Fantastic close for the markets
It was a fantastic close for the market despite weak Asian cues rather mixed. Sensex and Nifty ended on an all time high with huge volume. Heavies like Reliance, Infosys, L&T contributed to the bull run. Reliance was up 4% contibuting 100 points rally to the Sensex and Infosys was up 2.5% contributing 35 points.
Sensex closed up 248.96 points or 1.63% at 15550.13, and the Nifty up 62.55 points or 1.39% at 4562.1.The BSE 30-share Sensex touched an all time high of 15,593.31.While the S&P CNX Nifty also touched an all-time high of 4,573.Reliance, Bharti and Reliance Communication ended on new high.
Shares from the auto pack dominated the list of gainers,on easing worries of interest-rate hike.Tata Motors, India's top auto maker by sales, jumped 6.31% to Rs 790 on reports it is evaluating a bid to buy luxury British car brands Jaguar and Land Rover from struggling US car maker Ford. India's second largest two-wheeler maker Bajaj Auto surged 5.06% to Rs 2,398 after a domestic brokerage initiated as 'outperformer' rating with target price of Rs 2,725.
India's largest private sector company Reliance Industries (RIL) extended gains to strike a fresh an all- time of Rs 1,925. The index heavyweight galloped 4.34% to Rs 1,899.Grasim surged 3.94% to Rs 3,010 after striking an all-time high of Rs 3,024.80 in early trade.Other cement stocks JK Lakshmi Cement (up 4.30% to Rs 143.10) and UltraTech Cement Company (up 1.35% to Rs 969.90) also edged higher.
ACC, the second largest cement company according to market captialisation, saw high volatility today on the eve of its results. The stock slipped sharply to a low of Rs 1119, after the company said its net profit fell 13.5% to Rs 351 crore in Q1 June 2007 over Q1 June 2006. However, it rallied sharply from the low to strike a high of Rs 1160 in late trade. It settled with a 2.29% gain at Rs 1159.
South-east Asia's largest engineering and construction firm Larsen & Toubro rose 2.25% to Rs 2,382 after it posted a 139.83% spurt in net profit to Rs 376.85 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 29.57% to Rs 4,505.21 crore.
Telecom pivotals advanced on renewed buying. India's second-largest mobile services firm Reliance Communications advanced 3.14% to Rs 585, after striking an all-time high of Rs 586.90. The company has sold a 5% stake in its telecom tower business, valued at Rs 27000 crore, Chairman Anil Ambani said on Thursday. The company has placed the 5% stake with a handful of leading investors in the United States, Europe and Asia, for Rs 1400 crore.The company is also evaluating a possible initial public offering or strategic equity placements for the tower business, Ambani said.
Top cellular services provider Bharti Airtel gained 1.97% to Rs 900.50, after striking an all-time high of Rs 902. Bharti Enterprises, the parent of Bharti Airtel said on Wednesday, 18 July 2007, one of its group companies had bought a 4.99% in the telecom firm from Vodafone. The purchase took Bharti's voting interest in Bharti Airtel to more than 50%.
IT stocks advanced on momentum buying in anticipation of global merger & acquisition (M&A) activity. The second-largest IT services provider Infosys Technologies surged 2.46% to Rs 1,995 on market talks that it is close to acquiring the finance and accounting BPO arm of Philips Global.
Wipro, too, recovered from a low of Rs 494, and was up 0.19% to Rs 505.40. The company posted before market hours today, 19 July 2007, a lower-than-expected 16% rise in net profit to Rs 710 crore in Q1 June 2007 over Q1 June 2006.India's largest IT service provider TCS rose 0.56% to Rs 1,174, while Satyam Computers, the fourth largest, was up 1.2% to Rs 487.40
Reliance Energy lost 0.69% to Rs 684.Cipla (down 0.56% to Rs 205.15), Hindustan Unilever (down 0.33% to Rs 198.30) and Tata Steel (down 0.09% to Rs 682.10) were the other losers from Sensex pack.
Spice Communications, a telecom services provider, settled at Rs 60.65, a premium of 45% over the IPO price of Rs 46. The scrip debuted at Rs 55.75. It touched a high of Rs 67.05 and a low of Rs 48.50 during the day. On BSE, the counter saw huge volume of 11.71 crore shares.
Zee Entertainment Enterprises, the second largest media company by market capitalisation rose 2.57% to Rs 335 on huge volumes of 80.79 lakh shares after three block deals of 23.34 lakh shares each were strcuk in the counter at an average price of Rs 328 per share on BSE in opening trade.
