Equities snap six-day losing streak as dollar slides

Bulls staged a strong return after suffering a sharp setback in previous six trading sessions. Strong buying demand in battered index pivotals following six-days of sharp market slide triggered a solid rally on the bourses. Weakness in US dollar against major rivals and firm global stocks laid a solid platform for today's rally. Comments by Finance Minister Pranab Mukherjee on Tuesday, 3 November 2009, that there are no immediate plans to place curbs on capital inflows, also boosted sentiment. The BSE 30-share Sensex jumped 507.19 points or 3.29%. Indian markets were the best performers among their global counterparts.

With short-term interest rates very low, global traders have turned to borrowing funds cheaply in the US and then reinvesting the proceeds in equities and commodities, looking to lock in higher returns and benefiting from further erosion in the dollar. The dollar edged down on Wednesday after hitting a one-month against a basket of major currencies. The Dollar Index, which measures the currency's value against six major units including the euro, slipped 0.3% to 76.140, pulling away from 76.817 hit on Tuesday, 3 October 2009, its highest level since early October 2009

The rally on the bourses was broad-based with all sectoral indices on BSE logging gains. Heavyweight stocks Reliance Industries, ICICI Bank, Bharti Airtel, ONGC and Infosys spurted. Realty, metal and banking shares were at the forefront of the rally. Auto stocks gained riding on the back of robust monthly sales for October 2009. Tea stocks gained after Junior Finance Minster said the government is considering package for the industry. But telecom pivotals pared early gains. The market breadth was strong.

A bout of early volatility was witnessed in early trade. After an initial surge triggered by higher Asian stocks, the market soon pared gains. The market soared in mid-morning trade after a report showed that business activity among services companies in India climbed to its highest level in more than year in October 2009 as new work orders, activity and employment expanded at faster rates. The market soared in afternoon trade. The market extended gains in mid-afternoon trade with the Sensex hitting a fresh intraday high. The market extended rally in late trade

Trade Minister Anand Sharma today said exports may start growing in annual terms from the March 2010 quarter and the government would continue to provide support to ailing sectors.

The economy is expected to expand by 6.3% in the year to March 2010, the Planning Commission said in a report on Wednesday. The plan panel expects wholesale price inflation to go beyond 4-5% by end of March 2010.

The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to a 13-month peak of 56.78 in October 2009 after having dropped to a three-month low of 54.37 in September 2009. The index has been above 50, which separates expansion from contraction, for six months. Before that, it shrank for six months, hitting a trough of 40.3 in February 2009.

The business expectations sub-index recorded its fastest expansion since March 2008, at 79.47 in October 2009, compared with 74.82 in September 2009. Better market conditions, promotional strategies and good reputations were the main reasons for the increased confidence, the survey said

Meanwhile, power generation in October 2009 rose 4.5% from a year ago, slowing from a 6% rise in the previous month as coal supply dwindled

Coming back to stocks, Finance Minister's comments have put to rest speculation of government clamping capital controls after a deluge of foreign portfolio inflows this year. Brazil, another emerging economy, had last month slapped a 2% tax on foreign investments into equities and fixed income instruments.

Montek Singh Ahluwalia, the deputy chairman of Planning Commission today said revival of foreign investment flows into India is a welcome move and the country can absorb them. Ahluwalia said he was not concerned about the surge in foreign portfolio investments.

European markets rose on Wednesday as investors braced for the Federal Reserve's statement on interest rates and the economy. Key benchmark indices in Germany, France and UK were up by between 0.78% and 1.50%.

Business activity in Britain's dominant services sector rose at the fastest pace in more than two years in October 2009, according to the CIPS/Markit services purchasing managers index released on Wednesday. The index rose to 56.9, its highest level in 26 months, from a reading of 55.3 in September. Economists had forecast a more modest rise to 55.5. A reading of more than 50 means a majority of managers saw growth in activity, while a figure of less than 50 signals contraction.

Activity in the euro-zone private sector grew at the fastest pace since December 2007, the final Markit euro-zone composite purchasing managers index showed Wednesday. The composite PMI rose to 53 in October 2009 from 51.1 in September 2009, matching a preliminary estimate. A reading of more than 50 signals a rise in activity, while a figure of less than 50 signals a contraction

Asian stocks rose today 4 November 2009, led by banks and mining companies, as Korea Exchange Bank reported better-than-estimated profit and gold prices climbed to a record. Key benchmark indices in Japan, China, Hong Kong, Singapore, South Korea, and Taiwan were up by between 0.42% and 1.97%.

