Sensex, Nifty strike record closing highs

Market extended its rally for the fifth straight day as buying continued. Metal and IT stocks were in demand.

The 30-share BSE Sensex settled 63.32 points higher at 13,937.65, a lifetime closing high. It came off the higher level after opening with an upward gap of 154.14 points at 14,028.47, which is also its all time high. Sensex touched an intra-day low of 13905.65. It took 26 sessions for the Sensex to reach 14,000 mark from its close of 13,024.26 points on 30 October.

The S&P CNX Nifty also settled at lifetime closing high at 4015.35, up 14.35 points from its previous close. It had surged to an all time high of 4033.20.

The market breadth stayed positive with 1307 shares advancing on BSE as compared to 1263 that declined. 68 shares were unchanged. The BSE Small-Cap index rose 23 points or 0.34% to 6,799.99 while the BSE Mid-Cap index gained 10.5 points or 0.2% to 5,829.47

The total turnover on BSE amounted to Rs 4743 crore as compared to Rs 4836 crore on Monday (4 December)

Among the Sensex pack, 18 declined while the rest advanced.

Tata Steel was the top gainer, up 5.60% to Rs 494.25 on 16.75 lakh shares. It moved in range of Rs 470.65- 494.90. The company said on Monday, it had signed an agreement with Nippon Yasen Kabushiki Kaisha to form a 50:50 shipping joint venture. The JV will cater to both dry and bulk cargo.

Index heavyweight Reliance Industries (RIL) rose 1.50% to Rs 1279 on 9 lakh shares. The stock had opened with huge upward gap at Rs 1350, which is also its 52-week high. The company said on 1 December, that its hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on 25 October, has been refurbished and has started functioning. Also there are unconfirmed reports that it is set to acquire Adani Retail, the Gujarat based retail chain controlled by the Adani Group. The acquisition of Adani Retail will provide RIL with a readymade retail infrastructure and real estate to begin operations in Gujarat.

Reliance Communications rose 3.67% to Rs 459.10 after reports suggested the company has invited bids for 90-100 million cellular lines valued at $7-8 billion.

Gujarat Ambuja was the top loser, down 1.66% to Rs 142 on 13.08 lakh shares. Its November 2006 cement despatches increased 9% to 1.31 million tonnes. The stock had hit a intra-day high of Rs 147.45

HDFC (down 1.48% to Rs 1600), Grasim (down 1.45% to Rs 2745) and HDFC Bank (down 1.41% to Rs 1085) were the other losers.

Metal stocks advanced on the back of renewed buying interest, with the BSE metal index rising the most among the sectoral indices by 2.01% or 180.28 points to 9148.25. Major gainers from the sector were Ispat Industries (up 1.82% to Rs 11.20), Hindustan Copper (up 5% to Rs 102.25), Maharashtra Seamless (up 3.43% to Rs 482.15), Sesa Goa (up 2.22% to Rs 1288), Hindalco (up 1.33% to Rs 175.70), Jindal Stainless (up 3.67% to Rs 124.40) and SAIL (up 2.45% to Rs 87.90) moved higher.

IT stocks were in demand as buying interest resumed in the sector, with the BSE IT index rising 1.19% or 61 points to 5197.44. IT bellwether Infosys Technologies gained 1.39% to Rs 2236 after its ADR rose 2.7% on Monday to $54.42. Other IT stocks Wipro (up 0.42% to Rs 592.80), i-flex (up 4% to Rs 1768), HCL Technologies (up 1.92% to Rs 635) and Satyam Computers (up 0.38% to Rs 460) moved higher.

Select sugar stocks surged for the second straight day on speculation that export ban may be lifted shortly. Bajaj Hindustan (up 4.51% to Rs 258.45), Balrampur Chini Mills (up 3.10% to Rs 91.75), Bannari Amman Sugars (up 2.62% to Rs 842), Dhampur Sugar Mills (up 1.21% to Rs 96.10), KM Sugar Mills (up 2.05% to Rs 54.70), Shree Renuka Sugar (up 1.20% to Rs 535) and Sakthi Sugar (up 1.69% to Rs 117) advanced.

Eicher Motors lost 2.87% to Rs 391 despite reporting 38% rise in November 2006 sales to 2201 units.

MSK Projects rose 3.52% to Rs 94.10 after the company bagged an order worth Rs 21.20 crore from Pimpri Chinchwada Municipal Corporation, Pune for improvement, maintenance and repairs of roads.

Bharat Earth Movers lost 1.21% to Rs 1023.55. There are reports that it has signed a deal with US-based Terex Mining to manufacture and sell mining haul trucks in India and overseas.

Readymade apparel major Pearl Global jumped 10% to Rs 137.55 after the company bagged an order H & M of Sweden and Netherlands for supply of knitted T-shirts, valued at about Rs 2.25 crore.

Era Constructions slipped 0.18% to Rs 516.30 on volumes of 15 lakh shares. The company was awarded contract by National Highways Authority of India (NHAI) for design, construction, development, finance, operation and maintenance of new 4 lane Gwalior Bypass of on BOT Annuity Basis (the 'project') in consortium with other members. The contract shall be executed by the company over a period of two and a half years and the total annuity per annum is Rs 53.06 crore during the concession period of Seventeen and half years.

