Markets advance as PM strongly defends N-deal

Mumbai, Aug 13: The Bombay Stock Exchange (BSE) Sensex today surged by 148.96 points to settle above the psychological barrier of 15,000 at 15,017.21 on steady buying momentum in index pivotals following the Prime Minister's strong defence of the US-Indo nuke deal in Parliament and positive cues from an life-time high Chinese market, firm Asian markets and stabilising US indices.

The market posted decent gains as buying continued throughout the day, except for an odd blip in early afternoon trade. It opened higher today on steady buying interest in index pivotals, tracking firm Asian markets that had opened earlier. All the sectoral indices on BSE posted gains, except BSE information technology (IT) index.

Besides, Prime Minister Manmohan Singh today defended the Indo-US civilian nuclear deal in Parliament.

On the other hand, the Chinese market has hit an all-time high and all European indices were trading higher,'' market analysts surmised.

Among the broader markets, the National Stock Exchange (NSE) S&P CNX Nifty also advanced by around 41 points to close in the green at 4,373.65 from its previous close of 4,333.35, after opening weaker at 4, 324.65 and moving between 4,383.80 and 4,324.65 during the day's session.

BSE data showed that the market breadth was strong as 1,915 shares advanced as compared to 807 that declined, while 47 remained unchanged. The total turnover here amounted to Rs 4,126 crore. Among the 30-member Sensex pack, 27 gained while only 3 of them declined.

The day's leaders included HUL, Tata Motors, Bajaj Auto, Maruti Udyog, Mahindra&Mahindra, NTPC, Infosys, RIL, Ambuja Cements, ACC and Grasim, while Satyam Computers and Wipro were the prominent laggards.

In Asia, the Chinese market hit an all-time high today led by bank and petrochemical shares. The benchmark Shanghai Composite Index touched its lifetime time high of 4,872.20. It was now up 1.49 per cent to 4,820.65 . Japan's Nikkei rose 0.21 per cent, Taiwan's Taiwan Weighted gained 0.09 per cent, Seoul Composite was up 1.14 per cent, Hang Seng advanced 0.45 and Straits Times rose 0.64 per cent.

US stocks settled mixed during the last trading session, after the Federal Reserve injected USD 38 billion into the banking system to calm markets torn by worries about evaporating credit. This is its biggest injection to the financial system since the 2001 terrorist attacks. The Dow Jones industrials ended with just a 31-point deficit at 13, 239.54. Broader stock indicators finished mixed. The Standard&Poor's 500 index edged up 0.55 points, or 0.04 per cent, to 1,453.64, and the Nasdaq Composite index fell 11.60, or 0.45 per cent, to 2,544.89.

Fast moving consumer goods (FMCG) giant Hindustan Unilever (HUL) soared 4 per cent to Rs 203.50 on 3.51 lakh shares. It was the top gainer from the Sensex pack. According to AC Nielsen's retail panel, HUL's market share in the instant coffee market rose from 40.7 per cent in March this year to 47.4 per cent in June. In fabric wash too, HUL's share in the June 2007 quarter went up to 37.8 per cent from 36.4 per cent in the preceding quarter. Also, HUL's share in shampoos has gone up from 46.9 per cent to 47.5 per cent.

IT pivotals were subdued as the Indian rupee strengthened against the US dollar. India's largest software services exporter TCS lost 1.13 per cent to Rs 1132.15 on 64,092 shares. It was the top loser from Sensex pack. Satyam Computers was also down 0.86 per cent to Rs 475.30 and Wipro slipped 0.16 per cent to Rs 479.50. However Infosys rose 0.14 per cent to Rs 1955. The rupee was hovering at 40.61 compared to its previous close of 40.6350/6450.

''Hit by an appreciating rupee and rising wage costs in the April-June 2007 quarter, most Indian software companies came out with results that disappointed investors,'' analysts said.

Reliance Industries, India's biggest private sector entity, rose 0.79 per cent to Rs 1,825 on 4.81 lakh shares. It moved in a range of Rs 1805.30 and Rs 1840. NTPC, India's biggest power generator, was up 1.97 per cent to Rs 168.05, while Dabur India rose 0.34 per cent to Rs 103. NTPC will replace Dabur India in S&P CNX Nifty from September 24.

Oil prices edged up above USD 71 a barrel today, as central bankers injected cash into jittery financial markets and fundamental support came from expectations of robust demand. US crude for September delivery rose 22 cents to USD 71.69 a barrel, dealers said.

UNI