The World Bank on Wednesday raised its forecasts for Chinese growth this year and projected a slightly faster pace of expansion in 2010, but it said Beijing did not need to embark on major policy tightening at this stage. Gross domestic product will increase 8.4% this year and 8.7% in 2010 on the back of massive fiscal and monetary stimulus, the bank said in a regular update on China's economy.

Worries about a looming bubble in China's real-estate market are misplaced, as gains in home prices have not dramatically outpaced rising incomes on a nationwide level, the World Bank said in a report. The view stands in contrast to recent talk that China could be repeating the policy errors that led to property bubbles in Japan in the 1980s and more recently in the US and UK. Still, the World Bank cautioned that there was a lack of clarity on home affordability and that better data were needed.

US markets ended on a mixed note on Tuesday, 3 November 2009 as technology stocks struggled after a downgrade on Intel and caution prevailed before a Federal Reserve statement on interest rates and the economy. The Dow Jones industrial average was down 17.53 points, or 0.18%, to 9,771.91. However the S&P 500 index added 2.53 points, or 0.24%, to 1,045.41 and the Nasdaq Composite index rose 8.12 points, or 0.4%, to 2,057.32.

In economic data, factory orders rose 0.9% in September 2009, after a 0.8% drop in August 2009. Economists were expecting a gain of 1%.

Billionaire investor Warren Buffett's Berkshire Hathaway on Tuesday agreed to buy Burlington Northern Santa Fe Corp in a deal that values the railroad company at $34 billion, Berkshire's biggest deal ever.

It is widely expected that the US Federal Reserve at a regular two-day policy meeting on 3-4 November 2009 will hold interest rates at their lowest-ever range of 0% to 0.25%, where they stood since December 2008. However, there's plenty of unease about the contents of the Fed's accompanying policy statement. A section of the market sees the Fed altering its statement to a less dovish tone. There is speculation that the Fed might drop or alter its pledge to keep rates low for an extended period.

Financial markets are also looking for clues from other central banks about when stimulative policy may have to come to an end. The European Central Bank (ECB) meets on Thursday, 5 November 2009. No rate change is expected and few expect it to offer clues on when it might change tack. The Bank of England (BOE) meets the same day and the market is waiting to see if it tops up its quantitative easing programme after the economy unexpectedly contracted between July-September 2009 period.

Governments and central banks around the world have injected trillions of dollars in the past year or so to pull the world out of a most severe recession since the 1930s Great Depression.

The International Monetary Fund on Tuesday, 3 November 2009, projected higher debt levels for the world's major economies, but said the global economic recovery was still too fragile to begin withdrawing fiscal support.

Australia's central bank on Tuesday raised its key policy rate for a second month in a row, hiking it by a quarter of a percentage point to 3.50%, as expected. The Reserve Bank of Australia left some analysts speculating that policy could be on hold in December 2009 after it said that interest rate rises in October 2009 and November 2009 would work to temper inflation and ensure a sustainable upswing in the economy.

Trading in US index futures indicated Dow could rise 60 points at the opening bell today, 4 November 2009.

Closer home, Finance Minister Pranab Mukherjee said on Tuesday that the government has to continue with its fiscal stimulus and is confident of attaining it medium-term fiscal targets. He said non-farm credit growth remained an area of concern and said banks have been told to enhance credit growth.

The summer-sown crop output is set to shrink by more than initial forecasts after a worst monsoon rains in 37 years, raising the spectre of higher food prices and its further dependence on imports of rice and sugar. Output of rice planted in the monsoon months from June could record a bigger-than-expected fall of 18% on year, while cane output was likely to drop by 9%, the government's first estimates of the summer-sown crop showed on Tuesday. The government issues four estimates of harvests as it gathers more data.

Mukherjee said returning the economy to growth of 9% would take more than a year, adding that the poor monsoon and then floods in some parts of the country had obvious implications for agriculture and food prices. Mukherjee said he was confident of meeting medium-term fiscal targets, and expected higher tax receipts in the second half of the fiscal year ending March 2010.

