3.30 p.m: Markets closed near the day’s high with the Sensex closing at 17,233 up 156 points while Nifty closing above the 5200 mark at 5204, up 46.40 points.
Sesa Goa was the top gainer of the day, closing 7.47 percent higher at Rs 215.70 after the company announced a better than expected set of number.
Reliance closed the day, off the day’s high at Rs 817 up 3.29 percent just before the window for buyback opens from February 1, 2012.
L&T moved sharply higher in the second half, closing 4 percent higher at Rs 1384.90.
IT stocks closed higher with Infosys closing 2.07 percent higher at Rs 2721 and TCS closing 1 percent higher at Rs 1108.80 crore.
Ranbaxy closed the day 6.74 percent lower at Rs 442.50 on news of another US decree which will try out its first to file pipeline.
Action was also seen in the currency market with the rupee trading around 49.52 on news of RBI intervening in the forward and spot market to improve liquidity.
Reliance gains 4.25% ahead of buyback date
2.15 p.m: Sensex has moved in a narrow throughout the day and presently trades at 17,196 up 118 point while Nifty is at 5193 up 35 points.
Reliance has moved 4 percent higher to Rs 822.7 ahead of the buyback due date which is expected to start from February 1, 2012.
IT companies are doing better with Infosys gaining 2.28 percent to Rs 2726 while TCS is up 1.16 percent at Rs 1110.70.
Sesa Goa has gained 7.4 percent to Rs 215.70 after the company posted a better than expected results.
Alstom Projects has fallen by 3.6 percent to Rs 353.60 after the company posted a loss for December quarter.
Bank of India gains 5% after beating estimates
1.15 p.m: Markets continue to trade higher with Sensex at 17,190 up 113 points while Nifty is at 5193 up 35 points.
Bank of India has just announced a better than expected set of numbers, the stock has gained 5.25 percent at Rs 360.50.
Among the stocks that are trading higher are Sesa Goa which is up 6.10 percent at Rs 212.90, Tata Motors is up 3.7 percent at Rs 239.50 while Reliance has gained by 3.25 percent at Rs 817.60.
Among the losers are Bhel which is trading 3 percent lower at Rs 273, Hero Moto is down 2.9 percent at Rs 1800 while DLF trades 2.7 percent lower at Rs 213.20.
Ranbaxy continues to trade lower and is down 5.8 percent at Rs 447.
Sesa Goa gains 6% on strong numbers
12.15 p.m: Sesa Goa is among the top gainers after the company announced its results which were above analyst expectations. The company posted drop in net profit by 35 percent on account of higher forex losses and inclusion of higher export duty. Average realisation of the company was up on an annual basis by 9 percent to Rs 4743 per tonne on account of better quality of iron ore exported but its was lower by 11 percent on a quarter on quarter basis as the benchmark iron ore prices had declined.
The stock is up by 6 percent at Rs 212.90.
Meanwhile Sensex is up 84 points at 17,161 while Nifty has gained by 24 points at 5182.
Banking stocks have fallen further with SBI falling by 1.12 percent at Rs 2035 and ICICI Bank is down 0.85 percent at Rs 872.60.
Reliance with a rise of 2.9 percent higher at Rs 814 is the biggest contributor to the rise in the indices.
Reliance, Infosys help Sensex gain 125 pts
11.00 a.m: Markets have moved marginally higher with Sensex trading 130 points higher at 17,208 while Nifty trades 33 points higher at 5191.
Reliance has moved higher and presently trades at Rs 811.80, up 2.57 percent. Infosys the other main contributor to the rise has increased by 1.80 percent to Rs 2714.
Ranbaxy has fallen by 5.5 percent after most of the analyst’s have come out with downgrades post the US decree.
Banking stocks are subdued after the credit policy with SBI falling by 0.58 percent at Rs 2046 while ICICI Bank is down 0.73 percent at Rs 873.60.
Tata Motors is up 2.19 percent at Rs 236 while metal stocks continue to trade higher with Tata Steel rising by 2.4 percent to Rs 455.70. Tata Steel has announced a restructuring of its European steel tubes operations which will lead to a reduction of 200 workforce.
Ranbaxy 4% lower after US FDA decree; Infosys up 1.2%
9.45 am: Indian markets have opened higher reflecting the bullishness in international markets. The BSE Sensex presently trades 99 points higher at 17,174 while NSE Nifty is at 5,180, up 21 points.
Ranbaxy opened lower on the consent decree by the US FDA. The stock opened with a gap down and presently trades 4 percent lower at Rs 455.
Infosys trades 1.2 percent higher despite the company been advised by the US Attorney’s office in Texas that some of its employees were targets of investigation into alleged US visa abuse.
Indian markets have opened higher reflecting the bullishness in international markets.
Sesa Goa trades 6.5 percent higher at Rs 214 after the company announced its results. The company posted a 35 percent decline in its net profit despite higher topline growth. Profits were lower on account of higher export duty.
Adani Power has announced that it is terminating a purchase power agreement with the Maharashtra government. The stock however, is marginally lower at Rs 88.10.
Metal stocks are trading higher today with Hindalco gaining 3.27 percent at Rs 146.70 while Tata Steel trades 2.48 percent higher at Rs 455.90.
Reliance Industries has crossed the Rs 800 mark and presently trades at Rs 802, up 1.4 percent.
Alstom Projects trades 2.28 percent lower at Rs Rs 358.30 after the company posted a loss of the December quarter.