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Market Wrap Up
Nov 30, 2010
The benchmark indices gained further ground as buying activity gained momentum after the announcement of higher than
expected growth in September 2010 quarter gross domestic product (GDP). The Indian economy grew at 8.9% in the Sept
quarter of this fiscal, significantly above the market expectations of 8-8.5% growth. Major European indices started on a flat
note with positive bias in trade. Though the cues from Asian markets were also not very encouraging and they settled in the red
zone, as worries of Euro-zone debt crisis loomed over the investor’s sentiment. Except Oil and gas rest all the sectoral indices
traded in the green, with stocks from the realty, power and PSU space leading the pack of gainers. The broader markets
continue to outperform the benchmark indices, with BSE Mid-cap and Small-cap indices gaining more than the Sensex.
The initial public offer (IPO) of state-run MOIL, the largest manganese ore producer in India, was subscribed 11.29 times on last
day of bidding for the IPO by the qualified institutional buyers (QIB) today.
The BSE 30-share Sensex was up 116 points or +0.60% at 19521 while NSE 50-share Nifty ended the day at 5863 up 33 points or
+0.56%.
Stocks Performance
Telecom stocks: Idea (+4.1%), TTML (+2.1%), RCOM (+3.4%)
Telecom stocks gained on bargain hunting after a recent slide triggered by the
controversial allotment of 2G spectrum.
Sugar stocks: Renuka (+5%), Bajaj Hind (+1.3%), Sakthi sugars (+2.3%)
Sugar scrips rose on reports the government may allow sugar exports if the country's
sugar output tops 24.5 million tonnes in the new season that began on 1 October 2010.
Print Media Stocks: DCHL (+7.2%), Jagran (+7.3%), DB Corp (+4.4%)
Shares of print media companies rose on reports that the newsprint prices have stabilize
while there is recovery in advertising revenues. Newsprint is a key raw material for
newspapers.
Realty Stocks: Orbit Corp (+14%), IB Real estate (+8.4%), DLF (+7%)
Realty stocks edged higher on accumulation at current levels after a recent steep slide
triggered by the back the outbreak of a bank loans bribery scandal last week, mainly
involving realty and infrastructure firms.
Top 3 Sensex Gainers:
DLF (+7%),
Bharti Airtel (+6.5%),
Tata Motors (+4.3%)
Top 3 Sensex Losers:
Tata Steel (-1.5%),
RIL (-1.1%),
ICICI Bank (-0.9%)
Top 3 Sectoral Indices:
REALTY (+5.7%),
CD (+2.1%),
POWER (+1.9%)