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Market Wrap Up
Nov 15, 2010
The key benchmark indices regained lost ground in the last hour of today’s trading session despite weakness in European stocks
and US index futures. Intraday volatility was high. European shares fell for the fourth-consecutive session as worries remained
over the euro zone ability to manage its debt.
The market breadth was weak, in contrast with a positive breadth earlier in the day. Banking and IT stocks rose while realty
stocks fell. Sensex outperformed mid-cap and small-cap indices
Tata steel posted turnaround numbers with consolidated net profit of Rs 1,978.81 crore in Q2 September 2010 against a net loss
of Rs 2,707.25 crore in the same period last year buoyed by robust performance of its European unit Corus. Net sales for the
quarter were Rs 28,090.91 crore (Rs 25,276.14 crore), a growth of 11%.
The wholesale price index rose 8.58% in October 2010, a touch slower than 8.62% increase in September 2010. The annual
reading for August 2010 was upwardly revised to 8.82% from 8.5%. Finance Minister Pranab Mukherjee said inflationary
pressures are coming from the supply side and that the full impact of the Reserve Bank of India's rate hikes on inflation had yet
to be seen.
The BSE 30-share Sensex was up 153 points or +0.76% at 20310 while NSE 50-share Nifty ended the day at 6121 up 50 points or
+0.82%.
Stocks Performance
Banking Stocks: Syndicate Bank (+7.2%), Fed. Bank (+5.3%), Vijaya Bank (+4%)
Banking stocks rose as wholesale price inflation for October 2010 came in more or less
in line with market expectations thus lowering the probability of any further tightening
by RBI.
Real Estate stocks: Orbit Corp (-4.6%), Sobha Dev. (-3.1%), Anant Raj Ind. (-2.6%)
Shares of real estate companies were under pressure after the realty major DLF was
downgraded by brokerage houses on account of poor Q2 results.
Top 3 Sensex Gainers:
SBI (+4.4%),
Cipla (+4.2%),
M&M (+3.3%)
Top 3 Sensex Losers:
Rel. Infra (-1.7%),
DLF (-1.7%),
NTPC (-1.3%)
Top 3 Sectoral Indices:
BANKEX (+2.4%),
HC(+1.1%),
IT (+0.9%)