The market kept on cruising ahead right from the opening bell on heavy buying in index pivotals especially Reliance industries which surged on high volumes. Short covering may also have propelled the rally further. All the sectoral indices on BSE posted gains. Tracking steady gains from US markets overnight, European and Asian markets also posted gains.
The 30-share BSE Sensex advanced 375.21 points or 2.51% at 15,307.98. It opened with 155.30 point upward gap at 15,088.07 and cruised ahead to hit a high of 15,340.24 at 14:39 IST as buying continued.
The S&P CNX Nifty advanced 105.75 points or 2.43% at 4,462.10. The Nifty August 2007 futures settled at 4430.90, a discount of 31.20 points as compared to spot closing.
The market breadth was strong on BSE with 2004 shares advancing as compared to 730 that declined. 54 remained unchanged
The BSE Mid-Cap index rose 1.38% to 6,665.67 while the BSE Small-Cap index gained 1.73% to 8,051.22.
The total turnover on BSE amounted to Rs 4708 crore as compared to Rs 4,646.57 crore on Tuesday, 7 August 2007
The NSE F&O turnover was Rs 42084.83 crore as compared to Rs 32668.01 crore on Tuesday, 7 August 2007
Among the Sensex pack, 27 advanced while only 3 of them declined
IT stocks dominated the market since opening bell following easing of rupee against the dollar after the government on Tuesday, 7 August 2007, tightened external commercial borrowing (ECB) norms. The BSE IT index surged 4.11% to 4,808.43, and was the best performing sectoral index on BSE. It had underperformed the market in the past one month period when it lost 7.57%, till 7 August 2007.
Second largest software services exporter Infosys Technologies jumped 4.59% to Rs 1964.90 on 6.44 lakh shares. It was the top gainer from Sensex pack.
Other IT stocks Satyam Computers (up 3.67% to Rs 480), Wipro (up 3.60% to Rs 475.85), and TCS (up 4.34% to Rs 1156), also posted gained.
India's rupee weakened today on concern capital inflows from abroad will slow after the government imposed curbs on overseas borrowings by Indian companies. The rupee was hovering at 40.55 versus dollar, weaker than Tuesday's close of 40.41/42.
Shares from mid-cap software sector outperformed their large-cap peers. MphasiS (up 6.20% to Rs 303), Polaris Software (up 12.88% to Rs 120.50), i-Gate Global (up 5.51% to Rs 247.50), KPIT Cummins (up 4.16% to Rs 122.70) and Mastek India (up 3.33% to Rs 262) surged
India's largest private sector enterprise Reliance Industries (RIL) surged 3.77% to Rs 1873.95, on 14.22 lakh shares. As per reports RIL is understood to be keen on picking up a stake in the proposed 4,00,000-barrel-a-day Jizan refinery project in Saudi Arabia.
State run refining companies gained on recent rumors of a petrol price hike in September 2007. HPCL (up 1.49% to Rs 259.45), BPCL (up 2.10% to Rs 322.50), and IOC (up 0.54% to Rs 409.95), rose.
Led by RIL and state run refinery stocks, the BSE Oil and Gas Index rose 3.13% to 8,048.75
Housing Development Finance Corporation (HDFC) rose 3.72% to Rs 2047 on reports it has shortlisted three foreign insurers for inducting one of them as a joint venture partner in its wholly-owned subsidiary, HDFC Chubb General Insurance Company.
State Bank of India (SBI), the country's largest bank, rose 1.07% to Rs 1701.25 on reports that it is ready with a $1 billion war chest to take over a niche bank which not just gives it access to foreign markets but also helps it blunt the advantage of international players who are poised to enter India in 2009.
ICICI Bank, the country's largest private sector bank rose 1.75% to Rs 886 on reports that the Foreign Investment Promotion Board (FIPB) is expected to reconsider the much-discussed proposal of infusion of foreign funds into its holding company at its next meeting on 17 August 2007.
Other banking shares also witnessed strong buying demand. The BSE Bankex rose 1.86% to 8,076.32. Kotak Mahindra Bank (up 1.66% to Rs 794.90), HDFC Bank (up 1.80% to Rs 1163), Oriental Bank of Commerce (up 2.02% to Rs 237.50), Punjab National Bank (up 3.51% to Rs 522.90), Bank of India (up 3% to Rs 253), Bank of Baroda (up 4.92% to Rs 318), Axis Bank (up 1.48% to Rs 624.15) and Union Bank of India (up 4.47% to Rs 155.45) edged higher
National Thermal Power Corporation (NTPC), surged 2.73% to Rs 171.25 on reports it is targeting 50,000 megawatt (MW) by 2012. As on date, the installed capacity of NTPC is 27,904 MW.
