Sensex ends 363 pts up, biggest weekly gain since July 09

3.30 p.m: Number of factors has resulted in the sharp move in the market. Though the market moved in a narrow range in the first session, stronger European opening helped the Indian market changed gears and help it close near the day’s high. European markets are trading nearly 2 percent higher as Italian bonds yield moved down sharply.

BSE Sensex closed 363 points higher at 16,846 while Nifty closed the day at 5050, up 113 points.

Banking stocks led the rally from the front, with the banking index rising 3.26 percent. SBI closed the day at Rs 1898, up 4 percent, while ICICI closed 3.64 percent higher at Rs 789.90. A series of news flow affected the sharp move in the banking stock. India’s bond yields have touched an 8 week low of 8.7 percent. There were news in the market of a possible CRR cut by the central bank. Further, rupee too has strengthened further and nears the 51 mark. IRDA rules for IPO by insurance companies also helped banking stocks as most of the bigger banks have present in this sector.

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Auto stocks, buoyed by good sales figure for the month of November also traded higher. Tata Motors closed nearly 4.86 percent higher at Rs 191.90, while Maruti closed nearly 2.88 percent higher at Rs 989.

Metal stocks led by Tata Steel were the other major contributor to the market. The stock closed 4.18 percent higher at Rs 419.50. Hindalco closed up by 3.16 percent at Rs 135.40.

Cement major Ambuja Cementclosed over 8 percent at Rs 161 on higher sales and better realisation expectation.

Apollo Hospital touched an all time high level of Rs 709.95, but closed lower at Rs 676, up by 11.4 percent, on expectation of value unlocking of its insurance business.

Sensex up 400 pts, Tata Motors up 5%

3.00 p.m: Banking counters rising by over 3 percent have led a sharp rally in the markets. Sensex has noved higher by 350 points at 16,836 while Nifty is up 107 points at 5044.

SBI has moved up sharply over the last one hour and presently trades 3.3 percent higher at Rs 1885. ICICI Bank trades 3.2 percent higher at Rs 787.50.

Tata Motors trades nearly 5 percent higher at Rs 192 while Maruti is up 3.3 percent at Rs 994.

Metal counters continue to remain strong with Tata Steel trading at Rs 418.80, up 4 percent. Hindalco trades 3.3 percent higher at Rs 135.50.

Tata Power is up 6.4 percent at Rs 98.90, even though S&P has downgraded the company saying it will be difficult for it to maintain its guidance.

Sensex up 300 pts, Ambuja Cements up 8%

2.00 p.m: European markets trade over 1.5 percent higherbuoyedby a 3 percent reduction in Italian bond yields, which fell to 6.45 percent. US market futures too are trading higher in expectation of better employment numbers.

Sensex has moved steadily higher by 300 points with Auto, Metals and Banking sector leading the rally.

Banking stocks trade nearly 2.7 percent higher, led by ICICI Bank which is trading at Rs 786.25, up by 3.14 percent. SBI is up by 1.9 percent at Rs 1858.50, while Axis Bank and HDFC Bank are both trading 2 percent higher.

Ambuja Cements has moved nearly 8 percent higher at Rs 160.50 after the company posted a strong set of sales number for November.

Tata Motors trades up by 4.4 percent at Rs 191, Tata Steel is up by 4.3 percent at Rs 420.

Reliance has recovered strongly and presently trades 1.2 percent higher at Rs 808.50.

Sensex up 250 pts, Tata Motors up 3.5%

1.30 p.m: A positive opening in the European markets have further pushed up Indian markets, which were largely range bound since morning. European markets have opened nearly 1.5 percent higher.

Tata Motors has moved up by 3 percent after the company announced a decent set of JLR sales number.

Metal stocks too are trading higher with Tata Steel rising by 2.75 percent at Rs 413.75 while Hindalco moves 3.4 percent up at Rs 135.75.

Sensex up 110 pts, Tata Steel up 3%

12.30 p.m: Markets have just scaled a new high led by banking, metal and auto stocks. Sensex trades at 16,513 up 33 points.

Banking sector stocks are the top gainers, with ICICI Bank leading the pack, up 1.25 percent.

Among metal stocks Tata Steel has seen good movement, the stock trades 2.25 percent higher at Rs 412.

Apollo Hospital has touched a new all time high of Rs 639.95, the stock trades nearly 5 percent higher.

Ambuja Cement trades 4% higher in a flat market

11.15 a.m: Markets continue to move in an extremely narrow range with the Sensex trading at 16,494 up 10 points while Nifty is trading 6 points higher at 4943.

Ambuja Cement, which announced a robust growth in its monthly sales has risen by 4 percent to Rs 154.85.

BPCL has been upgraded by CLSA with a target of Rs 600, the stock trades 1 percent higher at Rs 531.

Ranbaxy trades 1.31 percent lower at Rs 437, while Reliance is the biggest loser among frontline stocks at Rs 787.7

Market opens flat, Ranbaxy continues to fall

9.30 a.m: Market opened flat and are currently trading in a narrow range. BSE Sensex trades at 16,439 down 43 points over previous day’s close. NSE Nifty trades 6 point lower at 4930.

Ranbaxy, continued its fall and currently trades 1.3 percent lower at Rs 437.20.

Bajaj Auto, which posted its best ever monthly sales number is down .12 percent at Rs 1683.

Reliance trades 1 percent lower at Rs 791.45 on news that it has not yet completed its tie-up with BP.

Tata Motors trades 1.4 percent higher after the company posted a strong set of number in JLR division.

Parliament debate on retail FDI to drive mkts; auto eyed

9.00 a.m: After a sharp rally, both US and European markets consolidated on Thursday. Europe was able to close its bond sales, though at a marginally higher rates. Asian markets continue to remain cautious today ahead of job data.

Indian markets are expected to open flat and trade in a narrow range till European markets open. Developments in Parliament over the retail FDI issue can induce some volatility during the day.

Retail counters, especially Pantaloon, posted a sharp rally in the second session on Thursday. The counter is likely to remain volatile today depending on proceeding in the parliament.

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Auto stocks will remain in focus after announcement of their monthly sales figure. Tata Motors announced its November numbers for JLR. The company posted a 30 percent growth in its Land Rover sales, but its Jaguar sales dropped by 8 percent. Growth in existing models apart from Evogue was 3 percent. US markets posted a 17 percent growth. The counter can see some renewed buying post the announcement of these robust numbers.

Reports say that DLF has almost completed its sales of Aman Resorts property. DLF had bought the property in 2007 at a cost of $400 million. Market expects a sale price of around Rs 3,000 crore from the deal. There can be marginal impact on this news on the share price as the development is old.

Insurance companies will be in focus after IRDA issued IPO guidelines late Thursday evening.

In economic data, deterioration in India’s economy continues, with trade deficit touching a all time high of $20 billion. Sharp slowdown in exports resulted in higher deficits.