http://economictimes.indiatimes.com/
Trusts can now hit Dalal Street
Gujarat Inc rides the Modi wave
Sensex gets into Christmas spirit, raises a 691-pt toast
Temasek leads 'PE'cking order
SBI merger plan hits fast track
PVR to invest Rs 100 cr in movie production
NSDL wants probe on stock transfers
Merrill deal boosts Wall Street
Vijaya Bank to raise Rs 200 crore: Bankers
Banks second only to oil cos in filling up taxman's vault
Merrill to get $6.2 bn cash infusion from Temasek, US asset manager
BOC India in deal to develop Hyderabad land
Aban Offshore gets Chevron Offshore contract
IFFCO to invest $100 mn in Senegal's ICS
Reliance Entertainment to sell 5%, eyes movie business
Pyramid Saimira to digitise Malaysian movie theatres
Chandrayaan-I estimated to cost Rs 400 crore
Short selling clearance surprises CSE veterans
Sub-brokers require SEBI approval for change in affiliation
Investor wealth soars by Rs 1.97 lakh cr
Wipro catapults over 7% on Capgemini bid reports
2007: An extraordinary year for fund flows
IRDA asks life cos to focus on renewal of existing policies
Insurance sector to touch Rs 2,00,000 cr by 2010: Assocham
PSUs to hold hands even after golden handshake
Oberois own three of world's top hotels
If projected as PM of India in next general elections, will rest of the country also support Modi?
ET Features
Investor's Guide
Why should you invest in mid-cap stocks?
Out-of-the-box success
Hot and sizzling calendars of 2008
Oberois own three of world's top hotels
Source: http://economictimes.indiatimes.com/ . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
24 December 2007
Myiris, Moneycontrol Updates
Myiris.com
Brokers`Outlook: Market may open positive on Wednesday
Wrap up: Market winds up on a merry note
Satyam to set up new Center of Excellence at Hyderabad
Govt. approves 19 FDI of Rs 7.29 bn
Spanco Telesystems bags eSeva contract from EDS
Dishman is excellent investment opportunity: Emkay Research
Pidilite gets HC nod for scheme of demerger
Alpa Lab enters into pact with Wockhardt
Info Edge mulls raising FII limit
Petron Engg. bags Rs 96 mn orders from Madras Cements
DCW on expansion spree
Triton Corp board approves stock split
Nagarjuna Construction bags contract worth Rs 5700 mn
Orient Global to pick up 6.48% in India Infolline
Gujarat Apollo to disinvest 49% in JV
Merrill Lynch eyes 20% stake in Sharekhan
MRF likely to get 500 acres for proposed Tamil Nadu plant
LT Overseas buys US rice firm Kusha
GAIL to issue bonus shares
JSW Steel may ink pact with German railroad operator
------------------------------------
Moneycontrol.com
Gujarat Polls, IT stocks spread X'mas cheer in mkts
Liquidity to continue into India: ABN Amro AMC
Guj Poll Impact: State based cos' shares shine
Finquest's top midcap picks
7 important reasons to invest in SIPs
Mkts to see higher levels: Experts
Short selling may be in place in 6 mths: Emkay Shares
Market cues: F&O Open Interest up by Rs 443 cr
Manjushree Extrusions IPO opens on Jan 7
KNR Constructions to enter capital market
Delhi HC not to grant stay on crossover spectrum allotment
Funds to be used to expand broking biz: India Info
RBI draft note asks banks to cut ATM use charges
World's largest fund to be launched soon!
