28 Jan 2009, Wednesday.
The pull-back rally on Dalal Street continued for the second straight day Wednesday, as traders covered short positions ahead of January F & O series expiry.
Positive tidings from global markets ahead of the outcome of US FOMC’s two-day meet boosted sentiments further. Rate sensitive sectors like realty, auto and banks
surged on renewed expectations of interest rate cuts by the Reserve Bank of India.
The Bombay Stock Exchange’s Sensex closed at 9,257.47, higher by 253.39 points or 2.81 per cent over the previous close. The index touched an intra-day high of 9270.75 and low of 9053.80.
National Stock Exchange’s Nifty ended 2849.50, up 3.01 per cent or 78.15 points. The broader index hit an intra-day high of 2855.40 and low of 2765.60.
“With the kind of closing we saw today, expiry is expected to be strong and Nifty may test 2970 levels. High beta stocks were in demand and may continue to lead the rally. A lot of negative was built in frontline stocks and as things were not so bad traders covered shorts. On the FOMC meet, we may react the way US markets react to it,” said Sharmila Joshi, vice-president, institutional sales, Systematix Shares.
Market breadth was positive on the BSE with 1,403 advances and 1,025 declines. The BSE Midcap Index was up 1.64 per cent and BSE Smallcap Index climbed 1.18 per cent higher.
All the sectoral indices were in the green. BSE Realty Index was up 6.32 per cent, BSE Metal Index moved up 4.44 per cent, BSE Bankex gained 3.79 per cent and BSE Oil&gas Index advanced 3.76 per cent.
Ranbaxy Laboratories (7.56%), ICICI Bank (7.08%), DLF (6.63%), Larsen & Toubro (5.20%) and Tata Motors (4.60%) were the top Sensex gainers.
Maruti Suzuki (-3.15%), Reliance Communications (-3.03%), Sterlite Industries (-0.41%) were the only losers.
European markets were higher ahead of the US FOMC meet outcome. FTSE was up 1.75 per cent, CAC 40 moved 2.55 per cent higher and DAX advanced 2.65 per cent.
US stock futures indicated higher opening on expectations of some positive steps the US Federal Reserve to revive the economy. The central bank has already slashed interest rates to near zero. Dow Jones futures were up 1.89 per cent, Nasdaq
advanced 2.30 per cent and S&P 500 moved up 2.23 per cent.
Results based stock movements
GAIL’s Q3 standalone net sales for the quarter to Dec 31, 2008 were at Rs 5,811.65 crore versus Rs 4,298.33 crore in the same period a year ago. Net profit was down at Rs 253.36 crore versus Rs 621.32 crore on-year. The scrip ended 6.63 per cent higher.
HPCL reported a net loss of Rs 422 crore for the third quarter on net sales of Rs 29,387 crore. The scrip ended down 2.87 per cent.
Tata Steel’s standalone net profit for third quarter was down by 56.37 per cent at Rs 466.24 crore from Rs 1068.58 crore year earlier. Net sales declined to Rs 4,735.68 crore from Rs 4,973.92 crore. The stock, however, closed 2.64 per cent higher.
NMDC Q3 net profit was up at Rs 1,424.9 crore from Rs 968.2 crore year ago. Net sales stood at Rs 2,337.5 crore versus Rs 1,623.6 crore in the Oct-Dec quarter of 2007.
JSW Steel reported consolidated net loss of Rs 187.8 crore for the quarter to December 2008 against profit of Rs 297.3 crore in the same quarter a year ago. Despite this, the stock ended 5.44 per cent higher.
Via:E.T
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