The market surged today as software shares spurted ahead of Q3 December 2007 earnings reporting season. Strong global cues also boosted the sentiments. Bharti Airtel spurted. Reliance Industries edged higher. Reliance Energy hit all time high. The market breadth was strong. 27 out of 30 stock from the Sensex pack were in green.
A stronger-than-expected US consumer spending calmed fears the world's top economy was heading into a recession. The market also cheered a comfortable victory for Bharatiya Janata Party (BJP) in the Gujarat state election, as it helped lessen worries that the ruling Congress party could call an early national election.
In a spectacular victory, the Bhartiya Janta Party (BJP) got an absolute majority in the Gujarat assembly elections capturing power for the fourth straight time propelled by Chief Minister Narendra Modi who gets a third term in office. The BJP got 117 seats, just five short of a two-thirds majority in a house of 182. The Congress, whose earlier tally was 51, got 62 seats marginally improving its position over 2002 elections. Others have got three seats.
The FTSE 100 index in UK was up 0.29%. Asian markets, which opened before Indian market, were firm.
The 30-share BSE Sensex provisionally ended up 688.51 points or 3.59% to 19,851.08. Sensex hit a high of 19,879. At days high, the Sensex gained of 716.43 points.
The broader CNX S&P; Nifty provisionally ended up 217.90 points or 3.78% to 5984.40.
The BSE Mid-Cap index rose 2.03% to 9,208.82. The BSE Small-Cap index climbed 1.34% to 11,971.11.
The market breadth was strong. On BSE, 1948 shares advanced as compared to 942 that declined. 42 shares were unchanged.
BSE clocked a turnover of Rs 5657 crore, compared to Thursday (20 December 2007)'s Rs 6,259.25 crore.
Indias largest private sector firm by market capitalization & oil refiner Reliance Industries rose 2.41% to Rs 2780.05, off days low of Rs 2714.
Indias largest private sector bank by assets ICICI Bank rose 4.58% to Rs 1210. Recently, CLSA gave a buy rating on the stock with a price target of Rs 1,400.
Indias second largest software exporter by sales Infosys Technologies soared 6.81% to Rs 1814.
Wipro surged 9.19% to Rs 536.95, Satyam Computers spurted 6.29% to Rs 454.60, Bharti Airtel jumped 5.40% to Rs 964, Housing Development Finance Corporation rose 6.10% to Rs 2891.10 and Reliance Energy rose 6.30% to Rs 2062.
Asian stocks edged higher today, 19 December 2007, tracking overnight gain in US stocks. Key benchmark indices in Hong Kong, Japan, Singapore, Taiwan and China were up by between 1.07% to 2.60%.
US markets ended higher on Friday, 21 December 2007, led by technology and energy stocks. The Dow Jones Industrial Average gained 205 points at 13451. The Nasdaq Composite index advanced 51 points to 2692, and the S&P; 500 index rose 24 points at 1484.
Crude oil for February delivery traded 9 cents lower at $93.22 a barrel in New York Mercantile Exchange electronic trading.
The market regulator Securities & Exchange Board of India (Sebi) on Thursday, 20 December 2007, cleared proposal to allow short selling by institutional investors. In order to provide a mechanism for borrowing of securities to enable settlement of securities sold short, it has also been decided to put in place a full-fledged securities lending and borrowing (SLB) scheme for all market participants in the Indian securities market, Sebi said.
Naked short selling will not be permitted in the Indian securities market and accordingly, all investors would be required to mandatorily honour their obligation of delivering the securities at the time of settlement, Sebi said.
Annual inflation, based on the wholesale price index (WPI), rose 3.65% in the week ended 8 December 2007, lower than previous week's 3.75% rise, data released by the government during trading hours on Thursday, 20 December 2007 showed.
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