An early surge on the bourses proved short-lived as index
heavyweights Reliance Industries, ICICI Bank and L&T, gave up
initial gains. The Sensex, which had surged past 16,000 mark in
early trade, fell below that level later. Nevertheless, the market
breadth remained strong. 16 shares advanced from the 30-member
Sensex pack.
Sensex settled 123.78 points or 0.79% higher at 15,750.40. Sensex
gained 92.85 points at day's low of 15,719.47 hit in late trade.
Sensex 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. It oscillated in a band
of 517.30 points in volatile trade
The broader based S&P CNX Nifty was up 14.65 points or 0.31% at
4,754.20. Nifty April 2008 futures were at 4741.15, a discount of
13.05 points as compared to spot closing.
Strong cues from global markets had boosted domestic bourses
earlier in the day. US stocks rallied on Tuesday, 1 April 2008,
after Lehman Brothers said it raised $4 billion in an offering of
convertible preferred shares, which soothed fears it was heading
for a fate similar to that of Bear Stearns. European markets, which
opened after Indian market, were in green. Asian markets, which
opened before Indian market Indian market, surged.
The market breadth was strong on BSE: 1734 shares advanced as
compared to 938 that declined. 50 shares remained unchanged.
The BSE Mid-Cap index rose 0.08% to 6,400.37 and the BSE Small-Cap
index advanced 0.51% to 7,901.91, as per provisional closing. Both
these indices underperformed the Sensex.
The total turnover amounted to Rs 4769 crore on BSE as compared to
Rs 4,718 crore yesterday, 1 April 2008
Total turnover in NSE's futures options segment amounted to Rs
34170.35 crore as compared to Rs 35886.84 crore yesterday, 1 April
2008
The BSE Consumer Durables index (up 0.80% to 3,917.70), the BSE IT
index (up 2.93% to 3,644.35), the BSE Auto (up 1.56% at 4,539.52),
the BSE Bankex (up 2.34% at 7,822.56), the BSE Health Care index
(up 0.82% at 3,862.83), the BSE TecK index (up 2.04% to 3,078.22),
outperformed the Sensex
The BSE Metal index (down 2.15% to 13,516.89), the BSE FMCG index
(down 0.79% at 2,318.80), the BSE Oil & Gas index (down 0.25% to
10,328.08), the BSE Realty index (up 0.46% at 7,501.17), the BSE
Power (down 0.49% to 3,137.12), the BSE Capital Goods index (down
0.46% at 13,498.15), and the BSE PSU index (down 0.11% to
7,387.62), underperformed the Sensex
IT pivotals advanced on fresh buying. India's second largest
software services exporter Infosys Technologies surged 4.34% to Rs
1483 on 1.66 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, Wipro (up 1.10% to Rs 413.50), Satyam Computer
Services (up 1.91% to Rs 405), and TCS (up 2.06% to Rs 852),
advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries eased sharply
from day's high of Rs 2455. It settled 0.22% lower at Rs 2340 on
13.27 lakh shares. 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.
Jaiprakash Associates (up 2.51% to Rs 231, off day's high of Rs
240.95), HDFC (up 3.82% to Rs 2450, off day's high of Rs 2524.70)
and Bharti Airtel (up 1.32% to Rs 815.25, off day's high of Rs
839), though up pared early gains.
Banking shares gained on fresh buying. India's largest private
sector bank in terms of net profit ICICI Bank advanced 3.93% to Rs
786.25. The stock came off session's high of Rs 815. The bank's
American Depository Receipt (ADR) jumped 8% yesterday, 1 April
2008, on the New York Stock Exchange (NYSE).
Other banking shares, State Bank of India (up 1.51% to Rs 1649),
and HDFC Bank (up 0.45% to Rs 1314), also logged gains
India's top tractor marker in terms of sales, Mahindra & Mahindra
(M&M) rose 2.61% to Rs 667.25 after it said on Tuesday, 1 April
2008, its vehicle sales rose 20% to 24,682 units in March 2008 over
March 2007. M&M's sales rose 30% to 2,31,355 vehicles, in the
financial year to March 2008 over the financial year to March 2007.
India's top truck marker in terms of sales, Tata Motors rose 1.51%
to Rs 636.90 after it said on Tuesday, its vehicle sales 6% to
66,495 units in March 2008 over March 2007. Sales of commercial
vehicles rose 17% to 35,993 units and sales of cars and utility
vehicles fell 4% to 24,737. Exports fell 9% to 5,765 vehicles
India's largest private sector power utility company in terms of
sales, Reliance Energy slumped 5.15% to Rs 1222 on 9.22 lakh
shares. It was the top loser from Sensex pack.
