After weeks of appalling feats, Indian benchmark
indices finally showcased a fascinating performance on the first day of a
new week by vehemently amassing massive gains of three percent in the
session, re-conquering the psychological 16,150 (Sensex) and 4,850
(Nifty) levels. The frontline indices took a quantum leap registering
the best gains since late August. The relief rally finally came through
as re-energized market bulls enthusiastically resorted to hunt for
undervalued but fundamentally strong bargains amid highly sanguine
sentiments prevailing in markets across the globe. The sharp upmove was
mostly seen as a technical bounce following the brutal mayhem that had
pulled stocks in oversold territory. Local bourses remained firm despite
the IMF denying reports that it was discussing a rescue package with
Italy which had earlier spurred optimism in global markets. Expectations
that European leaders will boost efforts and announce some concrete
steps to avert the nightmarish debt debacle persuaded investors to take
large bets in the session. The buzz that IMF is considering a rescue
plan worth up to 600 billion euros for Italy and Euro zone leaders
discussed a deal to institute strict new budget rules for their nations
in order to act more quickly, gave some support to jittery financial
markets. Moreover, retail sales broke records during the Thanksgiving
weekend and surged to $52.4 billion, up 16% from $45 billion last year
in the US, giving a much needed boost to a long-suffering economy and
raising retailers' hopes for the best holiday shopping season ever. Back
home, C. Rangarajan, Chairman of PMEAC, opined that food inflation is
moderating due to good monsoon and would further ease to around 7% by
March 2012. Meanwhile, the rupee too strengthened in the session and
climbed by over half a percent supported by the surge in equity markets
and sharp rally in euro against the American counterpart.
Earlier on Dalal Street, the benchmark got off to a gap up opening on the back of encouraging leads from Asian peers which mostly traded with strong gains of around two percent. The frontline indices gathered momentum thereon and commenced the northbound journey with great conviction. There appeared no resistance what so ever throughout the session as the indices kept conquering one psychological level after another. The indices surged from strength to strength and the journey halted only with the end of session around the highest point of the day. Finally the NSE's 50-share broadly followed index Nifty, accumulated close to one hundred fifty points to settle above the crucial 4,850 support level while Bombay Stock Exchange's Sensitive Index or Sensex garnered a massive about five hundred fifty points and ended above the psychological 16,150 mark. Moreover, the broader markets traded on an optimistic note through the session, but failed to match the fervor displayed by their larger peers and settled with gains of over one and half a percent. On the BSE sectoral space, Metal and rate sensitives which went through turbulent times in of-late witnessed huge position build-up in the session while the Oil & Gas and PSU pockets too were amongst the swiftest of gainers. There were no sectoral laggards on the BSE and barring the two motorcycle makers Bajaj Auto and Hero Moto, all the components of the Sensex went home with a green tick. The markets rocketed on weak volumes of around Rs 1 lakh crore while the turnover for NSE F&O segment too remained on the lower side as compared to Friday at over 0.8 lakh crore. The market breadth remained optimistic as there were 1793 shares on the gaining side against 946 shares on the losing side while 130 shares remained unchanged.
Finally, the BSE Sensex surged by 471.70 points or 3.01% to settle at 16,167.13, while the S&P CNX Nifty climbed 141.25 points or 3.00% to close 4,851.30.
The BSE Sensex touched a high and a low of 16,186.68 and 15,888.28 respectively. The BSE Mid cap and Small cap index were up by 1.55% and 1.86% respectively.
The top gainers on the Sensex were Hindalco Industries up 9.90%, Jaiprakash Associates up 6.10%, Tata Motors up 5.36%, Sun Pharma up 5.28% and HDFC up 5.10%. While, Bajaj Auto down 1.69% and Hero MotoCorp down 0.69% were the major losers on the index.
The top gainers on the BSE sectoral space were Metal up 4.87%, Oil & Gas up 3.45%, Bankex up 3.43%, PSU up 3.06% and Realty up 2.79%, while there was no loser on the BSE sectoral space.
Meanwhile, India's import of finished steel has reduced considerably by 36% to 2.88 million tonnes in the April-September 2011, compared to the corresponding period of the previous year. During the April-September period of the current fiscal, India produced 34.86 million tonnes of finished steel and the consumption stood at 34.03 million tones, while the Exports were at 2.26 million tonnes.
The production grew 9.5% in the first six months of the current fiscal in comparison to the corresponding period last fiscal. Steel consumption, however, grew only 2.8%. During the 2010-11 fiscal, India imported 6.8 million tonne of finished steel, even though domestic production amounted to 66.01 million tonne and real consumption was 65.61 million tonne. However, the country also exported 3.46 million tonne during the financial year.
Steel Minister, Beni Prasad Verma said, 'the quantity of import has significantly reduced by 35.8 per cent during April-September 2011-12, in comparison to the corresponding period of the previous year.' By outlining the drift in the domestic steel industry, Verma said, 'a small quantity of import as well as export of various products of steel takes place, depending upon the specific requirements of individual companies.'
The minister further informed that 41 Memorandum of Understanding (MoUs) have been signed between various state governments and private companies for investment in the steel sector during the last three-and-a-half years.
The S&P CNX Nifty touched a high and low of 4,859.10 and 4,766.40 respectively.
