The market scaled higher level as buying continued throughout the day,
except for the odd blip in early trade. Asian markets rebounded from
initial sluggishness while European stocks were trading mixed.
The BSE 30-share Sensex rose 170.16 points or 1.10% at 15,616.31. It
opened lower at 15,383.13 and slipped further to hit a low of 15,350.18
at the onset of the trading session due to the overnight fall in the US
stocks caused by weak US housing data.
However, it bounced
sharply from that level to hit a high of 15,637.74. At the day’s low of
15,350.18, the Sensex had lost 95.97 points for the day.
Sensex is now just 252.54 points away from its all time high of 15,868.85 hit on 24 July 2007.
The S&P CNX Nifty was up 42.75 points or 0.96% at 4,518.60. The
Nifty September 2007 futures settled at 4507, a discount of 11.60
points as compared to spot closing
The market breadth was
strong on BSE, with 1,698 shares advancing as compared to 1,050 that
declined, while 74 remained unchanged.
The total turnover on
BSE amounted to Rs 4646 crore as compared to Rs 5,167.23 crore on
Wednesday, 5 September 2007. The NSE F&O turnover was Rs 40927.51
crore as compared to Rs 42642.91 crore on Wednesday, 5 September 2007.
The BSE Mid-Cap Index rose 1.11% to 6,848.68 while the BSE Small-Cap
Index gained 1.28% to 8,395.58. Both these indices outperformed the
Sensex by small margin
All the sectoral indices on BSE settled
higher. BSE Consumer Durables index (up 1.09% to 4,497.19), BSE FMCG
Index (up 1.54% at 2,032.09), BSE PSU index (up 1.22% to 7,287.77), BSE
Oil and Gas Index (up 1.11% at 8,231.83), BSE Auto Index (up 1.24% at
4,937.54) and BSE Bankex (up 1.15% at 8,110.85), outperformed the
Sensex.
However, BSE Realty index (up 0.37% to 7,547.65), BSE
IT Index (up 0.41% at 4,665.46), BSE Metal Index (up 0.76% at
11,687.04), BSE TecK index (up 0.32% to 3,647.37), BSE Health Care
Index (up 0.50% at 3,717.03), BSE Capital Goods Index (up 0.68% at
13,658.66 ) were underperformers.
From the 30-member Sensex pack, 27 advanced while the rest declined.
India's largest private sector power utility company by sales Reliance
Energy advanced 4.91% to Rs 863.80 on 14.75 lakh shares. The stock
surged to an all time high of Rs 864.70. As per reports the firm is
planning to hive off its engineering, procurement and construction
division into a new company. It was the top gainer from the Sensex
pack.
Cement stocks held on to gains after opening firm on
healthy dispatches in August 2007. The AV Birla group diversified
company Grasim vaulted 4.25% to Rs 3186. It hit an all time high of Rs
3195
Other cement companies ACC (up 1.72% to Rs 1101), Ambuja
Cement (up 1.56% to Rs 140), India Cements (up 4.31% to Rs 274.60),
UltraTech Cement Company (up 1.68% to Rs 998), and Birla Corporation
(up 3.55% to Rs 317.95) also edged higher.
HDFC (up 3.79% to Rs 2131), and ITC (up 3.15% to Rs 176.50), were the other gainers from the Sensex pack.
Ranbaxy Laboratories, India’s top drug maker by sales, climbed 3.76% to
Rs 415, on a newspaper report that the drug maker had submitted an
initial bid for US-based Bradley Pharmaceuticals Inc
However
Dr. Reddy's Laboratories, India’s only drug maker listed in the US, was
down 0.05% to Rs 661.95. The company has received approval from the US
Food and Drug Administration for ulcer drug ranitidine hydrochloride
tablets.
State Bank of India (SBI), the nation’s largest
banking entity by net profit advanced 2.60% to Rs 1635.90. As per
reports, it will raise about Rs 1,500 crore through a bond issue this
week. The issue will be part of SBI's Tier II capital and the size of
core issue likely to be set at Rs 1,000 crore with over subscription
option of Rs 500 crore.
Auto shares also rose on renewed
buying. Tata Motors, India’s top auto firm by revenue, rose 2.06% to Rs
712.60. Hero Honda Motors (up 2.72% to Rs 652), Bajaj Auto (up 1.44% to
Rs 2340) and Maruti Udyog (up 0.57% to Rs 878) were the other gainers
from auto pack.
