Market Closing Session - 17th April

Good buying interest helped market end on a strong note. IT and banking stocks were in demand throughout the trading session. Realty and metal stocks picked up momentum in the last hour of trade. Banking stocks rose after inflation eased from more than three years' high hit in late March 2008.

Initial forecast of a near-normal monsoon this year by the Indian Meteorological Department boosted market sentiments today besides positive global cues.

The wholesale price index rose 7.14% in the 12 months to 5 April 2008, as per latest data. This was slower than the previous week's annual rise of 7.41%.

European markets that opened after Indian market were trading higher. Key indices in UK, France and Germany were up 0.04% to 0.67%.

Asian markets, which opened before Indian market, were mostly in green. Key indices in Taiwan, South Korea, Singapore, Japan, and Hong Kong were up 0.27% to 1.92%. However, China's Shanghai Composite was down 2.09%.

US stocks vaulted higher on Wednesday, 16 April 2008, after Intel Corp, JPMorgan Chase & Co and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.

The 30-share BSE Sensex rose 237.01 points or 1.46% at 16,481.20. The Sensex gained 326.38 points at day's high of 16,570.57, hit in the early afternoon trade.

The S&P CNX Nifty was up 71.1 points or 1.45% at 4958.40. Nifty April 2008 futures were at 4963, at a premium of 4.6 points as compared to spot closing of 4958.40.

Sensex has gained 1671.71 points or 11.28% from a recent low of 14,809.49 on 17 March 2008. It is off 4725.57 points or 22.28% from a record high of 21206.77 hit on 10 January 2008.

As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 597.53 crore today. Domestic funds sold shares worth a net Rs 59.87 crore.

The market remains closed tomorrow, 18 April 2008, on account of Mahavir Jayanti.

The BSE Mid-Cap index rose 2.05% at 6,836.55 and the BSE Small-Cap index was up 2.16% at 8,531.36. Both these indices outperformed the Sensex.

The market breadth was strong: on BSE, 2025 stocks gained, 703 stocks declined and 51 stocks were unchanged.

BSE clocked a turnover of Rs 6683 crore as against Rs 6,800.65 on Wednesday, 16 April 2008. NSE's futures & options (F&O) segment turnover was Rs 42461.28 crore, which was higher than Rs 39646.97 crore on Wednesday, 16 April 2008.

Top Sensex gainers were, HDFC Bank (up 6.95% at Rs 1396.40), Hindalco Industries (up 5.58% at Rs 186.35), Housing Development Finance Corporation (up 4.32% at Rs 2487.30), DLF (up 4.28% at Rs 648.60) and Tata Steel (up 3.55% at Rs 715.20).

Top Sensex losers were, Hindustan Unilever (down 3.59% at Rs 232.40), ACC (down 0.85% at Rs 799.40), Larsen & Toubro (down 0.80% at Rs 2776.20), Reliance Energy (down 0.74% at Rs 1335.25), and ONGC (down 0.14% at Rs 1015.95).

The BSE Bankex was outperformed the Sensex, rising 3.13% to 8,295.84. Oriental Bank of Commerce (up 6.83% at Rs 192.35), Bank of India (up 6.42% at Rs 320.85), Centurion Bank of Punjab (up 5.63% at Rs 45.05), Axis Bank (up 4.82% at Rs 824.75), Kotak Mahindra Bank (up 1.08% at Rs 718.50) and State Bank of India (up 1.01% at Rs 1682.85), surged.

Indias largest private sector bank by assets ICICI Bank was up 2.38% at Rs 835.20.

The BSE IT index outperformed the Sensex, gaining 3.60% to 4,150.90. i-Flex Solutions (up 12.60% at Rs 1289.80), Hcl Technologies (up 3.36% at Rs 269.25), Satyam Computer (up 3.28% at Rs 468.95), TCS (up 2.71% at Rs 100.90) and Wipro (up 2.65% at Rs 459.20), flared up.

Indias second largest software exporter by sales Infosys Technologies gained 4.16% at Rs 1666.45. The stocks is on a rise since Tuesday, 15 April 2008, when the company reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007. The stock advanced 17.15% in three session from Rs 1,422.45 on Friday, 11 April 2008.

The BSE Oil & Gas index underperformed the Sensex, sliding 0.10% to 11,411.03. Gail India (down 1.83% at Rs 446.30), Indian Oil Corporation (down 0.89% at Rs 452.50), Essar Oil (down 0.30% at Rs 262.55), and BPCL (down 0.10% at Rs 400.80), slipped.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries fell 0.30% at Rs 2636.95.