Tata Steel, the world's fifth largest steel company rose 1.23% to Rs 650.50
India's largest listed cellular services provider Bharti Airtel rose 0.91% to Rs 883.95 on reports that its subsidiary plans to start direct-to-home satellite TV services by the last quarter of the fiscal year ending March 2008. Bharti Airtel said its Bharti Telemedia unit had received a letter of intent from the Indian government to commence the services.
India's biggest private sector engineering company Larsen and Toubro (L&T) rose 1.56% to Rs 2491 on reports it has drawn up a mega plan to set up two defence and aerospace component manufacturing units in Coimbatore (Tamil Nadu) and Talegaon (Maharashtra) with an investment of Rs 500 crore.
State run engineering giant Bhel advanced 2.34% to Rs 1711 on reports that the Ministry of Heavy Industries (MoHI) is backing it for super critical projects and draft cabinet note by MoHI indicated that Bhel should get first 10 projects on nomination basis. While present order book of Bhel is about Rs 50,000 crore it might cross Rs 1 lakh crore by 2012 backed by supercritical projects. The BSE Capital Goods Index rose 1.78% at 13,032.66, led by L&T and Bhel.
India's largest aluminium company Hindalco Industries gained 3.10% to Rs 161.70 after Novelis Inc, now a part of the company bagged a contract worth about $1 billion to supply the South American operations of Rexam PLC, the UK packaging group.
Cement stocks, ACC (up 4.48% to Rs 1029.95), Ambuja Cements (up 2.16% to Rs 129.90) and Grasim (up 2.26% to Rs 2987), gained on follow up buying on market talks of price hike.
Dr Reddy's Laboratories slipped 0.70% to Rs 631 on 40,010 shares and was the top loser from Sensex pack.
Cipla lost 0.11% to Rs 186.85 as it went ex-dividend of Rs 2 per share on face value of Rs 2 each from today.
Shares from real-estate pack advanced on momentum buying ahead of Omaxe's listing scheduled tomorrow, 9 August 2007. The company, whose IPO was oversubscribed 68 times, had fixed the issue price at Rs 310. The BSE Realty index was up 1.77%, to 7,540.55
Unitech (up 1.90% to Rs 528.55), DLF (up 2.12% to Rs 600.90), Parsvnath Developers (up 4.12% to Rs 343.60), Sobha Developers (up 2.38% to Rs 854.40) and Ansal Infrastructures (up 2.68% to Rs 249.15) edged higher.
Orbit Corporation rose 1.08% to Rs 396.60 on reports on Monday 6 August 2007, that Reliance Retail, an unlisted arm of Reliance Industries, and JSW Steel were in race to buy its land and building in Mumbai for about Rs 800 crore. The stock galloped 22.52% in the past one week to 7 August 2007.
IFCI slipped 1.51% to Rs 65.05 after RBI on Tuesday, 7 August 2007, restricted fresh FII buying in the counter, as these investments had reached the 22% limit.
Tyre maker CEAT rose 1.32% to Rs 168.25 on its plans to shift its Mumbai plant to Patalganga near Thane to save on octroi costs. The company has already decided to sell 6.5 acres of surplus land in the plant and the entire 31 acres may fetch Rs 500 crore at current market prices, reports added.
ETC Networks hit upper circuit of 20% to Rs 85. The stock surged for the second straight day, after announcement of scheme of amalgamation with Zee Interactive Learning Systems on 7 August 2007. The Scheme envisages the amalgamation of the company with ZILS. The stock had surged 20% on Tuesday, 7 August 2007, boosted by the news.
Public sector Hindustan Copper (HCL) jumped 5% to Rs 114.55 on reports that it may be revived without any cash support from the government. A financial restructuring package worth Rs 637 crore is proposed by the ministry of mines that includes waiver of loan, interest, preference share capital, guarantee fee and reduction of capital. The stock surged 5% each in the previous two trading sessions.
Era Constructions India surged 5% to Rs 578.85 after it bagged an order in consortium with Karam Chand Thapar & Bros (C.S.) from National Highways Authority of India (NHAI) on Tuesday 7 August 2007, when it surged 5%.
Gokaldas Exports rose 3% to Rs 244.75 on reports the Blackstone Group, a global private equity fund with $85 billion assets under management, is close to investing $100 million for 10-15% stake in the company. The company however denied this report.
