Enthused by the sops and reliefs as granted by the Union Government and also by the Reserve Bank of India, the courageous investors continued to mop up the scrips of their choice and thereby helped a vast majority of leading and frontline stocks gain further gound during the week that was. In sympathy with the leading ones, the medium and a few low quality stocks notched small to handsome gains too. The BSE Sensex marched past 10,000- mark. (more…)

Tags: banking stocks, bse sensex, FIIs, inflation, Realty Stocks, sensex

The 30-stock Sensex of the BSE resumed with gains of 300 points in early trades and touched an intra-day high of 10,945. However it could not hold on to the gains and drifted into the negative territory. The market appeared extremely bearish as the trading session progressed. Hectic selling in heavyweight, oil & gas, metal, realty and capital goods stocks in afternoon dragged the index to the day’s low of 10,052. The Sensex ended 511 points lower at 10,120, while Nifty lost 147 points to close at 2,995. (more…)

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Across-the-board selling on weakness in global markets leads the Sensex lose 398 points for the day.After yesterday’s loss, the market began the trading session on a weak note tracking mixed global cues.The Sensex opened with a negative gap of 487 points at 9,681 (more…)

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The Bombay Stock Exchange benchmark Sensex on wednesday regained the 15,000-level after nearly six weeks by extending its gains by more than 110 points on strong global cues amid easing crude prices. The BSE benchmark that moved up over 400 points in opening deals to 15,422 levels, trimmed its gains by close and ended at 15,073, up 112 points.

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Nifty ends above 4500; Realty, Banks up 6.5%, Auto

Markets witnessed sharp rally in second half of session and closed near days high. Strong value buying was seen in rate sensitives and infrastructure stocks .

Trading got off to a cautious start on the major Indian bourses this morning, and the morning session, notwithstanding some sharp gains recorded by a few front line and several midcap stocks, (more…)

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The BSE Sensitive Index has moved on expected lines, has declined quite a bit from the 16200 level while not only has it broken out downwards from the 16000-16200 trading range, it has also almost managed to breach its intermediate bottomline of 14677.24 posted on 08.03. 2008 and has been able to post a lower top, lower bottom scenario on the daily chart indicating the possibility of a further downside (after the current ongoing recovery has run out of steam) from here. (more…)

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An undercurrent of panic and uncertainty over the future entry of Participatory Notes battered the Sensex which swung over 800 points intra-day and closed down 438.41 points at 17,559. The Nifty closed down 135.70 points at 5215.30 on Friday. There was extreme volatility in the market and in the early afternoon the Sensex nosedived by over 635 points to its lowest in the last two weeks.

The market breadth showed the extent of selling as there were only 161 stocks that ended in the green and 1,023 stocks in the red. Foreign institutional investors (FIIs) who were holding PNotes continued to sell despite the assurances of finance minister P. Chidambaram and the Securities and Exchange Board of India (Sebi) that there would not be a total ban on PNotes. It was only sought to be regulated through registrations. However, the selling was not a bottomless pit, said Mr Nipun Mehta, director and CEO of Unitis Tower Wealth Advisors. There were buyers giving support at lower levels.

Sebi whole-time member G. Anantharaman said it will accommodate all FIIs, but without any “back door” entry. Speaking to reporters on the sidelines of the Investment Advisory Conclave, he said that feedback on the PNotes proposal was pouring in and they would be examined by Sebi officials. He said the final decision would be taken on October 25 and it would be for the good of the market.

Most market participants and leading bankers like Deepak Parekh of HDFC have welcomed the Sebi proposals and said it would lead to a healthier market. There is a view that the strong PNotes lobby is trying to bring pressure on the finance ministry and Sebi to dilute the proposals. There is already talk of extending the time of 18 months for winding down the PNotes portfolios. The turnover on both the exchanges was lower than usual at Rs 1,14,198 with the F&O sector accounting for Rs 83,102 crores. The cash markets continued to benefit from the PNotes crisis as those who hold PNotes can still buy them.

