Thursday, 27 September, 2007

NIFTY @ 5000 !

The market opened on buoyant note tracking firm global markets as weak US economic data reinforced expectations for another interest rate cut from the Federal Reserve, following a steep half-point reduction to 4.75% last week. Both the niche indices BSE Sensex and S&P CNX Nifty struck all time high in opening trade. Nifty hit all-time high above 5,000 in opening trade. Market breadth was strong on BSE

At 10:29 IST, the 30-shares BSE Sensex was up 158.46 points or 0.94% to 17,076.56. It opened higher at 17,059.61 and advanced further to hit an all time high of 17,158.49. Its low for the day so far is at 17,051.03.

At the day’s high of 17,158.49, the Sensex had gained 237.10 points for the day.

The S&P CNX Nifty surged 45.50 points or 0.91% to 4,985.60. It struck an all time high of 5,015.55 in early trade

The market breadth was strong on BSE with 1332 shares advancing as compared to 604 that declined. 62 remained unchanged

The total turnover on BSE amounted to Rs 896 crore by 10:30 IST

Among the 30-member Sensex pack, 27 advanced while the rest declined.

India’s second largest power utility company in terms of revenue Reliance Energy (REL) surged 3.29% to Rs 1060 on 1.62 lakh shares. It was the top gainer from Sensex pack. As per reports REL is believed to be restructuring its businesses under three verticals — utility, infrastructure and real estate.

ACC (up 3% to Rs 1195), Cipla (up 2.20% to Rs 174.55) and Tata Steel (up 2.23% to Rs 767.55), were the other gainers from the Sensex pack.

India’s largest company in terms of market capitalisation and oil refiner Reliance Industries rose 1.03% to Rs 2345.90 on 65,459 shares

Hindustan Unilever, the country’s largest FMCG company in terms of sales slipped 0.69% to Rs 223.70 on 27,265 shares. It was the top loser from Sensex pack

Bajaj Auto (down 0.53% to Rs 2495.50), and Grasim (down 0.20% to Rs 3438), were the other losers from Sensex pack

Among side counters, Graphite India (up 11.11% to Rs 61), Usha Martin (up 9.15% to Rs 65) and Engineers India (up 7.21% to Rs 645.10), surged

Market is expected to see volatility as derivative contracts for September 2007 series expire today, 27 September 2007. As per market data, marketwide rollover from September 2007 series to October 2007 series stood at 64% while that of Nifty was 59% at end of Wednesday (26 September 2007)'s trading.

Asian markets extended early gains today, 27 September 2007 after stocks rallied on Wall Street overnight. Hang Seng (up 2.06% at 26,971.09), Japan's Nikkei (up 1.78% at 17,080.24), Taiwan Weighted (up 1.32% at 9,379.82), Singapore's Straits Times (up 1.46% at 3,703.44) and South Korea's Seoul Composite (up 1.29% at 1,943.93), all edged higher.

US stocks rallied yesterday, 26 September 2007 led by rally in financial shares after a larger-than-forecast decrease in durable goods orders reinforced expectations of more rate cuts. The Dow Jones Industrial Average gained 99.5 points or 0.7%, to 13,878.15. The Nasdaq Composite Index increased 15.58 points or 0.6% to 2,699.03. The Standard & Poor's 500 Index added 8.21 points or 0.5% to 1,525.42.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 727.99 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 701.43 crore on Wednesday, 26 September 2007

Crude oil prices held above $80 on Thursday, 27 September 2007 as traders balanced rising stockpiles in the United States against fears that a brewing storm could impact production in the Gulf of Mexico. US crude for November delivery rose 25 cents to $80.55 a barrel and London Brent crude rose 34 cents to $77.77 a barrel.

The 30-shares BSE Sensex rose 21.85 points or 0.13% at 16,921.39, an all time closing high, on Wednesday, 26 September 2007.

From a recent low of 13,989.11 on 21 August 2007, Sensex surged 2932.28 points or 20.96% in just 26 trading sessions to 16,921.39 on Wednesday, 26 September 2007

The S&P CNX Nifty gained 1.65 points or 0.03% at 4,940.50, an all time closing high, on Wednesday, 26 September 2007.