Ratnamani Metals & Tubes surged 5.55% to Rs 1015 on approving issue and allotment of 4.5 lakh convertible warrants on preferential basis to promoters at a price of Rs 950 per warrant aggregating to Rs 42.75 cores
LG Balakrishnan & Bros jumped 6.53% to Rs 26.10 after its board approved reduction of paid-up capital of the company by extinguishing 56.58 lakh equity shares of Re 1 each held by LGB Shareholding Trust allotted to them by virtue of a scheme of amalgamation as approved by the High Court of Madras.
Plastiblends India slipped 3.03% to Rs 158.25 on going Rs 6.50 per share ex-dividend while Kabra Extrusion Technik lost 0.60% to Rs 99.80 as it turned Rs 4.50 per share ex-dividend from today.
Zensar Technologies, an IT and BPO services provider, rose 2.78% to Rs 246 after it said on Tuesday, 7 August 2007 it has received Rs 28.27 crore insurance deal from a South African insurance company.
Infrastructure major Punj Lloyd advanced 2.16% to Rs 295.50 on its plans to raise $200 million (over Rs 800 crore) through a qualified institutional placement (QIP). The money will be use the funds to part-fund its recent acquisition of 25% stake in Pipavav Shipyard (PSL) as well as for its planned capacity expansion.
Jai Corp hit 5% upper circuit at Rs 5061.70 on BSE on company's plans to consider issue of bonus shares in a meeting scheduled on 09, August 2007. Jai Corp surged 62.06% over the last one month to 7 August 2007. The company's current equity is Rs 8.63 crore, with 86.3 lakh outstanding shares of a face value of Rs 10.
TVS Motor Company was up 2.25% to Rs 57.95 on reports that LIC has substantially hiked its stake in the two-wheeler maker to 9.42%, up from 3.74% it held in March 2007. LIC acquired closed to 6% stake in TVS Motors from open market in the month of June 2007 and July 2007.
Vijaya Bank rose 3.30% to Rs 54.80 on reports it is likely to explore the possibility of acquiring a bank with a large number of branches in north India by 2009.
Great Offshore was up 3.49% to Rs 818 on media reports that the firm is set to buy a Scandinavian company for around $500 million. The Scandinavian company provides services that include rigs for offshore oil exploration.
Sical Logistics rose 1.61% to Rs 239.95 on reports it has sold assets of its auto components division, Indrad Auto Components, to Lucas TVS. The sale to auto component maker Lucas TVS does not include Indrad's 'GATE' business, a technology transfer agreement with Italy's GATE SRL.
Godrej Consumer Products was up 3.46% to Rs 140.50 on reports the firm is considering various options including a follow-on public offering to raise up to Rs 400 crore.
K Sera Sera slumped 5% to Rs 22.85 on reports that Sony Pictures plans to file a $30-million suit against the company for remaking its movie Hitch in Hindi without approval.
The government on Tuesday, 7 August 2007, put stiff restrictions on overseas borrowings, a measure sought by the Reserve Bank of India (RBI) to enable it to check the rupee's sharp appreciation. External commercial borrowings (ECBs) above $20 million have now been allowed only for foreign currency expenditure for permissible end-uses and are required to be parked abroad.
As a result, interest costs for companies might jump by 75-100 basis points as ECBs were usually at lower interest rates than domestic borrowings, reports suggest. Indian companies had raised a total of $24 billion of ECBs in 2006-07 against the government's internal target of $22 billion.
All the Asian stock markets posted gains on Wednesday, 8 August 2007 after the US Federal Reserve's positive outlook for the US economy, Asia's top export market, helped soothe concerns about a global credit squeeze.
Hong Kong's Hang Seng (up 2.87%), Taiwan's Taiwan Weighted (up 2.68%), Japan's Nikkei (up 0.64%), Shanghai Composite (up 0.26%), Singapore's Straits Times (up 3.37%) and South Korea's Seoul Composite (up 2.34%), edged higher.
All the European indices were trading higher today, 8 August 2007.
US stocks rose on Tuesday, 7 August 2007, following the Fed's outlook on the economy. The Dow Jones industrial average rose 35.52 points, or 0.26%, to end at 13,504.30. The Standard & Poor's 500 Index gained 9.04 points, or 0.62%, to finish at 1,476.71. The Nasdaq Composite Index advanced 14.27 points, or 0.56%, to close at 2,561.60.
