Indian Share Market Record closing high: Sensex soars 293 pts, Nifty above 8150

 4:30 PM: Indian Share Market Record closing high: Sensex soars 293 pts, Nifty above 8150

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After a short pit-stop, the bulls have resumed their record-breaking sprint on Dalal Street. The Nifty managed to close above 8150-level, up 87.05 points or 1.08 percent at 8173.90 while the Sensex was up 293.15 points or 1.08 percent at 27319.85. About 2075 shares have advanced, 956 shares declined, and 93 shares are unchanged.

Analysts feel the bulls are here to stay for long. Gautam Shah of JM Financials dishes out aggressive targets for the Nifty. He expects the 50-share index to hit 10700 by December 2015 while Jim Walker of Asianomics says the bull run in India will go on till 2018.

Walker says this is not the time to think about end of the bull run instead it is great time to buy into the market.

Hindalco, Wipro, HDFC Bank and SBI are top gainers in the Sensex. Shares of ONGC jumped over 3 percent while OIL also hit all-time high of Rs 667.45 per share. Bank of America Merril Lynch is bullish on the stocks with a higher target price expecting more gains from oil reforms.

Asian Paints was the biggest Nifty gainer, touching record high on hopes of 20 percent growth in domestic paint industry by FY16. The Associated Chambers of Commerce and Industry of India (Assocham) estimates the Indian paint industry to surge from the current level of about Rs 40,600 crore to about Rs 62,000 crore by 2016 witnessing a breathtaking double-digit compound annual growth rate (CAGR) of about 20 percent.

Midcaps continued to fare better than the blue chips with the index rallying over 150 points. Among the midcaps, Torrent Power, Punj Lloyd, MRF, Apollo Tyres and Max India were major gainers.

Tyre stocks rallied 2-20 percent as domestic rubber prices have seen sharpest fall in five years, hitting Rs 126 per kg. Rubber prices are down 25 percent since average of Rs 169/kg seen in January.

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9:30 AM: Sensex up over 100 pts, Nifty holds 8100; Wipro, Hero weak

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The market has opened on a strong note. The Sensex is up 121.00 points at 27147.70, and the Nifty is up 46.10 points at 8132.95. About 567 shares have advanced, 112 shares declined, and 29 shares are unchanged.

GAIL, ONGC, Bharti Airtel, Sesa Sterlite and L&T are top gainers in the Sensex. Among the losers are Coal India, Wipro and Hero.

The Indian rupee opened at highest level since July 31. It has gained 10 paise at 60.29 per dollar against 60.39 on Friday.

Sterling slumped to its lowest in nearly 10 months on Monday amid worries about political uncertainty after an opinion poll showed supporters of Scottish Independence from Britain taking the lead for the first time since the referendum campaign began. It skidded nearly 1 percent.

Agam Gupta of Standard Chartered said, "Expect to see very strong nationalised bank demand between levels of 60.20-60.25/dollar. Expect Rupee to trade in a range of 60.20-60.40/dollar for the day. Exporters and FIIs likely to sell on upticks.”

 In commodities, Brent crude slipped towards 100 dollars per barrel following weakness in US jobs data.

Sensex falls for 2nd day on profit booking; midcaps shine

4:00 PM: Sensex falls for 2nd day on profit booking; midcaps shine

Equity benchmarks saw consolidation (with marginal downside) for the second consecutive session on Friday as investors remained cautious after indices hit record highs in middle of the week and on weakness in global equities ahead of US jobs data.

The 30-share BSE Sensex fell 59.23 points to close at 27026.70 while the 50-share NSE Nifty struggled for the second day to hold 8100 level but it could not, down 9.10 points to 8086.85. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.56 percent and 1.25 percent, respectively.

Though there was a consolidation (which was expected after huge run-up in previous sessions), experts remained firm on their analysis, saying the upmove may continue at least till the next Union Budget.

