FIRST LIGHT HEADINGS
Supreme Infrastructure to invest Rs 18 crore in equity capital of Rudranee Infra
Sutlej Textiles and Industries board recommends dividends (RS 5/SH)
Bell Ceramics gets approval for scheme of arrangement of amalgamation
Pantaloon Retail reports 43% rise in its Q3 net profit
Forex reserves decreases $3976 million to $309.535 billion
Vedant Hotels gets approval to acquire controlling stake in Dhanada Securities Trading
MARKET INSIGHT
On Friday 13 May 2011,Overcoming negative global cues and lull witnessed in the previous session, the local equity markets snapped the week victorious in line with the success of the ruling Congress-led coalition in West Bengal, Kerala and Assam. A good showing for Congress may restore some lost political authority for Prime Minister Manmohan Singh after the country's worst ever corruption scandal paralyzed the government for months and hit foreign investment into Asia's third-largest economy. Back to the Dalal Street, the Indian markets gained momentum as traders bought stock available at lower levels after a profit booking session. Buying was witnessed across the sector as all the 13 sectoral indices were trading buoyant. However, notable gains were posted from the stock belonging to the Fast Moving Consumer Goods, healthcare and Metal sector, while the rebound of the financials also further cushioned the sentiment. Besides, the rally of the large caps, participation of the Smallcap in the session upmove also led to the positive ending for the week. On the Sectoral front, besides, the surge of the stocks belonging to the defensive sector--Fast Moving Consumer Goods, Metal Stocks rallied as base metal prices edged up in international trade. SAIL, Hindalco and Tata Steel firmed between 1.3 percent and 2.8 percent. Meanwhile, bargain buying of the banking stocks led to the rebound of the Bankex on the BSE sectoral space. However, Axis Bank, IDBI Bank, ICICI Bank were up between 1.5-3.5% each
The BSE Sensex surged 247.81 points or 1.35% and settled at 18,583.60. The index touched a high and a low of 18,724.54 and 18,280.70 respectively. 29 stocks advanced against lone declining one on the index (Provisional) The BSE Mid-cap was up 0.94% and Small-cap indices were up by 0.42% respectively. (Provisional) All the setoral indices on BSE ended in green, but the top gainers among them were FMCG up 2.53%, Health Care up 2.15%, Metal up 1.74%, Capital Goods up 1.74% and Auto up 1.61%
India VIX, a gauge for market's short term expectation of volatility lost 2.82% at 20.63 from its previous close of 21.23 on Thursday. The S&P CNX Nifty gained 77.65 points or 1.42% to settle at 5,563.80. The index touched high and low of 5,605.00 and 5,472.15, respectively. 47 stocks advanced against 3 declining ones on the index. (Provisional)
Most of the Asian equity indices finished higher in the trade on last trading day of the week led by Chinese and Hong Kong's shares which rose about one percent in the trade amid optimism that China will limit interest-rate rises after yesterday ordering banks to set aside more reserves for a fifth time this year. Strength in financial and property shares in China after analysts' view that the latest rise in bank reserve requirements had been priced into the market too aided the sentiments. However, Japanese Nikkei declined more than half a percent amid disappointing earnings following the nation's worst earthquake.
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