Mukherjee said it was imperative for the government to pursue reforms, including in the financial sector, to make the economy more competitive and the regulatory system more efficient and more sensitive to new developments. The finance minister said the government had identified a few more state-run companies that it could sell stakes in, with the timing of any sale dependent on market conditions.

A report prepared by ministry of finance indicated that the economy is showing a distinct sign of pickup, although uncertainty related to the poor summer monsoon and the global economic outlook remain. The economic growth slowed to 6.7% in the fiscal year through March 2009 after three straight years of at least 9%, and government officials have said growth in the current year is on track for roughly 6.5%.

Automobile sales rose 29.89% to 154,476 units in October 2009 over October 2008 as softened lending rates and attractive benefits offered by companies pushed the aggregate sales of the industry.

The HSBC Markit Purchasing Managers' Index (PMI), based on a survey of 500 Indian companies, fell to 54.5 in October 2009 from 55 in September 2009. A reading above 50 means activity expanded during the month. Growth in domestic new orders may be beginning to suffer from the impact of a drought, but stronger foreign demand was helping to cushion the blow, HSBC senior Asian economist Robert Prior-Wandesforde said.

The Reserve Bank of India at its monetary policy review, on 27 October 2009, left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5 % earlier.

Planning Commission deputy chairman Ahluwalia today, 4 October 2009, said high food price inflation is a concern but it should moderate by the end of this year.

The IMF said on 29 October 2009 the economies of India, China and Australia were recovering especially rapidly, suggesting it notices growing pressures for authorities there to tighten monetary policy ahead of others in the region. It called the three economies special cases, while adding a tightening of monetary policy seemed unnecessary elsewhere in the region in the near future.

It also advised Asian central banks not to raise interest rates only to calm asset price growth, saying lifting rates ahead of advanced economies could attract "carry trade-type" capital inflows and aggravate asset price pressures.

The supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.

Unlisted Reliance Infratel announced on 22 September 2009 its intention to raise Rs 5,000 crore from the primary market. Divestment of state-run firms by the government may also increase the supply of paper in the market.

The government recently approved stake sales in state-run power producer NTPC and another unlisted power firm Satluj Jal Vidyut Nigam which reflects the country's resolve to speed up reforms and raise more resources for social schemes.

The government has approved a follow-on public offering of 20% of state run Steel Authority of India, the steel minister said on 21 October 2009. The Government of India owns nearly 86% of Sail. Also the government gave its approval for 15% follow on public offer for Rural Electrification Corporation on 29 October 2009.

The BSE 30-share Sensex surged 507.19 points or 3.29% to 15,912.13. The Sensex opened 83.03 points higher at 15,487.97, also the day's low. The Sensex rose 524.15 points at the day's high of 15,929.09 in late trade.

The S&P CNX Nifty was up 146.90 points or 3.22% to 4710.80 Nifty November 2009 futures were at 4,711.85, near spot closing. Turnover in NSE's futures & options (F&O) segment was Rs 72,239.34 crore, lower than Rs 81,574.39 crore on Tuesday, 3 November 2009.

From a 17-month closing high of 17,326.01 on 17 October 2009, the Sensex has lost 1413.08 points or 8.16%. The barometer index had lost 1405.87 points or 8.36% in six trading days to 15,404.94 on 3 November 2009 from 16,810.81 on 23 October 2009.

Yet, the Sensex is up 6264.82 points or 64.93% in calendar year 2009, as on 4 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7751.73 points or 94.99%, as on 4 November 2009. FII inflow in October 2009 totaled Rs 8303.80 crore, till 30 October 2009. Their inflow amounted to Rs 68,441.10 crore in the calendar year 2009.

The market breadth, indicating the overall health of the market was strong. On BSE, 1791 shares advanced as compared with 983 that declined. A total of 58 shares remained unchanged.

The BSE Mid-Cap index rose 3.54% at 5,994.40, outperforming the Sensex. The BSE Small-cap index gained 2.18% at 6,888.53. It, however, underperformed the Sensex.

The total turnover on BSE amounted to Rs 5120 crore as compared with Rs 5121 crore on 3 November 2009

All BSE sectoral indices ended with gains. The BSE Auto index (up 2.61%), the BSE Bankex (up 3.08%), the BSE Consumer Durables index (up 1.84%), the BSE PSU index (up 1.83%), the BSE FMCG index (up 2.08%), and the BSE Healthcare index (up 2.07%), the BSE Power index (up 1.66%), the BSE Capital Goods index (up 1.04%), underperformed the Sensex.

