The key benchmark indices pared gains in afternoon trade even as European markets which opened after Indian market, started on a positive note. IT stocks remained firm even as capital goods stocks slipped. Small-cap and mid-cap stocks attracted investor interest for second day in a row.
Positive cues from the global markets boosted domestic bourses today. Asian markets, which opened before Indian markets, were trading higher today. Key indices in Taiwan, South Korea, Singapore, and Japan were up 0.68% to 1.58%. However, China’s Shanghai Composite and Hong Kong’s hang Seng were down by 0.21% to 1.69.
In Europe key indices in UK, France and Germany were up 0.60% to 0.69%. US stocks gained on Tuesday, 15 April 2008, as record oil prices lifted energy shares and stronger-than-expected quarterly results at several US regional banks boosted financial companies.
At 13:20 IST, the 30-share BSE Sensex was up 124.52 points or 0.77% at 16,278.18. The Sensex gained 260.14 points at day’s high of 16,413.80, hit in early trade.
The S&P CNX Nifty was up 24.9 points or 0.51% at 4904.55.
The BSE Mid-Cap index was up 1.62% at 6,711.71 and the BSE Small-Cap index was up 1.91% at 8,361.16.
The market breadth was strong: on BSE, 1938 stocks gained, 633 stocks declined and 67 stocks were unchanged.
India’s second largest software exporter by sales Infosys Technologies rose 5.64% at Rs 1596. The company, on Tuesday, 15 April 2008, reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.
At the time of announcing Q4 March 2008 results, Infosys management said on Tuesday, 15 April 2008, there are significant growth opportunities for the company in the medium to long term. The company, however, may face short-term challenges due to global economic uncertainties.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1% at Rs 2635.
The top Sensex gainers were, Satyam Computer (up 4% at Rs 470.15), Reliance Energy (up 2.96% at Rs 1339.10), Wipro (up 2.13% at Rs 433.70), Hindalco Industries (up 1.70% at Rs 176.50) and TCS (up 1.73% at Rs 992).
Top Sensex losers were, Ambuja Cements (down 2.83% at Rs 113.25), Bharat Heavy Electricals (down 2.36% at Rs 1792.50), ONGC (down 1.44% at Rs 1010), Jaiprakash Associates (down 1.28% at Rs 216) and Tata Motors (down 1.09% at Rs 618.70).
Among the mid-cap stocks, Bombay Dyeing (up 18.62% at Rs 818.55), Orchid Chemicals & Pharmaceuticals (up 13.57% at Rs 327.20), Usha Martin (up 11.52% at Rs 92), Motilal Oswal Financial Services (up 11.29% at Rs 761) and Mahindra Lifespace Developers (up 8.86% at Rs 461.40), surged.
Among the small-cap stocks, Vaibhav Gems (up 17.70% at Rs 66.50), Sarda Energy & Minerals (up 17.08% at Rs 351.30), Vimta Labs (up 14.71% at Rs 97.50), Nesco (up 13.27% at Rs 1,320.05) and Diamond Cables (up 12.94% at Rs 384), spurted.
US markets logged gains on Tuesday, 15 April 2008, following better-than-forecast earnings at regional banks and record prices for oil and gasoline. The gain was led by financial and energy shares. The Dow Jones industrial average gained 60 points to close at 12,362. The Nasdaq gained 10 points at 2,286, while the S&P 500 index rose 6 points to 1,334.
Back home, the battered stock market rebounded yesterday, 15 April 2008, triggered by IT bellwether Infosys Technologies' good future outlook. The 30-share BSE Sensex rose 346.02 points or 2.19% at 16,153.66 and the S&P CNX Nifty was up 101.85 points or 2.13% at 4879.65 on that day.
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