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Nifty cruises above 4500; ONGC, DLF gain

Indian equities resumed their upward march on Wednesday taking cues from the positive global markets. All the sectoral indices were in the green led by rally in realty, metals and oil & gas space.

“US markets ended in positive territory and Asian markets are up. Federal Reserve Chairman Ben Bernanke said while the US economy is showing “tentative signs of stabilisation,” the central bank intends to maintain a “highly accommodative” monetary policy for “an extended period”. Our markets corrected yesterday after a stupendous rally. We expect the correction to continue for a few more days. We are negative on the market for the day and expect selling at higher levels,” said Niket Shah, Associate Research Analyst, Institutional Equity, Religare Capital Markets.

At 11:05 am, National Stock Exchange’s Nifty was at 4535.75, up 66.65 points or 1.49 per cent. The index touched an intra-day high of 4539.50 and low of 4469.30.

Bombay Stock Exchange’s Sensex was at 15297.14, up 234.65 points or 1.56 per cent. The broader index hit a high of 15306.03 and low of 15124.92.

“Trend deciding level for the day is 4477 / 15084. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4517 – 4564 / 15213 – 15363. However, if Nifty trades below 4477 / 15084 for the first half-an-hour of trade then it may correct up to 4429 / 14934,” said the Angel Broking note.

BSE Midcap Index was up 1.78 per cent and BSE Smallcap Index gained 1.99 per cent.

Amongst the sectoral indices, BSE Realty Index was up 4.55 per cent, BSE Metal Index gained 2.44 per cent and BSE Oil&gas Index moved 1.71 per cent higher.

DLF (5.24%), ONGC (4.80%), Sterlite Industries (4.72%), Jaiprakash Associates (3.24 %) and Hindalco Industries (2.94%) were amongst the Sensex gainers.

Bharti Airtel (-0.45%) was the only Sensex loser.

Market breadth was positive on the BSE with 1552 advances and 509 declines.

Jaiprakash Associates, best known for its presence in the construction and hydroelectric power sectors, plans to process and market edible oil under its own brand as part of a surprise foray into the agribusiness segment. The Delhi-based group plans to invest Rs 80 crore initially in the venture that will process soya and mustard oil and produce oil cakes, all of which will be sold under its own brands.

Wipro’s net profit rose to Rs 1015.50 crore in the April-June quarter as against Rs 1010 crore in the previous quarter. Consolidated net sales stood at Rs 6289.10 crore for the quarter ended June 30 2009 compared with Rs 6482.10 crore the quarter ended March 31,2009. The company’s revenue increased by 5% year-on-year to Rs. 6,274 crore while net profit grew by 12% year-on-year to Rs Rs. 1,016 crore. On a standalone basis, Wipro reported a net profit of Rs 1197.90 crore for the June quarter as against Rs 842.10 crore in the earlier quarter. The scrip was flat at Rs 458.75 on the NSE,

Tata Power on Tuesday hit the global capital market to raise $250 million, just a day after group company Tata Steel and Suzlon Energy raised more than $600 million by selling shares to international investors. Shares of Tata Power were up 2.03 per cent on the NSE.

US stocks rose on Tuesday as a solid profit from Caterpillar Inc offset the company’s outlook for the current quarter, but gains were limited as some investors paused following the recent run-up.

The Dow Jones Industrial Average rose 67.79 points, or 0.77 per cent, to end unofficially at 8,915.95. The Standard & Poor’s 500 Index gained 3.45 points, or 0.36 percent, to finish at 954.58 and the Nasdaq Composite Index advanced 6.91 points, or 0.36 per cent, to close at 1,916.20.

Asian markets were trading higher Wednesday. Nikkei 225 rose 0.87 per cent, Shanghai Composite advanced 2.73 per cent and Straits Times added 1.05 per cent.

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