Sensex closed up 248.96 points or 1.63% at 15550.13, and the Nifty up 62.55 points or 1.39% at 4562.1.The BSE 30-share Sensex touched an all time high of 15,593.31.While the S&P CNX Nifty also touched an all-time high of 4,573.Reliance, Bharti and Reliance Communication ended on new high.
Shares from the auto pack dominated the list of gainers,on easing worries of interest-rate hike.Tata Motors, India's top auto maker by sales, jumped 6.31% to Rs 790 on reports it is evaluating a bid to buy luxury British car brands Jaguar and Land Rover from struggling US car maker Ford. India's second largest two-wheeler maker Bajaj Auto surged 5.06% to Rs 2,398 after a domestic brokerage initiated as 'outperformer' rating with target price of Rs 2,725.
India's largest private sector company Reliance Industries (RIL) extended gains to strike a fresh an all- time of Rs 1,925. The index heavyweight galloped 4.34% to Rs 1,899.Grasim surged 3.94% to Rs 3,010 after striking an all-time high of Rs 3,024.80 in early trade.Other cement stocks JK Lakshmi Cement (up 4.30% to Rs 143.10) and UltraTech Cement Company (up 1.35% to Rs 969.90) also edged higher.
ACC, the second largest cement company according to market captialisation, saw high volatility today on the eve of its results. The stock slipped sharply to a low of Rs 1119, after the company said its net profit fell 13.5% to Rs 351 crore in Q1 June 2007 over Q1 June 2006. However, it rallied sharply from the low to strike a high of Rs 1160 in late trade. It settled with a 2.29% gain at Rs 1159.
South-east Asia's largest engineering and construction firm Larsen & Toubro rose 2.25% to Rs 2,382 after it posted a 139.83% spurt in net profit to Rs 376.85 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 29.57% to Rs 4,505.21 crore.
Telecom pivotals advanced on renewed buying. India's second-largest mobile services firm Reliance Communications advanced 3.14% to Rs 585, after striking an all-time high of Rs 586.90. The company has sold a 5% stake in its telecom tower business, valued at Rs 27000 crore, Chairman Anil Ambani said on Thursday. The company has placed the 5% stake with a handful of leading investors in the United States, Europe and Asia, for Rs 1400 crore.The company is also evaluating a possible initial public offering or strategic equity placements for the tower business, Ambani said.
Top cellular services provider Bharti Airtel gained 1.97% to Rs 900.50, after striking an all-time high of Rs 902. Bharti Enterprises, the parent of Bharti Airtel said on Wednesday, 18 July 2007, one of its group companies had bought a 4.99% in the telecom firm from Vodafone. The purchase took Bharti's voting interest in Bharti Airtel to more than 50%.
IT stocks advanced on momentum buying in anticipation of global merger & acquisition (M&A) activity. The second-largest IT services provider Infosys Technologies surged 2.46% to Rs 1,995 on market talks that it is close to acquiring the finance and accounting BPO arm of Philips Global.
Wipro, too, recovered from a low of Rs 494, and was up 0.19% to Rs 505.40. The company posted before market hours today, 19 July 2007, a lower-than-expected 16% rise in net profit to Rs 710 crore in Q1 June 2007 over Q1 June 2006.India's largest IT service provider TCS rose 0.56% to Rs 1,174, while Satyam Computers, the fourth largest, was up 1.2% to Rs 487.40
Reliance Energy lost 0.69% to Rs 684.Cipla (down 0.56% to Rs 205.15), Hindustan Unilever (down 0.33% to Rs 198.30) and Tata Steel (down 0.09% to Rs 682.10) were the other losers from Sensex pack.
Spice Communications, a telecom services provider, settled at Rs 60.65, a premium of 45% over the IPO price of Rs 46. The scrip debuted at Rs 55.75. It touched a high of Rs 67.05 and a low of Rs 48.50 during the day. On BSE, the counter saw huge volume of 11.71 crore shares.
Zee Entertainment Enterprises, the second largest media company by market capitalisation rose 2.57% to Rs 335 on huge volumes of 80.79 lakh shares after three block deals of 23.34 lakh shares each were strcuk in the counter at an average price of Rs 328 per share on BSE in opening trade.
Labels: Nifty.Sensex
posted by SY at 5:22 PM
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