The market spurted in early afternoon trade building on earlier gains, led by sudden spurt in metal and IT stocks. Consumer durables stocks were in demand. Robust Q2 GDP growth data which was released by the government at about 11:00 IST today, boosted the sentiments. Metal stocks soared. Cement stocks moved up. Capital goods stocks were steady. ICICI Bank firmed up. Market breadth was strong. 28 out of 30 stocks from the Sensex pack were in green. Key Asian markets, except China, were in positive territory.
The wholesale price index rose 3.21% in the 12 months to 17 November 2007, above the previous week's rise of 3.01%, government data released today, 30 November 2007, afternoon showed. The annual inflation rate was 5.56% during the corresponding week of the previous year.
The gross domestic product (GDP) rose 8.9% in the second quarter ended 30 September 2007, which was below a robust 9.3% growth recorded in the first quarter ended June 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.
At 12:20 IST, the 30-share BSE Sensex was up 371.23 points or 1.95% to 19,374.49. The Sensex hit a high of 19,374.52 in early afternoon trade. At days high, the Sensex gained 371.26 points.
The broader based S&P; CNX Nifty was up 137.85 points or 2.45% to 5772.45.
The BSE Mid-Cap index was up 1.94% to 8,524.79. The BSE Small-Cap index was up 1.15% to 10,509.68.
Market breadth was strong. 1723 stocks advanced, 922 stocks declined and 68 stocks remained unchanged on BSE.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.18% to Rs 2851.60.
India's second largest software exporter by sales Infosys Technologies gained 3.21% to Rs 1617.90. The company expects to maintain margins in coming quarters and the US subprime crisis had not hit IT spending by US clients, T. V. Mohandas Pai, Infosys' director for human resources said on Thursday, 29 November 2007. He further said Infosys has successfully coped with the appreciation of the rupee against the dollar.
The BSE IT index was up 2.37% to 4,182.39. Financial Technologies rose 4.66% to Rs 2440, TCS rose 2.69% to Rs 1003, Satyam Computers gained 1.54% to Rs 432.15, and Wipro rose 1.03% to Rs 455.15.
Indias largest cellular service provider by market share Bharti Airtel gained 2.66% to Rs 940.
Indias second largest telecomm service provider by sales Reliance Communications rose 1.95% to Rs 679.50 on reports that the company plans to place an order for 70 million GSM lines which could be valued at up to $5.6 billion. The order is likely to be placed sometime next year, the report added.
India's top tractor maker by sales Mahindra & Mahindra rose 2.33% to Rs 737, off day's low of 725.10.
India's largest private sector bank by assets ICICI Bank rose 1.66% to Rs 1181.55, off day's low of Rs 1145.
The BSE Consumer Durables index was up 2.27% to 5,409.93. Videocon Industries soared 5.51% to Rs 443.50, Gitanjali Gems rose 2.74% to Rs 414.85, Titan Industries moved up 1.95% to Rs 1496.45 and Lloyd Electric rose 1.74% to Rs 170.
The BSE Metal index jumped 4.15% to 17,572.75. Copper makers, Hindalco gained 3.37% to Rs 187 and Sterlite Industries jumped 9.56% to Rs 1006.35 after copper prices hit a two-week high on the London Metal Exchange on Thursday, 29 November 2007, on hopes that lower US interest rates would help boost economic growth as well as demand for industrial metals.
Sesa Goa moved up 5.40% to Rs 3445, Maharashtra Seamless moved up 3.51% to Rs 510, Steel Authority of India (Sail) rose 2.22% to Rs 256, and National Aliminium Company (Nalco) rose 1.08% to Rs 365.
Indias largest steel firm by sales Tata Steel 1.73% to Rs 816 after the company said it has signed an agreement with Riversdale Mining to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.
Cement stocks were in demand. ACC rose 1.83% to Rs 1089, Grasim Industries rose 1.30% to Rs 3745, Ambuja Cements rose 0.46% to Rs 152, J K Cements spurted 7% to Rs 235.10 and JK Lakshmi Cement jumped 4.39% to Rs 195.
The BSE Capital Goods index was up 0.78% to 19,561.42. Larsen & Toubro gained 0.55% to Rs 4115.50 and Jaiprakash Associates gained 0.40% to Rs 1816. Bharat Heavy Electricals fell 0.18% to Rs 2682 and Thermax declined 1.35% to Rs 821.10.
Asian stocks extended gains on Friday, 30 November 2007, after comments on Thursday, 29 November 2007, by Federal Reserve Chairman Ben Bernanke reinforced expectations that the US central bank was willing to lower interest rates again at the 11 December 2007 meeting. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were up by between 0.60% to 1.65%. But Chinas Shanghai Composite index was down 2.21%.
US stocks ended nearly flat on Thursday, 29 November 2007 and the dollar stayed off its record lows against the euro.
Nifty futures saw a healthy rollover of 76% to December 2007 series from November 2007 series when the November 2007 derivatives contracts expired on Thursday, 29 November 2007. The overall rollover in the futures & options segment was about 72% to 75%.
As per provisional data, FIIs sold shares worth a net Rs 1112.96 crore in the spot market on Thursday, 29 November 2007. Domestic institutions bought shares worth a net Rs 606.25 crore on that day.
Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,693.39 crore in the futures & options segment on Thursday, 29 November 2007. FIIs were net buyers of index futures to the tune of Rs 1,575.15 crore and bought index options worth Rs 717.42 crore. They were net buyers of stock futures to the tune of Rs 402.43 crore and sold stock options worth Rs 1.61 crore.
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