IFC may pick 18-20% stake in Meghmani Fine Chem: Sources
KS Oils can double, says Chakrabarty
Kinetic Engg gains 13% on fund raising plan
Source: Above sites. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Brokers`Outlook: Market may open positive on Wednesday
Wrap up: Market winds up on a merry note
Satyam to set up new Center of Excellence at Hyderabad
Govt. approves 19 FDI of Rs 7.29 bn
Spanco Telesystems bags eSeva contract from EDS
Dishman is excellent investment opportunity: Emkay Research
Pidilite gets HC nod for scheme of demerger
Alpa Lab enters into pact with Wockhardt
Info Edge mulls raising FII limit
Petron Engg. bags Rs 96 mn orders from Madras Cements
DCW on expansion spree
Triton Corp board approves stock split
Nagarjuna Construction bags contract worth Rs 5700 mn
Orient Global to pick up 6.48% in India Infolline
Gujarat Apollo to disinvest 49% in JV
Merrill Lynch eyes 20% stake in Sharekhan
MRF likely to get 500 acres for proposed Tamil Nadu plant
LT Overseas buys US rice firm Kusha
GAIL to issue bonus shares
JSW Steel may ink pact with German railroad operator
------------------------------------
Moneycontrol.com
Gujarat Polls, IT stocks spread X'mas cheer in mkts
Liquidity to continue into India: ABN Amro AMC
Guj Poll Impact: State based cos' shares shine
Finquest's top midcap picks
7 important reasons to invest in SIPs
Mkts to see higher levels: Experts
Short selling may be in place in 6 mths: Emkay Shares
Market cues: F&O Open Interest up by Rs 443 cr
Manjushree Extrusions IPO opens on Jan 7
KNR Constructions to enter capital market
Delhi HC not to grant stay on crossover spectrum allotment
Funds to be used to expand broking biz: India Info
RBI draft note asks banks to cut ATM use charges
World's largest fund to be launched soon!
IFC may pick 18-20% stake in Meghmani Fine Chem: Sources
KS Oils can double, says Chakrabarty
Kinetic Engg gains 13% on fund raising plan
Source: Above sites. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Trusts get nod to invest in stock markets : Rediff
Trusts get nod to invest in stock markets
The government on Monday allowed all trusts to invest in securities, including shares and bonds of listed companies, a move that would further boost the booming market.
For this purpose, an amendment in the Indian Trusts Act, 1982 will be moved in Parliament in the next session to enable the government notify a class of securities as eligible for investment by trusts, said a government statement issued after the meeting of the Union Cabinet in New Delhi.
A Finance Ministry official told PTI that after the amendment to the Act, the government would allow all trusts set up under the Act, which include private and public trusts like educational trusts, to invest in shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities.
Analysts said the measure could release thousands of crores of surplus funds, presently invested in risk-free bank deposits, into the stock markets.Earlier, the government used to allow trusts to invest in securities on a case by case basis. This practice would now be done away with, the official said.
As per the Indian Trusts Act, the trusts are already allowed to invest in units issued by the Unit Trust of India (UTI) under any unit scheme.Referring to the Securities Contract Regulations Act, 1956, the official said option in securities would also allow trusts to purchase or sell securities in future including put and call in securities.
Source: www.rediff.com. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
The government on Monday allowed all trusts to invest in securities, including shares and bonds of listed companies, a move that would further boost the booming market.
For this purpose, an amendment in the Indian Trusts Act, 1982 will be moved in Parliament in the next session to enable the government notify a class of securities as eligible for investment by trusts, said a government statement issued after the meeting of the Union Cabinet in New Delhi.
A Finance Ministry official told PTI that after the amendment to the Act, the government would allow all trusts set up under the Act, which include private and public trusts like educational trusts, to invest in shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities.
Analysts said the measure could release thousands of crores of surplus funds, presently invested in risk-free bank deposits, into the stock markets.Earlier, the government used to allow trusts to invest in securities on a case by case basis. This practice would now be done away with, the official said.
As per the Indian Trusts Act, the trusts are already allowed to invest in units issued by the Unit Trust of India (UTI) under any unit scheme.Referring to the Securities Contract Regulations Act, 1956, the official said option in securities would also allow trusts to purchase or sell securities in future including put and call in securities.
Source: www.rediff.com. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Forecast for the economy and markets in 2008 : Rediff.com
Forecast for the economy & markets in 2008
Since this is my last piece this year I thought I would write about the forecasts I have made for the global economy and financial markets for 2008. There is an important caveat, of course. The global macroeconomic and financial environment remains terribly volatile and a number of these predictions could go wrong.
Let me get to the forecasts. The jury appears to be still out on whether the US is headed for a recession next year (going by the textbook, a situation in which GDP growth turns negative for two successive quarters) or whether swift action by the US Federal Reserve is likely to prevent such a situation. US consumption data like retail numbers occasionally surprise positively and US inflation is far from dead. However, despite this bit of fuzziness I remain somewhat sanguine about the following trends.
