The market opened with an upward gap, tracking firm global markets. Banking and metal stocks were in demand. HDFC Bank soared. Market breadth was strong. All 30 stocks from the Sensex pack were in green. Asian markets surged after comments on Wednesday, 28 November 2007, from US Federal Reserve officials raised the chances of another US rate cut in December 2007.
The market has been volatile over the past few days due to alternate bouts of buying and selling amid FII sales caused by redemption pressure in their home countries and fears of a US recession arising from US housing slump and credit crisis.
As 10:20 IST, the 30-share BSE Sensex was up 299.89 points or 1.58% to 19,238.76. The Sensex hit a high of 19,297.01 in early trade At day's high, the Sensex gained 358.14 points.
The broader based S&P; CNX Nifty was up 80.65 points or 1.44% to 5698.20. Nifty hit a high of 5725 in early trade. At day's high, Nifty had risen 107.45 points.
The BSE Mid-Cap index was up 1.21% to 8,484.82. The BSE Small-Cap index was up 1.30% to 10,510.35.
The market breadth was strong. On BSE, 1494 stocks advanced, 475 stocks declined and 40 stocks remained unchanged.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.17% at Rs 2819.
Indias largest private sector bank by assets ICICI Bank gained 2.86% to Rs 1159.
Indias second largest software exporter by sales Infosys Technologies gained 1.94% to Rs 1598.35.
HDFC Bank soared 5.03% to Rs 1688.75, Maruti Suzuki jumped 3.64% to Rs 1001.90, Satyam Computers moved up 2.13% to Rs 434 and Tata Motors rose 1.85% to Rs 733.80.
The BSE Bankex was up 2.38% to 10,636.54, the BSE Metal index gained 1.92% to 17,301.85, the BSE IT index was up 1.74% to 4,152.27, the BSE Oil & Gas index was up 1.43% to 12,088.24 and the BSE Realty index was up 1.32% to 10,201.70.
In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 1.56% to 4.1%. The Fed's next policy-setting meeting is scheduled for 11 December 2007.
US markets rallied overnight on expectations for an interest rate cut by the US Federal Reserve in December 2007. The Dow Jones industrial average jumped 331.01 points, or 2.55%, at 13,289.45 on Wednesday, 28 November 2007. The Standard & Poor's 500 Index was up 40.79 points, or 2.86% at 1,469.02. The Nasdaq Composite Index was up 82.11 points, or 3.18%, at 2,662.91.
Crude oil prices declined sharply for a second day in a row on Wednesday, 28 November 2007.
FIIs sold shares worth a net Rs 978.96 crore in the cash market on Wednesday, 28 November 2007, as per provisional data. Domestic funds bought shares worth a net Rs 331.82 crore on that day.
FII outflow in November 2007, till 27 November 2007, reached Rs 4422.30 crore. FIIs had made heavy purchases in September 2007 and October 2007. FIIs had bought shares worth a net Rs 16132.60 crore in September 2007 and Rs 20590.90 crore in October 2007.
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