Tags: sensex

Sensex posts biggest ever point rise in a single day; soars 654 points
The market soared to record closing with high turnover. It opened with a bang and kept on advancing during the course of the trading session as buying continued for index pivotals. Short covering might also have propelled the market higher to some extent. The total turnover on BSE crossed Rs 7000 crore mark. While the BSE Sensex settled above 16,300, the S&P CNX Nifty closed above 4,700
Shares from across sectors and market capitalisation participated in the rally which was triggered after the US Federal Reserve announced a higher than expected 50 basis points cut in fed funds rate to 4.75% from 5.25% on Tuesday, 18 September 2007, easing concerns about housing slump driving the world’s largest economy into recession. Prior to this, it had hiked rates for 17 consecutive times in the span of four years.
Asian markets, which opened before Indian market, rallied today, 19 September 2007, after the Fed decision. All European markets which opened after Indian market were also trading with gains.
The 30-shares BSE Sensex surged 653.63 points or 4.17% at 16,322.75. This is the biggest single-day point gain in Sensex. It opened with a sharp 271.67 point upward gap at 15,940.79 and advanced further to hit an all-time high of 16,335.30. Its previous all-time high was 15,868.85 hit on 24 July 2007.
Sensex surged 2,333.64 points or 16.68% to 16,322.75 from a recent low of 13,989.11 on 21 August 2007, in just 21 trading sessions.
The S&P CNX Nifty up 186.15 points or 4.09% at 4,732.35. It also struck an time high of 4,739. The Nifty September 2007 futures settled at 4,747, a premium of 8 points as compared to spot closing
The BSE Mid-Cap index rose 1.88% to 7,116.61 after hitting an all time high of 7,120.91. The BSE Small-Cap index hit an all time high of 8,943.23. It settled 1.03% higher to 8,871.00. But both these indices underperformed the Sensex
The total turnover on BSE crossed Rs 7,000 crore mark. It amounted to Rs 7,405 crore as compared to Rs 5,618.94 crore on Tuesday, 18 September 2007.
The NSE F&O turnover was Rs 68,643.65 crore as compared to Rs 45,069.25 crore on Tuesday, 18 September 2007.
All the sectoral indices on BSE posted gains. Interest rate sensitive sectors like banking, real estate, auto dominated gainers.
BSE Bankex (up 4.84% at 8,691.45), BSE Realty index (up 5.77% to 8,464.54), BSE Oil and Gas Index (up 5% at 8,924.11), outperformed the Sensex.
BSE Auto Index (up 3.49% at 5,094.31), BSE PSU index (up 3.48% to 7,642.77), BSE FMCG Index (up 2.05% at 2,140.91), BSE Metal Index (up 3.82% at 12,546.34), BSE Capital Goods Index (up 1.80% at 14,112.99), The BSE Consumer Durables index (up 1.25% to 4,743.75), BSE Health Care Index (up 1.17% at 3,704.27), BSE IT Index (up 2.41% at 4,491.21), and BSE TecK index (up 3.42% to 3,619.93) were underperformers
All the 30-members from Sensex pack advanced.
India’s largest listed cellular services provider by sales Bharti Airtel jumped 6.93% to Rs 890.20 on 2.91 lakh shares after its Sri Lankan unit signed a $150 million contract with China’s Huawei Technologies Co to build and manage mobile infrastructure in the island nation over three years. It was the top gainer from Sensex pack.
Bank and financial shares rallied on the reckoning that the Fed move could put pressure on RBI to loosen its monetary policy. India’s top private sector mortgage lender in terms of revenue Housing Development Corporation (HDFC) surged 6.83% to Rs 2330. The stock eased form its all time high of Rs 2415 hit earlier during the day
HDFC Bank, the country’s second largest private sector bank in terms of net profit soared 6.83% to Rs 1314
State Bank of India, the country’s largest banking entity by net profit jumped 4.52% to Rs 1770. It topped the list of advance taxpayers, after it paid reportedly paid Rs 1,050 crore in the June-September quarter, which is nearly 50% more than the tax paid during the corresponding period last year.
India’s second largest bank by net profit, ICICI Bank jumped 4.44% to Rs 966.10. As per reports it paid Rs 450 crore advance tax for the June-September 2007 period. The bank had paid the same amount for the corresponding period last year.
