The market edged higher in the early afternoon trade as index heavyweight Reliance Industries firmed up. FMCG stocks extended gains, while banking shares recovered. Fertiliser stocks were in demand.
At 12:20 IST, the 30-share BSE Sensex was up 71 points or 0.44% at 16,346.59. The index climbed 94.64 points at day’s high of 16,370.23, hit in the onset of trading session. The Sensex lost 57.81 points at the day’s low of 16,217.78, hit in early trade
The broader based S&P CNX Nifty was up 4.35 points or 0.09% at 4864.15.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 kept the market volatile. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45.63% as on 27 May 2008. Rollover of individual stock futures has been lacklustre so far.
Asian markets were mixed today, 28 May 2008. Key indices in Hong Kong, Japan, South Korea and Taiwan were down by 0.33% to 1.28%. However, China’s Shanghai Composite (up 1.32%), and Singapore’s Straits Times (up 0.01%), rose.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
The market breadth was weak on BSE with 1051 shares advancing as compared to 1401 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index rose 0.09% to 6,684.60 and BSE Small-Cap index fell 0.26% to 8,188.99.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.07% at Rs 2520.
The top Sensex gainers were, Ambuja Cements (up 4.41% at Rs 101.90), Hindalco Industries (up 3.23% at Rs 191.50), Satyam Computer (up 2.30% at Rs 510.50), TCS (up 1.90% at Rs 985), Bharti Airtel (up 1.27% at Rs 874) and Ranbaxy Laboratories (up 1.32% at Rs 500).
Top Sensex losers were, Bharat Heavy Electricals (down 3.61% at Rs 1598), Larsen & Toubro (down 2% at Rs 2688), Tata Motors (down 1.45% at Rs 617.50), ONGC (down 1.51% at Rs 871) and Reliance Communication (down 1.51% at Rs 543.40).
Fertiliser shares galloped on reports that the government has provided fertiliser subsidy of Rs 95000 crore for 2008/09, much higher from earlier budget estimates of Rs 31000 crore. Tata Chemicals (up 4.41% to Rs 395.55), National Fertiliser (up 13.26% at Rs 53.80), Gujarat State Fertiliser Corporation (up 7.77% to Rs 179), Chambal Fertilisers and Chemicals (up 5.50% to Rs 80.60), Rashtriya Chemicals and Fertilisers (up 5% to Rs 71.25), Nagarjuna Fertilisers and Chemicals (up 3.95% to Rs 47.356.80), and Zuari Industries (up 3.44% to Rs 236), soared.
The BSE FMCG index was up 2.32% at 2,399.74. ITC (up 3.90% at Rs 217.25), United Spirits (up 2.16% at Rs 1,584), GlaxoSmithkline Consumer Healthcare (up 2.14% at Rs 715), and Hinduatan Unilever (up 1.36% at Rs 235.50), flared up.
The BSE Bankex was up 0.52% at 7,794.79. Axis Bank (up 4.34% at Rs 772.50), Canara Bank (up 1.25% at Rs 218.90), State Bank of India (up 0.55% at Rs 1,481.40) and HDFC Bank (up 0.11% at Rs 1,332.80), gained.
India’s largest private sector bank by assets ICICI Bank fell 0.31% at Rs 810.
Among the side counters, Jindal Steel & Power (down 3.69% at Rs 2,124.05), Century Textiles and Industries (down 3.61% at Rs 688.10), Alstom Projects (up 3.60% at Rs 546.40), Cairn India (down 3.60% at Rs 287.60), and Jai Corp (down 3.57% at Rs 611.90), slipped.
Auto component maker Minda Industries jumped 4.42% at Rs 308.05 after the firm said it bagged orders worth Rs 50 crore from Volkswagen to supply headlamps and rear combination lamps for its upcoming models.
Mechanical handling equipment maker Elecon Engineering Company gained 1.24% to Rs 126.95 on reports the Gujarat-based company is in talks with a European company for an acquisition in a bid to establish a global footprint.
Software developer Compucom Software rose 4.87% to Rs 32.30 on bagging an order worth Rs 142 crore from the secondary education department, Government of Rajasthan for executing ICT project in 2292 government schools in the state
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