The market pared gains early afternoon trade. A cooling off of crude oil prices, which had soared to record high near $127 a barrel earlier in the week, and firm Asian markets, supported the market sentiment. Asian markets which opened before Indian market, were firm. The market breadth was strong.
At 12:28 IST, the 30-share BSE Sensex was up 231.77 points or 1.37% at 17,210.66. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,277.12 in mid-morning trade. At the day’s high, Sensex gained 298.77 points. Sensex rose 121.03 points at day’s low of 17,099.38 touched in early trade.
The broader based S&P CNX Nifty gained 65.10 points or 1.30% at 5,076.85
The market breadth was strong on BSE with 1681 shares advancing as compared to 741 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.07% to 7,064.80 while the BSE Small-Cap index gained 1.29% to 8,543.68. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2936 crore at 12:30 IST as compared to Rs 2019 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s second largest cellular services provider Reliance Communications (RCom) surged 5.20% to Rs 588.40 on 22.77 lakh shares on reports that its infrastructure arm Reliance Infratel has recieved Securities & exchange board of India (Sebi)’s approval for public issue. It was the top gainer from Sensex pack.
IT pivotals advanced on fresh buying as the rupee held near 13-month lows against the dollar. India’s second largest software services exporter Infosys Technologies jumped 3.10% to Rs 1883 on 3.91 lakh shares. The stock hit an intra-day high of Rs 1908. Infosys has 7.63% weightage in Sensex and 3.46% weightage in Nifty.
Other IT pivotals, Wipro (up 1.34% to Rs 510.35), and TCS (up 0.30% to Rs 972.30), gained. The partially convertible rupee was at 42.38/39 per dollar, stronger than yesterday's close of 42.45/46. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
However India’s fourth largest software services exporter Satyam Computer Services, which had slumped to as low as Rs 465.10 in early trade, was now down 3.24% to Rs 484.85. The counter clocked high volumes of 27.32 lakh shares. It was the top loser from Sensex pack. As per reports Satyam Computer Services could have to pay penalties in excess of $1 billion if it loses a case to one of its former customers, Upaid Systems, in the US federal Court in Texas.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) advanced 1.62% to Rs 2571 on 2.11 lakh shares. As per recent reports, RIL plans to convert its fuel retail outlets into malls and multiplexes, and is holding talks with its dealers in Uttar Pradesh for the same.
ICICI Bank (up 3.04% to Rs 923.50), Jaiprakash Associates (up 2.19% to Rs 265.45) and DLF (up 2.34% to Rs 637.50) edged higher from Sensex pack.
Tata Motors (down 1.76% to Rs 660.70), and ITC (down 0.80% to Rs 846), edged lower from Sensex pack.
Recently listed Aishwarya Telecom slipped 1.41% to Rs 122.70, after hitting day’s high of Rs 135.50. The counter clocked high volumes of 3.92 crore shares.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 497.23 crore followed by Reliance Communications (Rs 161.08 crore), Satyam Computer Services (Rs 133.12 crore), Cairn India (Rs 90.21 crore) and IFCI (Rs 84.37 crore), in that order.
Shares of oil marketing firms were mixed following recent reports that the Union government will issue bonds worth Rs 15000 crore to state oil refiners for the quarter ended on March 2008. Bharat Petroleum Corporation (down 0.03% to Rs 338.90), and Hindustan Petroleum Corporation (down 0.17% to Rs 237.15) declined. However Indian Oil Corporation rose 1.57% to Rs 403.40
The oil bonds will be issued to oil marketing firms so as to compensate half the revenue loss incurred for selling fuel at state-set low prices. During 2006/07, the government had compensated 42.7% of the revenue losses of state oil refiners
Industrial and power systems company Crompton Greaves jumped 6.38% to Rs 241.20 on reports that the company is expected to take over the distribution and billing rights for electricity supply to Nagpur city by end July 2008. The contract has been awarded to the company for a period of 15 years by the Maharashtra Electricity Regulatory Commission (MERC).
Kinetic Motor Company hit 5% upper circuit at Rs 29.30 on BSE despite the company terming recent media reports of Mahindra & Mahindra planning to acquire the company, as speculative.
Kirloskar Brothers surged 5.75% to Rs 254 after the company said its joint venture firm has received an order worth Rs 933.76 crore from the Andhra Pradesh state government's Irrigation & CAD Department for building a pump house. The company made this announcement after trading hours on Wednesday, 14 May 2008.
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