Rupee strengthens, Sensex trims losses; telcos gain
The slight recovery in the markets could be attributed to the improvement in the rupee and the fact that European markets opened in the green. The rupee has recovered 68 paise from the day's low of 56.08.
1:30 Markets seemed to have trimmed their losses . The BSE Sensex is trading at 16,211, up 93 points from the day's low and just off 38 points from the day's high. The S&P CNX Nifty is trading up 15 points above the 4,900 level. The market breath continues to remain positive. On the BSE, 1,405 stocks have gained while 1,047 stocks declined.
The slight recovery in the markets could be attributed to the improvement in the rupee and the fact that European markets opened in the green. The rupee has recovered 68 paise from the day's low of 56.08. European stock markets rose led by Germany after data showed stabilizing consumer confidence in the euro zone's biggest economy.
Of the 13 sectoral indices, 10 are trading in green led by metals and capital goods. In the 30-share Sensex pack, 17 are in the green. Tata Steel, Sterlite Inds and Gail are some of the top gainers while Maruti and M&M are the losers.
Telecom stocks rise after a government commission said it wants more spectrum to be auctioned. The commission wants at least 10 mega hertz (MHz) of airwaves to be auctioned in each telecom zone, which is higher than 5 MHz suggested by the Telecom Regulatory Authority of India (TRAI).
Bharti Airtel gained 0.8 percent, extending Thursday's 5.6 percent gain after it signed a pact to buy a 49 percent stake in Qualcomm''s 4G broadband venture in the country for $165 million. Idea Cellular , Reliance Communications shares added 1.3 and 1.9 percent respectively.
Ashu Madan, president - core client group of Religare Securities has said that Nifty may hold 4,700-4,800 level while saying that semblance is coming back to the market and gradually things will improve. However, the upside is still capped, he added.
Stock specific news :
•ITC's net profit up 26% at Rs 1,614 crore yoy. Stock gains 0.5 percent to Rs 234.75 per share.
•GAIL (India) rose 2.37% after the company said it signed an agreement for purchase of gas from Turkmenistan to be transported through the Turkmenistan-Afghanistan-Pakistan-India pipeline.
•Voltas jumped 8% after consolidated net profit rose 2.7% to Rs 103.81 crore.
•Karur Vysya Bank is up 2.7 after net profit came in at 147 crore against Rs 115 crore.
Other stocks that are up today are Adani Enterprise (5%), Jubiliant Foodworks (4.11%(, Exide Inds (3%).
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The Sensex today ended 127 points lower to 16,293 for the fourth straight day on global, IIP woes
This is the first time the markets have closed below the 16,000 mark. Sensex had closed below these levels last on 9th Jan, 2012.