Markets rebound strongly after crude price falls

GOOD START: Stock brokers discuss share prices at a brokerage in Mumbai.

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Keywords: Shares, Stocks

Mumbai: Markets have rebounded strongly in opening trade following positive cues across the globe on the back of fall in crude price to $136 per barrel from all time high of $146 a barrel. Buying has seen in capital goods, auto, oil, banking, realty and power stocks.

At 0956 hrs IST, the Sensex was up 477 points at 13,827 and Nifty up 129 points at 4,118. CNX Midcap was up 143 points at 5,327.

Market breadth is positive; 507 shares advanced while 47 shares declined.

Amongst frontliners, Reliance Petro, Reliance Comm, Cairn, Reliance Infra, BPCL, Suzlon, Power Grid, Idea, BHEL, Unitech, DLF, L&T, ACC, Ambuja Cements, Wipro, ICICI Bank, HDFC Bank, Reliance Ind and HDFC have gained.

Crude prices plunged $5.33 to settle at $136.04 a barrel on the NYMEX.

Asian markets were trading higher. Nikkei was up 1.3 per cent, Hang Seng 2.5 per cent, Shanghai 3 per cent, Kospi 0.8 per cent, Taiwan 1 per cent and Straits Times 0.9 per cent.

US markets had another wild trading day of ups and downs but stocks ran to the finish line and pulled off a decent gain. Banks and technology stocks led the rally. Fannie Mae and Merrill Lynch bounced back sharply.

The Dow gained 152.25 points, or 1.36 per cent, to 11,383.21. The S&P 500 advanced 21.39 points, or 1.71 per cent, to 1,273.70, while the Nasdaq composite index added 51.10 points, or 2.28 per cent, to 2,294.42.

Market cues:

• FIIs net sell $ 79.3 mn in equity
• NSE F&O Open Int up by Rs 719 crore at Rs 68,262 crore

F&O cues:

• Nifty down 1 per cent; Open Interest up by 3.5 per cent
• Futures Open Interest up by Rs 866 crore and Option Open Interest down by Rs 147 crore
• Nifty Futures at 61 pts discount Vs 50 pts discount a day ago
• Nifty Futures Open Interest up 14 lakh shares
• Stock Futures add 1.7 cr shares in Open Interest
• Nifty Open Interest Put-Call ratio unchanged at 1.19
• Nifty Puts shed 2.63 lk shrs, Nifty Calls shed 2.76 lk shrs in Open Interest
• Nifty 4000 Put shed 3.23 lakh shares in Open Interest
• Nifty 4100 Call shed 2.2 lakh shares in Open Interest
• Nifty 4200 Call shed 1.6 lakh shares in Open Interest
• Nifty 3700 Put add 2.5 lakh shares in Open Interest