The BSE IT index (up 3.99%), the BSE Realty index (up 9.65%), the BSE Metal index (up 5.36%), and the BSE Oil & Gas index (up 3.83%), outperformed the Sensex.

Among the 30-member Sensex pack, 27 gained while only 3 of them slipped. Grasim (down 0.49%), and Sun Pharmaceuticals (down 0.79%), edged lower from the Sensex pack.

India's largest dam builder by sales Jaiprakash Associates (JAL) galloped 10.96% to Rs 215.65 on recent reports its subsidiary Jaypee Infratech (JIL) is preparing to raise Rs 2,500-3,000 crore through an initial share sale. JAL is eyeing a valuation of Rs 20,000-25,000 crore and expects to divest 10-15% in JIL through the public offer. It was the top gainer from the Sensex pack

Meanwhile, Jaiprakash Associates' cement shipments rose 41.3% to 0.816 million tonnes in October 2009 over October 2008. The announcement was made before market hours today, 4 November 2009.

Construction stocks saw across the board rally on the back of fresh buying. Hindustan Construction Company (up 6.22%), Nagarjuna Construction (up 8.68%), Gammon India (up 1.29%), and Punj Lloyd (up 3.32%), gained.

IVRCL Infrastructures & Projects rose 5.27% after a joint venture of the company secured an order worth Rs 1145.88 crore. The company announced the new order win during trading hours today, 4 November 2009.

Ahluwalia Contracts (India) rose 4% after the company said its order book stands at Rs 4870 crore executable over two years. The company made this announcement during trading hours today, 4 November 2009.

Rate sensitive realty shares were the start performers of the day's trading session. Realty stocks staged a comeback on bargain hunting after a sharp recent decline triggered by the RBI's raising the provisioning requirements for loans to commercial real estate from 0.4% to 1% in its monetary policy review meet on 27 October 2009. DLF (up 9.64%), Unitech (up 11.91%), HDIL (up 11.36%), Indiabulls Real Estate (up 16.88%), and Parsvnath Developers (up 7.63%), gained.

Metal stocks rose as prices of copper, lead, nickel, tin and zinc advanced on the London Metal Exchange. India's largest private sector aluminium maker by sales Hindalco Industries jumped 8.80%. The stock had tumbled more than 10% on 3 November 2009 after net profit declined 52.2% to Rs 344.05 crore on a 13.2% decline in sales to Rs 4892.56 crore in Q2 September 2009 over Q2 September 2008. The result was announced on Saturday, 31 October 2009.

India's largest private sector steel maker by sales Tata Steel spurted 5.82%. The company's Vice Chairman was quoted by the media as saying that its European unit Corus is expected to be operating at full capacity by the end of the fiscal year in March. Corus, Europe's second-largest steelmaker, operated at 80% capacity in October 2009

Sterlite Industries India (up 6.14%), National Aluminium Company (up 1.62%), Hindustan Zinc (up 5.42%), and Sesa Goa (up 5.26%), were the other gainers from the metal pack.

JSW Steel surged 6.16% after its steel production rose 34% to 453,000 tonnes in October 2009 over October 2008. Production of flat products, used in automobiles, rose 19% to 296,000 tonnes, while long products, used in construction and railway lines, rose 145% to 75,000 tonnes, it said in a statement.

Steel Authority of India rose 2.07%. The company's chairman said today the company has cut flat product prices by Rs 750 - 1,500 a tonne.

India's largest firm by market capitalisation and oil refiner Reliance Industries (RIL) jumped 5.63% to Rs 1923.10. The stock gyrated in a band of Rs 1840- 1927.40 in the day. A final verdict on a gas dispute between Mukesh Ambani led Reliance Industries (RIL) and Anil Ambani led Reliance Natural Resources (RNRL), could be delayed after a judge withdrew from a Supreme Court hearing citing potential conflict of interest.

The hearing is expected to continue on Thursday, but arguments will have to begin again from scratch before a new bench.

