Realty Stocks Lift Sensex

123jump.com Staff
13 Feb, 2008
New York City

Mumbai market rebounded after a week of volatile trading. Banks, real estate, and energy related stocks gained. Sensex gained 2.1% to close at 16,949.14 and Nifty increased 1.9% or 91 to close at 4,929 levels. The BSE realty index surged 4.4% or 396 and was the biggest gainer among the sector indices. Unitech, Puravankara, Anant Raj Industries and Housing Development & Infra were the leading gainers.

[R]10:00AM New York, 7:30PM Mumbai - Sensex advanced 2.1% on earnings reports and a market rebound after a week of volatile global markets.[/R]

Market Sentiment

India markets closed firm on Wednesday, reversing the two days of declines with the benchmark index Sensex gaining 2.1% at 16,949.14. In the broader markets, the Nifty surged 1.9% or 91 to close at 4,929 levels.

Of the Sensex shares, 23 stocks gained while the rest fell. Of the stocks traded on the BSE, 769 stocks advanced, 1,940 stocks declined, and 33 stocks remained unchanged.

Tata Steel was the biggest gainer among the Sensex 30 stocks. ITC, BHEL, HDFC Bank and Housing Development Finance were the other gainers surging over 3.9% each.

Among the NSE-50 stocks, Unitech, Hero Honda, SAIL and Tata Communications surged ahead by over 4.8% each. However, Idea Cellular, Nalco, Cipla and Wipro lost ground by over 2.9% each.

The BSE realty index surged 4.4% or 396 and was the biggest gainer among the sector indices. Unitech, Puravankara, Anant Raj Industries and Housing Development & Infra were the top gainers in this pack.

Daily turnover on the BSE was 5,647 crore rupees while daily revenue on the National Stock Exchange was at 13,172 crore rupees.

Reliance Power was the most active stock on the BSE with the turnover of 531.19 crore rupees, Jaiprakash Associates, Reliance Industries, Reliance Natural Resources and Tata Investment Corporation were also on the most active list.

Gainers and Decliners

Of the Sensex shares, Tata Steel soared 6.7% to 758.2 rupees, ITC, Bharat Heavy Electricals gained 5.5% to 1981.75 rupees, HDFC Bank climbed 4.9% to 1,463 rupees while Housing Development Finance Corporation rose 3.9% to 2,724.95 rupees.

Cipla slipped 3.7% to 179.45, Reliance Communication slumped 3.1% to 558.05 rupees, Wipro shed 2.8% to 409.95 rupees, Bajaj Auto fell 2.4% to 2022.2 rupees and Hindalco Industries lost 1.3% to 149.95 rupees

Unitech spurted 14.5% to 354.45 rupees, Housing Development and Infrastructure jumped 5.5% to 812.55 rupees DLF rose 2.8% to 815 rupees.

Steel Authority of India jumped 6% to 198.7 rupees, Jindal Steel & Power climbed 5.38% to 2,137.9 rupees and Sterlite Industries gained 4.5% to 737.9 rupees.

ICICI Bank rose 3.3% to 1099.25.rupees and the State Bank of India gained 2.9% to 2,116.95 rupees.

Suzlon Energy jumped 4.6% to 313.6 rupees, Tata Power rose 2.7% to 1,213.65 rupees.

Reliance Update

Reliance Industries advanced 2.7% at 2,386.9 rupees. RIL said it has discovered gas in a deepwater block in the Krishna basin. The block KG-DWN-2003/1 covers an area of 3,288 square kilometers. RIL holds 90% participating interest and Hardy Exploration and Production India Inc holds balance 10% in the block.

Reliance Energy rose 1.46% to 1,558.1 rupees and Reliance Power fell 0.89% to 351.4 rupees.

Earnings News

Hindustan Unilever surged 0.2% to 194.05 rupees. The company reported 23.5% rise in net profit to 6314.40 crore rupees on 17.9% rise in total income to 3,847.1 crore rupees in fourth quarter of December 2007 over the third quarter of December 2006.

Deals

Centurion Bank of Punjab jumped 4% to 48.2 rupees. The bank is reportedly in talks with financial institutions and large banks for a possible merger. ICICI Bank and HDFC Bank are also believed to be interested, according to bankers.

New Listing

Cords Cable Industries settled at 138.3 rupees on BSE, a premium of 2.4% as compared to issue price of 135 rupees. The stock debuted at 130 on the BSE, a discount of 3.7% over the IPO price.