India Stock Market: Sensex Up 236.20 Points On Friday

Sensex up 236.20 points on Friday (November 20, 2009)
–Recovers smartly from low post government’s comments on P-notes
–Up for 3rd week in row

Sensex rose 236.20 points or 1.4% to 17021.85
Nifty rose 63.45 points or 1.3% to 5052.45
Mid Cap rose 1.1%. Small Cap rose 0.4%.
BSE 500 was up 1.1%. Sensex gainers: 27

All 13 BSE Sectoral indices posted gains.
Advancers: 1452, Decliners: 1240, Unchanged: 98
Advance/Decline Ratio: 7:6

Sensex Day’s Range: 17041.79 - 16635.75
Nifty Day’s Range: 5063.30 - 4932.80
52-Week Range: 17493.17- 8047.17
52-Week change (%): -2.7%

Sensex gainers included ACC +4.6%, Hindalco +3.5%, JP Associates +2.7%, Tata Steel +2.7%, HDFC +2.6%, Mahindra & Mahindra +2.5% and State Bank +2.4%.

Sensex losers were: Bharti Airtel -1.4%, Reliance Infra -0.6%, Maruti Suzuki -0.3% and BHEL -0.1%.

Bankex moved up 2% led by Allahabad Bank +5.2%, Oriental Bank +4.9%, Indian Overseas Bank +4.5%, Canara Bank +4.2%, Union Bank +4% and Yes Bank +3.9%.

Oil & Gas index shot up 1.5% helped by BPCL +2.6%, Reliance Ind +2.1%, Aban Offshore +1.8%, HPCL +1.6%, Essar Oil +1.3% and GAIL +0.7%.

Metal index climbed 1.4% supported by Jindal Saw +6.9%, Hindalco +3.5%, SAIL +3.2%, Tata Steel +2.7%, Jindal Steel +1.9% and Nalco +1.7%.

Healthcare index advanced 1% invigorated by Glenmark +2.9%, Aurobindo Pharma +2.2%, Biocon +1.8%, Sun Pharma Advanced +1.6% and Sun Pharma +1.6%.

IT index surged 0.9% led by NIIT +2.3%, Moser Baer +2.1%, TCS +2%, Rolta +1.7%, and Financial Tech +1.1%

Other sectoral movers were: Realty +0.8%, PSU +0.8%, FMCG +0.7%, Auto +0.7%, Capital Goods +0.7%, Teck +0.6% and Power +0.1%.

Buzzers:
Bhuwalka Steel +20% at Rs 57, Vishal Retail +20% at Rs 77.10, Gulshan Polyol +20% at Rs 140.90, Renaissance Jewellery +20% at Rs 54.45, Shivalik Bimetal +29.6% at Rs 22.06, Trent (W) +18.1% at Rs 153.50 and Sparsh BPO +15.2% at Rs 43.85.

Heavy Losers:
Gokak Textiles -9.4% at Rs 36.55, KGN Industries -9.3% at Rs 156.05, Arvind Chemical -8.6% at Rs 49.10, Transpek -8.4% at Rs 59.35, Resurgere Mines -7.2% at Rs 93.50, Alpine Housing -7% at Rs 29.70 and Rungta Irrigation -6.7% at Rs 32.05.

Bankex moves up smartly:
The government is keen on the issue of consolidation in the banking space. According to sources, the government may look to merge Dena Bank with Canara Bank. Dena Bank said the government was still formulating PSU Bank merger policy.

Dena Bank soared 13% and UCO Bank climbed 8%. Allahabad Bank, Oriental Bank, IOB, Canara Bank and Union Bank jumped 4-5%. Bank of India, SBI, Federal Bank, HDFC Bank and PNB went up 2-2.8%. Karnataka Bank, Bank of Baroda, ICICI Bank, Kotak Mahindra and Axis Bank gained 0.7-1.8%.

Gammon Infrastructure up on big order:
Gammon Infrastructure gained 10.8% to Rs 20.50 after it received order worth Rs 850 crore from NHAI.

Government’s comments on P-Notes:
Outstanding P-Note investment in India was at Rs 1.24 lakh crore as on October 31. The government said they have not taken any steps to discourage investment via P-Notes.

Midcap Gainers:
Jubilant and Gammon India went up 9% each.

Midcap Losers:
KGN Industries, Welspun Gujarat, Patni Computer, Coromandel International and Kirloskar Brothers fell 3.4-9%.

Smallcap Gainers:
Ushdev International, TV Today Network, Jindal Drilling, Pratibha Industries and Bliss GVS were up 9-12%. Gold held above $1140/ounce. London Metals Index was down 1.5%.

Smallcap Losers:
Resurgere Mines, PVP Ventures, EIH Associated Hotel, Alembic and Kwality Dairy lost 4-7%.

Market this week:
Sensex up 1%
Nifty up 1.1%

Baltic Dry Index:
Baltic Dry index gained 0.4% to 4661, at fresh 14-month high.

Commodities:
Reuters CRB index was down 1.2%.

No proposal to tax overseas funds
Montek Singh Ahluwalia, deputy chairman of the Planning Commission and a close confidant of the prime minister, told Reuters the government wants an increase in foreign investment and there was no proposal to tax overseas funds.

Asian Markets:
Asian markets were trading mixed. Shanghai, Hang Seng, Nikkei and Taiwan Weighted fell 0.3-0.8% while Straits Times, Kospi and Jakarta gained 0.2-0.4%.

European Markets:
European markets were quoting: FTSE 100 was -0.3%, the CAC 40: -0.3% and the DAX 30: -0.5%.

Crude:
Nymex December crude declined 2.6% at $77.4/bbl.

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