Good buying interest helped market end on a strong note. IT and
banking stocks were in demand throughout the trading session.
Realty and metal stocks picked up momentum in the last hour of
trade. Banking stocks rose after inflation eased from more than
three years' high hit in late March 2008.
Initial forecast of a near-normal monsoon this year by the Indian
Meteorological Department boosted market sentiments today besides
positive global cues.
The wholesale price index rose 7.14% in the 12 months to 5 April
2008, as per latest data. This was slower than the previous week's
annual rise of 7.41%.
European markets that opened after Indian market were trading
higher. Key indices in UK, France and Germany were up 0.04% to
0.67%.
Asian markets, which opened before Indian market, were mostly in
green. Key indices in Taiwan, South Korea, Singapore, Japan, and
Hong Kong were up 0.27% to 1.92%. However, China's Shanghai
Composite was down 2.09%.
US stocks vaulted higher on Wednesday, 16 April 2008, after Intel
Corp, JPMorgan Chase & Co and other blue chips reported earnings
that reassured investors worried that a weak economy would sap
corporate profits.
The 30-share BSE Sensex rose 237.01 points or 1.46% at 16,481.20.
The Sensex gained 326.38 points at day's high of 16,570.57, hit in
the early afternoon trade.
The S&P CNX Nifty was up 71.1 points or 1.45% at 4958.40. Nifty
April 2008 futures were at 4963, at a premium of 4.6 points as
compared to spot closing of 4958.40.
Sensex has gained 1671.71 points or 11.28% from a recent low of
14,809.49 on 17 March 2008. It is off 4725.57 points or 22.28% from
a record high of 21206.77 hit on 10 January 2008.
As per provisional data, foreign institutional investors (FIIs)
bought shares worth a net Rs 597.53 crore today. Domestic funds
sold shares worth a net Rs 59.87 crore.
The market remains closed tomorrow, 18 April 2008, on account of
Mahavir Jayanti.
The BSE Mid-Cap index rose 2.05% at 6,836.55 and the BSE Small-Cap
index was up 2.16% at 8,531.36. Both these indices outperformed the
Sensex.
The market breadth was strong: on BSE, 2025 stocks gained, 703
stocks declined and 51 stocks were unchanged.
BSE clocked a turnover of Rs 6683 crore as against Rs 6,800.65 on
Wednesday, 16 April 2008. NSE's futures & options (F&O) segment
turnover was Rs 42461.28 crore, which was higher than Rs 39646.97
crore on Wednesday, 16 April 2008.
Top Sensex gainers were, HDFC Bank (up 6.95% at Rs 1396.40),
Hindalco Industries (up 5.58% at Rs 186.35), Housing Development
Finance Corporation (up 4.32% at Rs 2487.30), DLF (up 4.28% at Rs
648.60) and Tata Steel (up 3.55% at Rs 715.20).
Top Sensex losers were, Hindustan Unilever (down 3.59% at Rs
232.40), ACC (down 0.85% at Rs 799.40), Larsen & Toubro (down 0.80%
at Rs 2776.20), Reliance Energy (down 0.74% at Rs 1335.25), and
ONGC (down 0.14% at Rs 1015.95).
The BSE Bankex was outperformed the Sensex, rising 3.13% to
8,295.84. Oriental Bank of Commerce (up 6.83% at Rs 192.35), Bank
of India (up 6.42% at Rs 320.85), Centurion Bank of Punjab (up
5.63% at Rs 45.05), Axis Bank (up 4.82% at Rs 824.75), Kotak
Mahindra Bank (up 1.08% at Rs 718.50) and State Bank of India (up
1.01% at Rs 1682.85), surged.
India's largest private sector bank by assets ICICI Bank was up
2.38% at Rs 835.20.
The BSE IT index outperformed the Sensex, gaining 3.60% to
4,150.90. i-Flex Solutions (up 12.60% at Rs 1289.80), Hcl
Technologies (up 3.36% at Rs 269.25), Satyam Computer (up 3.28% at
Rs 468.95), TCS (up 2.71% at Rs 100.90) and Wipro (up 2.65% at Rs
459.20), flared up.
India's second largest software exporter by sales Infosys
Technologies gained 4.16% at Rs 1666.45. The stocks is on a rise
since Tuesday, 15 April 2008, when the company reported 1.46% rise
in consolidated net profit to Rs 1249 crore on a 6.34% growth in
revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.
The stock advanced 17.15% in three session from Rs 1,422.45 on
Friday, 11 April 2008.
