The key benchmark indices opened strong on positive cues from global equities. The market is now eying the weekly inflation data which is slated to hit the market at 12:00 IST. IT and banking stocks rose. The market breadth was strong.
Asian markets which opened before Indian markets were strong. US stocks rose on Thursday, 1 May 2008, as a rebound in the dollar and retreating oil prices calmed fears about inflation, renewing investors' appetite for riskier assets, including undervalued technology shares.
At 10:22 IST, the 30-share BSE Sensex was up 234.87 points or 1.36% at 17,522.18. Sensex hit a high of 17,621.24 in early trade. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 60.05 points or 1.16% at 5,225.95.
The market breadth was strong on BSE with 1,398 shares advancing as compared to 345 that declined. 29 remained unchanged.
The BSE Mid-Cap index rose 1.6% to 7,252.87 and BSE Small-Cap index rose 1.24% to 8,882.43.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.85% to Rs 2,637.
Banking stocks rose across the board. Bank of India (up 7.22% to Rs 367.40), HDFC Bank (up rose 3.44% to Rs 1566), ICICI Bank (up 3.53% to Rs 910.40), State Bank of India (up up 2.89% to Rs 1,829) edged higher.
Finance Minister (FM) P Chidambaram on Thursday, 1 May 2008, said state-run banks are unlikely to hike interest rates in the near future. FM said banks were quite happy that only the CRR (cash reserve ratio) has been raised by the Reserve Bank of India and policy rates have been untouched. RBI on Tuesday, 29 April 2008, hike CRR by 25 basis points to 8.25% in its annual monetary policy review.
IT stocks rose. Wipro (up 3.4% to Rs 505.20), Tata Consultancy Services (up 3% to Rs 947.10), Satyam Computer services (up 2.25% to Rs 493.05) and Infosys (up 2.01% t o Rs 1,789) edged higher.
Reliance Infrastructure (up 4.99% to Rs 1,496.80), Jaiprakash Associates (up 4.02% to Rs 281.70), Tata Motors (up 2.69% to Rs 680), Mahindra & Mahindra (up 2.33% to Rs 686), NTPC (up 1.32% to Rs 199.35) edged higher from Sensex pack.
Hindalco Industries (down 3.51% to Rs 186.80) and Tata Steel (down 0.32% to Rs 815) edged lower from Sensex pack.
India’s largest car maker by sales Maruti Suzuki India rose 4.19% to Rs 773. Maruti Suzuki India has recorded a 22.4% growth in domestic sales in April 2008 compared with April 2007. The company's exports grew 64.5% during the month compared with the year-ago period. In April Maruti Suzuki sold 59,539 units in the domestic market compared with 48,652 units in April 2007.
Bajaj Holdings rose 2.93% to Rs 730. Erstwhile Bajaj Auto reported a 23.60% growth in motorcycle sales during April 2008 at 2,03,081 units against 1,64,304 units in the same month last year. The company's total two-wheeler sales also rose 23.08% during the month at 2,03,930 units as compared to 1,65,692 units in April last year.
India’s largest motorbike maker by sales Hero Honda Motors rose 0.68% to Rs 856.50. Hero Honda Motors reported a 9.03% jump in motorcycle sales during April 2008 at 2,86,252 units against 2,62,544 units in the same month last year.
India’s largest real estate player by market capitalisation DLF rose 2.51% to Rs 722.95. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
India’s largest telecom services provider by sales Reliance Communications rose 0.3% to Rs 581.50. Reliance Communications is reportedly looking to bid for South African telecom major MTN. Reliance Communications is talking to leading global banks to raise resources and be ready, in case MTN's management decides to invite bids, the reports added.
MindTree Consulting rose 3.88% to Rs 485. MindTree Consulting is reportedly set to acquire mid-tier outsourcing product development (OPD) and testing player, Aztecsoft, for around Rs 400 crore. The deal is expected to be concluded in a couple of days, the reports added.
Jet Airways rose 1.82% to Rs 563. Jet Airways will hike the cost of full-fare flights by 10% from 3 May 2008. On discounted fares it has announced an increase in the fuel surcharge.
Idea Cellular rose 1.9% to Rs 107.50. Idea Cellular will reportedly invest an additional $400 million (Rs 1,600 crore) for rolling out telecom services in four new circles - Mumbai, Bihar, Tamil Nadu and Orissa. The service provider will start operations in Mumbai and Bihar circles in the July-September 2008 quarter, and in Tamil Nadu and Orissa by the October-December 2008 quarter.
Videocon Industries rose 1.42% to Rs 379.50. Videocon Industries reported 8.6% rise in net profit to Rs 251.22 crore on a 16.8% increase in sales to Rs 2514.91 crore in Q2 March 2008 over Q2 March 2007.
Great Offshore rose 2.23% to Rs 668.50. Great Offshore reported 41.6% jump in net profit to Rs 42.39 crore on a 23.9% rise in sales to Rs 184.98 crore in Q4 March 2008 over Q4 March 2007
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