Mysore Cements rose 1.06% to Rs 66.65 after reports that Sebi may ask Heidelberg to hike open offer price to Rs 72.50 per share.

Essar Steel advanced 3.22% to Rs 36.90 on reports that it is likely to buy an integrated steel company in Eastern Europe.

Bharat Bijlee rose 1.21% to Rs 1204 after a block deal of 1.45 lakh shares was struck on the counter at Rs 1180 per share on BSE by 10:23 IST. The stock had surged to intra-day high of Rs 1275 just after the block deal was executed.

J&K Bank gained 1.39% to Rs 548 after RBI allowed FIIs to purchase up to 40% in the bank.

Plywood maker Greenply Industries jumped 7.59% to Rs 102.05 after the firm said it had signed a deal to sell carbon credits worth $5 million. The deal would add 500,000 euros annually to its revenues from FY 2007 to till 2012.

Market sentiment remains strong due to strong FII inflow, continued strong economic data and robust corporate earnings. Firmness is likely to prevail in the near term, as traders will build positions on expectations of strong Q3 December 2006 results.

The Nikkei average lost 37.83 points or 0.23% to 16,265.76 while the Hang Seng advanced 241.46 points or 1.29% to 18,944.19

Oil prices rose slightly Tuesday as traders watched US winter weather and anticipated further production cuts by OPEC nations. On Tuesday, light sweet crude for January delivery was up 16 cents to $62.60 a barrel in Asian electronic trading on the New York Mercantile Exchange.

US stocks rose on Monday as a string of corporate takeovers and lower oil prices boosted optimism about the outlook for profits. The Dow Jones industrial average rose 89.72 points, or 0.74%, to 12,283.85. The Standard & Poor's 500 Index gained 12.41 points, or 0.89%, to 1,409.12. The Nasdaq Composite Index added 35.18 points, or 1.46%, to 2,448.39. The S&P 500 soared to a six-year high during the session, while the Nasdaq recorded its biggest one-day percentage gain in nearly a month, snapping a two-session losing streak.

On 1 December 2006, FIIs were net buyers of stocks to the tune of Rs 349.30 crore (gross purchases worth Rs 1,872.30 crore and gross sales of Rs 1,523.10 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs 304.33 crore (gross purchases worth Rs 666.34 crore and gross sales of Rs 362.01 crore).

Sensex about 150 points short of 14,000

The market’s gravity defying rally continues. The Sensex today struck an all-time high, and made a move closer to 14,000. A smooth rollover from November contracts on Thursday to December series coupled with robust GDP growth data released during trading hours on Thursday, lifted the Sensex by almost 150 points today. Auto scrips, PSU banks and index heavyweight Reliance Industries were at the forefront of today’s rally.

The Sensex jumped 148.47 points (1%), to settle at 13,844.78, a record closing. It is now just about 150 points away from the psychologically important 14,000 milestone.

S&P CNX Nifty advanced 43.10 points (1%), to settle at 3,997.60, a record closing. It also hit 4,001.30, a life high for the index.

The BSE clocked a turnover of Rs 4,451 crore, compared to Thursday’s Rs 4,854 crore.

The market-breadth was strong. For 1,484 shares that rose on BSE, 1,080 declined. As many as 72 stocks were unchanged.

The salient feature of the recent rally has been a surge in small-cap and mid-cap shares. Even as the Sensex kept striking a string of record highs over the past few days, small-cap and mid-cap stocks had lacked momentum.

From 6,531.39 on 28 November, the BSE Small Cap Index has risen 187.35 points (2.8%) in the past three trading sessions to current 6,718.74. From 5,651.21 on 28 November, the BSE Mid Cap Index has gained 124.21 points (2.1%) in three days, to current 5,775.42. The Sensex added 242.83 points (1.7%) in this three-day period, from 13,601.95 on 28 November 2006.

The market sentiment remains bullish due to strong FII-inflows and an upward revision in earnings growth by brokerages, on the back of strong Q2 results. Widespread optimism that FIIs may step up buying this month, as allocations are made for calendar 2007. FII inflow in 2006 has reached $8.7 billion, compared to a record inflow of $10.7 billion in 2005.

The BSE Sensex is up 47.3% in calendar 2006 so far. From 4,644 on 23 June 2004, it has galloped 198% in less than two-and-a-half years. A section of the market attributes the solid surge on the Indian bourses, to increasing recognition of India’s long-term growth prospects. India’s growth drivers are a favourable demography (large share of young population), robust domestic consumption and acceleration in infrastructure creation.

In today’s trade, Ranbaxy Laboratories surged nearly 4% to Rs 385.60, with the stock rallying in late-trading after the company announced the acquisition of Be-Tabs Pharmaceuticals, the fifth largest generic drugs company in South Africa, for $70 million.

Auto shares dominated the proceedings on decent-to-strong sales numbers for November. Bajaj Auto rose 4% to Rs 2,751, after its total sales rose 33% in November 2006, to 2,43,713 units from a year ago. Bike sales rose 36% to 2,14,321 units and sales of three-wheelers were up 71% at 29,384 units. Exports rose 56% to 36,086.

