Sensex gallops 418 points
It was a vey good trading session for the markets as they ended the day with phenomenal gains. The frontline indices closed with a gain of nearly 3%, sensex was upover 400 points and the Nifty up over 100 points.Sensex ended up 417.51 points or 2.89% at 14842.38, and the Nifty up 112.45 points or 2.68% at 4302.60.
Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India jumped 6.60% to Rs 1563 on 7.23 lakh shares. It was the top gainer from the Sensex constituents.
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. SBS 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.
ICICI Bank, the country’s largest private sector bank by net profit, advanced 5.85% to Rs 883 on high volumes of 12.11 lakh shares. 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 steel manufacturer Tata Steel gained 3.72% to Rs 604 on reports that it is targeting to more than double production by 2015. Tata Steel now has an annual production totaling 25.6 million tonnes. By 2015, Tata Steel hopes to add another 35 million tonnes to boost its worldwide annual production to 61.1 million tonnes.
India's largest thermal power generator by revenue NTPC was up 2.44% to Rs 167.80 on reports the government plans to sell 4.75% holding in the firm through follow-on public issue. The proposed sale is aimed at increasing the free float of NTPC's shares in the market and help improve the company's valuation.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 3.41% to Rs 1835 on 6.60 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 joint venture partner for the plant, which is likely to be commissioned by end-2008.
SEL Manufacturing saw intense volatility today. It surged to a high of Rs 247.50, a rise of 13.06% from Friday’s (24 August 2007) close of Rs 218.90. It, however, ended with a 20% plunge to Rs 175.15 on high volumes of 1.34 crore shares, and was the top traded counter on BSE with turnover of Rs 295.02 crore
Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India jumped 6.60% to Rs 1563 on 7.23 lakh shares. It was the top gainer from the Sensex constituents.
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. SBS 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.
ICICI Bank, the country’s largest private sector bank by net profit, advanced 5.85% to Rs 883 on high volumes of 12.11 lakh shares. 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 steel manufacturer Tata Steel gained 3.72% to Rs 604 on reports that it is targeting to more than double production by 2015. Tata Steel now has an annual production totaling 25.6 million tonnes. By 2015, Tata Steel hopes to add another 35 million tonnes to boost its worldwide annual production to 61.1 million tonnes.
India's largest thermal power generator by revenue NTPC was up 2.44% to Rs 167.80 on reports the government plans to sell 4.75% holding in the firm through follow-on public issue. The proposed sale is aimed at increasing the free float of NTPC's shares in the market and help improve the company's valuation.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 3.41% to Rs 1835 on 6.60 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 joint venture partner for the plant, which is likely to be commissioned by end-2008.
SEL Manufacturing saw intense volatility today. It surged to a high of Rs 247.50, a rise of 13.06% from Friday’s (24 August 2007) close of Rs 218.90. It, however, ended with a 20% plunge to Rs 175.15 on high volumes of 1.34 crore shares, and was the top traded counter on BSE with turnover of Rs 295.02 crore
Labels: Nifty.Sensex
posted by SY at 5:01 PM
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