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Sensex scores double century
Thursday, June 14, 2007
The market, which opened higher, kept on advancing during the course of the trading session today, 14 June 2007. Strong buying interest was seen for index pivotals after a 128-point fall in the BSE 30-share Sensex on Wednesday, 13 June 2007. Strong global markets supported domestic bourses.
The Sensex surged 204.48 points to 14,207.51, as per provisional close. It opened higher at 14,087.91 and kept on hitting fresh intra-day highs, with the last being at 14,219.24 by 14:51 IST as buying intensified.
The total turnover on BSE amounted to Rs 4,402 crore compared to Rs 3,102 crore by 14:30 IST.
The market breadth was strong on BSE, with over 2 gainers for every loser: 1,734 shares advanced as compared with 837 that declined, while 98 remained unchanged
Among the Sensex pack, 26 advanced while only 4 of them declined.
Housing finance major HDFC advanced 4.46% to Rs 1829 on 79,920 shares and was the top gainer among Sensex constituents. The stock rose after chairman Deepak Parekh indicated that interest rates, steady at present, may go up marginally after two to three months. He added that possible tightening by the central bank could push up rates further. HDFC had already raised lending rates by 175 basis points during 2007 through three rate hikes in January, March and April 2007.
Meanwhile, as per reports, HDFC's realty fund has purchased 10% equity of Pune-based housing and construction company Paranjape Schemes for a total value of Rs 74 crore.
Cement major ACC gained 3.83% to Rs 829, while Grasim rose 2.56% to Rs 2423. Reports indicated that the current cement shortage in India can last till June 2009. This in turn will ensure that the cement prices remain firm.
IT stocks held on to early gains after declining on Wednesday, 13 June 2007, as buying resumed. Satyam Computers (up 0.44% to Rs 488.50), Infosys (up 2% to Rs 2022.60), Wipro (up 0.35% to Rs 532.50), and TCS (up 0.10% to Rs 1204) edged higher.
Rupee rose today, 14 June 2007, buoyed by positive cues from high-yielding Asian currencies as dealers bet foreign investors would continue pouring in funds into the surging Indian economy. In early trade, the rupee was at 40.89/90 per dollar, moving up from Wednesday's 40.96/97. The rupee hit a nine-year peak of 40.28 in late May 2007.
Engineering & Construction major L&T advanced 3.32% to Rs 1933 on reports that it is planning to group all its businesses under 15 verticals compared to the present 6 business divisions. The move is aimed focusing on a particular industry segment and improvement the company's effectiveness in that segment.
Index heavyweight Reliance Industries (RIL) was up 1.11% to Rs 1,692 on 5.79 lakh shares. RIL said on Wednesday, 13 June 2007, its Jamnagar refinery was working normally and output was as planned. The company clarified this after media reports had suggested that a unit at the Jamnagar refinery had been shut down.
Among the other heavyweights, State Bank of India (SBI) was up 1.87% to Rs 1313.55, while ONGC was up 2.50% to Rs 883.
Hero Honda Motors slumped 1.43% to Rs 685 on 1.42 lakh shares, and was the top loser from Sensex pack. As per reports, Honda Japan's 100% subsidiary Honda Motorcycle & Scooter India (HMSI) has charted out plans to capture a significant part of the Indian two-wheeler industry. HMSI will come up with a new scooter model to further strengthen its presence in the segment. The company also plans to foray into the entry-level 100cc segment and the higher segment bikes including the 500 cc imported compressive build-up units (CBUs).
The Hero Honda stock has been declining steadily ever since reports that it has cut production following reduced demand as interest rates surged to five-year-high.
ICICI Bank lost 0.76% to Rs 906. ICICI Bank said during trading hours today, 14 June 2007, it would launch a share sale next week to fund robust demand for loans in the rapidly expanding economy. It will offer shares worth Rs 8,750 crore ($2.1 billion) each in India and in the United States, with a greenshoe option for 15%, taking the total offering to Rs 20,125 crore. The private sector bank will fix an indicated price band for the domestic follow-on offer on Monday, 18 June 2007. The issue will open for subscription on 19 June 2007 and close on 22 June 2007.
Banking share saw renewed buying. Bank of India (up 4.87% to Rs 191.80), Bank of Baroda (up 5.96% to Rs 263.10), Andhra Bank (up 5.30% to Rs 86.35), Federal Bank (up 3.07% to Rs 283.90), and Vijaya Bank (up 6.75% to Rs 48.25) advanced from banking pack.
Tata Motors (down 0.50% to Rs 642.50) and ITC (down 0.10% to Rs 151.85) edged lower.
As per latest data from the stock exchanges, property developer DLF's Rs 9,625-crore (at the upper end of Rs 500 to Rs 550 price band) IPO, was subscribed 2.85 times by 14:00 IST today, 14 June 2007. The IPO would constitute 10.27% of the fully diluted post-issue capital of the company. The issue closes today.
