Market Commentary:
* Asian stocks rose for a third day after data showed a global expansion in manufacturing and Nomura Holdings Inc.’s unexpected profit increase boosted financial shares. Asian currencies strengthened to a three-month high, while copper declined.
* Back home, Indian equity benchmarks had made a good start tracking positive cues from global indices. But
The market erased more than half of the gains after Supreme Court cancelled all 122 2G licenses issued on or after January 2008. Banks were too battered heavily.
* The market breadth, indicating the overall health of the market, was strong.
* Largest telecom player Bharti Airtel expected to be biggest beneficiary from SC verdict as it shot up 6% on buzz that the company may get more spectrum.
* The rupee strengthened on Thursday to its highest level in three months as risk appetite improved after strong manufacturing data from China. The rupee was at 49.04/05 to the dollar, after touching 49.00 in the morning.
* For Nifty index after a zigzag in last one hour, we expect it to be remain in the positive territory during the day. Nifty support is seen at 5220-30.
* INDICES: Sensex +138 at 17439 (0.8%), NIFTY +33 at 5269 (0.64%), CNXMIDCAP +21 at 7209 (0.29%)
* SECTORAL PERFORMANCE: BANKEX 0.19%, AUTO 0.62%, CAPITAL GOODS 1.61%, HEALTHCARE -0.02%, Metal 1.31%, OIL & GAS 0.42%, IT 1.8%, FMCG -0.02%, PSU 0.64%, REALTY -0.32%, Consumer Durables -0.16%, POWER 1.29%
* MARKET BREADTH: 267 Advances, 223 Declines (BSE 500)
* TODAY'S GAINERS: BHARTI 5.96%, STLT 4.31%, ACEM 3.89%, SESA 3.51%, BHEL 3.25%
* TODAY'S LOSERS: RCOM -4.48%, IDFC -3.01%, CAIR -2.78%, RPWR -1.72%, SBIN -1.49%
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