Bulls’ momentum sustains on third straight day

Today's major news
Cadila launches H1N1 vaccine; the stock ends 2.35% higher
Aqua Logistics completes acquisition of 3 cos; the stock ends 0.97% up
Varun Industries signs MoU with Karnataka Govt; the stock closes 0.80% lower
Global signals
European stocks edge higher on Friday, extending a week-long recovery rally, as investors eagerly awaited US monthly jobs data that could ease recent jitters over the pace of the global recovery. As of writing this report, FTSE 100 was trading at 0.50% higher.
All the major Asian indices closed in the positive territory except Hong Kong’s Hang Seng and Japan’s Nikkei indices that closed marginally lower. SGX Nifty closed 24 points higher.
The US stock index futures signal higher opening on the Wall Street on Friday. Investors await for the non-farm payrolls data and unemployment rate for the month of May 2010 that will be announced later today, which could provide an indication of the pace of recovery in the world's largest economy.
Indian indices
The domestic market continued its upward momentum for the third session in a row. It moved higher in seven of the eight previous trading sessions. The indices had a quite start due to lack of Asian and US cues. The market traded in a narrow range and continued its listless session till the afternoon trade. Due to lack of support from global markets, Indian bourses could not take a proper decision. However, in afternoon session, the domestic market got some positive signs after a strong opening in European equities. The Indian markets accumulated its gains and got strengthened, which led the market to end the day on a higher note.
Tracking the muted global cues, the Sensex opened 14 points higher at 17036. The Sensex soon turned negative and breached its 17000 mark to hit the day’s low of 16964. The Sensex hovered between negative and positive terrain through out the morning session. In afternoon session, strong opening in European markets and buying in fast moving consumer goods (FMCG), telecom and information technology stocks pushed the Sensex to its day’s high of 17150. However, at the end, it pared some of its gains and finished the session above 17000 mark, 95 points higher at 17118. The Nifty signed off at 5135, 25 points higher.
Market sentiment
The market breadth was neutral. Of the 2,939 stocks traded on the BSE, 1,400 stocks advanced, whereas 1,415 stocks declined. Hundred and twenty four stocks remained unchanged.
Sectoral & stock screening
Of the 13 sectoral indices in BSE - seven of the sectors ended in green, while six closed the day in red. The sectors that surged the most - BSE FMCG gained 1.69%, followed by the BSE TECk that advanced by 1.02% and rest of the gaining sectors rose in the range of 0.13% to 0.93%. The losing sectors were - BSE Metal lost 0.24% and BSE Power declined 0.19%.
Among 'A' group stocks, Welspun Corp was the star stock of the day posting gains of 5.25%, followed by Essar Oil that surged by 4.41% and Syndicate Bank that rose by 4.29%. Among losers, Sesa Goa slid the most by 3.30%, followed by Marico that fell by 3.24% and Gujarat NRE Coke that shed 2.72%.
Viewing volumes
India's second largest listed cellular services provider by sales - Reliance Communications witnessed highest trading with over 0.64 crore shares changing hands on the BSE, followed by wind turbine major - Suzlon Energy (0.50 crore shares), Anil Dhirubhai Ambani Group firm - Reliance Natural Resources (0.44 crore shares), industrial finance company - IFCI (0.41 crore shares) and India’s second largest developers - Unitech (0.35 crore share).