Thursday, October 25, 2007

Sensex extends gains for fourth straight session

The market settled on a firm note on buying in index pivotals. However, trade was choppy towards the fag end of the day ahead of today's expiry of October 2007 derivatives contracts. European markets and Asian markets were trading with gains today, 25 October 2007. Total cash market turnover on BSE was just under Rs 8000 crore mark.

The Securities Exchange Board of India (Sebi)’s board meets today, 25 October 2007, to take a decision on recently announced proposals. It may be recalled that on 16 October 2007, Sebi had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes.

The Sensex gained 257.98 points or 1.39% at 18,770.89.The broader based S&P CNX Nifty was up 60.30 points, or 1.10%, to 5,556.45, as per provisional closing.

Tata Steel retraced from its 52-week high of Rs 1003 struck earlier today. It settled 7.93% higher to Rs 988 on 26.80 lakh shares. It was the top gainer from Sensex pack.

Auto stocks gained on fresh buying. Maruti Suzuki India (up 1.90% to Rs 1140), Bajaj Auto (up 0.76% to Rs 2499), Mahindra & Mahindra (up 1.59% to Rs 772), and Tata Motors (up 1.08% to Rs 783) rose.Shares of top banks surged. ICICI Bank advanced 3.40% to Rs 1135 and State Bank of India gained 0.91% to Rs 1925.30.

India’s largest engineering and construction company by net sales, Larsen & Toubro gained 1.39% to Rs 3450. The stock hit an all time high of Rs 3510 on BSE today.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded sharply from day’s low of Rs 2594 to hit a high of Rs 2667.10. It settled 0.58% higher at Rs 2624.70 on 11.15 lakh shares.

India’s third largest pharma company by sales, Cipla slumped 5.10% to Rs 186.60 on 11.08 lakh shares 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 1.80% to Rs 618.60 after it reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006.

ACC (down 1.39% to Rs 1063.10), and ITC (down 0.65% to Rs 183.50), were the other losers.



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