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) surged 5.99% to Rs 2181.70 on 10.59 lakh shares. It struck an all time high of Rs 2185. As per reports its subsidiary - Reliance Logistics (RLL) is planning to set up logistics parks within all the upcoming special economic zones (SEZs). The Reliance logistics parks will cater to the entire range of logistic requirements of the SEZs. RIL has reportedly paid Rs 650 crore in the June-September 2007 quarter. The tax outgo during the June-September period last year was about Rs 450 crore.
Oil and Natural Gas Corporation, the country’s largest oil exploration company by revenue surged 5.89% to Rs 901 after its Chairman R.S. Sharma said the company may consider a bonus issue and a share split in the future. He did not give a time frame for bonus issue and stock-split.
Infosys Technologies, the nation’s second largest software services exporter rose 3.14% to Rs 1856.55 on rumors the firm is interested in acquiring UK-based Sage Group. Infosys has denied the reports further clarifying that it also isn’t negotiating with Cap Gemini SA about buying any part of the company.
Maruti Suzuki India, the country’s top car-maker by sales vaulted 5.11% to Rs 920.50 on reports that company will set up an auto component park with Japan’s Futuba Industrial Company. Maruti will hold a 49% stake in the joint venture. This will be Futuba’s first project outside Japan
India’s second largest bike maker Bajaj Auto rose 4.55% to Rs 2510. It has reportedly paid Rs 120 crore for the second quarter of the current fiscal. The company has paid Rs 102 crore as the first installment during the quarter ending June 2007.
India’s second largest cellular services provider by sales Reliance Comunications, rose 5.11% to Rs 564.75 after its subsidiary Flag Telecom reportedly signed a five-year agreement with UK-based Vanco to increase its presence across 81 countries worldwide.
Sugar shares were star of the day’s trading session as they surged on frenzied buying after Agriculture Minister Sharad Pawar said the government plans to give more fiscal incentives to sugar mills. All of them saw a phenomenal spurt in volumes.
Dwarikesh Sugar (up 20% to Rs 66.60), Sakthi Sugar (up 20% to Rs 92.70), Triveni Engineering (up 22.68% to Rs 135.50), Balrampur Chini Mills (up 24.31% to Rs 83.60), Shree Renuka Sugars (up 24.68% to Rs 686.10), and Bajaj Hindustan (up 21.76% to Rs 178.50) surged. The government will detail the new financial incentives in 10 days, Pawar said today.
As per reports, sugar mills may be allowed to produce ethanol directly from cane juice, instead of molasses, to lower dependence on sugar prices. The South Asian nations may require oil refiners to double the ethanol level in gasoline to 10% from October 2008.
DLF was the top traded counter on BSE with total turnover of Rs 255.19 crore followed by Reliance Industries (Rs 226.36 crore), ICICI Bank (Rs 226.36 crore), Reliance Capital (Rs 134.16 crore), and Shree Renuka Sugars (Rs 127.42 crore).
Shares from real estate pack surged. Indiabulls Real Estate (up 6.60% to Rs 523.60), Unitech (up 3.91% to Rs 292.65), HDIL (up 2.92% to Rs 644) and Parsvnath Developers (up 5.75% to Rs 338.90) surged.
DLF galloped 8.91% to Rs 714.25 on reports that the company is getting into the retail of luxury brands and is in talks with some well-known retail chains, including Georgio Armani, Versace and Dolce Gabbana. DLF is in talks with 10-12 brands. Also another set of reports stated that DLF will tie up with a foreign major Carrefour for the supermarket business at a later stage.
Nagarjuna Construction Company surged 10.30% to Rs 240.70 after the company in consortium with POSCO E & C of South Korea bagged an engineering, procurement and construction contract valued at Rs 1558 crore from Steel Authority of India (Sail) for IISCO steel plant at Burnpur, West Bengal.
Jubilant Organosys surged 4.70% to Rs 305 after it signed a five-year multi million dollar contract with Switzerland based-Syngenta to supply chemical compounds used in manufacturing of medicines and agricultural products. The new contracts will start from early 2008.
Engineers India (EIL) jumped 6.82% to Rs 621.50. It soared 20% to Rs 582 yesterday 18 September on market talks that it is expected to bag a contract related to oil exploration. However the company denied such rumors.