Mahindra & Mahindra, the country's top
utility vehicle manufacturer by sales edged higher by 1.84% to Rs 723
boosted by reports that it is looking to buy a design firm in Italy as
part of its plans to expand presence in the automotive space.
India's largest private sector entity by market capitalisation and oil
refiner Reliance Industries rose 1.51% to Rs 1987 on 5.05 lakh shares.
It recovered from day’s low of Rs 1948. RIL has completed acquisition
of Indian Petrochemicals Corporation (IPCL), a move that could help it
control two-thirds of the country's petrochemical market.
India’s largest FMCG firm by sales Hindustan Unilever (HUL) rose 1.91%
to Rs 216.50. As per reports, HUL will end a seven-week lockout on
Monday, 10 September 2007, at one of its factories at Assam after a
dispute with workers was resolved. The factory makes almost a third of
the company’s personal care products.
IT pivotals rose on late
buying. Wipro (up 1.21% to Rs 478.50), TCS (up 0.35% to Rs 1075),
Satyam Computers (up 0.78% to Rs 452) and Infosys (up 0.32% to Rs 1903)
edged higher.
India's largest aluminium producer by sales
Hindalco Industries was the top loser from the Sensex pack. It lost
1.37% to Rs 154.80 on 9.90 lakh shares.
India’s largest listed
cellular services provider in terms of profit, Bharti Airtel slipped
0.28% to Rs 846.60. As per recent reports, in the Karnataka circle,
Bharti Airtel cannot acquire any operator as it already has a 39.7%
market share. The 40% market share cap suggested by the
IVRCL
Infrastructures (Rs 132.64 crore), Reliance Energy (Rs 124.95 crore),
State Bank of India (Rs 104.89 crore), Indiabulls Financial Services
(Rs 103.93 crore) and GMR Infrastructures (Rs 102.34 crore) were among
the turnover toppers on BSE.
A lot of action was seen in 14
stocks that were included in the futures & options segment of NSE
effective today, 6 September 2007.
3i Infotech (up 0.34% to Rs
149), Aptech (up 5.99% to Rs 338.10), Bhushan Steel (up 1.13% to Rs
948.70), Biocon (up 0.87% to Rs 471.05), CMC (up 3.06% to Rs 1156.95),
Lakshmi Machine Works (up 9.56% to Rs 3205), NIIT Technologies (up
6.62% to Rs 365), Nucleus Software (up 0.63% to Rs 373), Sasken
Communications (up 1.21% to Rs 382), Tech Mahindra (up 3.31% to Rs
1329), and Yes Bank (up 3.43% to Rs 189.90) surged.
But
Welspun Gujarat Stahl Rhoren (down 5.77% to Rs 241), Tulip IT Services
(down 0.75% to Rs 921.10), and Havells India (down 1.56% to Rs 512.10)
edged lower.
Textile and apparel company Raymond was down
0.62% to Rs 273.10. It has reportedly entered the Rs 800-crore premium
women's western-wear market with the launch of ColorPlus Women. Raymond
will open 175 stores in the next three years to retail the range of
ColorPlus apparel.
Punj Lloyd rose 1.63% to Rs 296. As per
reports, the firm is planning a foray into defence equipment. It
proposes to produce guns, rockets, missile artillery systems and
related defence equipment and has applied for an industrial licence to
make these products. The licensing committee of the ministry of
commerce is expected to take a decision on this soon.
Color
Chips (India) slumped 3.12% to Rs 7.77 after the National Stock
Exchange said it had decided to suspend trading in the stock for
non-compliance of provisions of listing agreement. The stock will be
suspended from NSE after trading hours on 12 September 2007.
Saregama India jumped 10% to Rs 302.60. Sonata Investments acquired
10.58 lakh shares of the company at Rs 260 per share in a block deal on
Tuesday, 4 September 2007, on BSE. The stock has risen 21% in the past
two trading sessions.
Kernex Microsystem (India) gained 5% to
Rs 359.40 on recent rumors that it may bag a six-year long railways
contract worth Rs 2,000 crore in joint venture with Konkan Railways.
MSK Projects (India) rose 1.77% to Rs 100.40 after it received order
worth of Rs 76.45 crore from Madhya Pradesh Road Development
Corporation for execution of the Khandwa-Khargone (SH-26) road project.
Punjab Chemicals and Crop Protection soared 7.24% to Rs 155.50
on reports the firm is eyeing a 30% stake in US-based PSD Chemicals, a
privately-held firm in the US. Reportedly, the total deal size could be
around Rs 100 crore.
