Market surged at the fag end of the trading session to touch new all time high, on short-covering ahead of expiry of September 2007 derivatives contracts. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time highs in late trade. After the Sensex breached the 17,000 mark yesterday, the Nifty scaled the 5,000 level today.
Domestic bourses rose today, 27 September 2007, as a part of rally across global markets as weak US economic data reinforced expectations for another interest rate cut from the Federal Reserve, following a steep half-point reduction to 4.75% last week.
The 30-shares BSE Sensex up 229.17 points or 1.35% at 17,150.56, an all time closing high. It opened with upward gap of 138.22 points to 17,059.61. Its low for the day was at 17,018.56. It hit an all time high of 17,188.40 in late trade.
From a recent low of 13,989.11 on 21 August 2007, Sensex surged 3,161.45 points or 22.59% in just 27 trading sessions to 17,150.56 on 27 September 2007. FII buying boosted the bourses in this period.
The S&P CNX Nifty was up 60.05 points or 1.22% at 5,000.55, an all time closing high. It struck an all time high of 5,016.40 in late trade. It took a little under ten months for Nifty to reach 5,000 from 4,000. It had first hit the 4,000 mark on 1 December 2006.
Derivative contracts for September 2007 series expired today, 27 September 2007. The Nifty October 2007 futures settled at 5,004.95, a premium of 4.40 points as compare to spot closing
The market breadth was negative on BSE with 1458 shares declining as compared to 1286 that advanced. 61 remained unchanged. The breadth was positive till mid-afternoon trade
The BSE Mid-Cap index was down 0.28% to 7,331.96. It struck an all time high of 7,437.51 earlier in the day. The BSE Small-Cap index hit all time high of 9,127.42. It rose 0.19% to 9,046.55. Both these indices underperformed the Sensex.
All the sectoral indices on BSE edged higher expect the BSE FMCG index. BSE TecK index (up 1.72% to 3,784.50), BSE Metal Index (up 3.19% at 13,502.60), BSE IT Index (up 3.14% at 4,643.43), outperformed the Sensex.
However BSE Oil and Gas Index (up 0.23% at 9,639.10), BSE Consumer Durables index (up 1.17% to 4,800.81), BSE PSU index (up 1.04% to 8,139.21), BSE Capital Goods Index (up 0.25% at 14,691.07), BSE Health Care Index (up 0.78% at 3,720.23), BSE Realty index (up 0.65% to 9,031.00), BSE Auto Index (up 1.06% at 5,270.66), and BSE FMCG Index (down 0.80% at 2,120.28) were underperformers.
The total turnover on BSE amounted to Rs 7727 crore as compared to Rs 7,750.07 crore on Wednesday, 26 September 2007.
The NSE F&O turnover was a record Rs 86226.41 crore as compared to Rs 78536.17 crore on Wednesday, 26 September 2007
Among the 30-member Sensex pack, 23 rose while the rest slipped
India's second largest power utility company in terms of revenue Reliance Energy (REL) surged 8% to Rs 1108.30. It was the top gainer from Sensex pack. As per reports REL is believed to be restructuring its businesses under three verticals — utility, infrastructure and real estate.
IT stocks rallied for the second day in a row after central bank's recent measures to tame appreciating rupee. Infosys Technologies (up 5.25% to Rs 1,920), TCS (up 1.92% to Rs 1,061), Satyam Computer Systems (up 2.43% to Rs 441.80), and Wipro (up 1.19% to Rs 460) edged higher. On Tuesday, 25 September 2007, Reserve Bank of India relaxed overseas investment by local companies, mutual funds and individuals in a bid to tame the rupee's rise.
Auto stocks edged higher. Tata Motors (up 1.43% to Rs 750), Bajaj Auto (up 1.14% to Rs 2,521) and Hero Honda Motors (up 0.55% to Rs 740.60), rose.
India's largest oil explorer in terms of revenue Oil & Natural Gas Corporation (ONGC) surged 3.77% to Rs 972. The government will raise administered prices for gas produced from assets awarded to state-run firms in a month's time, before the launch of a new licencing round, M.S. Srinivasan, oil ministry secretary, said on Wednesday.
World's sixth largest steel manufacturer Tata Steel surged 6.81% to Rs 802. It hit a 52-week high of Rs 807.90 on BSE today.
Bharat Heavy Electricals (Bhel), the country's largest power equipment maker by sales rose 2.37% to Rs 2,035. It hit a all time high of Rs 2045 on reports that it has won a Rs 765 crore turnkey order from Steel Authority of India (SAIL) to set up a 62.2 mega watt captive power plant in Burnpur, West Bengal. Reports further said Bhel's order book stood at Rs 65,000 crore. The project is expected to be commissioned within 29 months.
Tata Motors, the nation's top truck and bus maker in terms of sales rose 1.50% to Rs 750.50. Deutsche Bank is bullish on the stock and has maintained buy rating with target price of Rs 920.
India's largest private sector lender, ICICI Bank, rose 0.55% to Rs 1025. It hit an all time high of Rs 1039 on BSE. As per reports it sold $2 billion of five-year notes in the Rule 144a private placement market.
India's largest company in terms of market capitalisation and operator of world's third largest refinery at Jamnagar, Gujarat, Reliance Industries (RIL) saw high volatility today. It slipped from day's high of Rs 2364 to a low of Rs 2321. It settled 0.56% higher at Rs 2335 on 5.06 lakh shares. RIL is reportedly laying off 1,000 staff in the country's most populous state of Uttar Pradesh after failed attempts to reopen Western-style supermarkets, which closed after protests from small traders.
