Sensex ends 5-day losing streak; RIL& banks pull market 510 pts higher

3.30 p.m: RBI allowing banks to avail funds from the central bank’s marginal standing facility (MSF) against their excess holdings in government bonds and other approved securities will help the banks tide over their current tight conditions. This move by the central bank and the fact the Moody’s kept India’s rating unchanged has led to a smart recovery in the markets.

Banks can avail the funds on an overnight basis below the SLR (statutory liquidity ratio), up to one percent of their respective net demand and time liabilities. Currently, banks keep 24 percent of their deposits in government debt and approved securities under the SLR.

Sensex closed the day 510 points higher at 15,685 while Nifty closed at 4716 up 149 points.

Banking index gained by 5.6 percent, the biggest gainer among sectoral indices.

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ICICI Bank was the top gainer, rising by 7.7 percent at Rs 703, followed by HDFC Bank which moved up by 5.82 percent at Rs 438.30. SBI closed the day at Rs 1623, up 2.8 percent.

Reliance closed 5.5 percent higher at Rs 753, while M&M closed 6 percent higher due to a string guidance for its tractor sales.

Titan was the top performer among the frontline counters, rising by 8.74 percent at Rs 169.85.

Telecome major Bharti Airtel closed the day 6.4 percent higher at Rs 344 while Reliance Communication was up 9.4 percent at Rs 67.95. Telecom companies announced a strong set of monthly sales numbers, which led to a sharp move on the stock.

Sensex gains 550 pts, ICICI Bank rises 8%

3.00 p.m: A late rally in the market has pulled Sensex up by 400 points to 15,576 while Nifty trades 115 points higher at 4660.

Banking counters led by ICICI Bank has led the rally. ICICI Bank trades 8 percent higher at Rs 704.70, SBI trades 3.25 percent higher at Rs 1631, Axis Bank is 3.66 percent up at Rs 850 while HDFC Bank is up 3.75 percent at Rs 430.

Bank index trades 4.5 percent higher.

Reliance trades 4 percent higher at Rs 742.5 whileM&M is up by 7 percent at Rs 695.5.

Sensex gains 300 pts, M&M rises 5% on positive guidance

2.15 p.m: Markets have come marginally off the day’s high, with Sensex trading at 15,422 up 247 points while Nifty trades at 4611, up 66 points.

Titan and ICICI Bank continue to be the top gainers trading around 6 percent higher.

IDFC is down by 4.75 percent while JP Associate has fallen by 4 percent to Rs 51.30.

Reliance trades nearly 2 percent higher at Rs 728, while SBI is up 1.7 percent at Rs 1605.

M&M trades 5 percent higher after a strong visibility guidance by the company.

Sensex gains 300 pts, M&M rises 5% on positive guidance

1.00 p.m: Markets have touched a new high in anticipation of a stronger opening of the European markets.

Sensex trades 300 points higher at 15,474, while Nifty trades at 4631 up by 86 points.

M&M had in an analyst meet said it was bullish on its outlook for the tractor segment. The company expects a 17-18 percent growth in the tractor segment for financial year 2012 and a 12 percent for 2013. The stock trades 5.4 percent higher at Rs 685.

ICICI Bank and Titan continue to trade 6 percent higher, while pressure on IDFC continues to build up. The stock trades 4 percent lower at Rs 97.

IDFC below Rs 100 on asset quality fears, Sensex at day’s low

12.00 p.m: After the largest infrastructure provider L&T, broke the psychological level of Rs 1000, it was the turn of the largest infrastructure financier to break its psychological level. IDFC, has broken the Rs 100 mark, last seen in May 2009. The stock currently trades at Rs 99, down 2 percent.

ICICI Bank continues to be the biggest gainer, currently trading at Rs 687.80, up by 5.20. This is followed by Titan, which trades 5 percent higher at Rs 164.

Sensex meanwhile trades near the day’s low at 15,395 up by 214 points over previous day’s close, while Nifty trades 65 points higher at 4609.

Sensex up 250 pts, ICICI Bank gains 6%

11.00 a.m: Market continues to trade at the day’s low with Sensex trading at 15,432 up by 258 points while Nifty is at 4618, up 74 points.

ICICI Bank is among the top gainer, rising by nearly 6 percent at Rs 692.40. Banking counters are the top gainers rising around 3 percent.

Among the other top gainers are Bharti Airtel, rising by nearly 4 percent at Rs 335.80.

Ranbaxy is the biggest loser falling by nearly 2 percent after the company announced a $500 million settlement with the US FDA. The stock currently trades at Rs 386.5.

Citi downgrades India on growth concerns; PSU banks finally gain

9.45 a.m: After opening higher by nearly 300 points BSE Sensex is currently trading at the day’s low. Sensex is at 15,397 up 222 points while Nifty is trading 65 points higher at 4610.

ICICI Bank is the top gainer, rising by nearly 4 percent at Rs 679, followed by JSW Steel which is trading 3 percent higher at Rs 484.

After a sharp fall yesterday, PSU banks have taken a breather. UCO Bank trades 1.4 percent higher at Rs 50.55 while Union Bank is up 3 percent at Rs 171.40. Among the larger banks SBI is up 1.9 percent at Rs 1608 while Axis Bank is up 2 percent at Rs 835 and HDFC Bank trades 2.2 percent higher at Rs 423.20.

L&T after an initial surge is trading at the day’s low at Rs 972 down 0.63 percent.

Citi meanwhile has downgraded India to Underperformer from Neutral on account of slower growth and high inflation.

Moody’s on the other hand has retained their India’s government bonds at Baa3.

Markets in green on global cues, Ranbaxy down 1.4%

9.15 a.m: A strong performance by the US and European markets is likely to have an impact on Indian markets, which can open with an upside gap.

US stocks closed 3 percent higher on account of a very strong new construction data for the month of November. Further Spanish yields dropping by nearly 300 basis points over a span of a month also helped the markets.

Asian markets are trading 1.5 percent higher.

Markets have opened with a gap with the BSE Sensex opening 300 points higher at 15,498 and Nifty trading 80 points higher at 4623.

[caption id=“attachment_161646” align=“alignleft” width=“380” caption=“Marketshave opened with a gap with the BSE Sensex opening 300 points higher at 15,498 and Nifty trading 80 points higher at 4623.”]  [/caption]

Ranbaxy has announced a consent decree with USFDA and has made a provision for $500 million to provide for the settlement. This amount is higher than market expectation of around $200-300 million. The stock can react negatively to the news.

Metal stocks are trading higher with JSW Steel and Hindalco trading nearly 3.5 percent higher. ICICI Bank is up 3 percent while BHEL trades 2.8 percent higher.

Hero MotoCorp continues to fall and is among the top losers in initial trade. The stock is down 2 percent at Rs 1773.

GTL trades 14 percent higher after the promoters agreed to give personal guarantee on their restructured loans.