Mumbai : Markets have bounced back sharply on first day of the week after sharp cut seen in last week.
Banking, realty, capital goods, metal, power, technology, oil and FMCG stocks are trading higher. Midcap and small cap stocks also participated in bulls' party.
At 10:08 am, the Sensex rose 482 points to 11,010 and the Nifty gained 131 points at 3,412.
Hindalco, ICICI Bank, Reliance Infrastructure, Unitech, DLF, Tata Steel, SBI, ITC and Siemens have gained.
Axis Bank has jumped over 9%, as it has posted 76.85% jump in its net profit to Rs 402.91 crore for the quarter ended September 30, 2008 as compared to Rs 227.82 crore for the quarter ended September 30, 2007.
ICICI Bank shot up over 10% after sharp drop in last week. KV Kamath, Managing Director and CEO of ICICI Bank, clarified that there has not been any drastic decline in deposits in the last three weeks. He said their morale will remain high, and that the bank will continue to fight for its customers.
Asian markets are trading mixed. Shanghai fell 3.44%, Jakarta -3.24% and Taiwan Weighted -2.59%. However, Hang Seng rose 2.92%, Straits Times 2% and Kospi 2.8%. Japanese's Nikkei is closed today for the Sports Day holiday.
Crude had dropped 10% last week and hit a low of USD 77 to a barrel on Friday. It is currently trading around USD 80/bbl.
OPEC has called for Emergency meetng on November 18 in Vienna. Crude inventories increase and US fuel demand declined 8.6% to 18.4 million bpd.
US markets ended mixed after a rollercoaster session on Wall Street.
The Dow saw its biggest point swing ever, a 1000 point swing. It recovered from a 697 points tumble and rose as much as 322 points in the last hour as an industry group said the bankruptcy auction of Lehman Brothers' debt won't worsen credit losses.
But for the week the Dow posted the steepest ever weekly slide. The Dow plunged 128 points, or 1.49%, to 8,451.49 and the S&P 500 index lost 10.70 points or 1.18%, to 899.22. The Nasdaq composite index gained 4.39 points, or 0.27%, to 1,649.51.
Market cues:
FIIs net sell USD 210.1 million in equity
MFs net sell Rs 118.5 crore in equity
NSE F&O Open Int down by Rs 1,035 crore at Rs 66,004 crore
F&O cues:
Futures Open Interest down by Rs 1,675 crore and Options Open Interest up by Rs 640 crore
Nifty Futures add 4.4 lakh shares in Open Int, at 23-pt premium
Nifty Open Interest Put-Call Ratio (PCR) at 0.73 Vs 0.77
Nifty Puts shed 4.5 lakh shares in Open Interest
Nifty Calls add 22.5 lakh shares in Open Interest
Nifty 3300 Put adds 12.8 lakh shares in Open Interest
Nifty 3400 Put sheds 8 lakh shares in Open Interest
Nifty 3400 Call adds 6.4 lakh shares in Open Interest
Nifty 3500 Call adds 6 lakh shares in Open Interest
Nifty 3600 Call adds 7.7 lakh shares in Open Interest
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