Ambuja Cements, the country's second largest cement manufacturer in terms of sales extended early fall. It lost 2.47% to Rs 144 on 7.41 lakh shares. It was the top loser from Sensex pack
Hindustan Unilever (down 2.23% to Rs 220), and Reliance Communications (down 1.08% to Rs 583.55) were the other losers from Sensex pack
Sintex Industries rose 2.31% to Rs 362.90 on the back of massive block deal of 1.23 crore shares on BSE at Rs 355 per share by 14:34 IST. It was the top traded on BSE with total turnover of Rs 622.86 crore.
Reliance Natural Resources (Rs 215.41 crore), Indiabulls Real Estate (Rs 201.81 crore), Reliance Energy (Rs 199.30 crore) and Tata Steel (Rs 192.20 crore), were the other turnover toppers in that order.
Shares from sugar sector declined on profit booking after the recent rally. Dwarikesh Sugar (down 1.59% to Rs 62), Sakthi Sugar (down 2.90% to Rs 85.50), Triveni Engineering (down 7.2% to Rs 108), Balrampur Chini Mills (down 3.91% to Rs 75), Shree Renuka Sugars (down 1.78% to Rs 693.95), and Bajaj Hindustan (up 9.77% to Rs 171.40) plunged
India's largest private sector iron ore exporter in terms of revenue Sesa Goa surged 7.14% to Rs 2388.20 on reports that Cia. Vale do Rio Doce, Rio Tinto Group and BHP Billiton, the world's three largest iron-ore exporters, may increase prices by 30% next year as demand driven by steelmakers in China outpaces growth in supply
EIH rose 2.80% to Rs 119.30 after it decided to snap its ties with Hilton from 31 March 2008. The Oberoi group had entered into a strategic alliance in April 2004 for marketing and co-branding Hilton International for some of its properties in India under Trident Hilton tag. The strategic alliance was for 15 years up to April 2019.
SRF (down 1.3% to Rs 144.40) and Bongaigaon Refineries (down 1.76%to Rs 69.90) declined after National Stock Exchange (NSE) barred further F&O positions these underlyings as 95% of marketwide limit was reached on Wednesday, 26 September 2007
Venus Remedies rose 1.83% to Rs 500 after India's central bank after market hours on Wednesday, 26 September 2007 allowed foreign funds to invest up to 49% of paid-up capital of the company.
Rajesh Exports surged 5.66% to Rs 982 after it scheduled a meeting of the board of directors on 22 October 2007 to consider the issue of bonus shares and splitting of existing equity shares of Rs 2 each to equity share of Rs 1 each.
Distillation equipment manufacturer Praj Industries slipped 0.44% to Rs 237 after Tata Sons, the Tata group's holding company, acquired 8.01% stake in in a block deal on Bombay Stock Exchange (BSE) on Wednesday, 26 September 2007. Praj Industries' promoter Pramod Chaudhari and his wife Pramila sold 1.34 crore shares at average price of Rs 251.50 per share. The Chaudharis continue to be the single largest shareholder in the company with nearly 20% stake.
State Trading Corporation of India plunged 5% to Rs 359.85 after its board of directors at its meeting held on 26 September 2007 deferred recommendation of bonus shares to the next board meeting. The company made this announcement after market hours on 26 September 2007.
Shyam Telecom jumped 7.83% at Rs 104after Russia-based Sistema JSFC bought 10% stake in unlisted group firm Shyam Telelink for $11.4 million.
DLF rose 1.40% to Rs 749 on reports of the company filing application for telecom license ahead of the 1 October 2007 deadline for filing applications. DLF, the country's biggest real estate firm is reported to have earmarked around Rs 5,000-7,000 crore investment for its telecom foray.
United Breweries (Holdings) soared 9.40% to Rs 883 after the UB Group owner Vijay Mallya acquired a 50% stake in US-based Epic Aircraft for $120 million. Reportedly, the acquisition was made as a personal investment.
Lupin rose 1.03% to Rs 586 on BSE, after it announced today, 27 September 2007, it has acquired Rubamin Laboratories, a part of Rubamin Group.
European markets which opened after Indian markets were trading higher. France's CAC (up 0.64% to 5,727.31), Germany's DAX (up 0.53% to 7,845.71) and UK's FTSE 100 (up 0.75% to 6,481.20) edged higher.
Asian markets edged higher today, 27 September 2007 after stocks rallied on Wall Street overnight. Hang Seng (up 2.40% at 27,065.15), Japan's Nikkei (up 2.41% at 16,832), Taiwan Weighted (up 1.69% at 9,413.65), Singapore's Straits Times (up 1.78% at 3,715.16) and South Korea's Seoul Composite (up 1.36% at 1,945.28), all edged higher.
US stocks rallied yesterday, 26 September 2007 led by rally in financial shares after a larger-than-forecast decrease in durable goods orders reinforced expectations of more rate cuts. The Dow Jones Industrial Average gained 99.5 points or 0.7%, to 13,878.15. The Nasdaq Composite Index increased 15.58 points or 0.6% to 2,699.03. The Standard & Poor's 500 Index added 8.21 points or 0.5% to 1,525.42.
Crude oil prices held above $80 on Thursday, 27 September 2007 as traders balanced rising stockpiles in the United States against fears that a brewing storm could impact production in the Gulf of Mexico. US crude for November delivery rose 25 cents to $80.55 a barrel and London Brent crude rose 34 cents to $77.77 a barrel.
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