The market came off lower level in early afternoon trade. Reliance Industries held firm following brokerage upgrade. Hindalco surged. State Bank of India and Maruti Udyog came off lower level. European markets started on a positive note. Asian markets were mixed.
At 13:20 IST, Sensex was up 122.94 points or 0.63 % to 19,713.72. Sensex hit a high of 19919.34 in mid-morning trade. At day's high of 19919.34, Sensex had risen 328.56 points. Sensex hit a low of 19604 in early afternoon trade. At day's low of 19,604, Sensex was up 13.22 points.
The broader based S&P; CNX Nifty was up 16.5 points or 0.28% to 5863.80.
The market breadth was positive on BSE: 1493 scrips advanced as compared to 1128 that declined while 73 remained unchanged. The breadth was much stronger earlier during the day. 19 of the 30 Sensex stocks were trading with gains.
The BSE Mid-Cap index was up 74.38 points, or, 0.92% to 8,150.19, while the BSE Small-Cap was up 77.74 points, or, 0.79% to 9,924.76.
Indias most valuable firm Reliance Industries rose 1.59% to Rs 2706 after Morgan Stanley raised the price target on the stock by 25% to 3,150 and its earnings forecast by 4% for the year ending 31 March 2008. The key reasons for the upgrade were news flows on exploration and production business, including pricing contracts being signed, retail business being executed ahead of expectations and higher global refining and petrochemical margins.
Telecom and banking pivotals came under selling pressure. Bharti Airtel was down 2.57% to Rs 918.90 and Reliance Communications was down 0.81% to Rs 773.50. Reliance Communication said on Monday, 5 November 2007, it has tied up with Microsoft to offer Internet protocol television services.
State Bank of India was down 0.16% to Rs 2236.60, off session's low of Rs 2210.
ICICI Bank was down 0.93% to Rs 1259, off session's high of Rs 1298.
Power sector and capital goods stocks were in demand. Neyveli Lignite soared 17.94% to Rs 173.90, Tata Power was up 3.54% to Rs 1414.20 and NTPC was up 4.05% to Rs 246.40. In capital goods segment, Larsen & Toubro rose 0.95% to Rs 4328.05 and Bharat Heavy Electrical (Bhel) was up 1.87% to Rs 2713.
Oil and Natural Gas Corp (ONGC) was up 1.57% to Rs 1319.65 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.
Bajaj Auto, India's No. 2 motorbike maker by sales, rose 1.67% to Rs 2435 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.
ANG Auto jumped 20%, the maximum daily limit, to Rs 154.85 after it said its board would meet on 12 November 2007 to consider buyback of shares up to 25% of its paid-up capital and free reserves.
Diamond Power Infrastructure, earlier known as Diamond Cables, soared 8.2% to Rs 367.80 after it said Clearwater Capital and GE Capital would invest in the company. Cleawater would invest Rs 160 crore and GE Capital Rs 68 crore.
Four hospitality stocks - Taj GVK Hotels, EIH Associated Hotels, Viceroy Hotels and Indian Hotels - were up between 2% to 14% on reports that the government was considering a proposal to offer five-year tax breaks to five-star, three-star, two-star and budget hotels.
Real estate firm Unitech was up 0.61% to Rs 388.50 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.
Biotech firm Biocon rose 1.62% to Rs 571.95 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.
GMR Infrastructure was up 6.03% to Rs 202.50, Cairn India was up 1.85% to Rs 225.55, DLF rose 2.29% to Rs 936, HCl Technologies up 0.54 to Rs 308.85, NTPC was up 3.72% to Rs 249.05, Reliance Natural Resources rose 4.73% to Rs 187, Sterlite Industries was up 4..74% to Rs 1040 and United Spirits was up 0.64% to Rs 1890. These stocks have been included in the MSCI India index as part of a semi-annual rejug. The change is effective 30 November 2007. Stocks earmarked to be added to the MSCI indexes tend to rise as funds tracking these indexes will have to buy them.
Mahindra & Mahindra, India's largest tractor and utility vehicle maker by revenue, moved up 0.84% to Rs 749.10 on reports that it has put in the highest bid of 105 million pounds to take over Italian gear maker Metalcastello.
Brokerage house Motilal Oswal Financial Services rose 0.41% to Rs 1210 after credit rating agency CRISIL assigned "P1+" rating to its short term debt programme to raise Rs 50 crore.
Fiber optics cables maker Sterlite Optical Technologies surged 4.28% to Rs 313.10 on bagging a Rs 143 crore order from BSNL for supply of copper telecom cables.
Infrastructure development firm Pratibha Industries surged 6.56% to Rs 268.10 on securing an order for designing and constructing storm water pumping station at Irla, Andheri West, Mumbai from Municipal Corporation of Greater Mumbai.
Asian markets were mixed today. Hang Seng was up 1.07% at 29,253.32, Nikkei was down 0.12% at 16,249.63, Taiwan's Taiwan Weighted was down 0.17% at 9,292.80, Singapore's Straits Times was up 0.32% at 3,682.06 and South Korea's Seoul Composite was up 1.91% at 2,054.24.
US stocks crumbled on Monday, 5 November 2007, after Citigroup warned of billions of dollars in loan losses, reigniting fears about the health of financial firms and the broader US economy. Dow Jones Industrial Average lost 51.70 points or 0.38% to 13,543.40. The tech-laden Nasdaq Composite index lost 15.20 points or 0.54% to 2,795.18.
Yesterday, 5 November 2007, the Sensex lost 385.45 points or 1.93% to 19,590.78. The broader based S&P; CNX Nifty was down 85.1 points or 1.43% to 5,847.30.
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