The market firmed up further in early afternoon trade. The market had opened with a bang today, with both the niche indices BSE Sensex and S&P CNX Nifty striking all time high in opening trade.
The rally was triggered by the US Federal Reserve announcing a 50 basis points cut in fed funds rate to 4.75% from 5.25% on Tuesday, 18 September 2007. Asian markets rallied today, 19 September 2007, after the Fed decision.
At 12:30 IST, the 30-shares BSE Sensex was up 502.89 points or 3.21% to 16,172.01. It opened with a sharp 271.67 point upward gap at 15,940.79 and advanced further to hit an all time high of 16,193.80. It previous all time high was 15,868.85 hit on 24 July 2007.
The S&P CNX Nifty was up 154.75 points or 3.4% to 4,700.95. It struck an all time high of 4,701.95.
BSE Mid-Cap rose 1.52% or 101 points to 7091 and BSE Small-Cap rose 1.34% or 117 points to 8,898.
Among the sectoral indices BSE Realty index (up 4.23% to 8,341.27), BSE Bankex (up 3.9% to 8,614.22), BSE Auto index (up 3.43% to 5091.40), BSE Oil & Gas (up 3.32% to 8,708.67) were the major gainers.
BSE Bankex hit the all time high of 8,637.92, BSE Oil & Gas index hit an all time high of 8805.53 and BSE Capital Goods index hit an all time high of 14,156.82.
Market breadth was robust on BSE:1736 scrips advanced, 920 scrips declined and 76 scrips remained unchanged.
All the scrips advanced in the Sensex pack.
Among the Sensex pack ONGC (up 6.38% to Rs 905.10), Maruti Udyog (up 5.72% to Rs925.50), HDFC Bank (up 5.37% to Rs 1296), M&M (up 5.15% to Rs 745), HDFC (up 4.77% to Rs 2285) were the top five gainers.
Among the side counters State trading Corporation of India (up 20% to Rs 286), VBC Ferro Alloys (up 20% to Rs 155.55), Worldwide Leather Exports (up 20% to Rs 25.70), Anil Special Steel Industries (up 18.43% to Rs 33.10) were the top gainers in that order.
Bank and financial shares rose on the reckoning that the Fed move could put pressure on RBI to loosen its monetary policy. India’s top private sector mortgage lender in terms of revenue Housing Development Corporation (HDFC) surged 4.77% to Rs 2285.
ICICI Bank (up 3.9% to Rs 961.15), HDFC Bank (up 5.53% to Rs 1298), and State Bank of India (up 4.28% to Rs 1765.90), edged higher
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 3.11% to Rs 2122.50. It also struck an all time high of Rs 2125. As per recent reports, RIL is foraying in shipbuilding and dredging business with two separate companies. It plans to invest around $1 billion each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business
Meanwhile, the Left-UPA Committee on the nuclear deal will meet for the third time today, 19 September 2007 amid a fresh warning from the CPI(M) against implementing the pact and to keep it on hold for at least six months.
Reliance Communication rose 3.29% to Rs 555 after its subsidiary Flag Telecom signed a five-year resource sharing agreement with UK-based Vanco to increase its presence across 81 countries worldwide.
Infosys Technologies rose 3.39% to Rs 1861 on rumours the on rumours that it may launch a bid for UK-based Sage Group.
Bharti Airtel rose 3.8% to Rs 864.10 after its Sri Lankan unit signed a $150 million contract with China's Huawei Technologies Co to build and manage mobile infrastructure in the island nation over three years.
DLF galloped 5.69% to Rs 693.10 on reports that a group company in Singapore plans to raise about $2 billion and list as a real estate investment trust in Singapore.
Asian markets surged today, 19 September 2007 tracking overnight gains on Wall Street. Hong Kong's Hang Seng (up 3.78% at 25,505.30), Japan's Nikkei (up 3.67% at 16,381.54), Singapore's Straits Times (up 3.07% at 3,594.08), South Korea's Seoul Composite (up 3.48% at 1,902.65) and Taiwan's Taiwan Weighted (up 0.3% at 8,926) surged.
Wall Street shares rallied yesterday, 18 September 2007 after the Federal Reserve cut its benchmark interest rate by a larger-than-expected 0.5%. The Dow Jones industrial average soared 335.97 points, or 2.51%, to 13,739.39. This was its biggest surge since 2 April 2003. The blue-chip index is now only about 1.9% below its record close of 14,000.41, reached in mid-July. The Standard & Poor's 500 index rose 43.13 points, or 2.92%, to 1,519.78. The Nasdaq Composite index gained 70 points, or 2.71%, to 2,651.66.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 23.38 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 232.93 crore on Tuesday, 18 September 2007.
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