Whether it qualifies technically as recession or not, the US is likely to see a marked slowdown at least in the first half of 2008, which could last well into the second half of the year. Besides, despite central banks' best efforts, it will take a while for American and European banks to resume lending to each other and to even slightly risky borrowers. Thus, I see the credit squeeze in the US and Europe continuing and perhaps even getting worse in the near term.
The US slowdown is likely to have knock-on effects on the global economy and world GDP growth is likely to moderate. More specifically the result of sharp currency appreciation, harder interest rates and a credit squeeze will begin to take a toll on euro-zone growth. The UK is well into a cyclical downturn. As I have argued in earlier columns, I think it is impossible for Asian economies to remain immune to a downturn in the developed economies and growth rates will soften in this region as well. I honestly don't know much about Latin America but I think it is sensible to assume that what applies to Asia applies to these economies as well.
Global energy and food prices are likely to remain elevated in the first quarter but are likely to dip subsequently as demand compression on the back of slowing world demand begins to reflect in prices. I am, for example, convinced that concerns about fresh oil supplies and oil peaks notwithstanding, slower global growth is fundamentally incompatible with oil prices at over ninety dollars a barrel.
The same logic might just apply to other assets including stocks. If indeed the signs of global slowdown become more acute, large investors might begin to dump equities and hold on to safer assets like treasury bonds. If there is growing aversion to equities as an asset class, Asian markets (including Indian stock markets) will also take a hit. The slide in stock prices will not be due to risk-aversion alone. If global growth slows, the slowing down will begin to impact the top line and bottom line growth of companies across economies. That in turn will buttress the negative sentiment towards risky assets. The bottom line: be prepared for a "correction" in the Indian stock market next year.
There is a potential offset. The US Fed is likely to follow a policy of phased quarter percentage point cuts in its target interest rate - I expect the American central bank to cut the Fed funds rate thrice next year. Thus while inflation risks will weigh on the Fed's mind, I expect growth concerns to dominate and spur the Fed to cut rates some more. I expect the European Central Bank to hold interest rates until the second half and then start cutting signal rates. My bank's research team has forecast two rate cuts next year, possibly in the second half. The Bank of England is likely to be swifter with two quarter percentage point cuts in the first half of 2008. We also expect more direct liquidity both through unilateral cash infusion by central banks and perhaps through more co-ordinated intervention.
The question is: what happens to all this liquidity when central banks turn on their cash spigots? If investors remain terribly risk-averse, a lot of it would go into low-risk government bonds. US treasury bond prices will continue to move up and yields will decline as this process continues. Besides, if US assets keep getting cheaper and cheaper, investors will sniff a bargain and start buying these assets. In fact, some of the bigger funds have already started picking up chunks of the American financial industry where valuations have hit rock-bottom. Asian sovereign investment funds, for instance, are bailing out cash-strapped American banks, picking up significant equity stakes in the process.
Finally, there is also a chance that some of the money will start finding its way into emerging financial markets where growth rates, at least in relative terms, will remain high in comparison with the rest of the world. What happens then? My prediction is that emerging markets including India are likely to get buffeted by the crosswinds of rising global liquidity and cheaper interest rates, on one side, and concerns about slowing growth, on the other. This means two things. Our stock markets will remain volatile for a while to come and sharp upswings could be followed by a quick downturn. Ditto for the currency markets. The interplay of these opposing forces also means that these markets will be stuck in a range. Thus I do not see the possibility of prolonged phases of decline, nor do I see the prospect of an untrammelled bull run.
What will take the markets out of the doldrums? Since the problems of the US economy lie at the heart of all the problems, it will take some clarity on the situation there to do this. Any strong signal that the US cycle has bottomed out will lead to a quick re-pricing of risk and realignment of asset prices.
The author is chief economist, HDFC Bank [Get Quote]. The views here are personal.
More Rediff Stories:
Bought stocks? Do nothing and get rich
How to save money
Trusts get nod to invest in stock markets
Investing in IPOs? Check with us first, says govt
India has 250 mn telephone users
Brokerages see 20% returns in '08
Brokerage stocks at new highs
'Online earning opportunities in India?'
