The market bounced back again after minor slide from higher level in early trade. Banking stocks edged higher. ICICI Bank soared. IT stocks firmed up. Market breadth was strong. 28 out of 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 12:20 IST, the 30-share BSE Sensex was up 270.75 points or 1.43% to 19,209.62. Sensex hit a low of 19,128.16 in mid-morning trade. At day's low, Sensex had gained 189.29 points for the day. The Sensex had 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 73.55 points or 1.31% to 5691.10. 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 0.70% to 8,442.34. The BSE Small-Cap index was up 0.66% to 10,443.93.

The market breadth was strong. On BSE, 1534 stocks advanced, 1065 stocks declined and 75 stocks remained unchanged.

The BSE Bankex was up 2.86% to 10,686.14. Indian Overseas Bank surged 5.96% to Rs 155.50, HDFC Bank soared 4.67% to Rs 1683, Oriental Bank of Commerce gained 2.46% to Rs 262.05, Kotak Mahindra Bank 2.22% to Rs 1135 and State Bank of India rose 1.42% to Rs 2284.

India's largest private sector bank by assets ICICI Bank gained 4.05% to Rs 1172.35.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.39% at Rs 2825.

Post-production firm Prime Focus gained 2.82% to Rs 1242 after the company said it was in advanced talks to buy US-based firms, Post Logic Studios and Frantic Films for $43 million.

Liquor firm Shaw Wallace & Company was up 0.78% to 408.50, off day's high of Rs 434 after its board approved merging the firm with group firm United Spirits. Shaw Wallace shareholders will get four United Spirits shares for every 17 held.

Offshore logistics firm Sical Logistics jumped 4.62% to Rs 237.70 on foreign investment promotion board's approval for Old Lane Mauritius IV's $26 million investment in Sical's new infrastructure unit, Sical Infra Assets.

India's largest public sector oil explorer ONGC gained 1.12% to Rs 1163.40. ONGC Videsh (OVL), the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has reportedly bagged two oil and gas exploration blocks in Brazil.

IT stocks edged higher. The BSE IT index was up 1.72% to 4,151.41. Wipro moved up 2.58% to Rs 461.05, Infosys Technologies gained 1.94% to Rs 1600, TCS rose 1.68% to Rs 992.10 and Satyam Computers 1.65% to Rs 431.95.

The BSE Metal index was up 1.71% to 17,267.35. Sterlite Industries jumped 4.33% to Rs 928.35, National Aluminium Company (Nalco) gained 3.71% to Rs 370.65, Hindustan Zinc rose 2.85% to Rs 798.40, Steel Authority of India (Sail) moved up 1.39% to Rs 255.10, Hindalco Industries rose 1.27% to Rs 186.70 and Tata Steel rose 0.76% to Rs 824.90.

Among side counters, IVP surged 20% to Rs 52.60, Munjal Auto soared 20% to Rs 103, Hitech Gears spurted 16.67% to Rs 133.65, Anant Raj Industries sprout 14% to Rs 362.50, Redington jumped 11.60% to Rs 406 and Delton Cable moved up 10% to Rs 184.50.

In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 2.06% to 4.65%. 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.

Powered byCapital Market - Live News