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4:25 Sify Finance PM: Sensex, Nifty close at new highs as bulls go on rampage again
The Sensex, having hit a new lifetime high on Thursday, moved higher and higher and looked well on course to breach the 22,000 mark in late afternoon trade as front line stocks, except those from IT and healthcare sectors, rallied on sustained buying interest. The barometer, which rose to 21,960.89, eventually ended the session at 21,919.79, recording a handsome gain of 405.92 points or 1.89%.
The Nifty, which narrowly missed a landmark on Thursday, swifty hit a new high and then moved further ahead to a new peak of 6537.80 before finally settling down at 6526.65, netting an impressive gain of 125.50 points or 1.96% for the day.
Encouraging current account data, heavy buying by FIIs and a stronger rupee lifted sentiment.
In the forex market, the rupee rose to 60.94 against the U.S. dollar after opening at 61. However, in late afternoon trades, the rupee gave up some ground and was seen quoting at 61.12 a dollar.
According to the data released by the Reserve Bank of India recently, the country's current account deficit for the quarter ended December 2013 declined to a four-year low, coming in at $4.2 billion, or 0.9% of the gross domestic product, down sharply from $31.9 billion (6.5%) in the year-ago period. The sharp drop in the deficit is due to a pick-up in exports and moderation in imports, especially of gold.
Bank, capital goods, realty and oil stocks were on song, with almost all the frontliners in these sectors posting strong gains. Power, metal, automobile and consumer durables stocks had a good outing too. A few stocks from FMCG sector edged higher. However, key information technology and healthcare stocks declined with a stronger rupee triggering some heavy selling in these sectors.
Banking sector heavyweights ICICI Bank (6%), Axis Bank (up nearly 6%), HDFC Bank (5.4%) and State Bank of India (4.6%) ended sharply higher. Several other bank stocks including, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank of India, Yes Bank, IndusInd Bank, Kotak Bank and Federal Bank too ended on a high note.
Capital goods majors BHEL (6.3%) and Larsen & Toubro (4.9%) closed sharply higher.
Reliance Industries moved up 5.8%, contributing significantly to the market's buoyant close. ONGC gained a little over 2%.
Among realty stocks, DLF spurted more than 10%. Prestige Estates, DB Realty, HDIL, Indiabulls Real Estate, Puravankara Projects and Sobha Developers too closed sharply higher. Unitech, Phoenix Mill and Omaxe posted modest gains.
Telecom stock Bharti Airtel gained 5.5% with a rating upgrade triggering heavy buying at the counter. Maruti Suzuki ended 5.3% up. Hindalco, Coal India and Mahindra & Mahindra gained 2.6% - 3.5%. Tata Steel, HDFC, GAIL India, ITC and Tata Power also closed notably higher.
Jaiprakash Associates ended stronger by 9.6%. Ambuja Cements, BPCL, ACC, Power Grid Corporation, Asian Paints and IDFC also closed with strong gains.
IT majors Wipro (down 3.2%), Infosys (down 2.4%) and Tata Consultancy Services (down 0.7%), pharma stocks Dr Reddy's Laboratories (down 3.5%) and Sun Pharmaceutical Industries (down 1.4%) declined.
HCL Technologies, Lupin and Ranbaxy Laboratories too saw some heavy selling during the day, but managed to regain some lost ground towards the end of the session.
With investors mostly focusing on large caps, midcap and smallcap stocks were quite subdued amid lackluster trades.
Select midcaps such as IRB Infrastructure, Carborundun Universal, Ashok Leyland, Gujarat State Petronet, IL&FS Transportation Networks, Triveni Turbine, GMR Infrastructure, Gujarat Pipavav, ING Vysya Bank, ITDC, TV 18 Broadcast and Crompton Greaves rose sharply.
The market breadth was marginally negative. Out of 2980 stocks traded on BSE, 1447 stocks declined. 1372 stocks moved up and 161 stocks ended flat.
3:40 Sify Finance PM: Key indices Sensex and Nifty rose to new all-time highs as the bulls lapped up stocks on the Indian bourses on Friday.
3:15 Sify Finance PM:
Hold Bank of Baroda for medium term. Add at declines.
PNB is another good one from the PSU banking space.
