The market settled near day's highs helped by late buying frenzy in
index pivotals. Shares from real estate, software and capital goods
were at the forefront of the rally. Total turnover surged. 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. European markets, which opened
after Indian markets, recovered after shaky start and were trading
flat.
The 30-share BSE Sensex surged 375.19 points or 2.21% at 17,353.54.
It opened 137.84 points higher at 17,116.19. The barometer index
hit a high of 17,366.19 in late trade. At the day's high, Sensex
gained 387.84 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 103.50 points or 2.07% at
5,115.25. Nifty May 2008 futures were at 5113, a discount of 2.25
points as compared to spot closing.
The barometer index - BSE Sensex has recovered 2544.05 points or
17.17 from recent low of 14,809.49 touched on 17 March 2008.
However the Sensex is still 3853.23 points or 18.16% away from its
all time high of 21206.77 hit on 10 January 2008.
The market breadth was strong on BSE with 1737 shares advancing as
compared to 941 that declined. 78 remained unchanged.
The BSE Mid-Cap index rose 1.29% to 7,079.89 while the BSE
Small-Cap index gained 1.33% to 8,546.41. Both these indices
underperformed the Sensex.
Turnover on BSE surged amounted to Rs 6439 crore as compared to Rs
6,219.35 crore yesterday, 14 May 2008.
Turnover in NSE's futures & options segment amounted to Rs 38196.16
crore as compared to Rs 32919.78 crore yesterday, 14 May 2008.
All sectoral indices on BSE logged gains barring the BSE FMCG index
which shed 0.21% to 2,494.54.
The BSE Oil & Gas index (up 2.65% to 11,205.76), BSE Bankex (up
2.44% at 8,806.01), BSE Capital Goods index (up 3.46% at
13,600.80), BSE Realty index (up 3.41% at 8,042.52), outperformed
the Sensex.
The BSE TecK index (up 1.89% to 3,552.76), BSE IT index (up 1.33%
to 4,486.36), The BSE PSU index (up 1.60% to 7,762.62), BSE Auto
(up 0.25% at 4,730.24), BSE Health Care index (up 0.79% at
4,285.99), BSE Metal index (up 1.86% to 16,740.37), BSE Power (up
2.13% to 3,303.13), and BSE Consumer Durables index (up 0.91% to
4,548.75), underperformed the Sensex.
Among the 30-member Sensex pack, 24 advanced while the rest
slipped.
India's largest private sector engineering company Larsen & Toubro
galloped 5.42% to Rs 2983.90 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 was the top gainer from Sensex
pack. A total of 4.06 lakh shares changed hands on the counter
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
3.52% to Rs 2619 on 6.88 lakh shares. The stock moved in a range of
Rs 2535 and Rs 2633.15 during the day. 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.
Shares from real estate pack advanced, on fresh buying. DLF (up
3.23% to Rs 643.10), Unitech (up 4.63% to Rs 287), Omaxe (up 6.44%
to Rs 228), and Parsvnath Developers (up 4.46% to Rs 219.90),
surged on fresh buying.
India's second largest cellular services provider Reliance
Communications (RCom) jumped 5.40% to Rs 589.50 on reports its
infrastructure arm Reliance Infratel has recieved Securities &
exchange board of India (Sebi)'s approval for public issue.
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 gained 3.46% to Rs 1889.40
after striking 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 0.91% to Rs 508.20), and TCS (up 2.02%
to Rs 989.55), also logged gains. The partially convertible rupee
was at 42.35/36 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, recovered from early low of Rs 465.10, to settle
3.61% lower at Rs 483. The counter clocked high volumes of 32.90
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.
ICICI Bank (up 3.93% to Rs 931.50), Hindalco Industries (up 5.30%
to Rs 202.50) and Maruti Suzuki India (up 3.05% to Rs 821.50) edged
higher from Sensex pack.
However, Tata Motors (down 1.14% to Rs 664.90), Hindustan Unilever
(down 1.05% to Rs 240.55), and Tata Steel (down 0.49% to Rs 882.05)
edged lower from Sensex pack.
Recently listed Aishwarya Telecom was up 0.28% to Rs 124.80 after
seeing volatile swings between day's low and high of Rs 118.20 and
Rs 135.50 respectively. The counter clocked high volumes of 7.02
crore shares.
Other volume toppers were IFCI (2.19 crore shares), Ispat
Industries (1.09 crore shares), Cybermate Infotec (1.08 crore
shares) and Reliance Natural Resources (1.03 crore shares) in that
order.
Aishwarya Telecom was also the top traded counter on BSE with
turnover of Rs 883.06 crore followed by Reliance Communications (Rs
258.56 crore), Reliance Industries (Rs 178.51 crore), Reliance
Petroleum (Rs 161.90 crore), and Satyam Computer Services (Rs
158.28 crore) in that order.
Among the side counters, Jhagadia Copper (up 20% to Rs 12.14),
National Oxygen (up 20% to Rs 57.70), Lumax Industries (up 16.09%
to Rs 188), Alfa Transformer (up 10% to Rs 62), and Indag Rubber
(up 14.78% to Rs 80), surged
However Smruti Organics (down 10.87% to Rs 61.50), JMA Industries
(down 10.09% to Rs 196), and Jumbo Bag (down 9.87% to Rs 30.15),
slipped.
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 slipped down 0.59% to Rs 337. Hindustan
Petroleum Corporation (up 0.57% to Rs 238.90) and Indian Oil
Corporation (up 0.72% to Rs 400) rose.
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 8.44%
to Rs 246 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 4.20% to Rs 250.30 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.
Syndicate Bank rose 3.38% to Rs 77.55 after reporting 21% growth in
net profit to Rs 126.26 crore on 22.85% growth in operating income
to Rs 2134 crore in Q4 March 2008 over Q4 March 2007. The bank
announced the result after market hours on 14 May 2008.
Power Finance Corporation was down 0.30% to Rs 155.50 after the
company said it has signed a loan agreement with Exim Bank of US
for $800 million under the latter's India infrastructure facility.
Mercator Lines soared 14.69% to Rs 115.15 after posting 351.7%
surge in net profit to Rs 74.04 crore on 31% growth in net sales to
Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company
announced the results after trading hours on Wednesday, 14 May
2008.
i-flex Solutions dropped 1.80% to Rs 1360 even as the company said
Kotak Mahindra Bank has selected i-flex's wealth management
solution - Flexcube Private Banking to manage relationships with
high net worth individuals. The company made this announcement
during trading hours today, 15 May 2008.
Lanco Infratech rose 0.23% to Rs 515 after the company said on
Wednesday its consortium with Malaysia's Pembinan Radzai had won
rights to build the Vizhinjam Container Port project in Kerala,
estimated to cost Rs 8000 crore. The company made this announcement
after trading hours on Wednesday, 14 May 2008.
BASF India rose 1.22% to Rs 245 after its promoter BASF SE
announced a voluntary open offer to the shareholders of BASF India
to purchase up to 62.9 lakh shares at Rs 274 each. The company made
the announcement before market hours today, 15 May 2008.
Neyveli Lignite Corporation rose 4.45% to Rs 142.10 after the Union
government gave approval to the company for development of 1000
megawatt coal based thermal power project at Tuticorin in Tamil
Nadu. The company made this announcement during market hours today
15 May 2008.
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.
European markets, which opened after Indian markets, staged a
comeback after a shaky start and were trading with little change.
Key benchmark indices in United Kingdom (down 0.01% to 6,215.60),
Germany (down 0.13% to 7,074.26) and France (down 0.01% to
5,055.10) declined.
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