Market Closing Session - 30th Nov

The market surged today led by rally in IT, banking, metal and realty stocks. Robust Q2 GDP growth data which was released by the government at about 11:00 IST today, boosted the market sentiment. Reliance Energy surged. The market breadth was strong. 26 out of 30 stocks from the Sensex pack were in green. European markets, which opened after Indian markets, were trading firm. Key Asian markets, except China, edged higher.

India's gross domestic product (GDP) rose 8.9% in the second quarter ended 30 September 2007, which was below a robust 9.3% growth recorded in the first quarter ended June 2007.

The wholesale price index rose 3.21% in the 12 months to 17 November 2007, above the previous week's rise of 3.01%, government data released today, 30 November 2007, afternoon showed. The annual inflation rate was 5.56% during the corresponding week of the previous year.

The 30-share BSE Sensex rose 359.93 points or 1.89% to 19,363.19. The Sensex hit a high of 19,424.99 in late trade. At days high, the Sensex gained 421.73 points.

The broader based S&P CNX Nifty gained 128.15 points or 2.27% to 5762.75.

As per provisional data, FIIs bought shares worth a net Rs 1072.07 crore today, 30 November 2007. Domestic funds bought shares worth a net Rs 688.34 crore today.

The BSE Mid-Cap index ended up 2.28% to 8,553.56. The BSE Small-Cap index ended up 1.31% to 10,526.02.

Market breadth was strong. 1745 stocks advanced, 1056 stocks declined and 59 stocks remained unchanged on BSE.

BSE clocked a turnover of Rs 8416 crore compared to Thursday (29 November 2007)'s Rs 7677 crore.

Nifty November 2007 futures were at 5791, a premium of 28.25 points as compared to spot closing of 5634.60.

NSEs futures & options (F&O) segment turnover was Rs 60313.99 crore, which was much lower than Rs 98225.56 crore on Thursday, 29 November 2007

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.15% to Rs 2850.75 on reports it plans to spend Rs 17000 crore on exploration in the next few years.

The BSE Bankex rose 2.54% to 10,870.88. Kotak Mahindra Bank surged 9.51% to Rs 1234, Bank of Baroda jumped 7.58% to Rs 381.90, Bank of India moved up 6.19% to Rs 350.70 and Union Bank (India) rose 4.39% to Rs 177.20.

India's largest private sector bank by assets ICICI Bank rose 1.53% to Rs 1177, off day's low of Rs 1192.

Indias largest commercial bank State bank of India rose 1.34% to Rs 2300.30 after the union cabinet on Friday, 30 November 2007, approved enhancing the capital of the largest commercial bank by subscribing to its rights issue of equity shares worth Rs 10000 crore.

The BSE IT index rose 2.74% to 4,197.62. Financial Technologies jumped 4.97% to Rs 2447.20, TCS climbed up 3.81% to Rs 1013.95, Wipro gained 2.18% to Rs 460.30 and Satyam Computers gained 3.37% to Rs 439.95.

India's second largest software exporter by sales Infosys Technologies gained 2.19% to Rs 1604.95. The company expects to maintain margins in coming quarters and the US subprime crisis had not hit IT spending by US clients, T. V. Mohandas Pai, Infosys' director for human resources said on Thursday, 29 November 2007. He further said Infosys has successfully coped with the appreciation of the rupee against the dollar.

The BSE Metal index jumped 5.09% to 17,730.53. Copper makers surged after copper prices hit a two-week high on the London Metal Exchange on Thursday, 29 November 2007, on hopes that lower US interest rates would help boost economic growth as well as demand for industrial metals. Sterlite Industries surged 12.58% to Rs 1034.75, Hindalco gained 2.43% to Rs 182.45.

Sesa Goa gained 5.80% to Rs 3453.60, Jindal Stainless rose 3.25% to Rs 217.70, and Steel Authority of India (Sail) 3.19% to Rs 258.45.

Indias largest steel firm by sales Tata Steel rose 2.94% to Rs 825.70 after the company said it has signed an agreement with Riversdale Mining to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.