Sachin Shah, Fund Manager at Emkay Investment Managers believes the undertone for the market continues to remain buoyant on the back of good foreign institutional investor (FII) flows and net buying from domestic mutual funds.

There have been some positive signs on the macro front too like oil prices remaining subdued, some good quarterly results and government making right noises, which would keep up the buoyancy, says Shah.

Meanwhile, Vibhav Kapoor, group Chief Investment Officer, IL&FS feels Indian equities are not overvalued at this point and the Nifty could touch 9000 by March .

Global markets too were down ahead of US employment data due later today. France’s CAC, Germany’s DAX and Britain’s FTSE fell 0.2-0.7 percent, at 16:15 hours IST.

For the week, the Sensex gained 1.5 percent and Nifty rose 1.7 percent while CNX Midcap shot up 4.1 percent and BSE Smallcap rallied 3.5 percent.

Private banks and auto stocks saw selling pressure while technology and steel stocks gained strength.

Liquor maker United Spirits tanked 4.6 percent (the biggest loser in the Nifty 50) as brokerages turned cautious on the stock post FY14 earnings. Credit Suisse reduced target price on the stock to Rs 2200 from Rs 2700 and cut FY15-16 earnings per share estimates by 30-50 percent while CLSA revised its rating to underperform from sell. Housing finance company HDFC, two-wheeler maker Hero Motocorp and state-run coal miner Coal India were prominent losers in the Sensex, down around 2 percent. Among others, ICICI Bank, Tata Motors, Bharti Airtel, BHEL and Tata Power fell over a percent. Jaiprakash Associates crashed over 10 percent as brokerages turned bearish on the stock .

Goldman Sachs is concerned about its high leverage, with 4.5X consolidated net debt to equity and 0.7X interest coverage (EBIT/interest expense) as of March-end. Besides, the promoter stake-sale some recent events have raised questions about its profitability, it added. However, state-run iron ore miner NMDC and realty major DLF topped the buying list, up 5.27 percent and 4.75 percent, respectively. Shares of ONGC, State Bank of India, Bajaj Auto, Cipla, Sesa Sterlite and Gail India gained 1-1.5 percent. In the technology space, three companies bagged big orders. Wipro was up nearly a percent on getting five-year strategic infrastructure management contract from Philip Morris International (PMI), the tobacco company.

India’s second largest software services exporter Infosys rose 0.6 percent on bagging five-year deal worth USD 500 million with BP. JP Morgan maintains overweight rating on the stock with a December 2015 price target of Rs 3900, stating that the recent management change has potentially delayed revenue growth recovery but has also brought much-needed visibility. Tech Mahindra hit a record high of Rs 2,521.80 during the day, though it closed flat.

The company and Bombardier Aerospace have signed a mutual agreement that will lead Tech Mahindra to work with Bombardier globally. Engineering and construction major L&T was up 1.3 percent on getting big order worth more than Rs 5,100 crore from Madhya Pradesh state utility for setting up 1320 MW power plant. Advancers beat decliners on the Bombay Stock Exchange by a ratio of 1698 to 1269.

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9:15 AM: Sensex, Nifty slightly up; Infosys, Reliance top gainers

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After a resting day, the market seems to be picking up pace slightly again. The Sensex is up 52.05 points at 27137.98 and the Nifty is up 3.95 points at 8099.90. About 427 shares have advanced, 163 shares declined, and 37 shares are unchanged.

Infosys, Wipro, Reliance, NTPC and Cipla are big movers in the Sensex. Among the losers are Tata Power, GAIL, ONGC, Hindalco and Bharti Airtel.

The Indian rupee has opened at 60.44 a dollar, down by 9 paise compared to previous day's closing value of 60.35 a dollar.

Pramit Brahmbhatt, Veracity says investors are likely to trade cautiously today post the profit booking in the equity market yesterday. "The series of US data expected today will help investors gauge the market," he adds.