The Fed on Tuesday, 7 August 2007, left its benchmark interest rate unchanged at 5.25% in a widely expected move and said while tightening credit conditions had increased downside risks to the US economy, inflation was still its main concern.
The 30-share BSE Sensex advanced 375.21 points or 2.51% at 15,307.98. It opened with 155.30 point upward gap at 15,088.07 and cruised ahead to hit a high of 15,340.24 at 14:39 IST as buying continued.
The S&P CNX Nifty advanced 105.75 points or 2.43% at 4,462.10. The Nifty August 2007 futures settled at 4430.90, a discount of 31.20 points as compared to spot closing.
The market breadth was strong on BSE with 2004 shares advancing as compared to 730 that declined. 54 remained unchanged
The BSE Mid-Cap index rose 1.38% to 6,665.67 while the BSE Small-Cap index gained 1.73% to 8,051.22.
The total turnover on BSE amounted to Rs 4708 crore as compared to Rs 4,646.57 crore on Tuesday, 7 August 2007
The NSE F&O turnover was Rs 42084.83 crore as compared to Rs 32668.01 crore on Tuesday, 7 August 2007
Among the Sensex pack, 27 advanced while only 3 of them declined
IT stocks dominated the market since opening bell following easing of rupee against the dollar after the government on Tuesday, 7 August 2007, tightened external commercial borrowing (ECB) norms. The BSE IT index surged 4.11% to 4,808.43, and was the best performing sectoral index on BSE. It had underperformed the market in the past one month period when it lost 7.57%, till 7 August 2007.
Second largest software services exporter Infosys Technologies jumped 4.59% to Rs 1964.90 on 6.44 lakh shares. It was the top gainer from Sensex pack.
Other IT stocks Satyam Computers (up 3.67% to Rs 480), Wipro (up 3.60% to Rs 475.85), and TCS (up 4.34% to Rs 1156), also posted gained.
India's rupee weakened today on concern capital inflows from abroad will slow after the government imposed curbs on overseas borrowings by Indian companies. The rupee was hovering at 40.55 versus dollar, weaker than Tuesday's close of 40.41/42.
Shares from mid-cap software sector outperformed their large-cap peers. MphasiS (up 6.20% to Rs 303), Polaris Software (up 12.88% to Rs 120.50), i-Gate Global (up 5.51% to Rs 247.50), KPIT Cummins (up 4.16% to Rs 122.70) and Mastek India (up 3.33% to Rs 262) surged
India's largest private sector enterprise Reliance Industries (RIL) surged 3.77% to Rs 1873.95, on 14.22 lakh shares. As per reports RIL is understood to be keen on picking up a stake in the proposed 4,00,000-barrel-a-day Jizan refinery project in Saudi Arabia.
State run refining companies gained on recent rumors of a petrol price hike in September 2007. HPCL (up 1.49% to Rs 259.45), BPCL (up 2.10% to Rs 322.50), and IOC (up 0.54% to Rs 409.95), rose.
Led by RIL and state run refinery stocks, the BSE Oil and Gas Index rose 3.13% to 8,048.75
Housing Development Finance Corporation (HDFC) rose 3.72% to Rs 2047 on reports it has shortlisted three foreign insurers for inducting one of them as a joint venture partner in its wholly-owned subsidiary, HDFC Chubb General Insurance Company.
State Bank of India (SBI), the country's largest bank, rose 1.07% to Rs 1701.25 on reports that it is ready with a $1 billion war chest to take over a niche bank which not just gives it access to foreign markets but also helps it blunt the advantage of international players who are poised to enter India in 2009.
ICICI Bank, the country's largest private sector bank rose 1.75% to Rs 886 on reports that the Foreign Investment Promotion Board (FIPB) is expected to reconsider the much-discussed proposal of infusion of foreign funds into its holding company at its next meeting on 17 August 2007.
Other banking shares also witnessed strong buying demand. The BSE Bankex rose 1.86% to 8,076.32. Kotak Mahindra Bank (up 1.66% to Rs 794.90), HDFC Bank (up 1.80% to Rs 1163), Oriental Bank of Commerce (up 2.02% to Rs 237.50), Punjab National Bank (up 3.51% to Rs 522.90), Bank of India (up 3% to Rs 253), Bank of Baroda (up 4.92% to Rs 318), Axis Bank (up 1.48% to Rs 624.15) and Union Bank of India (up 4.47% to Rs 155.45) edged higher
National Thermal Power Corporation (NTPC), surged 2.73% to Rs 171.25 on reports it is targeting 50,000 megawatt (MW) by 2012. As on date, the installed capacity of NTPC is 27,904 MW.
