The sensex appears set to breach 16000 mark as market surged on improved Index of Industrial Production (IIP) data. Earlier, data showing a surge in inflation had pushed the market in the red for a brief period. It had soon jumped from its lows. The market had surged in early trade on strong cues from global markets. Power and capital goods stocks rose. IT stocks were mixed. Banking stocks pared gains. Bharat Heavy Electricals and Larsen & Toubro were major gainers from Sensex pack. The market breadth was strong.
Firm Asian markets also supported 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, China, South Korea, Singapore, and Taiwan were up by between 0.49% to 2.92%.
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.
India's industrial output (IIP) rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8% growth, data showed today.
At 12:24 IST, the 30-share BSE Sensex was up 249.30 points or 1.6% at 15,943.02. The Sensex gained 260.53 points at day’s high of 15,955.63, 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 68.85 points or 1.45% at 4801.85.
The BSE Mid-Cap index was up 0.9% at 6,537 and the BSE Small-Cap index was up 0.78% at 8,093.50.
The market breadth was strong: On BSE, 1546 stocks gained, 849 stocks declined and 79 stocks were unchanged.
IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Tata Consultancy Services (up 1.84% to Rs 919) and Satyam Computer Services (up 1.74% to Rs 430.80), rose. However India’s second largest IT exporter by sales Infosys declined 1.43% to Rs 1,432.60.
Capital goods stocks rose. Larsen & Toubro (up 3.8% to Rs 2,780), Bharat Heavy Electricals (up 3.04% to Rs 1,819) and Suzlon Energy (up 2.14% to Rs 295.90) edged higher.
Power stocks rose. Tata Power Company (up 3.45% to Rs 1,241) and Reliance Power (up 1.09% to Rs 362.25), NTPC (up 0.54% to Rs 187.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.36% to Rs 1,282.95 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.
Banking stocks pared gains after higher inflation data. India’s largest private sector bank by operating income ICICI Bank declined 0.62% to Rs 796.10. It came off from its high of Rs 822. However, State Bank of India (up 0.31% to Rs 1,667) and HDFC Bank (up 1.24% to Rs 1,342) edged higher.
FMCG stocks declined. ITC (down 0.34% to Rs 207.25), Hindustan Unilever (down 1.31% to Rs 236.85) and Nestle India (down 1.46% to Rs 1,510) edged lower.
Hindalco Industries (up 2.33% to Rs 177.50), Reliance Communications (up 1.98% to Rs 494.15), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.32% to Rs 215.45) DLF (up 1.32% to Rs 608) edged higher from the Sensex pack.
Ranbaxy Laboratories (down 0.37% to Rs 449.75), Ambuja Cements (down 0.16% to Rs 121.80), edged lower from Sensex pack.
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