He expects the rupee to trade range bound to slightly weak. Meanwhile, the euro skid below 1.30 to the dollar suffering its biggest one-day fall in nearly three years after the European Central Bank delivered a fresh round of stimulus and promised even more if needed.

In the US, stocks erased record-setting gains on turning lower in a late-session shift as cheer over the European Central Bank's unexpected rate cut faded, a day ahead of the monthly payrolls report. Non-farm payrolls are estimated to show that economy created 225,000 jobs in August.

In commodities, crude prices slipped following a strong dollar, hitting commodities priced in the US currency.From precious metals space, gold slipped as dollar rallied on ECB rate cuts.

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9:27 AM: Sensex, Nifty lose ground; United Spirits up, DLF tanks

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Equity benchmarks opened marginally lower on profit booking after rallying consistently in previous nine sesssions on the Sensex. The index declined 23.57 points to 27116.37 and the Nifty slipped 12.40 points to 8102.20.

About 540 shares have advanced, 459 shares declined, and 39 shares are unchanged.
United Spirits gained a percent despite posting huge loss of Rs 4,489 crore in the year ended March 2014 on consolidated basis, increased by 44.4 times compared to a loss of Rs 101.2 crore in previous year, dented by exceptional loss of Rs 3,236 crore related to provision.

Cipla surged 2.6 percent post annual general meeting. Coal India, Sun Pharma, TCS, Wipro, NMDC and Coal India gained 0.6-1.3 percent.

However, DLF tanked 5 percent. BHEL, Hero Motocorp, GAIL, Tata Motors, Tata Power, Jindal Steel, Power Grid Corp and PNB lost 0.8-1.8 percent.

The Indian rupee opened flat at 60.46 per dollar versus 60.48 Wednesday.

The euro holds on to modest gains against the dollar, having pulled up from one-year lows as investors booked some profits ahead of the European Central Bank policy review. The dollar index comes off a 14-month peak.

Mohan Shenoi of Kotak Mahindra Bank said, "The currency markets are expected to be rangebound ahead of the BoE and ECB rate setting meetings today evening and US payroll data tomorrow.”

“Markets are also keenly watching geopolitical developments. Rupee is expected to trade in a range of 60.35-60.65/dollar today," he added.

Nifty closes above 8100, Sensex gains for 9th straight day

4:30 PM: Nifty closes above 8100, Sensex gains for 9th straight day

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The 30-share BSE Sensex continued its northward journey for the ninth consecutive session on Wednesday, registering another record closing high boosted by technology stocks. Though it was a volatile session amid reports of Ukraine and Russia agreeing to a process to reach a permanent ceasefire, the market clocked 0.4 percent gains.

The Nifty closed above 8100 level for the first time, up 31.55 points at 8114.60 while the Sensex climbed 120.55 points to 27139.94 after hitting an intraday high of 27225.85. The BSE Midcap and Smallcap indices gained 0.9 percent and 0.4 percent, respectively.

Experts remained hopeful of big gains in equity market going ahead but they are cautiously bullish at current levels due to big run up in last few sessions.

Manish Gunwani, Senior Fund Manager of ICICI Prudential AMC believes the economy is in a sweet spot, which will benefit the equity market. However, he maintains a ‘cautiously bullish’ stance as most sectors trade near their long-term average valuations. He says investors should moderate their return expectations.

On the global front, media report indicated that Ukraine's president Petro Poroshenko has reached an agreement with Russian president Vladimir Putin on a permanent cease fire in Eastern Ukraine but the Russian official said Putin didn't agree to ceasefire with Ukraine.

European markets like France’s CAC, Germany’s DAX and Britain’s FTSE were up 0.8-1.3 percent while Russia and Ukraine markets climbed over 4 percent (at 16 hours IST. Asian markets closed higher with the China’s Shanghai and Hong Kong’s Hang Seng rising 1 percent and 2.3 percent, respectively.

On the home turf, technology, metals and Tata group stocks led the support whereas the selling in banking and financials, FMCG, and two-wheeler majors capped the upside.