How to build an ideal mutual fund portfolio
Source: www.rediff.com. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Since this is my last piece this year I thought I would write about the forecasts I have made for the global economy and financial markets for 2008. There is an important caveat, of course. The global macroeconomic and financial environment remains terribly volatile and a number of these predictions could go wrong.
Let me get to the forecasts. The jury appears to be still out on whether the US is headed for a recession next year (going by the textbook, a situation in which GDP growth turns negative for two successive quarters) or whether swift action by the US Federal Reserve is likely to prevent such a situation. US consumption data like retail numbers occasionally surprise positively and US inflation is far from dead. However, despite this bit of fuzziness I remain somewhat sanguine about the following trends.
Whether it qualifies technically as recession or not, the US is likely to see a marked slowdown at least in the first half of 2008, which could last well into the second half of the year. Besides, despite central banks' best efforts, it will take a while for American and European banks to resume lending to each other and to even slightly risky borrowers. Thus, I see the credit squeeze in the US and Europe continuing and perhaps even getting worse in the near term.
The US slowdown is likely to have knock-on effects on the global economy and world GDP growth is likely to moderate. More specifically the result of sharp currency appreciation, harder interest rates and a credit squeeze will begin to take a toll on euro-zone growth. The UK is well into a cyclical downturn. As I have argued in earlier columns, I think it is impossible for Asian economies to remain immune to a downturn in the developed economies and growth rates will soften in this region as well. I honestly don't know much about Latin America but I think it is sensible to assume that what applies to Asia applies to these economies as well.
Global energy and food prices are likely to remain elevated in the first quarter but are likely to dip subsequently as demand compression on the back of slowing world demand begins to reflect in prices. I am, for example, convinced that concerns about fresh oil supplies and oil peaks notwithstanding, slower global growth is fundamentally incompatible with oil prices at over ninety dollars a barrel.
The same logic might just apply to other assets including stocks. If indeed the signs of global slowdown become more acute, large investors might begin to dump equities and hold on to safer assets like treasury bonds. If there is growing aversion to equities as an asset class, Asian markets (including Indian stock markets) will also take a hit. The slide in stock prices will not be due to risk-aversion alone. If global growth slows, the slowing down will begin to impact the top line and bottom line growth of companies across economies. That in turn will buttress the negative sentiment towards risky assets. The bottom line: be prepared for a "correction" in the Indian stock market next year.
There is a potential offset. The US Fed is likely to follow a policy of phased quarter percentage point cuts in its target interest rate - I expect the American central bank to cut the Fed funds rate thrice next year. Thus while inflation risks will weigh on the Fed's mind, I expect growth concerns to dominate and spur the Fed to cut rates some more. I expect the European Central Bank to hold interest rates until the second half and then start cutting signal rates. My bank's research team has forecast two rate cuts next year, possibly in the second half. The Bank of England is likely to be swifter with two quarter percentage point cuts in the first half of 2008. We also expect more direct liquidity both through unilateral cash infusion by central banks and perhaps through more co-ordinated intervention.
The question is: what happens to all this liquidity when central banks turn on their cash spigots? If investors remain terribly risk-averse, a lot of it would go into low-risk government bonds. US treasury bond prices will continue to move up and yields will decline as this process continues. Besides, if US assets keep getting cheaper and cheaper, investors will sniff a bargain and start buying these assets. In fact, some of the bigger funds have already started picking up chunks of the American financial industry where valuations have hit rock-bottom. Asian sovereign investment funds, for instance, are bailing out cash-strapped American banks, picking up significant equity stakes in the process.
Finally, there is also a chance that some of the money will start finding its way into emerging financial markets where growth rates, at least in relative terms, will remain high in comparison with the rest of the world. What happens then? My prediction is that emerging markets including India are likely to get buffeted by the crosswinds of rising global liquidity and cheaper interest rates, on one side, and concerns about slowing growth, on the other. This means two things. Our stock markets will remain volatile for a while to come and sharp upswings could be followed by a quick downturn. Ditto for the currency markets. The interplay of these opposing forces also means that these markets will be stuck in a range. Thus I do not see the possibility of prolonged phases of decline, nor do I see the prospect of an untrammelled bull run.
