The market, after trading in a narrow range through the day, eased from early highs and ended with decent gain. It was a rewarding session for IT stocks for second consecutive day after IT bellwether Infosys on Tuesday, 15 April 2008, gave a confident medium-term outlook. Small- and mid-cap stocks extended gains from the previous session.
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 0.94% to 1.58%. However, China’s Shanghai Composite and Hong Kong’s Hang Seng were down by 0.10% to 1.69%.
In Europe key indices in UK, France and Germany were up 0.34% to 0.87%. 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.
As per provisional closing, the 30-share BSE Sensex rose 87.71 points or 0.54% at 16,241.37. 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 9.15 points or 0.19% at 4888.80.
The BSE Mid-Cap index was up 1.47% at 6,701.77 and the BSE Small-Cap index was up 1.81% at 8,352.51.
The market breadth was strong: on BSE, 1867 stocks gained, 807 stocks declined and 76 stocks were unchanged.
BSE clocked a turnover of Rs 6767 crore as against Rs 5,861.39 on Tuesday, 15 April 2008.
India’s second largest software exporter by sales Infosys Technologies rose 5.57% at Rs 1596.50. 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 1.17% at Rs 2638.
India’s largest private sector bank by assets ICICI Bank gained 1.08% at Rs 815.20.
The top Sensex gainers were, Wipro (up 4.98% at Rs 445.80), Reliance Energy (up 2.99% at Rs 1339.50), Hindalco Industries (up 1.93% at Rs 176.50), Reliance Communication (up 1.39% at Rs 527) and ITC (up 1.11% at Rs 210.25).
Top Sensex losers were, Ambuja Cements (down 3.52% at Rs 112.45), Bharat Heavy Electricals (down 3.11% at Rs 1780.20), Jaiprakash Associates (down 2.08% at Rs 214.25), NTPC (down 2.06% at Rs 187.50) and Hindustan Unilever (down 1.79% at Rs 241).
Drug maker Nicholas Piramal India advanced 2.45% to Rs 328.10 after the company signed an agreement with Khandelwal Laboratories for the purchase of its anti-spasmodic Anafortan and antibiotic CEFI brands for a total consideration of Rs 116 crore.
Construction firm Maytas Infra fell 1.52% to Rs 644.10, off day's high of Rs 680. The company said on Tuesday 15 April 2008 it has bagged an order worth Rs 68 crore from AP Road Development Corporation, Andhra Pradesh for building a bridge.
Agro chemicals maker Rallis India galloped 3.99% to Rs 425 after the company reported 115.40% surge in net profit to Rs 125.19 crore on 7.60% rise in net sales to Rs 692.15 crore in the year ended March 2008 (FY 2008) over the year ended March 2007 (FY 2007).
Mukesh Ambani-controlled Reliance Industrial Infrastructure was locked at upper limit of 5% at Rs 999.85 after posting 52.4% rise in net profit to Rs 6.43 crore on 38.6% rise in sales to Rs 18.92 crore in Q4 March 2008 over Q4 March 2007.
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.
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