 "Markets rebound from day lows as Nikkei recovers")
Benchmark indices have rebonded from their day lows tracking gains in the Nikkei. Private banks HDFC Bank and ICICI Bank were the top gainers along with index heavyweight Reliance Industries and Larsen & Toubro.
By 1130, Sensex rose by 45 points at 19,720, and the Nifty was up 17 points at 5,984 levels.
On the hourly charts, the momentum indicator has turned negative and is trading below the zero line. The Nifty is trading below the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 6063 and 6078 respectively, which are crucial levels in the immediate run.
On the global front, Nikkei share average rose on Friday in turbulent trade, stablising somewhat after a 7.3 percent dive in the previous session, but the extreme volatility and worries the bull-run may be running out of steam sidelined most buyers.
The Nikkei rose 0.9 percent to 14,612.45 after dropping as much as 3.5 percent to 13,981.52 in the afternoon. In morning trade, it rose as high as 15,007.50, as investors picked up some of the eaten-down stocks after the market's largest one-day drop in two years on Thursday. The broader Topix gained 0.5 percent to 1,194.08.
Back home, the rupee today weakened further by 10 paise to 55.69 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency overseas.
On the sectoral front, BSE Capital Goods index has surged by almost 2% followed by counters like Realty, Metal, Power, Oil & Gas, Banks and PSU, all gaining by 1% each. However, BSE Healthcare and IT indices have declined by nearly 1% each.
Shares of Tata Steel is the top Sensex gainers, up over 4% on Friday amid short covering and value buying at lower levels after the company reported profit for its Indian operations.
Other notable gainers are L&T, ICICI Bank, NTPC, Sterlite, Coal India, Tata Power, RIL and JSPL, all gaining between 1-3%.
On the losing side, shares of BHEL are down over 1% on worries over slow execution, pressure on margins and lack of fresh orders.
Shares of Sun Pharma were down over 2% after its over subsidiary Taro Pharmaceutical reported lower-than-expected operating profit margin for the fourth quarter ended March 31, 2013.
The market breadth in BSE remains almost flat with 917 shares advancing and 887 shares declining.
By 1130, Sensex rose by 45 points at 19,720, and the Nifty was up 17 points at 5,984 levels.
On the hourly charts, the momentum indicator has turned negative and is trading below the zero line. The Nifty is trading below the 20-hourly simple moving average and the 40-hourly exponential moving average, ie 6063 and 6078 respectively, which are crucial levels in the immediate run.
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According to Shubham Agarwal Head, technical equities and associate vice- president, Motilal Oswal Securities, “In the short term basis, the index has higher odds of sustaining at the current level of 5950 and we might see an oscillation within the band of 5950-6200. Only in the case we see the index closing below 5950, we would believe that the index can slip to a maximum of 5650.”
On the global front, Nikkei share average rose on Friday in turbulent trade, stablising somewhat after a 7.3 percent dive in the previous session, but the extreme volatility and worries the bull-run may be running out of steam sidelined most buyers.
The Nikkei rose 0.9 percent to 14,612.45 after dropping as much as 3.5 percent to 13,981.52 in the afternoon. In morning trade, it rose as high as 15,007.50, as investors picked up some of the eaten-down stocks after the market's largest one-day drop in two years on Thursday. The broader Topix gained 0.5 percent to 1,194.08.
Back home, the rupee today weakened further by 10 paise to 55.69 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency overseas.
On the sectoral front, BSE Capital Goods index has surged by almost 2% followed by counters like Realty, Metal, Power, Oil & Gas, Banks and PSU, all gaining by 1% each. However, BSE Healthcare and IT indices have declined by nearly 1% each.
Shares of Tata Steel is the top Sensex gainers, up over 4% on Friday amid short covering and value buying at lower levels after the company reported profit for its Indian operations.
Other notable gainers are L&T, ICICI Bank, NTPC, Sterlite, Coal India, Tata Power, RIL and JSPL, all gaining between 1-3%.
On the losing side, shares of BHEL are down over 1% on worries over slow execution, pressure on margins and lack of fresh orders.
Shares of Sun Pharma were down over 2% after its over subsidiary Taro Pharmaceutical reported lower-than-expected operating profit margin for the fourth quarter ended March 31, 2013.
The market breadth in BSE remains almost flat with 917 shares advancing and 887 shares declining.