Running commentary of the markets will resume when they open on Monday, 5 May
Last trading day: Friday, 2 May
4:16 PM - It was a good steady week for the Indian market with positive cues from Asia and the US. The weekly figures for the Indian market are, Sensex up 2.8%, Nifty up 2.2%. The CNX Midcap index was up 3.5%, BSE Smallcap index up 1.5%. BSE IT Index and BSE Realty index both up 7%, BSE Auto index up 5.6% and BSE Bankex index was up 3.3%.
4:15 PM - The global cheer saw good gains for the Indian market as well. The Indian market closed nearly at the high point of the day and comfortably digested high inflation numbers. Sensex closed at 17600, up 312 points and Nifty at 5228, up 62 points from the previous close. The CNX Midcaps index was up 1.22% and BSE Smallcaps index was up 0.55%. The BSE Bankex index was up 3.6%, BSE Auto index up 2.8%, BSE Realty index up 2.5% and BSE IT index up 2.2%. The market breadth was positive with advances at 709 against declines of 537 on the NSE. Top Nifty gainers included ICICI Bank, Maruti and L&T while losers included Sterlite, Reliance Communications and Hindalco.
4:10 PM - Dr Reddy's has a target price of Rs 800 in 12-18 months, it has resistance at Rs 678-705 and support at Rs 595-605, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is currently trading at Rs 632, up 1.97% on the BSE.
4:05 PM - In the realty space, the valuations of DLF and Unitech look attractive for the long term, says Deven Choksey of KR Choksey, on CNBC-TV18. In the power space, Tata Power and NTPC look good, he adds. In the auto sector, Maruti and Tata Motors are good buys, he says.
4:00 PM - Cairn India has a target price of Rs 300-350, it has resistance at Rs 253-270 and support at Rs 202-230, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is currently trading at Rs 246, up 0.73% on the BSE.
3:55 PM - Noida Toll Bridge has a target of Rs 70 and resistance at Rs 58, says E Mathew, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 52, up 7.53% on the BSE.
3:50 PM - Bank of India has a target price of Rs 450-475, it has resistance at Rs 375-402 and support at Rs 305-330, says Ashu Kakkar, technical analyst, on NDTV Profit. One can buy the stock on dips for the long term, he says. The stock is currently trading at Rs 360, up 5.29% on the BSE.
3:47 PM - Ashok Leyland has resistance at Rs 66 and support at Rs 38, says Vijay Bhambwani, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 42, up 3.5% on the BSE.
3:44 PM - Bartronics has a target price of Rs 300, it has support at Rs 195-210, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is currently trading at Rs 227, up 1.43% on the BSE.
3:39 PM - MRF plans to invest Rs 900 crore in its Tamil Nadu unit, reports NDTV Profit. The stock is currently trading at Rs 4623, up 1.76% on the BSE.
3:37 PM - The market is witnessing a rally that is not going to run away in a hurry, says E Mathew, technical analyst, on CNBC TV18. The market is seeing profit booking at higher levels and Nifty has resistance at 5250, he says. But the market is slowly heading towards the serious resistance of 5380 on Nifty, he added.
3:35 PM - The market closed almost at the day's high. Sensex closed at 17611, up 323 points (provisional) and Nifty at 5226, up 60 points (provisional) from the previous close. The CNX Midcaps index was up 1.14% and BSE Smallcaps index was up 0.50%. The market breadth was positive with advances at 688 against declines of 551 on the NSE.
3:30 PM - Hold Nifty long, buy BPCL and Ansal Infrastructure, says Anil Maghnani, technical analyst, on CNBC TV18, as closing market strategy.
3:29 PM - Hold Nifty long, buy DLF and Unitech, says Rajat Bose, technical analyst, on CNBC TV18, as closing market strategy.
3:28 PM - Lehman Brothers has a target price of Rs 1394 for ABB, reports CNBC Awaaz. The stock is currently trading at Rs 1134, down 0.56% on the BSE.
3:24 PM - HCC has resistance at Rs 150-160 and support at Rs 115, says Vijay Bhambwani, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 136, up 3% on the BSE.
