Market Closing Session - 23rd Nov

The market shrugged off blasts in Uttar Pradesh and galloped in late trade on a volatile day of trading. It snapped the last six day losses by posting decent gains today. Reliance Industries surged in late trade. Reports of three blasts in Uttar Pradesh had pulled the market off higher level in mid-afternoon trade. It instantly recovered from lower level later. Earlier, the market had surged in afternoon trade.

Three consecutive blasts outside civil courts in Lucknow, Varanasi and Faizabad in Uttar Pradesh today killed five people and injured many more.

Capital goods, power, realty, metal stocks gained. Reliance Energy and DLF were the major gainers whereas Maruti Suzuki india and HDFC Bank were major losers from Sensex pack. The market breadth was strong. European markets which opened after Indian market were firm. Asian markets, which opened before Indian market, were mixed.

India's wholesale price index rose 3.01% in the 12 months to 10 November 2007, below the previous week's rise of 3.11%, government data released today afternoon showed. The annual inflation rate was 5.39% during the corresponding week of the previous year.

The 30-share BSE Sensex rose 326.55 points or 1.76% at 18,852.87. Sensex hit a low of 18,548.05 in mid-afternoon trade. At day's low, Sensex was up just 21.74 points for the day. Sensex hit a high of 18,910.46 in early afternoon trade. At days high of 18,910.46, Sensex had gained 384.14 points.

The S&P CNX Nifty rose 89.25 points or 1.62% to 5,608.60.

BSE clocked a turnover of Rs 6140 crore, lower than Thursday (22 November 2007)'s Rs 7,127.32 crore.

Nifty November 2007 futures were at 5620, at a premium of 11.40 points as compared to spot closing of 5608.60.

NSEs futures & options (F&O) segment turnover was Rs 66,744.48 crore, which was lower than Rs 71,149.36 crore on Thursday, 22 November 2007.

The market breadth was strong. On BSE, 1,727 stocks advanced, 1,034 stocks declined and 33 stocks were unchanged. 22 out of 30 stocks from the Sensex pack were in the green.

The BSE Mid-Cap index rose 1.7% to 8,228.50 and the BSE Small-Cap index up 1.1% to 10,171.43. Both these indices underperformed Sensex.

BSE Auto index (up 1.49% to 5,256.55), BSE Bankex (up 0.08% to 10,414.36), BSE FMCG (up 0.36% to 2,111.34), BSE Health Care index (up 0.01% to 3,810.92), BSE IT index (up 1.44% to 4,017.10) and BSE PSU index (up 0.81% to 9,502.09) underperformed Sensex.

BSE Capital Goods index (up 2.66% to 19,316.12), BSE Metal index (up 3.42% to 16,594.08), BSE Oil & Gas index (up 2.53% to 11,987.47), BSE Power index (up 3.16% to 4,282.35) and BSE Realty (up 3.45% to 9,783.36) outperformed Sensex.

Index heavyweight and Indias largest private sector firm by market capitalisation Reliance Industries was up 3.03% to Rs 2,811.45.

Metal stocks surged in late trade. Sterlite Industries (up 4.6% to Rs 879.10), Steel Authority of India (up 1.94% to Rs 251.75),Hindalco Industries (up 0.86% to Rs 188.05) and Tata Steel (up 0.19% to Rs 820.50) edged higher.

Indias largest truck maker by sales Tata Motors rose 3.27% to Rs 714.65 after union leaders at Ford Motor Co's Land Rover and Jaguar brands agreed on Thursday, 22 November 2007, to support the Indian firm's bid for the brands. Tata Motors, Mahindra & Mahindra and buyout firm partner Apollo, and JP Morgan-backed One Equity Partners, are reportedly in race to acquire the Ford brands.

Power stocks surged. India's biggest power generation firm by revenue NTPC rose 3.98% to Rs 236.60. NTPC announced after market hours on Thursday, 22 November 2007 that the company and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) have signed a memorandum of understanding for the formation of a joint venture company (JVC) for establishing and operating a coal based thermal power project at Meja Tehsil or any other suitable site in Allahabad district in the state of Uttar Pradesh.

Reliance Energy (up 7.48% to Rs 1,725.10) and PowerGrid Corporation of India (up 6.59% to Rs 151.20) edged higher.

