Capital goods and metal stocks rose whereas power and IT stocks declined. Investors are keenly awaiting the Q4 March 2008 GDP data and the weekly inflation data due to today. Oil prices hovered near $126 per barrel after dropping $4 on Thursday, retreating further from a record high above $135 a barrel hit last week.
The government on 29 May 2008, announced relaxation on restriction imposed last year on external commercial borrowings (ECBs). The limit on the amount that a company can borrow by way of ECB and repatriate, has been raised to $50 million from $20 million. The government has allowed infrastructure firms to borrow up to $100 million from abroad.
Derivative contracts for May 2008 series expired yesterday. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 66% as compared to 71% in the previous expiry. Marketwide rollovers were 82% as compared 81% in the previous series.
Global cues were mixed. Asian markets were trading mixed today, 30 May 2008. Key indices in Hong Kong, Japan, Singapore and South Korea were up by 0.25% to 1.23%. However, Key indices in China and Taiwan were down by 0.27% to 0.67%
US markets advanced for a third straight day yesterday, 29 May 2008. The rally was led by strength in the financial sector and a big decline in oil prices.The Dow Jones industrial average advanced 52.19 points, or 0.41%, to 12,646.22. The Standard & Poor's 500 index rose 7.42 points, or 0.53%, to 1,398.26, and the Nasdaq composite index gained 21.62 points, or 0.87%, to 2,508.32.
At 10:20 IST, the 30-share BSE Sensex was up 110.91 points or 0.68% to 16,427.17. The index climbed 224.23 points at day’s high of 16,540.49, hit at the onset of trading session.
The broader based S&P CNX Nifty was up 41.15 points or 0.85% at 4876.45.
The market breadth was positive on BSE with 996 shares advancing as compared to 677 stocks that declined. 47 stocks remained unchanged.
The BSE Mid-Cap index rose 0.59% to 6,781.42 and BSE Small-Cap index rose 0.47% to 8,219.49.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.30% at Rs 2459.
India’s largest private sector bank by assets ICICI Bank fell 0.38% at Rs 794.25.
India’s largest engineering & construction firm by revenue Larsen & Toubro soared 4.26% at Rs 3012.20. The company, on Thursday (29 May 2008) recommended a liberal 1:1 bonus issue and a total dividend of Rs 17 per share for the year ended March 2008. The company reported a 37.95% rise in net profit to Rs 966.76 crore on a 34.79% increase in total income to Rs 8715.92 crore in Q4 March 2008 over Q4 March 2007.
The major Sensex gainers were, Housing Development Finance Corporation (up 2.40% at Rs 2491.55), Bharat Heavy Electricals (up 2.14% at Rs 1634.20), Bharti Airtel (up 1.94% at Rs 875.50), Cipla (up 1.89% at Rs 218) and Ranbaxy Laboratories (up 1.47% at Rs 512).
Major Sensex losers were, Wipro (down 1.36% at Rs 505.55), Satyam Computer (down 1.23% at Rs 519.80), Infosys Technologies (down 0.52% at Rs 1879), Reliance Infrastructure (down 0.22% at Rs 1243.60) and Tata Motors (down 0.09% at Rs 582).
Reliance Power was the top traded scrip on BSE in terms of turnover. The stock was trading ex-bonus at Rs 247.70 on a turnover of Rs 101.89 crore. The record date for Reliance Power 3:5 bonus issue is Monday, 2 June 2008.
Back home, the 30-share BSE Sensex lost 209.11 points or 1.27% to 16,316.26 and the broader based S&P CNX Nifty plunged 83.05 points or 1.69% at 4835.30, yesterday 29 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 1277.63 crore yesterday, 29 May 2008. Domestic funds bought shares worth a net Rs 698 crore on that day.