What will take the markets out of the doldrums? Since the problems of the US economy lie at the heart of all the problems, it will take some clarity on the situation there to do this. Any strong signal that the US cycle has bottomed out will lead to a quick re-pricing of risk and realignment of asset prices.
The author is chief economist, HDFC Bank [Get Quote]. The views here are personal.
More Rediff Stories:
Bought stocks? Do nothing and get rich
How to save money
Trusts get nod to invest in stock markets
Investing in IPOs? Check with us first, says govt
India has 250 mn telephone users
Brokerages see 20% returns in '08
Brokerage stocks at new highs
'Online earning opportunities in India?'
How to build an ideal mutual fund portfolio
Source: www.rediff.com. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Stock Analysis, Hot Jobs
http://freestocktips-2007.blogspot.com/
Axon Infotech Ltd.
Kolte-Patil Developers Ltd Stock Analysis
Infotech Enterprises Ltd. Stock Analysis
Vijay Shanthi Builders Ltd.
Spanco Telesystems & Solutions Ltd.
--------------------------------------------
Hot Jobs from http://www.kpowave.blogspot.com
The following Openings Exist for Finance:1)Analyst - Financial Operations 2)Analyst, Global Private Equity Group 3)Manager, Financial Research 4)Senior Analyst, Financial Operations 5)Senior Analyst, Financial Research
More @ Analyst Openings in DE Shaw India
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Aranca is an end-to-end provider of on-demand, custom investment, business and economic research, and valuation services to global clients.Current Openings:1)Project Manager (2)2)Senior Research Analyst (5)3)Research Analyst (5)4)Associate Analyst (3)The remuneration for all positions will be competitive and match the industry standards. Furthermore, candidates will receive extensive training.
More @ Research Analyst Openings in Aranca
------------------------------------------------------
The position will own full responsibility for the research coverage of companies in a specific industry. The role involves analyzing companies in an industry, creating the fundamental framework for coverage, creating earning models and managing coverage on an ongoing basis .It involves tracking the micro and macro economic trends associated with the sector and provide direction to the research function
More... Analyst Openings in Grindstone Research
Source: Above sites/blogs. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Axon Infotech Ltd.
Kolte-Patil Developers Ltd Stock Analysis
Infotech Enterprises Ltd. Stock Analysis
Vijay Shanthi Builders Ltd.
Spanco Telesystems & Solutions Ltd.
--------------------------------------------
Hot Jobs from http://www.kpowave.blogspot.com
The following Openings Exist for Finance:1)Analyst - Financial Operations 2)Analyst, Global Private Equity Group 3)Manager, Financial Research 4)Senior Analyst, Financial Operations 5)Senior Analyst, Financial Research
More @ Analyst Openings in DE Shaw India
-----------------------------------------------------
Aranca is an end-to-end provider of on-demand, custom investment, business and economic research, and valuation services to global clients.Current Openings:1)Project Manager (2)2)Senior Research Analyst (5)3)Research Analyst (5)4)Associate Analyst (3)The remuneration for all positions will be competitive and match the industry standards. Furthermore, candidates will receive extensive training.
More @ Research Analyst Openings in Aranca
------------------------------------------------------
The position will own full responsibility for the research coverage of companies in a specific industry. The role involves analyzing companies in an industry, creating the fundamental framework for coverage, creating earning models and managing coverage on an ongoing basis .It involves tracking the micro and macro economic trends associated with the sector and provide direction to the research function
More... Analyst Openings in Grindstone Research
Source: Above sites/blogs. . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Deadpresident Blog Articles
http://www.deadpresident.blogspot.com
Market jumps over 690 pts
Eveninger - Dec 24 2007
Trading Call - Infosys
Post Market Commentary
Market Close: Jingled up all the way..!
Sensex spurts 692 points in global rally
Market celebrates Christmas Eve, gains 692 points
Rollover Analysis
GNFC
Plethico Pharma
PSU Bonus
IPO Grey Market Premiums
Daily Call - Dec 24 2007
Stocks you can buy this week
India Real Estate gets more funds
Mutual Fund Analysis
Source: http://www.deadpresident.blogspot.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Market jumps over 690 pts
Eveninger - Dec 24 2007
Trading Call - Infosys
Post Market Commentary
Market Close: Jingled up all the way..!
