Sensex, Nifty strike record closing highs

The market ended in the green today, 25 September 2007. However, market breadth was weak. The market recovered from lower level in late afternoon trade. Earlier, the market had slipped into the red in afternoon trade in contrast to a firm trend in mid-morning trade. European markets, which opened after Indian markets, were weak. Reliance Industries (RIL) hit an all-time high in late trade.

Sensex gained 53.71 points or 0.32% at 16899.54, a record closing high. Sensex came off from a low of 16,676.98, which it had struck in mid-afternoon trade. At day's low of 16,676.98, Sensex had lost 168.85 points for the day.

The S&P CNX Nifty up 6.65 points or 0.13% to 4,938.85, a record closing high. It hit an all-time high of 4,953.90 earlier during the day.

BSE clocked a turnover of Rs 7468 crore compared to Rs 7,783.09 crore on Monday, 24 September 2007.

The market had moved between positive and negative zone in early trade after a firm opening. The Sensex struck all-time high of 16,928.02 in late trade.

BSE Oil & Gas index (up 1.31% to 9,777.51), BSE Metal index (up 0.39% to 13,080.83) and BSE Healthcare index (up 0.67% to 3,687.60) outperformed the Sensex .

However, BSE Realty (down 3.03% to 9,085.47), BSE Auto index (down 0.89% to 5,250.27), Bankex (down 0.18% to 8,944.98), BSE Capital Goods index (down 0.5% to 14,763.61), BSE IT index (down 0.03% to 4,348.62) underperformed the Sensex today.

BSE Mid Cap rose marginally by 3.19 points or 0.04% to 7,313.33 whereas BSE Small Cap rose 4.08 points or 0.05% to 8,967.51. Both these indices underperformed the Sensex.

The market breadth was weak. 1,648 shares declined on BSE as compared to 1,079 that rose. 326 were unchanged.

Out of Sensex pack, 16 stocks declined and rest advanced.

L&T (down 1.12 % to Rs 2864.55), M&M (down 2.64% to Rs 763.05), SBI (down 1.6% to Rs 1803.85), Bajaj Auto (down 2.16% to Rs 2,518.50) were the major losers from Sensex pack.

Bharti Airtel (up 2.11% to Rs 964.80),Hindalco industries (up 2.86% to Rs 167.50) , HDFC Bank (up 3.82% to Rs 1397.70), Reliance Industries ( up1,82% to Rs 2399.60), Ranbaxy Labs (up 1.73% to Rs 424.10) were the top gainers from Sensex pack.

Banking majors declined. SBI (down 1.6% to Rs 1803.85), ICICI Bank (down 0.58% to Rs 990.05) edged lower.

Frontline IT stocks recovered from initial fall. Infosys gained 0.45% to Rs 1771.20 and Satyam Computer rose 0.2% to Rs 410.15. TCS was down 0.38% at 1002.15, off day's low of Rs 991. IT firms derive a lion’s share of revenue from exports and a rise in rupee against the dollar hits their revenue. Rupee has risen sharply in this calendar year.

Index heavyweight Reliance Industries (RIL), rose 1.82% to Rs 2399.60. It hit an all time high of Rs 2426 in the late trade. The stock had witnessed a solid surge over the past few days.

Ranbaxy, India’s biggest drug maker in terms of sales rose 1.73% to Rs 424.10. Ranbaxy said on Monday 24 September 2007, it had signed a licencing agreement with Australia's Sirtex Medical to market the Australian firm's liver cancer product SIR-Spheres. The product, approved by the US Food and Drug Administration, is used to treat patients with inoperable tumours from primary colorectal cancer that have spread to the liver.

India’s biggest oil exploration firm by revenue ONGC declined 0.3% to Rs 930.55. ONGC said after trading hours on Monday, 24 September 2007, it will invest at least $150 million over the next seven years to explore three new deepwater blocks in Myanmar. Myanmar's government has awarded 100% participating interest in blocks AD-2, AD-3 and AD-9 to ONGC Videsh, the overseas investment arm of ONGC.

BPCL rose 7.31% to Rs 348.50 on reports a consortium of BPCL and UK's Premier Oil had found reserves estimated at 8-18 trillion cubic feet in the remote Cachar region in northeastern India. The company had denied the reports.

Gayatri Projects rose 1.34% to Rs 310.65 after it secured new order valued Rs 154.01 crore. The work has to be executed with in a period of 2 years.

Jai Corp rose 5% to Rs 11,424.55 after it said that it has approved the proposal for acquiring two manufacturing units Pet Fibres and Prime Wovens.

South Indian Bank declined 1.28% to Rs 158.60, after it announced its board had allotted 2 crore equity shares to qualified institutional buyers at Rs 163 per share

Sadbhav Engineering was flat at Rs 727.10 after it announced today, 25 September 2007, that it has received a coalfield drilling and excavation order worth Rs 245.24 crore.

Vikash Metal & Power rose 4.08% to Rs 20.40 on BSE, after it announced today, 25 September 2007, that it has received approval from a United Nations body for a carbon-credit project.

Gremach Infrastructure Equipments & Projects hit 5% upper circuit to Rs 266.60 the company said it has taken 75% controlling stake in 11 coal mine licenses in Mozambique having an aggregate 13,520 hectares (about 13,52,00,000 square metres) in prime region of Moatize.

IFCI rose 3.4% to Rs 101.75.The company is set to announce the shortlisted bidders for 26% strategic stake today

BAG Films & Media hit 5% upper circuit of Rs 65.15 on reports that Fidelity International has picked up a 10% stake in the company. The company's board is due to meet on Tuesday afternoon to consider a preferential share and warrant issue.

Turnover toppers on BSE in that order were IFCI (Rs 449 crore), Reliance Natural Resources (Rs 442.34 crore), Jaiprakash Hydro-Power (Rs 275.35 crore), and Reliance Petroleum (Rs 266.60 crore)

The revised trading timing on the bourses due to sun outage becomes effective from today. The stock exchanges have extended trading timing by 45 minutes from 25 September 2007 to 9 October 2007 due to loss of satellite connectivity during this period. Trading will stop on NSE at 11:25 IST and re-open at 12:10 IST. The final closing will be at 16:15 IST, instead of 15:30 IST.

European markets, which opened after Indian market, fell on Tuesday, 25 September 2007, as worries about the financial system and earnings weighed on investors. France’s CAC (down 63 points or 1.12% to 5,628),Germany’s DAX (down 54 points or 0.7% to 7,733) and UK’s FTSE 100 (down 75 points or 1.16% to 6,390), edged lower.

Media reports Monday, 24 September 2007, suggested Germany's largest bank Deutsche Bank may take a big hit from subprime mortgage investments.

Asian markets were mixed today. Hong Kong's Hang Seng closed down 100 points or 0.38% to 26,451. Japan’s Nikkei 225 closed 89 points or 0.54% higher at 16,401. Stock markets in South Korea and Taiwan were closed for public holidays.

US stocks fell on Monday as financial shares weakened on news that Germany's largest bank Deutsche Bank may take a big hit from subprime mortgage investments, while a landmark strike at General Motors raised concern about the economic outlook. The Dow Jones industrial average finished the day down 61.13 points, or 0.44%, at 13,759.06. The Standard & Poor's 500 Index ended down 8.02 points, or 0.53%, at 1,517.73. The Nasdaq Composite Index was down 3.27 points, or 0.12%, at 2,667.95.

November crude oil fell 67 cents to settle at $80.95 per barrel on the New York Mercantile Exchange on Monday, 24 September 2007, as energy companies in the Gulf of Mexico began restoring output shut by a storm.