The market surged in late-afternoon trade on fresh buying demand for index pivotals. European markets which opened after Indian market, were mixed. Asian markets which opened before Indian market, advanced today, 24 September 2007. US markets posted gains on Friday, 21 September 2007. Turnover was healthy today and it crossed Rs 6,000 crore on BSE by late-afternoon trade. IT pivotals declined further as sustained selling pressure.
At 14:35 IST, the 30-shares BSE Sensex was up 221.10 points or 1.33% to 16,785.33.
The S&P CNX Nifty was up 85.25 points or 1.76% to 4,922.80. It struck an all time high of 4928.40
The market had opened on a buoyant note but come off lower level after an initial sharp surge. At the day's high of 16,820.53, Sensex gained 256.30 points for the day. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time highs in early trade. Sensex's intra-day low for the day, so far, is at 16,599.66. It oscillated in a band of 220.87 points for the day
The market breadth once again turned negative on BSE with 1403 shares declining as compared to 1314 that advanced. 56 remained unchanged. It was strong in opening trade.
The BSE Mid-Cap index rose 1.58% to 7,313.61 after hitting an all time high of 7,305.31. While the BSE Small-Cap index gained 0.95% to 8,979.49 after hitting an all time high of 9,013.35..
The total turnover on BSE amounted to Rs 6,040 crore by 14:30 IST as compared to Rs 4679 crore by 13:30 IST
Among the 30-member Sensex pack, 22 advanced while the rest declined.
India’s top private sector utility company in terms of revenue Reliance Energy (REL) surged 8.95% to Rs 1100 on 18.73 lakh shares. The stock hit all-time high of Rs 1130.70 in intra-day trade. It was the top gainer from Sensex pack. As per recent reports, REL is scouting for coal mines in Indonesia, Australia, Africa and Mozambique and it sees infrastructure projects such as road and rail transport as key growth drivers.
National Thermal Power Corporation, the country’s largest power generation company by net sales jumped 4.77% to Rs 196.45 on 35.15 lakh shares. It replaced Dabur India in the S&P CNX Nifty index from today.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 2.49% to Rs 2331 on 5.23 lakh shares. It hit an all time high of Rs 2338 in early trade. RIL said on Saturday, 22 September 2007 that it has struck oil in the deepwater block KG-D4 located in the Krishna Basin. The commercial viability of the discovery is being evaluated. RIL holds 100% participating interest in this block, which spans over an area of 8100 sq. kms. The rumors about RIL’s oil find had already hit the market on Friday, 21 September 2007.
India’s second largest telecom services provider market capitalisation Reliance Communications jumped 3.22% to Rs 598 on high volumes of 32.96 lakh shares. A block deal of 14.10 lakh shares was struck on at Rs 590 per share in early trade.
Larsen & Toubro (L&T), the country’s second largest infrastructure company in terms of market capitalisation, soared 4.10% to Rs 2890.10. As per recent reports, it is close to acquiring a stake in Feedback Ventures, a leading integrated infrastructure services firm. Mission Holdings, a group of people who founded the New Delhi-based Feedback Ventures, holds 36% stake. Other shareholders of the closely held company include DLF, HDFC, IDFC and the Thapar group outfit, NewQuest Corporation.
IT shares extended recent fall. India’s second largest software services exporter Infosys Technologies was the top loser from Sensex pack. It slipped 3.20% to Rs 1764 on 2.25 lakh shares
Other IT pivotals, Satyam Computers (down 2.55% to Rs 408.15), TCS (down 0.90% to Rs 1005.95), were not spared either.
ITC (down 1.56% to Rs 187.80) and Ambuja Cements (down 1.66% to Rs 144.75) were the other losers from Sensex pack.
Adhunik Metaliks jumped 5.86% at Rs 98.50 after its board approved acquiring a majority stake in V Cube Forge (India) for an undisclosed amount. Pune-based V Cube Forge manufactures forged and machined parts for automobiles, railways, and aerospace.
IFCI surged 19.98% to Rs 98.60 on huge volumes of 4.67 crore shares. Nearly 1.10 crore shares changed hands through multiple block deals on BSE and NSE combined.
European markets which opened after Indian market, were mixed today, 24 September 2007. Key benchmark indices in France (up 0.07% to 5,704.69), and United Kingdom (up 0.40% to 6,482.80) rose. However Germany’s DAX was down 0.17% to 7,781.02
Asian markets which opened before Indian market advanced today, 24 September 2007. Hong Kong's Hang Seng (up 2.77% at 26,650.08), Shanghai Composite (up 0.54% to 5,484.56), and Singapore's Straits Times (up 2.73% at 3,639.02) advanced. Stock markets in Japan, South Korea and Taiwan were closed for public holidays.
US stocks posted steady gains on Friday, 21 September 2007 capping a strong week for Wall Street, as investors drew confidence from strong results at Oracle Corp. and a continued sense that lower interest rates should help bolster the economy. The Dow Jones industrial average rose 53.49, or 0.39%, to 13,820.19. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 7.00, or 0.46%, to 1,525.75, while the Nasdaq Composite index rose 16.93, or 0.64%, to 2,671.22.
Indian market may, however, turn volatile this week ahead of the expiry of September 2007 futures & options (F&O) contracts on Thursday, 27 September 2007.
Crude oil prices dipped on Monday, 24 September 2007 as oil and gas producers in the Gulf of Mexico restored more output after a mild storm triggered evacuation and production cuts. US crude for November delivery fell 22 cents to $81.40 a barrel.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 762.13 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 277.68 crore on Friday, 21 September 2007
The 30-shares BSE Sensex surged 216.28 points or 1.32% at 16,564.23, an all time closing high on Friday, 21 September 2007. From a recent low of 13,989.11 on 21 August 2007, the Sensex surged 2557.12 points or 18.27% in just 23 trading days to 16,564.23 on Friday, 21 September 2007.
The market posted weekly gains for fifth straight week, with the BSE Sensex surging 960.43 points or 6.16% to 16,564.23 in the week ended Friday, 21 September 2007. This is the biggest weekly gain ever posted by Sensex. The S&P CNX Nifty rose 319.55 points or 7% at 4,837.55 during the week.
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