2:46 Sify Finance PM: Economic stability in India must include price stability, growth: Chidambaram
2:44 Sify Finance PM: The rupee extends gains for a fourth day, continues to trade around 61 per dollar after rising to a three-month high of 60.9450; last at 61.01/02 vs 61.11/12 Thursday close.
2:32 Sify Finance PM: Hold IDFC (Rs 105). For long term, one can buy at declines.
1:53 Sify Finance PM:
Buy ICICI Bank for medium term.
Since the stock has moved up a bit sharply of late, buy at declines.
1:30 Sify Finance PM: The Chinese yuan is still expected to appreciate modestly this year, buoyed by continued foreign capital inflows, despite the central bank's recent moves to weaken the currency to punish speculators, a Reuters poll showed.
1:17 Sify Finance PM:
After the historic surge, the market is very likely to see some volatile spells over the next couple of weeks.
Investors with a low appetite for risk can consider booking some profits at current levels.
It is advisable to stay away from non-performers, as a correction could result in a free fall for such stocks.
1:07 Sify Finance PM: Sustained buying by foreign institutional investors over the past few sessions and a significant drop in India's current account deficit in the October - December 2013 quarter keeps investor sentiment upbeat on the Indian bourses for the second successive day.
12:43 Sify Finance PM:
Hold Tata Steel with a stop loss around Rs 340 for short term.
Investors with a long term plan can buy the stock at declines.
12:25 Sify Finance PM:
Bharti Airtel is a good one for medium to long term.
Hold the stock and add at declines. For near term, keep a stop loss around Rs 275.
12:22 Sify Finance PM: Bharti Airtel shares gain; S&P upgrades rating
12:22 Sify Finance PM:
Nifty hits 6,500 as banking stocks rally; ICICI surges nearly 8 percent
12:02 Sify Finance PM:
Hold Crompton Greaves, Havells India and BEML.
One with a long term view can add more of these stocks at declines. More upside is not ruled out in the near term.
12:00 Sify Finance PM: The market, which opened on an upbeat note this morning, moved further up north in style in late morning trade, with the bulls remaining quite relentless in pursuit of stocks.
11:34 Sify Finance AM:
One can stay invested in Larsen & Toubro as the stock is likely to give pretty strong returns over a medium to long term.
Fresh buying can be considered at declines.
11:27 Sify Finance AM:
Hold Ambuja Cements (Rs 178). Add at declines.
For short term, keep a stop loss around Rs 160.
11:27 Sify Finance AM: Hold BPCL (Rs 408) for short to medium term gains.
11:08 Sify Finance AM: A stronger rupee is hurting IT stocks for the second successive session.
11:05 Sify Finance AM: The market, which retreated a bit and pared some gains after a buoyant start, has rallied to higher levels agains thanks to resumption of buying at several blue chip counters.
10:36 Sify Finance AM: Buy Thermax for the target price of Rs 755: Firstcall
10:12 Sify Finance AM: Rupee hits 3-month high, trades around 61/dollar
10:10 Sify Finance AM: Buy Cipla for the target price of Rs 422: Firstcall
9:51 Sify Finance AM: Sensex, Nifty touch life highs in early trade; L&T jumps 6 percent
9:49 Sify Finance AM:
Hold State Bank of India and add small quantities at declines for medium term.
For short term, keep a stop loss around Rs 1450.
9:49 Sify Finance AM: With the bulls storming the ring at the stroke of the opening bell, the Indian
stock market got off to a buoyant start this morning, and the benchmark indices
Sensex and Nifty scaled new peaks in a flash.
9:24 Sify Finance AM:
The Indian stock market has opened on a buoyant note this morning, and the Sensex and Nifty have vaulted to new all-time highs in a flash.
The Sensex has spurted to 21,656.82, up by about 143 points or 0.66%.
The Nifty has surged to 6441.05, gaining nearly 40 points or 0.62%.
Capital goods stocks are up sharply.
Bank, realty, oil and power stocks are among the other major gainers.
9:01 Sify Finance AM: After ending on an upbeat note on Thursday with key indices Sensex and Nifty
hitting new all-time closing highs, the Indian stock market is all set to extend
gains this morning, tracking positive cues from Asian bourses.
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