IT, FMCG lift Sensex up 70 points

The Bombay Stock Exchange benchmark Sensex continued to trade higher by over 70 points in the noon session today on bargain buying by funds and retail investors amid a mixed trend in the Asian markets.

At 12.35 p.m., the 30-share BSE index Sensex was up 70.33 points or 0.42 per cent at 16,801.27 and the 50-share NSE index Nifty was up 11.45 points or 0.23 per cent at 5,047.25.

Volume toppers during the session were SBI, ICICI Bank, Tata Steel, DLF and HDFC Bank. Major Sensex gainers were ITC, Infosys, HDFC, TCS, RIL, HDFC Bank and ONGC. Tata Motors, DLF and ICICI Bank were the major losers.

Among the sectoral indices, IT was up 1.4 per cent, FMCG 1.38 per cent, oil & gas 1.00 per cent and teck 0.95 per cent. Realty was down 4.38 per cent, auto 1.36 per cent, bankex 1.2 per cent and power 0.34 per cent. Of the total 2,665 stocks traded, 852 advanced, 1,701 declined and 112 remained unchanged.

During the opening session, the 30-share index, which lost nearly 400 points in the previous three sessions, rose 127.35 points or 0.76 per cent to 16,858.92.

Bargain buying by funds and retail investors and covering up of short positions by speculators led to the Sensex recovery.

Similarly, the broad-based National Stock Exchange Nifty index gained 37.3 points or 0.74 per cent to 5,073.10.

Sensex Market tanks 445 pts.

The markets took a big knock following a crash in global markets on fears of the world's largest economy—US seeing another recession despite the recent increase in debt limit.

Sensex maintained a loss of more than 400 points led by sell-off across the globe. All sectoral indices were under selling pressure. However, only ONGC and BPCL were in the green.A bout 17 shares were falling for every one share rising on National Stock Exchange.

Top losers were Sterlite Industries, Reliance Infrastructure, Jaiprakash Associates, M&M, TCS and HCL Tech, which lost 5-7% each.

Heavy weights like Infosys, RIL, ICICI bank are also trading weak. Market breadth was negative on the NSE with 2497 losers against 722 gainers.The Asian markets were plunged on renewed concerns of global economy coming to a stall. Nikkei 225 down 3.59 per cent, Hang Seng fell 4.75 per cent and Taiwan Weighted plunged 4.92 per cent.


However, BPCL and ONGC gained 1-2% on the back of fall in crude oil prices to USD 86 a barrel. HPCL shares rose by 2% at Rs. 403 with the gain of Rs. 11. BPCL and IOC are both up by 1% each at Rs. 699 and Rs. 333, respectively.

Investor sentiment has also been hammered by a lack of clear political leadership in both Europe and in Washington, and concern that governments and central banks are running out of fiscal and monetary ammunition to deal with the crises.

Nifty seen Lower, Banks, Tech Down

Indian markets were witnessing selling pressure, in line with other peers, as weak manufacturing data from the US spooked sentiments. Realty, banks and technology were the worst hit while pharmaceutical space was marginally higher.

Nikkei 225 was down 1.32 per cent, Hang Seng declined 0.69 per cent and Seoul Composite fell 2.38 per cent.

Well, looks like the euphoria over the US debt deal has given way to concerns about the health of the global economy. Manufacturing PMI reports from Australia to the US have shown continued moderation. Concerns have also surfaced over the adverse implications of the large spending cuts in the US on the world's largest economy. In addition, a possible downgrade of the US debt rating is still lurking.

At 10:15 AM; National Stock Exchange's Nifty was at 5461.85, down 54.95 points or 1 per cent. The broader index touched a high of 5496.30 and low of 5456.40 in trade so far.
US stocks reversed early gains to finish in the red. Across the Atlantic, European stocks suffered nasty cuts. Asian markets this morning are mostly lower. Nifty futures trading in Singapore are pointing to a weak start.

The trading for the rest of the day will hinge partly on global cues and partly on domestic factors. DLF, MMTC, Piramal Healthcare and Power Grid are among the few companies declaring their results today.

Meanwhile, the government is trying its best to convince all that there is no policy drift and that reforms are on track. The monsoon session will be a key test, as spate of crucial bills are slated for presentation.

Bombay Stock Exchange's Sensex was at 18120.06, down 194.27 points or 1.06 per cent. The 30-share index touched intraday low of 18118.30 and high of 18283.55.