Pre-Session –Markets seen opening higher on strong global cues; HDFC eyed Analysis for May 08, 2013

The key domestic benchmarks may see gap up opening today tracking firm cues from global peers. On the global front, most of Asian stocks extend rally for third day as robust overnight gains from US market and upbeat German industrial data buoyed the global risk appetite among investors. The sentiment was further bolstered after China"s exports expanded more than economists estimated. In overnight trading, US stocked closed higher with S&P 500 touching another record high consecutively for a fourth day, on optimism over global central bank stimulus and upbeat quarterly earnings from DirecTV, EOG Resources and Fossil Inc..

Back home, the broader will continue to uphold its rising trend on the back of falling commodity prices and recovering US economy. Inflows of foreign funds into the domestic markets and expectation of better IIP data for Mar'13, due to release on Friday will further boost the market sentiments. On corporate front, stocks of ABB, Corporation Bank, Lupin, HDFC, Ranbaxy Laboratories and Jubilant Industries will remain in focus today, ahead of their quarterly results, to be released today. Meanwhile, most of Asian stocks extend rally for third day after China"s exports expanded more than economists estimated and on rising optimism that central banks will continue to revive growth. Japan's Nikkei surged 1.30 percent on Wednesday, hitting 5-years high, as robust overnight gains from US market and upbeat German industrial data buoyed the global risk appetite among investors. Among the Asian stocks, MSCI Asia Pacific Index added 0.9 percent, while Hong Kong"s HANG SENG INDEX gained 0.60 per cent. On the flip side, Chinese stocks were trading 0.49 per cent higher.

Continuing its gaining momentum for second day, markets ended near their three-month highs on Tuesday, on strong global cues, led by gains in ITC and short covering in bank shares. The Bombay Stock Exchange, Sensex surged over 200 points as foreign institutional investors bet on frontline stocks on hopes of further rate cuts and pick-up in economic activity. FMCG, banks, realty and auto were the top sectoral gainers on the BSE.

Among the individual stocks, FMCG major ITC gained as much as 2.8 percent, while ICICI Bank Ltd ended up 1.7 percent. The 30-share barometer index of Bombay Stock Exchange, Sensex settled at 19,888.95 up by 215.31 points or by 1.09 per cent and the NSE Nifty ended at 6043.55 up by 72.5 points or by 1.21per cent.

In a similar fashion, the BSE MIDCAP closed higher by 54.14 points or by 0.84 per cent at 6504.85, while the BSE SMLCAP ended at 6126.49 up by 36.33 points or by 0.6 per cent.

During the day"s trading, the BSE Sensex touched intraday high of 19,917.88 and intraday low of 19,697.33, while the NSE Nifty touched intraday high of 6050.5 and intraday low of 5982.95.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 2620, shares advanced were 1383 while 1095 shares declined and 142 were unchanged.

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 1707.40,+3.65%), Bharti Airtel Ltd. (Rs. 330.05,+3.14%), ITC Ltd. (Rs. 335.20,+2.73%), Tata Motors Ltd. (Rs. 298.55,+2.58%), Jindal Steel & Power Ltd. (Rs. 333.00,+2.23%), among others.

Among the thirteen sectoral indices on BSE, FMCG index stood as top gainer and settled at 6657.58 up by 130.73 points or by 2 per cent. ITC Ltd. (Rs. 335.20,+2.73%), United Spirits Ltd. (Rs. 2347.30,+2.60%), Dabur India Ltd. (Rs. 161.70,+2.50%), Godrej Consumer Products Ltd. (Rs. 839.05,+1.22%), Jubilant Foodworks Ltd. (Rs. 1136.70,+1.18%) were among the notable gainer on BSE.

Following the FMCG index, BSE_Bankex index ended at 14436.99 up by 254.7 points or by 1.8 per cent. Axis Bank Ltd. (Rs. 1503.80,+2.90%), IndusInd Bank Ltd. (Rs. 485.10,+2.47%), YES Bank Ltd. (Rs. 507.95,+2.25%), Canara Bank (Rs. 39

Read more about: bse, nse
Story first published: Wednesday, May 8, 2013, 9:43 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?