Sustained buying in banking and power stocks catapulted the key indices higher in the early afternoon trade. Auto pivotals witnessed selling pressure. Small-cap and mid-cap counters saw increased activity with their barometer indices outperforming the Sensex.
Asian markets were mostly in green today, 5 May 2008. Key indices in China, Hong Kong and Singapore were up 0.06% to 1.18%. However, Taiwan’s Taiwan Weighted Index was down 1.41%. Markets in Japan, and South Korea were closed for holiday.
At 12:20 IST, the 30-share BSE Sensex was up 127.95 points or 0.73% at 17,728.07. Sensex gained 132.28 points at day’s high of 17,732.40, hit in the early afternoon trade. The index lost 46.4 points at day’s low of 17,553.72, hit in early trade.
The broader based S&P CNX Nifty was up 21.8 points or 0.42% at 5228.20.
The market breadth was strong on BSE with 2096 shares advancing as compared to 415 stocks that declined. 32 stocks remained unchanged.
The BSE Mid-Cap index rose 1.78% to 7,366.10 and BSE Small-Cap index rose 1.20% to 8,927.52.
The top Sensex gainers were, Jaiprakash Associates (up 2.63% at Rs 294.50), ACC (up 1.78% at Rs 767), Housing Development Finance Corporation (up 1.31% at Rs 2810), Grasim Industries (up 1.32% at Rs 2399.85) and Tata Steel (up 1.19% at Rs 806.50).
Top Sensex losers were, Hindalco Industries (down 1.61% at Rs 182.85), Wipro (down 1.045 at Rs 497), Hindustan Unilever (down 0.66% at Rs 247.80), Bharti Airtel (down 0.57% at Rs 893.50), and TCS (down 0.55% at Rs 936.10).
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.13% to Rs 2,678.25.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 3.31% to Rs 3245. The firm is reportedly set to revamp its corporate structure to create a dozen operating companies under the direction of a separate board of directors. Effective 1 July 2008, the move will lead to L&T becoming the umbrella organisation with a board to administer the performance of all businesses and ownership of the brand, pegged at around $2 billion.
The BSE Bankex was up 1.75% at 9,302.46. Kotak Mahindra Bank (up 5.21% at Rs 864.50), Yes Bank (up 3.90% at Rs 181.30), Karnataka Bank (up 3.38% at Rs 217) and Andhra Bank (up 3.38% at Rs 85.75), edged higher.
India’s largest private sector bank by assets ICICI Bank rose 2.03% at Rs 954.50.
India’s largest commercial bank State Bank of India slipped 1.05% at Rs 1803. Net profit of State Bank of India rose 26.1% to Rs 1883.25 crore on 26.7% increase in operating income to Rs 16393.93 crore in Q4 March 2008 over Q4 March 2007. The bank announced the results at the fag end of the trading session on Friday, 2 May 2008.
Public sector lender Allahabad Bank rose 5.80% at Rs 92.10. Net profit of Allahabad Bank rose 34.8% to Rs 169.51 crore on 30.3% increase in operating income to Rs 1980.17 crore in Q4 March 2008 over Q4 March 2007.
The BSE Power index was up 0.82% at 3,430.82. GVK Power & Infrastructure (up 4.91% at Rs 49.15), Reliance Infrastructure (up 2.84% at Rs 1,566.50), Torrent Power (up 2.65% at Rs 141.60), and Reliance Power (up 1.83% at Rs 404), edged higher.
The BSE Auto index was down 0.53% at 4,835.24. Hero Honda Motors (down 3.03% at Rs 822) and Bharat Forge (down 0.67% at Rs 298.05).
India's largest commercial vehicles maker by sales Tata Motors slipped 1.06% at Rs 683.10. Tata Motors on Friday, 2 May 2008, reported a decline of 5.8% in automobile sales, including exports, at 38,149 units for April 2008 compared with 40,486 units in the same month last year, largely on account of dip in passenger car segment and exports. Passenger vehicle sales saw a decline of 12%, with total sales of 14,843 units in the domestic market in April 2008.
India's leading tractor maker by sales Mahindra & Mahindra fell 0.99% at Rs 683.50. Goldman Sachs will invest Rs 700 crore in Mahindra & Mahindra (M&M) by picking up convertible debentures which will give it a 3.68% stake in the auto major.
However, Maruti Suzuki rose 1.31% at Rs 798.30 and TVS Motor moved up 0.11% at Rs 45.65.
Among the side counters, Ram Informatics (up 20% at Rs 17.90), Gangotri Iron & Steel Company (up 15.16% at Rs 21.65), Mold-Tek Technologies (up 12.65% at Rs 77.90), Jamna Auto (up 12.05% at Rs 73) and Kolte Patil Developers (up 11.70% at Rs 126.45), surged
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