The market which opened with a bang, kept on advancing during the course of the trading session as buying continued for index pivotals. Short covering might also have propelled the market higher to some extent. The total turnover on BSE crossed Rs 5,500 crore mark. Shares from real estate pack surged on a view that interest rates have peaked for the time being.
The rally on the bourses today 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, easing concerns about housing slump driving the world's largest economy into recession. Asian markets rallied today, 19 September 2007, after the Fed decision. All the European indices which opened after Indian market were also trading with gains.
At 14:35 IST, the 30-shares BSE Sensex was up 598.62 points or 3.81% to 16,267.74. It opened with a sharp 271.67 point upward gap at 15,940.79 and advanced further to hit an all-time high of 16,267.94. Its previous all-time high was 15,868.85 hit on 24 July 2007.
The S&P CNX Nifty was up 171.75 points or 3.77% to 4717.75. It struck an time high of 4718.35
The BSE Mid-Cap index rose 1.70% to 7,103.92 after hitting an all time high of 7,117.84. The BSE Small-Cap index also hit an all time high of 8,943.23. It was now up 1.27% to 8,892.58. Both these indices underperformed the Sensex
The total turnover on BSE crossed Rs 5,500 crore mark. It amounted to Rs 5785 crore by 14:30 IST as compared to Rs 4610 crore 13:30 IST.
Shares from real estate pack surged. BSE Realty index rose 5.48% or 438.34 points to 8,441.45. It also hit an all time high of 8,491.49.
DLF (up 8.04% to Rs 708), Indiabulls Real Estate (up 6.16% to Rs 521.50), Unitech ( up 3.41% to Rs 291.45), HDIL (up 4.44% to Rs 653.50) and Anant Raj Industries (up 1.14% to Rs 1435) surged.
All the 30-members from Sensex pack advanced.
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 8.21% to Rs 2360 on 1.91 lakh shares. It was the top gainer from Sensex pack. The stock also hit an all time high of Rs 2415
ICICI Bank (up 4.28% to Rs 964), HDFC Bank (up 7.40% to Rs 1321), and State Bank of India (up 4.43% to Rs 1768.40), edged higher
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) surged 4.69% to Rs 2155 on 8.11 lakh shares. It also struck an all time high of Rs 2159.85. As per reports its subsidiary - Reliance Logistics (RLL) is planning to set up logistics parks within all the upcoming special economic zones (SEZs). The Reliance logistics parks will cater to the entire range of logistic requirements of the SEZs.
DLF was the top traded counter on BSE with total turnover of Rs 205.85 crore followed by Reliance Industries (Rs 170.82crore), ICICI Bank (Rs 130.94crore), Reliance Capital (Rs 107.27 crore), and State Bank of India (Rs 94.11 crore).
Among side counters, Sakthi Sugars (up 20% to Rs 92.70), STC India (up 20% to Rs 286), Bhartiya International (up 20% to Rs 135.40), VBC Ferro Alloys (up 20% to Rs 155.55), and Dhampur Sugars (up 19.55% to Rs 64.50), surged
Haryana Capfin (down 8.13% to Rs 67.20), Magnum (down 7.11% to Rs 22.20), Bihar Tubes (down 6.95% to Rs 133.25), Nagreeka Exports (down 6.72% to Rs 37.50), and Jagson Airlines (down 5.93% to Rs 23), declined.
Nagarjuna Construction Company surged 8.45% to Rs 236.70 after the company in consortium with POSCO E & C of South Korea bagged an engineering, procurement and construction contract valued at Rs 1558 crore from Steel Authority of India (Sail) for IISCO steel plant at Burnpur, West Bengal.
The first batch of advance tax figures hint improved corporate earnings for the second quarter ended September 2007. Advance taxes are paid in four installments — in June, September, December and March. The June and September installments usually constitute about 15% and 25% respectively of the total advance tax payable in a fiscal.
European indices which opened after Indian market were trading with gains. Key benchmark indices from United Kingdom (up 2.18% to 6,420.80), Germany (up 1.81% to 7,712.42), and France (up 2.19% to 5,670.78), advanced
Asian markets surged today, 19 September 2007 tracking overnight gains on Wall Street. Hong Kong's Hang Seng (up 3.84% at 25,521.85), Japan's Nikkei (up 3.67% at 16,381.54), Singapore's Straits Times (up 3.21% at 3,589.23), South Korea's Seoul Composite (up 3.48% at 1,902.65) and Taiwan's Taiwan Weighted (up 0.30% at 8,926.50) 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.
Crude oil climbed above $82 a barrel on Wednesday, 19 September 2007 near a record reached a day earlier after the US Federal Reserve slashed interest rates to calm worries over economic growth ahead of peak winter fuel demand. US light crude for October delivery rose 82 cents to $82.33 a barrel, after hitting a record of $82.38 yesterday, 18 September 2007. London Brent crude gained 72 cents to trade at $78.31 a barrel.
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.
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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