The BSE Midcap and Smallcap indices gained 0.4-0.5 percent. Even declining shares are gradually rising; advance:decline ratio stands at 1046:738 as against 5:1 in early trade.
Sesa Sterlite is the biggest gainers with nearly 5 percent upmove followed by ICICI Bank , Larsen and Toubro , NTPC , HDFC Bank and IndusInd Bank with 3-4.5 percent gains.
However, Jindal Steel fell more than 4.5 percent. Cipla , Tata Steel , BHEL , NMDC and Cairn India declined 0.2-0.7 percent.
Among midcaps, Oriental Bank of Commerce, Whirlpool , Hexaware Technologies , Indian Bank and AIA Engineering surged 4-7 percent whereas Pfizer , Sobha Developer , eClerx Services , WABCO India and Wyeth lost 2.5-3.5 percent.
Counting of votes for the 40-member Mizoram Assembly begins in the headquarters of all eight districts of the state amidst tight security.
The fate of 142 candidates for the 40-member Mizoram Assembly will be decided as the counting takes place on Monday. After the debacle of the Congress in the Assembly elections in four states – Delhi, Madhya Pradesh, Rajasthan, Chhattisgarh – that were declared on Sunday, it is to be seen whether the results in Mizoram will be a face saver for the party.
The current account deficit is usually strong for the first quarter of any calendar year and hence, the rupee will do well atleast in the first few months of 2014, says Ray Farris, director, Credit Suisse.
Speaking to CNBC-TV18, Farris says that India is going into a period of positive seasonality.
“The main thing that the market will soon be looking for is guidance from the central bank and the recognition that it will probably want to buy some dollars at some point,??? he adds.
McNally Bharat Engineering Company has received an order for comprehensive operation and maintenance of coal handling plant for a thermal power plant for a value of Rs 209.84 crore for a period of 5 years.
Glenmark Pharma announced a launch of Hydrocortisone Butyrate cream in the US. It had received an approval from the USFDA for Locoid Lipocream generic in September 2013.
Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate cream that indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoes in adults and the treatment of mild to moderate atopic dermatitis in patients three months to 18 years of age.
The exit polls had raised expectations for the BJP with a 4-0 win for the BJP. The results announced on Sunday have justified the high expectations in some sense.
Madhya Pradesh and Rajasthan, the 2 large states, have seen BJP do even better than the exit poll forecasts. BJP has won over 70 percent of the seats in MP and near 80 percent of the seats in Rajasthan.
These results will place BJP as the front runner in the May, 2014 general elections. The Congress on the other hand will be disappointed with the results and in the words of their leader Sonia Gandhi “we will introspect and take all necessary action to rectify???. We think it will reinforce the current opinion polls that show BJP as the leading party. But it may not be enough to justify a further increase in the BJP tally, according to Bank of America Merrill Lynch report.
The week ahead is likely to see focus return to the outlook for China’s economy, with a slew of economic data lined up for release.
It’s also a central bank heavy week for regional markets, with monetary policy meetings scheduled to take place in New Zealand, South Korea and Indonesia on Thursday.
And talk about whether the US Federal Reserve will begin to taper its hefty monetary stimulus at next week’s policy meeting following Friday’s strong jobs report is also likely to be a dominant theme.
China releases industrial production, fixed asset investment and retail sales numbers for November on Tuesday.
Economists polled by Reuters forecast industrial output rose 10.1 percent in November from a year earlier, compared with a 10.3 percent rise the month earlier. November retail sales are forecast to rise 13.3 percent from a year earlier, unchanged from a month before, reports CNBC.com. Heavy buying in banks and capital goods stocks helped the Sensex hold its 300-point rally and the Nifty maintain its 6350 level.
The Sensex added 316.14 points or 1.51 percent to 21,312.67, and the Nifty rose 93.55 points or 1.49 percent to 6,353.45, but the broader markets underperform.
The BSE Midcap and Smallcap indices gained 0.4-0.5 percent. Even declining shares are gradually rising; advance:decline ratio stands at 1046:738 as against 5:1 in early trade.
A large part of the hope rally betting on a BJP victory in the state elections, may have played out, feels UR Bhat of Dalton Capital Advisor.
“Quite a large amount of hope has been met with the results over the weekend but quite often we extrapolate this to national levels which might not be appropriate to do because the anti-Congress vote there is a significant claimant now,??? Bhat said in an interview to CNBC-TV18.
