Fourth straight day of gains

The BSE Sensex gained for the fourth straight day, as buying demand for the index pivotals continued at higher levels. The Sensex rose 56.10 points or 0.43% to 13186.89. This is an all time closing high for the Sensex. It opened on a firm note at 13155.11. It also struck an all time peak of 13206.87, during late afternoon session. Its low for the day was at 13113.39.

The S&P CNX Nifty rose 3.9 points or 0.10% to 3809.25

The total turnover on BSE amounted to Rs 4240 crore, higher than Friday’s turnover of Rs 4034.07 crore.

Market breadth was positive on BSE, with 1395 shares advancing as compared to 1147 that declined. 54 remained unchanged. The BSE Small-cap index rose 61.44 points or 0.95% while the BSE Mid-cap index gained 57.65 points or 1.05%.

The market has risen for the past four days in a row. It has advanced 225 points or 1.74% during the past four trading sessions, from 12961.90 on 31 October. Sustained inflows from FIIs and strong set of Q2 September 2006 results from India Inc have helped market surge to all time highs. FII inflow in October 2006 totaled Rs 8013 crore, compared to their inflow of Rs 5425 crore in September and Rs 4643 crore in August 2006.

In today’s trade, 15 stocks advanced from the Sensex pack while the rest declined

FMCG major, HLL was the top gainer, up 4.76% to Rs 246.70 on 20.35 lakh shares on reports that the company is gearing up for price hike for the fourth time in the year and is to increase product prices by 4-10%. It moved in a range of Rs 237 and Rs 247.55

Besides HLL, a host of other FMCG stocks advanced on renewed buying following reports that they will resort to price hike. The BSE FMCG index advanced 2.35% or 47.99 points to 2088.88. It was the biggest gainer among the sectoral indices. Mc Dowell (up 5% to Rs 833.35), Colgate (up 0.24% to Rs 422), ITC (up 1.60% to Rs 190.20), Godrej Consumer (up 0.72% to Rs 160), Gillette India (up 2.23% to Rs 879) and Nirma (up 0.21% to Rs 376.75) rose.

Cement stocks advanced on expectations of continued strong demand and a rise in retail prices on the back of a boom in construction activity. ACC (up 1.01% to Rs 1017) and Gujarat Ambuja Cements (up 3.29% to Rs 127.25) advanced.

Other cement stocks, Shree Cement (up 5.25% to Rs 1279.40), JK Lakshmi Cement (up 3.37% to Rs 151.75) and India Cements (up 0.67% to Rs 224.70) rose.

Cipla rose 2.95% to Rs 263.50 after it received tentative approval from the U.S. Food and Drug administration for selling insomnia drug zolpidem tartrate in the tablet form.

Index heavyweight Reliance Industries (RIL) advanced 1.56% to Rs 1307 on 14.33 lakh shares. It had struck lifetime high of Rs 1315.90 on strong buying demand. Its low for the day was at Rs 1281.

ONGC was the top loser, down 2.55% to Rs 855 on 4.73 lakh shares. It had slipped to a low of Rs 853.20, while its high of the day was at Rs 895.

Auto stocks witnessed selling pressure. Bajaj Auto (down 2% to Rs 2784) and Maruti Udyog (down 2.39% to Rs 951) slipped lower.

Shyam Telecom settled at Rs 139.05, compared to its last closing of Rs 60.50 on 24 July 2006. It had surged to a high of Rs 147.80, while its low is at Rs 72.60. The stock was re-listed on BSE today to give effect to its restructuring. A massive 1.35 crore shares changed hands on the counter on BSE.

Two block deals were struck on Godrej Industries counter, of 12.52 lakh shares each at Rs 166.15 and Rs 168.50 per share by 10:08 IST. The stock finished 5% higher at Rs 176.90 on total volumes of 37.60 lakh shares.

Siel climbed 3.28% to Rs 51.90 and Mawana Sugars went up 1.74% to Rs 73 after Siel announced that its board would meet on November 13 to consider merger of the company with Mawana Sugars.

Rajesh Exports rose 0.60% to Rs 238.70 after it launched two more jewellery retail showrooms at Chandigarh and Delhi, under the brand name of ‘Laabh Jewellers’

Software developer i-flex solutions rose 2.54% to Rs 1573 on market talks that Oracle Corporation would increase the open offer price to purchase shares in the Indian company. In September, Oracle had offered to buy 16.629 million shares of i-flex solution, or 20%, at Rs 1,475 a share.

Thermax rose 1.56% to Rs 346 after the company bagged new orders worth Rs 383 crore for two captive power projects. With the latest orders, Thermax’s current fiscal order booking exceeds 250 MW of captive power plants valued at about Rs 1,000 crore.

Elecon Engineering Company jumped 7.08% to Rs 319.95 after it received orders aggregating to Rs 29.24 crore towards design, manufacturing, testing and supply of wagon tippler, stacker reclaimers, other equipment and spares.

Indiabulls Financial Services advanced 2.58% to Rs 476.60 on 13.60 lakh shares after its unit received in-principle approval from the federal government to develop a multi-product special economic zone (SEZ) in Maharashtra.

Solectron Centum Electronics jumped 10% to Rs 206.85 after the company decided to separate services business into a separate company effective from 01 October 2006. The new company would be called Solectron EMS India (SEIL). At present, the company has two businesses, products business and services business. The services business comprises of electronic manufacturing services (EMS). The products division makes hybrid microcircuits.

Hexaware Technologies surged 5.12% to Rs 182.75 after it bought US-based specialized testing consulting firm FocusFrame for $ 34.3 million in an all-cash deal. At the time of announcing the acquisition of FocusFrame, Hexaware also said it expects FocusFrame to post a revenue of $24 million in 2006.

Williamson Magor spurted 10% to Rs 62.60 after it announced that it has signed a joint venture agreement with UK's D1 Oils Trading and Williamson Magor Bio Fuel for the manufacture of bio-fuel from Jatropha seeds.

Tantia Construction rose 0.65% to Rs 139.30 after it said on Saturday, it had won an order worth Rs 56 crore to set up a sewerage and drainage project in Kolkata.

S Kumars Nationwide lost 2.21% to Rs 77.50. It has scheduled a board meet on Thursday (09 November) to consider a proposal to acquire a home textiles company in the United States. Last month, the company's board had approved raising up to $65 million through equity to fund acquisitions and expansion.

Zinc producer, Hindustan Zinc rose 2.69% to Rs 940 after it raised zinc prices by Rs 1,200 a tonne, or by 0.54% to Rs 2,23,000 with immediate effect. The company also increased lead prices by Rs 700 a tonne, or 0.83% to Rs 85,300.

Japan’s Nikkei 225 index rose 14.74 points or 0.09% to 16,364.76 while the Hang Seng index advanced 186.86 points or 1% to 18,936.55

As per provisional data, FIIs were net sellers to the tune of Rs 11 crore on Friday, 3 November, the day when Sensex had risen 40 points.

Oil prices slipped Monday after threats of disruptions to production in Nigeria and the United States failed to materialize. Crude oil prices for December delivery dropped 42 cents to $ 58.72 on the New York Mercantile Exchange.