Market Commentary 
 

Market Activity: Share indices rose over 1% at the open helped by positive U.S. and Asian markets.  

At 10.10AM, Sensex was at 16356.85, up 203.19 or 1.3%. Nifty was at 4935.45, up 55.80 points or 1.1%. 

All BSE sector indices gained, led by technology and pharmaceutical shares. HCL Technologies, up 5%, led the CNX IT index up 3% after its consolidated net profit of Rs 3.42 bn beat analysts’ estimates of Rs 3.16 bn. The stock was the top Nifty gainer. Ranbaxy Laboratories rose 2%, while Dr. Reddy’s Laboratories was up 1%. Hindustan Unilever, down 1%, was the sole laggard on Nifty. 

In the mid trading session, indices were up but slightly off the highs touched earlier in the session, as investors booked profits on caution ahead of a truncated working week. The domestic stock market will remain closed Friday on account of Mahavir Jayanti. At 2.15PM, Sensex was at 16306.35, up 152.69 or 0.9% from Tuesday’s close. Nifty was at 4911.45, up 31.80 points or 0.7%, after briefly slipping below 4900. Capital goods shares were among the laggards, with both Bharat Heavy Electricals and ABB down 2% each. Zee Entertainment Enterprises, down 6%, was worst-hit among Nifty stocks. IT shares maintained the lead with HCL Technologies, up 7%, being the top Nifty gainer. 

Key share indices ended off highs as investors locked in profits on caution ahead of Thursday, the last working day this week, as market remains closed Friday on account of Mahavir Jayanti. Fears of a higher inflation data also weighed on the market. Sensex closed at 16244.19, up 90.53 points. Nifty closed at 4887.30, up 7.65 points, after having slipped into red twice in the last 30 minutes of the trade. Capital goods shares fell, with BHEL declining 3%. Reliance Petroleum shares dropped 3% after the company said its refinery would be completed by December, although the market was expecting the same to be done by September or October. Zee Entertainment Enterprises, down 5%, was the worst hit on Nifty. Technology shares held onto gains, with Wipro, up 6%, top Nifty gainer.

Exchange Traded Volumes

Sector Activity : 

Tech stocks witnessed positive trend with exception: Infosys closed up Rs 1600.20 with volumes of Rs 607.84 crs, Satyam closed up at Rs 453.50 with volumes of Rs 284.67 crs, TCS closed down at Rs 971.90 with volumes of Rs 158.45 crs, and Educomp closed up at Rs 3864.30 with volumes of Rs 80.19 crs.

Pharma stocks ended mixed: Orchid Chemical closed up at Rs 319.70 with volumes of Rs 1485.96 crs, Ranbaxy closed down at Rs 481.35 with volumes of Rs 115.42 crs, Glenmark closed up at Rs 561.60 with volumes of Rs 40.59 crs, and Dr Reddy closed up at Rs 602 with volumes of Rs 19.71 crs.

Banking stocks closed mixed trend: In the Public Sector SBI Bank closed down at Rs 1665 with volumes Rs 132.51 crs & Bank of India closed down at Rs 300.95 with volumes Rs 35.01 crs. In the Private sector ICICI Bank closed up at Rs 816.15 with volume of Rs 355.24 crs & Kotak Bank closed up at Rs 710.70 with volumes of Rs 80.29 crs.

Auto Stocks showed mixed trend: Tata Motors closed down at Rs 613.55 with volumes of Rs 53.76 crs & M&M closed down at Rs 620.75 with volumes of Rs 41.52 crs. While in the 2 wheeler segment stocks, Hero Honda closed up at Rs 742 with volumes of Rs 17.72 crs, TVS Motors closed up at Rs 35.50 with volumes of Rs 9.11 crs.

Cement Stocks witnessed mixed activity: India Cement closed up at Rs 177.90 with volumes of Rs 21.48 crs, ACC closed down at Rs 805.50 with volumes of Rs 20.77 crs, Ambuja Cement closed down at Rs 112.40 with volumes of Rs 18.26 crs and Birla Jute closed up at Rs 195.10 with volumes of Rs 6.13 crs.                

Nifty ended at 4887 up by 8 points

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