Technology majors TCS, Infosys and Wipro, which did not participate in last month’s rally, started gaining momentum. These stocks rallied 2.5-3.4 percent. India’s largest telecom operator Bharti Airtel gained 3 percent, in addition to 4 percent rally in previous session.

Engineering and construction major Larsen and Toubro was up 1.4 percent as Competition Commission of India cleared the proposed acquisition of L&T Infrastructure Development Projects' securities by foreign venture capital investor CPP Investment Board Singaporean Holdings 1.
Commercial vehicle maker Tata Motors climbed over a percent on bagging order for 2700 buses under JNNURM scheme. Brokerage house Jefferies advises buying the stock with a target price of Rs 627 on the back of great product momentum in JLR, recovering domestic truck market and most importantly, on lesser concerns on sustainability of profitability in China.

HPCL and IOC gained more than a percent after Brent crude prices dropped to 16-month lows of USD 100 a barrel on account of the strength in the dollar and demand concerns emanating out of China. However, Brent crude could not sustain that level for long, climbing above USD 101 a barrel.
Among others, top coal mining company Coal India saw sharp upmove in last hour of trade, up 3.4 percent followed by Axis Bank, M&M, Tata Steel and Tata Power with over a percent.

However, shares of ITC, ONGC, ICICI Bank, HDFC, State Bank of India, GAIL, Bajaj Auto, Hero Motocorp, Cipla and BHEL declined on profit-taking.

The market breadth was negative with the decliners beating advancers by a ratio of 1548 to 1473 on the Bombay Stock Exchange.

Nifty holds 8100; Bharti gains 3%, Tata Motors up 2%

 9:25 AM :Nifty holds 8100; Bharti gains 3%, Tata Motors up 2%

The market continues its uptrend for another day. The Sensex is up 85.35 points at 27104.74, and the Nifty is up 27.80 points at 8110.85. About 533 shares have advanced, 94 shares declined, and 22 shares are unchanged.

Tata Motors, NTPC, Tata Power, HDFC and GAIL are top gainers in the Sensex. Among the losers are Hindalco, Coal India, Bharti Airtel and Dr Reddy's Labs.

The Indian rupee gained marginally in the early trade. It has opened at 60.63 per dollar versus previous day's closing value of 60.68 a dollar.The dollar hovered at 14-month highs against a basket of major currencies early on Wednesday, underpinned by upbeat US data and further supported by a sell-off in the yen and sterling.

In the US, markets closed mixed with the S&P 500 holding above 2,000 after rising to another intraday record, as energy companies dropped along with the price of oil and investors fretted whether the European Central Bank would make further monetary policy moves this week. European shares slipped to close marginally lower, as investors monitored events in eastern Ukraine and reacted to economic data from the region.

In other asset classes, Brent crude slipped to a 16-month low, falling 2.5 percent to just above USD 100 per barrel while US crude hit a 7-month low. With the dollar index at a 14-month high, a strong dollar and the prospect of slowing oil demand were seen as the key reasons for the fall. Gold too was at its lowest level since mid-July, breaking through key support as the dollar hit a one-year high against the euro.

Morgan Stanley has upgraded its June 2015 target for the Sensex to 28800 after the recent rally, says managing director, Ridham Desai. However, that’s his conservative estimate.

Desai expects the Sensex to rally as high as 33900, but with some conditions: if the government continues to work on it fiscal consolidation path and the Fed doesn’t take any disruptive policy action. If these two conditions are met, then Desai says, the Sensex has about 40 percent chance of seeing this level by June 2015.

A 360-degree turnaround in sentiment regarding India, apart from institutional flows has led to this market rally. And a lot of it has to be credited to the government, believes Desai. “People abroad have faith in the potency and execution of the new govt. They are sending the right signals. The Goldilock-like scenario that is unfolding, both on the macros as well as the micros, will change for sure, but we are fairly comfortable for the next three years atleast,” says Desai.