Sensex, Nifty near day's high, Suzlon slumps on poor show

Its a good day for the markets as they are trading near the day’s high. Both the Sensex and the Nifty are up 0.8 percent. The BSE Sensex is trading at 16,351, up 134 points. It is also up 78 points from the day’s low and off 14 points from the day’s high. The S&P CNX Nifty is trading at 4,962. It had hit a high of 4,965, its highest level since 11 May.

The rupee is also off its high’s as oil related buying kicks in, but is still headed for a third consecutive session of gains.

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The market breadth is positive. On the BSE, 1473 stocks advanced while 804 declined. All the sectoral indices are trading in the green led by bankex (1.4%), power (1.3%). In the 30-share Sensex, 24 are trading in the green. The Top gainers include BHEL, SBI, Tata Power which are up 2-3 percent. Foreign investors were net sellers of Indian stocks worth Rs 624 crore on Friday, provisional exchange data showed, and total net sales of Rs 851 crore for the week, as per Reuters.

The markets will be keenly watching the results of top companies like Coal India, Britannia, NMDC, Indian Hotels, Engineers India.

Anil Ambani Group companies Reliance Infra and Reliance Communication have surged on posting good set of numbers while the wind power major Suzlon is reeling in red on reporting a dismal numbers. Though, the company has given good EBIT guidance. The other factor that has been supporting the market is the strength in rupee for the second consecutive day.

Stocks specific news:

•Gujarat Mineral Development Corporation gained 3.76% after consolidated net profit jumped 40.7% to Rs 158 crore

•FDC soared 7% after the company’s board approved buyback of equity shares.

•JK Cement surged 7.5% after net profit jumped 50% to Rs 80 crore

•NHPC rose 1.33% after net profit rose 25.63% to Rs 802.07 crore on 28.6% rise

•Mahindra Forgings rose after the company moved into the black in March quarter. It reported a net profit of Rs 1.12 crore in Q4 March 2012, compared with net loss of Rs 1.20 crore in the year-ago quarter.

•Suzlon slumps on disappointing earnings. The stock has fallen 3.6 percent.

Some of the other gainers in the ‘A’ group include the stocks of Apollo Hospitals (5.6%), Emami (5.6%), Havells India (4.25 %) and Gujarat Minerals (3.9%).