Sensex spurts 692 points in global rally
Market celebrates Christmas Eve, gains 692 points
Rollover Analysis
GNFC
Plethico Pharma
PSU Bonus
IPO Grey Market Premiums
Daily Call - Dec 24 2007
Stocks you can buy this week
India Real Estate gets more funds
Mutual Fund Analysis
Source: http://www.deadpresident.blogspot.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Sensex vaults 692 pts; Nifty 219 pts up : Sify India
Sensex vaults 692 pts at close
Sensex zooms 692 points
Sensex rises 692 points on IT scrips
Sensex up 691 points on Asia, US rally
NSE 5985.10 218.60
BSE 19854.12 691.55
The bulls made their presence felt in no uncertain terms today as strong global markets aided the sentiment. And, the Bharatiya Janata Party's victory in the Gujarat assembly polls played a key role as well in keeping the mood upbeat right till the end of the session as it eased fears of an early national election. Expectations of buoyant results from India Inc also played a part in buoying up prices of top ranked companies today.
With traders running in to cover their short positions ahead of expiry of December series derivatives contracts, prices of several blue chip stocks had only one direction to go today, up north. While the Sensex, which opened with a positive gap of nearly 150 points at 19,308.20 and hit a high of 19,879 in late afternoon trade, ended with a gain of 691.55 points or 3.61% at 19,854.12, the Nifty settled at 5985.10 with a gain of 3.79% or 218.60 points. The Nifty, which opened at 5771.30 this morning, hit a high of 6001.05 in afternoon trade.
Buying in blue chip stocks was so strong and widespread that only three stocks, Bajaj Auto (down 2.85%), Maruti Suzuki (down 0.15%) and ACC (down marginally), among the Sensex components failed to close on a positive note today.
IT stocks had a highly profitable outing. Sector bellwether Infosys Technologies, which opened on a high note, ended with a handsome gain of 6.65%. Wipro topped the list of Sensex gainers with a splendid 8.9% surge. Tata Consultancy Services (6.1%) and Satyam Computer Services (6.3%) also ended with strong gains.
HDFC notched up an impressive gain of 6.35%. Reliance Energy (6.15%), Bharti Airtel (6.1%), BHEL (5.1%), Mahindra & Mahindra (4.85%), ONGC (4.75%), Tata Steel (4.6%) and ICICI Bank (4.4%) finished with big gains.
Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, Reliance Communications, State Bank of India and Tata Motors moved up by 2% - 3%. Cipla, DLF, Hindustan Unilever and Ranbaxy Laboratories also ended with smart gains. Hindalco ended nearly a per cent up. ITC, Grasim Industries and Ambuja Cements edged up marginally.
GAIL India, which spurted 9.6% to Rs 526.15, was the biggest gainer from the Nifty fold. VSNL rallied 9.25% to Rs 745.90. Punjab National Bank ended nearly 7% up. Nalco, Sterlite Industries, Sun Pharmaceuticals, HCL Technologies, BPCL, Suzlon Energy, Cairn India, Reliance Petroleum, Tata Power, Zee Entertainment, SAIL and GlaxoSmithKline Pharma also closed on a high note. Idea Cellular, Hero Honda, Unitech and Siemens ended with modest gains.
Reflecting all-round buying, all the sectoral indices finished in the positive zone today. BSE IT, which moved up by over 6%, was the most prominent gainer. The Teck barometer closed stronger by 4.9%. The Bankex, Metal, Oil & Gas, Power and PSU indices surged 3% - 4%. The Capital goods index advanced by 2.66%. The pharma index gained 1.23% while the Auto and Consumer Durables indices firmed up by 0.94% and 0.92% respectively.
With several midcap and smallcap stocks surging higher, the indices tracking the performance of these segments, closed stronger by 2.06% and 1.42% respectively. The market breadth was positive right through the session. Out of 2937 stocks traded on BSE, 1967 stocks ended with gains. 939 stocks closed in the negative zone and 31 stocks ended unchanged from their previous closing levels.
