Sensex settles above 15,000

The market posted decent gains as buying continued throughout the day, except for an odd blip in early afternoon trade. It opened higher today, 13 August 2007, on steady buying interest in index pivotals, tracking firm Asian markets that had opened earlier. However, the market was inflicted with volatility. All the sectoral indices on BSE posted gains, except BSE IT index.

Meanwhile, Prime Minister Manmohan Singh defended the Indo-US civilian nuclear deal in Parliament today, 13 August 2007, amid loud protests by the opposition.

The prime minister told the Lok Sabha that the Indo-US nuclear deal has not compromised nation's independent nuclear policy, adding that the deal benefits both India and the US. He asserted that future nuclear tests would be India's sovereign decision.

Among other markets, the Chinese market hit an all-time high. All the European indices also were trading higher.

The BSE 30-share Sensex surged 148.96 points, or 1%, to 15,017.21. It had opened with a 97.40-point upward gap at 14,965.65. From here it started declining to touch a low of 14,869.15 at 11:21 IST. It recovered from the lower level later in volatile trade to hit a high of 15,044.74 at 13:59 IST.

The S&P CNX Nifty rose 40.30 points, or 0.93%, to 4,373.65.

The Nifty August 2007 futures settled at 4,360, a discount of 13.65 points compared to spot closing.

Among the sectoral indices on BSE, the Bankex (up 0.70% to 7,827.77), the BSE Consumer Durables index (up 1.41% to 4,146.14), the BSE Healthcare index (up 1.11% to 3,641.14), the BSE Metal index (up 1.34% to 11,008.83), the BSE Oil & Gas index (up 0.71% to 7,810.81), the BSE PSU index (up 0.70% to 6,967.41), the BSE Realty index (up 0.56% to 7,304.39), and the BSE TECk index (up 0.44% to 3,677.91) posted gains.

The BSE Mid-Cap Index rose 67.55 points, or 1.04%, to 6,575.17, while the BSE Small-Cap Index gained 124.15 points, or 1.57%, to 8,028.28. Both these indices outperformed the broad market.

The market breadth was strong on BSE with 1,915 shares advancing as compared to 807 that declined, while 47 remained unchanged

The total turnover on BSE amounted to Rs 4126 crore as against Rs 5221 crore on Friday, 10 August 2007. The NSE�s F&O turnover was Rs 31,627.64 crore as compared to Rs 48,868.82 crore on Friday, 10 August 2007.

Among the 30-member Sensex pack, 27 gained while only 3 of them declined.

The Sensex posted the third straight weekly loss in the week ended 10 August 2007. The benchmark index shed 270.15 points, or 1.78%, to settle at 14,868.25 in the week ended 10 August 2007 tracking global weakness.

FMCG shares gained on fresh buying, pushing up the BSE FMCG index 1.53% at 1,932.16,outperforming the broad market. MNC associate FMCG giant Hindustan Unilever (HUL) soared 4% to Rs 203.50 on 3.51 lakh shares. It was the top gainer from the Sensex pack. According to AC Nielsen's retail panel, HUL�s market share in the instant coffee market rose from 40.7% in the March 2007 to 47.4% in the June 2007 quarter. In fabric wash too, HUL's share in the June 2007 quarter went up to 37.8% from 36.4% in the preceding quarter. Also, HUL's share in shampoos increased from 46.9% to 47.5%.

ITC (up 1.16% to Rs 165.25), Nestle India (up 2.61% to Rs 1260), Godrej Consumer (up 3% to Rs 140), and Bata India (up 0.80% to Rs 157) were the other gainers from the FMCG pack.

Tata Motors, India's largest bus and truck maker, surged 3.43% to Rs 692. It is reportedly planning to expand its auto sales in Southeast Asia using Thailand as a manufacturing base.

Bajaj Auto gained 2.51% to Rs 2377 ahead of shareholders' meeting on 18 August 2007 to consider the scheme of arrangement between the company, Bajaj Holdings and Investment, and Bajaj Finserv.