The BSE Realty index moved up 3.94% to 10,626.31. DLF soared 7.04% to Rs 943.90, Phoenix Mills surged 10.71% to Rs 2516.60, Unitech gained 2.73% to Rs 382.60, and Puravankara Projects rose 3.80% to Rs 402.90.

Real estate developer Ansal Properties and Infrastructure jumped 4.12% to Rs 248.95 on reports that the company plans to foray into the field of bio-diesel.

Cement stocks were in demand. J K Cements soared 7.46% to Rs 234.80, JK Lakshmi Cements jumped 5.17% to Rs 196.45, Grasim Industries rose 2.59% to Rs 3792.35, ACC gained 1.87% to Rs 1089.45.

Among the public sector units, Shipping Corporation of India soared 10.70% to Rs 267.45, Neyveli Lignite surged 12.09% to Rs 235.55, MTNL jumped 6.59% to Rs 171.45, and Chennai Petroleum rose 6.45% to Rs 407.90.

Indias largest cellular service provider by market share Bharti Airtel gained 2.60% to Rs 939.45.

Indias second largest telecom service provider by sales Reliance Communications rose 1.47% to Rs 674.85 on reports that the company plans to place an order for 70 million GSM lines which could be valued at up to $5.6 billion. The order is likely to be placed sometime next year, the report added.

India's top tractor maker by sales Mahindra & Mahindra rose 1.60% to Rs 731.80, off day's low of 722.05.

Indias largest listed airlines firm Jet Airways moved up 1.02% to Rs 830.75 on reports that the government has permitted the airline to fly to Barcelona, Paris, Manchester and Vienna under a code-share agreement with Brussels Airlines.

The UB Group firm United Breweries (Holdings) rose 3.83% to Rs 1163.35 on reports that the company's aviation vertical is likely to raise upwards of $200 million some time mid next year. It could be through a follow-on public offer, if Deccan-Kingfisher merger goes through, or convertible bonds or through private placement.

Anil Dhirubhai Ambani group firm Reliance Natural Resources jumped 9.76% to Rs 168.20 on huge volumes of 2.81 crore shares.

Mukesh Ambani-controlled Reliance Petroleum rose 1.26% to Rs 217.75 on volumes of 2.59 crore shares.

Engineering and construction firm Punj Lloyd jumped 7.36% to Rs 509.95 after the company said its subsidiary won a contract worth Rs 1270 crore for construction work in Singapore.

Abrasives maker Carborundum Universal moved up 6.93% to Rs 171.25 after said it sold off land and a manufacturing facility near southern city of Chennai for Rs 58 crore.

Software firm Parle Software was locked in upper limit of 10% at Rs 1,817 after its board recommended a three-for-one bonus share issue.

Reliance Petroleum clocked highest turnover of Rs 568.18 crore on BSE. Essar Oil (Rs 491.28 crore), Reliance Natural Resources (Rs 459.28 crore), Mundra Port & Special Economic Zone (Rs 282.85 crore) and Reliance Energy (Rs 218.14 crore), were the other turnover toppers on BSE in that order.

Ispat Industries registered highest volumes of 3.39 crore shares on BSE. Reliance Natural Resources (2.81 crore shares), Reliance Petroleum (2.59 crore shares), Essar Oil (2.08 crore shares) and IFCI (1.83 crore shares), were the other volume toppers on BSE in that order.

In Europe, key indices in UK, France and Germany were up between 0.82% to 1.25%.

Asian stocks extended gains on Friday, 30 November 2007, after comments on Thursday, 29 November 2007, by Federal Reserve Chairman Ben Bernanke reinforced expectations that the US central bank was willing to lower interest rates again at the 11 December 2007 meeting. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.57% to 1.65%. But Chinas Shanghai Composite index was down 2.63%.

US stocks ended nearly flat on Thursday, 29 November 2007 and the dollar stayed off its record lows against the euro.

Nifty futures saw a healthy rollover of 76% to December 2007 series from November 2007 series when the November 2007 derivatives contracts expired on Thursday, 29 November 2007. The overall rollover in the futures & options segment was about 72% to 75%.

Source - Capital Markets