Markets strike back on Fed rate cut
The market surged today after a two-day rout on speculation more funds will move to emerging markets after an emergency 75 basis points announced by the US Federal Reserve on Tuesday, 22 January 2008. Despite the sharp spurt, the market breadth was negative on BSE.Trading was choppy throughout the day.
The BSE Sensex advanced 864.13 points or 5.17% to 17,594.07.The broader CNX S&P Nifty surged 304.10 points or 6.21% at 5,203.40.
Reliance Energy surged 16.76% to Rs 2004 after the company today said it had won a railway project worth Rs 2500 crore from the Delhi Metro Rail Corporation, in consortium with Spain's CAF. It was the top gainer from Sensex pack.
India’s largest generation company in terms of net profit National Thermal Power Corporation galloped 13.25% to Rs 222.75 on high volumes of 65.99 lakh shares. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.
IT pivotals saw value buying. Satyam Computers (up 10.25% to Rs 391), TCS (up 7.47% to Rs 859), Infosys (up 2.86% to Rs 1417), and Wipro (up 1.43% to Rs 435) logged gains.
Banking and financial shares surged on hopes of a rate cut from the Reserve Bank of India following the Fed rate cut. India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Company surged 3.21% to Rs 2560.
ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 4.89% to Rs 1179.70. State Bank of India, the country's largest bank in terms of net profit vaulted 8.56% to Rs 2344
HDFC Bank jumped 6.83% to Rs 1538. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.
Grasim Industries rose 4.77% to Rs 2996. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.48% to Rs 2558. 13.10 lakh shares changed hands on the counter on BSE
India's top commercial vehicles maker by sales Tata Motors rose 1.76% to Rs 669.80 on reports that the company has signed a development contract with Chrysler LLC for developing electric vehicles.
Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.
Omaxe (up 41.91% to Rs 318.95), Peninsula Land (up 44.23% to Rs 104.05), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 15.67% at Rs 291.90), Ansal Properties and Infrastructure (up 30.80% at Rs 292), Housing Development and Infrastructure (up 18% at Rs 1000), Unitech (up 12.49% at Rs 395) and DLF (up 6.60% at Rs 925) surged. The fortunes of real estate companies are directly linked with interest rates.
Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 465.92 crore followed by Reliance Petroleum (Rs 356.47 crore), Reliance Industries (Rs 330.60 crore), ICICI Bank (Rs 256.46 crore) and Reliance Energy (Rs 231.02 crore) in that order
Ispat Industries led the volume charts clocking total volumes of 3.46 crore shares followed by Reliance Natural Resources (3.44 crore shares), Reliance Petroleum (2.13 crore shares), Tata Teleservices (Maharashtra) (1.53 crore shares) and IFCI (1.49 crore shares) in that order.
Among the side counters, Sterlite Technologies (up 43.59% to Rs 226.80), Edelwiess Capital (up 35.10% to Rs 1159), Ispat Industries (up 33.53% to Rs 45), Polaris Software (up 33.03% to Rs 89), and Dena Bank (up 32.88% to Rs 68.50), surged
The BSE Sensex advanced 864.13 points or 5.17% to 17,594.07.The broader CNX S&P Nifty surged 304.10 points or 6.21% at 5,203.40.
Reliance Energy surged 16.76% to Rs 2004 after the company today said it had won a railway project worth Rs 2500 crore from the Delhi Metro Rail Corporation, in consortium with Spain's CAF. It was the top gainer from Sensex pack.
India’s largest generation company in terms of net profit National Thermal Power Corporation galloped 13.25% to Rs 222.75 on high volumes of 65.99 lakh shares. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.
IT pivotals saw value buying. Satyam Computers (up 10.25% to Rs 391), TCS (up 7.47% to Rs 859), Infosys (up 2.86% to Rs 1417), and Wipro (up 1.43% to Rs 435) logged gains.
Banking and financial shares surged on hopes of a rate cut from the Reserve Bank of India following the Fed rate cut. India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Company surged 3.21% to Rs 2560.
ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 4.89% to Rs 1179.70. State Bank of India, the country's largest bank in terms of net profit vaulted 8.56% to Rs 2344
HDFC Bank jumped 6.83% to Rs 1538. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.
Grasim Industries rose 4.77% to Rs 2996. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.48% to Rs 2558. 13.10 lakh shares changed hands on the counter on BSE
India's top commercial vehicles maker by sales Tata Motors rose 1.76% to Rs 669.80 on reports that the company has signed a development contract with Chrysler LLC for developing electric vehicles.
Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.
Omaxe (up 41.91% to Rs 318.95), Peninsula Land (up 44.23% to Rs 104.05), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 15.67% at Rs 291.90), Ansal Properties and Infrastructure (up 30.80% at Rs 292), Housing Development and Infrastructure (up 18% at Rs 1000), Unitech (up 12.49% at Rs 395) and DLF (up 6.60% at Rs 925) surged. The fortunes of real estate companies are directly linked with interest rates.
Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 465.92 crore followed by Reliance Petroleum (Rs 356.47 crore), Reliance Industries (Rs 330.60 crore), ICICI Bank (Rs 256.46 crore) and Reliance Energy (Rs 231.02 crore) in that order
Ispat Industries led the volume charts clocking total volumes of 3.46 crore shares followed by Reliance Natural Resources (3.44 crore shares), Reliance Petroleum (2.13 crore shares), Tata Teleservices (Maharashtra) (1.53 crore shares) and IFCI (1.49 crore shares) in that order.
Among the side counters, Sterlite Technologies (up 43.59% to Rs 226.80), Edelwiess Capital (up 35.10% to Rs 1159), Ispat Industries (up 33.53% to Rs 45), Polaris Software (up 33.03% to Rs 89), and Dena Bank (up 32.88% to Rs 68.50), surged
Labels: Nifty.Sensex
posted by SY at 7:38 PM
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