The 30-share BSE Sensex rose 928.09 points or 6.07% to 16,217.49,
its second biggest single-day rally in points as well as percentage
terms. The index gained 972.98 points at session's high of
16,262.38, hit at the fag end of the trade.
The broader CNX S&P Nifty jumped 267.65 points or 5.81% at 4877.50.
Nifty March 2008 futures were at 4901.50, at a premium of 24 points
as compared to spot closing of 4877.50.
The Sensex has gained 9.50% or 1408 points since its recent low of
14809.49 on 17 March 2008. The strong rebound on the domestic
bourses is commendable coming in the backdrop of a recent steep
fall.
Concerns of marked-to-market losses for firms on their foreign
exchange derivatives exposure, meltdown in global markets,
lower-than-expected industrial production data for January 2008 and
a surge in inflation created havoc on the bourses recently. Hike in
short-term capital gains tax and alteration of tax treatment of the
Securities Transaction Tax (STT) in Union Budget 2008-09 announced
on 29 February 2008 had dented the sentiment earlier.
Intense buying in frontline stocks saw the Sensex breach 16,000
mark today. Buoyancy was visible across the global markets. The
rally was triggered by JP Morgan raising Bear Stearns acquisition
price by 5 times and US economic data that showed US new home sales
had risen 3% in February 2008.
In the domestic front, all the sectoral indices on BSE ended
higher. Banking, IT and realty stocks posted impressive gains.
Mid-cap and small-cap stocks surged. The market breadth was strong.
Coming back to today's trade, the BSE Mid-Cap index outperformed
the Sensex, rising 6.36% to 6,174.49. The BSE Small-Cap index
underperformed the Sensex, rising 4.81% to 7,284.64.
The market breadth was strong. On BSE, 2075 stocks advanced, 640
declined and 47 stocks were unchanged.
The BSE clocked a turnover of Rs 6836 crore as against Rs 4,682.75
on Monday, 24 March 2008.
The NSE's futures & options (F&O) segment turnover was Rs 66,627.57
crore, which was higher than Rs 42610.26 crore on Monday, 24 March
2008.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) rose 5.16% to Rs 2314.40. The
firm is reportedly evaluating a plan to set up its third refinery
at Jamnagar in an ambitious project to reach a total capacity of
100 million metric tonne per annum (mmtpa), the largest at a single
location in the world.
India's largest engineering and construction firm by revenue Larsen
& Toubro rose 3.94% to Rs 3053.
Top Sensex gainers were, Jaiprakash Associates (up 16.38% at Rs
233.10), DLF (up 13.47% at Rs 678.65), Reliance Energy (up 12.97%
at Rs 1300.15), Infosys Technologies (up 9.64% at Rs 1492.55) and
Housing Development Finance Corporation (up 8.63% at Rs 2589.75).
The BSE Bankex rose 8.10% to 8,371.34. It outperformed the Sensex.
Yes Bank (up 20.53% to Rs 172.05), Kotak Mahindra Bank (up 13.36%
to Rs 627.80), Oriental Bank of Commerce (up 11.84% to Rs 181.90),
Axis Bank (up 10.275 to Rs 792.15) and State Bank of India (up
5.75% to Rs 1,740.20), surged.
India's largest private sector bank by assets ICICI Bank soared
9.37% to Rs 879.95. The bank has reportedly entered into a Rs
1,150-crore equity-cum-debt deal with Jaypee Infratech, a unit of
Jaiprakash Associates. The bank has decided to pick up 1% stake in
Jaypee Infratech for Rs 250 crore, reports added.
The BSE IT index rose 7.73% to 3,686.35. It outperformed the
Sensex. Aptech (up 22.72% to Rs 207.15), Wipro (up 9.02% to Rs
434.70), TCS (up 6.38% to Rs 875.95), Satyam Computer (up 5.10% to
Rs 411.05) and HCL Technologies (up 4.34% to Rs 285.95), advanced.
The BSE Realty index rose 9.48% to 7,451.24. It outperformed the
Sensex. Housing Development & Infrastructure (up 13.89% to Rs
581.50), Anant Raj Industries (up 13.33% to Rs 230), Mahindra
Lifespace Developers (up 9.67% to Rs 390.15), Puravankara Projects
(up 9.59% to Rs 187.90) and Indiabulls Real Estate (up 2.91% to Rs
435.30), gained.
Among the side counters, Edelweiss Capital (up 24.24% to Rs
726.45), Indiabulls Financial Services (up 20% to Rs 415.05),
Greaves Cotton (up 20% to Rs 216), Orbit Corporation (up 20% to Rs
386.15), Gujarat Mineral Development Corporation (up 19.93% to Rs
286.45) and Reliance Capital (up 17.68% to Rs 1,328.75), surged.
Reliance Natural Resources clocked the highest volume of 2.14 crore
shares on BSE. ispat Industries (1.62 crore shares), Essar Oil
(1.14 crore shares), Reliance Petroleum (96.33 lakh shares) and
IFCI (92.34 lakh shares), these were the other volume toppers on
BSE in the order.
Axis Bank registered highest turnover of Rs 603.16 crore on BSE.
GSS America (Rs 379.56 crore), Reliance Capital (Rs 303.90 crore),
Housing Development Finance Corporation (Rs 246.36 crore) and Essar
Oil (Rs 232.46 crore), were the other turnover toppers on BSE in
that order.
Chemicals maker GHCL surged 16.28% to Rs 86.80 after the company
said it plans to spin off its home textiles and retail businesses
into separate units as part of a restructuring plan.
Software firm Prithvi Information Solutions surged 9.69% to Rs
154.50 after the software services firm said its board will
consider a share buyback proposal on 31 March 2008.
Steel pipes maker Welspun Gujarat Stahl Rohren jumped 12.93% to Rs
332.35 after the company said it has bagged pipeline orders worth
Rs 1,075 crore for the supply of spiral pipes to Northern Africa.
Apparels maker Gokaldas Exports advanced 8.73% to Rs 185 on reports
the company has secured an order to supply 2.50 lakh units of
sportswear like jumpers, track-suits & vests for the thousands of
athletes participating in Beijing Olympics.
Apparels firm Arvind Mills jumped 5.44% to Rs 36.85 after the
company said Arvind Brands a division of the company has signed an
agreement with Philips-Van Heusen Corporation for designing,
distribution & retailing of IZOD brand in India.
Future Capital Holdings, the financial services arm of the Future
Group, jumped 7.74% to Rs 589.20 after the company said its board
has approved to invest upto Rs 47.75 crore in its subsidiary Future
Finmart.
Cement maker Prism Cement soared 9.77% to Rs 42.15 after 14 lakh
shares, or 0.47% of the company's equity, changed hands in a block
deal on NSE at Rs 39.55 each.
Power equipment maker Jyoti Structures spurted 4.07% to Rs 162.30
after its secured an order worth Rs 160 crore for construction of
transmission line and sub-stations in Uganda.
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