Maruti Udyog (up 2.91% to Rs 833.80) and Mahindra & Mahindra (up 2.82% to Rs 690) also advanced from auto pack. The BSE Auto Index,too, outperformed the broad market, rising 1.89% to 4,825.93. It was the best performing sectoral index on BSE

Cement shares advanced on renewed buying. Ambuja Cements (up 2.33% to Rs 129.55), ACC (up 1.11% to Rs 1012) and Grasim (up 0.90% to Rs 2910.20) posted gains.

IT pivotals were subdued as the Indian rupee strengthened against the US dollar. The BSE IT Index slipped 0.19% to 4,765.04,underperforming the market. India�s largest software services exporter TCS shed 1.13% to Rs 1132.15 on 64,092 shares. It was the top loser from the Sensex pack.

Satyam Computers (down 0.86% to Rs 475.30) and Wipro (down 0.16% to Rs 479.50) also declined. However Infosys rose 0.14% to Rs 1955. Rupee was hovering at 40.61 compared to Friday's (10 August 2007) close of 40.6350/6450.

Hit by an appreciating rupee and rising wage costs in the April-June 2007 quarter, most Indian software companies came out with results that disappointed investors and analysts. The BSE IT index slipped 3.24% in the last month from 4,897.95 on 13 July 2007 to 4,774.13 on 10 August 2007.

Reliance Industries, India�s biggest private sector entity and the country's largest oil refiner, rose 0.79% to Rs 1825 on 4.81 lakh shares. It moved in a range of Rs 1805.30 and Rs 1840.

NTPC, India's biggest power generator, was up 1.97% to Rs 168.05, while Dabur India rose 0.34% to Rs 103. NTPC will replace Dabur India in S&P CNX Nifty from 24 September 2007.

India�s largest private sector engineering company Larsen & Toubro (L&T) gained 0.20% to Rs 2437, off its day�s high of Rs 2462. The company today, 13 August 2007, said it won orders worth Rs 203 crore for Delhi's metro rail project to be executed in 30 months.

Bharat Heavy Electricals (Bhel), the country�s biggest power equipment maker, rose 0.74% to Rs 1707. Late last week, Bhel bagged orders worth over Rs 2900 crore for the supply and installation of the main plant package at the upcoming Jhajjar Super Thermal Power Project in Haryana involving three units of 500 MW each.

Led by Bhel and L&T, the BSE Capital Goods index rose 0.37% at 12,815.39. However, the index was an underperformer compared to the broad market.

State-run Oil and Natural Gas Corporation (ONGC) was up marginally by 0.02% to Rs 843. It has reportedly demanded a 12.5% hike in price of natural gas it produces from fields given to it on nomination basis as it was incurring losses at the present price of Rs 3.2 per cubic meter.

India�s top drug maker by sales Ranbaxy Laboratories rose 1.67% to Rs 373.95. Ipca Laboratories, a mid-cap integrated drug producer, dropped 0.20% to Rs 688. The stock came off the day's high of Rs 709. A joint venture of drug makers Ranbaxy Laboratories and Ipca Laboratories has received the US Food and Drug Administration's approval to sell metformin HCL tablets.

India's second largest listed telecom service provider in terms of sales Reliance Communications rose 1.40% to Rs 528.65 on reports of its tower business unit plans to launch an exchange platform for sharing infrastructure.

Indian Hotels rose 3.13% to Rs 140.15 after its board of directors in a meeting held today decided to make two simultaneous but unlinked rights offers. The rights issue of equity shares is in the ratio of 1:5 (1 share for every 5 shares held) at a price of Rs 70 per share. The company will raise Rs 844 crore through this issue.

RDB Industries (up 20% to Rs 170.30), DCW (up 18.16% to Rs 14.90), Mercator Lines (up 13.15% to Rs 58.10) and Torrent Power (up 11.30% to Rs 77.60), were the top gainers from the small-cap and mid-cap basket.

