MUMBAI: Stocks are likely to open flat-to-positive on Thursday amid mixed cues from global shores.
“Nifty continued to hold its positive momentum as strong leadership was seen in metals, oil & gas and banking stocks. Market volumes also picked up and it seems that bulls have taken control of the market. If in the near term, Nifty manages to hold 4,825 then it’s quite possible that this rally could extend further 5,050 levels.
The daily RSI and MACD are also giving positive signs indicating that this intermediate uptrend will continue. Strong support seen at 4,860-4,825 and stiff resistance at 4,950, this positive trend could get reverse only if Nifty closes below 4,800,” said Nirmal Bang Securities.
US stocks rose on Wednesday as stronger-than-expected earnings from companies, and upbeat economic data fueled bets that the recovery will bolster corporate profits. The Dow Jones Industrial Average rose 40.36 points, or 0.39 per cent, to end at 10,309.17. The Standard & Poor's 500 Index climbed 4.64 points, or 0.42 per cent, to end at 1,099.51. The Nasdaq Composite Index rose 12.10 points, or 0.55 percent, to 2,226.29.
Stocks across Asia were trading with marginal losses. The Nikkei slipped 0.12 per cent, Topix lost 0.14 per cent, Kospi shed 0.21 per cent and Straits Times fell 0.61 per cent.
Back home, equities ended above psychological resistance levels on Wednesday, taking cues from positive global markets. All the sectoral indices ended in the green led by metals, banks and capital goods.
Bombay Stock Exchange’s Sensex closed at 16428.91, up 202.23 points or 1.25 per cent. The index touched a high of 16480.49 and low of 16228.91.
National Stock Exchange’s Nifty ended at 4914, up 58.25 points or 1.2 per cent. The broader index hit a high of 4929.70 and low of 4857.60
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18 Feb 2010, 0812 hrs IST, VIJAY GURAV,ET Bureau
MNCs gained between 2% and 26% compared to a 6% fall in Sensex since Jan 1. Top 5 picks | MNCs that outperformed Sensex |********************************************
Heard on the street: Punters jack up spot prices of new F&O members
Punters jack up spot prices of new F&O
It was a busy day for punters, as they bid up prices of stocks that will be added to NSE’s futures & options list from Friday. Godrej Industries, Videocon Industries and Mundra Port were among the prominent gainers of the day, rising in the 7-9% range accompanied by heavy volumes. Inclusion on the F&O list means that punters get more time to play around with these stocks. Interestingly, Godrej Industries, Mundra Port and BGR Energy witnessed a higher-than-usual-delivery ratio on Thursday.
Short-covering fires up Tata Steel stock
A frenetic bout of short-covering fired up Tata Steel shares over 6% to Rs 584.90 on Wednesday. Many traders and a quite a few hedge funds are said to have gone ‘short’ on the stock, anticipating weak quarterly numbers. But with its performance turning out to be better than expected, these players had to cover up their positions. Among those caught on the wrong foot included a market operator who shares his first name with the Union agriculture minister.
‘Friendly circles’ buy Ruchi Soya shares
Huge blocks of shares changed hands at the Ruchi Soya counter on Wednesday. However, FIs were not involved on either sides of the transaction. Given that “friendly circles” are regularly active in
the stock, the market is not taking much notice of the bulk deals.
Insurers mop up shares of Manappuram General Fin
A couple of insurers are said to be accumulating shares of Manappuram General Finance. The buzz is that the Kochi-based NBFC’s proposed QIP will be priced at Rs 700 per share. Manappuram aims to a raise about Rs 300 crore through the equity issue, to be completed over the next 10 days.
Ranbaxy trades flat as market awaits earnings
Ranbaxy shares closed flat in a buoyant market on Wednesday, after having shot up over 7% the previous session. The company is set to announce its fourth quarter numbers next week. The talk doing the rounds is that a prominent domestic broking firm, known for its strong base of high net worth investors, has bought a sizeable chunk of the stock on behalf of its ‘bulge bracket’ clients. Are they betting on the quarterly numbers?
(Contributed by Santosh Nair & Shailesh Menon)
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