3:17 PM - Karvy Stock Broking has a target price of Rs 240 for PVR, reports CNBC TV18. The stock is currently trading at Rs 200, up 0.78% on the BSE.
3:11 PM - HDIL gets approval from the Maharashtra government for the airport slum redevelopment project, says Sarang Wadhawan, MD of the company, on NDTV Profit. Over 65,000 to 80,000 families to be rehabilitated, he says. Revenues to start from Q1 FY09 and will be spread over 4-5 years, he adds. The stock shot up 8.33% on the news and is trading at Rs 836 on the BSE.
3:07 PM - JK Tyres has an upside of 25-30% in 12 months, says PK Agarwal, market expert, on CNBC Awaaz. The stock is currently trading at Rs 136, up 4.1% on the BSE.
3:07 PM - Morgan Stanley has an outperformer rating for IDFC with a target price of Rs 250, reports NDTV Profit. The stock is currently trading at Rs 180, up 1.77% on the BSE.
3:04 PM - The time is now right to increase one's exposure to India, says Jacqueline Aldhous of Crosby Forysth, on NDTV Profit. Recession fears in the US were over hyped, she says. India and China had underperformed this year and one can now expect emerging markets to outperform this year, she says. Loan growth is likely to stabilise at 20% in India and the outlook is positive for the telecom, media and consumer related sectors, she adds.
3:00 PM - The Asian and European markets are trading firm. The Indian market is also looking very good. Sensex is at 17589, up 302 points and Nifty is at 5228, up 62 points from the previous close. The CNX Midcaps index is up 1.24% and BSE Smallcaps index is up 0.69%. The BSE Bankex is up 3.2%, BSE Auto index up 2.8% and BSE Realty index up 2.4%. The market breadth is positive with advances at 756 against declines of 493 on the NSE.
2:57 PM - Apollo Tyres has resistance at Rs 56-64 where one can book partial profits, says Amarjeet Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 46, up 1.09% on the BSE.
2:55 PM - CLSA has a target price of Rs 320 for Cairn India, reports CNBC TV18. The stock is currently trading at Rs 247, down 0.58% on the BSE.
2:52 PM - GMR Infrastructure has a target price of Rs 200 in 4-6 months, says Rahul Mohindar, technical analyst, on CNBC-TV18. The stock has support at Rs 148 and is currently trading at Rs 163, up 1.74% on the BSE.
2:48 PM - Praj Industries has resistance at Rs 290, says Vikram Suryavanshi of Karvy Stock Broking, on CNBC Awaaz. The company has a robust order book of Rs 900 crore, he adds. The stock is currently trading at Rs 210, up 6% on the BSE.
2:45 PM - Nalco has an upside of 15-20% in 12 months, says Rahul Mohindar, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 443, down 1.30% on the BSE.
2:43 PM - Jagran Prakashan has an upside of 40% in 12 months, says Hitesh Agarwal of Angel Broking, on CNBC TV18. The stock is currently trading at Rs 89, down 0.95% on the BSE.
2:39 PM - Tata Steel has resistance at Rs 830-840, says Rahul Mohindar, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 800, down 2.07% on the BSE.
2:34 PM - Simplex Infrastructure has an upside of 20-25% in 12 months, says Hitesh Agarwal of Angel Broking, on CNBC TV18. The stock is currently trading at Rs 596, up 0.24% on the BSE.
2:27 PM - GTL Ltd. has a target price of Rs 360, it has resistance at Rs 289-317, says Amarjeet Singh, technical analyst, on Zee Business. Maintain a stop loss of Rs 250, he adds. The stock is currently trading at Rs 269, up 0.37% on the BSE.
2:19 PM - Reliance Communications' eneterprise business has doubled in FY08 and 40% of the order book is from existing customers, says Prakash Bajpai, president and CEO of the Enterprise Business, on NDTV Profit. The company currently operates 6 data centres and it plans to add 1 million sq. ft. for data centres in the future, he adds. The stock is currently trading at Rs 561, down 3.15% on the BSE.
