A session after displaying a distressing performance,
Indian benchmark indices have managed to pull through a scintillating
performance by vivaciously rallying over two percentage points on
Tuesday, thanks to the hefty short covering in the beaten down
information technology and rate sensitive counters. The relentless
across the board value picking ensured that the frontline indices settle
just shy of the psychological 5,150 and 17,100 levels amid the
tentative recovery in risk appetite globally. Marketmen across Europe
and most parts of Asia brushed aside the latest credit rating downgrade
of Italy as they hoped Greece would make progress in discussions with
debt inspectors to get its hands on more bailout money, helping it avoid
a messy default. Investors also speculated that the Federal Reserve
will announce more stimulus measures post its two-day policy meeting
which is scheduled to start later in the day. On the domestic front,
export oriented counters especially technology and software companies
witnessed massive position buildup as investors expected higher dollar
revenues for them as the rupee depreciated to around two-year low
levels. Meanwhile, PMEAC chairman C Rangarajan, admitted that the
continuous rate hike by RBI may have some impact on economic growth but
was confident that the GDP growth in this financial year will be around
8% from 8.6% a year ago.
Earlier on Dalal Street, the benchmark got off to an optimistic opening, shrugging the sluggish sentiments prevailing in Asian markets post after S&P downgraded Italy's sovereign rating by one notch to A. The frontline indices soon gathered momentum and traded with around a percent gains through the morning session of trade. Second half of the session saw the key gauges capitalize on the momentum further and spurt to session's highest levels in dying moments. However, a mild profit booking in dying moments of trade ensured that the key indices shut shops off the intraday highs. Finally the NSE's 50-share broadly followed index Nifty, amassed triple digit gains to settle just below the crucial 5,150 support level while Bombay Stock Exchange's Sensitive Index or Sensex smashed a triple century and closed just shy of the psychological 17,100 mark. Moreover, the broader markets too showed a dramatic recovery after the bulls powered up post afternoon trades on the back of a recovery in global sentiments. On the BSE sectoral space, the information technology counter garnered maximum traction and surged by over three percent on the back of solid gains in bellwethers like TCS, Infosys and Wipro which rallied 3.94%, 3.22% and 2.74% respectively. The consumer durables pocket too witnessed huge buying interests as it gained well over two and half a percent while rate sensitive's like Bankex, Automobile and high beta - Realty too remained among prominent gainers. While there were no sectoral laggards, individual names like ONGC and BHEL settled in the red terrain with 2.86% and 0.81% losses. The markets bounced on strong volumes of around Rs 1.45 lakh crore while the turnover for NSE F&O segment too remained higher as compared to Monday at over 1.32 lakh crore. The market breadth remained optimistic as there were 1,849 shares on the gaining side against 937 shares on the losing side while 130 shares remained unchanged.
Finally, the BSE Sensex jumped 353.93 points or 2.11% to settle at 17,099.28, while the S&P CNX Nifty zoomed by 108.25 points or 2.15% to close at 5,140.20.
The BSE Sensex touched a high and a low of 17,135.44 and 16,758.69 respectively. The BSE Mid cap and Small cap index was up by 0.90% and 1.23% respectively.
The top gainers on the Sensex were Hindalco Industries up 4.31%, TCS up 3.94%, SBI up 3.78%, Reliance up 3.73%, and DLF up 3.46%.
On the flip side, ONGC down 2.86% and BHEL down 0.81% were the top losers on the index.
The top gainers on the BSE sectoral space were IT up 3.23%, TECk up 2.79%, Consumer Durables (CD) up 2.74%, Bankex up 2.31% and Metal up 1.97%. While, there was no loser on the BSE sectoral space.
Meanwhile, with the increase in prices of food products, fuel and clothing items, the Consumer Price Index (CPI) for the month of August surged by 1.18% on a sequential basis. As per the data released by the Ministry of Statistics and Programme Implementation, the CPI based on retailed prices stood at 111.7 points in August, compared to 110.4 points in July.
As per the official data, at the all India level, the CPI for 'food, beverages and tobacco' increased by 1.27% to 111.7 points in August from 110.3 points in July. However, the prices of vegetable showed highest increase, the index jumped by 4.61% to 113.4 points in August from 100 points in July. Whereas index for milk and milk products and fruits surged by more than 1% each. Likewise, in August, the index for oils and fats increased by 1.27% to 119.5 points.
The prices in fuel and light segment also increased by 0.69% in August compared to July, the index for this segment increased to 116.4 points in August from 115.5 points in July. Whereas, the CPI for clothing, bedding and footwear increased by 1.12% to 117.7 points in August from 116.4 points in July.
According to the CPI data, the prices of miscellaneous items increased by 1.19% in August compared to July. Similarly, the index for housing also went up by 0.65% to 107.6 points in August from 106.9 points in July. This is the third time when the housing prices have been included into CPI data. However, the data was only for urban areas. Earlier, the government had said that the, 'house rent is negligible for the rural areas' and such only urban areas have been taken into account for the index on housing.
The S&P CNX Nifty touched high and low of 5,149.90 and 5,035.25, respectively.
The top gainers of the Nifty were Reliance Capital up 5.27%, Reliance Power up 5.01%, Cairn up 4.83%, TCS up 4.51% and RCom up 4.32%.
