Sensex inches ahead in volatile trade

The market which was strong till late-afternoon trade, following steady buying interest for index pivotals, came sharply off higher level later on fresh selling. Short covering at lower level restricted the fall after the Sensex slipped into the red at one point of time in late trade. Stocks rose in Asia. China’s Shanghai Composite hit all time high. Most of European indices were trading with small gains.

The BSE 30-share Sensex rose 29.12 points to 15,263.39, as per provisional closing. It opened higher at 15,278.03 and slipped to a low of 15,135.25 shortly. From here, the index staged a solid rebound to hit a high of 15,451.81 at 14:28 IST. It moved in a range of 317 points for the day.

The S&P CNX Nifty lost 5.40 points to 4,439.80 as per provisional closing

The market breadth was positive on BSE with 1,360 shares advancing as compared to 1,267 that declined, while 67 remained unchanged

The turnover on BSE spiked in the last hour of trade to Rs 5031 crore from Rs 3772 crore by 14:30 IST.

Among the Sensex pack, 17 advanced while the rest declined

Hindustan Unilever jumped 6.10% to Rs 208.40 on 14.42 lakh shares after its board of directors at its meeting held on 29 July 2007 approved the buyback at a price not exceeding Rs 230 per share up to an aggregate amount of Rs 630 crore. India's largest FMCG player in terms of sales registered a 29.56% growth in net profit to Rs 493.08 crore in Q2 June 2007 over Q2 June 2006. Net sales increased 12.9% to Rs 3,481.40 crore. It was the top gainer from the Sensex pack.

State Bank of India (SBI), the country’s biggest commercial bank advanced 5.40% to Rs 1,581. SBI on Saturday, 29 July 2007, posted 78.6% jump in net profit to Rs 1,425.81 crore in Q1 June 2007 over Q1 June 2006. The bank’s consolidated net profit jumped 93.3% to Rs 1,862 crore in Q1 June 2007 over Q1 June 2006. Net interest income was up 15% at Rs. 4,497.40 crore in Q1 June 2007 over Q1 June 2006.

Cement stocks ACC (up 2.37% to Rs 1023.60), Ambuja Cements (up 2.92% to Rs 128.70), and UltraTech Cement Company (up 2.80% to Rs 899) gained on fresh buying

Aditya Birla Group diversified company Grasim Industries gained 2.20% to Rs 2925. Grasim, on Saturday, 29 July 2007 reported a 64.04% jump in net profit to Rs 511.66 crore in Q1 June 2007 over Q1 June 2006. The total income of the Mumbai-based company increased 30.23% to Rs 2,512.53 crore in Q1 June 2007 over Q1 June 2006.

India’s leading utility company Reliance Energy rose 1.95% to Rs 778.25, after hitting a high of Rs 814.90. It has won the revised bid for the Sasan ultra mega power project (UMPP), the government said today. Last week, the government officially disqualified the Lanco Infratech-Globeleq consortium, alleging misrepresentation of financial data and the subsequent withdrawal of Globeleq from the consortium. Lanco had apparently bid Rs 1.19 per unit in the first auction. REL had previously bid Rs 1.29 per unit. Other suitors in the race for the Sasan project were NTPC and Jaiprakash Associates.

L&T, India’s largest engineering & construction firm, rose 0.97% to Rs 2449. The stock had cooled off recently from a solid surge it had witnessed over the past two months. From a lifetime closing high of Rs 2667.55 on 24 July 2007, the stock had lost 9% in three trading sessions to Rs 2425.55 on 27 July 2007.

India’s largest private sector company Reliance Industries (RIL) declined 1.27% to Rs 1,842.70 on media reports that it may suspend its $5.2 billion project for producing gas from D6 block in KG basin if the Indian government does not approve its gas price formula by the end of August 2007. The stock hit high of Rs 1900 in early trade after it reported a forecast-beating 28.1% growth in net profit to Rs 3264 crore in Q1 June 2007 over Q1 June 2006, on Saturday, 28 July 2007. Revenue rose 14.4% to Rs 28056 crore in Q1 June 2007 over Q1 June 2006. Gross refining margin (GRM) for the quarter was $15.4 per barrel, highest in the company’s history.

Aluminium and copper major Hindalco Industries slumped 4.24% to Rs 165.95, on 4.99 lakh shares. It was the top loser from the Sensex pack

Mahindra & Mahindra, the country’s largest tractor maker by sales slumped 2.82% to Rs 754, after its net profit declined 6.37% to Rs 191.17 in Q1 June 2007 over Q1 June 2006. Total income rose 15.89% to Rs 2644.38 crore in Q1 June 2007 over Q1 June 2006.

ITC (down 2.65% to Rs 167.25), TCS (down 1.73% to Rs 1133), and Bhel (down 1.21% to Rs 1640) were the other losers.

India’s largest private steel maker Tata Steel lost 0.70% to Rs 647 after it reported 28% growth in net profit to Rs 1222 crore in Q1 June 2007 over Q1 June 2006. Net sales rose 7.66% to Rs 4198 crore in Q1 June 2007 over Q1 June 2007

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 1475 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 727.32 crore on Friday, 27 July 2007.

Asian markets recovered from initial fall. Japan's Nikkei (up 0.03% at 17,289.30), Seoul Composite (up 1.25% to 1,906.71) and Straits Times (up 0.96% to 3,526.96), edged higher.

China's shares rose to a new record high on Monday, 30 July 2007 boosted by investor expectations of strong corporate profits despite government efforts to rein in the sizzling economy. The benchmark Shanghai Composite Index gained 2.2% at 4,440.77, surpassing its previous all-time closing high of 4,346.46. It also struck an all time high of 4,450.18 today.

Wall Street extended its steep decline for the second straight day Friday, 27 July 2007, pulling the Dow Jones industrials down more than 500 points over the two days after investors gave in to mounting concerns that borrowing costs would climb for both Japan 17, companies and homeowners. The Dow slipped 208.10 points, or 1.54%, to 13,265.47. Broader stock indicators also fell. The S&P 500 ended down 23.71 points, or 1.60 %, at 1,458.95. The Nasdaq Composite index fell 37.10 points, or 1.43 %, to 2,562.24.

Oil prices were lower in morning in Singapore trade on Monday, 30 July 2007, on profit-taking even as key producer Iran expressed opposition to any hikes in OPEC crude output. New York's main contract, light sweet crude for September delivery, was down 35 cents at $76.67 a barrel from 77.02 dollars in late US trade Friday. Brent North Sea crude for September eased 41 cents to $75.85.