Firm global markets boosted the domestic bourses with the Sensex hitting 20,000 level in early trade. Metal, power, banking, and auto stocks were in focus. Market breadth was strong. 27 out of 30 stocks from the Sensex pack were in the green. Asian markets, which opened before Indian markets, were in green.
The 30-share BSE Sensex rose 223 points or 1.12% to 19967.59. Sensex hit a high of 20,064.31 in early trade. At day's high, Sensex had gained 326.24 points.
Sensex had hit all-time high of 20,238.16 on 30 October 2007 but was not able to sustain at higher levels and it is yet to close above the physcological 20,000 level. The Sensexs all time closing high is 19,977.67 on 29 October 2007.
The BSE Mid-Cap index was up 1.42% to 9,181.37. The BSE Small-Cap index was up 1.99% to 11,496.24.
Market breadth was strong. On BSE, 1844 stocks advanced, 264 stocks declined and 33 stocks remained unchanged.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.18% to Rs 2937.
Indias largest private sector bank by assets ICICI Bank gained 1.88% to Rs 1183.50.
Indias second largest software exporter by sales rose 1.11% to Rs 1621.
NTPC gained 2.17% to Rs 249.45, ITC rose 1.77% to Rs 196, Mahindra & Mahindra rose 1.65% to Rs 786.50, HDFC Bank rose 1.63% to Rs 1755.70 and Ambuja Cements gained 1.46% to Rs 156.
Wipro fell 0.61% to Rs 495.95, Grasim Industries declined 0.56% to Rs 3775, and Bajaj Auto gave away 0.11% to Rs 2797.
Asian markets climbed today, 6 December 2007. Key indices in Hong Kong, Singapore Ssouth Korea, Taiwan and Japan were up by between 0.33% to 1.29%. However, Chinas Shanghai Composite fell 0.43%.
US markets surged on Wednesday, 5 December 2007, led by rally in large-cap tech and financial stocks. Data that showed that US companies added staff in November 2007 at the fastest pace in a year, and worker productivity rose at the strongest rate in four years in the third quarter, helped ease recession fears, which boosted the bourses. The Dow Jones industrial average jumped 196.23 points, or 1.48%, to 13,444.96. The S&P; 500 index gained 22.22 points, or 1.52%, to 1,485.01, while the Nasdaq Composite index advanced 46.53 points, or 1.78%, to 2,666.36.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth a net Rs 480.18 crore, while domestic institutional investors (DIIs) were net sellers of shares worth Rs 159.71 crore on Wednesday, 5 December 2007.
FIIs were net seller of index futures to the tune of Rs 202.73 crore while they were net buyers of index options worth Rs 65.82 crore on Wednesday. They were sellers of stock futures to the tune of Rs 1051.89 crore and sold stock options worth Rs 16.43 crore.
Oil prices fell for a third straight day in New York, hitting a six-week low, boosted by an unexpected surge in US stockpiles. Crude oil for January 2008 delivery dropped as much as 96 cents, or 1.1%, to $86.53 a barrel in after-hours electronic trading on the New York Mercantile Exchange.
European Central Bank and Bank of England meet today, 6 December 2007, seperately to consider interest rate. The US Federal Reserve will meet on 11 December 2007 to consider interest rates. Fed is likely to reduce Fed funds rate by 25 basis points to 4.25% as the country's economy is slowing down and money markets are strained. It has already cut the Fed funds rate two times in the last three months.
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