Monday, November 28, 2011

Nifty recovers amid choppy trade; banks gain

The Nifty recouped losses amid choppy trade, supported by HDFC Bank, TCS, BHEL and SBI. Index heavyweights Reliance Industries and ONGC trimmed losses to 1.56% and 0.75%, respectively. The Sensex was down 32.43 points at 16134.70 and the Nifty down 4.85 points at 4846.45.

Shares of HUL, M&M and Tata Steel gained 1.5-2%. Major largecaps like HDFC Bank, TCS, SBI, ICICI Bank and BHEL were up 0.5-1%.

However, index heavyweights Infosys and Bharti dropped 1.5-2%. HDFC, DLF and NTPC slipped over 0.6%.

Robert Doll of BlackRock says, the markets are range-bound. \"Europe is the main issue to decide whether we move up or down within that trading range. Therefore, some answer out of Europe will give some clue is to which way we move out of that trading range. But for now, I think we are range-bound. Hopefully, we get year-end rally in equities around the world.

GTL and GTL Infra gained 8% ahead of GTL\'s corporate debt restructuring meeting today. The company says, some lenders are looking to convert debt into equity and promoters may convert Rs 950 crore contribution into equity shares.

Shares of Pantaloon Retail, Koutons Retail and Shoppers Stop were down over 3.5% after opposition parties opposed to FDI in retail. Vishal Retail lost 2%.

At 10:29 hours IST : Sensex underperforms Asian peers; SBI, Tata Steel support

The Sensex was down 115 points amid volatility, with index heavyweights Reliance Industries, Infosys and ONGC prominent losers. Other largecaps like ICICI Bank, Bharti and HDFC too were down. The market was underperforming Asian peers; Nikkei, Kospi and Taiwan rallied 1-2% while Shanghai and Hang Seng rose 0.5%. The Sensex was quoting at 16,052.43 while the Nifty was down 32.55 points at 4,818.75.

Laurence Balanco of CLSA believes further ranging in the old consolidation pattern between 4725 and 5167 on the Nifty is likely in the coming weeks.

Index heavyweight Reliance Industries was down over 2% after sources claimed that government may opt to hold on to inducting BP (which signed USD 7.2 billion deal with RIL for 30% stake in 21 coal blocks) as co-owner in KG-D6. Sources also say, BP\'s role will be uncertain till it becomes co-owner in KG-D6 basin and arbitration complete. Arbitration is likely to take at least 1-2 years.

Shares of Infosys, HDFC, ONGC and Bharti Airtel were down 1.3-1.9% on profit booking. ITC, ICICI Bank, Tata Motors, L&T and HDFC Bank fell 0.4-1%.

However, Tata Steel topped the buying list, rising 2%. Major largecaps TCS, SBI, HUL and BHEL gained 0.5-0.9%.

Second line stocks like A2Z Maintenance, Hindustan National Glass, Hathway Cable, Havells India and Eros International were up 4-5% while Kwality Dairy, Vaarad Ventures, Pantaloon Retail, Shoppers Stop and NCC slipped 3-

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