Market Closing Session - 28th March

Positive cues from Asian and European markets propelled the market higher today. The rally raised hopes that the market might have bottomed out after a recent steep fall. The market today shrugged off a surge in inflation and overnight slide in US stocks. Capital goods stocks soared at the fag end of the session, followed by metal and IT stocks.

Banking shares, which hovered in negative territory on surge in inflation, turned green at the fag end of the trading session. Mid-caps and small-caps surged with their barometer indices on BSE outperforming the Sensex.

As per market talks, mutual funds provided support to share prices to prop up year-end net asset values (NAVs) for the quarter and year ending 31 March 2008. Net Asset Value (NAV) propping, or window dressing, happens as professional investors like mutual funds seek to make their quarterly or annual performance look good to clients. Provisional data released by stock exchanges showed domestic funds which includes mutual funds and insurance firms bought shares worth a net Rs 729.50 crore today. Foreign institutional investors sold shares worth a net Rs 401.95 crore.

In Europe, key indices in UK, France and Germany were up by 0.05% to 0.53%. In Asia, the key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.20% to 4.94%.

India's wholesale price index rose 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday. The rate is highest since 27 January 2007, when inflation was 6.69%.

The 30-share BSE Sensex was up 355.73 points or 2.22% at 16,371.29. The index gained 436.52 points at session's high of 16,452.08, hit at the fag end of the session. The Sensex lost 131.11 points at the days low of 15,884.45, hit in the early afternoon trade.

The broader CNX S&P Nifty was up 111.75 points or 2.31% at 4942. Nifty April 2008 futures were at 4986.70, at a premium of 44.7 points as compared to spot closing of 4942.

The Sensex has gained 1561.8 points or 10.54% from a recent low of 14809.49 on 17 March 2008.

The NSE's futures & options (F&O) segment turnover was Rs 49,087.03 crore, which was lower than Rs 64,308.86 crore on Thursday, 27 March 2008.

The BSE Mid-cap index outperformed the Sensex, rising 3.93% to 6,522.79. The BSE small-cap index was up 4.98% at 7,901.98.

The market breadth was extremely strong. On BSE, 2333 stocks advanced, 370 declined and 39 stocks were unchanged.

BSE clocked a turnover of Rs 6368 crore as against Rs 6,399.95 crore on Thursday, 27 March 2008.

Low rollovers from March 2008 series to April 2008 series were witnessed on Thursday, 28 March 2008, when derivative contracts for March 2008 series expired. As per reports, the marketwide rollover of derivative positions series stood at 79% as compared to 84% in March 2008 series from February 2008. Similarly Nifty rollover stood at 63% as against 75% during in March 2008 series from February 2008.

Indias largest state-run oil explorer by market capitalisation ONGC fell 1.65% at Rs 1051.55 on reports the company may report losses on every barrel of crude oil that it sells due to the high subsidy burden that it has to bear. The companys margin on oil sales is currently at an all-time low of around 15 cents per barrel, almost a tenth of what it was two years ago, the reports added.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 3.19% to Rs 2347.55.

Top Sensex gainers were, Tata Steel (up 9.46% at Rs 716.75), Larsen & Toubro (up 6.19% at Rs 3147.20), Infosys Technologies (up 5.94% at Rs 1526.35), Wipro (up 5.56% at Rs 454), and Bharat Heavy Electricals (up 5.37% at Rs 2092.45).

Top Sensex losers were, HDFC Bank (down 2.36% at Rs 1401.05), Housing Development Finance Corporation (down 1.81% at Rs 2613.50), Tata Motors (down 1.41% at Rs 645.95), Hindustan Unilever (down 0.74% at Rs 242.20) and Reliance Communication (up 0.31% at Rs 536.40).

The BSE Capital Goods index outperformed the Sensex, rising 5.40% to 14,455.44. Suzlon Energy (up 12.57% at Rs 270), Alstom Projects (up 7.47% at Rs 546.85), Praj Industries (up 6.96% at Rs 132.10), and Punj Lloyd (up 5.90% at Rs 333.15), soared.

The BSE Bankex underperformed the Sensex, rising 0.29% to 8,200.24. Oriental Bank of Commerce (up 3.92% at Rs 185.70), Bank of Baroda (up 3.63% at Rs 301.30), Andhra Bank (up 3.51% at Rs 76.75), State Bank of India (up 1.77% at Rs 1,679.65), and Axis Bank (up 1.47% at Rs 804.90), gained.

India's largest private sector bank by assets ICICI Bank was almost unchanged at Rs 835.20.

The BSE Metal index outperformed the Sensex, rising 5.78% to 14,654.19. Jindal Steel & Power (up 15.91% at Rs 2,218.65), Welspun Gujarat Stahl Rohren (up 7.12% at Rs 389.65), Ispat Industries (up 5.70% at Rs 32.45), Sterlite Industries (up 5.18% at Rs 756.15) and Shree Precoated (up 5% at Rs 171.45), surged.

Among the mid-caps, Global Broadcast News (up 23.57% at Rs 139.20), Moser Baer (20.01% at Rs 151.75), Asian Star Company (up 20% at Rs 985.85), Prakash Industries (up 18.28% at Rs 244.60) and Vishal Retail (up 17.38% at Rs 820), surged.

Among the small-caps, Nahar Industries (up 20% at Rs 90), Empee Distilleries (up 20% at Rs 169.05), Viceroy Hotels (up 20% at Rs 66.10), Donear Industries (up 20% at Rs 61.30) and Indowind Energy (up 20% at Rs 56.85), spurted.

Drug maker Alembic surged 20% to Rs 55 on reports that the company plans to set up its own special economic zone dedicated to the pharma sector.

India's leading manufacturer of inorganic chemicals by sales Tata Chemicals soared 6.21% to Rs 288.95 after the company said it has successfully completed the acquisition of US-based General Chemical Industrial Products Inc.

Varun Shipping Company surged 6.99% to Rs 72.70 after the company said it has acquired Indias third largest anchor handling and towing supply vessel.

Biotechnologies firm Jupiter Bioscience soared 9.10% to Rs 148.70 after the company said on Thursday, 27 March 2008 it would acquire a manufacturing facility of Merck Life Sciences, Switzerland, for an undisclosed sum.

Display units maker MIC Electronics advanced 4.23% to Rs 700.55 after the company informed stock exchange about it and its subsidiaries receiving new orders.

Construction firm Era Infra Engineering rose 0.79% to Rs 596.40 after the company said its joint venture company with KMB has secured an order worth Rs 148.40 crore from Delhi Metro Rail Corporation.

Reliance Industries clocked highest turnover of Rs 356.42 crore on BSE. Reliance Capital (Rs 263.64 crore), Housing Development Fiannce Corporation (up 236.14 crore), Reliance Natural Resources (Rs 160.54 crore) and Steel Authority of India (Rs 159.24 crore), were the other turnover toppers on BSE in that order.

Ispat Industries reported highest volume of 1.92 crore shares. Reliance Natural Resources (1.5 crore shares), IFCI (1.02 crore shares), Reliance Petroleum (98.08 lakh shares) and Centurion Bank of Punjab (83.93 lakh shares), were the other volume toppers on BSE in that order.

US markets dropped yesterday, 28 March 2008, following Oracle's weak sales outlook. Concerns about financial companies also continued. The Dow Jones industrial average slipped 120.40 points, or 0.97%, to 12,302.46. The Standard & Poor's 500 index slipped 15.37 points, or 1.15%, to 1,325.76, and the Nasdaq Composite index was down 43.53 points, or 1.87%, to 2,280.83.