventh day in a row to settle at one and a half month highs after a largely successful Spanish bond auction eased worries about the euro-zone crisis. Expectations of strong earnings growth underpinned sentiment, with most front line firms paying higher advance tax in Q1 June 2010. The BSE 30-share Sensex jumped 153.82 points or 0.88%, up 221.79 points from the day’s low and off 30.73 points from the day’s high. The market breadth was positive, though not as strong as it was earlier in the day. European stocks and US index futures rebounded after the Spanish bond auction.
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MARKET REVIEW 16th June, 2010
The key benchmark indices extended gains for the sixth day in a row to settle at one and half month highs as bulls continued to lap up stocks in anticipation of robust financial performance after frontline companies paid higher advance taxes for the first quarter ended June 2010. Global cues were positive with rally in US stocks overnight helping Asian and European markets log on gains. The barometer index BSE Sensex was up 50.04 points or 0.29%, up 55.57 points from the day’s low and off 67.51 points from the day’s high. Market breadth, though positive, was not as strong as it was in opening trade.
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MARKET REVIEW 15th June, 2010
Key benchmark indices extended gains for the fifth day in a row buoyed by good initial batch of first quarter advance tax figures from frontline companies. Higher advance tax payment normally indicates higher profits for the period under review. Global cues were supportive with European markets trading firm, reversing initial losses. Asian stocks rose, extending recent gains. The BSE 30-share Sensex was up 74.66 points or 0.43%, up 163.37 points from the day’s low and off 29.67 points from the day’s high. The Sensex settled at its highest level in 1-1/2 months. The 50-unit S&P CNX Nifty settled at six-week high…
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MARKET REVIEW 14th June, 2010
The key benchmark indices logged gains for the fourth running day after global rating agency Fitch Ratings raised India’s local currency rating outlook to stable from negative. Firm global stocks also underpinned sentiments. The BSE 30-share Sensex was up 273.22 points or 1.60%, up 219.43 points from the day’s low and off 13.01 points from the day’s high. The Sensex and the 50-unit Nifty both attained their highest closing levels since early May 2010. The market breadth was strong. Shares of Anil Dhirubhai Ambani group (ADAG) hogged limelight…
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MARKET REVIEW 11th June, 2010
The key benchmark indices extended gains for the third straight day, tracking firm world stocks. Index heavyweight Reliance Industries (RIL) jumped. The company said after trading hours it has acquired a majority stake in Infotel Broadband Services, which today, 11 June 2010, won nationwide licenses to offer broadband services. The BSE Sensex regained the psychological 17,000 mark. Strong industrial production data for April 2010 underpinned sentiment.
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MARKET REVIEW 10th June, 2010
A rebound in European stocks aided a rally on the domestic bourses, which extended gains for the second consecutive session. All the sectoral indices on BSE rose, with auto, metals and realty indices at the forefront of the rally. Telecom stocks also rose across the board. The BSE 30-share Sensex jumped 264.19 points or 1.59%. The Bank of England made no monetary policy changes today, leaving its key lending rate at a record low 0.5% for the fifteenth month and maintaining a pause in its money-printing, quantitative-easing program…
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MARKET REVIEW 9th June, 2010
The key benchmark indices eked out small gains in a choppy trading session as data showing a surge in car sales in May 2010 triggered bargain hunting after a two-day slide. Revival of the monsoon rains supported the domestic bourses. European stocks and US index futures which had dropped before the Indian market closed, rose later. Asian stocks were mixed. The BSE 30-share Sensex advanced 40.79 points or 0.25%, off close to 160 points from the day’s high and up close to 65 points from the day’s low.
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MARKET REVIEW 8th June, 2010
The key benchmark indices declined for the second straight day as European shares faltered. The BSE 30-share Sensex lost 163.97 points or 0.98%, off close to 280 points from the day’s high and up about 55 points from the day’s low. The 50-unit S&P CNX Nifty fell below the psychological 5,000 level. US index futures edged higher in volatile trade. Index heavyweight Reliance Industries (RIL) fell. Metal, banking and realty stocks declined. But, FMCG stocks were in green.
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MARKET REVIEW 7th June, 2010
The key benchmark indices edged lower, snapping a three-day winning streak, as weak global stocks marred investor sentiment. Nonetheless, the market ended off the day’s low, mimicking a recovery in many Asian stocks from an intraday steep slide. Reports that monsoon has revived after being stalled by a cyclone last week, also aided intraday recovery on the domestic bourses. Index heavyweight Reliance Industries (RIL) cut losses. Some auto stocks also pared losses. The BSE 30-share Sensex fell 336.62 points or 1.97%, up about 95 points from the day’s low…
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MARKET REVIEW 4th June, 2010
The key benchmark indices rose for the third straight day as Asian stocks recovered. But, the market breadth was negative. The BSE 30-share Sensex rose 95.36 points or 0.56%, up close to 155 points from the day’s low and off close to 35 points from the day’s high. IT, auto and realty stocks reversed initial losses. Banking and FMCG stocks also gained. European shares and US index futures which were firm before close of trade in India, slumped later.
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MARKET REVIEW 3rd June, 2010
The key benchmark index surged as strong US housing data and positive services sector data in India for May 2010 boosted risk appetite. The barometer index BSE Sensex reclaimed the psychological 17,000 level as the market gained for the sixth time in seven days. The BSE 30-share Sensex rose 280.40 points or 1.68%, off close to 50 points from the day’s high and up close to 235 points from the day’s low…
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MARKET REVIEW 2nd June, 2010
Healthy auto and cement sales in May 2010 and buzz of strategic stake sale in Reliance Communications (RCom) helped domestic bourses shrug off weak global stocks. But, intraday volatility was immense. The BSE 30-share Sensex rose 169.81 points or 1.02%, up close to 170 points from the day’s low and off close to 30 points from the day’s high. The 50-unit S&P CNX Nifty regained the psychological 5,000 level after alternatively moving above and below that level in intraday trade. All the sectoral indices on BSE logged gains…
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MARKET REVIEW 27th May, 2010
Bulls were back with a bang as the key benchmark indices surged for the second straight day on firm global stocks after China signalled support for the euro zone. The BSE 30-share Sensex jumped 278.56 points or 1.76%, up close to 335 points from day’s low and off close to 25 points from the day’s high. The 50-unit S&P CNX Nifty regained the psychological 5,000 mark. Bank and oil shares led the rally. From a recent low of 16,022.48 on Tuesday, 25 May 2010, the Sensex has jumped 643.92 points or 4.01% in the past two trading sessions.
