Market remains firm; breadth strong

At 13:22 IST, the 30-share BSE Sensex was up 210.49 points or 1.34% at 15,905.49. The Sensex gained 262.14 points at day’s high of 15,957.24, hit in early afternoon trade. At the day’s low of 15673.67 Sensex lost 21.43 points in mid-morning trade.

The S&P CNX Nifty was up 69.5 points or 1.47% at 4802.50.

The BSE Mid-Cap index was up 0.99% at 6,542.79 and the BSE Small-Cap index was up 0.81% at 8,095.85.




The market breadth was strong: On BSE, 1642 stocks gained, 881 stocks declined and 76 stocks were unchanged.

Metal stocks were mixed after reports that the government has banned export of primary steel. Hindalco Industries (up 2.39% to Rs 177.65), Sterlite Industries (up 2.34% to Rs 803.60), Tata Steel (up 1.18% to Rs 693.75) edged higher. Steel Authority of India (down 0.22% to Rs 160.35) and National Aluminium Company (down 0.32% to Rs 426) edged lower.

IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Infosys, India’s second largest IT exporter by sales, declined 1.27% to Rs 1,435. Tata Consultancy Services (up 2.08% to Rs 919.50) and Satyam Computer Services (up 2.79% to Rs 435.25), rose.

Banking stocks rose after higher inflation data. India’s largest private sector bank by operating income ICICI Bank rose 0.37% to Rs 803.90. It came off from its high of Rs 822. However, State Bank of India (up 0.85% to Rs 1,676) and HDFC Bank (up 1.39% to Rs 1,344) edged higher.

Capital goods stocks rose. Larsen & Toubro (up 3.93% to Rs 2,782), Bharat Heavy Electricals (up 3.74% to Rs 1,830.20) and Suzlon Energy (up 1.14% to Rs 293) edged higher.

Power stocks rose. Tata Power Company (up 3.86% to Rs 1,246) and Reliance Power (up 1.24% to Rs 362.85), NTPC (up 0.81% to Rs 187.50) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.73% to Rs 1,287.50 after the company said on 10 April 2008 it has spent about a third of the Rs 800 crore ($200 million) allocated for buying back shares from the stock market.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.15% at Rs 2,496. Reportedly, Reliance is in talks with several oil majors to sell up to 10% in its deep-water D6 block off India's east coast.

Reliance Communications (up 1.72% to Rs 492.70), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.43% to Rs 215.85) , Mahindra & Mahindra (up 1.27% to Rs 620) edged higher from the Sensex pack.

Ranbaxy Laboratories (down 1.25% to Rs 445), Grasim Industries (down 0.97% to Rs 2,545), Hindustan Unilever (down 0.75% to Rs 238.35) , ITC (down 0.46% to Rs 207) and Ambuja Cements (down 0.41% to Rs 121.50), edged lower from Sensex pack.