India Up 27%

123jump.com Staff
04 Sep, 2006
Mumbai

The Sensex finished vey near the psychological 12,000 level, after reaching highs at regular intervals today. BSE and NSE indexes rose 1.2%. News that the government may not place a ban on participatory notes also brightened trading. Tata Motors and Maruti led the advance, while Hero Honda declined the most. Indian governemet allows duty wheat shipment from private companies.

[R]9:30AM NY, 7:00 PM IST The Sensex gains in a steady trading and nears 12,000.[/R]
The Sensex on BSE ended 136.19 points higher, or1.16%, to settle at 11,914.21. The turnover on BSE was Rs 2,862 crore. The market-breadth was positive with 1,608 shares that advanced, 918 that declined and 86 shares remained unchanged. From the Sensex stocks, 24 advanced while only 6 declined. The turnover on NSE was Rs 5,691.2 and the index NSE-50 was up 1.2% to 3,476. NSE also reported that 11% of its trade are now conducted online.

The government on Monday allowed duty-free wheat imports by private players to curtail rising prices and augment market supplies but traders believed high global prices would prevent big purchases. Duty-free wheat import shipments of 65,000 tons by private companies are allowed by the Indian government in the next four months.

On the corporate front, Tata Motors led the advancers, rising 3.72% to Rs 895.50. The total sales for August advanced 26.2%, to 45,681 units. Maruti Udyog surged 3%, to Rs 901.50, reaching a high of Rs 906, in the last minute of trading. The other leading advancers included L&T adding 2.15% to Rs 2480, Hindustan Lever gaining1.76% to Rs 243 and Bajaj Auto edging up 1.60% to Rs 2835. Index heavy Reliance Industries gained 0.55%, to Rs 1,128.20. ICICI Bank moved up 1.79% to Rs 620.

Technology stocks were in focus. Infosys Technologies was up 1.26% to Rs 1,834, Satyam Computer added 1.33% to Rs 810.50, TCS climbed 1.52% to Rs 1,014.40, Mphasis edged up 0.82% to Rs 179, Wipro rose 0.58% to Rs 520, Patni Computers advanced 2.35% to Rs 376.80, iGate Global was up 8.73% to Rs 196.20, GTL moved 2.55% ahead to Rs 148.90 and Polaris surged 4.42% to Rs 117.05.

Aluminium producer NALCO rose 0.72%, to Rs 203.90 and Mangalore Refinery and Petrochemical added 2.02%, to Rs 42.85 on issuing tenders to sell naphta, 100-octane reformate and vacuum processed gas oil for October 2006. Petronet LNG soared 4.38%, to Rs 51.20 after it said it formed a joint venture with the Advani Group for building a solid cargo port in Gujarat state.

Hero Honda led the decliners, losing 1.51% to Rs 715.95 after reporting a fall in August sales. Dr Reddy's was down 0.47% to Rs 739.80 and Ranbaxy lost 0.18% to Rs 414.65, Reliance Communications fell 0.03% to Rs 299.60 and HDFC shed 0.02% to Rs 1,317.05.

United Western Bank rebounded from a low of Rs 10 and traded as high as Rs 18 but closed at Rs 16.50.