The market surged towards the latter part of the trading session led by propelled by heavy buying in index pivotals especially for Reliance group stocks. Total turnover on BSE jumped above the Rs 8000 crore mark. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time highs. IT pivotals bounced back after initial slide
Asian markets, which opened before Indian markets, were mixed today, 21 September 2007. European markets, which opened after Indian markets, were in the green. US markets finished lower yesterday, 20 September 2007.
Inflation based on the wholesale-price-index rose 3.32% for the week ended 8 September 2007 as against 3.52% in the previous week.
The 30-shares BSE Sensex surged 252.24 points or 1.54% to 16,600.19, as per provisional closing. It opened slightly higher at 16,308.09 and slipped to touch intra-day low of 16,308.09. from here it staged a solid rally to hit an all time high of 16,616.84 in late trade.
The market came off higher level in mid-morning trade. Before that it had recovered from lower level after it had slipped into the red in early trade.
The S&P CNX Nifty surged 100 points or 2.11% to 4,847.55, as per provisional closing boosted by some of the non-Sensex constituents in the index. It hit an all time high of 4,855.70
A number of stocks are common in the two niche indices viz. 30-share BSE Sensex and 50-share Nifty. But Nifty being broader based index, it has more constituents and some of the Nifty constituents are not a part of Sensex.
The market breadth was negative on BSE with 1615 shares declining as compared to 1149 that advanced. 51 remained unchanged
As per provisional closing, the BSE Mid-Cap index rose 0.95% to 7,200.33 after hitting an all time high of 7,231.90. The BSE Small-Cap index gained 0.22% to 8,895.88, after hitting an all time high of 8,964.29. Both these indices underperformed the Sensex.
The total turnover on BSE surged above the Rs 8000 crore mark. It amounted to Rs 8198 crore as compared to Rs 6389 crore by 14:30 IST boosted by 4 massive block deals of 1.62 crore shares each struck on Ambuja Cements counter on BSE in opening trade. These deals were executed at an average rate of Rs 149.48 per share. Ambuja Cements was the top traded counter on BSE with total turnover of Rs 1053.05 crore. The scrip rose 1.95% to Rs 149 on huge volumes of 7.05 crore shares.
Among the 30-member Sensex pack, 19 advanced while the rest declined.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) recovered sharply from its day’s low of Rs 2151.10. It advanced 4.56% to Rs 2292 on 8.70 lakh shares. It hit an all-time high of Rs 2294. As per reports it has found oil in its D4 block in the Krishna Godavari (KG) Basin. The company completed the technical testing in the block KG (D4) on 8 September 2007 and is in the process of informing the Directorate General of Hydrocarbons (DGH). The company had started drilling the third well in the block from 16 July 2007.
State Bank of India (up 4.02% to Rs 1830), Bharti Airtel (up 3.52% to Rs 922.25), and Hindustan Unilever (up 3.13% to Rs 220.85), were the other gainers from the Sensex pack.
India’s top private sector utility company in terms of revenue Reliance Energy (REL) gained 2.46% to Rs 1012 on 12.32 lakh shares. The stock hit all-time high of Rs 1033 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. It also plans to raise $12.0-$12.5 billion in debt over the next seven to eight years to expand generation capacity nearly 16 times to 15,000 mega watt
India's largest engineering & construction firm by revenue Larsen & Toubro climbed up 1.23% to Rs 2780 on recent reports that the company is eyeing a stake in Feedback Ventures, a leading integrated infrastructure services firm.
India’s largest oil exploration company in terms of market capitalisation Oil and Natural Gas Corporation (ONGC) gained 2.44% to Rs 927.50. It has reportedly sought a steep hike in the price of gas to Rs 4,500 per thousand cubic metre from the present Rs 3,200 per thousand cubic metre. ONGC hopes to gain Rs 2000 crore in revenues annually if prices were raised.
IT stocks saw high volatility today. They declined in early trade but later staged a sharp recovery on value buying.
India’s third largest software services exporter Wipro rose 1.70% to Rs 440.85. It had slipped to 52-week low of Rs 425 earlier during the day.
Satyam Computers was down 0.31% to Rs 420, off day's low of Rs 401.50. Infosys Technologies gained 1.40% to Rs 1793, off session's low of Rs 1751.50. TCS gained 1.72% to Rs 1018 after touching 52-week low of Rs 978 earlier during the day.
Infosys Technologies ADR slipped 4.59% to $47.02 overnight on Nasdaq. Other IT ADRs also edged lower. Wipro (down 2.74% to $ 13.83), Patni Computer Systems (down 2.33% to $ 23.28), and Satyam Computers (down 3.70% to $24.76) declined.
The Indian rupee was trading almost unchanged 39.90, as compared to yesterday’s (20 September 2007), closing of 39.89/39.90. A rise in rupee impacts the margins of IT companies as they earn over 50% of revenues from exports
India’s top power generation company in terms of net profit, NTPC lost 2.49% to Rs 184.40 on 62.13 lakh shares. It was the top loser from Sensex pack.
ITC (down 2.20% to Rs 189.65), Hindalco (down 1.33% to Rs 159.95), and Cipla (down 0.89% to Rs 167.45), were the other losers from Sensex pack.
Reliance Natural Resources surged 34.68% to Rs 76.50 on huge volumes of 9.44 crore shares on reports that the company has applied for a license to undertake city gas distribution business in Delhi, Mumbai, Gurgaon and Noida. It hit an all time high of Rs 79.20 on BSE
Meanwhile, foreign institutional investors' net inflow in the country crossed $10 billion so far in this year with an investment of $5.75 billion in the month of July 2007, highest ever in a month. FIIs made a net purchase worth about $10.5 billion in equity and debt markets since the beginning of 2007, topping the total net investment of $8.87 billion in the entire year 2006. Total FII inflow so far in the country is $61 billion. The number of FIIs registered with the market regulator has increased to 1,063 in July 2007 from 934 last year.
European markets, which opened after Indian markets, were trading with gains. Key benchmark indices from United Kingdom (up 0.45% to 6,457.08), Germany (up 0.46% to 7,770.13), and France (up 0.28% to 5,704.47), advanced
Asian markets which opened before Indian markets, were mixed today, 21 September 2007. Taiwan Weighted (up 1.36% at 9,105.28), Hang Seng (up 0.56% at 25,843.76), and South Korea's Seoul Composite (up 0.54% to 1,919.26), rose
Singapore's Straits Times (down 0.29% to 3,542.22) and Japan's Nikkei (down 0.62% or at 16,316.74), slipped
US stocks retreated yesterday, 20 September 2007 impacted by mixed earnings reports, a tumbling dollar and surging oil prices. The Dow Jones Industrial Average fell 48.86 points, or 0.35%, to 13,766.70. Broader stock indices also declined. The Standard & Poor's 500 index fell 10.28 points, or 0.67%, to 1,518.75, and the technology-dominated Nasdaq Composite index fell 12.19 points, or 0.46%, to 2,654.29.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 1627.44 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 564.28 crore on Thursday, 20 September 2007
Crude oil prices held near $82 a barrel on Friday, 21 September 2007 after hitting a record of $84.10 the previous day, 20 September 2007 as a tropical depression forced the shutdown of Gulf of Mexico output and sparked supply fears ahead of peak winter fuel demand. US crude for November delivery, the new front month, dipped 6 cents to $81.72 a barrel. London Brent November crude rose 3 cents to $79.12 per barrel.
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