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Bulls may clear the test

This article was posted on May 8, 2009 and is filed under Market Outlook

All eyes would be on the results of stress test, regulators are slated to release the results of the stress tests, aimed at assessing banks` overall health. Indian markets staged a smart recovery on Thursday recovering almost all the previous day losses. Buying momentum in the metals realty, banking and Pharma stocks lifted the NSE Nifty to close above the 3,650 levels. The BSE Sensex surged 164 points to close at 12,116 and the NSE Nifty added 58 points to close at 3,683.

Among the 30-components of Sensex, 19 ended in the positive terrain and 11 ended in the red. Top gainers were Sterlite, Hindalco, Tata Steel, Wipro, HDFC, Maruti and SBI.

Among the major losers were M&M, ACC, Hindustan Unilever, Grasim and NTPC.

Shares of Godrej Industries surged by over 18% to Rs104 after the company announced its plans to repurchase stock. The scrip touched an intra-day high of Rs106 and a low of Rs90 and recorded volumes of over 5.1mn shares on BSE.

Shares of Avery India rallied by over 13% to Rs97 after the company announced that one of its founders, U.K.-based AV Co 3 Ltd. plans to acquire the remaining 21.72% stake and delist the Indian unit from exchanges. The scrip touched an intra-day high of Rs103 and a low of Rs96 and recorded volumes of over 66,000 shares on BSE.

Shares of Patni have advanced by 1.5% to Rs164 after the company announced that it was evaluating acquisition in the area of BPO and Infrastructure management services. The scrip touched an intra-day high of Rs165 and a low of Rs161 and recorded volumes of over 19,000 shares on BSE.

Shares of Suven Life Sciences further surged by over 7% to Rs16.80 after the company announced that USFDA classified Suven facility at Suryapet as acceptable for manufacture and supply of intermediates for active pharmaceutical ingredients (API’s). The scrip touched an intra-day high of Rs17.2 and a low of Rs16.6 and recorded volumes of over 0.3mn shares on BSE.

Shares of Cairn India advanced by 7% to Rs215 after the crude oil prices rose to an almost 6-month high. The stock has advanced 22% this year as crude oil prices surged 27%.

Crude oil gained 1% to $56.9/bbl on the New York Mercantile Exchange, recording the highest intraday price since Nov 17, 2008.

All eyes would be on the results of stress test, regulators are slated to release the results of the stress tests, aimed at assessing banks’ overall health, on Thursday. The road ahead still remains challenging. However, further upswing cannot be ruled out provided support from the global markets.

source: Indiainfoline

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