Markets end strong shrugging off CRR hike
It was a fantastic close for the market near the highest point of the day after brushing off the 50 bps CRR hike to 7%. The markets dipped immediately after the monetary policy declared but having realised that the CRR hike is more of a liquidity management tool than any interst rate signal to the market.
Sensex ended up 290.08 points or 1.90% at 15550.99, and the Nifty up 88.80 points or 2.00% at 4528.85.
Capital goods stocks rallied on the back of strong growth visibility ahead due to their robust order book positions. Bhel (up 5.48% to Rs 1734.10) and L&T (up 7.29% to Rs 2624), surged.Cement shares posted smart gains on fresh buying, in the wake of ongoing infrastructure boom. ACC (up 3.36% to Rs 1057), India Cements (up 7.59% to Rs 218.90) and UltraTech Cement Company (up 4.44% to Rs 937) surged.India’s top housing finance company HDFC vaulted 5.62% to Rs 2016.
ITC, India’s largest cigarette manufacturer, rose 1.82% to Rs 170.35.Ranbaxy Laboratories, the country’s largest pharma company by sales, rose 3.80% to Rs 391 after it commercialised its first authorised generic product, Isoptin SR -- an anti hypertensive agent -- in the US market.
India's second largest listed telecom service provider in terms of sales, Reliance Communications advanced 3.83% to Rs 561.40 after its net profit soared 76.58% to Rs 837.3 crore in Q1 June 2007.
India’s largest private steel maker Tata Steel rose 1.30% to Rs 655.65. Tata Steel posted 28% rise in net profit to Rs 1222 crore Q1 June 2007 over Q1 June 2006, on foreign exchange gains and higher margins. It earned Rs 553 crore in the quarter as gains from foreign exchange. Net sales rose 7.66% to Rs 4198 crore in Q1 June 2007 over Q1 June 2006.
Fourth largest IT services exporter Satyam Computer Services rose 0.52% to Rs 481.40 on bagging two multi million dollar contracts to support International Federation of Association Football and its major forthcoming events.
Reliance Industries (RIL), the country’s largest private sector company, gained 2.44% to Rs 1893. There were reports that after acquiring the retail venture of the Adani Group, RIL is now likely to acquire Adani’s Rs 331 crore gas supply network linking three towns in western India.
India's top tractor and utility vehicle maker Mahindra & Mahindra lost 2.86% to Rs 731.Hindustan Unilever (down 1.32% to Rs 206), Infosys (down 0.62% to Rs 1976) and Tata Motors (down 1.15% to Rs 699), were the other losers.
Sensex ended up 290.08 points or 1.90% at 15550.99, and the Nifty up 88.80 points or 2.00% at 4528.85.
Capital goods stocks rallied on the back of strong growth visibility ahead due to their robust order book positions. Bhel (up 5.48% to Rs 1734.10) and L&T (up 7.29% to Rs 2624), surged.Cement shares posted smart gains on fresh buying, in the wake of ongoing infrastructure boom. ACC (up 3.36% to Rs 1057), India Cements (up 7.59% to Rs 218.90) and UltraTech Cement Company (up 4.44% to Rs 937) surged.India’s top housing finance company HDFC vaulted 5.62% to Rs 2016.
ITC, India’s largest cigarette manufacturer, rose 1.82% to Rs 170.35.Ranbaxy Laboratories, the country’s largest pharma company by sales, rose 3.80% to Rs 391 after it commercialised its first authorised generic product, Isoptin SR -- an anti hypertensive agent -- in the US market.
India's second largest listed telecom service provider in terms of sales, Reliance Communications advanced 3.83% to Rs 561.40 after its net profit soared 76.58% to Rs 837.3 crore in Q1 June 2007.
India’s largest private steel maker Tata Steel rose 1.30% to Rs 655.65. Tata Steel posted 28% rise in net profit to Rs 1222 crore Q1 June 2007 over Q1 June 2006, on foreign exchange gains and higher margins. It earned Rs 553 crore in the quarter as gains from foreign exchange. Net sales rose 7.66% to Rs 4198 crore in Q1 June 2007 over Q1 June 2006.
Fourth largest IT services exporter Satyam Computer Services rose 0.52% to Rs 481.40 on bagging two multi million dollar contracts to support International Federation of Association Football and its major forthcoming events.
Reliance Industries (RIL), the country’s largest private sector company, gained 2.44% to Rs 1893. There were reports that after acquiring the retail venture of the Adani Group, RIL is now likely to acquire Adani’s Rs 331 crore gas supply network linking three towns in western India.
India's top tractor and utility vehicle maker Mahindra & Mahindra lost 2.86% to Rs 731.Hindustan Unilever (down 1.32% to Rs 206), Infosys (down 0.62% to Rs 1976) and Tata Motors (down 1.15% to Rs 699), were the other losers.
Labels: Nifty.Sensex
posted by SY at 6:06 PM
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