Tata Steel, the world's fifth largest steel company rose 1.23% to Rs 650.50
India's largest listed cellular services provider Bharti Airtel rose 0.91% to Rs 883.95 on reports that its subsidiary plans to start direct-to-home satellite TV services by the last quarter of the fiscal year ending March 2008. Bharti Airtel said its Bharti Telemedia unit had received a letter of intent from the Indian government to commence the services.
India's biggest private sector engineering company Larsen and Toubro (L&T) rose 1.56% to Rs 2491 on reports it has drawn up a mega plan to set up two defence and aerospace component manufacturing units in Coimbatore (Tamil Nadu) and Talegaon (Maharashtra) with an investment of Rs 500 crore.
State run engineering giant Bhel advanced 2.34% to Rs 1711 on reports that the Ministry of Heavy Industries (MoHI) is backing it for super critical projects and draft cabinet note by MoHI indicated that Bhel should get first 10 projects on nomination basis. While present order book of Bhel is about Rs 50,000 crore it might cross Rs 1 lakh crore by 2012 backed by supercritical projects. The BSE Capital Goods Index rose 1.78% at 13,032.66, led by L&T and Bhel.
India's largest aluminium company Hindalco Industries gained 3.10% to Rs 161.70 after Novelis Inc, now a part of the company bagged a contract worth about $1 billion to supply the South American operations of Rexam PLC, the UK packaging group.
Cement stocks, ACC (up 4.48% to Rs 1029.95), Ambuja Cements (up 2.16% to Rs 129.90) and Grasim (up 2.26% to Rs 2987), gained on follow up buying on market talks of price hike.
Dr Reddy's Laboratories slipped 0.70% to Rs 631 on 40,010 shares and was the top loser from Sensex pack.
Cipla lost 0.11% to Rs 186.85 as it went ex-dividend of Rs 2 per share on face value of Rs 2 each from today.
Shares from real-estate pack advanced on momentum buying ahead of Omaxe's listing scheduled tomorrow, 9 August 2007. The company, whose IPO was oversubscribed 68 times, had fixed the issue price at Rs 310. The BSE Realty index was up 1.77%, to 7,540.55
Unitech (up 1.90% to Rs 528.55), DLF (up 2.12% to Rs 600.90), Parsvnath Developers (up 4.12% to Rs 343.60), Sobha Developers (up 2.38% to Rs 854.40) and Ansal Infrastructures (up 2.68% to Rs 249.15) edged higher.
Orbit Corporation rose 1.08% to Rs 396.60 on reports on Monday 6 August 2007, that Reliance Retail, an unlisted arm of Reliance Industries, and JSW Steel were in race to buy its land and building in Mumbai for about Rs 800 crore. The stock galloped 22.52% in the past one week to 7 August 2007.
IFCI slipped 1.51% to Rs 65.05 after RBI on Tuesday, 7 August 2007, restricted fresh FII buying in the counter, as these investments had reached the 22% limit.
Tyre maker CEAT rose 1.32% to Rs 168.25 on its plans to shift its Mumbai plant to Patalganga near Thane to save on octroi costs. The company has already decided to sell 6.5 acres of surplus land in the plant and the entire 31 acres may fetch Rs 500 crore at current market prices, reports added.
ETC Networks hit upper circuit of 20% to Rs 85. The stock surged for the second straight day, after announcement of scheme of amalgamation with Zee Interactive Learning Systems on 7 August 2007. The Scheme envisages the amalgamation of the company with ZILS. The stock had surged 20% on Tuesday, 7 August 2007, boosted by the news.
Public sector Hindustan Copper (HCL) jumped 5% to Rs 114.55 on reports that it may be revived without any cash support from the government. A financial restructuring package worth Rs 637 crore is proposed by the ministry of mines that includes waiver of loan, interest, preference share capital, guarantee fee and reduction of capital. The stock surged 5% each in the previous two trading sessions.
Era Constructions India surged 5% to Rs 578.85 after it bagged an order in consortium with Karam Chand Thapar & Bros (C.S.) from National Highways Authority of India (NHAI) on Tuesday 7 August 2007, when it surged 5%.
Gokaldas Exports rose 3% to Rs 244.75 on reports the Blackstone Group, a global private equity fund with $85 billion assets under management, is close to investing $100 million for 10-15% stake in the company. The company however denied this report.
