Data showing a surge in inflation pushed the market in the red for a brief period. It soon jumped from its lows. The market had surged in early trade on strong cues from global markets. Power, oil & gas and capital goods stocks rose. Hindalco Industries and Larsen & Toubro were major gainers from Sensex pack. The market breadth was strong.
Firm Asian markets boosted domestic bourses. Asian stocks rose today, 11 April 2008, after Banc of America Securities upgraded the US semiconductor sector and Wal-Mart Stores Inc, the world's largest retailer, raised its profit forecast. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, and Taiwan were up by between 0.72% to 2.51%. China’s Shanghai Composite declined 0.04% to 3,470.49.
The wholesale price index rose 7.41% in 12 months to 29 March 2008, accelerating from the previous week's annual rise of 7%, government data showed today, 11 April 2008. The data was announced at about 10:45 IST. The rate is the highest reading since 13 November 2004 when it was 7.68%. The annual inflation rate was 5.94% during the corresponding week of the previous year.
At 11:23 IST, the 30-share BSE Sensex was up 129.72 points or 0.83% at 15,825.68. The Sensex gained 202.01 points at day’s high of 15,897.11, hit in early 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 35.65 points or 0.75% at 4768.65.
The BSE Mid-Cap index was up 0.45% at 6,508.10 and the BSE Small-Cap index was up 0.55% at 8,075.38.
The market breadth was strong: On BSE, 1346 stocks gained, 832 stocks declined and 74 stocks were unchanged.
Power stocks rose. Tata Power Company (up 3.04% to Rs 1,236.10) and Reliance Power (up 1.03% to Rs 362.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.27% to Rs 1,281.80 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. However, India’s largest power utility firm by sales NTPC declined 0.22% to Rs 185.60.
Oil & Gas stocks rose. Cairn India (up 2.95% to Rs 249.30), Gail India (up 1.31% to Rs 432.50), ONGC (up 0.41% to Rs 1,006.50) and Reliance Petroleum (up 1.4% to Rs 177.95) edged higher. 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.
Capital goods stocks rose. Larsen & Toubro (up 1.33% to Rs 2,714), Bharat Heavy Electricals (up 1.55% to Rs 1,792.60) and Suzlon Energy (up 1.14% to Rs 293) edgedhigher.
Hindalco Industries (up 3.2% to Rs 179), Tata Consultancy Services (up 1.8% to Rs 917), Reliance Communications (up 1.25% to Rs 490.45), Satyam Computer Services (up 1.15% to Rs 429.05), Grasim Industries (up 1.15% to Rs 2599.50) edged higher from the Sensex pack.
Hindustan Unilever (down 1.67% to Rs 236), ITC (down 0.96% to Rs 205.95), Infosys (down 0.41% to Rs 1,447.40), Maruti Suzuki India (down 0.31% to Rs 735.50) edged lower from Sensex pack.
Tata Teleservices (Maharashtra) was flat at Rs 28. The board of Tata Teleservices (Maharashtra) approved spinning off its telecom tower infrastructure division to a separate unit.
Triveni Engineering & Industries declined 0.86% to Rs 110.Triveni Engineering & Industries reportedly expects sugar realisation to be higher by about 10% from June 2008 onwards, helped by a fall in production.
Yes Bank declined 2.57% to Rs 160.80. A client of Yes Bank has reportedly gone to court over a dispute involving a derivatives transaction. As per reports the case was filed in November 2007. The new-generation bank is negotiating an out-of-court settlement with the client, suggested reports.
Renaissance Jewellery declined 1.55% to Rs 70. The board of Renaissance Jewellery approved acquisition of L J Creations.
Sasken Communications Technologies surged 9.07% to Rs 132.90. The board of Sasken Communications Technologies will consider a share buyback proposal on 18 April 2008
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