The first batch of advance tax figures hint improved corporate earnings for the second quarter ended September 2007. Advance taxes are paid in four installments — in June, September, December and March. The June and September installments usually constitute about 15% and 25% respectively of the total advance tax payable in a fiscal.
European markets which opened after Indian market were trading with gains. Key benchmark indices from United Kingdom (up 2.20% to 6,621.70), Germany (up 2.10% to 7,734.35), and France (up 2.43% to 5,683.95), advanced.
Asian markets surged today, 19 September 2007 tracking overnight gains on Wall Street. Hong Kong’s Hang Seng (up 3.98% at 25,554.64), Japan’s Nikkei (up 3.67% at 16,381.54), Singapore’s Straits Times (up 3.35% at 3,594.36), South Korea’s Seoul Composite (up 3.48% at 1,902.65) and Taiwan’s Taiwan Weighted (up 0.30% at 8,926.50) surged.
Wall Street shares rallied yesterday, 18 September 2007 after the Federal Reserve cut its benchmark interest rate by a larger-than-expected 0.5%. The Dow Jones industrial average soared 335.97 points, or 2.51%, to 13,739.39. This was its biggest surge since 2 April 2003. The blue-chip index is now only about 1.9% below its record close of 14,000.41, reached in mid-July. The Standard & Poor’s 500 index rose 43.13 points, or 2.92%, to 1,519.78. The Nasdaq Composite index gained 70 points, or 2.71%, to 2,651.66.
Crude oil climbed above $82 a barrel on Wednesday, 19 September 2007 near a record reached a day earlier after the US Federal Reserve slashed interest rates to calm worries over economic growth ahead of peak winter fuel demand. US light crude for October delivery rose 82 cents to $82.33 a barrel, after hitting a record of $82.38 yesterday, 18 September 2007. London Brent crude gained 72 cents to trade at $78.31 a barrel.
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The market today broke its two-day loosing streak to post good gains, led by steady buying support for index pivotals. Turnover was high. Stocks across sectors saw steady buying today. Asian markets were mixed while European markets were trading lower today, 13 September 2007.
The BSE 30-share Sensex gained 109.08 points or 0.70% at 15,614.44. It opened higher at 15,547.66 and advanced further to hit a high of 15,650.14.
The Sensex is 254.41 points away from all time high of 15,868.85 hit on 24 July 2007
The S&P CNX Nifty rose 32.10 points or 0.71% at 4,528.95. The Nifty September 2007 futures settled at 4,527, a marginal discount of 1.95 points as compared to spot closing
The market breadth was strong on BSE, with 1647 shares advancing as compared to 1123 that declined, while 66 remained unchanged.
The BSE Mid-Cap index rose 0.86% to 6,948.53, while the BSE Small-Cap index gained 0.77% to 8,638.20. Both these indices outperformed the Sensex by small margin
The BSE Mid-Cap index hit an all time high of 6,958.98, while the BSE Small-Cap index struck an all time high of 8,670.25 in intra-day trade today, 13 September 2007.
Turnover on BSE was above Rs 5,000 crore for the third day in a row. It amounted to Rs 5,257 crore as compared to Rs 5,391 crore on Wednesday, 12 September 2007.
The NSE’s F&O turnover was Rs 41,758.23 crore as compared to Rs 40,563.67 crore on Wednesday, 12 September 2007.
Most of the sectoral indices on BSE logged gains. BSE Bankex (up 1.28% at 8,081.94), BSE Auto Index (up 1.30% at 4,939.34), BSE PSU index (up 1% to 7,396.63), BSE Realty index (up 2.69% to 7,847.86) and BSE IT Index (up 0.87% at 4,482.57) outperformed the Sensex.
However, BSE Metal Index (up 0.05% at 11,924.63), BSE Oil and Gas Index (up 0.69% at 8,378.77), BSE Consumer Durables index (up 0.08% to 4,598.17), BSE FMCG Index (down 0.54% at 2,070.79), BSE Capital Goods Index (up 0.44% at 13,723.88), BSE TecK index (up 0.63% to 3,562.58) and BSE Health Care Index (up 0.25% at 3,693.88), were underperformers.
From 30-member Sensex pack, 20 gained while the rest slipped.
India’s top small car manufacturer in terms market share Maruti Suzuki India surged 3.73% to Rs 891.30 on 1.94 lakh shares. It was the top gainer from the Sensex pack.
Other auto shares also posted gains, on fresh buying. Tata Motors (up 1.29% to Rs 694.20), Mahindra & Mahindra (up 1.33% to Rs 707.95), and Bajaj Auto (up 1.06% to Rs 2418.10), gained.
State Bank of India (SBI), the nation’s largest bank in terms of net profit gained 3.25% to Rs 1677 on 6.31 lakh shares. As per reports, SBI plans to raise Rs 10,000 crore by December 2007.