He sees the Nifty moving in a range between 5900-6600 over the next six months.
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Nifty holds 6350; JSPL, Cairn, Tata Steel underperform
Sesa Sterlite is the biggest gainers with nearly 5 percent upmove followed by ICICI Bank , Larsen and Toubro , NTPC , HDFC Bank and IndusInd Bank with 3-4.5 percent gains.
However, Jindal Steel fell more than 4.5 percent. Cipla , Tata Steel , BHEL , NMDC and Cairn India declined 0.2-0.7 percent.
Among midcaps, Oriental Bank of Commerce, Whirlpool , Hexaware Technologies , Indian Bank and AIA Engineering surged 4-7 percent whereas Pfizer , Sobha Developer , eClerx Services , WABCO India and Wyeth lost 2.5-3.5 percent.
Counting of votes for the 40-member Mizoram Assembly begins in the headquarters of all eight districts of the state amidst tight security.
The fate of 142 candidates for the 40-member Mizoram Assembly will be decided as the counting takes place on Monday. After the debacle of the Congress in the Assembly elections in four states – Delhi, Madhya Pradesh, Rajasthan, Chhattisgarh – that were declared on Sunday, it is to be seen whether the results in Mizoram will be a face saver for the party.
The current account deficit is usually strong for the first quarter of any calendar year and hence, the rupee will do well atleast in the first few months of 2014, says Ray Farris, director, Credit Suisse.
Speaking to CNBC-TV18, Farris says that India is going into a period of positive seasonality.
“The main thing that the market will soon be looking for is guidance from the central bank and the recognition that it will probably want to buy some dollars at some point,??? he adds.
McNally Bharat Engineering Company has received an order for comprehensive operation and maintenance of coal handling plant for a thermal power plant for a value of Rs 209.84 crore for a period of 5 years.
Glenmark Pharma announced a launch of Hydrocortisone Butyrate cream in the US. It had received an approval from the USFDA for Locoid Lipocream generic in September 2013.
Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate cream that indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoes in adults and the treatment of mild to moderate atopic dermatitis in patients three months to 18 years of age.
The exit polls had raised expectations for the BJP with a 4-0 win for the BJP. The results announced on Sunday have justified the high expectations in some sense.
Madhya Pradesh and Rajasthan, the 2 large states, have seen BJP do even better than the exit poll forecasts. BJP has won over 70 percent of the seats in MP and near 80 percent of the seats in Rajasthan.
These results will place BJP as the front runner in the May, 2014 general elections. The Congress on the other hand will be disappointed with the results and in the words of their leader Sonia Gandhi “we will introspect and take all necessary action to rectify???. We think it will reinforce the current opinion polls that show BJP as the leading party. But it may not be enough to justify a further increase in the BJP tally, according to Bank of America Merrill Lynch report.
The week ahead is likely to see focus return to the outlook for China’s economy, with a slew of economic data lined up for release.
It’s also a central bank heavy week for regional markets, with monetary policy meetings scheduled to take place in New Zealand, South Korea and Indonesia on Thursday.
And talk about whether the US Federal Reserve will begin to taper its hefty monetary stimulus at next week’s policy meeting following Friday’s strong jobs report is also likely to be a dominant theme.
China releases industrial production, fixed asset investment and retail sales numbers for November on Tuesday.
Economists polled by Reuters forecast industrial output rose 10.1 percent in November from a year earlier, compared with a 10.3 percent rise the month earlier. November retail sales are forecast to rise 13.3 percent from a year earlier, unchanged from a month before, reports CNBC.com. Heavy buying in banks and capital goods stocks helped the Sensex hold its 300-point rally and the Nifty maintain its 6350 level.
The Sensex added 316.14 points or 1.51 percent to 21,312.67, and the Nifty rose 93.55 points or 1.49 percent to 6,353.45, but the broader markets underperform.
The BSE Midcap and Smallcap indices gained 0.4-0.5 percent. Even declining shares are gradually rising; advance:decline ratio stands at 1046:738 as against 5:1 in early trade.
A large part of the hope rally betting on a BJP victory in the state elections, may have played out, feels UR Bhat of Dalton Capital Advisor.
“Quite a large amount of hope has been met with the results over the weekend but quite often we extrapolate this to national levels which might not be appropriate to do because the anti-Congress vote there is a significant claimant now,??? Bhat said in an interview to CNBC-TV18.
He sees the Nifty moving in a range between 5900-6600 over the next six months.
Save
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