Realty stocks gained. Indias largest real estate developer by market capitalisation DLF rose 5.58% to Rs 868.65. As per reports, Fortis Healthcare and DLF are close to signing an agreement to set up 15 hospitals in the next five years on lands situated in the real estate giants townships in India. As per some other reports, leading US quick service restaurant (QSR) chains Burger King and Wendy's are having talks with India's largest real estate company DLF for a foray into the Indian market.

Indiabulls Real Estate (up 1.86% to Rs 614.05), Unitech (up 3.58% to Rs 339.95) edged higher.

Capital goods stocks surged. Larsen & Toubro (up 4.02% to Rs 4,100.50), Bharat Heavy Electricals (up 2.34% to Rs 2,543.20) and Suzlon Enegy (up 0.14% to Rs 1,859.75) edged higher.

India's biggest dedicated housing finance firm in terms of revenue HDFC rose 4.12% to Rs 2,666.30.

Maruti Suzuki India (down 2.07% to Rs 946.70) Cipla (down 0.93% to Rs 181.25) and ITC (down 0.57% to Rs 184.15), HDFC Bank (down 1.97% to Rs 1,562.70) and ONGC (down 0.32% to Rs 1,145.85) edged lower.

Jindal Steel rose 20.7% to Rs 12,096 and was the top gainer from A group shares on BSE. Neyveli Lignite (up 18.3% to Rs 214.30), Welspun Gujarat Stahl Rohren (up 7.7% to Rs 399.30), Escorts (up 8.42% to Rs 148.15) and Indian Bank (up 10.03% to Rs 166.75) edged higher.

Tata Teleservices Maharashtra rose 7.09% to Rs 48.35 and clocked the highest volume of 2.52 crore shares on BSE. Reliance Petroleum clocked the second highest volume of 1.75 crore and it rose 0.29% to Rs 209.50. Reliance Natural Resources clocked the third highest volume of 1.63 crore and it rose 6.75% to Rs 158.20. Ispat Industries rose1.16% to Rs 39.10 and clocked the fourth highest volume of 1.12 crore shares.Essar Oil rose 12.5% to Rs 194.45 and clocked the fifth highest volume of 1 crore shares.

Reliance Petroleum clocked the highest turnover of Rs 367.34 crore on BSE. Reliance Energy (Rs 291.3 crore), Reliance Natural Resources (Rs 252.75 crore), Reliance Industries (Rs 232.69 crore) and Reliance Capital (Rs 202.84 crore) were other turnover toppers on BSE in that order.

Khaitan Weaving Mills hit 5% upper circuit at 293.45 after it fixed 14 December 2007 as the record date for the purpose of determining the entitlement of right offer of equity shares in the ratio 6:1.

Shares in DCM Shriram Industries hit 5% upper circuit at Rs 88.05 on reports that the founders offered to raise the warrants subscription price to Rs 90 each from Rs 52 at a Company Law Board hearing. The move was in response to a petition from a large shareholder seeking a stay on the preferential issue of warrants due to low pricing.

Asian Oilfield Services hit 5% upper circuit at Rs 205.15. It announced after the market hours on Thursday, 22 November 2007 that a meeting of the board of directors of the company will be held on 23 November 2007, to consider the issue and allotment of equity shares and/or warrants on preferential basis to strategic investors.

European markets were firm. Frances CAC 40 (up 0.63% to 5,450.46), Germanys DAX (up 0.26% to 7,581.80) and UKs FTSE 100 (up 0.97% to 6,215.10) edged higher.

Asian markets were trading mixed today, 23 November 2007. Hong Kong's Hang Seng (up 2.06% at 26,541.09), Chinas Sanghai Composite (up 0.96% to 5,032.13) and Singapore's Straits Times (up 0.39% to 3,325.89) rose. However, Taiwan's Taiwan Weighted (down 1.85% at 8,342.20) and South Korea's Seoul Composite (down 1.45% at 1,772.88), slipped. Japanese stocks market is closed today for Labour Thanksgiving Day.

US markets remained closed for Thanksgiving day yesterday, 22 November 2007.

Crude oil prices climbed back above $97 a barrel in thin trade on Friday, 23 November 2007 buoyed by the unrelenting decline in the US dollar. London Brent crude rose 35 cents to $94.85 a barrel, while U.S. light crude for January delivery stood at $97.35 a barrel.

Source - Capital Markets