The market surged in late trade to end close to the day’s high. It held firm despite the latest data showing a rise in inflation to highest level in more than three years. Firm global markets supported domestic bourses. The market had pared gains in mid-morning trade after a strong start ahead of the inflation data. It had surged in early trade on positive cues from global equities.
Gains in banking, realty, IT, capital goods, and auto stocks powered today's rally on the bourses. Except BSE Metal index all the sectoral indices on BSE were trading in green. Metal stocks declined as global base metal prices retreated. The market breadth was positive.
European markets which opened after Indian market, were strong. Asian markets which opened before Indian market, were firm. 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.
India's wholesale price index rose 7.57% in 12 months to 19 April 2008, accelerating from the previous week's annual rise of 7.33%, government data released today showed. The rate was the highest since a reading of 7.68% on 13 November 2004.
The 30-share BSE Sensex provisionally ended up 323.96 points or 1.87% at 17,611.27. Sensex was up 158.62 points at the day's low of 17,445.93 hit in mid-morning trade. Sensex hit a high of 17,621.24 in early trade, its highest level since 29 February 2008. At the day’s high, Sensex rose 333.93 points.
The broader based S&P CNX Nifty was up 59.5 points or 1.15% at 5,225.40.
The BSE clocked a turnover of Rs 6549 crore today compared to a turnover of Rs 6909.57 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
The market breadth was positive with 1,393 shares advancing as compared to 1306 that declined on BSE. 74 remained unchanged.
The BSE Mid-Cap index rose 1.36% to 7,236.14 and BSE Small-Cap index rose 0.47% to 8,814.64.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2,680.05 after the company said it had signed an agreement to buy a 90% stake in an exploration block in Peru.
Banking stocks rose across the board despite surge in inflation. HDFC Bank (up rose 1.33% to Rs 1,535), ICICI Bank (up 6.55% to Rs 937), edged higher.
India’s largest commercial bank State Bank of India rose 2.86% to Rs 1,827.10. The bank today reported 26% rise in net profit to Rs 1883 crore in Q4 March 2008 over Q4 March 2007. The results hit the market at the fag end of the trading session.
Bank of India rose 5.36% to Rs 361 after it posted 70% rise in net profit to Rs 757 crore in Q4 March 2008 over Q4 March 2007.
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.
Auto stock rose on strong monthly sales. India’s largest car maker by sales Maruti Suzuki India rose 6.6% to Rs 790.90. 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 3.38% to Rs 733.15. 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 declined 0.79% to Rs 844. 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 tractor maker by sales Mahindra & Mahindra rose 2.95% to Rs 690.15 on reports the company is exploring buying stake in Pune-based two-wheeler maker Kinetic Motor. India’s largest truck maker by sales Tata Motors rose 3.68% to Rs 685.05.
Realty stocks rose. Housing Development and Infrastructure (up 10.8% to Rs 855.35), Indiabulls Real Estate (up 3.51% to Rs 567) and Unitech (up 3.03% to Rs 319.80) edged higher.
India’s largest real estate player by market capitalisation DLF rose 2.11% to Rs 720.15. DLF reported a net profit of Rs 638.55 crore on a sales of Rs 1613.32 crore in Q4 March 2008.
Capital goods stocks rose. Larsen & Toubro (up 4.58% to Rs 3,141.05), Bharat Heavy Electricals (up 0.65% to Rs 1,909.25), Suzlon Energy (up 0.63% to Rs 288.95) edged higher.
IT stocks rose. Wipro (up 2.78% to Rs 502.20), Tata Consultancy Services (up 2.31% to Rs 940.75), Satyam Computer services (up 2.47% to Rs 494.10) and Infosys (up 2.04% t o Rs 1,789.50) edged higher.
Metal stocks declined as global base metal prices retreated. Sterlite Industries (down 4.24% to Rs 825.60), Hindalco Industries (down 4% to Rs 185.85) and Tata Steel (down 2.52% to Rs 797) National aluminium Company (down 2.42% to Rs 438.40) and Steel Authority of India (down 1% to Rs 183.20) edged lower.
Jaiprakash Associates (up 5.77% to Rs 286.95), ONGC (up 0.56% to Rs 1,039.20), ITC (up 0.43% to Rs 220.75) edged higher from Sensex pack.
HDFC (down 1.11% to Rs 2,773.75), ACC (down 0.67% to Rs 753.55), Ambuja Cement (down 0.88% to Rs 112.90) edged lower from Sensex pack.
India’s largest telecom services provider by sales Reliance Communications declined 3.2% to Rs 561.20. 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.
Indian Bank rose 2.23% to Rs 142.15. It has signed an agreement with Reliance Capital Asset Management to act as a corporate agent to sell the mutual fund products of Reliance Mutual Fund.
Adani Enterprises rose 2.7% to Rs 868. The company's subsidiary, Adani Power, has filed a draft red herring form (DRHF) on 2 May 2008 with the Securities & Exchange Board of India for offering 29.69 crore equity shares (including employee reservation) to the public on 100% book building basis.
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