India’s largest private sector company by market capitalisation and oil refiner Reliance Industries (RIL) struck an all time high of Rs 2034.40 in early trade. It settled 0.6% higher to Rs 2025 on 6.15 lakh shares. The stock edged higher after the empowered group of ministers (EGoM), approved RIL’s pricing formula for its gas from the Krishna-Godavari (KG) basin.
The revised formula lowers the proposed price of the gas at Kakinada to $4.20 per million British thermal unit (mmBtu) from $4.33 mmBtu that was proposed by RIL. The price at which RIL will sell its gas from the KG basin to consumers will be valid for five years, after which it will be open for revision.
Reliance Communications, the county’s second largest listed cellular services provider in terms of revenue gained 1.86% to Rs 552.15. As per reports, FLAG Telecom Group (FLAG) reportedly bagged a contract from CERN, the European Organisation for Nuclear Research, to provide Gigabit connectivity between the organisation’s research centre in Geneva and Tata Institute of Fundamental Research in Mumbai.
IT pivotals staged a comeback after their recent underperformance to the Sensex. Satyam Computers (up 1.27% to Rs 434.25), Infosys Technologies (up 0.71% to Rs 1833), Wipro (up 1.19% to Rs 458), and TCS (up 1.36% to Rs 1030), posted gains. The government on Wednesday, 12 September 2007 extended the date for corporates to submit Fringe Benefit Tax on employee stock option plans to 15 December 2007 in the absence of the method for determining the fair market value of such shares.
Second line IT stocks also surged. KPIT Cummins (up 17.51% to Rs 141.30), Aptech (up 5.40% to Rs 388.20), Hexaware Technologies (up 7.10% to Rs 131.20), Tech Mahindra (up 2.13% to Rs 1309), and MphasiS (up 3.96% to Rs 295), surged
Cement shares gained on fresh buying. ACC (up 2.55% to Rs 1130), Ambuja Cements (up 1.97% to Rs 144.60), and Grasim (up 2.52% to Rs 3285) edged higher from cement pack. Cement firms reported healthy dispatches in the month of August 2007
However, pharma pivotals saw some profit booking. Ranbaxy Laboratories (down 0.02% to Rs 417), Dr Reddy’s (down 0.44% to Rs 643.50) and Cipla (down 0.14% to Rs 175) declined.
India’s largest FMCG company by sales Hindustan Unilever was the top loser from the Sensex pack. It slipped 0.97% to Rs 215 on high volumes of 17.13 lakh shares. A block deal of 5.08 lakh shares was struck on the counter on BSE at Rs 216.05 per share by 14:38 IST. The stock recovered from its day’s low of Rs 212.70
Tata Steel (down 0.67% to Rs 706.50), and Reliance Energy (down 0.82% to Rs 887), were the other losers from Sensex pack.
Reliance Capital was the top traded counter on BSE with total turnover of Rs 177.56 crore followed by Reliance Industries (Rs 124.71 crore), IFCI (Rs 124.01 crore), MIC Electronics (Rs 115.17 crore) and Welspun Gujarat Stahl Rhoren (Rs 107.11 crore).
Real estate stocks advanced on fresh buying led by Unitech which surged 7.72% to Rs 285.55 on news it will replace Indian Petrochemicals Corporation in 50 share S&P CNX Nifty, with effect from 5 October 2007.
Other real estate shares, DLF (up 1.61% to Rs 645), Parsvnath Developers (up 0.72% to Rs 322), Orbit Corporation (up 2.57% to Rs 512.90), and Omaxe (up 4.10% to Rs 333.20), advanced.
Aftek surged 20% to Rs 73.60 after Seekport AG in which company’s unit holds 24.75% stake, was listed on Frankfurt Stock Exchange. Based on the bid price of 4.75 Euro per share, the total valuation of the company works out to Euro 475 million. Earlier, Arexera had acquired a stake in Seekport AG by transfer of technology.
Bombay Dyeing & Manufacturing Company gained 1.04% to Rs 642 on reports a few private equity firms are eyeing a minor stake in the company. Wadias, the founders of Bombay Dyeing, are looking to offload less than 15% of their share holding in the company, reports suggest.
Jindal Steel & Power soared 7.55% to Rs 4690. The company is expecting an approval from Bolivian government this week to go ahead with its El Mutun iron-ore project in the region, the company’s biggest-ever investment overseas.
Ajanta Pharma galloped 9.56% to Rs 110 after entering agreement with Prollenium Medical Technologies, Canada to market the latter’s dermal filler Revanesse in India.
Honda Motor Company gained 1.58% to Rs 665 on reports that Honda plans to launch various products to maintain market share of 60% in Indian two-wheeler maker.
