Local equity markets bounce back ; Nifty up 44 points

The local equity markets bounced back from their day's low and were trading in green in late morning session as news broke that Libyan leader Moammar Gaddafi accepted peace plan to end crisis in North African country. Both, the Libyan leader and the president of the Arab League agreed to a peace plan from Venezuela's President Hugo Chavez to end the crisis, easing tension from it escalating to new high. Meanwhile all the Asian markets and US index futures were trading in the green on sentimental reaction post Gaddafi announcement, local bourses also took some positive cues and bounced back, Sensex recovered almost 300 points. On the other hand on the BSE sectoral space Realty, CG, Bankex, Auto and CD stocks were inching higher while IT, Metal and TECk counters were witnessing some selling pressure. The broader markets also bounced back and were trading in green, the BSE Mid cap and Small cap indices were up by 0.63% and 0.46%, respectively. The overall market breadth on BSE was in favor of advances outnumbering the declines in the ratio of 1248:1191 while, 90 shares remained unchanged.

The BSE Sensex surged 141.88 or 0.77% at 18,588.38 .The index has touched a high of 18,591.76 and a low of 18325.88 respectively.

The BSE Mid cap and Small cap indices were up by 0.63% and 0.46%, respectively.

Cairn India surged  2.45% as its joint venture partners - ONGC, Videocon and Marubeni-controlled are all set to undertake drilling campaign in Ravva field. The $44 million drilling campaign is to be carried out in the eastern offshore Ravva field of the Krishna-Godavari Basin from April 1 this year.Cairn, the operator of the Ravva field, to discuss the work programme and budget for the 2011-12 fiscal had a series of meetings last month with its partners. The meeting attended by the officials of the upstream regulator, the Directorate General of Hydrocarbons, outlined plans to drill two new 'infill' wells and 'workover' two old Ravva wells by March 2012.

Cairn and its partners have completed 4D seismic campaign in the acreage and the data interpretation is underway, but could not estimate the quantum of oil or gas that can be further recovered from the wells at this stage. The Ravva consortium hopes to strike bypassed pools of oil left untapped by earlier drilling campaigns.

The gaining sectoral indices on the BSE were, Realty up by 2.02%,CG  up 1.58% ,  Bankex up by 1.43% , Auto  up 0.95% and CD up by 0.86%.

While, IT down by 0.38 %, Metal down 0.33%,TECk down by 0.25% and Oil and Gas down by 0.01% were the only losers on the index.

The top gainers on the Sensex were JP associates up 3.61%, HDFC up 3.55%,Tata Power up 3.38%,HDFC Bank up 2.69% and DLF up 2.54%

Infosys down by 1.62%, Hindalco Industries down 1.41%, Tata Steel down 1.12%, ICICI Bank down 0.99% and Wipro down by 0.92% were the top losers on the index.

Essar Shipping Ports & Logistics zoomed 9.95% on the composite scheme of arrangement between Essar Shipping Ports & Logistics, Essar Ports & Terminals, Essar Shippings and Essar International received the approval from the High Court of Gujarat at Ahmedabad on March 1, 2011. As per the scheme of arrangement, Essar Ports & Terminals and Essar International will be merged and Shipping and Logistics and Oilfields Drilling business will be demerged into a separate company - Essar Shipping.Standard Chartered PLC (IDR) advanced 1.89 % on the back of the bank reports 23% jump in PBT in India for the year 2010.

Standard Chartered, which came out with a first IDR (Indian Depository Receipts) issue last year and listed on Indian capital markets, has reported a 23% jump in profit before tax (PBT) in India at $ 1.1197-billion for the year ended 31 December 2010, making it the most profitable geography across 70 nations it operates in. The bank's total income from India operations has gone up by 12 per cent to $ 2.028-billion in 2010, company officials quoted.

For the year ended 31 December 2010 In terms of PBT, India is followed by Hong Kong which posted $ 1.103-billion. The global PBT stood at $ 6.12- billion up by 19 % compared to $5.151 billion in 2009, Profit attributable to ordinary shareholders up 29% to $4.231 billion from $3,279 billion in 2009. Operating income stood at $16.062 billion up 6% from $15.184 billion in 2009 while the loans and advances to customers increased by 22% to $246 billion from $202 billion.

The S&P CNX Nifty advanced 44.20 or 0.80% at 5,566.50. The index has touched a high 5,569 and a low of 5,468.25 respectively.

The top gainers of the Nifty were HDFC up 4%, JP Associates up 3.80%, HDFC Bank up 3.64%, Tata Power up by 3.47% and Kotak Bank up 2.68%.

The top losers of the index were  IDFC down 2.02%, Suzlon down 1.51%, Infosys down 1.34%, HCL Tech down 1.30% and Hindalco down 1.20%.

All the Asian counterparts were trading in the green; Shanghai Composite increased 0.16%, Hang Seng surged 0.99%, Jakarta Composite advanced  0.38%, KLSE Composite climbed 0.58%, Nikkei 225 moves up, Straits Times was up  by 1.10%, Seoul Composite added 2.10% and Taiwan Weighted soared  1.48%.

 

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