Steel stocks declined on reports that the government has asked
steel makers to cut prices by 10% to 20%, failing which it may take
a host of fiscal measures to lower prices. Tata Steel, the
country's largest private sector in terms of sales, declined 3.50%
to Rs 644
Other steel manufacturers JSW Steel (down 4.93% to Rs 785), Steel
Authority of India (down 4.13% to Rs 167.30), and Jindal Steel &
Power (down 2.36% to Rs 1965), declined. As per reports, the
government has asked steel makers to cut prices by 10% to 20%,
failing which it may take a host of fiscal measures to lower
prices.
Bharat Heavy Electricals (down 2% to Rs 1854), and ITC (down 2.18%
to Rs 206.55), edged lower from Sensex pack.
India's biggest engineering & construction firm by revenue L&T lost
1.1% to Rs 2861.25. The stock came off session's high of Rs 3069.90
GSS America Systems was the top traded counter on BSE with turnover
of Rs 344.18 crore followed by Reliance Industries (Rs 318.62
crore), Reliance Capital (Rs 277.80 crore), Essar Oil (Rs 209.51
crore), and Reliance Petroleum (Rs 207.35 crore), in that order
Indiabulls Securities topped volumes chart clocking volumes of 1.50
crore shares followed by Reliance Petroleum (1.22 crore shares),
Kashyap Technologies (1.10 crore shares), Reliance Natural
Resources (1.02 crore shares) and Essar Oil (95.50 lakh shares), in
that order.
Indiabulls Securities, which was spun off from Indiabulls Financial
Services in January, settled at Rs 99.05 on BSE, as against base
price of Rs 380, on its debut today. The stock hit a high and low
of Rs 300 and Rs 96.20 respectively during the day. Indiabulls
Financial Services, had allotted one share of Indiabulls Securities
for every share held.
Among the side counters, Global Vectra Helicorp (up 19.97% to Rs
78.10), Classic Diamonds (up 20% to Rs 75.75), and Haldyn Glass
Gujarat (up 20% to Rs 78.05), surged.
GSS America Systems (down 20% to Rs 623.10), Bosch Chasiss Systems
(down 10% to Rs 559.75), ETC Networks (down 11.95% to Rs 261.95),
and (down 9.94% to Rs 41.70), slipped
Cement shares gained on reports that they have raised prices in the
range of 3% to 4% across the country. Ultratech Cement (up 5.53% to
Rs 804), India Cements (up 2.05% to Rs 189.25), Birla Corporation
(up 0.13% to Rs 198.50), ACC (up 0.89% to Rs 833.10) and Deccan
Cement (up 1.61% to Rs 259) edged higher.
Prices were increased because of the rise in production cost. The
cement price is now Rs 258 per 50 kilogram bag in Mumbai.
Steel Strips Wheels gained 3.62% to Rs 174.70 after the company
said it has bagged an export order worth Rs 110 crore from Renault,
France for supply of one million steel wheel rims over five years.
Gujarat Gas Company dipped 2.97% to Rs 227.30. The company said it
has signed a contract for supply of 2.13 million cubic metres of
gas per day with GAIL (India). The company made this announcement
after trading hours on Tuesday, 1 April 2008.
BEML gained 1.45% to Rs 989 on achieving a provisional turnover of
Rs 3005 crore with 15.5% growth and profit before tax of Rs 350
crore with 11% growth in the financial year 2007-08 over 2006-07.
The company made this announcement before trading hours today, 2
April 2008. The order book of the company stands at Rs 3,795 crore.
GAIL India gained 2.56% to Rs 433.05 after the company said on
Tuesday, 1 April 2008, it has signed contracts for marketing the
entire volume of gas produced from the Panna-Mukta and Tapti
fields.
Shree Cement declined 1.40% to Rs 1060. The company's cement
shipments jumped 60.08% to 7,54,000 tonnes in March 2008 over March
2007.
Kilburn Engineering advanced 6% to Rs 44.25 after the company said
it has received an order worth Rs 11 crore from GHCL for
manufacture of calciner.
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.
The market sentiment may remain edgy in near term as Indian
companies are sitting on huge potential losses on account of the
forex derivative transactions they undertook last year. A steep
decline in the value of the US dollar against the Japanese Yen and
the Swiss Franc has hit Indian corporates which have used these two
currencies (Yen and Franc) extensively to swap their rupee
denominated debt.
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