The market started the week on contradict note. It surged later amid global rally triggered by the US Federal Reserve announcing a larger-than-expected 50 basis points cut in fed funds rate to 4.75% from 5.25% on Tuesday. 18 September 2007. The act eased concerns about housing slump driving the world's largest economy into recession. Sensex advanced in 4 out of 5 trading sessions in the week.
BSE Sensex rose 960.43 points or 6.16% to 16,564.23 in the week ended Friday. 21 September 2007. Sensex hit an all measure high of 16,616.84 on Friday.
The S&P CNX Nifty rose 319.55 points or 7% at 4,837.55 in the week. It hit an all time high of 4855.70 on Friday.
BSE Mid Cap rose 302.92 or 4.39% to 7,199.92 in the week. The BSE Small Cap index rose 322.54 points or 3.76% to 8,895.30 in the week.
The BSE Sensex lost 99.37 points or 0.64% at 15,504.43 on Monday. 17 September 2007. The market settled near the lowest point of the day on fresh selling in late change. The market had started the day on a tighten note on buying interest in list pivotals. However it had lost ground in early afternoon trade with European markets which opened after Indian merchandise sliding in early change.
The BSE Sensex advanced 164.69 points or 1.06% at 15,669.12 on Tuesday. 18 September 2007. The market surged in the second half of the trading session tracking recovery in European markets which started after Indian market. The market was range-bound in early afternoon change. Asian markets were weak. With that rise. Sensex came out of its two-day loosing streak.
The 30-shares BSE Sensex surged 653.63 points or 4.17% at 16,322.75 on Wednesday. 19 September 2007. It was a preserve single day inform rise in Sensex. The market soared to preserve closing with high turnover. It opened with a hit and kept on advancing during the course of the trading session as buying continued for list pivotals. Short covering also propelled the merchandise higher to some extent. A global collect was triggered after the US Federal Reserve announcing a larger- than-expected 50 basis points cut in fed funds evaluate to 4.75% from 5.25% on Tuesday. 18 September 2007 easing concerns about housing droop driving the world's largest economy into recession.
The 30-shares BSE Sensex was up 25.20 points or 0.15% at 16,347.95 on Thursday. 20 September 2007. The merchandise posted small gains after moving in and out of positive zone since mid-morning trade. It had opened on a tighten say but immediately slipped in the red on selling pressure. The market rebounded from displace aim in mid-afternoon change. Turnover on BSE remained high for the second day in a row. Most Asian markets which opened before Indian markets were firm. However European markets which opened after Indian merchandise were subdued
Sensex surged 216.28 points or 1.32% at 16,564.23 an all time closing high on Friday. 21 September 2007. The market surged towards the latter part of the trading session led heavy buying in list pivotals especially for Reliance assort stocks. Both the niche indices BSE Sensex and S&P CNX Nifty struck all measure highs. IT pivotals bounced back after initial slide
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 11.7% to Rs 2,274.40. It struck an all measure high of Rs 2294. As per recent reports. RIL is foraying in shipbuilding and dredging business with two displace companies. As per another set of 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 ordain give to the entire be of logistic requirements of the SEZs. RIL has reportedly paid Rs 650 crore in the June-September 2007 quarter. The tax beat during the June-September period last year was about Rs 450 crore.
Bhel the country’s largest cater equipment maker in terms of sales rose 3.6% to Rs 1966.25. Bhel is reportedly looking at mergers and acquisition to furnish inorganic growth. Reports also suggest that the company is targeting a turnover of Rs 45,000 crore by 2012.
tip and financial shares rallied on the reckoning that the Fed act could put compel on RBI to loosen its monetary policy.
State tip of India the country’s largest banking entity by net profit jumped 9.39% to Rs 1,808.25. It topped the list of go taxpayers after it reportedly paid Rs 1,050 crore in the June-September 2007 accommodate which is nearly 50% more than the tax paid during the corresponding period last year.
India’s second largest tip by net profit. ICICI tip jumped 6.4% to Rs 965.20. As per reports it paid Rs 450 crore go tax for the June-September 2007 period. The bank had paid the same be for the corresponding period measure year.
Oil and Natural Gas Corporation the country’s largest oil exploration affiliate by revenue surged 10.7% to Rs 923.35 after its Chairman R. S. Sharma said the company may believe a bonus air and a overlap split in the future. He did not furnish a measure frame for bonus issue and stock-split.
Infosys Technologies the nation’s second largest software services exporter lost 0.46% to Rs 1821.95 amid reports the firm is interested in acquiring UK-based Sage assort. Infosys has denied the reports advance 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 carmaker by sales vaulted 7.3% to Rs 929.55 on reports that affiliate will set up an auto component lay with lacquer's Futuba Industrial affiliate. Maruti ordain direct a 49% stake in the joint venture. This will be Futuba’s first project outside lacquer
India’s second largest cellular services provider by sales Reliance Communication rose 6.6% to Rs 579.35 after its subsidiary Flag Telecom reportedly signed a five-year agreement with UK-based Vanco to increase its presence across 81 countries worldwide.
India’s top private sector utility company in terms of revenue Reliance Energy (REL) surged 14.3% to Rs 1009.60. As per reports. REL is scouting for coal mines in Indonesia. Australia. Africa and Mozambique and it sees infrastructure projects such as road and rail transport as key growth drivers. It also plans to increase $12.0-$12.5 billion in debt over the next seven to eight years to expand generation capacity nearly 16 times to 15,000 mega watt
India's largest engineering & construction tighten by revenue Larsen & Toubro climbed 7.3% to Rs 2783.15 on reports that the affiliate is eyeing a stake in Feedback Ventures a leading integrated infrastructure services firm.
Magnum Ventures settled at Rs 48.70 on the BSE a premium of 62.33% over the IPO determine of Rs 30 on its debut on 20 September 2007. The scrip had debuted at Rs 36.95 a premium 23.16% over the IPO price of Rs 30.
Real estate firms desire DLF (up 12.79% to Rs 749.85). Unitech (up 16.58% to Rs 329.15). Indiablls Real Estate ( up 13.88% to Rs 573.90) surged on expectation of softer arouse rates after US Federal keep back cut the rate by half percentage point.
IT pivotals declined in the week on fresh selling as a steep interest rate cut by the US Federal Reserve on 18 September 2007 set the rupee on fire and it hit nine-year high above 40 per dollar on Thursday.
India’s third largest software services exporter Wipro lost 2.3% to Rs 439.90. Other IT pivotals Satyam Computers (down 2.7% to Rs 418.85) and TCS (down 0.75% to Rs 1014.95) also edged.
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