2:14 PM - TTML has resistance at Rs 50-56 where one can book partial profits, says Amarjeet Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 35, up 0.42% on the BSE.
2:06 PM - L&T, Reliance Communications, BHEL and Infosys can be bought on dips now for trading purpose, says Ashu Kakkar, technical analyst, on NDTV Profit.
2:00 PM - The market is trading firm. Sensex is at 17543, up 256 points and Nifty is at 5216, up 50 points from the previous close. The CNX Midcaps index is up 1.07% and BSE Smallcaps index is up 0.66%. The market breadth is positive with advances at 754 against declines of 482 on the NSE.
1:51 PM - Sharekhan has a target price of Rs 381 on Cadila Healthcare, reports NDTV Profit. The stock is currently trading at Rs 291, up 0.81% on the BSE.
1:44 PM - India's GDP growth is likely to be around 8%, says Puneet Nanada of ICICI Prudential Life, on NDTTV Profit. The market may witness some volatility in the short term but one can expect market to trade higher in the second half of the year, he adds. One can be positive on capital goods, FMCG, telecom and banking sectors for now, he says.
1:36 PM - Maruti Suzuki is a top pick in the auto space with good growth for the long term, says Daljeet Kohli of Emkay Shares and Stock Brokers, on NDTV Profit. The stock is currently trading at Rs 786, up 6.07% on the BSE.
1:26 PM - Top picks at current levels in the auto space are Maruti and Mahindra & Mahindra, says Ashish Kapoor, CEO of Investshoppe, on NDTV Profit. Tata Power and Bharat Forge are also good buys for the long term, he adds.
1:16 PM - Praj Industries has a target price of Rs 250-265 in 6-12 months, the stock has resistance at Rs 215-226, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is currently trading at Rs 206, up 4.17% on the BSE.
1:08 PM - Neyvelli Lignite has resistance at Rs 165-175 where one can book profits, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 159, up 2.60% on the BSE.
1:00 PM - The market continues to looks good. Sensex is trading at 17565, up 277 points and Nifty is at 5228, up 62 points from the previous close. The market breadth is positive with advances at 825 against declines of 391 on the NSE. Sensex gainers include Reliance Industries. ICICI Bank and Infosys while losers include Reliance Communications, Hindalco and Tata Steel.
12:50 PM - Sharekhan has a target price of Rs 3362 on HDFC, reports NDTV Profit. The stock is currently trading at Rs 2783, down 0.78% on the BSE.
12:44 PM - Aban Offshore has a target price of Rs 4200, it has resistance at Rs 3424-3604 and support at Rs 3332-3175, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock is currently trading at Rs 3362, down 0.63% on the BSE. Citi has a target price of Rs 4810 for the stock and Macquire has a target price of Rs 5145.
12:36 PM - Reliance Power has acquired 3 coal mines in Indonesia with a total capacity of 2 billion tonnes, reports NDTV Profit. The company plans to invest $1 billion in mine exploration and logistics. The stock is currently trading at Rs 401, up 1.61% on the BSE.
12:28 PM - Reliance Communications is a clear buy at current levels for the long term, says Sharmila Joshi of Prabhudas Lilladher, on CNBC TV18. The stock is currently trading at Rs 563, down 2.56% on the BSE.
12:22 PM - The market has digested the inflation numbers with ease and moved on. Sensex is trading at 17533, up 246 points and Nifty is at 5221, up 55 points from the previous close. The CNX Midcaps index is up 1.05% and BSE Smallcaps index is up 0.68%. The market breadth is positive with advances at 810 against declines of 401 on the NSE.
12:11 PM - Inflation at 7.57% versus 7.33% for the week ended April 19, it is at a 42-month high, reports NDTV Profit. NDTV Poll estimated inflation figure to be at 7.38%. Inflation number for April 23 has been revised to 5.69% versus 5.02%.
12:02 PM - Citi has a target price of Rs 121 for Alok Industries, reports CNBC TV18. The stock is currently trading at Rs 65, up 0.61% on the BSE.