In the previous hearing on 27 October 2009, the Supreme Court had observed that gas is a national resource owned by the Government and, therefore, subject to Government policy. The Court also asked why the brothers cannot settle the matter through arbitration or mutual consensus. The two brothers are fighting a legal battle in the apex court over division of natural gas produced by RIL from KG-D6. The Supreme Court began hearing arguments on the dispute from 20 October 2009.

Reports that the Comptroller and Auditor General of India (CAG) has set up a team to examine the expenses Reliance Industries (RIL) incurred on its D6 natural gas field in the Krishna-Godavari (KG) basin in the Bay of Bengal had triggered a near 6% slump in the stock on Tuesday, 3 November 2009. The director general of hydrocarbons has been accused by Reliance Natural Resources (RNRL), controlled by Mukesh Ambani's estranged brother Anil Ambani, of approving an increase in RIL's capital expenditure on the D6 exploration block from $2.4 billion (Rs11,280 crore) to $8.8 billion. This block is where RIL made one of the biggest discoveries of natural gas in India.

The government on 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).

The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.

India's largest oil exploration firm by market capitalisation Oil & Natural Gas Corporation (ONGC) rose 1.22%. As per recent reports, the company is planning to enter the nuclear power space. ONGC, which last year announced plans to enter uranium mining, is now seriously exploring the possibility of setting up nuclear power plants in the country, reports added.

Other oil exploration firms also gained on rise in crude oil prices. Cairn India rose 3.66% while Oil India gained 2.46%. Rise in crude oil prices will boost realisations from crude sales.

Oil prices rose on 3 November 2009 as the Federal Reserve began a two-day policy meeting on interest rates. Benchmark crude for December delivery rose $1.47 a barrel to settle at $79.60 on the New York Mercantile Exchange.

Banking shares gained on fresh buying. India's largest private sector bank by net profit ICICI Bank gained 5.06%. The bank's net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 30 October 2009.

India's second largest private sector bank by net profit HDFC Bank rose 0.85%.

India's largest bank by net profit State Bank of India (SBI) gained 2.83% to Rs 2163, recovering sharply from day's low of Rs 2059.10. The bank's consolidated net profit rose 28.29% to Rs 3,133.16 crore on 22% rise in consolidated income to Rs 33,101.65 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 31 October 2009.

Religare Enterprises soared 12.60% on reports the company plans to launch a $500 million (around Rs 2,350 crore) pan Asia private equity (PE) fund for emerging economies.

India's second largest power generation company by sales Tata Power Company lost 0.15% to Rs 1308, rebounding sharply from day's low of Rs 1266.80. The company's net profit declined 30.1% to Rs 183.19 crore on 16.33% drop in total income to Rs 1796.60 crore in Q2 September 2009 over Q2 September 2008. The company announced the results after market hours on 29 October 2009.

Telecom pivotals pared early gains on fears the ongoing price war will suppress profitability. India's second largest telecom company by sales Reliance Communications (RCom) rose 1.81% to Rs 168.90, off day's high of Rs 171.90. The company launched a per-second billing plan on Tuesday, 3 November 2009 under which it will charge 1 paise per second for all local and national calls.

RCom reported 51.66% decline in its consolidated profit at Rs 740 crore in Q2 September 2009 over Q2 September 2008. Consolidated revenue increased to Rs 5,703 crore in the quarter under review from Rs 5,645 crore in the year-ago period. The result was declared on 31 October 2009.

India's largest cellular services provider by sales Bharti Airtel rose 1.72% to Rs 305.10, off day's high of Rs 311.15. Bharti Airtel on Friday introduced a 'pay per second' plan across the country. In this plan, called Freedom Plan, Airtel customers will be charged one paise per second for all local and STD calls to Airtel numbers and 1.20 paise per second for local and STD calls to other networks.

Meanwhile, Singapore Telecommunications has bought additional 1.52% stake in Bharti Airtel and will pay up to Rs 3008.4 crore in three installments ranging over 18 months. In a notice to Singapore Stock Exchange, SingTel said it has entered into a conditional share purchase agreement with Bharti Group entity to buy an additional 7,30,000 issued shares in Bharti Telecom, a promoter company of Bharti Airtel.

Auto stocks rose on the back of strong growth in sales in the month just gone by. Low interest rates and attractive benefits offered by companies pushed the aggregate sales of the industry in October 2009. The auto sales figures were announced on 2 November 2009.

