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Indian Market Rebounds As Dubai Debt Fears Ease 71 days ago
(RTTNews) - Better-than-expected GDP data for the second quarter and realization that Dubai's debt crisis would have only a limited impact on local companies and banks helped the Indian market bounce back sharply on Monday.
The weakening of the dollar against other major currencies and a sharp rebound across Asia also improved sentiment. The major Asian markets rose by 2-3% on Monday, led by financials.
According to government data released on Monday, the Indian economy grew at a faster-than-expected rate of 7.9% in the second quarter of this fiscal year versus 6.1% in the previous quarter and 7.7% in the corresponding quarter last year, helped by government's stimulus and a boost in manufacturing and services. For the first -half of this year, GDP growth stood at 7% versus 7.8% in the year-ago period.
The benchmark BSE Sensex opened gap-up and rose to a high of 17,027 by mid-session. Since then, the benchmark pared some intra-day gains amid apprehensions that lower agricultural growth may hit third-quarter GDP growth. A negative trend in the European markets and volatile Dow futures also led to some profit taking in late trading.
The BSE Sensex closed at 16,926, up 294 points or 1.77% and the S&P CNX Nifty rose 91 points or 1.84% to 5,033.
On the BSE, the mid-cap index ended up 1.63% and the small-cap index rose 2.08%. The market breadth was extremely positive, with 2050 gainers versus 711 decliners. Metal, telecom, IT, consumer durable and oil/gas stocks led the rally.
Tata Motors jumped 5% after posting a surprise group profit in the second quarter. ONGC rose 2.64% on reports it has found a new oil reserve in Gujarat. NTPC edged up 0.87% on reports it has shortlisted two Indonesian coal mines for acquisition.
L&T advanced 1.74% after it formed a $370 million joint venture with Nuclear Power Corporation of India to make forgings for nuclear power plants. HDFC gained 2.07% after it subscribed to the preferential offer of 5.62 crore warrants convertible into equity shares.
Telecom stocks witnessed broad-based buying, shrugging off concerns about falling tariffs. Bharti Airtel climbed 5.66%, Reliance Communication added 3.03%, Idea Cellular rallied 4.09% and Tata Teleservices ended up 3.42%.
Steel stocks advanced on reports the government is launching ultra-mega steel projects to give a fresh impetus to creation of greenfield steel capacity. JSW Steel rallied 5%, state-run SAIL rose 3.33% and Tata Steel jumped 5.60%.
Among Sensex stocks, Jaiprakash Associates (up 5.20%), Hindalco Industries (up 4.07%), Sterlite Industries (up 3.39%), Infosys (up 2.39%), TCS (up 2.32%), Tata Power (up 1.97%), ICICI Bank (up 1.53%) and Reliance Industries (up 1.33%) were the other prominent gainers.
In the pharma space, Suven Life Sciences hit the 5% upper circuit limit after it secured three European patents on new chemical entities. Wockhardt rose 2.42% after it has agreed for an out-of-court settlement in a corporate debt-restructuring case. Ranbaxy advanced 2.57% and Dr Reddy's Laboratories rose 1.74%, but Cipla showed a marginal loss. Glenmark Pharma tumbled 4.60% after Morgan Stanley Capital International (MSCI) removed the stock from India index.
Aban Offshore, which has recently completed a capital raising via an institutional share placement, added 2.03%. Dwarikesh Sugar gained 2.82% on reporting better-than-expected FY09 results. Shriram EPC rallied over 4% after it signed an agreement with China-based North west Electric Power Design Institute to bid for large power projects in India. Suzlon Energy soared nearly 6% and HDIL rose over 5% after MSCI included these stocks in its MSCI India index.
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