11:54 AM - GMR Infrastructure is a good investment for the long term at current levels, says Ashish Kukreja, technical analyst, on Zee Business. The stock has a 5-10% upside in the short term as well, he adds. The stock is currently trading at Rs 164, up 2.02% on the BSE.
11:43 AM - Morgan Stanley maintains outperformer on Bank of India with a target of Rs 415, reports CNBC TV18. The stock is currently trading at Rs 363, up 5.95% on the BSE.
11:36 AM - The market is witnessing a relief rally and the situation may not be as volatile but we are not out of the woods yet, says Ved Prakash Chaturvedi of Tata Mutual Fund, on CNBC TV18. The market still needs to keep an eye out for bad news from abroad, he says. Three other things that will determine the market state are inflation figures, upcoming elections and the monsoons, he adds.
11:28 AM - Top picks at current levels in the banking space are SBI, PNB, Andhra Bank and Syndicate Bank, says Abhinay Jain of Sharekhan, on NDTV Profit. Banking stocks are doing well and the BSE Bankex index is up 2.66%.
11:16 AM - US data suggests the economy is not in a recession, says Surjit Bhalla, MD of O(x)us Research and Investment, on NDTV Profit. The Indian economy is not likely to decelerate to 7%, he says. In the short term, there may be a 5-10% upside for Indian equities, he adds.
11:08 AM - The Asian markets are looking good. The Indian market has lost some gains but it is still trading strong. Sensex is trading at 17502, up 213 points and Nifty is at 5214, up 48 points from the previous close. The CNX Midcaps index is up 1.06% and BSE Smallcaps index is up 0.83%. The market breadth is positive with advances at 834 against declines of 316 on the NSE.
11:00 AM - Merril Lynch maintains buy on DLF with a target of Rs 790, reports NDTV Profit. The stock is currently trading at Rs 719, up 2.03% on the BSE.
10:51 AM - JP Associates has crossed its 200 DMA at Rs 255-260 and the stock now has resistance at Rs 290-300, says Ashwani Gujral, technical analyst, on CNBC-TV18. But the stock may not make new highs after that since a lot of people are stuck at higher levels and one can see selling pressure, he adds. The stock is currently trading at Rs 281, up 3.85% on the BSE.
10:39 AM - The market is looking good. Sensex is trading at 17525, up 238 points and Nifty is at 5224, up 58 points from the previous close. The CNX Midcaps index is up 1.23% and BSE Smallcaps index is up 1.02%. The market breadth is positive with advances at 875 against declines of 229 on the NSE.
10:33 AM - Citi keeps buy on JP Associates with a target of Rs 300, reports NDTV Profit. The stock is currently trading at Rs 281, up 3.83% on the BSE.
10:26 AM - Geojit Financial Services has a target price of Rs 75 and it can even go up to Rs 88, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is up 13% today, at Rs 66.20 after it moved up 18% on Wednesday, on the BSE.
10:19 AM - Tata Steel has resistance at Rs 850-950 and it would be difficult to cross that level, says VK Doshi, technical analyst, on NDTV Profit. The stock is currently trading at Rs 822, up 0.54% on the BSE.
10:12 AM - If Bank of India can sustain above Rs 345 it can go to Rs 410-415, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 366, up 6.81% on the BSE.
10:06 AM - The market is regaining its strength but could move in sideways zone for some time before it begins to go up, says VK Doshi, technical analyst, on NDTV Profit. The short-trend is up and Nifty now has resistance at 5250-5275 and if that is crossed Nifty could go up to 5400 and may even test 5700, he adds.
9:58 AM - The Asian markets are trading in the positive. Good global cues see a good gap up opening. Sensex is trading at 17590, up 303 points and Nifty is at 5250, up 84 points from the previous close. The CNX Midcaps index is up 1.52% and BSE Smallcaps index is up 0.93%. The market breadth is positive with advances at 591 against declines of 63 on the NSE.
9:53 AM - The NDTV Opinion Poll expects to see a gap up opening today. Nifty range is expected to be 5155-5250 and 5366 level is important. Stocks to watch out for are ITC, IOC, GAIL and Mahindra and Mahindra.
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