Hero Honda rose nearly 2% to Rs 757.35. Hero Honda today launched two variants of its CD series motorcycles, CD Deluxe and CD Dawn, in the 100-cc, entry-level segment.

Tata Motors surged 4% to Rs 844.25, on expectations of strong sales for November 2006. Tata Motors is likely to disclose its monthly sales figures today.

Car major Maruti Udyog added nearly 3% to Rs 952.60. In early-trade today, the car major reported selling 55,033 vehicles in November, a 16.1% rise from a year earlier. The company said domestic sales rose an annual 20.7%, to 52,574, but exports fell 35.7% to 2,459 units.

PSU banks were in demand after the latest data showed lower-than- expected rise in inflation. SBI jumped 4% to Rs 1,369.90. The stock hit Rs 1,370, a life high for the scrip.

Cellular services provider Reliance Communications rose 3.7% to Rs 445.25. The scrip struck Rs 446.90, an all-time high. A staggering 16.8 lakh shares changed hands in the counter on BSE.

Reliance Energy gained 2.2% to Rs 540.05. As per reports, Maharashtra Electricity Regulation Commission has directed the company to discontinue levy of load management charges.

Reliance Industries gained 1.3% to Rs 1,262.25. A strong 7.4 lakh shares changed hands in the counter.

A host of power equipment makers/solutions provider to the power sector surged. Alstom Projects jumped 9.7% to Rs 468.90, Bharat Bijlee gained 7.9% to Rs 1,205, ABB surged 7% to Rs 3,747, Voltamp Transformers gained 5.8% to Rs 631.80, Areva T&D rose 5% to Rs 972.10, Siemens advanced 4.7% to Rs 1,182, and KEC International gained 3% to Rs 390.

Construction firm Punj Lloyd jumped 7.6% to Rs 1,112, after the firm said it had an order worth Rs 1,000 crore to construct an LDPE manufacturing plant in Thailand.

Gas cylinder maker Everest Kanto Cylinder jumped 10% to Rs 606.50, on expectation that the firm will announce a large order in the next few days.

Thomas Cook India jumped 10% to Rs 564.05, ahead of the company's board meeting to consider merger and acquisition proposals.

Sponge iron and steelmaker Raipur Alloys and Steel jumped 14% to Rs 140 after the company informed Friday that Reliance Long Term Equity scheme of Reliance mutual fund purchased 9.62% in it. The fund acquired about 1.26 million shares on 29 Nov, the company said.

Essar Shipping jumped 17.8% to Rs 27.80. The company today said it had received a letter from promoters, Essar Shipping & Logistics, to delist the company's shares from BSE. The company has called a board meeting on Saturday, to consider delisting.

McLeod Russel India rose 2.6% to Rs 109.95 on reports that the company had acquired 72 % stake in Moran Tea Co for Rs 41.50 crore. The acquisition of Moran Tea will add Rs 32 - Rs 33 core to McLeod's annual revenue, Managing Director Aditya Khaitan said.

Paramount Communications jumped 8.5% to Rs 255. The scrip rose on heavy volume of 37.1 lakh shares on BSE. A block deal of 2,67,268 shares was executed in the stock on BSE, at Rs 247.

Global Vectra Helicorp jumped 20% to Rs 192, on reports that the government is planning to raise FDI limit to 74% in helicopter services, non-scheduled airline operations and regional airlines using small aircraft. The current ceiling for airline services is 49%.

Shoppers’ Stop rose 3% to Rs 702.25, after the company formed a 50:50 joint venture with Swiss firm Nuance Group, a global market leader in the airport retail space, to operate duty free shops at international airports in India.

Ispat Industries was flat at Rs 11.09. The company has reduced prices of hot-rolled coils by Rs 400 - Rs 600 per tonne, with immediate effect.

Tamil Nadu Newsprint & Papers gained 1.5% to Rs 94. The company said on Friday that Reliance Growth Fund and Reliance Portfolio Management Services, have picked up an additional 0.32% stake in the company. This takes their collective stake to 5.08%

Nandan Exim dropped 5% to Rs 10.55 in volatile trade. Initially, the scrip had surged 5% to Rs 11.65 after a block deal of 5 lakh shares was executed in the scrip on BSE, at Rs 11.45.

Steel Strips Wheels rose 3% to Rs 155.90, after the company said on Friday its November sales of wheel rims rose to 4,10,086 units, up 35% from a year ago. It produced 4,00,824 wheel rims in November compared to 2,68,555 rims same month a year ago.

Flex Industries (up 20% to Rs 82.65) surged for the second day in a row after the company said on Thursday that the merger of two other group companies, had been cleared by the Delhi High Court. Group companies, Flex Engineering and FCL Technologies, will be merged with Flex Industries, enabling accumulation of resources under a single entity that will provide end-to-end packaging solutions.

Financial Technologies shed 1.8% to Rs 2,062. The company on Thursday said it had in principle approval from the Financial Services Commission, Mauritius, for setting up an international multi-commodity exchange styled Global Board of Trade.

TRF lost 0.8% to Rs 425. ACC has cut its stake in the company by 2%, bringing it down to 4.54%, informed TRF.

