MARKET UPDATES

SHREE GANESHAY NAMAAH !
Is Market Bottom Out ? Or It Was Short Covering ?
Will partial rollback of petrol price hike impact market?
The outrage over the latest and steepest ever rise of petrol prices by Rs 7.5 per litre has left the common man fuming, hoping that a partial rollback is considered. But investor sentiment remains subdued over expectations that New Delhi might soon take the more politically fraught step of raising diesel prices.
The BSE Sensex and NSE Nifty surged nearly 2% in late trade following a rebound in European markets and the rupee. Banking & financials, oil & gas, telecom and metals stocks led the rally. The Sensex rose 274.20 points to close at 16,222.30 while the Nifty closed at 4,921.40, up 1.77%.
The Indian rupee rebounded quite sharply, trading at 55.88 as against the US dollar when our market closed, rising 12 paise over previous close of 56 a dollar and 51 paise from a record low of 56.38 (that it touched today).
NIFTY FUTURE :
Supp. 4798 / 4824 / 4850 / 4882
CMP: 4913.10
Resis. 4945 / 4980 / 5008 / 5035
BANK NIFTY FUTURE  :
Supp. 9090 / 9158 / 9225 / 9305
CMP : 9383.45
Resis. 9462 / 9542 / 9610 / 9676
Market Updates :
Tech Mahindra leads gainers in 'A' group
Pantaloon Retail (India), Aurobindo Pharma, ONGC and Bharti Airtel are among the other gainers.
IT company Tech Mahindra spurted 8.76% to Rs 665.50 after consolidated net profit rose 10% to Rs 303 crore on 2% fall in revenues to Rs 1419 crore in Q4 March 2012 over Q3 December 2011. The result was announced after market hours on Wednesday, 23 May 2012. The stock topped the gainers in the BSE's 'A' group.
Organised retailer Pantaloon Retail (India) galloped 8.56% to Rs 151.60. The stock was second biggest gainer in 'A' group.
Aurobindo Pharma jumped 7.10% to Rs 115.35 after the company said it has received final approval from US Food and Drug Administration for Nevirapine Tablets and Nevirapine Oral Suspension. The stock was third biggest gainer in 'A' group.
The company made this announcement during trading hours on Wednesday, 23 May 2012. The stock had fallen 2.22% to settle at Rs 107.70 on that day in a weak market.
State-run upstream oil firm ONGC rose 5.74% to Rs 256.95. The stock was fourth biggest gainer in 'A' group. Shares of state-run upstream oil firms rose across the board as concerns about their subsidy sharing burden eased on reports an Empowered Group ofMinisters (EGoM) headed by the Finance Minister Pranab Mukherjee will meet on Friday (25 May 2012) to discuss raising price of diesel, liquified petroleum gas (LPG) and kerosene.
State-run oil marketing firms like BPCL, HPCL and Indian Oil Corporation suffer revenue loss on domestic sale of diesel, LPG and kerosene at a controlled price. The government decontrolled pricing of petrol in 2010. The government compensates these state-run oil marketing firms for their under-recoveries through oil bonds. The rest of the cost-price gap is borne by state-run upstream firms.
India's largest listed telecom company in terms of subscribers Bharti Airtel rose 5.62% to Rs 297.80 after the company said it signed an agreement to acquire an interest in Qualcomm Asia Pacific's Indian broadband wireless access (BWA) entities. The announcement was made during trading session today, 24 May 2012. The stock was fifth biggest gainer in 'A' group.
Bharti Airtel said that under the agreement, Bharti has made an initial investment of approximately $165 million to acquire 49% interest in Qualcomm AP's India entities that hold broadband wireless access (BWA) licenses in Delhi, Mumbai, Haryana and Kerala - partly by way of acquisition of 26% equity interest equally held by Global Holding Corporation Private and Tulip Telecom, and the balance by way of subscription of fresh equity in those entities.
The agreement contemplates that once commercial operations are launched, subject to certain terms and conditions, Bharti would assume complete ownership and financial responsibility for the BWA entities by the end of 2014.
Stock With Volumes :
Volumes jump at Redington (India) counter
Tech Mahindra, PM Telelinks, Multi Commodity Exchange of India and HPCL are among the other stocks to see a surge in volumes on BSE today, 24 May 2012.
Redington (India) clocked volume of 16.66 lakh shares by 13:01 IST on BSE, a 371.86-times surge over two-week average daily volume of 4,000 shares. The stock rose 0.57% to Rs 79.70.
Tech Mahindra notched up volume of 1.98 lakh shares, a 11.51-fold rise over two-week average daily volume of 17,000 shares. The stock jumped 7.85% to Rs 659.95 after consolidated net profit rose 10% to Rs 303 crore on 2% fall in revenues to Rs 1419 crore in Q4 March 2012 over Q3 December 2011. The result was announced after market hours onWednesday, 23 May 2012.
PM Telelinks clocked volume of 8.59 lakh shares, a 7.55-fold rise over two-week average daily volume of 1.14 lakh shares. The stock tumbled 5.45% to Rs 171.
Multi Commodity Exchange of India (MCX) clocked volume of 1.44 lakh shares, a 5.27-fold surge over two-week average daily volume of 27,000 shares. The stock rose 1.17% to Rs 890.
Hindustan Petroleum Corporation (HPCL) clocked volume of 4.99 lakh shares, a 4.73-foldrise over two-week average daily volume of 1.05 lakh shares. The stock rose 0.29% to Rs 310.20.
Note : Data From Capital Market And Money Control !
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