Markets end firm,sensex above 14 K
The market surged as investors put cash to use after the Reserve Bank of India (RBI) in its monetary policy announced earlier today kept all policy rates -- the CRR, repo, reverse repo and bank rates -- unchanged.
Speculative buying, as well as short-covering in the derivatives aided the surge, especially in banking shares.
PSU banks vaulted. Stocks from other interest rate sensitive sectors, namely, auto, housing finance and real estate looked up. Reliance Industries (RIL) and Bharti Airtel struck all-time highs. But IT shares slipped with the rupee rising to a fresh nine-year high against the dollar, soon after the central bank opted to hold short-term rates steady.
The Sensex’s provisional closing was 14,144.09, a gain of 215.76 points, and its highest closing in two months since 21 February 2007.The provisional closing of Nifty was 4,141.20, a gain of 56.10 points.
Among private sector banks, ICICI Bank rose 3% to Rs 947, and HDFC Bank gained 2.4% to Rs 1011.90.Housing finance firms advanced after the central bank lowered a risk weightage on housing loans up to 20 lakh to 50% from 75%. RBI said the reduction was a temporary measure. HDFC gained 2.6% to Rs 1714.90.
Car major Maruti Udyog gained amid volatility in afternoon trade, when it announced Q4 March 2007 results. The stock surged 4.3% to Rs 801. Maruti Udyog (MUL) today reported 24% growth in net profit in Q4 March 2007, at Rs 449 crore against Rs 361 crore in the corresponding quarter a year ago.
Other rate sensitive auto shares too nudged higher. Tata Motors gained 3.9% to Rs 746, Mahindra & Mahindra gained 1.7% to Rs 744, and Bajaj Auto advanced 1.6% to Rs 2449.
Bharti Airtel gained 4% to Rs 875. It struck a high of Rs 882, which is a lifetime high for the scrip. The company on Monday announced the pan-India launch of comprehensive telecom and networking solutions for small and medium businesses.
Reliance Industries rose nearly 2% to Rs 1583. The stock struck a high of Rs 1588, which is a record high for the scrip.
Oil exploration major, ONGC, gained 1.7% to Rs 949.65, tracking firm global crude oil prices.
Speculative buying, as well as short-covering in the derivatives aided the surge, especially in banking shares.
PSU banks vaulted. Stocks from other interest rate sensitive sectors, namely, auto, housing finance and real estate looked up. Reliance Industries (RIL) and Bharti Airtel struck all-time highs. But IT shares slipped with the rupee rising to a fresh nine-year high against the dollar, soon after the central bank opted to hold short-term rates steady.
The Sensex’s provisional closing was 14,144.09, a gain of 215.76 points, and its highest closing in two months since 21 February 2007.The provisional closing of Nifty was 4,141.20, a gain of 56.10 points.
Among private sector banks, ICICI Bank rose 3% to Rs 947, and HDFC Bank gained 2.4% to Rs 1011.90.Housing finance firms advanced after the central bank lowered a risk weightage on housing loans up to 20 lakh to 50% from 75%. RBI said the reduction was a temporary measure. HDFC gained 2.6% to Rs 1714.90.
Car major Maruti Udyog gained amid volatility in afternoon trade, when it announced Q4 March 2007 results. The stock surged 4.3% to Rs 801. Maruti Udyog (MUL) today reported 24% growth in net profit in Q4 March 2007, at Rs 449 crore against Rs 361 crore in the corresponding quarter a year ago.
Other rate sensitive auto shares too nudged higher. Tata Motors gained 3.9% to Rs 746, Mahindra & Mahindra gained 1.7% to Rs 744, and Bajaj Auto advanced 1.6% to Rs 2449.
Bharti Airtel gained 4% to Rs 875. It struck a high of Rs 882, which is a lifetime high for the scrip. The company on Monday announced the pan-India launch of comprehensive telecom and networking solutions for small and medium businesses.
Reliance Industries rose nearly 2% to Rs 1583. The stock struck a high of Rs 1588, which is a record high for the scrip.
Oil exploration major, ONGC, gained 1.7% to Rs 949.65, tracking firm global crude oil prices.
Labels: Nifty.Sensex
posted by SY at 4:14 PM
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