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Eurozone and FIIs fuel market play today

September 20th, 2011

Positive opening in the Eurozone and buying by FIIs, particularly in the large cap names has bought some positive sentiment in the Indian stock markets today.

The SENSEX closed above the 17k mark at 17099.28 gaining 353.93 points or2.11%. The NIFTY closed at 5140.20 gaining 108.25 and is up 2.15%. CNX Midcap closed at 7391.50 gaining 59.65 or 0.81% while the BSE Smallcap index closed at 7300.17 up 88.64 or 1.23%.

Top gainers of the day include Cairn India, Reliance Power, Rel Capital, Hindalco, Reliance Comm (all up over 4%), TCS, SBI, Reliance, SAIL, Axis Bank, DLF, HDFC and Infosys (all up over 3%). On the losers end are ONGC (down over 2.9%) and BHEL (marginally down).

Markets reports say that National Thermal Power Corporation (NTPC) is likely to exit from its coal special purpose vehicle (SPV) International Coal Ventures Private Limited (ICVL). ICVL is a venture jointly by SAIL, NTPC, Coal India, RINL and NMDC. NTPC has a stake of 14% in the JV. It appears NTPC is saying that the JV is not of much use for companies like them which depend on thermal coal. ICVL assets are more of coking coal and are more benificial for steel companies. The power ministry and cabinet are to take decision and give approvals to provide exit for NTPC.

Situation at Maruti Suzuki has not changed much with the Government pulling out of talks. The negotiations broke down after union leaders arrest. The stock closed the day at 1154.95 up 14.20 or 1.24% with a volume of 1.15m shares.

Entry Filed under: Equity Markets, Automobile, Closing Bell, Metal