Sensex garners 293 points

The market settled at all time high, as buying momentum continued at higher level. Strong global markets, fresh buying at higher levels, healthy inflow from foreign funds, easing fears of interest rate hike, and anticipation of robust Q1 June 2007 results and triggered a solid rally on the bourses in the week ended 20 July 2007.

The BSE Sensex gained 292.83 points in the week ended 20 July 2007 to 15,565.55, while the NSE Nifty advanced 61.50 points to 4,566.05. Both the indices logged gains in 4 out of 5 trading sessions.

The week started on an upbeat note with the BSE Sensex rising 38.50 points to 15,311.22, on Monday 16 July 2007. Shares from the banking, real estate, and cement sectors advanced, while IT, FMCG and pharma stocks declined.

Sensex lost 21.40 points at 15,289.82, on Tuesday, 17 July 2007. Weakness in European stocks weighed on the domestic bourses.

On Wednesday, 18 July 2007, the BSE 30-share Sensex gained 11.35 points to 15,301.17. A sharp intra-day fall triggered by profit booking after the recent rally was reversed by short covering and value buying. Asian and European markets were subdued.

The Barometer index galloped 248.96 points, to 15,550.13 on Thursday, 19 July 2007 on strong buying in index pivotals.

On Friday, 20 July 2007, the Sensex gained a marginal 15.42 points to 15,565.55, an all time closing high. It also hit an all time high of 15,683.03.

Index heavyweight Reliance Industries (RIL) posted gains, after rallying to an all-time high of Rs 1,925 on Thursday, 19 July 2007. It found gas in the first well in the Cauvery deep-water basin off the east coast of India. RIL holds a 100% participating interest in this block.

IT stocks settled on mixed note. TCS gained after it posted a 36% surge in net profit to Rs 1,202.93 crore in the first quarter ended June 2007 compared to Rs 882.66 crore in Q1 June 2006. Total income advanced 27% at Rs 5,364.67 crore (Rs 4,225.62 crore).

Infosys Technologies gained on market talks that it is close to acquiring the finance and accounting BPO arm of Philips Global. The BPO arm is said to have assured revenues of $200 million spread over five year.

Satyam Computer Services declined after it posted 2.1% fall in net profit to Rs 389.14 crore in Q1 June 2007 over March 2007. Total income rose 6.5% to Rs 1820.93 crore over Q4 March 2007.

Wipro slipped after it posted a lower-than-expected 16% rise in net profit to Rs 710 crore in Q1 June 2007 over Q1 June 2006. Wipro’s net profit declined 18% and net sales dipped 2.86% over the March 2007 quarter.

Reliance Energy gained after the Anil Ambani-controlled Reliance Energy (REL) set a target to bag at least two ultra mega power projects (UMPPs) of 4,000 MW each with an investment outlay of nearly Rs 40,000 crore.

Auto stocks ended the week on a strong note. Bajaj Auto jumped on reports the two-wheeler maker is looking for an acquisition in the European motorcycle market. As per reports, ace bike makers Ducati Motor Holding of Italy and Triumph Motorcycles of the UK are among the possible targets for acquisition.

Tata Motors settled flat on reports that it was evaluating a bid to buy luxury British car brands Jaguar and Land Rover from struggling US car maker Ford.

Telecom stocks gained on robust developments. Reliance Communication signed an agreement to acquire US-based Yipes for $300 million. The company also sold a 5% stake in its telecom tower business, valued at Rs 27000 crore.

Bharti Airtel galloped after one of its group companies bought a 4.99% in the telecom firm from Vodafone. The purchase took Bharti group's voting interest in Bharti Airtel to more than 50%.

Engineering & construction major Larsen & Toubro (L&T) secured contracts worth $177.75 million for different projects in the hydrocarbon sector in the Gulf region. L&T-led consortium also bagged orders worth Rs 1,070 crore for supply and installation of sinter plant and other packages from Tata Steel.

Cement stocks gained following strong infrastructure boom. ACC, Ambuja Cement, Grasim and UltraTech Cement Company, all logged gains.

Shares from the real-estate sector surged on momentum buying after KV Kamath, Managing Director and CEO of ICICI Bank, said that interest rates seem to have peaked and should come down soon. Orbit Corporation, Indiabulls Real Estate and DLF posted gains.

Zee News jumped 62.94% to Rs 72.10 after reporting a net profit of Rs 6.38 crore on sales of Rs 74.46 crore in Q1 June 2007. Figures for the corresponding period in the previous quarter were not available. Its operating profit stood at Rs. 11.91 crore. During this period, advertisement revenue was Rs 59.24 crore and the subscription revenue was at Rs 13.64 crore.

Celestial Labs settled at Rs 67.20 on BSE, a premium of 12% over the IPO price of Rs 60, on Tuesday, 17 July 2007. The scrip debuted at Rs 70, touched a high of Rs 75 and a low of Rs 66.15 during the day.

Sun Pharma Advanced Research Company (SPARC) settled at Rs 87.15 over the base price of Rs 72.65 on BSE on 18 July 2007. The listing of the company followed a scheme of arrangement at Sun Pharmaceutical Industries (SPIL). The research division of SPIL was demerged and vested with SPARC on a going-concern basis.

The Prime Minister’s Economic Advisory Council, on Monday, 16 July 2007 projected India’s GDP growth at 9% in 2007-08. It has warned that the constraints posed by farm and power sectors may make sustaining this level difficult in the years ahead. In its report, the Council expected inflation to remain close to 4%

India's wholesale price index was unchanged at the previous week's level of 4.27% in the 12 months to 7 July 2007, despite a fall in some food prices, government data showed on Friday, 20 July 2007.