Markets trading strong
The market spurted in opening trade supported by firm Asian and US markets. Strong buying continued in index pivotals.The markets are trading strong since opening today on the back of buying seen in realty, capital good and banking stocks.At 12.00 hrs IST, the Sensex is up 140.75 points at 15401.66, and the Nifty up 41.75 points at 4481.80.
Shares from the banking sector rallied on momentum buying ahead of the monetary policy review of RBI. ICICI Bank (up 0.50% to Rs 928), Bank of Baroda (up 1.45% to Rs 297.40), Union Bank of India (up 0.66% to Rs 158.75), Kotak Mahindra Bank (up 0.96% to Rs 722.40), Federal Bank (up 1.66% to Rs 357.50), State Bank of India (up 1.14% to Rs 1596.60) and Punjab National Bank (up 1% to Rs 510) gained from the banking pack.
The Reserve Bank of India (RBI) is likely to leave its key benchmark rates untouched in its first quarterly review of the annual policy statement today, 31 July 2007. According to experts from money market, the central bank is likely to shift its focus to the problem of excess liquidity in the money market system, evident from the softening of interest rates in overnight call money market.
The RBI had pushed its benchmark repo rate to a four-year peak of 7.75% in its drive to tame inflation, raising the repo, its key short-term lending rate, 5 times between June 2006 and March 2007. India's inflation accelerated to 4.41% for the week ended 14 July from 4.27% the previous week.
India’s largest cigarette manufacturer ITC jumped 3.50% to Rs 173.15 on 6.28 lakh shares.India's largest power equipment maker Bharat Heavy Electricals (Bhel) advanced 2.46% to Rs 1686 even as it reported a lower-than-expected 22% growth in net profit to Rs 288.9 crore in Q1 June 2007 over Q1 June 2006. At the end of Q1 June 2007, Bhel had an outstanding order book position of around Rs 62,400 crore.
India’s largest private sector steel maker Tata Steel slipped 0.10% to Rs 646.60. Tata Steel posted 28% rise in standalone Q1 June 2007 net profit to Rs 1222 crore 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.
Reliance Industries (RIL), the country’s largest private sector company, was up 1.05% to Rs 1867. There are 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 declined 2.40% to Rs 734.60.Hindustan Unilever (down 0.80% to Rs 207), and Infosys (down 0.92% to Rs 1970), were the other losers.
Shares from the banking sector rallied on momentum buying ahead of the monetary policy review of RBI. ICICI Bank (up 0.50% to Rs 928), Bank of Baroda (up 1.45% to Rs 297.40), Union Bank of India (up 0.66% to Rs 158.75), Kotak Mahindra Bank (up 0.96% to Rs 722.40), Federal Bank (up 1.66% to Rs 357.50), State Bank of India (up 1.14% to Rs 1596.60) and Punjab National Bank (up 1% to Rs 510) gained from the banking pack.
The Reserve Bank of India (RBI) is likely to leave its key benchmark rates untouched in its first quarterly review of the annual policy statement today, 31 July 2007. According to experts from money market, the central bank is likely to shift its focus to the problem of excess liquidity in the money market system, evident from the softening of interest rates in overnight call money market.
The RBI had pushed its benchmark repo rate to a four-year peak of 7.75% in its drive to tame inflation, raising the repo, its key short-term lending rate, 5 times between June 2006 and March 2007. India's inflation accelerated to 4.41% for the week ended 14 July from 4.27% the previous week.
India’s largest cigarette manufacturer ITC jumped 3.50% to Rs 173.15 on 6.28 lakh shares.India's largest power equipment maker Bharat Heavy Electricals (Bhel) advanced 2.46% to Rs 1686 even as it reported a lower-than-expected 22% growth in net profit to Rs 288.9 crore in Q1 June 2007 over Q1 June 2006. At the end of Q1 June 2007, Bhel had an outstanding order book position of around Rs 62,400 crore.
India’s largest private sector steel maker Tata Steel slipped 0.10% to Rs 646.60. Tata Steel posted 28% rise in standalone Q1 June 2007 net profit to Rs 1222 crore 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.
Reliance Industries (RIL), the country’s largest private sector company, was up 1.05% to Rs 1867. There are 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 declined 2.40% to Rs 734.60.Hindustan Unilever (down 0.80% to Rs 207), and Infosys (down 0.92% to Rs 1970), were the other losers.
Labels: Nifty.Sensex
posted by SY at 11:57 AM
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