Orchid Chemicals & Pharmaceuticals clocked the highest turnover of Rs 663.21 crore on BSE. NDTV (Rs 240.30 crore), Reliance Industries (Rs 216.82 crore), Reliance Petroleum (Rs 139.25 crore) and Reliance Natural Resources (Rs 134.24 crore), were the other turnover toppers on BSE in that order.

Ispat Industries reported the highest volume of 2.75 crore shares on BSE. Orchid Chemicals & Pharmaceuticals (2.19 crore shares), Nagarjuna Fertiliser & Chemicals (2.05 crore shares), Tata Teleservices (Maharastra) (1.81 crore shares) and Chambal Fertilisers and Chemicals (1.32 crore shares), were the other volume toppers on BSE in that order.

Tea stocks surged after tea prices in Kenya, one of the biggest exporters of black tea, rose on fears that insufficient rain would cut production. McLeod Russel (up 20% at Rs 96.95), Jay Shree Tea (up 13.43% at Rs 133.05), Harrisons Malayalam (up 15.61% at Rs 83.80), Warren Tea (up 10% at Rs 79.75) and Tezpore Tea & Exports (up 5% at Rs 61.65), surged.

Steel and real estate firm Shree Precoated Steels rose 5% to Rs 190.95 on reports it planned to raise Rs 1000 crore from private equity funds.

Real estate firm Parsvnath Developers rose 2.71% at Rs 212.45 on reports the firm sold a 30% stake in a Mumbai project to foreign funds for Rs 186 crore.

Telecom provider Tata Teleservices (Maharastra) rose 14.58% at Rs 33.80 on reports the firm is planning to sell 15-30% stake to private equity (PE) investors for raising over $1 billion. The funds would be employed for the company's expansion in both CDMA and the upcoming GSM services.

Wind turbines maker Indowind Energy rose 6.18% at Rs 85.90 after it reported net profit of Rs 0.50 crore on sales of Rs 0.55 crore in the quarter ended March 2008.

Software firm Nucleus Software Exports advanced 5.62% at Rs 265.05 after the company said Reem Finance, one of the leading non banking financial institutions headquartered in Abu Dhabi has selected its flagship product FinnOne.

Gas distributor Petronet LNG gained 3.65% to Rs 79.60 after the company reported 51.52% increase in net profit to Rs 474.65 crore on 19.17% rise in total income to Rs 6608.89 crore in the year ended March 2008 over the year ended March 2007.

Mukesh Ambani-controlled Reliance Petroleum rose 1.11% at Rs 186.90 after the company said its 5.80 lakh barrel a day export-oriented refinery at Jamnagar, Gujarat would be completed ahead of its schedule start of December 2008.

Chennai-based BPO Dhanus Technologies gained 0.44% to Rs 240.10 after the company said it has acquired 60% stake in Hyderabad based information technology firm, Sreeven Infocom.

Gujarat Alkalies & Chemicals, which is India's largest producer of caustic soda by capacity, slipped 1.08% at Rs 192, off day's high of Rs 203. The firm signed an agreement with Dow Europe GmbH, a unit of Dow Chemical Co, to set up a joint venture company for manufacture of two lakh tonnes per annum of chlorinated organics.

India's monsoon rains are likely to be near normal this year, the Indian Meteorological Department (IMD) forecasted on Wednesday, 16 April 2008, promising robust harvests which could bolster growth in the country and soothe global food worries.

Earth sciences minister Kapil Sibal said this year's forecast should be more reliable as the IMD was using a combination of statistical and dynamic models, unlike earlier when only statistical models were applied.

IMD will update its prediction in June 2008 when it makes the second-stage forecasts. Separate forecasts for July 2008 rainfall (crucial for Kharif crop) and seasonal rainfall over the country's four geographic regions will also come in June 2008.

Wall Street shares surged to end at their highs for the day yesterday, 16 April 2008, as investors cheered the latest round of earnings, which included Intel and JP Morgan. The Dow Jones industrial average jumped 256.80 points or 2.08% to 12,619.27, the broader S&P 500 index advanced 30.28 points or 2.27% to 1,364.71 and the Nasdaq Composite index climbed 64.07 points or 2.80% to 2,350.11.