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Monday, September 24, 2007

Firm global indices keep market buoyant


The market exhibited strong optimism as buoyancy in overseas markets triggered a major rally across the board. After registering strong gains on Friday, the Sensex resumed with a positive gap of 134 points at 16698. However, profit booking in heavyweights, information technology, pharma and cement stocks dragged the Sensex to its day's low of 16600. But, the Sensex recovered on hectic buying at lower levels and set another all-time high of 16870. Firm close in other Asian indices also helped the market to rally. The Sensex finally closed the session with gains of 282 points at 16846. The Nifty closed by adding 95 points at 4932.

Among the sectoral indices, the Oil & Gas Index led the upsurge with gains of 3.33% at 9651 followed by the BSE Bankex (up 2.54% at 8961), the BSE PSU Index (up 2.30% at 7960) and the BSE Realty Index (up 2.03% at 9370). However, the market breadth was negative. Of the 2,837 stocks traded on the BSE 1,467 stocks declined, 1,313 stocks advanced and 57 stocks ended unchanged.

Out of the 30 Sensex stocks, 23 managed to end in the green while seven stocks ended with losses. Reliance Energy was the leading gainer and soared 8.33% at Rs1,094. Maruti Udyog jumped 5.45% at Rs980, NTPC shot up by 4.83% at Rs197, L&T advanced 4.09% at Rs2,897, Reliance Industries moved up by 3.62% at Rs2,357, Reliance Communication added 3.26% at Rs598 and ICICI Bank gained 3.18% at Rs996. Among the laggards, Infosys dropped 3.22% at Rs1,763, Satyam Computer shed 2.32% at Rs409, ITC declined by 1.55% at Rs188 while TCS, Grasim, Dr Reddy's Lab and Cipla closed with marginal losses.

Over 5.69 crore IFCI shares changed hands on the BSE followed by Tata Teleservices (5.32 crore shares), Reliance Natural Resources (4.92 crore shares), Ispat Industries (4.81 crore shares) and Himachal Futuristic Communication (3.55 crore shares).

IFCI registered a turnover of Rs531 crore on the BSE followed by Reliance Natural Resources (Rs457 crore), Reliance Petroleum (Rs369 crore), DLF (Rs242 crore) and Reliance Energy (Rs234 crore).