Sensex rally by 630 pts during week

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{image-sensex, big_26072008.jpg}Mumbai, Jul 26: The barometer index BSE Sensex rallied by 639.54 points or 4.69 per cent to 14,274.94 in the week ended Friday,July 25 on sustained brisk speculative demand by FIIs in the last three days.

The S &P CNX Nifty index of NSE also edged up by 219.60 points or 5.36 per cent to 4,311.85 in the week.The key benchmark indices extended gains for the third straight week in the week ended on July 25, 2008, buoyed by the Congress-led coalition government winning confidence vote in parliament, sharp correction in crude oil and short covering of derivatives positions.

The BSE Mid-Cap index rose by 333.20 points or 6.35 per cent (pc) to 5,572.59. The BSE Small-Cap index advanced 322.89 points or 5.01 pc to 6,778.78, a leading broker said.

Foreign institutional investors (FIIs) were net buyers to the tune of Rs 43 crore in the month of July 2008 so far, till July 24, 2008.

FIIs sold shares worth Rs 25,422.30 crore in the calendar year 2008.

Mutual funds have bought shares worth Rs 882.20 crore in the month of July 2008 so far, till July 23, 2008.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose by 1.64 pc to Rs 2,147.35 in the week. RIL reported 13.2 pc growth in net profit to Rs 4,110 crore on 40.65 pc increase in total income to Rs 41,805 crore in Q1 June 2008 over Q1 June 2007. The results were announced after market hours on July 24, 2008.

India's second largest listed telecom services provider by sales Reliance Communication galloped by 15.60 pc to Rs 503.10, after it called off tie-up talks with South Africa's MTN Group, Africa's biggest mobile phone group, citing legal issues.

Meanwhile, India's largest listed cellular services provider by sales Bharti Airtel fell by 0.69 pc at Rs 796.45. The company reported a 44.86 pc growth in net profit to Rs 2,046.79 crore on a 39.72 pc increase in revenue to Rs 7,952.32 crore in Q1 June 2008 over Q1 June 2007. The company announced the results before trading hours on July 24, 2008.

Banking shares advanced in anticipation of reforms in the banking sector after the UPA government won trust vote in parliament.

India's largest private sector bank by assets ICICI Bank rose by 6.36 pc to Rs 656.85 and India's second largest private sector bank by assets HDFC Bank rose by 9.06 pc to Rs 1,127.15 India's largest state run bank by assets State Bank of India vaulted by 11.47 pc to Rs 1,448.75. The Union cabinet approved the merger of unlisted State Bank of Saurashtra with its parent State Bank of India (SBI) on July 24, 2008.

India's largest drug maker by sales Ranbaxy Laboratories surged by 10.01 pc at Rs 481.25, after the company said a UK court had quashed the country's Serious Fraud Office's (SFO) prosecution of the firm's subsidiary. Ranbaxy said in a statement the English Crown Court had also declined an application by the SFO for permission to appeal to the English Court of Appeal. However, the SFO retained a right to appeal to the court directly, the Indian firm said.

India's largest passenger carmaker by sales Maruti Suzuki (India) slipped by 1.50 pc to Rs 614.40. Its net profit fell by 6.8 pc to Rs 465.85 on a 20.9 pc increase in sales to Rs 4753.58 crore in Q1 June 2008 over Q1 June 2007. The company announced the results after trading hours on July 21 2008.

India's largest power equipment maker by sales Bharat Heavy Electricals (Bhel) advanced by 8.15 pc at Rs 1,654.90. It's net profit rose by 33.1 pc to Rs 384.41 crore, on a 33.9 pc increase in sales to Rs 4,329.24 crore in Q1 June 2008 over Q1 June 2007. The Company's outstanding order book stood at Rs 95,000 crore as on 30 June 2008.

The company announced the results after trading hours on July 21, 2008. World's sixth largest steel maker Tata Steel climbed by 4.26 pc at Rs 617.90 after its Thailand unit reported a surge in quarterly net profit and on expectations for a domestic price rise.

Shares of firms which are potential beneficiaries of the Indo-US nuclear deal surged after the Indian government won parliamentary vote of confidence clearing the way for the landmark civilian nuclear deal with the US. Reliance Infrastructure (up by 15.08 pc to Rs 984.65), Alstom Projects India (up 6.60 pc to Rs 428.70), Rolta India (up by 5.41 pc to Rs 288.60), Walchandnagar Industries (up by 4 pc to Rs 267.70), Areva T&D India (up by 12.56 pc to Rs 1,655.25), Larsen &Toubro (up by 3.16 pc to Rs 2,625.60), National Thermal Power Corporation (up by 8.19 pc to Rs 187.50), surged.

Among mid-cap stocks, McDowell Holding (up by 48.73 pc to Rs 141), Phoenix Mills (up by 45.29 pc to Rs 165.85), ITI (up by 44.42 pc to Rs 38.20), Reliance Natural Resources (up by 38.11 pc to Rs 95.50), Adlabs Films (up by 26.83 pc to Rs 528.05), HMT (up by 41.82 pc to Rs 75.45), and Strides Arcolabs (up by 38.56 pc to Rs 190.45), surged.

Inflation based on the wholesale price index rose 11.89 pc in 12 months to July 12, 2008, below the previous week's annual rise of 11.91 pc, government data released on July 24, 2008 showed. Inflation for the week ended May 17, 2008, was revised upwards to 8.66 pc from 8.10 pc, brokers added.


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