Firm global cues, recovering rupee supports Sensex Analysis for Dec 23, 2011

A little appreciation in rupee against the dollar coupled with encouraging cues from the global peers supported the domestic stock market benchmark Sensex, which was trading nearly 50 points higher in the mid session trade. However, the cautious approach weighed heavily on the market and limited the gains, restricting the movement of the Sensex in the narrow range.

At 12:23 Hours, BSE SENSEX was at 15,859.69 up by 46.33 points or by 0.29 per cent and then NSE Nifty was at 4,740.15 up by 6.3 points or by 0.13 per cent.

Gains in the market were led by the Commodity Goods (CG), Reality, Power, and Metal sector, while Banking and IT sector continued to trade in a negative terrain for the second straight day.

The BSE MIDCAP was at 5,224.28 up by 42.71 points or by 0.82 per cent, while the BSE SMLCAP was at 5,632.57 up by 77.07 points or by 1.39 per cent.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total 2,580 shares being traded, 1,520 were advancing while 949 shares declined and 111 remained unchanged.

The top gainers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 245.55, 3.32%), Larsen & Toubro Ltd. (Rs. 1039.10, 2.95%), Sterlite Industries (India) Ltd. (Rs. 94.05, 2.40%), Maruti Suzuki India Ltd. (Rs. 984.30, 1.75%), Hindalco Industries Ltd. (Rs. 124.60, 1.67%), among others.

Among the sectoral indices in BSE, BSE_CGS index was at 8,322.01 up by 216.05 points or by 2.67 per cent. ABB Ltd. (Rs. 599.50, 5.13%), Punj Lloyd Ltd. (Rs. 41.40, 3.50%), Bharat Heavy Electricals Ltd. (Rs. 245.55, 3.32%), BGR Energy Systems Ltd. (Rs. 193.00, 3.18%), Alstom Projects India Ltd. (Rs. 320.80, 3.17%).

Following the CGS index, BSE Realty index was at 1,444.78 up by 18.78 points or by 1.32 per cent. Anant Raj Industries Ltd. (Rs. 40.45, 11.89%), Indiabulls Real Estate Ltd. (Rs. 49.90, 3.96%), Prestige Estates Projects Ltd. (Rs. 66.00, 3.13%), Phoenix Mills Ltd. (Rs. 160.00, 2.27%), Housing Development & Infrastructure Ltd. (Rs. 58.50, 2.18%).

Meanwhile, the positive cues from the US and European peers, injected some positivity in the domestic market. The upbeat data on the US economy and stability in the Euro market has given some joy moment to the investors on the eve of Christmas. A report said that jobless claims in the US, the world"s largest economy, fell to the lowest level since April 2008 last week at 3, 64,000, a sign that the country"s labour market is improving. The sentiment was further strengthened after a report showed that consumer confidence in the US rose more than estimated in December. The consumer sentiment stood at a six-month high of 69.9 in December 2011, up from a previous estimate of 67.7.

All other Asian markets rose on Friday amid signs of a pickup in the US economic recovery and stability in the European markets. The overnight gain on Wall Street and European market has injected positivity, encouraging investors to spurt the buying activity. The major Asian Stock Exchange, Shanghai Composite was trading 11.66 points or 0.53 per cent higher, while Hang Seng was up 197.38 points or 1.07 per cent.

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