market news

Share market live: Sensex at record high, Nifty crosses 6,600

11:15 a.m. Dilip Bhat, joint managing director of Prabhudas Lilladher, says Nifty could possibly run up to 7,000 just before elections or after elections. "Since economic fundamentals are relegated to the background, markets remain vulnerable," he says. He advises investors to be nimble footed.

11:02 a.m. Market update: Nifty is trading 22 points higher at 6,612 while Sensex is up 75 points to 22,130. Rupee is higher at 60.24.

10:53 a.m. Stock alert:  is up 4.6 per cent. The company informed that its request for restructuring its outstanding debts, comprising working capital debt of Rs. 399.04 crore and long term debt of Rs. 83.05 crore with CDR Lenders has been approved by CDR Empowered Group.

The restructuring package agreed with CDR Lenders (led by State Bank of Patiala) envisages extended repayment tenure of 10 years including moratorium period of 2.5 years from cut-off date (April 01, 2013) and funding of interest for a period of 2 years from cut-off date.

10:21 a.m.  gained as much as 17.6 per cent today after the real estate developer emerged as the highest bidder for an industrial land parcel being sold by Tata Steel Ltd with a final bid of Rs. 1,155 crore. 

10:05 a.m. Tyre stocks burn up the Street

Tyre stocks have been buzzing on softening rubber prices and hopes of recovery in auto market. Silky Jain, equity research analyst at Nirmal Bang Securities, says she expects rubber prices to stay soft due to weakening China demand.

She however does not advise investors to buy tyre stocks now at current levels and instead wait for some correction.

In the past one year, CEAT has surged 400 per cent, Apollo Tyres 96.5 per cent and JK Tyre 93.8 per cent.
Tube Investment, CEAT, MRF and Goodyear are up between 0.23 per cent and 0.5 per cent. Apollo Tyres is down 0.2 per cent.

09.15 a.m. Markets open at record high. Sensex gains over 100 points, Nifty crosses 6,600 for first time. High beta metal and realty stocks led the rally in opening trade. Banking and auto stocks also saw buying interest amid strong foreign inflows. (Track stocks)

09.10 a.m. Sarvendra Srivastava says market setups continue to look bullish. Maintain targets at 6,700-6,800 with reversals pegged at 6,444.

Trading bets for today,

Bharti Airtel: Buy with a target of 320 and a stop loss of 284.4.
DLF: Buy with a target of 190 and an intraday stop loss of 172.4.
BHEL: Buy with a target of 215 and a stop loss of 187.4.
Hero MotoCorp: Buy with a target of 2350 and a stop loss of 2144.  
 

09.00 a.m. Rupee opens higher at 60.30 to a dollar against Tuesday's close of 60.48.

08.40 a.m. Stocks in news included 1) Jet Airways -- Acting CEO R Gopalakrishnan resigns; Fifth senior executive exit since deal with Etihad. 2) Britannia -- Varun Berry to take over as MD of company 3) Glenmark has received first $4 million payment from Forest Labs.

08.35 a.m. Market analyst Sanjeev Bhasin says the Nifty will cross 6,600 levels in opening traded though the second half of the session may be volatile and could see profit booking re-emerge. (Click here to read Sanjeev's trading tips)

08.30 a.m. Nifty futures on Singapore Exchange traded 30.50 points or 0.46 per cent higher indicating a strong start for Indian markets on Wednesday.

08.15 a.m. Asian shares raced to two-week highs on Wednesday on the back of upbeat US data and amid lingering hopes that China may take steps to stimulate its sagging economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent to its highest level since March 11 while Japan's Nikkei ticked up 0.1 per cent. 

US consumer confidence rose more than expected in March, climbing to its highest level since January 2008 and US house prices increased solidly in January. The upbeat data helped Wall Street shares rebound after a two-day decline, with the Standard & Poor's 500 Index gaining 0.4 per cent.

Appetite for risk was also supported by easing geopolitical tensions over Ukraine after a meeting of Western leaders ended with little more than fist-shaking at Russia. US President Barack Obama and his allies agreed to hold off on more damaging economic sanctions unless Moscow goes beyond the seizure of Crimea.

08.00 a.m. Indian share markets ended flat on Tuesday after hitting their second consecutive record highs in as many sessions. Overseas investors have helped underpin gains, buying shares worth Rs. 1,466 crore on Tuesday.

The broader Nifty rose 0.1 per cent, or 6.25 points, to 6,589.75, while the benchmark BSE Sensex ended flat at 22,055.21. The Nifty and Sensex had earlier hit their lifetime highs of 6,595.55 and 22,079.96 respectively, surpassing their previous all-time highs hit on Monday.

Reliance Industries fell sharply following an unexpected request by the Election Commission late on Monday for the government to defer a rise in gas prices.

The rupee is trading at an 8-month high, which will give added comfort to equities. The rupee closed at 60.4800 per dollar yesterday.

VIMAL SINGH

PGDM 1st 2sem