Weekly Wrap up: Sensex rises 733 pts

Indian markets continued the bull run, with the bourses setting new paradigms for the world to see in the week ended Nov. 02, 2007. While India`s 30 share benchmark index Sensex surged past the psychological 20,000 mark, broad-based Nifty too pierced the 6,000 mark.

Overcoming the restrictions on P-Notes, the market moved ahead quite significantly this week on speculation that more foreign entities would get registered with SEBI. Short-covering, buoyant quarterly numbers from a few top ranking companies also aided the spectacular rally this week.

Sensex closed up 733.06 points at 19,976.23, while the broad-based NSE Nifty closed at 5,932.40, up 230.10 points for the week ended Nov. 02, 2007.

On Monday, the BSE Sensex closed with a hefty gain of 734.50 points, or 3.82%, at 19,977.67, while the broad-based NSE Nifty gained 203.6 points, or 3.57%, to close at 5,905.90.On

Tuesday, the BSE Sensex closed with a loss of 194.16 points, or 0.97%, at 19,783.51, while the broad-based NSE Nifty lost 37.1 points, or 0.63%, to close at 5,868.8.

On Wednesday, the BSE Sensex closed with a gain of 54.48 points, or 0.28%, at 19,837.99, while the broad-based NSE Nifty was up 31.9 points, or 0.54%, to close at 5,900.65.

On Thursday, the BSE Sensex closed with a loss of 113.64 points, or 0.57%, at 19,724.35, while the broad-based NSE Nifty was down 34.2 points, or 0.58%, to close at 5,866.45.

On Friday, the BSE Sensex closed with a hefty gain of 251.88 points, or 1.28%, at 19,976.23, while the broad-based NSE Nifty closed at 5,932.40, up 65.95 points.

Corporate ResultsHindustan Petroleum Corporation (HPCL), the second largest integrated oil refining and marketing company in India, on a standalone basis posted a steep fall of 59.82% net profit to Rs 8,530.30 million for the quarter ended September 2007 as compared with Rs 12,219.80 million for the corresponding quarter, last fiscal.Mahindra & Mahindra (M&M), a leading maker of utility vehicles, posted a 26.01% decline in net profit at Rs 2,859.47 million for the quarter ended September 2007 as compared to Rs 3,864.77 million for the same quarter, last year.Maruti Suzuki India posted 26.96% jump in net profit at Rs 4,665.00 million for the quarter ended September 2007, as compared to Rs 3,674.40 million for the quarter ended September 2006.

Steel Authority of India (SAIL) announced a 17.84% jump in net profit at Rs 17,002.40 million for the quarter ended September 2007, as compared to Rs 14,428.10 million for the quarter ended September 2006.Reliance Communications on a consolidated basis posted a 85.75% jump in net profit at Rs 13,045.70 million for the quarter ended September 2007 as compared to Rs 7,023.40 million for the quarter ended September 2006.

Tata Motors reported better-then-expected 19.27% growth in net profit at Rs 5,268.40 million for the September 2007 quarter as compared with Rs 4,417.20 million in the corresponding quarter, last year.Bharti Airtel, India`s top telecom operator, on consolidated basis posted 87.04% growth in net profit to Rs 16,437.60 million for the quarter ended Sep. 30, 2007 as against Rs 8,788.40 million in the corresponding quarter, last year.

New ListingShares of Gandhinagar-based Circuit Systems (India) closed with 24.28% premium at Rs 43.50 compared with its issue price of Rs 35. The stock opened with a premium of 20% at Rs 42. The exporter of pointed circuit boards had come out with an initial public offering of 4,244,810 equity shares of Rs 10 each.The company had fixed issue price at Rs 35 a share, and its IPO was open for subscription from Sep. 27, 2007 to Oct. 5, 2007.EconomyRBI hiked the cash reserve ratio (CRR) by 50 basis points to 7.5% effective fortnight beginning Nov.10, 2007. The RBI has kept the repo rate under the LAF, an instrument that injects liquidity in the system, unchanged at 7.75%.

The apex bank also kept the Bank rate unchanged at 6%.All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of Sepember, 2007 remained stationary at 133 (one hundred and thirtythree).India`s fiscal deficit declined at 53.8% in September 2007 as against 58.2% in the corresponding month last year, according to data complied with Controller General of Accounts. InflationIndia`s wholesale price index for `All Commodities` for the week ended Oct. 20, 2007 rose 0.05% to 215.1 from 215.0 for the previous week.The annual rate of inflation, calculated on point-to-point basis, stood at 3.02% for the week ended Oct. 20, 2007, as against 3.07% in the previous week. The annual rate of inflation stood at 5.61% as on Oct. 21, 2006, a year ago.


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