HCL Infosystems rose 0.3% to Rs 165. The personal computers market recorded 24% growth in the third quarter ended 30 September 2006. HCL Infosystems has retailed its number two slot with a market share of 12%.

Graphite India rose 1.4% to Rs 303, after the company fixed 18 December 2006 as a record date for 5-for-1 stock-split.

Contracts expiry fails to dampen sentiment

The market, which had softened from a peak, regained strength in the fag hours, the Sensex crossing 13,700 as buying resumed after the settlement of November 2006 derivative contracts. The November contracts expired today. As per reports, NSE F&O Open Interest had shot up by Rs 1,008 crore, to Rs 60,719 crore.

The 30-shares BSE Sensex finished with a gain of 79.58 points (0.58%), at 13,696.31. It was off 13,745.16, the day's high, reached within minutes of commencement of trade. Its low for the day was 13,630.58.

The S&P CNX Nifty rose 26.30 points (0.67%), to 3,954.50.

The market-breadth was negative, with 1,341 shares declining on BSE, compared to 1,217 that advanced. As many as 58 shares were unchanged. The BSE Small-Cap index closed at 6,647.08, a gain of 12 points while the BSE Mid-Cap index lost 6 points, to settle at 5,721.60.

The BSE clocked a turnover of Rs 3,954 crore, lower than Rs 4,409 crore on Wednesday.

Among the 30-Sensex pack, 18 advanced while the rest declined.

Private sector banking major HDFC Bank was the top gainer, up 3.21% to Rs 1,122, on a volume of 71,305 shares. It had moved in a range of Rs 1,102.90 – Rs 1,124. The BSE Bankex rose 1.30%; ICICI Bank (up 1.53% to Rs 870), SBI (up 1% to Rs 1314), Karnataka Bank (up 3.89% to Rs 129.50), UTI Bank (up 0.83% to Rs 475) and Kotak Mahindra Bank (up 1.86% to Rs 380) being the major beneficiaries of the rally in banking stocks.

IT shares witnessed renewed buying, with the BSE IT index being the top gainer among sectoral indices, advancing 1.38%, or 69.48 points, at 5,107.22.

Satyam Computers (up 0.73% to Rs 455), Wipro (up 1.70% to Rs 593) and Infosys (up 0.51% to Rs 2,168.20) advanced. The ADRs of the IT triumvirate, Infosys, Satyam and Wipro, rose between 0.5 - 1.8% on Wednesday. IT pivotals have surged in the past few days after reports that top Indian IT firms are chasing over a dozen deals on an average, the sizes of which range between $50 - $100 million.

Software major TCS rose 2.11% to Rs 1,189, after signing a 7-year deal worth $65 million for reorganising Somerfield's IT services. Somerfield is a leading UK-based, small-format food retailer.

Dr Reddy’s Lab rose 2.91% to Rs 756, as ICICI Securities reiterated a 'buy' on the stock, fairly valuing it at Rs 997. In a report released on Wednesday (29 November), ICICI Securities has revised upwards its FY 2007 EPS forecast for Dr Reddy’s by 33%, to Rs 43.60. It has revised upwards its FY 2008 EPS forecast by 6% to Rs 31.50. ICICI Securities expects strong earnings momentum to continue for Dr Reddy’s Lab over the next 3 - 4 quarters, on the back of a possible 180-day exclusivity for generic Zofran, and robust growth in the core generics business.

India’s largest private steel maker Tata Steel was the top loser, down 1.99% to Rs 467.50, as 4.36 lakh shares changed hands on BSE.

Index heavyweight Reliance Industries was down 0.24% to Rs 1,246.10, on a volume of 4.84 lakh shares.

Parsvnath Developers settled at Rs 526.30, on a high volume of 1.60 crore shares. It debuted on BSE at Rs 540, and surged to an intra-day high of Rs 579, the low being Rs 481.50. The real estate developer had priced its IPO at Rs 300 per share. The company's paid-up equity capital is Rs 181.60 crore. Face value per share is Rs 10. NSE has also admitted the scrip to its derivatives segment at a market lot of 700 shares.

Oil & refinery stocks slipped after the government announced a cut in retail prices of diesel and petrol by Re 1 and Rs 2, respectively, on Wednesday. This move will further hurt oil marketers' profitability. Indian Oil Corporation (down 3.74% to Rs 446), Hindustan Petroleum Corporation (down 2.72% to Rs 284) and Bharat Petroleum Corporation (down 2.88% to Rs 344) declined.

Among side-counters, Raipur Alloys & Steel jumped 20% to Rs 122.70, as Reliance Mutual Fund acquired 12.5 lakh shares at Rs 100.47 per share, vide block deals, on Wednesday. There were outstanding buy orders for 1.14 lakh shares at the upper limit, on BSE.

Leather products maker Crew BOS Products rose 2.13% to Rs 168, and Aztec Software advanced 1.75% to Rs 163.20 amid reports that RBI has raised FII-ceilings in both. While the apex bank has permitted 100% FII-buying in Aztec Software, it has been restricted to 49% in Crew BOS Products.