Vaibhav Gems (down 6% to Rs 171.50), Autumobile Corporation of Goa (down 5.58% to Rs 401.30), Vyapar Industries (down 3.74% to Rs 106.75), BF Utilities (down 5% to Rs 2015), and Vivimed Labs (down 3.61% to Rs 137.55) were the top losers from the small- and mid-cap basket.

Everonn Systems soared 14.40% to Rs 592.80 on high volume of 69.36 lakh hares. It surged to Rs 611.10 on BSE, an all-time high,and was the top traded counter on BSE with turnover of Rs 399.75 crore.

Orbit Corporation (Rs 208.82 crore), IFCI (Rs 138.99 crore), Tata Steel (Rs 129.83 crore), and IDBI (Rs 126.90 crore) followed.

IDBI jumped 9.26% to Rs 126.90 on reports its 100% subsidiary IDBI Capital Market Services proposes to cash on the untapped retail broking business, particularly in north India, through 5,000 plus bank branches and online trading platform.

Saurashtra Cement galloped 10.26% to Rs 63.40 on reports that India Debt Management (IDM) is picking up a 14% stake in it. The comapny's board will meet on 16 August 2007 to consider allotment of 74.5 lakh equity shares of Rs 10 each to IDM by converting part of the convertible debentures issued to it at a price of Rs 35 per share. This will translate into a 14% equity stake for IDM.

Transport Corporation of India was down 2.04% to Rs 112.95 after Mauritius-based FID Funds picked up a 7% stake via preferential allotment at Rs 105.25 a share. TCI will issue 50 lakh equity shares of Rs 2 face value to FID Funds at Rs 105.25 per share.

Essel Propack declined 0.75% to Rs 59.90 after the company said on Monday, 13 August 2007, it plans to help the promoters in the revival of two firms, RAS Propack Lamipack and RAS Extrusions. RAS Propack Lamipack spurted 5% to Rs 5.16. Essel has agreed in principle to act as co-promoter for the revival.

Asian Electronics rose 0.95% to Rs 852.35, after hitting 5% circuit filter of Rs 886.65. The company set a 1-for-1 share swap ratio for merging Green Hydrocarbons India and US Instruments with itself.

Sobha Developers declined 2.20% to Rs 795.50 despite posting 141.42% rise in net profit to Rs 40.8 crore on a 30.87% rise in total income to Rs 269.2 crore in Q1 June 2007 over Q1 June 2007

Private sector lender Centurion Bank of Punjab climbed 4.13% to Rs 40.35 after it said on Friday, 10 August 2007, it had reduced its interest rates on deposits by 50-150 basis points.

Cranes Software International was up 1.30% to Rs 117 after convening shareholder meeting on 13 September 2007 to consider raising foreign fund limit to 60% from 49%.

Dish TV India gained 0.81% to Rs 87 on reports it plans to invest Rs 800 crore in the next three years to have a strong foothold in the competitive direct-to-home space. Investment will be for upgradation of the infrastructure and increasing number of channels on the platform.

BOC India advanced 3.83% to Rs 133 after it signed long-term gas supply contracts with two different entities. As per the contract, the company will supply 420 normal cubic meters (Nm3) of nitrogen per hour to GKN Sinter at its unit located at Pune. The second order is to supply 35 tons per day of oxygen to Electrosteel Castings at its unit located in Kolkata.

Jindal Steel and Power (JSPL) moved up by 6.19% to Rs 3910. Earlier in July 2007, JSPL had signed a contract to exploit the vast El Mutun iron ore deposits in Bolivia. The deal set out an investment of $2.1 billion by JSPL to mine iron ore and make steel at the site in eastern Bolivia.

Tata Power vaulted 5.19% to Rs 721.75. On 10 August 2007, Tata Power had signed an equipment deal with Toshiba Corporation for its 4,000-mega watts (mw) ultra mega power project in Gujarat.

Jaiprakash Associates spurted 5.15% to Rs 850.65. Earlier on 3 August 2007, the company had acquired Malvika Steel in Uttar Pradesh for Rs 207 crore and will be investing Rs 1800 crore over the next three years to take the capacity of the plant to one million tonne per annum.

