Global Markets Rally Lifts India 5%

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

Mumbai stocks surged on Thursday with the benchmark index Sensex gaining 4.8% 817.49 and CNX Nifty rose 5.3% or 5,202.00 levels. Sharp in rise in Europe and the U.S. listed Asian markets. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008.Petrol prices were revised by two rupees per litet and diesel prices were increased by one rupee. The price hike lifted Indian Oil by 14% and BPCL by 11%.

[R]10:00AM New York, 7:30PM Mumbai - Sensex rallied for the second day in a row on rising global markets. Oil refineries and distributors rallied after petrol and diesel price were increased.[/R]

Market Sentiment

Mumbai stocks surged on Thursday with the benchmark index Sensex gaining 4.8% 817.49 and CNX Nifty rose 5.3% or 5,202.00 levels.

Sharp in rise in Europe and the U.S. listed Asian markets. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008.

Buying was evident in capital goods and power stocks. Oil and gas stocks perked up on reports the Indian government has raised retail fuel prices to ease losses at state-run oil marketing firms.

Of the Sensex shares, 29 stocks rose while 1 fell. Of the stocks traded on the BSE, 2,057 stocks advanced, 697 declined, while 41 stocks remained unchanged.

BHEL closed at 2,232 rupees was the biggest gainer among the BSE-30 shares. Reliance Energy, Reliance Communication, Hindalco and ONGC were the other top movers in the Sensex advancing over 8.7% each.

Among the NSE-50 shares, Reliance Petroleum, BPCL, Unitech and Suzlon Energy were the top gainers.

Gainers and Decliners

The BSE realty index surged 7.6% or 714 and Ansal API, Phoenix Mills, Unitech and Indiabulls Real Estate were the top gainers in this pack.

Daily turnover on the BSE stood at 5,714 crore rupees while daily revenue on the National Stock Market was at 13,545.99 crore rupees.

Jaiprakash Associates was the most active stock as it recorded daily turnover of 502.03 crore rupees on BSE. Reliance Natural Resources, Reliance Power, Reliance Capital, and Reliance Petroleum were also among most active stocks.

Steel Authority of India surged 7.6% to 213.75 rupees. Power Grid Corporation of India moved up 8.7% to 103 rupees.

NTPC jumped 6.8% to 200.75 rupees while Tata Power climbed 5.1% to 1,275.8 rupees.
Oil refinery and marketing stocks surged on reports the government has raised prices of petrol and diesel by 2 rupees per litre and 1 rupee per litre respectively effective today. Indian Oil Corporation jumped 13.8% to 536.75 rupees, BPCL advanced 10.8% to 465 rupees.

ICICI Bank added 5.7% to 1,162.35 rupees, HDFC Bank gained 4.9% to 1,539.10 rupees and State Bank of India rose 4.2% to 2,205.15 rupees.

Wipro climbed 1.4% to 415.75 rupees, Satyam Computer gained 1.3% to 438.4 rupees and TCS rose 0.6% to 874.15 rupees. However, Infosys Technologies lost 0.1% to 1547.3 rupees.

Larsen & Toubro climbed 7% to 3,507.15 rupees and Suzlon Energy surged 7.8% to 338.15 rupees.

Reliance Update

Reliance Industries rose 5.4% at 2,514.7 rupees. Reliance Energy soared 9.6% to 1,708.15 rupees. Reliance Petroleum gained 13.6% to 164.55 rupees.

Reliance Power rose 5.3% to 370.05 rupees on volume of 82.93 lakh shares on BSE. On Monday, the stock had debuted at 547.8 rupees, a premium of 21.7% over the IPO price of 450 rupees.

Contracts

Punj Lloyd gained 10.5% to 366.5 rupees. Sembawang, a unit of Punj Lloyd, the engineering and construction firm has bagged S$400 million contract to build part of the Marina Bay Sands integrated resort in Singapore.

Bharat Heavy Electricals surged 12.6% to 2,232 rupees after it won a 200 crore rupee contract to supply oil field equipment to Oil & Natural Gas Corporation.