The BSE Oil & Gas index underperformed the Sensex, sliding 0.10% to
11,411.03. Gail India (down 1.83% at Rs 446.30), Indian Oil
Corporation (down 0.89% at Rs 452.50), Essar Oil (down 0.30% at Rs
262.55), and BPCL (down 0.10% at Rs 400.80), slipped.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries fell 0.30% at Rs 2636.95.
Orchid Chemicals & Pharmaceuticals clocked the highest turnover of
Rs 663.21 crore on BSE. NDTV (Rs 240.30 crore), Reliance Industries
(Rs 216.82 crore), Reliance Petroleum (Rs 139.25 crore) and
Reliance Natural Resources (Rs 134.24 crore), were the other
turnover toppers on BSE in that order.
Ispat Industries reported the highest volume of 2.75 crore shares
on BSE. Orchid Chemicals & Pharmaceuticals (2.19 crore shares),
Nagarjuna Fertiliser & Chemicals (2.05 crore shares), Tata
Teleservices (Maharastra) (1.81 crore shares) and Chambal
Fertilisers and Chemicals (1.32 crore shares), were the other
volume toppers on BSE in that order.
Tea stocks surged after tea prices in Kenya, one of the biggest
exporters of black tea, rose on fears that insufficient rain would
cut production. McLeod Russel (up 20% at Rs 96.95), Jay Shree Tea
(up 13.43% at Rs 133.05), Harrisons Malayalam (up 15.61% at Rs
83.80), Warren Tea (up 10% at Rs 79.75) and Tezpore Tea & Exports
(up 5% at Rs 61.65), surged.
Steel and real estate firm Shree Precoated Steels rose 5% to Rs
190.95 on reports it planned to raise Rs 1000 crore from private
equity funds.
Real estate firm Parsvnath Developers rose 2.71% at Rs 212.45 on
reports the firm sold a 30% stake in a Mumbai project to foreign
funds for Rs 186 crore.
Telecom provider Tata Teleservices (Maharastra) rose 14.58% at Rs
33.80 on reports the firm is planning to sell 15-30% stake to
private equity (PE) investors for raising over $1 billion. The
funds would be employed for the company's expansion in both CDMA
and the upcoming GSM services.
Wind turbines maker Indowind Energy rose 6.18% at Rs 85.90 after it
reported net profit of Rs 0.50 crore on sales of Rs 0.55 crore in
the quarter ended March 2008.
Software firm Nucleus Software Exports advanced 5.62% at Rs 265.05
after the company said Reem Finance, one of the leading non banking
financial institutions headquartered in Abu Dhabi has selected its
flagship product FinnOne.
Gas distributor Petronet LNG gained 3.65% to Rs 79.60 after the
company reported 51.52% increase in net profit to Rs 474.65 crore
on 19.17% rise in total income to Rs 6608.89 crore in the year
ended March 2008 over the year ended March 2007.
Mukesh Ambani-controlled Reliance Petroleum rose 1.11% at Rs 186.90
after the company said its 5.80 lakh barrel a day export-oriented
refinery at Jamnagar, Gujarat would be completed ahead of its
schedule start of December 2008.
Chennai-based BPO Dhanus Technologies gained 0.44% to Rs 240.10
after the company said it has acquired 60% stake in Hyderabad based
information technology firm, Sreeven Infocom.
Gujarat Alkalies & Chemicals, which is India's largest producer of
caustic soda by capacity, slipped 1.08% at Rs 192, off day's high
of Rs 203. The firm signed an agreement with Dow Europe GmbH, a
unit of Dow Chemical Co, to set up a joint venture company for
manufacture of two lakh tonnes per annum of chlorinated organics.
India's monsoon rains are likely to be near normal this year, the
Indian Meteorological Department (IMD) forecasted on Wednesday, 16
April 2008, promising robust harvests which could bolster growth in
the country and soothe global food worries.
Earth sciences minister Kapil Sibal said this year's forecast
should be more reliable as the IMD was using a combination of
statistical and dynamic models, unlike earlier when only
statistical models were applied.
IMD will update its prediction in June 2008 when it makes the
second-stage forecasts. Separate forecasts for July 2008 rainfall
(crucial for Kharif crop) and seasonal rainfall over the country's
four geographic regions will also come in June 2008.
Wall Street shares surged to end at their highs for the day
yesterday, 16 April 2008, as investors cheered the latest round of
earnings, which included Intel and JP Morgan. The Dow Jones
industrial average jumped 256.80 points or 2.08% to 12,619.27, the
broader S&P 500 index advanced 30.28 points or 2.27% to 1,364.71
and the Nasdaq Composite index climbed 64.07 points or 2.80% to
2,350.11.
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