Gujarat Apollo Equipments surged 8.03% to Rs 197.10, extending Wednesday’s rally, as the company deferred the rights issue indefinitely on Tuesday. The company, in January 2006, announced a 1:2 rights issue at Rs 100 per share (premium Rs 90 per share), which entailed 50% equity dilution.

Crude oil prices eased for the first time this week on Thursday, but remained near a two-month high above $62 after a surprise draw-down in US winter fuel stocks and signs of solid economic growth in the world's top consumer. US light crude was 5 cents lower at $62.41 barrel, slipping after rising above $65.50 on Wednesday to its highest since 2 October, breaking free from the $58 - $62 confine, that has defined prices in the past two months.

All Asia/Pacific markets were trading in the positive, while European indices were a mixed bag.

The Nikkei average rose 1.23% to its highest level in more than two weeks on Thursday, as Honda Motor Co and other exporters advanced on upbeat US growth data and a weaker yen, and securities brokers such as Nomura Holdings climbed on the Tokyo market's rally. The Nikkei ended up 198.13 points, at 16,274.33, the highest since 14 November 2006.

Hang Seng index rose 0.96%, or 179.55 points, to 18,960.48.

The domestic economy grew by 9.2% in the July-September quarter from a year earlier, higher than market expectations of 8.90%, data released earlier today showed. The annual growth rate in the second quarter of the 2006/07 financial year was higher than the April-June rate of 8.9%.

On 28 November 2006, FIIs were net sellers of stocks to the tune of Rs 335.30 crore (gross purchases worth Rs 1894.80 crore and gross sales of Rs 2230.10 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs 268.87 crore (gross purchases worth Rs 404.04 crore and gross sales of Rs 672.91 crore).

US stocks jumped on Wednesday, after the government raised its estimate for economic growth, and a surge in oil price lifted energy stocks, helping major indices recover most of the ground they lost from a big sell-off early in the week. The Dow Jones industrial average rose 90.28 points, or 0.74%, to finish at 12,226.73, while the Standard & Poor's 500 Index jumped 12.76 points, or 0.92%, to close at 1,399.48. The Nasdaq Composite Index advanced 19.62 points, or 0.81%, to end at 2,432.23.

Market declines on weak global cues

Market traded in the red throughout the day’s trading session, tracking weak global markets. The volatility was high ahead of expiry of November contracts this Thursday (30 November), where open positions are quite large.

The 30-shares BSE Sensex lost 171.64 points (1.25%) to 13,601.95. It moved in a range of 13,577.38 and 13,691.12.

The S&P CNX Nifty lost 45.70 points (1.15%) to 3923.20.

The total turnover on BSE was Rs 4049 crore, which was lower as compared to Rs 4441 crore on Monday (27 November).

Market breadth was weak. 1072 shares advanced as compared to 1465 that declined on BSE. 83 remained unchanged. In early trade, the breadth was much weaker. The BSE Small-Cap index lost 45 points to 6,531.39 while the BSE Mid-Cap index declined 34.57 points to 5,651.21.

Among the Sensex pack, 25 declined while the rest advanced.

Frontline IT stocks were the worst hit on profit booking, with the BSE IT index declining the most among sectoral indices, by 2.43% or 125.69 points to 5044.49. Satyam Computers (down 2.91% to Rs 451), Wipro (down 2.27% to Rs 588) and Infosys (down 2.79% to Rs 2165) declined.

Majority of the Indian ADRs ended in the red on Monday in a weak US market. Infosys ADR lost nearly 3% to $51.98, Satyam Computer ADR shed 3.2% to $22.99 and Wipro ADR lost 1.9% to $15.25. Also the rising rupee against the US dollar added to investors’ concerns for IT companies which derive a lion’s share of their venue in dollar terms. The rupee hit a two-week high on Monday 27 November.

Other major losers from Sensex pack were NTPC (down 2.79% to Rs 149.65), Reliance Energy (down 3.12% to Rs 529) and Reliance Communications (down 3.25% to Rs 471).

Index heavyweight Reliance Industries (RIL) lost 0.28% to Rs 1248.25 on 10.30 lakh shares. It declined from its intra-day high of Rs 1279.95. There are reports that RIL will sell piped gas at discount to LPG.

Hero Honda was the top gainer, up 1.62% to Rs 745 on 6.64 lakh shares. The stock rose following reports that the government is considering cut in oil prices. An announcement regarding fuel prices will be made in parliament on Wednesday 29 November.

Grasim (up 0.65% to Rs 2711), SBI (up 1.37% to Rs 1294.10) and Gujarat Ambuja Cements (up 0.38% to Rs 143.70) were the other gainers.

The BSE Metal Index declined 1.7% to settle at 8,921.50 on selling pressure. Hindustan Zinc (down 4.73% to Rs 926.50), SAIL (down 3.05% to Rs 85.75), JSW Steel (down 2.65% to Rs 323.50), Sterlite Industries (down 1% to Rs 545), Hindalco (down 1.72% to Rs 176.65) and Tata Steel (down 1.42% to Rs 475.40) were among the losers.

Among the side counters Donear Industries jumped 6.28% to Rs 165 on high volume of 70.80 lakh shares while Amar Remedies surged 20% to Rs 63.15 on high volume of 29.82 lakh shares.

