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Friday, January 12, 2007

How Market Fared


Market snaps 5-day losing streak

The markets broke its five-day losing streak today as bulls were back on the bourses with vengeance. The markets rose, despite moderate quarterly earnings by Infosys. Initially the markets had a weak opening, as IT bellwether failed to provide any positive surprise. However, the markets rebounded exhibiting a sharp recovery as all round buying in scrips across the sectors lifted the benchmark BSE Sensex to hit an intra-day high of 13667.80 and NSE Nifty rising over 100 points in intra-day. All the key indices ended in green with heavy weights like HLL, RIL, R Com, Satyam Computer, Bharti Airtel and ACC leading from the front. However, GAIL, Zee Telefilms and HDFC were among the major losers in the Nifty 50. Finally, the BSE benchmark Sensex surged by 268 points to close above the 13600 level at 13630. NSE Nifty advanced 91 points to close at 3942.

Infosys gained momentum towards the end on back of fresh buying, the scrip gained by 0.9% to Rs2183 after the company registered modest 5.8% rise in Q3 at Rs9.83bn versus Rs9.29bn in previous quarter and Revenues for reporting quarter are up 5.9% sequentially at Rs36.55bn. The scrip touched an intra-day high of Rs2214 and a low of Rs2095 and recorded volumes of over 42,00,000 shares on NSE.

IFCI spurred nearly by 30% to Rs20 after the company sold its 7% stake for Rs7.8bn in the NSE to a group of investors led by NYSE Group. The scrip touched an intra-day high of Rs21 and a low of Rs16 and recorded volumes of over 23,00,00,000 shares on NSE.

Ashok Leyland paced ahead by 3.7% to Rs45 after the company announced that they have set up unit in UAE. The scrip touched an intra-day high of Rs46.90 and a low of Rs43 and recorded volumes of over 32,00,000 shares on NSE.

HDFC Bank edged lower 0.3% to Rs996. The Company announced its Q3 result with profit at Rs2.95bn (up 31.6%) and total income at Rs21.3bn (up 44%.4). The scrip touched an intra-day high of Rs1017 and a low of Rs981 and recorded volumes of over 10,00,000 shares on NSE.

FMCG stocks were in the limelight on back of sustained buying. Heavyweight HLL led from front, the scrip advanced 4.4% to Rs218, ITC surged by over 3.5% to Rs169, McDowell advanced 1.8% to Rs813 and Dabur was up 1.5% to Rs152.

Capital Good stocks were on the move. L&T gained 2% to Rs1439, Siemens was up 1.9% to Rs1068, Punj Lloyd surged 2.5% to Rs1019 and BHEL was up 0.35 to Rs2151.

The Aviation stocks were flying higher as crude oil prices fell under $54 per barrel. Air Deccan surged higher by over 7% to Rs155, Jet Airways rallied 7.5% to Rs679 and Spice Jet was up 1.5% to Rs55.

Cement stocks were up on back of value buying. ACC advanced 2.9% to Rs1048, Gujarat Ambuja gained 2.3% to Rs139, Grasim was up 0.5% to Rs2781 and Mangalam Cement added 1.4% to Rs227.

Telecom stocks were also in demand. Heavy weight Bharti Airtel spurred 3.7% to Rs636, R Com surged by over 5% to Rs427 after the Board of Directors of the company approved raising $1bn in overseas bond and MTNL added 3% to Rs160. However, VSNL slipped by 0.3% to Rs420.