Markets stable with significant gains
The market opened with a spurt today, 27 August 2007, boosted by a rally on Wall Street on Friday, 24 August 2007, triggered by surprisingly strong data on home sales and durable goods. Also short covering ahead of the expiry of derivatives contracts for August 2007 series aided the market's spurt.The market extended early gains as buying momentum continued at higher levels, with all the sectoral indices on BSE advancing today, 27 August 2007.
At 12.25 pm, the Sensex is up 251.58 points or 1.74% at 14676.45, and the Nifty up 69.95 points or 1.67% at 4260.10.
Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India surged 5.10% to Rs 1541.05. It was the top gainer from the Sensex constituent.SBI has started the consolidation process with its associate banks by deciding to merge its wholly-owned subsidiary State Bank of Saurashtra (SBS) with itself. State Bank of Saurashtra is the smallest of the seven associates banks. The boards of both SBI and SBS have given approval to the merger proposal on 25 August 2007, reports add.
ICICI Bank, the country’s largest private sector bank by net profit, advanced 4.70% to Rs 873.50. The Reserve Bank of India on Friday, 24 August 2007, allowed foreign investors to purchase equity shares of the bank from the secondary markets in India as their holding had come down below the trigger limit of 74%.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 2.27% to Rs 1814.475 on 3.09 lakh shares. RIL has reportedly ventured into construction business and will set up a Rs 450-crore pre-engineered building (PEB) facility in Gujarat. RIL has roped in Dubai-based Mammut Group as a JV partner for the plant, which is likely to be commissioned by end-2008.
India’s second largest bike maker Bajaj Auto (BAL) rose 1.64% to Rs 2268.15. As per reports it will stop production of vehicles at its Akurdi plant in Pune from 1 September 2007. BAL is expected to gain Rs 1000 per unit from shifting the production base as it gets sales tax benefits and other government concessions at Waluj.
Among the side counters, Acrow India (up 18.65% to Rs 216.95), Ganesh Housing (up 12.38% to Rs 405), Sanghi Industries (up 14.42% to Rs 93.25), DIL (up 12.47% to Rs 315), and Alfred Herbert (up 11.52% to Rs 168) had surged.
At 12.25 pm, the Sensex is up 251.58 points or 1.74% at 14676.45, and the Nifty up 69.95 points or 1.67% at 4260.10.
Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India surged 5.10% to Rs 1541.05. It was the top gainer from the Sensex constituent.SBI has started the consolidation process with its associate banks by deciding to merge its wholly-owned subsidiary State Bank of Saurashtra (SBS) with itself. State Bank of Saurashtra is the smallest of the seven associates banks. The boards of both SBI and SBS have given approval to the merger proposal on 25 August 2007, reports add.
ICICI Bank, the country’s largest private sector bank by net profit, advanced 4.70% to Rs 873.50. The Reserve Bank of India on Friday, 24 August 2007, allowed foreign investors to purchase equity shares of the bank from the secondary markets in India as their holding had come down below the trigger limit of 74%.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 2.27% to Rs 1814.475 on 3.09 lakh shares. RIL has reportedly ventured into construction business and will set up a Rs 450-crore pre-engineered building (PEB) facility in Gujarat. RIL has roped in Dubai-based Mammut Group as a JV partner for the plant, which is likely to be commissioned by end-2008.
India’s second largest bike maker Bajaj Auto (BAL) rose 1.64% to Rs 2268.15. As per reports it will stop production of vehicles at its Akurdi plant in Pune from 1 September 2007. BAL is expected to gain Rs 1000 per unit from shifting the production base as it gets sales tax benefits and other government concessions at Waluj.
Among the side counters, Acrow India (up 18.65% to Rs 216.95), Ganesh Housing (up 12.38% to Rs 405), Sanghi Industries (up 14.42% to Rs 93.25), DIL (up 12.47% to Rs 315), and Alfred Herbert (up 11.52% to Rs 168) had surged.
Labels: Nifty.Sensex
posted by SY at 12:52 PM
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