Camlin rose 4.06% to Rs 169 ahead of its board meet on 18 August 2007 to consider issue of shares/warrants on preferential basis to private equity fund/ financial institution / foreign institutional investors for raising funds to finance the business expansion plans.

Tata Tea moved up 3.24% to Rs 715.50 on reports that firm is close to a joint venture deal in Russia and is also looking at new markets in South America and the far East. The company is also keen to increase its shares in the US beverage market.

Hindustan Construction Company edged higher by 2.12% to Rs 130 on bagging Rs 415 crore contract from Municipal Corporation of Brihanmumbai, Mumbai, for the construction of a tunnel from Maroshi to Ruparel College in Mumbai. The value of the contract is Rs 415 crore. The project is to be completed in 56 calendar months from the date of commencement of the work.

Kernex Microsystems India jumped 5% to Rs 282.30. On 10 August 2007, the company said it had executed a service contract with Konkan Railway Corporation, Mumbai, for providing operational maintenance and annual maintenance contract services for the anti-collision systems. The estimated amount of contract for operation and maintenance of ACD systems will be about Rs 28.50 crore.

Shipping Corporation of India rose 0.26% to Rs 195 after receiving government's approval for acquiring 12 vessels at a cost of Rs 3193.68 crore. The approval is for four Aframax tankers, two LR-II size product tankers, four Panamax bulk carriers and two cellular container vessels.

Gati Corporation was up 1.25% to Rs 101.15 on reports that the firm is close to acquiring a Delhi-based cold-chain management firm Kausar for Rs 35 crore. Kausar, which reported a turnover of Rs 19 crore in FY 2007, is listed on the Delhi Stock Exchange (DSE) but has not witnessed any trading activity in the past few months, reports suggest.

Peninsula Land advanced 4.25% to Rs 445 after three block deals of 4.88 lakh shares each were struck at an average price of Rs 428.27 per share in opening trade on BSE.

Visaka Industries rose 2.86% to Rs 86.30 after its board, in a meeting held on 10 August 2007, approved selling garment division and venturing into new business of manufacturing sandwiched aerocon panels/aerocon blocks, used in construction industry.

Hindustan Copper (HCL) advanced 5% to Rs 132.35 on reports it plans to enter gold mining in India and is scouting copper mines abroad. The stock has jumped 25% in the past five trading sessions, from Rs 99 on 3 August to Rs 126.05 on 10 August 2007. Meanwhile, recent reports suggest the Ministry of Mines had proposed a financial restructuring package worth Rs 637 crore for HCL's revival.

Asian markets edged higher today, 13 August 2007. Japan's Nikkei (up 0.21%), Taiwan's Taiwan Weighted (up 0.09%), Seoul Composite (up 1.14%) Hang Seng (up 0.45%) and Straits Times (up 0.64%) gained.

The Chinese market hit an all-time high on Monday, 13 August 2007, led by bank and petrochemical shares. The benchmark Shanghai Composite Index touched its lifetime time high of 4,872.20. It ended 1.49% higher at 4,820.65

US stocks settled mixed on Friday, 10 August 2007, after the Federal Reserve injected $38 billion into the banking system to calm markets torn by worries about evaporating credit. This is its biggest injection to the financial system since the 2001 terrorist attacks. The Dow Jones industrials ended with just a 31-point deficit at 13,239.54. Broader stock indicators finished mixed. The Standard & Poor's 500 index edged up 0.55 points, or 0.04%, to 1,453.64, and the Nasdaq Composite index fell 11.60, or 0.45%, to 2,544.89.

Central banks in Europe, Asia and North America injected huge sums into the money market late last week in an effort to prevent money markets seizing up as the number of financial institutions revealing exposure to crumbling credit markets swelled.

Oil prices edged up above $71 a barrel on Monday, 13 August 2007, as central bankers injected cash into jittery financial markets and fundamental support came from expectations of robust demand. US crude for September delivery rose 22 cents to $71.69 a barrel