India's largest small car marker by sales Maruti Suzuki India rose 3.47% after total sales grew 32.4% to 85415 units in October 2009, compared with 64490 units posted in the same month a year ago.

India's largest tractor maker by sales Mahindra & Mahindra spurted 4.32%. Its overall sales climbed 32% in October this year to 18,410 units against 13,935 units in the same month last year.

India's largest truck marker by sales Tata Motors shot up 3.57%. Its total sales grew 18% to 20,011 units last month against 17,014 units in the same period last year.

India's second largest bike marker by sales Bajaj Auto rose 2.17% after it reported 51.06% rise in total two-wheeler sales to 2,49,974 units in October 2009 as compared with 1,65,477 units in the same period a year ago.

India's largest bike marker by sales Hero Honda Motors rose 1.15%. The company reported a marginal increase in October sales at 354,156 units as against 352,449 units in the same month last year.

Ashok Leyland rose 3.03% after commercial vehicle sales jumped 56.99% to 5,333 units in October 2009 over October 2008.

IT stocks advanced on reports India's top technology firms are pursuing Target's captive technology centre for a potential acquisition, in what could be a transaction bundled with a long-term outsourcing contract worth $300-400 million. But Target's today, 4 November 2009, denied the report that it is in talks to sell its captive center in Bangalore. Target is America's second-biggest discount retailer.

In a statement, Target "strongly denied that it is engaged in any discussions, or has any plans, to sell its captive center," which employs 2100 people.

India's largest software company by sales Tata Consultancy Services (TCS) climbed 3% on reports the company secured a 150 million pounds software implementation contract for 15 years from Cardiff city council, UK.

India's third largest software company by sales Wipro rose 2.38% and India's second largest software company by sales Infosys shot up 5.03%.

Allied Digital Services rose 3.83% after the company fixed 12 November 2009 as the record date for a 2-for-1 stock split. The company announced the record date after market hours on Tuesday, 3 November 2009.

Mahindra Satyam jumped 4.35% after the company won an IT outsourcing contract from Swedish defence and aerospace firm, Saab, to develop solutions in India for the global defence and homeland security market. The announcement was made after market hours on Tuesday, 3 November 2009.

Tea stocks rallied after reports citing junior trade minister Jyotiraditya Scindia indicated that the government is considering a package for the tea industry.

Asian Tea (up 4.90%), Assam Company (up 4.85%), Dhunseri Tea (up 5.91%), Goodricke (up 5.38%), Harrisons Malayalam (up 5.76%), Jayshree Tea (up 1.08%), Mcleod Russel (up 5.06%), and Tata Tea (up 1.43%), gained

State Bank of India was the top traded counter on BSE with turnover of Rs 202.39 crore followed by Reliance Industries (Rs 197.13 crore), Suzlon Energy (Rs 183.14 crore), Tata Stel (Rs 174.20 crore), and Educomp Solutions (Rs 170.21 crore).

Suzlon Energy clocked highest volume of 3.27 crore shares on BSE. Cals Refineries (2.65 crore shares), Unitech (1.79 crore shares), Reliance Natural Resources (1.05 crore shares) and Ispat Industries (80.70 lakh shares), were the other volume toppers in that order.

Hindusthan National Glass & Industries rose 2.98% after the company fixed 13 November 2009 as the record date for a 5-for-1 stock split. The company announced the record date after market hours on Tuesday, 3 November 2009.

Chambal Fertilizers & Chemicals gained 2.58% after one of the promoter group companies hiked stake in the firm. The company made this announcement during trading hours today, 4 November 2009.

Aurobindo Pharma rose 6.14%, extending gains for the second consecutive day, after the company posted net profit of Rs 128.29 crore in Q2 September 2009 as against a net loss of Rs 38.50 crore in Q2 September 2008. The company declared its results after market hours on Friday, 30 October 2009.

Advanta India surged 7.88% on bargain hunting after the stock plunged more than 27% in the preceding ten trading sessions.

Su-Raj Diamonds & Jewellery rose 2.26% after Emerging India Focus Funds, a foreign institutional investor acquired 58.40 lakh shares representing 9.44% of the equity capital of the firm under preferential allotment. The company made this announcement during trading hours today, 4 November 2009.