Market spurts in opening trade

The market breadth was strong. All the 30 Sensex stocks advanced.

At 10:24 IST, the 30-share BSE Sensex was up 524.42 points or 3.36% at 16,151.53. It opened with an upward gap of 396.68 points at 16,023.30 and advanced further to hit a high of 16,236.70 in early trade. At the day’s high, the Sensex rose 610.08 points.

The broader based S&P CNX Nifty was up 139.65 points or 2.95% at 4,879.20.

The market breadth was strong: On BSE 1,628 shares advanced as compared to 144 that declined. 19 shares remained unchanged.

The total turnover amounted to Rs 719 crore on BSE by 10:30 IST.

India’s largest private sector bank in terms of net profit ICICI Bank surged 6.56% to Rs 807.05 on 2.26 lakh shares. It was the top gainer from Sensex pack. The bank’s American Depository Receipt (ADR) jumped 8% yesterday, 1 April 2008, on the New York Stock Exchange (NYSE).

Other shares from banking sectors, State Bank of India (up 4.28% to Rs 1694), and HDFC Bank (up 4.12% to Rs 1362), also logged gains

Jairprakash Associates (up 5.84% to Rs 238.70), Infosys Technologies (up 4.69% to Rs 1488) and DLF (up 4.31% to Rs 654) edged higher from Sensex pack.

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 3.48% to Rs 2425.15 on 2.33 lakh shares. The stock moved in a range of Rs 2400 and Rs 2438 so far during the day. The company said on Tuesday, 1 April 2008, it had discovered more gas in an exploration block off the east coast. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis, the company said in a statement.

Among the side counters, AK Capital Services (up 13.27% to Rs 271.85), Atul Auto (up 14.13% to Rs 68.20), and Gandhi Special Tubes (up 10% to Rs 100.65), surged.

The sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India’s caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.

Finance minister P Chidambaram on 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures announced by Chidambaram include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline, no matter the consequences.