Ipca Laboratories rose 1.12% to Rs 695.40 after it acquired 100% shareholding of a small formulation product dossier registration-cum-distribution company in Australia.
Welspun Gujarat Stahl Rohren vaulted 6.84% to Rs 267.05. With effect from 6 September 2007, Welspun Gujarat was included in the National Stock Exchanges’ derivatives segment.
Batliboi soared 10.25% to Rs 168.90 after the company fixed 4 October 2007 as the record date for the purpose of stock split from the present face value of Rs 10 to Rs 5 each.
Lupin advanced 2.39% to Rs 608 on reports the company had won a patent challenge against King Pharmaceuticals and Sanofi-Aventis over blood pressure drug Altace, in US.
West Coast Paper Mills declined 3.25% to Rs 454.30 after it went ex-dividend for a dividend of Rs 15 per share from today, 13 September 2007. It has face value of Rs 10 each.
Siemens India rose 0.29% to Rs 1270 after it acquired balance 26% equity stake in Siemens Industrial Turbomachinery Services, Bangalore (SITS) on 7 September 2007. With this acquisition, SITS has become its 100% subsidiary of Siemens. SITS specializes in the service, repair and overhaul of small gas turbines and rotating equipments.
Banco Products India surged 8.82% to Rs 151.20 after it scheduled a meeting of the board of directors to on 26 September 2007 to consider sub-division of the face value of the equity shares.
ABG Shipyard rose 3.48% to Rs 620 on the back of company’s plan to revive ailing Western India Shipyard. Western India Shipyard jumped 5% to Rs 18.90. ABG Shipyard’s board has considered and approved the company’s involvement in the proposal for revival and rehabilitation of Western India Shipyard (WISL) in terms of a scheme of compromise and arrangement between WISL and its secured lenders with ABG as a confirming party.
Gujarat Alkalies & Chemicals moved up 2.57% to Rs 143.60 on reports the company plans to spend Rs 500 crore for taking up new projects and adding power generation capacity.
Diamond Cables jumped 4.41% to Rs 362.20 after its unit received an order for supply of 2750 transformers. These orders will be executed by company’s wholly owned subsidiary Diamond Power Transformers (DPT) before 31 March 2008.
Suzlon Energy advanced 3.30% to Rs 1379 on its plans to invest about 1 billion euro ($1.4 billion) to nearly triple its production capacity by 2009. The expansion plan would raise Suzlon’s turbine production capacity in India from the present 2,700 megawatt (MW) to 5,700 MW by the close of fiscal March 2009, reports suggest.
Most of the European markets were trading lower. United Kingdom (down 0.03% to 6,304.50), France (down 0.19% to 5,497.55), and Germany (down 0.31% to 7,449.77), declined.
Asian markets were trading higher. Japan’s Nikkei (up 0.15% at 15,836.27), Hang Seng (up 0.93% at 24,537.07), Seoul Composite (up 1.90% to 1,848.02), and Shanghai Composite (up 1.95% to 5,273.92) gained.
However, Taiwan Weighted (down 1.01% at 8,927.42) and Straits Times (down 0.05% to 3,504.40) slipped
US shares settled slightly lower yesterday, 12 September 2007 with investors still confident the Federal Reserve will lower rates next week but treading cautiously as oil prices crossed $80 a barrel for the first time and the dollar extended its decline. The Dow Jones industrial average fell 16.74 points, or 0.13%, to 13,291.65, after weaving in and out of positive territory throughout the session. The Standard & Poor’s 500 index rose 0.07 point, or less than 0.01%, to 1,471.56, and the Nasdaq Composite index fell 5.40 points, or 0.21%, to 2,592.07.
India’s industrial output rose 7.1% in July 2007 from a year earlier, sharply lower than downwardly revised annual growth of 9% in June 2007 due to slower manufacturing output, data showed on Wednesday, 12 September 2007. Manufacturing production rose 7.2% in July 2007 from a year earlier, compared with provisional annual growth of 10.6% in June 2007.
Crude oil prices dipped on Thursday, 13 September 2007, but held near $80 a barrel and the previous day’s record high, as dealers watched a tropical storm in the Gulf of Mexico after a sharp fall in U.S. crude stocks. US crude was trading 23 cents lower at $79.68 a barrel, after hitting a record high of $80.18 yesterday, 12 September 2007. London Brent crude shed 9 cents to $77.59 a barrel.

