The market held firm in early afternoon tracking firm global markets. The Sensex had surged past 17,000 mark in opening trade. The market breadth was strong. Fall in crude oil prices from record high also lifted the sentiment. IT pivotals gained as rupee weakened to 13- month low against the dollar.
At 12:28 IST, the 30-share BSE Sensex was up 174.01 points or 1.04% at 17,036.36. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,065.95 in mid-morning trade. At the day’s high, Sensex gained 205.05 points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty was up 37.65 points or 0.77% at 5,051.20
The market breadth was strong on BSE with 1886 shares advancing as compared to 604 that declined. 57 remained unchanged.
The BSE Mid-Cap index rose 1.89% to 7,076.85 while the BSE Small-Cap index advanced 1.82% to 8,556.20. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2915 crore at 12:30 IST as compared to Rs 2015 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4.97% to Rs 183.70 on 4.61 lakh shares. It was the top gainer from Sensex pack.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 2.67% to Rs 502.60), TCS (up 0.75% to Rs 934.30), Wipro (up 0.27% to Rs 507.95), and Infosys Technologies (up 1.27% to Rs 1795), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
DLF, the country’s largest real estate developer in terms of market capitalisation rose 1.95% to Rs 633.90 on reports that the company will file papers for $2 billion real estate investment trust (REIT) with the Singapore authorities next month.
Jaiprakash Associates (up 4.30% to Rs 257), Reliance Infrastructure (up 4.60% to Rs 1419.50), and Tata Steel (up 2.75% to Rs 865.55), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.26% to Rs 2561.10 on 2.53 lakh shares. The stock moved in a range of Rs 2544 and Rs 2570 so far during the day.
Oil exploration heavyweights corrected today, as soaring crude oil prices took a pause after recent rally. Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slipped 1% to Rs 1018.50 on 1.64 lakh shares. It was the top loser from Sensex pack.
Cairn India, the country’s largest private sector oil exploration company lost 4.93% to Rs 288.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
Ranbaxy Laboratories (down 0.25% to Rs 492.65), and Hindustan Unilever (down 0.65% to Rs 245.50), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 6.71% to Rs 105.50 on huge volume of 3.70 crore shares.
Among the other side counters, Rallis India slipped 2.92% to Rs 436.95 after it went Rs 16 per share ex-dividend from today.
Everest Kanto Cylinder rose 1.15% to Rs 334 after the company said EKC Industries (Tianjin), a wholly owned subsidiary of the company in China, has successfully completed the trial production phase.
MphasiS jumped 9.45% to Rs 241.50 on reports Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems, which owns a majority stake in the Indian software firm. If the deal fructifies, it will trigger the mandatory open offer for 20% stake in Mphasis, as per the Securities & Exchange Board of India (Sebi) takeover regulation. EDS holds 60.89% stake in MphasiS.
Thermax gained 1.23% to Rs 469.95 on reports the company plans to invest over Rs 200 crore in this financial year for expansion purpose.
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.02% at 3,553.87 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.69% at 25,237.25), Nikkei 225 Average (up 1.53% at 13,953.73), Straits Times (up 0.98% at 3,211.24), Seoul Composite (up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15) advanced.
US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors worries about inflation's impact on consumer spending. The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.
Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.
India's industrial production growth dropped sharply to 3% in March 2008, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
As per provisional data, foreign funds sold shares worth a net Rs 210.57 crore yesterday, 12 May 2008. Domestic funds bought shares worth a net Rs 241.01 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 572.46 crore in the futures & options segment yesterday, 12 May 2008. They were net buyers of index futures to the tune of Rs 184.03 crore and bought index options worth Rs 311.27 crore. They were net buyers of stock futures to the tune of Rs 73.19 crore and bought stock options worth Rs 3.97 crore.
New York's main oil futures contract, light sweet crude for June delivery, was 73 cents lower at $123.50 as profit taking helped cool a red-hot market.
Market holds firm; IT pivotals advance