Thursday, October 25, 2007

Markets showing some gains

The market opened on a flat note but showed some strength on selective buying in index pivotals. Global cues were mixed. US markets edged lower on Wednesday, 24 October 2007. Asian markets posted gains today, 25 October 2007. Market breadth was strong on BSE.

At 11:28 IST, the Sensex was up 107.45 points, or 0.57%, to 18,617.75. It had opened marginally higher at 18,519.23 and rose to strike an intra-day high of 18,639.05. Sensex hit a low of 18,459.51 so far during the day.

Metal stocks dominated gainers on fresh buying.Tata Steel jumped 4.11% to Rs 953 on 6.58 lakh shares. The stock hit 52-week high of Rs 954.70 today.India’s largest aluminium maker by sales, Hindalco Industries rose 3.36% to Rs 195.45.

ICICI Bank (up 1.41% to Rs 1113.10), Bharat Heavy Electricals (up 0.88% to Rs 2292.25), and Bharti Airtel (up 1.48% to Rs 1000.85), were the other gainers.

India’s largest bank in terms of net profit State Bank of India rose 1.78% to Rs 1941.90. After market hours on 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 on the back of 80% increase in its total premium collection. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.

Reliance Industries (RIL) rebounded sharply from day’s low of Rs 2594. It was now up 1.71% at Rs 2654 on 3.46 lakh shares.

Cipla slumped 3.36% to Rs 190 after it reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006.

Dr. Reddy's Laboratories, slipped 2.35% to Rs 615.15 after it reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006. Dr. Reddy's total revenue at Rs 1267 crore was 37% below last year's Rs 2004 crore that included Rs 781 crore of one-time gains from exclusive marketing rights for two drugs.

India’s largest oil exploration company by market capitalisation Oil and Natural Gas Corporation slumped 2.52% to Rs 1080. As per recent reports, its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in the Caspian Sea, Turkmenistan.

HDFC Bank (down 1.58% to Rs 1483), and Wipro (down 1.10% to Rs 481.20), were the other losers.



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