Positive global cues and some hectic buying in large-caps assisted the Indian market breach five-day losing streak. The indices spurted in the initial trade but profit booking at higher levels pulled the market in the afternoon trade. But relentless buying in the large-caps in the last hour of trade led the indices end on a firm note. 23 out of 30 stocks from the Sensex pack gained.
The market breadth, which was positive in early trade, turned extremely weak as small and mid-cap shares came under selling pressure. European markets, which opened after Indian markets, were trading in the red. Asian markets, which opened before Indian markets, were trading on a mixed note.
As per provisional closing, the 30-share BSE Sensex was up 415.71 points or 2.50% at 17,023.72. Sensex gained 533.05 points at the day's high of 17,141.06, hit in the mid-morning trade.
The broader CNX S&P; Nifty rose 114 points or 2.36% at 4,952.25.
The BSE Mid-Cap index rose 0.78% at 7,113.55, while the BSE Small-Cap slipped 0.81% at 9,099.04.
The market breadth was extremely weak: On BSE 798 stocks advanced as compared to 1909 that declined. 34 stocks remained unchanged.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 3.82% at Rs 2413. The company said it has discovered gas in a deepwater block in the Krishna basin. The block KG-DWN-2003/1 covers an area of 3,288 square kilometres. RIL holds 90% participating interest (PI) and Hardy Exploration and Production India Inc holds balance 10% in the block.
Indias largest private sector bank by assets ICICI Bank rose 4.35% to Rs 1110.
India's largest engineering and construction firm by revenue Larsen & Toubro rose 0.18% to Rs 3275.
Anil Dhirubhai Ambani Group firm Reliance Power fell 1.14% to Rs 350.50 on volume of 1.51 crore shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.
Among the Sensex gainers, Tata Steel spurted 6.85% to Rs 759.90, ITC soared 6.71% to Rs 197.20, Bharat Heavy Electricals jumped 5.75% to Rs 1986, HDFC Bank moved up 4.65% to Rs 1464 and Housing Development Finance Corporation flared up 4.25% to Rs 2733.90.
Among the Sensex losers, Cipla slipped 3.94% to Rs 179, Wipro skid 3.26% to Rs 409.90, Bajaj Auto shed 2.77% to Rs 2005, Reliance Communication gave away 2.55% to Rs 561 and Hindalco Industries fell 0.59% to Rs 151.
In Europe, key indices in UK, France and Germany were down by 0.29% to 0.69 %.
Asian markets were trading mixed. Most of the Asian indices were higher in early trade. Key indices in Hong Kong, Japan, and Singapore were up by 0.80% to 1.08%. However, indices in China, Taiwan and South Korea were down by 0.04% to 2.37%.
US markets edged higher on Tuesday, 12 February 2008, as blue chip shares rallied after billionaire investor Warren Buffett offered to insure about $800 million in tax-exempt bonds and major banks announced a new plan that they say will help homeowners avoid foreclosures. The Dow Jones industrial average advanced 133.4 points, or 1.1%, to 12,373.41, paring an advance of as much as 229 points. The S&P; 500 rose 9.73 points, or 0.7%, to 1,348.86. The Nasdaq Composite index finished unchanged at 2,320.04.
India's industrial output rose 7.6% in December 2007 from a year earlier, accelerating from the previous month's downwardly revised 5.1%, helped by stronger manufacturing, government data released yesterday, 12 February 2008 showed.
The Central Board of Direct Taxes (CBDT) has proposed several measures that are expected to have far-reaching implications for the capital market.
In its pre-Budget proposals to the finance ministry, CBDT has sought an amendment to Section 115 AD of the Income Tax Act so that all foreign institutional investors (FIIs) pay capital gains tax on their profits in India.
At present, the gains made by some FIIs are treated as business income and are not taxable on the grounds that these institutions do not have permanent establishments in India.
Powered byCapital Market - Live News