Godfrey Phillips surged 10% to Rs 1140.55, on reports that the company is planning to issue bonus shares to reward investors in the next few months and at a ratio of 4 shares for 1 held. However, at the fag end of the trading session, the company denied rumours of bonus issue and stock split.

Force Motors rose 0.80% to Rs 421 after the company’s board approved the transfer of assets and liabilities of the heavy commercial vehicles division to its subsidiary Man Force Trucks. The company also approved investment of Rs 100 crore as equity capital in this subsidiary.

IVRCL Infrastructures & Projects gained 0.41% to Rs 412.60 after the company bagged orders worth Rs 388 crore from the irrigation department of the Andhra Pradesh government. The orders will be executed along with its joint venture partners, the company said.

Sadbhav Engineering advanced 2.45% to Rs 494.20 and PBA Infrastructure gained 2.64% to Rs 142 after Sadbhav Engineering said its joint venture with PBA Infrastructure has secured a construction contract worth Rs 297 crore. Sadbhav has a 51% stake in the joint venture and PBA holds 49%.

Torrent Power (TPL) the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group settled at Rs 70.70 on BSE on high volumes of 1.30 crore shares. The stock was listed at Rs 60 on BSE. The stock hit a low of Rs 55.50 and high of Rs 76.30. Three companies Torrent Power AEC (TPAL), Torrent Power SEC (TPSL) and Torrent Power Generation (TPGL) were merged in TPL as a part of a scheme of arrangement. TPL’s equity capital is Rs 472.44 crore with face value of Rs 10 each.

Natco Pharma rose 1.60% to Rs 118.05 after it launched Pemnat (pemetrexed) for treatment of lung cancer.

TVS Motor was down 1.25% to Rs 98.90. As per reports, the company plans to invest $100 million over the next 3 year to set up a production base in Indonesia.

Eicher jumped 5% to Rs 131.80, the maximum permissible level of the day, after the company said it is considering delisting from BSE and NSE. Eicher has put up a board meeting on 28 November to consider proposal received from Eicher Goodearth, the promoters to initiate a voluntary delisting of the shares of the company from BSE and NSE in accordance with the provisions of the SEBI (Delisting of Securities) Guidelines, 2003.

Ashok Leyland rose 0.92% to Rs 44.05 on reports that it has tied up with French Company for supply of armoured vehicle in India.

Mirc Electronics lost 0.92% to Rs 21.45 after its Q2 September 2006 net profit slipped to Rs 10.5 crore as compared to Rs 11.5 crore in Q2 September 2005. Net sales rose to Rs 399.5 crore (Rs 316.5 crore).

DMC Vaults jumped 10% to Rs 20 after the company said has agreed to acquire FSI for 4,50,000 square feet at Rs 100 per square feet for development and construction of residential flats at Alwar, Rajasthan.

Rasandik Engineering Industries jumped 12% to Rs 146.35 after Reliance Mutual Fund acquired 1.4 lakh shares on Monday in a block deal on BSE at Rs 120. The stock had risen 13.7% on Monday to Rs 130.65 boosted by the block deal. Foreign fund Melchior Indian Opportunities was the seller.

Oil prices rose in Asian trading hours on geopolitical worries and hopes that OPEC will make further cuts in production. The New York Mercantile Exchange's main contract, light sweet crude for January delivery, rose $0.17 to $60.49 a barrel. Brent North Sea crude for January delivery gained $0.16 at $60.60.

All the European and Asia/Pacific markets were trading with losses except New Zealand’s NZX 50 which was up marginally by 0.02%.

The Nikkei average edged lower by 0.19% on Tuesday as losses in Honda Motor Co. and other blue-chip stocks were mostly offset by gains in Softbank Corp. and recently battered stocks such as banks. The Nikkei closed down 30.12 points at 15,855.26

Hang Seng index declined sharply by 2.94% or 564.48 points to 18639.53

US stock indexes sank on Monday, registering their worst day in months, amid concern about Google Inc.'s valuation and doubts about holiday spending after a disappointing sales estimate from Wal-Mart Stores Inc. In addition, downward pressure on the dollar for a fourth straight day hurt demand for US investments, while a rise in crude oil prices above $60 a barrel added to concerns about consumer spending. The Dow Jones industrial average fell 158.46 points, or 1.29%, to end at 12,121.71. The Standard & Poor's 500 Index lost 19.05 points, or 1.36%, to finish at 1,381.90. The Nasdaq Composite Index slid 54.34 points, or 2.21%, to close at 2,405.92.

Mutual funds were net sellers for the second day in a row on Friday 24 November. Mutual funds sold shares worth a net Rs 212.73 crore on 24 November compared to their outflow of Rs 276.24 crore on 23 November.

Record closing high for Sensex

Gains in cement, banking, power generation and IT shares took the Sensex to a record high today. Refinery shares edged lower though.

Select side counters surged. The market breadth was positive. 1425 shares rose on BSE as compared to 1129 shares that declined. 64 shares were unchanged. Gainers outpaced losers by a ratio of 1.26:1.

Steady to firm Asian markets and short covering in derivatives ahead of expiry of November 2006 derivatives contracts aided the Sensex’s surge. November derivatives contracts expire on Thursday 30 November.