Gujarat Industries Power Company spurted
9.22% to Rs 7.40. Recently, its board approved expansion of its
lignite-fired power generating capacity at an investment of Rs 1300
crore by installing two units of 250 mega watts each.
iGate
Global Solutions flared up 6.16% to Rs 145.70. Yesterday (5 September
2007), Reliance Long Term Equity Fund bought 6.51 lakh shares of the
company via two bulk deals on the BSE.
Hindoostan Spinning
& Weaving Mills jumped 5% at Rs 56.10. It has spurted recently on
reports that the firm has sold 8 acres of its defunct mill located near
the Siddhivinayak temple at Prabhadevi, Mumbai, for Rs 350 crore to
Mumbai-based builder Akruti Nirman.
Networth Stock Broking
jumped 5% to Rs 99.80. The stock had risen 5% yesterday, 5 September
2007, on rumors that Hinduja Group is buying a majority stake in the
company. The company clarified after market on that day, that that the
company has been considering & contemplating proposal from
investors. However no firm decision has been taken by it, neither has
any arrangement was finalized.
Hindustan Dorr Oliver rose 2.22% to Rs 131 bagged a contract of Rs 77 crore from National Aluminium Company (Nalco)
Sical Logistics gained 4.86% to Rs 257 after Old Lane Mauritius IV
invested Rs 107 crore for a 26% stake in the company’s new unit, Sical
Infra Assets.
Escorts dropped 1.61% to Rs 103.85 after the
National Stock Exchange said after trading hours on Wednesday, 5
September 2007, it had barred fresh positions in the company's
derivatives contracts as the open interest had crossed the 95% limit
Drug maker Abbott India was up 0.78% to Rs 575. The stock came off the
session’s high of Rs 585. It said after trading hours on Wednesday, 5
September 2007, its board had approved buying back shares worth Rs
51.84 crore, at a price not exceeding Rs 650 per share.
KS
Oils surged 5.51%to Rs 71.75 after it said during trading hours on
Thursday, 6 September 2007, it plans to form a joint venture in
Malaysia to invest in palm plantations. The company will hold 49% in
the joint venture.
Hindustan Zinc rose 2.96% to Rs 724.10 even
it cut zinc prices by 3.7% to Rs 139200 per tonne, with ieffect from 6
September 2007. The company said lead prices were reduced by 6% to Rs
139100 a tonne.
Business directory publisher Infomedia India
gained 5% to Rs 256.45 on a newspaper report that said a clutch of
private equity firms were vying for ICICI Venture's 63% stake in it.
The European Central Bank kept interest rates unchanged at 4% in a meeting held today, 6 September 2007.
There are hopes that the US Federal Reserve will cut the fed funds rate
by at least a quarter percentage point on 18 September 2007.
European markets, which opened after the Indian markets, were trading
mixed today. Among key European indices, United Kingdom (down 0.11% to
6,253.50) and France (down 0.23% to 5,538.53) slipped while Germany's
DAX rose 0.34% to 7,613.93.
Asian markets rebounded from lower
levels today, 6 September 2007. Japan's Nikkei (up 0.61% at 16,257),
Taiwan's Taiwan Weighted (up 1.16% at 9,017.08), South Korea's Seoul
Composite (up 1.24% at 1,888.81) and Shanghai Composite (up 1.56% at
5,393.56) rose.
Hang Seng index was down marginally by 0.08% at 24,050.40
US markets finished lower yesterday, 5 September 2007, after weak US
housing data revived concerns about the health of the world's biggest
economy. The Dow Jones Industrial Average slipped 143.39 points, or
1.07%, at 13,305.47. Broader stock indicators also lost ground. The
Standard & Poor's 500 index fell 17.13 points, or 1.15%, to
1,472.29, and the Nasdaq Composite index fell 24.29 points, or 0.92%,
to 2,605.95.
Crude oil prices rose to $76 a barrel on
Thursday, 6 September 2007 buoyed by expectations that US crude and
gasoline inventories fell last week. US crude rose 33 cents to $76.06 a
barrel while London Brent crude was up 21 cents at $74.55 a barrel.
The National Stock Exchange said on Thursday, 6 September 2007, it will
extend trading timing by 45 minutes from 25 September 2007 to 9 October
2007 due to loss of satellite connectivity during this period. Trading
will close at 11:25 IST and re-open at 12:10 IST. The final closing
will be at 16:15 IST, instead of 15:30 IST.
Powered by ScribeFire.
