Key benchmark indices opened on an upbeat note following positive global cues. Asian markets which opened before Indian market, were firm. The cooling of crude oil prices, which had soared to record high near $127 a barrel, also boosted the sentiment. The market breadth was strong.
At 10:28 IST, the 30-share BSE Sensex was up 235.82 points or 1.39% at 17,214.10. It opened 137.84 points higher at 17,116.19. The barometer index hit a high of 17,219.94 in early trade. At the day’s high, Sensex gained 241.59 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 64.80 points or 1.29% at 5,076.55
The market breadth was strong on BSE with 1276 shares advancing as compared to 324 that declined. 40 remained unchanged.
The total turnover on BSE amounted to Rs 943 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India’s largest private sector bank in terms of net profit ICICI Bank vaulted 3% to Rs 923.15 on 1.02 lakh shares. It was the top gainer from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 1.32% to Rs 2563.10 on 72,326 shares.
India’s largest private sector engineering company Larsen & Toubro advanced 2.58% to Rs 2907 after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
IT pivotals advanced on fresh buying. Infosys (up 2.96% to Rs 1881), Wipro (up 1.27% to Rs 510), and TCS (up 1.34% to Rs 982.95), gained.
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 3.01% to Rs 486. The counter clocked high early volumes of 16.71 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.
Ranbaxy laboratories (down 0.65% to Rs 492.05), and Bahrti Airtel (down 0.28% to Rs 846), were the other losers from Sensex pack.
Recently listed Aishwarya Telecom jumped 3.46% to Rs 128.75 on high volumes of 1.58 crore shares.
The South-West monsoon is likely to hit Kerala on 29 May 2008, the Indian Meteorological Department (IMD), yesterday, 14 May 2008, said. Initial forecast by the Indian Meteorological Department (IMD) suggest that the crucial South-West monsoon (June-September) this year will be near normal. Now IMD's second forecast in June 2008 which may also indicate spatial rainfall distribution in the main sowing season of July 2008, is crucial.
A well distributed monsoon will bolster food production which in turn will help rein in inflation which is currently ruling at a three-year high. Surging global food prices has been a key driver of soaring inflation in India in recent weeks. Agricultural output in India depends on good rains.
Most Asian markets were trading higher today, 15 May 2008, led by technology companies, after Sony and NEC Electronics forecast higher profit than expected. Shanghai Composite (up 0.54% at 3,677.07), Nikkei 225 Average (up 1.41% at 14,318.07), Straits Times (up 0.43% at 3,212.15), Seoul Composite (up 1.96% at 1,879.80), Taiwan Weighted (up 1.28% at 9,134.03) edged higher.
However Hong Kong’s Hang Seng index slipped 0.50% at 25,404.76.
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