BSE, NSE settle at lifetime high

The market witnessed across the board buying and the Sensex kept on advancing as trading progressed. India’s premier index, the BSE Sensex, struck an all-time high of 13,303.85 while the S&P CNX Nifty touched a high of 3,842.40, during the late-afternoon session of trade. The Sensex’s previous all-time high was at 13,000.69, on 7 November 2006. The market was banking on a strong set of industrial production figures, and a dip in inflation.

The BSE Sensex surged 145.42 points (1.11%), to end at 13,295.36. This is also its all-time closing high, the low for the day being 13,104.98.

The S&P CNX Nifty rose 45.25 (1.19%), to settle at 3,841.65.

The market-breadth, which was strong in opening trade, kept on easing, but ended marginally positive. On BSE, 1,274 shares advanced, compared to 1,255 that declined. As many as 88 scrips remained unchanged.

The total turnover on BSE amounted to Rs 4,541 crore, higher than Thursday’s Rs 4,263 crore.

Among the 30-Sensex pack, 23 advanced while the rest declined.

Banking stocks were in flavour on renewed buying. The BSE Bankex surged 159.70 points (2.43%), to 6,736.57. Private sector ICICI Bank was the top gainer, up 4.35% to Rs 834, on a volume of 5.82 lakh shares, after its ADR rose more than 3% on the New York Stock Exchange (NYSE) on Thursday. It had struck an all-time high of Rs 838, while its low was Rs 795. Centurion Bank of Punjab (up 7.33% to Rs 28.55), HDFC Bank (up 2.54% to Rs 1,043), SBI (up 0.24% to Rs 1,133.20), UTI Bank (up 1.67% to Rs 445), Kotak Mahindra Bank (up 1.68% to Rs 361.15), Union Bank of India (up 1.63% to Rs 130.65) and Union Bank of India (up 1.59% to Rs 130.60) also advanced.

Index heavyweight Reliance Industries (RIL) surged 2.13%, to Rs 1,288.25, on a volume of 26.62 lakh shares. Reliance Industries (RIL) said on Thursday, its board had approved raising up to $2 billion through loans and bond issues, or a combination of fund-raising instruments.

Software major Infosys rose 0.51%, to Rs 2,148.90. The stock rose for the fourth day in a row today, after shareholders on Tuesday approved a sponsored ADR issue.

Aluminium maker Hindalco Industries was up 0.25% at Rs 183.20, and its state-run counterpart Nalco gained 0.62%, to Rs 200 after three-month aluminium futures rose 4% on the the London Metal Exchange, on Thursday.

Cipla was the top loser, down 1.29% to Rs 267.75, on a volume of 2.28 lakh shares.

Bajaj Auto slipped 0.37% to Rs 2,595. It has ventured into the $ 6 billion Indonesian bike market with its flagship model, the 180 cc Bajaj Pulsar. The company also plans to set up a regional production base in Indonesia by investing $50 million over the next three years in a production base and distribution network.

Reliance Industries (RIL) was the top-traded counter on BSE with a total turnover of Rs 338.09 crore.

Indiabulls Financial Services followed with a turnover of Rs 164.48 crore. It surged 6.81% to Rs 509 on a high volume of 32.02 lakh shares. It spurted to a lifetime high of Rs 527.40, in opening trade.

Oil refining and marketing companies declined after US crude oil futures in Asian trade touched $ 61 a barrel. HPCL (down 2.07% to Rs 299.65), BPCL (down 2.10% to Rs 364) and Indian Oil Corporation (down 0.76% to Rs 485) declined.

Punj Lloyd (PLL) jumped 6.43% to Rs 932, after it bagged an EPC order worth Rs 803.70 crore for the Doha Urban Pipeline Relocations Project (DUPRP) from Qatar Petroleum. With this, the order backlog for PLL group is Rs 13,394 crore. This is the total value of unexecuted orders as of 30 September 2006, and new orders received till date.

Simplex Infrastructures jumped 7.95% to Rs 387, on bagging a Rs 212 crore contract from Delhi Metro Rail Corporation.

Indian Hotels rose 1.48% to Rs 150.80, after it acquired a luxury hotel in the US. Taj Hotels Resorts and Palaces, a unit of Indian Hotels Company, said on Thursday it had agreed to buy The Ritz-Carlton Boston hotel, the longest continuously operated Ritz-Carlton hotel in the United States, for $170 million. The 273-room luxury hotel will be renamed Taj Boston.

Bulk drug maker Granules India gained 2.50% to Rs 91.30. Its board approved raising up to $20 million through convertible securities, or through overseas issues.

Hindustan Zinc rose 1.21% to Rs 964.45, as three-month zinc futures touched a record high of $ 4,545 a tonne on the LME, on Thursday.

India's wholesale price index rose 5.09%, in the 12-months to 28 October, lower than the previous week's 5.41% due to a fall in the prices of manufactured products, data showed on Friday.

India's industrial production rose 11.4% in September from a year earlier due to robust manufacturing and electricity output, government data showed on Friday. Output had grown at 9.9% in August. Manufacturing production rose 12% in September from a year earlier, compared with 11.1% in August.

The Nikkei booked its lowest close in more than a month on Friday, slipping 0.53% after Japanese machinery orders data came in weaker than expected and heightened concern about the outlook for the world's second-largest economy. Investors punished machinery companies such as Kubota. The Nikkei finished down 86.14 points, at 16,112.43, its lowest close since 4 October 2006.

The Hang Seng index lost 61.72 points (0.33%), to 18,891.14.

FIIs were net equity sellers to the tune of $ 1.40 million on 8 November, while mutual funds were net sellers of Rs 275 crore in equities for the same day.

US stocks fell for the first time in three days on Thursday, led by a drop in the shares of big drug makers and health-care companies as investors worried that a Democrat-controlled Congress may curb prices. A jump of more than 2% in crude price and a weaker-than-expected reading in a gauge of consumer sentiment, added to the weaker tone. The Dow Jones industrial average was down 73.24 points, or 0.60%, to close at 12,103.30. The Nasdaq Composite Index was down 8.93 points, or 0.37%, to end at 2,376.01.

Oil was steady above $61 a barrel after surging more than 2% on Thursday. OPEC is lowering output and members have said it may cut supply further in December -- as demand is nearing its seasonal peak due to the Northern winter.