The key benchmark indices ended higher extending yesterday's gains.
Market had surged in early afternoon trade when the BSE Sensex
surpassed 16,000 mark. It immediately fell below that level.
IT stocks rose. Capital goods, power stocks declined. Reliance
Industries gained. Wipro and Satyam Computer Services were major
gainers from the Sensex pack. Bharat Heavy Electricals (Bhel)
declined after announcing provisional results for the year ended
March 2008. Reliance Energy and Mahindra & Mahindra were other
major losers from Sensex pack. The market breadth was negative
compared to strong breadth at the onset of the trading session. BSE
Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued.
France's CAC, Germany's DAX and UK's FTSE 100 were down by between
0.43% to 0.76%. Asian markets which opened before Indian market
edged higher after a US jobs indicator raised hopes of a milder
recession than previously feared in the world's biggest economy.
The 30-share BSE Sensex gained 82.15 points or 0.52% at 15,832.55.
At the day's high of 16002.73, the Sensex rose 252.33 points in
early afternoon trade. At the day's low of 15,699.21 Sensex lost
51.19 points in early trade.
The broader based S&P CNX Nifty gained 17.4 points or 0.37% at
4,771.60.
From recent low of 14,809.49 on 17 March 2008 Sensex has recovered
1023.06 points or 6.9% at current 15,832.55. From the recent high
of 16,371.29 on 28 March 2008, Sensex is off 538.74 points or 3.29%
BSE clocked a turnover of Rs 4789 crore today 3 April 2008 compared
to a turnover of Rs 4,955.40 on 2 April 2008.
The market breadth was negative: On BSE 1215 shares advanced as
compared to 1409 that declined. 63 shares remained unchanged.
The BSE Mid-Cap index down 0.4% to Rs 6,387.23 and BSE Small-Cap
index down 0.91% to 7,840.29.
Nifty April 2008 futures were at 4785, at a premium of 13.40 points
as compared to spot closing of 4771.60.
The NSE's futures & options (F&O) segment turnover was Rs 32,513.16
crore, which was lower than Rs 34,170.35 crore on Wednesday, 2
April 2008.
BSE IT index (up 3.31% to 3,764.91), BSE Oil & Gas index (up 1.97%
to 10,531.88), BSE FMCG index (up 1.12% to 2,344.68), BSE
HealthCare index (up 0.64% to 3,887.73), BSE Metal index (up 0.53%
to 13,588.76) outperformed Sensex.
BSE Realty index (up 0.3% to 7,523.32) , BSE Bankex (down 0.02% to
7,820.62), BSE PSU index (down 0.54% to 7,347.78), BSE Auto index
(down 1.07% to 4,490.94), BSE Consumer Durables index (down 1.53%
to 3,857.74), BSE Capital Goods index (down 2.1% to 13,214.73) and
BSE Power index (down 2.6% to 3,055.57) underperformed Sensex.
IT stock surged on hopes a US recession might not be deep as
feared. Wipro (up 5.04% to Rs 435.30), Infosys (up 2.68% to Rs
1,521.65), Tata Consultancy Services (up 4.13% to Rs 885.95) and
Satyam Computer Services (up 5.11% to Rs 428.05) edged higher. The
US private sector added 8,000 jobs in March 2008, according to a
report on Wednesday by ADP Employer Services, surpassing economist
expectations. IT firms derive more than half of their revenue from
exports to US.
Capital goods stocks declined. India's biggest power equipment
maker by sales Bharat Heavy Electricals declined 5.27% to Rs
1754.95. Based on provisional figures, the company today reported
16.56% growth in net profit to Rs 2815 crore in the year ended
March 2008 over the year ended March 2007. India's largest
engineering firm by sales Larsen & Toubro declined 0.54% to Rs
2,850.05.
Power stocks were mixed. India's largest power generation firm by
sales National Thermal Power Corporation rose 0.1% to Rs 194.25
after the company formed a joint venture company with Uttar Pradesh
Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam
for setting up a power plant of 1320 megawatt in Allahabad district
in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50%
stake in the share capital of the joint venture company.
Reliance Energy (down 3.32% to Rs 1,189.45), Power Grid Corporation
of India (down 0.8% to Rs 99.20), Tata Power Company (down 2.34% to
Rs 1,159.30). However Reliance Power rose 1.06% to Rs 329.60.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries rose 2.14% to Rs
2,393.75.
India's largest commercial bank State Bank of India down 0.81% to
Rs 1,639.10. The bank said on Wednesday, 2 April 2008, it had
finalised issue of bonds to raise 12 billion yen ($117.7 million).
The bonds will mature in five years and carry a coupon of 3.36%, it
said in a statement to the Bombay Stock Exchange. The bonds will be
issued on 8 April 2008, the bank said.
India's largest tractor maker by sales Mahindra & Mahindra declined
2.29% to Rs 651. A consortium of Mahindra & Mahindra and private
equity firm ICICI Venture Funds has signed an agreement to buy
Italian gear manufacturer Metalcastello. Financial details of the
deal, which is subject to approvals, were not disclosed.
Hindalco Industries (up 2.52% to Rs 170.95), Jaiprakash Associates
(up 0.47% to Rs 233.40), Tata Steel (up 2.11% to Rs 659.60), ONGC
(up 0.84% to Rs 1,019.55), Hindustan Unilever (up 3.2% to Rs
243.35) and ICICI Bank (up 0.47% to Rs 787.90) edged higher from
the Sensex pack.
Maruti Suzuki India (down 2.92% to Rs 788.50), Grasim Industries
(down 2.15% to Rs 2,560.95) Tata Motors (down 1.48% to Rs 628.70),
HDFC (down 1.11% to Rs 2,442.90) and Bharti Airtel (down 0.36% to
Rs 821.05) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) settled at a discount of
5.45% to Rs 157.90 on BSE on its debut today. The company had
priced the initial public offer (IPO) at Rs 167 - at the lower end
of the Rs 167 - Rs 200 price band.
Indiabulls securities clocked highest volume of 1.8 crore shares on
BSE. Reliance Natural Resources (1.4 crore shares), Ispat
Industries (1.33 crore shares), Reliance Petroleum (1.17 crore
shares) and Essar Oil (85.52 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked a highest turnover of Rs 250.41 crore on
BSE. GSS America Infotech (Rs 246.02 crore), Bharat Heavy
Electricals (Rs 219.88 crore), Reliance Petroleum (Rs 198.01 crore)
and Reliance Industries (Rs 195.67 crore) were other turnover
toppers in that order.
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