As per provisional close, BSE Sensex gained 72.74 points to 13,776.07, a record closing high.

Cement shares rose on firm cement prices. ACC gained 3.8% to Rs 1114, Gujarat Ambuja Cements added 3.6% to Rs 143.50, Grasim rose 0.6% to Rs 2690.30 and UltraTech Cement advanced 0.5% to Rs 886.

Tata Power rose 2.3% to Rs 590 after the company today reported 62.4% growth in net profit for Q2 September 2006 to Rs 203 crore (Rs 125 crore). Total revenue rose 13.7% to Rs 1200 crore from Rs 1055 crore.

NTPC rose 2.3% to Rs 153.60 But the stock pared gains, after rising as much as 5.1% to a high of Rs 157.80 at 10:52 IST. A block deal of 10.35 lakh shares was executed in the scrip on BSE at Rs 155 at 14:01 IST.

Bharti Airtel rose 2% to Rs 629.45 after group company Bharti Enterprises agreed to form a joint venture with US retailer Wal-Mart Stores to enter the Indian retail sector.

IT shares were in demand. Wipro rose 1.9% to Rs 602, HCL Tech advanced 1.7% to Rs 640.25, and TCS rose 0.8% to Rs 1157.80. Software major Infosys shed 0.3% to Rs 2226. TCS Chief Executive S. Ramadorai said on Friday (24 November) TCS was getting new contracts at 5-10 percent higher billing rates. He said the existing contracts were being negotiated for renewal at 3-5 percent higher rates.

Tata Steel lost 0.5% to Rs 480.50 in volatile trade. Corus Group PLC said on Monday it is to give Brazilian steel company Companhia Siderurgica Nacional SA (CSN) more time to weigh up a formal offer for the Anglo-Dutch steel group. CSN approached Corus on Nov 17 with an informal takeover offer of 475 pence a share topping the 455p a share bid from India's Tata Steel on Oct 20.

Frontline bank shares were in demand after bond price hit 7-month high on Monday drawing support from lower oil prices. State Bank of India gained 2% to Rs 1282. ICICI Bank was 0.8% to Rs 882. A block deal of 17.6 lakh shares was executed in the FII segment in the scrip on BSE at Rs 885. Lower oil prices may help check inflation pressures.

Oil exploration major ONGC added 1.7% to Rs 871.90 after another exploration firm Carin India set Rs 160 to Rs 190 as price band for its forthcoming IPO.

Reliance Industries (RIL) lost 0.8% to Rs 1251. Reliance Industries is finding more and more gas in the Krishna Godavari basin off southern India, Chairman Mukesh Ambani said on Monday. Reliance made one of the world's largest gas finds at the KG basin in 2002.

Hindustan Zinc jumped 5.6% to Rs 970.65 after the top zinc producer raised zinc prices by 3.5 percent to Rs 2,28,800 a tonne. The firm simultaneously cut lead prices by 3.04 percent to Rs 82,800 a tonne.

GE Shipping was trading at Rs 221.30 compared to the last trading price of Rs 336.70 of 7 November 2006. The scrip was relisted today giving effect to a restructuring scheme whereby its offshore services division has been demered into a separate company which would be listed separately. 37.2 lakh shares changed hands in the counter on BSE.

Lanco Infratech provisionally closed at Rs 240.80 on BSE compared to IPO price of Rs 240. The scrip reached a low of Rs 239.55 and a high of Rs 275. 1.02 crore shares changed hands in the counter on BSE.

Rise in crude price weighed on refinery shares. Indian Oil Corporation lost 3% to Rs 488.05, HPCL shed 1.8% to Rs 310.50 and BPCL shed 1.1% to Rs 371. Nymex crude was up 56 cents at $59.80. It had hit a high of above $60 in intra-day trade today.

13,700 still intact

The market, which was in excellent form during the first-half of trading, eased in the second as investors began booking profits at the higher level. However, it succeeded in retaining the 13,700 level.

The BSE 30-shares Sensex finished with a modest 22.50-point gain, at 13,703.33. It had moved in the 13,767.85 - 13,665.52 range, for the day.

The S&P CNX Nifty settled 5.40 points higher, at 3,950.85.

The total turnover on BSE amounted to Rs 5,213 crore, boosted by four block deals of 15.30 lakh shares each, executed in HDFC in opening trade at an average Rs 1,662 per share. It was the top traded counter on BSE, with a total turnover of Rs 1,021.86 crore. The deals accounted for 2.4% of HDFC’s equity. The stock lost 0.25% to Rs 1,648 on a total volume of 61.48 lakh shares.

The turnover has been rising as the day of expiry of November 2006 derivative contracts, approaches.

The market-breadth stayed positive as small-cap and mid-cap stocks also benefitted from the rally on the bourses. For 1,336 shares that advanced on BSE, 1,195 declined; while 88 remained unchanged. The BSE Mid-Cap index was up 39.42 points (0.7%), to 5,654.71, while the BSE Small-Cap index gained 42.87 points (0.66%), to 6,523.03.

Among the 30-Sensex pack, 18 advanced while the rest declined.

