Market Commentary  

Market Activity: Share indices rose over 1% in early trade tracking gains in overseas markets, but trade was choppy as investors awaited inflation data due at 10:30AM. 

At 10.05 AM, Sensex was at 15894.33, up 199.23 points or 1.2%. Nifty was at 4785.60, up 52.50 points or 1.1%.  

Reliance Energy, up nearly 4%, was the top Nifty gainer extending gains from the previous session after a foreign brokerage put a bullish price target on the stock. Tata Power, ICICI Bank, and Reliance Petroleum gained 2% each. Hero Honda Motors, down nearly 1%, was the sole loser on Nifty. 

In the mid trading session, indices were up over 1%, but slightly off highs hit after India’s industrial growth improved to 8.6% in February from 5.8% a month ago, and beating street expectations of 7.2% by a wide margin. At 1.00PM, Sensex was at 15925.15, up 230.05 points or 1.5%. Nifty was at 4805.90, up 72.90 points or 1.5%. Shares of capital goods and power companies rose further on the industrial growth data. Siemens and Larsen & Toubro were up around 4% each. Tata Power, up nearly 5%, was the top Nifty gainer. HCL Technologies, Hindustan Unilever and Ranbaxy Laboratories, down around 1% each, were the worst hit on Nifty. 

Key share indices ended up nearly 1% as rise in February industrial growth rate to 8.6% from 5.6% a month ago overwhelmed concerns from the higher-than-expected rise in inflation to 7.41%. However, the indices that had risen nearly 2% ended off highs, as investors avoided carrying forward positions ahead of a long weekend and Infosys Technologies results due Tuesday. Markets are closed Monday on account of Ambedkar Jayanti. Sensex closed at 15807.64, up 112.54 points or 0.7%. Nifty closed at 4777.80, up 44.80 points or 1.0%. Capital goods and power shares rallied helped by a rise in February industrial growth rate. Larsen & Toubro, and Bharat Heavy Electricals rose 3% each, and Siemens and Tata Power closed 4% up. Ambuja Cements ended down 3% at Rs 118.05, worst hit on Nifty, as the trade minister said the government will ban cement exports.

Exchange Traded Volumes

 Sector Activity : 

Tech stocks witnessed up trend with exception: Infosys closed down Rs 1421.90 with volumes of Rs 433.29 crs, Satyam closed up at Rs 433 with volumes of Rs 146.72 crs, Educomp closed up at Rs 3878.15 with volumes of Rs 55.97 crs, and TCS closed up at Rs 908 with volumes of Rs 50.01 crs. 

Pharma stocks ended mixed: Orchid Chemical closed up at Rs 246.65 with volumes of Rs 509.12 crs, Sun Pharma closed down at Rs 1273.90 with volumes of Rs 55.35 crs, Ranbaxy closed down at Rs 444.80 with volumes of Rs 48.08 crs, and Dr Reddy closed down at Rs 591.05 with volumes of Rs 10.34 crs.

Banking stocks closed down with exception: In the Public Sector SBI Bank closed up at Rs 1667.10 with volumes Rs 173.57 crs & Bank of India closed down at Rs 305.35 with volumes Rs 46.35 crs. In the Private sector ICICI Bank closed down at Rs 788.05 with volume of Rs 319.19 crs & Axis Bank closed down at Rs 759.95 with volumes of Rs 79.24 crs.

Auto Stocks showed negative trend with exception: M&M closed up at Rs 618.75 with volumes of Rs 23.09 crs & Tata Motors closed down at Rs 622.45 with volumes of Rs 20.07 crs. While in the 2 wheeler segment stocks, Hero Honda closed down at Rs 739.45 with volumes of Rs 19.82 crs, TVS Motor closed down at Rs 32.40 with volumes of Rs 6.72 crs.

Cement Stocks ended in red with exception: ACC closed up at Rs 814.95 with volumes of Rs 20.91 crs, Ambuja Cem closed down at Rs 117.65 with volumes of Rs 15.15 crs, India Cement closed down at Rs 183.85 with volumes of Rs 14.11 crs and Birla Jute closed down at Rs 197.15 with volumes of Rs 9.5 crs.           

Nifty ended at 4778 up by 45 points 

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