Bull-run continues on the markets

Mumbai, Aug 3: For the second consecutive session, the bulls reigned supreme on the bourses as the Sensex soared by 152.70 points on the Bombay Stock Exchange (BSE) to settle above the psychological barrier of 15,000 at 15,138.40 on positive cues from taming inflation, sliding global oil prices and buoyant US and Asian indices.

''The market saw steady buying interest throughout the day in index pivotals. All sectoral indices on BSE posted gains. Shares from real estate, banking and cement were in demand, while Pharma shares were subdued,'' market participants said.

Similarly, the broader National Stock Exchange (NSE) Nifty index advanced by 45.20 points to settle in the green at 4,401.55 from its previous close of 4,356.35, after opening marginally weaker at 4,355.75 and moving between 4,428.10 and 4,355.75 during trading hours.

Market analysts said the market breadth was strong with small-cap and mid-cap stocks seeing buying interest. On BSE, there were close to 1.5 gainers for every loser. 1,581 shares advanced while 1,081 declined and 73 remained unchanged. The total turnover here was lower today at Rs 3,981 crore. Among the 30-member Sensex pack, 23 advanced while 7 slipped, they added.

Official data today showed that the wholesale price index (inflation) softened to 4.36 per cent in the week ended July, compared to 4.41 per cent the previous week, due to a fall in the prices of food articles.

Most Asian indices advanced reacting to a US rally. Taiwan's Taiwan Weighted was up 1.20 per cent at 9,058.23, Hong Kong's Hang Seng rose 0.42 per cent at 22,538.44, Shanghai Composite surged 3.47 per cent to 4,560.74, Seoul Composite was up 1.28 per cent at 1,876.80, but only Japan's Nikkei slipped marginally by 0.03 per cent at 16,979.86.

In the US, the Dow rose 100.96 points, or 0.76 per cent, to 13,463.33, the Standard&Poor's 500 index picked up 6.39 points, or 0.44 per cent, to close at 1,472.20, while the Nasdaq Composite index rose 22.11 points, or 0.87 per cent, to 2,575.98.

Oil hovered near USD 77 a barrel today after OPEC officials poured cold water on US hopes for an output rise, reiterating that the world was not short of crude supplies. After touching an all-time high of USD 78.77 yesterday, prices have retreated on signs of improved US refinery operations, experts explained.

SBI, Dena Bank, Oriental Bank of Commerce, Punjab National Bank, Bank of India, Bank of Baroda, Axis Bank, ICICI Bank, NTPC, ACC, Grasim, Unitech, DLF, Orbit Corporation, Indiabulls Real Estate, Mahindra&Mahindra, Maruti Udyog, Bajaj Auto and Tata Motors were the days leaders, while the laggards included Ambuja Cements, Dr Reddy's, Ranbaxy Laboratories and Reliance Industries (RIL).

India's largest commercial bank State Bank of India (SBI) rose 2.53 per cent to Rs 1633, on 7.05 lakh shares, after gaining 2.95 per cent yesterday. It was the top gainer from the Sensex pack. Analysts said the bank is holding talks with potential partners for its non-life insurance venture. It is keeping options open for going alone in the general insurance business. The bank plans to set up a holding company to transfer its share holding in its insurance and asset management subsidiaries. The new holding company, valued between USD 5 billion to USD 7 billion, would eventually be listed.

India's largest power generation firm NTPC soared 2.50 per cent to Rs 166.35. Chhattisgarh State Electricity Board (CSEB) has made a written offer to NTPC to set up three mega power projects in the state in a joint venture. The plants will come up at Aklatra, Lara and Godna hamlets in Raigarh district. NTPC and the CSEB will have equity ratio of 74-26 per cent, while the production share will be in ratio of 51-49 per cent.

Cement stocks gained for the second consecutive day as buying continued in anticipation of firm cement prices. India's second largest cement producer ACC surged 1.72 per cent to Rs 1,000.

Interest-rate sensitive auto shares hardened on a view that interest rates will remain steady with inflation under control.

Mahindra&Mahindra gained 0.44 per cent to Rs 678.80, Maruti Udyog was up 1.40 per cent to Rs 848, Bajaj Auto rose 1.63 per cent to Rs 2330 and Tata Motors advanced 0.69 per cent to Rs 656.70.

Reliance Industries (RIL), the country's largest private sector company, slipped from day's high of Rs 1,838.90 and settled unchanged at Rs 1,801.30, on 10.63 lakh shares. Analysts say the government is likely to clear the price quoted by RIL for its gas from the Krishna-Godavari basin without seeking to control the price.

Information technology (IT) pivotals posted modest gains. Second biggest software services exporter Infosys rose 0.97 per cent to Rs 1918 on reports that it has signed a multi-year agreement with Canadian Pacific (CP) to provide modular global sourcing services.

India's biggest housing finance company HDFC rose 1.69 per cent to Rs 1,978 on reports that it has shortlisted three foreign firms for a stake in its insurance venture and will select one of them within 15 days. HDFC Chairman Deepak Parekh told shareholders last month that foreign firms were willing to pay a premium for the stake in the insurance company.

Battered real-estate stocks, the worst hit day-before-yesterday, gained for the second straight day today on bargain hunting. Unitech rose up 0.84 per cent to Rs 536.10, DLF advanced 2.22 per cent to Rs 599.70, Orbit Corporation soared 10.20 per cent to Rs 369.50 and Indiabulls Real Estate surged 4.59 per cent to Rs 536.

UNI