Most of the Asian equity indices finished the day's trade in the positive terrain on Tuesday after a subdued opening as short-covering witnessed in most of the Asian peers. Chinese Shanghai Composite ended the session with a gain of 0.4 percent in lackluster turnover, as gains in beaten down financials outweighed losses in underperforming property plays. However, Japanese Nikkei closed over one and half a percent as investors fretted over Europe's stability after a major ratings agency downgraded Italy's sovereign debt. S&P late on Monday cut Italy's sovereign-debt rating by one investment grade notch to A from A+, saying that the nation's weak economic growth and fragile government coalition will make it harder to head off the growing crisis sweeping the euro zone.
Earlier on Dalal Street, the benchmark got off to an optimistic opening, shrugging the sluggish sentiments prevailing in Asian markets post after S&P downgraded Italy's sovereign rating by one notch to A. The frontline indices soon gathered momentum and traded with around a percent gains through the morning session of trade. Second half of the session saw the key gauges capitalize on the momentum further and spurt to session's highest levels in dying moments. However, a mild profit booking in dying moments of trade ensured that the key indices shut shops off the intraday highs. Finally the NSE's 50-share broadly followed index Nifty, amassed triple digit gains to settle just below the crucial 5,150 support level while Bombay Stock Exchange's Sensitive Index or Sensex smashed a triple century and closed just shy of the psychological 17,100 mark. Moreover, the broader markets too showed a dramatic recovery after the bulls powered up post afternoon trades on the back of a recovery in global sentiments. On the BSE sectoral space, the information technology counter garnered maximum traction and surged by over three percent on the back of solid gains in bellwethers like TCS, Infosys and Wipro which rallied 3.94%, 3.22% and 2.74% respectively. The consumer durables pocket too witnessed huge buying interests as it gained well over two and half a percent while rate sensitive's like Bankex, Automobile and high beta - Realty too remained among prominent gainers. While there were no sectoral laggards, individual names like ONGC and BHEL settled in the red terrain with 2.86% and 0.81% losses. The markets bounced on strong volumes of around Rs 1.45 lakh crore while the turnover for NSE F&O segment too remained higher as compared to Monday at over 1.32 lakh crore. The market breadth remained optimistic as there were 1,849 shares on the gaining side against 937 shares on the losing side while 130 shares remained unchanged.
Finally, the BSE Sensex jumped 353.93 points or 2.11% to settle at 17,099.28, while the S&P CNX Nifty zoomed by 108.25 points or 2.15% to close at 5,140.20.
The BSE Sensex touched a high and a low of 17,135.44 and 16,758.69 respectively. The BSE Mid cap and Small cap index was up by 0.90% and 1.23% respectively.
The top gainers on the Sensex were Hindalco Industries up 4.31%, TCS up 3.94%, SBI up 3.78%, Reliance up 3.73%, and DLF up 3.46%.
On the flip side, ONGC down 2.86% and BHEL down 0.81% were the top losers on the index.
The top gainers on the BSE sectoral space were IT up 3.23%, TECk up 2.79%, Consumer Durables (CD) up 2.74%, Bankex up 2.31% and Metal up 1.97%. While, there was no loser on the BSE sectoral space.
Meanwhile, with the increase in prices of food products, fuel and clothing items, the Consumer Price Index (CPI) for the month of August surged by 1.18% on a sequential basis. As per the data released by the Ministry of Statistics and Programme Implementation, the CPI based on retailed prices stood at 111.7 points in August, compared to 110.4 points in July.
As per the official data, at the all India level, the CPI for 'food, beverages and tobacco' increased by 1.27% to 111.7 points in August from 110.3 points in July. However, the prices of vegetable showed highest increase, the index jumped by 4.61% to 113.4 points in August from 100 points in July. Whereas index for milk and milk products and fruits surged by more than 1% each. Likewise, in August, the index for oils and fats increased by 1.27% to 119.5 points.
The prices in fuel and light segment also increased by 0.69% in August compared to July, the index for this segment increased to 116.4 points in August from 115.5 points in July. Whereas, the CPI for clothing, bedding and footwear increased by 1.12% to 117.7 points in August from 116.4 points in July.
According to the CPI data, the prices of miscellaneous items increased by 1.19% in August compared to July. Similarly, the index for housing also went up by 0.65% to 107.6 points in August from 106.9 points in July. This is the third time when the housing prices have been included into CPI data. However, the data was only for urban areas. Earlier, the government had said that the, 'house rent is negligible for the rural areas' and such only urban areas have been taken into account for the index on housing.
The S&P CNX Nifty touched high and low of 5,149.90 and 5,035.25, respectively.
The top gainers of the Nifty were Reliance Capital up 5.27%, Reliance Power up 5.01%, Cairn up 4.83%, TCS up 4.51% and RCom up 4.32%.
On
the flip side, ONGC down 2.76%, BHEL down 0.60%, Hero Motocorp down
0.05%, Ranbaxy down 0.02% and BPCL down 0.02% were the top losers on the
index.
The European markets were trading in the green.
France's CAC 40 surged 1.15%, Britain's FTSE rose by 1.29%, and
Germany's DAX soared by 2.10%. Most of the Asian equity indices finished the day's trade in the positive terrain on Tuesday after a subdued opening as short-covering witnessed in most of the Asian peers. Chinese Shanghai Composite ended the session with a gain of 0.4 percent in lackluster turnover, as gains in beaten down financials outweighed losses in underperforming property plays. However, Japanese Nikkei closed over one and half a percent as investors fretted over Europe's stability after a major ratings agency downgraded Italy's sovereign debt. S&P late on Monday cut Italy's sovereign-debt rating by one investment grade notch to A from A+, saying that the nation's weak economic growth and fragile government coalition will make it harder to head off the growing crisis sweeping the euro zone.
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