Ratnamani Metals & Tubes surged 5.55% to Rs 1015 on approving issue and allotment of 4.5 lakh convertible warrants on preferential basis to promoters at a price of Rs 950 per warrant aggregating to Rs 42.75 cores
LG Balakrishnan & Bros jumped 6.53% to Rs 26.10 after its board approved reduction of paid-up capital of the company by extinguishing 56.58 lakh equity shares of Re 1 each held by LGB Shareholding Trust allotted to them by virtue of a scheme of amalgamation as approved by the High Court of Madras.
Plastiblends India slipped 3.03% to Rs 158.25 on going Rs 6.50 per share ex-dividend while Kabra Extrusion Technik lost 0.60% to Rs 99.80 as it turned Rs 4.50 per share ex-dividend from today.
Zensar Technologies, an IT and BPO services provider, rose 2.78% to Rs 246 after it said on Tuesday, 7 August 2007 it has received Rs 28.27 crore insurance deal from a South African insurance company.
Infrastructure major Punj Lloyd advanced 2.16% to Rs 295.50 on its plans to raise $200 million (over Rs 800 crore) through a qualified institutional placement (QIP). The money will be use the funds to part-fund its recent acquisition of 25% stake in Pipavav Shipyard (PSL) as well as for its planned capacity expansion.
Jai Corp hit 5% upper circuit at Rs 5061.70 on BSE on company's plans to consider issue of bonus shares in a meeting scheduled on 09, August 2007. Jai Corp surged 62.06% over the last one month to 7 August 2007. The company's current equity is Rs 8.63 crore, with 86.3 lakh outstanding shares of a face value of Rs 10.
TVS Motor Company was up 2.25% to Rs 57.95 on reports that LIC has substantially hiked its stake in the two-wheeler maker to 9.42%, up from 3.74% it held in March 2007. LIC acquired closed to 6% stake in TVS Motors from open market in the month of June 2007 and July 2007.
Vijaya Bank rose 3.30% to Rs 54.80 on reports it is likely to explore the possibility of acquiring a bank with a large number of branches in north India by 2009.
Great Offshore was up 3.49% to Rs 818 on media reports that the firm is set to buy a Scandinavian company for around $500 million. The Scandinavian company provides services that include rigs for offshore oil exploration.
Sical Logistics rose 1.61% to Rs 239.95 on reports it has sold assets of its auto components division, Indrad Auto Components, to Lucas TVS. The sale to auto component maker Lucas TVS does not include Indrad's 'GATE' business, a technology transfer agreement with Italy's GATE SRL.
Godrej Consumer Products was up 3.46% to Rs 140.50 on reports the firm is considering various options including a follow-on public offering to raise up to Rs 400 crore.
K Sera Sera slumped 5% to Rs 22.85 on reports that Sony Pictures plans to file a $30-million suit against the company for remaking its movie Hitch in Hindi without approval.
The government on Tuesday, 7 August 2007, put stiff restrictions on overseas borrowings, a measure sought by the Reserve Bank of India (RBI) to enable it to check the rupee's sharp appreciation. External commercial borrowings (ECBs) above $20 million have now been allowed only for foreign currency expenditure for permissible end-uses and are required to be parked abroad.
As a result, interest costs for companies might jump by 75-100 basis points as ECBs were usually at lower interest rates than domestic borrowings, reports suggest. Indian companies had raised a total of $24 billion of ECBs in 2006-07 against the government's internal target of $22 billion.
All the Asian stock markets posted gains on Wednesday, 8 August 2007 after the US Federal Reserve's positive outlook for the US economy, Asia's top export market, helped soothe concerns about a global credit squeeze.
Hong Kong's Hang Seng (up 2.87%), Taiwan's Taiwan Weighted (up 2.68%), Japan's Nikkei (up 0.64%), Shanghai Composite (up 0.26%), Singapore's Straits Times (up 3.37%) and South Korea's Seoul Composite (up 2.34%), edged higher.
All the European indices were trading higher today, 8 August 2007.
US stocks rose on Tuesday, 7 August 2007, following the Fed's outlook on the economy. The Dow Jones industrial average rose 35.52 points, or 0.26%, to end at 13,504.30. The Standard & Poor's 500 Index gained 9.04 points, or 0.62%, to finish at 1,476.71. The Nasdaq Composite Index advanced 14.27 points, or 0.56%, to close at 2,561.60.
The Fed on Tuesday, 7 August 2007, left its benchmark interest rate unchanged at 5.25% in a widely expected move and said while tightening credit conditions had increased downside risks to the US economy, inflation was still its main concern.
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