Market Updates
Indian Market up 16%
Elena
30 Mar, 2006
New York City
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Domestic and international investment in the Indian stock market is supporting the broad advances in large cap stocks. With the steady economic growth and strong consumer spending is supporting the stocks in the industrial, IT and banking sector. Sensex index gained for the fifth day in a row and added 1.1% for the day as the index closed at all-time high of 11,307.
[R]9:00AM India gains for the fifth day in a row.[/R]
Sensex index in Mumbai rose for the fifth day in a row adding 123.56 points or 1.1% to close all-time high at 11,307.4. The index has gained 387 points or 3.57% in the last five days as both domestic and international investors pour money in India stocks. For the first quarter of 2006 international funds have invested at the annual rate of more than $15 billion and domestic funds have invested at the rate of $17 billion. The strong liquidity has helped the index to gain close to 16% for the first quarter of 2006. Indian market is the second best performing market in the world followed by Russian market with a gain of 21% in the first quarter.
For the day, 1700 stocks advanced and 764 stocks declined and 79 were unchanged. Daily turnover jumped from $900 million to $1.2 billion. For the second day in a row industrial, sugar, IT and select pharmaceutical stocks advanced. Triveni Engineering, Dhampur Sugars and Shakti Sugars gained 10%, 8% and 9% respectively. Tata group of companies were in demand as shares of Tata Metalik, TCS and Tata Motors rose 5%, 2.4% and 1.2% respectively. A steady but weakening Rupee against the dollar supported a rise in Indian IT stocks who in general have a significant revenue from exports markets. Satyam Computers and Wipro led the gainers for the day.
[R] 8:00 AM European averages traded higher at mid-day.[/R]
European markets advanced at mid-day dealings, boosted by higher close on Wall Street and strong mining stocks. Merger-and-acquisition news was also a key driver for the stocks. U.K. lender Alliance & Leicester rose 3.4% after it rejected a $10.1 billion offer from French bank Credit Agricole. However, London Stock Exchange dropped 8.6% after the Nasdaq withdrew its $4.2 billion bid for the company. The German DAX 30 rose 0.5%, the French CAC 40 climbed 0.6%, and London FTSE 100 surged 0.7%.
[R]7:45AM Asian markets finished largely higher. Japan hit a new high.[/R]
Asian-Pacific benchmarks finished broadly higher, following a rally in U.S. stocks. The Nikkei hit a new high, crossing the 17,000-point level for the first time in almost six years. The Japanese index rose 0.6% to 17,045.34 strongly supported by technology stocks like Tokyo Electron, up 1.8% and Kyocera, up 1.1%. The banking sector also contributed to the advance, helped by an upbeat report from Goldman Sachs Group
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