Markets Today
Markets today took a huge swing from lower levels of 3900 to end marginally in green at 4094. Markets show a large amount of shortcovering as Nifty and Sensex were closing in red for last 5 days. Market have lost around 15% last week so this shortcovering was expected.This late trade recovery was led by most beaten down stocks like Reliance Industries, SBI, HDFC Bank, BHEL and Reliance Power
The Sensex has recovered nearly 467 points and the Nifty 155 points from days low of 13,051.73 and 3919.35, respectively. The Sensex closed with a loss of 12.47 points or 0.09% at 13,518.80 while the Nifty rose 2 points or 0.05%, to settle at 4074.90.
Nifty ended at a premium of 18 points. There was mix of short covering and long build up in banking stocks. ICICI Bank continued to see short build up and saw addition of 32% in Open Interest. Metal stocks continued to see short build up. PCR fell to 0.84 versus 0.89 on Monday. Call buying was seen in 4100-4200 strike prices.
Among the frontliners, Tata Communication shot up 7.77%, SBI 6.49%, Sterlite Industries 2.66%, Reliance Industries 2.35%, HDFC Bank 2.16%, ITC 2.16%, NALCO 4.07%, BPCL 3.88% and Hero Honda 3.36%. However, ICICI Bank plunged 5.82%, Jaiprakash Associates -5.09%, Maruti Suzuki -3.55%, Ranbaxy Labs -3.23%, Satyam -3.21%, Suzlon Energy -5%, Sun Pharma -3.58% and Cairn India -3.52%.
Nifty ended at a premium of 18 points. There was mix of short covering and long build up in banking stocks. ICICI Bank continued to see short build up and saw addition of 32% in Open Interest. Metal stocks continued to see short build up. PCR fell to 0.84 versus 0.89 on Monday. Call buying was seen in 4100-4200 strike prices.
Among the frontliners, Tata Communication shot up 7.77%, SBI 6.49%, Sterlite Industries 2.66%, Reliance Industries 2.35%, HDFC Bank 2.16%, ITC 2.16%, NALCO 4.07%, BPCL 3.88% and Hero Honda 3.36%. However, ICICI Bank plunged 5.82%, Jaiprakash Associates -5.09%, Maruti Suzuki -3.55%, Ranbaxy Labs -3.23%, Satyam -3.21%, Suzlon Energy -5%, Sun Pharma -3.58% and Cairn India -3.52%.
Global Cues
Shares of American International Group(AIG) tumbled Tuesday as the company scrambled to raise as much as $75 billion to keep itself afloat.
The pressure on the nation's largest insurer reached fevered pitch on Monday night as the troubled insurer was hit by a series of credit rating downgrades.
The cuts could prove deadly to AIG (AIG, Fortune 500), forcing it to post more than $13 billion in additional collateral. Shares were down 42% in early morning trading, after falling more than 70% in early morning trading and losing 61% of their value the day before. In India, it is running in collaboration with TATA.
The pressure on the nation's largest insurer reached fevered pitch on Monday night as the troubled insurer was hit by a series of credit rating downgrades.
The cuts could prove deadly to AIG (AIG, Fortune 500), forcing it to post more than $13 billion in additional collateral. Shares were down 42% in early morning trading, after falling more than 70% in early morning trading and losing 61% of their value the day before. In India, it is running in collaboration with TATA.
Though US markets were slightly in green due. Dow jones was up 65 pts at 10984 and Nasdaq at 2184, almost flat.
Market Tips
Following the boost to liquidity by RBI, PSU sectors banks saw a good recovery today.The pack was led by SBI. More good news is expected in this sector.
Though, Lehman Bros had 24% stake in KSK Energy still the stock rose significantly today. This shows good amount of faith in this company and some internal factors may be encouraging. So this is looking quite a good bet.
MRPL at 56 is also a safe bet at these rates and could give huge returns in coming times.
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