The Sensex surged 204.48 points to 14,207.51, as per provisional close. It opened higher at 14,087.91 and kept on hitting fresh intra-day highs, with the last being at 14,219.24 by 14:51 IST as buying intensified.
The total turnover on BSE amounted to Rs 4,402 crore compared to Rs 3,102 crore by 14:30 IST.
The market breadth was strong on BSE, with over 2 gainers for every loser: 1,734 shares advanced as compared with 837 that declined, while 98 remained unchanged
Among the Sensex pack, 26 advanced while only 4 of them declined.
Housing finance major HDFC advanced 4.46% to Rs 1829 on 79,920 shares and was the top gainer among Sensex constituents. The stock rose after chairman Deepak Parekh indicated that interest rates, steady at present, may go up marginally after two to three months. He added that possible tightening by the central bank could push up rates further. HDFC had already raised lending rates by 175 basis points during 2007 through three rate hikes in January, March and April 2007.
Meanwhile, as per reports, HDFC's realty fund has purchased 10% equity of Pune-based housing and construction company Paranjape Schemes for a total value of Rs 74 crore.
Cement major ACC gained 3.83% to Rs 829, while Grasim rose 2.56% to Rs 2423. Reports indicated that the current cement shortage in India can last till June 2009. This in turn will ensure that the cement prices remain firm.
IT stocks held on to early gains after declining on Wednesday, 13 June 2007, as buying resumed. Satyam Computers (up 0.44% to Rs 488.50), Infosys (up 2% to Rs 2022.60), Wipro (up 0.35% to Rs 532.50), and TCS (up 0.10% to Rs 1204) edged higher.
Rupee rose today, 14 June 2007, buoyed by positive cues from high-yielding Asian currencies as dealers bet foreign investors would continue pouring in funds into the surging Indian economy. In early trade, the rupee was at 40.89/90 per dollar, moving up from Wednesday's 40.96/97. The rupee hit a nine-year peak of 40.28 in late May 2007.
Engineering & Construction major L&T advanced 3.32% to Rs 1933 on reports that it is planning to group all its businesses under 15 verticals compared to the present 6 business divisions. The move is aimed focusing on a particular industry segment and improvement the company's effectiveness in that segment.
Index heavyweight Reliance Industries (RIL) was up 1.11% to Rs 1,692 on 5.79 lakh shares. RIL said on Wednesday, 13 June 2007, its Jamnagar refinery was working normally and output was as planned. The company clarified this after media reports had suggested that a unit at the Jamnagar refinery had been shut down.
Among the other heavyweights, State Bank of India (SBI) was up 1.87% to Rs 1313.55, while ONGC was up 2.50% to Rs 883.
Hero Honda Motors slumped 1.43% to Rs 685 on 1.42 lakh shares, and was the top loser from Sensex pack. As per reports, Honda Japan's 100% subsidiary Honda Motorcycle & Scooter India (HMSI) has charted out plans to capture a significant part of the Indian two-wheeler industry. HMSI will come up with a new scooter model to further strengthen its presence in the segment. The company also plans to foray into the entry-level 100cc segment and the higher segment bikes including the 500 cc imported compressive build-up units (CBUs).
The Hero Honda stock has been declining steadily ever since reports that it has cut production following reduced demand as interest rates surged to five-year-high.
ICICI Bank lost 0.76% to Rs 906. ICICI Bank said during trading hours today, 14 June 2007, it would launch a share sale next week to fund robust demand for loans in the rapidly expanding economy. It will offer shares worth Rs 8,750 crore ($2.1 billion) each in India and in the United States, with a greenshoe option for 15%, taking the total offering to Rs 20,125 crore. The private sector bank will fix an indicated price band for the domestic follow-on offer on Monday, 18 June 2007. The issue will open for subscription on 19 June 2007 and close on 22 June 2007.
Banking share saw renewed buying. Bank of India (up 4.87% to Rs 191.80), Bank of Baroda (up 5.96% to Rs 263.10), Andhra Bank (up 5.30% to Rs 86.35), Federal Bank (up 3.07% to Rs 283.90), and Vijaya Bank (up 6.75% to Rs 48.25) advanced from banking pack.
Tata Motors (down 0.50% to Rs 642.50) and ITC (down 0.10% to Rs 151.85) edged lower.
As per latest data from the stock exchanges, property developer DLF's Rs 9,625-crore (at the upper end of Rs 500 to Rs 550 price band) IPO, was subscribed 2.85 times by 14:00 IST today, 14 June 2007. The IPO would constitute 10.27% of the fully diluted post-issue capital of the company. The issue closes today.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