NTPC was the top gainer, up 5.64% to Rs 149.95, on a high volume of 26.05 lakh shares. It struck a new 52-week high of Rs 150.70 following strong demand. As per grapevine, the company will benefit the most if the Indo-US nuclear deal finally sees the light of day.

Pharma major Dr Reddy’s advanced 2.53% to Rs 756, while FMCG major Hindustan Lever was up 1.02% at Rs 243.10.

Tata Steel rose 2.57% to Rs 483.55, on a volume of 15.34 lakh shares. The company brushed aside media reports about a sweetened bid for Corus Group, to stall the counter-bid by a Brazilian company. Soon after Brazil’s CSN on 17 November launched a counter bid for Corus, the Tata Steel stock started languishing with investors worrying that the steel maker will over-pay in a bidding war.

ONGC rose 1.16% to Rs 855, on reports that it is likely to win 21 blocks in the sixth round of the New Exploration Licensing Policy (NELP VI). Of the 21 likely to be awarded to ONGC, 12 are deep-water blocks.

Index heavyweight Reliance Industries (RIL) lost 0.90% to Rs 1,260, on 4.39 lakh shares. It had struck an intra-day high of Rs 1,274.50.

Hero Honda was the top loser, down 1.47% to Rs 735.95. It had hit a high of Rs 747.

The BSE Metal Index rose 120.58 points (1.36%), to 9,015.39. Welspun Gujarat Stahl Rohren (up 1.80% to Rs 85.25), Bhushan Steel (up 2.70% to Rs 351.40), Mukand (up 1.86% to Rs 85), Shree Precoated Steel (up 4.54% to Rs 502), SAIL (up 1.75% to Rs 90) and Hindalco (up 1.71% to Rs 178) moved higher.

Siemens plunged 8.34% to Rs 1,172.50, on a high volume of 14.21 lakh shares. The shares slipped for the second straight day, after the company came out with consolidated results, which were below market expectations on 22 November.

Zinc and cement producer Binani Industries lost 1.52% to Rs 354 ahead of the initial public offer of its subsidiary, Binani Cement. The stock had surged to a high of Rs 381.40. JP Morgan, which holds 25% in the Binani Cement, plans to sell 10.09% of it.

EMCO jumped 2.82% to Rs 673, after bagging a Rs 38 crore project for setting up a 400 Kv sub-station. The current order-book stands at Rs 830 crore, EMCO revealed.

Thomas Cook India dropped 1.2% to Rs 533.95, after it reported 64.8% fall in net profit for the October quarter. Thomas Cook India (TCIL) lost 3.60% to Rs 521.25 after it reported a sharp fall in net profit to Rs 3.08 crore for the quarter ended October 2006, compared to a net profit of Rs 8.76 crore for the quarter ended October 2005. The net fall in net profit was mainly because of the higher base effect – for the quarter ended October 2005, when the company had an extra-ordinary income of Rs 4.73 crore. Net sales rose 35% to Rs 38.03 crore, from Rs 28.10 crore.

Yes Bank jumped 9.52% to Rs 130, after RBI raised FII/NRI ceiling in the scrip to 49% of the share-capital. FII-holding in the scrip as on 30 September 2006, was 15.3% of the equity.

Gati advanced 3.20% to Rs 95.50, amid reports that Reliance Capital is eyeing 10 - 20% stake in the logistics company.

Igarashi Motors jumped 17.32% to Rs 149, after it scheduled a board meeting on 30 November 2006, to consider raising capital via preferential issue/QIP.

BPL rose by its maximum daily limit of 5%, to Rs 66.85, as its board decided to transfer the battery business to a joint venture, and to lease out the facilities.

Jayant Agro Organics jumped 12% to Rs 60, after it said it will consider raising more capital. The company’s board meets on 30 November 2006, to consider raising funds. Either a rights issue of equity shares or debentures, an issue of warrants, or floating of bonds will be considered by the board.

India's wholesale price index rose 5.29% for the year ended 11 November, marginally lower than the previous week's annual rise of 5.30% due to lower energy and milk prices, data showed on Friday. The annual inflation rate was at 4.09% during the corresponding week of the previous year.

The Nikkei average closed 1.13% down on Friday after hitting its lowest intra-day in two months, as shares of exporters such as Honda Motor Company slid on concern a higher yen will crimp earnings from abroad, and as banks and insurers fell after earnings reports. The Nikkei lost 179.63 points to 15,734.60 after earlier hitting its lowest point since late September.

Hang Seng index was down marginally by 0.03%, or 5.02 points, to 19,260.30.

FIIs continue to mop up Indian stocks, overlooking apprehensions of stretched valuations. As per provisional data, FIIs were net buyers to the tune of Rs 295 crore on Thursday (23 November), the day when the Sensex lost 26 points.

Mutual funds bought shares worth a net Rs 184 crore on 22 November 2006.

High volatility is expected in the next few days, ahead of expiry of November 2006 derivative contracts next Thursday (30 November). On Wednesday (22 November), the open interest in NSE’s futures & options segment hit an all-time high of Rs 57,158 crore. The previous record high was Rs 56,991 crore of 27 April 2006. 46% of the open positions are stock futures and 22% are index-based futures.