Sensex scores quickfire 237

The market extended its rally into the third straight day, with the BSE Sensex striking a fresh intra-day high of 13,726.62 at the fag end trading.

The 30-shares BSE Sensex settled 236.60 points (1.76%) higher, at 13,708.34; its intra-day low being 13,490.77.

The market-breadth was strong, as buying continued for smallcap and midcap shares. On BSE, there were over 1.7 gainers for every loser. Against 1,644 shares that advanced, 956 declined and 76 remained unchanged.

The total turnover on BSE amounted to Rs 3,051 crore.

Among the 30-Sensex pack, 26 advanced while the rest had declined.

IT stocks saw renewed buying in anticipation of a robust set of December quarter results. Wipro was the top gainer, up 4.69% to Rs 599.95, on a volume of 1.90 lakh shares.

Other IT shares - TCS (up 3.45% to Rs 1,191) and Satyam Computers (up 3% to Rs 476) had also gained.

IT bellwether Infosys Technologies rose 2.33% to Rs 2,222.15, after it scheduled a board meeting on 11 January 2007, to consider Q3 December 2006 results on 11 January 2007. It is also believed to be in talks with ten global banks for its banking software – Finacle.

Tata Motors advanced 2.78% to Rs 883.15, on a volume of 3.37 lakh shares, while the State Bank of India (SBI) gained 2.36% to Rs 1,242.70 on a volume of 3.42 lakh shares.

Index heavyweight Reliance Industries (RIL) was up 0.52% to Rs 1,278, on a volume of 4.35 lakh shares.

Hero Honda was the top loser, down 0.62% to Rs 745, on 1.06 lakh shares. It had slipped to a low of Rs 737.

The Nikkei share average rose 0.45%, or 76.30 points, to 17,169.19, its highest close in seven and half months on Tuesday, as Fast Retailing Co. rose after government data showed a slower-than-expected fall in personal consumption in November.

India's central bank, on Friday, allowed up to 49% foreign investment in stock exchanges, paving the way for New York Stock Exchange (NYSE) to expand into Asia's best performing markets.

The Reserve Bank of India also said that foreigners could hold up to 49% in depositories and clearing corporations.

Under the new rules, foreign direct investment will be limited at 26%, while foreign portfolio investments would be capped at 23% in all such entities, the central bank said. It, however, said portfolio investments will be allowed only through the secondary market. The stock exchange also plans to list its shares on its own trading floor.

Recently, media reports suggested New York Stock Exchange was eager to pick up a stake in the BSE.

Volatility is expected to remain high ahead of the expiry of December futures contracts on 28 December 2006 (Thursday). Participation by FIIs is also expected to remain low as most fund managers would have proceeded on a Christmas vacation, which will last till the New Year.

The Dow Jones had closed at 12,343.22, down 0.63%, while the S&P 500 and the Nasdaq had lost 0.53% and 0.61%, to close at 1,410.76 and 2,401.18, respectively, on 22 December 2006 (Friday).

FIIs were net buyers of equities worth Rs 264.80 crore on the Indian bourses, on 22 December 2006 (Friday). This was a result of purchases worth Rs 1,666.50 crore and offloading to the tune of Rs 1,401.70 crore in the Indian equities market. The country’s premier index, the BSE Sensex, had climbed 87 points on Friday, closing at 13,471.74. NSE’s S&P CNX Nifty rose 37.65 points, to end at 3,871.15, the same day.