Markets close in green; SBI gains 5% on good results

3:30 pm Its been a volatile day for the markets. Right from hitting a new 4-month low in early trade, markets have seen a sharp recovery and closed in the green today. The BSE Sensex, the barometer of the Indian economy, closed up 82 points and also up 343 points from the day’s low. The S&P CNX Nifty also came in close to the 4,900 level. Nifty had fallen below 4,800 in early trade.

The market breath remained negative. On the NSE, 802 stocks declined while 663 advanced.

Market started to improve post State Bank of India’s impressive Q4 nos. The stock closed up 3.8 percent as the company’s net profit jumped nearly 200 times on the back of a sharp drop in provisions for bad loans and strong credit demand.

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Among sectoral indices, autos were the biggest losers followed by capital goods and realty. Autos fell 1.9 percent due to a steep fall in Tata Motors and Maruti Suzuki and Bajaj Auto. The fall could be attributed Auto stocks fell as a low rupee may be seen raising the cost of imports, royalty payments. In the 30-share Sensex pack, 19 closed in green led by SBIm, Sterlite Inds, ICICI Bank, NTPC.

Gainers among the ‘A’ group include Pantaloon Retail, Nalco, Mangalore Refinery which closed up 4-5 percent. The rupee also recovered from the day’s low. It bounced back to 54.56 from its record low of 54.89 against the dollar.

Overall, while the markets have improved, a lot depends on government reforms. “We believe that, the concerns domestic fiscal situation needs to be addressed. Reform initiatives will likely result in lower interest rate cuts from the RBI and will also give more confidence to corporates to increase investments, while encouraging and attracting more inflows from FIIs and supporting the rupee. We believe that, the Government will take further steps to support the economy. T his is a pre-requisite for the markets to stabilize and start moving upwards. Over the next few weeks, trends of monsoons will also be keenly watched.” says Dipen Shah, Head of Fundamental Research, Kotak Securities.

3:00 Its been a interesting ride for the markets as they are now trading in the green. The Sensex is trading at 16,130, at its intraday high and up 60 points from the previous close and up 321 points from the day’s low. Nifty is up and safely above the 4,800 level. However, the market breath continues to remain weak. On the NSE, 858 stocks declined while 591 advanced.

Speciality IPO has been fully subscribed, according to sources as per CNBC TV-18. The IPO will offer 1.7 crore shares, which means there will be a dilution of 25 percent of the post-issue, paid-up capital. The price band has been fixed at Rs 146-155. Given those price levels, the company aims to raise around Rs 182 crore. Speciality has a total of 69 restaurants under brands like ‘Mainland China’, ‘Oh! Calcutta’, ‘Sigree’, ‘Machaan’ and 13 confectionery stores called ‘Sweet Bengal’.

2:00 Investors must be heaving a sigh of relief as the markets are now trading at their intra day high. The Nifty is safely above the 4,800 level at 4,851. The Sensex is trading at 16,005, up 196 points from the day’s low and just 22 points off from the day’s high. The market breath is negative. On the NSE, 951 stocks declined, 471 advanced.

Among sectoral indices, autos, capital goods, tech continue to be the biggest losers. However, banks and fmcg are in green. The Bankex index moved up after SBI reported a sharp improvement in its March quarter results. The stock is up 3 percent.

In the 30-share Sensex pack, 19 are in red led by Maruti, Tata Motors. Tata Steel is down 3 percent ahead of its Q4 nos. Auto stocks fell as a low rupee may be seen raising the cost of imports, royalty payments.

The markets are in turmoil mostly due to sharp rise in the rupee and the fall in international markets. Barclays Capital expects spot rupee to hit 56 in one month and then subsequently rise only to 54 within three months, as per Reuters.

Karnataka Bank is up 2.5 percent to Rs 75.9 per share after net profit came in at Rs 83 cr vs Rs 91 cr. Net NPAs reduced to 2.11 percent vs 2.23 percent.

Among gainers are Jet Airways (4.7 percent), Pantaloon Retail (3.7 percent), NMDC (3.3 percent), Grasim Inds (2.8 percent).

State Bank of India is up 1.5 percent after it reported better than expected March 2012 nos. The company has posted net profit of Rs 4050 cr vs CNBC poll of Rs 3,580 cr. Net NPAs have gone down. It is at 1.82% vs 2.22 qoq. It plans to pay Rs 35 per share dividend.

12:00 After hitting a new 4 month low, the markets seem to be showing a slight recovery. The S&P CNX Nifty has managed to move above the psychological level of 4,800, though it is still down 66 points. The BSE Sensex, the barometer of the Indian economy, is down 188 points to 15,881, it is up 72 points from the day’s low. Markets have crashed today on the back of worries in the euro zone and rupee woes. The rupee has been hitting fresh intra day lows. It is currently at 54.88 against the dollar.

The market breadth continues to remain in the negative zone. On the NSE, 1081 stocks have declined while 269 advanced. The broader markets have fallen sharply as the small cap and the mid-cap index are down a percent. The Auto index continues to be the biggest loser with a more than 3 percent fall. This is mostly due to a fall in Tata Motors (-5 percent), Maruti Suzuki (-3.76 percent), Bajaj Auto (-2.94 percent).

Among the 30-share Sensex pack, 27 are in the red. The three scrips that are up are - Hind Unilever, SBI and Sun Pharma.

All eyes are on three companies today whose results are to be declared today.

SBI gains 1 percent. The company has posted net profit of Rs 4050 cr vs CNBC poll of Rs 3,580 cr.

Coal India is down 0.85 percent, ahead of its results.

Tata Steel is down 2 percent, ahead of its results.

Guess how many stocks hit their 52-week low

The steep fall in the markets has led to many scrips hitting their one year lows. On Thrusday, almost 95 stocks hit a 52-week low. Some of the prominent names include - BHEL, Adani Enterprises, GAIL, Hindalco, KFA, MCX among many others. Today is no exception as quite a few stocks have hit their all time lows. Listed below are some of the stocks that have hit a one year low so far.

Nifty below 4,800; rupee hits fresh all time low

11:00 It certainly is another Black Friday for the markets. The S&P CNX Nifty has crossed the 4,800 level and is trading at 4,795, for the first time since 10 January, 2012. The Sensex is also down 237 points to 15,833, much below the psychological 16,000 mark. The market breadth is negative. On the NSE, 1045 stocks have declined while 265 advanced.

The rupee woes continue as it hit a fresh all time low at 54.82 against dollar

The April CPI Inflation Rate has come in at 10.36%

Asian shares have fallen steeply today over the growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors.

All the sectoral indices are in the red, led by autos and capital goods which have fallen more than 2 percent each.

 Among the 30-share Sensex pack, 29 stocks are in red. The biggest loser is Tata Motors and Maruti Suzuki which have fallen more than 3-4 percent. The only stock up on the Sensex is Hind Unilever (.5 percent).

City Union Bank is up 0.9 percent. The company has reported Q4 net profit rt Rs 72 crore. NII has come in at Rs 137 Cr Vs Rs 119 Cr yoy.

Aurobindo Pharma gets US FDA Ok; stock up 1.55 percent .

Speciality Restaurants is subs at 0.47 times, not a very good sign.

Stocks which hit a 52-week low are :

ICSA hits 52-week low to Rs 14.95 per share

Educomp hits 52-week low to Rs 151.6 per share

MTNL hits 52-week low to Rs 21.25 per share.

Alphageo hits a 52-week low to Rs 44 per share.