RIL leads rally

The market shrugged off blasts in Uttar Pradesh and galloped in late trade on a volatile day of trading. Reliance Industries surged in late trade. Reports of three blasts in Uttar Pradesh had pulled the market off higher level in mid-afternoon trade. It instantly recovered from lower level later. Earlier, the market had surged in afternoon trade.

Three consecutive blasts outside civil courts in Lucknow, Varanasi and Faizabad in Uttar Pradesh today killed five people and injured many more.

Capital goods, power, realty, metal stocks gained. Reliance Energy and DLF were the major gainers whereas Maruti Suzuki india and HDFC Bank were major losers from Sensex pack. The market breadth was strong. European markets which opened after Indian market were firm. Asian markets, which opened before Indian market, were mixed.

India's wholesale price index rose 3.01% in the 12 months to 10 November 2007, below the previous week's rise of 3.11%, government data released today afternoon showed. The annual inflation rate was 5.39% during the corresponding week of the previous year.

The 30-share BSE Sensex provisionally ended up 323.32 points or 1.75% at 18,849.64. Sensex hit a low of 18,548.05 in mid-afternoon trade. At day's low, Sensex was up just 21.74 points for the day. Sensex hit a high of 18,910.46 in early afternoon trade. At day's high of 18,910.46, Sensex had gained 384.14 points.

The S&P CNX Nifty rose 93.9 points or 1.7% to 5,613.25.

BSE clocked a turnover of Rs 6140 crore, lower than Thursday (22 November 2007)'s Rs 7,127.32 crore.

The market breadth was strong. On BSE, 1,726 stocks advanced, 1,038 stocks declined and 32 stocks were unchanged. 22 out of 30 stocks from the Sensex pack were in the green.

The BSE Mid-Cap index rose 1.75% to 8,232.07 and the BSE Small-Cap index up 1.19% to 10,180.59.

Index heavyweight and India's largest private sector firm by market capitalisation Reliance Industries was up 3.53% to Rs 2,825.

Metal stocks surged in late trade. Sterlite Industries (up 5.53% to Rs 886.90), Steel Authority of India (up 2.41% to Rs 252.90),Hindalco Industries (up 0.8% to Rs 187.95) and Tata Steel (up 0.01% to Rs 819) edged higher.

India's largest truck maker by sales Tata Motors rose 2.6% to Rs 710 after union leaders at Ford Motor Co's Land Rover and Jaguar brands agreed on Thursday, 22 November 2007, to support the Indian firm's bid for the brands. Tata Motors, Mahindra & Mahindra and buyout firm partner Apollo, and JP Morgan-backed One Equity Partners, are reportedly in race to acquire the Ford brands.

Power stocks surged. India's biggest power generation firm by revenue NTPC rose 3.98% to Rs 236.60. NTPC announced after market hours on Thursday, 22 November 2007 that the company and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) have signed a memorandum of understanding for the formation of a joint venture company (JVC) for establishing and operating a coal based thermal power project at Meja Tehsil or any other suitable site in Allahabad district in the state of Uttar Pradesh.

Reliance Energy (up 7.48% to Rs 1,725.10) and PowerGrid Corporation of India (up 6.59% to Rs 151.20) edged higher.

Realty stocks gained. India's largest real estate developer by market capitalisation DLF rose 5.58% to Rs 868.65. As per reports, Fortis Healthcare and DLF are close to signing an agreement to set up 15 hospitals in the next five years on lands situated in the real estate giant's townships in India. As per some other reports, leading US quick service restaurant (QSR) chains Burger King and Wendy's are having talks with India's largest real estate company DLF for a foray into the Indian market.

Indiabulls Real Estate (up 1.86% to Rs 614.05), Unitech (up 3.58% to Rs 339.95) edged higher.

Capital goods stocks surged. Larsen & Toubro (up 4.02% to Rs 4,100.50), Bharat Heavy Electricals (up 2.34% to Rs 2,543.20) and Suzlon Enegy (up 0.14% to Rs 1,859.75) edged higher.

India's biggest dedicated housing finance firm in terms of revenue HDFC rose 4.12% to Rs 2,666.30.

Maruti Suzuki India (down 2.07% to Rs 946.70) Cipla (down 0.93% to Rs 181.25) and ITC (down 0.57% to Rs 184.15) edged lower.

Jindal Steel rose 20.7% to Rs 12,096 and was the top gainer from A group shares on BSE. Neyveli Lignite (up 18.3% to Rs 214.30), Welspun Gujarat Stahl Rohren (up 7.7% to Rs 399.30), Escorts (up 8.42% to Rs 148.15) and Indian Bank (up 10.03% to Rs 166.75) edged higher.

Khaitan Weaving Mills hit 5% upper circuit at 293.45 after it fixed 14 December 2007 as the record date for the purpose of determining the entitlement of right offer of equity shares in the ratio 6:1.

Shares in DCM Shriram Industries hit 5% upper circuit at Rs 88.05 on reports that the founders offered to raise the warrants subscription price to Rs 90 each from Rs 52 at a Company Law Board hearing. The move was in response to a petition from a large shareholder seeking a stay on the preferential issue of warrants due to low pricing.

Asian Oilfield Services hit 5% upper circuit at Rs 205.15. It announced after the market hours on Thursday, 22 November 2007 that a meeting of the board of directors of the company will be held on 23 November 2007, to consider the issue and allotment of equity shares and/or warrants on preferential basis to strategic investors.

European markets were firm. France's CAC 40 (up 0.55% to 5,445.62), Germany's DAX (up 0.15% to 7,572.64) and UK's FTSE 100 (up 0.9% to 6,210.70) edged higher.

Asian markets were trading mixed today, 23 November 2007. Hong Kong's Hang Seng (up 2.06% at 26,541.09), China's Sanghai Composite (up 0.96% to 5,032.13) and Singapore's Straits Times (up 0.39% to 3,325.89) rose. However, Taiwan's Taiwan Weighted (down 1.85% at 8,342.20) and South Korea's Seoul Composite (down 1.45% at 1,772.88), slipped. Japanese stocks market is closed today for Labour Thanksgiving Day.

US markets remained closed for Thanksgiving day yesterday, 22 November 2007.

As per provisional data, FIIs sold shares worth a net Rs 2487.71 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 1341.15 crore on Thursday, 22 November 2007.

Foreign institutional investors (FIIs) were net sellers to the tune of Rs 240.07 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net sellers of index futures to the tune of Rs 544.02 crore and bought index options worth Rs 154.75 crore. They were net buyers of stock futures to the tune of Rs 153.02 crore and sold stock options worth Rs 3.82 crore.

Crude oil prices climbed back above $97 a barrel in thin trade on Friday, 23 November 2007 buoyed by the unrelenting decline in the US dollar. London Brent crude rose 35 cents to $94.85 a barrel, while U.S. light crude for January delivery stood at $97.35 a barrel.