Tags: post market, sensex

As equity markets inch ahead to regain the lost ground since late July, lady luck seems to be favouring the two Ambani brothers with most of their companies scaling new peaks in the past two days that took their collective market value above the pre-meltdown levels. While the market’s benchmark index BSE Sensex is still more than 250 points away from its all-time peak of 15,868.85 hit on July 24, after which the downslide began, the shares of the companies belonging to Mukesh and Anil Ambani groups — barring Reliance Communications and Reliance Industrial Infrastructure Ltd — are trading above their July 24 levels.
The cumulative market capitalisation of all these companies has soared well past the level recorded on July 24. Except for Reliance Communications and RIIL, all the Reliance shares — Reliance Industries, Reliance Petroleum and IPCL of Mukesh Ambani group and Reliance Capital, Reliance Energy and Reliance Natural Resources Ltd of Anil Ambani group — have reached their life-time highs in past two sessions. Reliance Capital has gained about 13 per cent in two days, while six others have gained about two per cent each.
The SC has allowed REL to bid for the Rs 2,600 crores Mumbai sea link project, while the government has approved RIL’s pricing formula for sale of KG gas. In the past two trading sessions, the investors’ wealth in these eight companies has increased by about Rs 13,500 crores, according to data available with the BSE. The collective market capitalisation of all the eight companies today soared to Rs 5,29,000 crores, representing a gain of nearly Rs 27,000 crores over the level recorded on July 24.

Tags: sensex