Sensex settles above 17,000; Nifty ends above 5,000

Market surged at the fag end of the trading session to touch new all time high, on short-covering ahead of expiry of September 2007 derivatives contracts. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time highs in late trade. After the Sensex breached the 17,000 mark yesterday, the Nifty scaled the 5,000 level today.

Domestic bourses rose today, 27 September 2007, as a part of rally across global markets as weak US economic data reinforced expectations for another interest rate cut from the Federal Reserve, following a steep half-point reduction to 4.75% last week.

The 30-shares BSE Sensex up 229.17 points or 1.35% at 17,150.56, an all time closing high. It opened with upward gap of 138.22 points to 17,059.61. Its low for the day was at 17,018.56. It hit an all time high of 17,188.40 in late trade.

From a recent low of 13,989.11 on 21 August 2007, Sensex surged 3,161.45 points or 22.59% in just 27 trading sessions to 17,150.56 on 27 September 2007. FII buying boosted the bourses in this period.

The S&P CNX Nifty was up 60.05 points or 1.22% at 5,000.55, an all time closing high. It struck an all time high of 5,016.40 in late trade. It took a little under ten months for Nifty to reach 5,000 from 4,000. It had first hit the 4,000 mark on 1 December 2006.

Derivative contracts for September 2007 series expired today, 27 September 2007. The Nifty October 2007 futures settled at 5,004.95, a premium of 4.40 points as compare to spot closing

The market breadth was negative on BSE with 1458 shares declining as compared to 1286 that advanced. 61 remained unchanged. The breadth was positive till mid-afternoon trade

The BSE Mid-Cap index was down 0.28% to 7,331.96. It struck an all time high of 7,437.51 earlier in the day. The BSE Small-Cap index hit all time high of 9,127.42. It rose 0.19% to 9,046.55. Both these indices underperformed the Sensex.

All the sectoral indices on BSE edged higher expect the BSE FMCG index. BSE TecK index (up 1.72% to 3,784.50), BSE Metal Index (up 3.19% at 13,502.60), BSE IT Index (up 3.14% at 4,643.43), outperformed the Sensex.

However BSE Oil and Gas Index (up 0.23% at 9,639.10), BSE Consumer Durables index (up 1.17% to 4,800.81), BSE PSU index (up 1.04% to 8,139.21), BSE Capital Goods Index (up 0.25% at 14,691.07), BSE Health Care Index (up 0.78% at 3,720.23), BSE Realty index (up 0.65% to 9,031.00), BSE Auto Index (up 1.06% at 5,270.66), and BSE FMCG Index (down 0.80% at 2,120.28) were underperformers.

The total turnover on BSE amounted to Rs 7727 crore as compared to Rs 7,750.07 crore on Wednesday, 26 September 2007.

The NSE F&O turnover was a record Rs 86226.41 crore as compared to Rs 78536.17 crore on Wednesday, 26 September 2007

Among the 30-member Sensex pack, 23 rose while the rest slipped

India’s second largest power utility company in terms of revenue Reliance Energy (REL) surged 8% to Rs 1108.30. It was the top gainer from Sensex pack. As per reports REL is believed to be restructuring its businesses under three verticals — utility, infrastructure and real estate.

IT stocks rallied for the second day in a row after central bank’s recent measures to tame appreciating rupee. Infosys Technologies (up 5.25% to Rs 1,920), TCS (up 1.92% to Rs 1,061), Satyam Computer Systems (up 2.43% to Rs 441.80), and Wipro (up 1.19% to Rs 460) edged higher. On Tuesday, 25 September 2007, Reserve Bank of India relaxed overseas investment by local companies, mutual funds and individuals in a bid to tame the rupee's rise.

Auto stocks edged higher. Tata Motors (up 1.43% to Rs 750), Bajaj Auto (up 1.14% to Rs 2,521) and Hero Honda Motors (up 0.55% to Rs 740.60), rose.

India’s largest oil explorer in terms of revenue Oil & Natural Gas Corporation (ONGC) surged 3.77% to Rs 972. The government will raise administered prices for gas produced from assets awarded to state-run firms in a month's time, before the launch of a new licencing round, M.S. Srinivasan, oil ministry secretary, said on Wednesday.

World’s sixth largest steel manufacturer Tata Steel surged 6.81% to Rs 802. It hit a 52-week high of Rs 807.90 on BSE today.

Bharat Heavy Electricals (Bhel), the country’s largest power equipment maker by sales rose 2.37% to Rs 2,035. It hit a all time high of Rs 2045 on reports that it has won a Rs 765 crore turnkey order from Steel Authority of India (SAIL) to set up a 62.2 mega watt captive power plant in Burnpur, West Bengal. Reports further said Bhel’s order book stood at Rs 65,000 crore. The project is expected to be commissioned within 29 months.

Tata Motors, the nation’s top truck and bus maker in terms of sales rose 1.50% to Rs 750.50. Deutsche Bank is bullish on the stock and has maintained buy rating with target price of Rs 920.

India's largest private sector lender, ICICI Bank, rose 0.55% to Rs 1025. It hit an all time high of Rs 1039 on BSE. As per reports it sold $2 billion of five-year notes in the Rule 144a private placement market.

India’s largest company in terms of market capitalisation and operator of world's third largest refinery at Jamnagar, Gujarat, Reliance Industries (RIL) saw high volatility today. It slipped from day’s high of Rs 2364 to a low of Rs 2321. It settled 0.56% higher at Rs 2335 on 5.06 lakh shares. RIL is reportedly laying off 1,000 staff in the country's most populous state of Uttar Pradesh after failed attempts to reopen Western-style supermarkets, which closed after protests from small traders.

Ambuja Cements, the country’s second largest cement manufacturer in terms of sales extended early fall. It lost 2.47% to Rs 144 on 7.41 lakh shares. It was the top loser from Sensex pack

Hindustan Unilever (down 2.23% to Rs 220), and Reliance Communications (down 1.08% to Rs 583.55) were the other losers from Sensex pack

Sintex Industries rose 2.31% to Rs 362.90 on the back of massive block deal of 1.23 crore shares on BSE at Rs 355 per share by 14:34 IST. It was the top traded on BSE with total turnover of Rs 622.86 crore.

Reliance Natural Resources (Rs 215.41 crore), Indiabulls Real Estate (Rs 201.81 crore), Reliance Energy (Rs 199.30 crore) and Tata Steel (Rs 192.20 crore), were the other turnover toppers in that order.

Shares from sugar sector declined on profit booking after the recent rally. Dwarikesh Sugar (down 1.59% to Rs 62), Sakthi Sugar (down 2.90% to Rs 85.50), Triveni Engineering (down 7.2% to Rs 108), Balrampur Chini Mills (down 3.91% to Rs 75), Shree Renuka Sugars (down 1.78% to Rs 693.95), and Bajaj Hindustan (up 9.77% to Rs 171.40) plunged