The top gainers on the Nifty were Hindalco Industries up 9.87%, IDFC up 6.76%, ACC up 6.72%, JP Associates up 6.43% and Kotak Bank up 6.23%. On the flip side, Bajaj Auto down 1.36% and Hero MotoCorp down 0.06% were the top losers on the index.
The European markets were trading in green. France's CAC 40 up 3.56%, Britain's FTSE 100 up by 2.12%, and Germany's DAX up by 2.94%.
However, stock markets in Malaysia remained shut in observance of Awal Muharram.
Earlier on Dalal Street, the benchmark got off to a gap up opening on the back of encouraging leads from Asian peers which mostly traded with strong gains of around two percent. The frontline indices gathered momentum thereon and commenced the northbound journey with great conviction. There appeared no resistance what so ever throughout the session as the indices kept conquering one psychological level after another. The indices surged from strength to strength and the journey halted only with the end of session around the highest point of the day. Finally the NSE's 50-share broadly followed index Nifty, accumulated close to one hundred fifty points to settle above the crucial 4,850 support level while Bombay Stock Exchange's Sensitive Index or Sensex garnered a massive about five hundred fifty points and ended above the psychological 16,150 mark. Moreover, the broader markets traded on an optimistic note through the session, but failed to match the fervor displayed by their larger peers and settled with gains of over one and half a percent. On the BSE sectoral space, Metal and rate sensitives which went through turbulent times in of-late witnessed huge position build-up in the session while the Oil & Gas and PSU pockets too were amongst the swiftest of gainers. There were no sectoral laggards on the BSE and barring the two motorcycle makers Bajaj Auto and Hero Moto, all the components of the Sensex went home with a green tick. The markets rocketed on weak volumes of around Rs 1 lakh crore while the turnover for NSE F&O segment too remained on the lower side as compared to Friday at over 0.8 lakh crore. The market breadth remained optimistic as there were 1793 shares on the gaining side against 946 shares on the losing side while 130 shares remained unchanged.
Finally, the BSE Sensex surged by 471.70 points or 3.01% to settle at 16,167.13, while the S&P CNX Nifty climbed 141.25 points or 3.00% to close 4,851.30.
The BSE Sensex touched a high and a low of 16,186.68 and 15,888.28 respectively. The BSE Mid cap and Small cap index were up by 1.55% and 1.86% respectively.
The top gainers on the Sensex were Hindalco Industries up 9.90%, Jaiprakash Associates up 6.10%, Tata Motors up 5.36%, Sun Pharma up 5.28% and HDFC up 5.10%. While, Bajaj Auto down 1.69% and Hero MotoCorp down 0.69% were the major losers on the index.
The top gainers on the BSE sectoral space were Metal up 4.87%, Oil & Gas up 3.45%, Bankex up 3.43%, PSU up 3.06% and Realty up 2.79%, while there was no loser on the BSE sectoral space.
Meanwhile, India's import of finished steel has reduced considerably by 36% to 2.88 million tonnes in the April-September 2011, compared to the corresponding period of the previous year. During the April-September period of the current fiscal, India produced 34.86 million tonnes of finished steel and the consumption stood at 34.03 million tones, while the Exports were at 2.26 million tonnes.
The production grew 9.5% in the first six months of the current fiscal in comparison to the corresponding period last fiscal. Steel consumption, however, grew only 2.8%. During the 2010-11 fiscal, India imported 6.8 million tonne of finished steel, even though domestic production amounted to 66.01 million tonne and real consumption was 65.61 million tonne. However, the country also exported 3.46 million tonne during the financial year.
Steel Minister, Beni Prasad Verma said, 'the quantity of import has significantly reduced by 35.8 per cent during April-September 2011-12, in comparison to the corresponding period of the previous year.' By outlining the drift in the domestic steel industry, Verma said, 'a small quantity of import as well as export of various products of steel takes place, depending upon the specific requirements of individual companies.'
The minister further informed that 41 Memorandum of Understanding (MoUs) have been signed between various state governments and private companies for investment in the steel sector during the last three-and-a-half years.
The S&P CNX Nifty touched a high and low of 4,859.10 and 4,766.40 respectively.
The top gainers on the Nifty were Hindalco Industries up 9.87%, IDFC up 6.76%, ACC up 6.72%, JP Associates up 6.43% and Kotak Bank up 6.23%. On the flip side, Bajaj Auto down 1.36% and Hero MotoCorp down 0.06% were the top losers on the index.
The European markets were trading in green. France's CAC 40 up 3.56%, Britain's FTSE 100 up by 2.12%, and Germany's DAX up by 2.94%.
Market
sentiment has improved in Asia on Monday on the buzz that International
Monetary Fund (IMF) is preparing Euro 600 billion loan for Italy in
case the debt burden worsens. Even Italian Prime Minister Monti is
expected to unveil measures on December 5, 2011. Traders were also
cheered by news that Germany and France had discussed plans to speed up
integration in the euro-zone. Moreover, data from the United States
showing Americans spent a record $52.4 billion over Thanksgiving weekend
also added to the upbeat mood.
Meanwhile, Seoul shares rebounded on Monday after
posting their biggest weekly fall in nine weeks, with over two percent
gains led by technology stocks while, Taiwan Weighted jumped over one
and a half percent, led by Taiwan Semiconductor Manufacturing Co gained
2.79 percent while leading IC design house MediaTek was 2.74 higher on
Monday. However, stock markets in Malaysia remained shut in observance of Awal Muharram.
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