Markets overvalued
The Sensex, which was strong throughout the day, ended firm as buying continued for index pivotals, especially index heavyweight Reliance Industries (RIL), owing to a robust set of results from India Inc, rallying US markets, firm global markets and sustained buying from FIIs.
The Sensex was up 205.84 points, or 1.48%, at 14,078.21, while the Nifty up 62.95 points, or 1.54%, at 4,150.85.
Auto major Bajaj Auto (BAL) jumped 4.70% to Rs 2559.90, and was the top-gainer. BAL’s board meeting is scheduled on 17 May 2007, in Mumbai and as per reports is “very likely” to include the demerger proposal on its agenda. The proposal is intended to unlock value for shareholders by separting the manufacturing and financial assets of Bajaj Auto into two entities.
Hero Honda gained 2.69% to Rs 702, as bike sales improved in April. Gujarat Ambuja Cements (up 3.82% to Rs 122.45), and Ranbaxy laboratories (up 3.41% to Rs 384) were the other gainers.Index heavyweight Reliance Industries (RIL) advanced 3.97% to Rs 1622.10.Maruti Udyog (MUL) rose nearly 1.52% to Rs 815.30, after reporting 17% growth in car sales in April as it sold 48,652 vehicles compared to 41,574 vehicles sold in the same period last year.
HDFC Bank lost 2.35% to Rs 1002, and was the top-loser.FMCG major Hindustan Lever (HLL) declined 1.71% to Rs 196, while telecom services provider, Reliance Communications, slipped 1.38% to Rs 470.50.
The Sensex was up 205.84 points, or 1.48%, at 14,078.21, while the Nifty up 62.95 points, or 1.54%, at 4,150.85.
Auto major Bajaj Auto (BAL) jumped 4.70% to Rs 2559.90, and was the top-gainer. BAL’s board meeting is scheduled on 17 May 2007, in Mumbai and as per reports is “very likely” to include the demerger proposal on its agenda. The proposal is intended to unlock value for shareholders by separting the manufacturing and financial assets of Bajaj Auto into two entities.
Hero Honda gained 2.69% to Rs 702, as bike sales improved in April. Gujarat Ambuja Cements (up 3.82% to Rs 122.45), and Ranbaxy laboratories (up 3.41% to Rs 384) were the other gainers.Index heavyweight Reliance Industries (RIL) advanced 3.97% to Rs 1622.10.Maruti Udyog (MUL) rose nearly 1.52% to Rs 815.30, after reporting 17% growth in car sales in April as it sold 48,652 vehicles compared to 41,574 vehicles sold in the same period last year.
HDFC Bank lost 2.35% to Rs 1002, and was the top-loser.FMCG major Hindustan Lever (HLL) declined 1.71% to Rs 196, while telecom services provider, Reliance Communications, slipped 1.38% to Rs 470.50.
Labels: Nifty.Sensex
posted by SY at 6:39 PM
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