Sensex up by 64.88 points, closes at 25, 250.20

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{image-sensex, big_12062008.jpg}Mumbai, June 12: The key benchmark sensex of the Bombay Stock Exchange today ended in the green at 15,250.20 with a small gain of 64.88 points in a volatile session, marked by short covering by Foreign Institutional Investors and some local speculators.

The heavyweight stocks ended with modest gain on the back of sharp recovery in some sectors, shrugging off the 25 bps repo rate hike by RBI. The Market extended yesterday's gains as improved April 2008 industrial production data, firm European markets and higher US futures markets triggered rebound on domestic bourses after an earlier steep fall. Consumer durables stocks also rose. US futures markets were in green, indicating positive start of US markets later in the day. Dow Jones Industrial Average futures were up 46 points and Nasdaq 100 futures by 7.50 points.

It started badly this morning due to weak global cues and repo rate hike by RBI but the markets staged a sharp recovery in the second half of the session due to better than expected Index of Industrial Production (IIP) data.

The Sensex has recovered nearly 437 points from an intraday low of 14,747.99 and turned back above the 15000 mark in late trade. It closed at 15,250.20, up by 64.88 points or 0.43 per cent.

The sensitive index recorded the day's high at 15,270.85 and a low at 14,747.99 points.

The broader based S&P CNX Nifty index of NSE also rose 15.75 points and ended firm at 4,539.35 points compared to 4523.60 points on the earlier day. The Nifty slipped below 4400 mark in opening trade but managed to recover nearly 132 points from day's low. It was up 15.75 points or 0.35 pc to settle at 4539.35.

Turnover traded by the markets stood at Rs 72144.77 crore. This includes Rs 13596.9 crore from NSE Cash segment, Rs 52333.46 crore from NSE F&O and the balance Rs 6214.41 crore from BSE Cash segment.

The BSE clocked a turnover of Rs 6209 crore today as compared to a turnover of Rs 5,317.70 crore yesterday.

The BSE indices also saw gainers with OILS&GAS index rising by 142.70 points and closing firm at 9974.94, followed by METAL index by 107.84 points to 15,508.64, SML CAP index by 58.60 to 7525.90 points, MID CAP index by 32.78 to 6223.50 points, BANKEX index by 19.47 to 7037.89 points, PSU index by 18.48 points to 6521.69 points and REALTY index by 17.24 points to 5820.90 points.

The market breadth on the BSE turned positive in the second half of the session with 1,483 shares advancing as compared to 1,104 that declined and 85 remained unchanged. Among the 30 stocks from Sensex pack, 15 were trading in green.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.87 pc to Rs 2,279.70.

The stock recovered from intraday low of Rs 2185 after RIL Chairman Mukesh Ambani told the company's annual general meeting that RIL will pursue greenfield investment in polyester.

Consumer durables stocks rose in late trade. Rajesh Exports was up 13.84 pc to Rs 79.80, Videocon Industries by 2.49 pc to Rs 302.05 and Titan Industries by 0.81 pc to Rs 1,075.

Power stocks edged higher. Reliance Power was up by 2.06 pc to Rs 186.15 followed by Reliance Infrastructure by 2.4 pc to Rs 1,046.50, Tata Power Company by 1.05 pc to Rs 1,316.50 and Power Grid Corporation of India by 1 pc to Rs 86.15.

Mahindra&Mahindra was up by 0.24 pc to Rs 575.40, Tata Motors rose 0.35 pc to Rs 507.35 and Maruti Suzuki India went up 0.37 pc to Rs 736.35.

However, Indiabulls Real Estate was up 3.69 pc to Rs 394.95 and Unitch was up 2.6 pc to Rs 189.15.

Banking stocks recovered after initial sharp fall caused by RBI's repo rate hike. India's largest private sector bank by market capitalisation ICICI Bank rose 0.09 pc to Rs 742.30. The stock recovered from session's low of Rs 702.15. State Bank of India, India's biggest commercial bank, rose 2.31 pc to Rs 1,339.70. The stock came off session's low of Rs 1252.30.

Banks are set to raise interest rates following the repo rate hike by RBI. State Bank of India chairman O.P. Bhatt said the bank will review its interest rates on June 13.

India's largest dedicated housing finance firm by operating income HDFC declined 0.69 pc to Rs 2,171.95. The stock recovered from session's low of Rs 2,001. HDFC chairman Deepak Parekh today said HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.

Tata Steel rose by 2.35 pc to Rs 856.85 followed by Wipro by 2.11 pc to Rs 483.10, Jaiprakash Associates by 1.67 pc to Rs 186.20, Bharti Airtel by 1.61 pc to Rs 819.90, Grasim Industries by 0.83 pc to Rs 2,210.35.

Everonn Systems India rose 3.01 pc to Rs 587 after it received letter of intent from School Education Department, Government of Andhra Pradesh for implementation of computer aided learning in 405 High Schools in the state.

ABG Shipyard rose 6.81 pc to Rs 444 after it got order from Marnavi Spa, Italy, for building anchor handling vessel. The value of the contract is Rs 127 crore.

But a few heavyweight stocks suffered a setback on profit booking as India's largest motorbike maker by sales Hero Honda Motor declined 0.29 pc to Rs 806.70.

Realty stocks were mixed. DLF was down 2.64 pc to Rs 497.70, Housing Development and Infrastructure came down 1.48 pc to Rs 568.30.

Ranbaxy Laboratories declined by 3.08 pc to Rs 543.50, Ambuja Cements came down 2.61 pc to Rs 85.90, Infosys eased 0.89 pc to Rs 1,877.55), Cipla eased 0.57 pc to Rs 217.

Karnataka Bank declined 3.86 pc to Rs 178. The bank's board approved a rights issue in the ratio of 1 equity share for every 5 equity shares, held at a price of Rs 100 per share.


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