Nifty rests at record high; Reliance adds support

India’s broader NSE Nifty Futures rose to a record high on Tuesday, led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter. The S&P BSE Sensex and CNX Nifty ended 0.46%-0.44% higher each.

Headlines for the day:

Automobile sales in February 2015: Rural demand under pressure

IL&FS Transportation bags Rs251 crore order

L&T Construction wins order worth Rs2215 cr

Moody’s downgrades Central Bank of India, IOB

Indian Indices:

Key benchmark indices closed higher for third straight session with Nifty hitting 9,000 mark in intra-day trades. Gains were led by sustained buying among IT and pharma shares with index heavyweight Reliance Inds contributing the most to the gains after CLSA predicted that the company’s refining margins may rise to six year high.

The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices surged over 1% each.

On the macro-economic front, annual growth in production of the eight key infrastructure industries declined to at least a year’s low of 1.8% in January compared to 3.7% in the same month last year.

Fiscal deficit rose to Rs5.68 lakh crore in April-January period, breaching the budget estimate by 107% which may call for harder measures by the government to meet the target of 4.1% of the GDP for full 2014-15 financial year.

The 30-share Se nsex ended higher by 134.59 points at 29,593.73 and the 50-share Nifty gained 39.50 points at 8,996.25. Nifty hit the record high mark of 9,008.40 for the first time ever during the intra-day trades.

Following are the stocks/sectors which were in news today:

1. Jubilant Life Sciences surged 2.20, after the company said it received final approval from the US health regulator for generic Montelukast Sodium chewable tablets used in the treatment of asthma.

2. TVS Motor Company rose 7.81%, after the company reported 15% rise in total sales to 2.04 lakh units in February 2015 over February 2014.

3. Sun Pharmaceutical rose 2.01%, after the company announced that its subsidiary will buy GlaxoSmithKline’s opiates business in Australia.

4. Mahindra & Mahindra shed 3.26%, after the company reported weak auto and tractor sales in February 2015.

Market sentiment:

The market breadth stood in favour of advances. Of the 2996 stocks traded on the BSE, 1677 (55.97%) rose, 1176 (39.25%) fell and 143 (4.77%) stocks remained unchanged.

Sectoral & Stock screening

Among the sectoral indices- Top Gainers: S&P BSE Oil&Gas rose 2.21%, S&P BSE IT jumped 1.45% and S&P BSE HC rose 1.33%. Top Losers: S&P BSE Realty down 1.19%, S&P BSE Auto fell 0.86% and S&P BSE Metal down 0.65%

Among ‘A’ group stocks, top three gainers were – Tata Elxsi up 20.00%, Bhushan Steel up 15.82% and IDBI Bank up 11.35%. Top three losers were – Coal India down 3.89%, Eicher Motors down 3.78% and M&M down 3.26%

Global Indices:

US stock index futures poised for a higher opening at the Wall Street on Tuesday.

European equity indexes hovered close to multi-year highs on Tuesday, helped by better-than-expected German retail sales data and merger speculation in the Portuguese banking sector.

Asian shares edged higher on Tuesday, bolstered by another record day on Wall Street, while a resurgent yen helped knock the U.S. dollar index off an 11-year high.

Nifty Futures

niftyfutures.org@imediaone.com

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