Key benchmark indices surged to day's high in early afternoon trade
led by Index heavyweight Reliance Industries (RIL) which moved past
Rs 2,000 level. The BSE 30-share Sensex was up 556.66 points.
Realty shares made a comeback after recent slide. The market
breadth was strong. All the 30-members from Sensex pack were in
green. Markets across the globe rallied on hopes of a more
comprehensive US government approach in taming the global credit
crisis.
US markets on Thursday, 18 September 2008, recorded biggest one-day
percentage gain since October 2002 after the US Treasury Secretary
Henry Paulson proposed to congressional lawmakers a proposal to
create an entity to deal with the billions of dollars of bad debt
still choking the financial system. The Dow Jones industrial
average jumped 410.03 points, or 3.86%, to 11,019.69. The S&P 500
index advanced 50.12 points, or 4.33%, to 1,206.51, and the Nasdaq
Composite index surged 100.25 points, or 4.78%, to 2,199.10.
At 12:25 IST, the BSE 30-share Sensex was up 556.66 points or 4.13%
to 13,865.95. The Sensex opened with a huge 448.23-point upward gap
at 13,763.83. At the day's high of 13,877.85 hit in early afternoon
trade, the Sensex gained 562.25 points. At the day's low of
13,674.96, the Sensex rose 359.36 points in early trade.
The S&P CNX Nifty advanced 155.60 points or 3.85% to 4,193.75
Asian markets rallied today, 19 September 2008. Key benchmark
indices in China, Hong Kong, Singapore, Japan, Taiwan, and South
Korea were up by between 3.76 and 9.46%.
Back home, the market breadth was strong on BSE with 1721 shares
advancing as compared to 635 that declined. 65 remained unchanged.
The BSE Mid-Cap index rose 2.49% to 5,205.46 and BSE Small-Cap
index gained 2.06% to 6,200.63.
The total turnover on BSE amounted to Rs 2353 crore by 12:30 IST as
compared to Rs 1535 crore by 11:30 IST.
All the 30-members from Sensex pack were in green.
Recently battered realty stocks made a strong comeback with the BSE
Realty index surging 5.30% to 4,015.35. It was the top gainer among
the sectoral indices on BSE. The BSE Realty index had struck a
52-week low of 3,598.36 on Thursday, 18 September 2008.
DLF (up 5.34% to Rs 417.25), Unitech (up 3.36% to Rs 126.15), Anant
Raj Industries (up 2.20% to Rs 110), Indiabulls Real Estate (up
12.01% to Rs 214.50), and Housing Development & Infrastructure (up
5.35% to Rs 218.40), advanced.
Banking and financial shares vaulted despite latest data showing
rise in inflation. India's largest dedicated housing finance
company by total revenue Housing Development Finance Corporation
surged 7.84% to Rs 2298.25 on 2.08 shares. It was the top gainer
from Sensex pack.
India's largest private sector bank in terms of net profit ICICI
Bank rose 4.81% to Rs 603.55. The bank on Wednesday, 17 September
2008 denied rumours of top management selling shares over the last
few days.
Other banking shares HDFC Bank (up 5.44% to Rs 1288.50), and State
Bank of India (up 1.45% to Rs 1584.05), edged higher.
The wholesale price index rose 12.14% in the 12 months to 6
September 2008, marginally above the previous week's rise of
12.10%, data released after market hours on Thursday, 18 September
2008 showed.
IT pivotals rallied on fresh buying on hopes of a solution to the
US financial crisis. Infosys (up 5.46% to Rs 1606.70), Wipro (up
4.76% to Rs 416), Satyam Computer Services (up 6.57% to Rs 357),
and TCS (up 4.92% to Rs 755.50), edged higher. Indian IT firms
count the US financial services firms among their top clients
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries advanced 3.75%
to Rs 2006.55 on 6.70 lakh shares. The stock had hit a 52-week low
of Rs 1764 yesterday, 18 September 2008. The company has reportedly
struck gas at eight more locations in the Krishna-Godavari basin,
which it intends to develop at an approximate cost of $3 billion.
Reliance Infrastructure (up 4.43% to Rs 887.25), Bharti Airtel (up
5.64% to Rs 803.20), and Reliance Communications (up 4.44% to Rs
371.10), edged higher from Sensex pack.
Phoenix Mills spurted 8.70% to Rs 155.50 after 20.45 lakh shares,
or 1.41% the company's equity, changed hands in a block deal at Rs
151.50 each on BSE at 10:07 IST.
Natco Pharma gained 2.36% to Rs 71.45 after the company said it has
launched its nano technology drug Albupax, which is used for the
treatment of breast cancer. The company made this announcement
during trading hours today, 19 September 2008.
Videocon Industries surged 4.90% to Rs 228 after the company said
its overseas unit VB (Brasil) Petroleo has acquired 100% stake in
EnCana Brasil Petroleo of Brazil for consideration of $165 million.
The company made this announcement during trading hours today, 19
September 2008.
Light, sweet crude for October 2008 delivery added 72 cents to
settle at $97.88 a barrel on Thursday, 18 September 2008 on the New
York Mercantile Exchange.
Short covering in index heavyweights towards the fag end of the
session had helped key benchmark indices post small gains on
Thursday, 18 September 2008 after a dismal start. The BSE 30-share
Sensex rose 52.70 points or 0.4%, to close at 13,315.60 and the S&P
CNX Nifty rose 29.90 points or 0.75% at 4038.15.
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