More Stories @ sify.com
Gujarat NRE acquires mine
Spanco Tele bags contract
Now, trusts can invest in stock markets
Goldman CEO gets record $68 m bonus
Peninsula Land raises Rs 525 cr
Govt nod for 19 FDI proposals, GBN to sell 26% stake
‘Insurance sector to touch Rs 2,00,000 cr by 2010’
Singaporean firm to invest Rs 555 cr in India Infoline
Gujarat NRE acquires Australian mine from BHP Billiton
Tide Water up on Hinduja bid talks
Suzlon bags ONGC order, to install 51 MW wind turbine
Jain Irrigation plans to raise $75 m via debt
Nagarjuna Construction bags Rs 570 cr contract
‘Wipro to bid for Capgemini by end Jan’
‘LT Overseas buys U.S. based rice firm’
What SEBI says now
What is short selling?
Source: http://www.sify.com/finance . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.
Sensex zooms 692 points
Sensex rises 692 points on IT scrips
Sensex up 691 points on Asia, US rally
NSE 5985.10 218.60
BSE 19854.12 691.55
The bulls made their presence felt in no uncertain terms today as strong global markets aided the sentiment. And, the Bharatiya Janata Party's victory in the Gujarat assembly polls played a key role as well in keeping the mood upbeat right till the end of the session as it eased fears of an early national election. Expectations of buoyant results from India Inc also played a part in buoying up prices of top ranked companies today.
With traders running in to cover their short positions ahead of expiry of December series derivatives contracts, prices of several blue chip stocks had only one direction to go today, up north. While the Sensex, which opened with a positive gap of nearly 150 points at 19,308.20 and hit a high of 19,879 in late afternoon trade, ended with a gain of 691.55 points or 3.61% at 19,854.12, the Nifty settled at 5985.10 with a gain of 3.79% or 218.60 points. The Nifty, which opened at 5771.30 this morning, hit a high of 6001.05 in afternoon trade.
Buying in blue chip stocks was so strong and widespread that only three stocks, Bajaj Auto (down 2.85%), Maruti Suzuki (down 0.15%) and ACC (down marginally), among the Sensex components failed to close on a positive note today.
IT stocks had a highly profitable outing. Sector bellwether Infosys Technologies, which opened on a high note, ended with a handsome gain of 6.65%. Wipro topped the list of Sensex gainers with a splendid 8.9% surge. Tata Consultancy Services (6.1%) and Satyam Computer Services (6.3%) also ended with strong gains.
HDFC notched up an impressive gain of 6.35%. Reliance Energy (6.15%), Bharti Airtel (6.1%), BHEL (5.1%), Mahindra & Mahindra (4.85%), ONGC (4.75%), Tata Steel (4.6%) and ICICI Bank (4.4%) finished with big gains.
Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, Reliance Communications, State Bank of India and Tata Motors moved up by 2% - 3%. Cipla, DLF, Hindustan Unilever and Ranbaxy Laboratories also ended with smart gains. Hindalco ended nearly a per cent up. ITC, Grasim Industries and Ambuja Cements edged up marginally.
GAIL India, which spurted 9.6% to Rs 526.15, was the biggest gainer from the Nifty fold. VSNL rallied 9.25% to Rs 745.90. Punjab National Bank ended nearly 7% up. Nalco, Sterlite Industries, Sun Pharmaceuticals, HCL Technologies, BPCL, Suzlon Energy, Cairn India, Reliance Petroleum, Tata Power, Zee Entertainment, SAIL and GlaxoSmithKline Pharma also closed on a high note. Idea Cellular, Hero Honda, Unitech and Siemens ended with modest gains.
Reflecting all-round buying, all the sectoral indices finished in the positive zone today. BSE IT, which moved up by over 6%, was the most prominent gainer. The Teck barometer closed stronger by 4.9%. The Bankex, Metal, Oil & Gas, Power and PSU indices surged 3% - 4%. The Capital goods index advanced by 2.66%. The pharma index gained 1.23% while the Auto and Consumer Durables indices firmed up by 0.94% and 0.92% respectively.
With several midcap and smallcap stocks surging higher, the indices tracking the performance of these segments, closed stronger by 2.06% and 1.42% respectively. The market breadth was positive right through the session. Out of 2937 stocks traded on BSE, 1967 stocks ended with gains. 939 stocks closed in the negative zone and 31 stocks ended unchanged from their previous closing levels.
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