The market was range-bound in the afternoon trade. Consumer durables stocks edged higher. Second line healthcare stocks declined. Market breadth was positive. 27 out of 30 stocks from the Sensex pack were in green.
European markets, which opened after Indian market, were in green. Asian markets, which opened before Indian market, 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 14:20 IST, the 30-share BSE Sensex was up 268 points or 1.42% to 19,206.87. 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 76.60 points or 1.36% to 5694.15. 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 0.56% to 8,430.04. The BSE Small-Cap index was up 0.50% to 10,426.66.
The market breadth was positive. On BSE, 1457 stocks advanced, 1283 stocks declined and 79 stocks remained unchanged.
The Consumer Durables index was up 3.52% to 5,386.48. Videocon Industries soared 11.78% to Rs 446.10, Gitanjali Gems rose 2.34% to Rs 401.65, Rajesh Exports gained 2.22% to Rs 861.95 and Blue Star rose 1.15% to Rs 440.
The BSE Healthcare was steady at 3,824.67. Sterling Biotech fell 2.56% to Rs 158.05, Wockhardt fell 1.01% to Rs 391.10, Opto Circuit fell 1.50% to Rs 446, Fortis Healthcare declined 1.85% to Rs 79.80 and Matrix Laboratories fell 1.62% to Rs 218.70.
The BSE Bankex was up 2.91% to Rs 10,691.96. Indian Overseas Bank jumped 6.34% to Rs 156.05, HDFC Bank gained 4.05% to Rs 1673, State Bank of India gained 2.05% to Rs 2298.15 and Kotak Mahindra Bank rose 1.95% to Rs 1132.
Indias largest private sector bank by assets ICICI Bank rose 3.59% to Rs 1167.25.
The BSE IT index was up 1.34% to 4,136.11. HCL Technologies jumped 3.14% to Rs 313.05, Wipro gained 2.24% to Rs 459.50, i-flex Technologies jumped 1.34% to Rs 1520, TCS gained 1.20% to Rs 987.50, Satyam Computer Services rose 0.72% to Rs 428.75 and Infosys Technologies rose 0.73% to Rs 1581.05.
Among the side counters, Indo Asian Fusegear surged 20% to Rs 148, Videocon Appliances spurted 20% to Rs 32.55, Netlinx soared 18.74% to Rs 25.35, Visa Steel soared 14.04% to Rs 42.65, IL&FS; Investsmart jumped 13.08% to Rs 289.35 and Whirlpool rose 11.47% to Rs 47.15.
In Europe, key indices in UK, and France and Germany were up by between 0.33% to 0.93%.
In Asia, key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan were up by between 2.06% to 4.27%. 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