Sensex Rebounds

123jump.com Staff
05 Jun, 2008
New York City

Indian shares recovered after losses of three days in a row of selling. The 30-share BSE Sensex gained 1.6% or 254.93 15,769.72. On the National Stocks Exchange, the S&P CNX Nifty surged 2% or 91.35 to 4,676.95. Infosys jumped 5.9% to 1,979.70 rupees on the media reports that the firm is looking for acquisitions in Europe. Reliance Communications rose 1.3% to 547.15 rupees on news reports that the firm and South Africa''s MTN.

[R]10:00AM New York, 7:30PM Mumbai - Reliance Communication, South Africa''s MTM commence due diligence, Sensex rose.[/R]

Market highlights

Indian shares recovered after losses of three days in a row of selling. The 30-share BSE Sensex gained 1.6% or 254.93 15,769.72. On the National Stocks Exchange, the S&P CNX Nifty surged 2% or 91.35 to 4,676.95.

Of the Bombay Stock Exchange shares, 1,240 shares gained, 1,397 shares declined while 77 shares remained unchanged. Among the 30-member Sensex stocks, 22 shares advanced while 8 shares remained unchanged.

Trading statistics

Daily turnover on the BSE stood at 5,578 crore rupees lower than 6,461.80 crore rupees recorded on Wednesday. On the NSE trading reached 16,000 crore rupees.

Reliance Industries was the most active stock on the BSE with a turnover of 418.91 crore rupees followed by Anu''s Laboratories, Reliance Capital, Gokul Refoils and Solvent.

On the NSE trading Reliance Industries trading turnover of 1,731 crore rupees followed by ONGC, L&T and Bharti Airtel.

IFCI led the trading volume leader with a volume of 1.9 crore shares on the BSE followed by Anu''s Laboratories, Ispat Industries, Chambal Fertilisers and Chemicals and Reliance Natural Resources.

Gainers and losers

IT stocks were up, on rising dollar against Indian rupee. Wipro gained 6.3% to 528.40 rupees, Satyam Computer Services rose 5.5% to 512.20 rupees and TCS increased 2.6% to 982.75 rupees.

Infosys jumped 5.9% to 1,979.70 rupees on the media reports that the firm is looking for acquisitions in Europe.

Sahara Housing Finance Corporation lost 5% at 178 rupees after the Reserve Bank of India banned a group financial firm Sahara India Financial Corporation from accepting public deposits after it was found guilty in violating various regulatory norms.

National Aluminium Company advanced 4.9% at 501.75 rupees on news reports the firm is likely to investment 40,000 crore rupees in next five years in its various expansion projects.

Oil and Natural Gas Corporation rose 7.5% to 953.20 rupees and Gail India climbed 7.4% to 398.30 rupees.

Power stocks advanced on fresh buying. Tata Power Company gained 7.8% to 1,256.65 rupees, NTPC rose 5.6% to 166.65 rupees.

Tata Steel rose 3.1% to 840.90 rupees, ICICI Bank gained 3.1% to 781.25 rupees and HDFC Bank climbed 2.2% to 1,243 rupees.

Tata Motors fell 1.8% to 532.60 rupees, Larsen & Toubro declined 1.6% to 2,721.20 rupees and Ambuja Cements lost 1.9% to 85.85 rupees.

Mahindra and Mahindra declined 0.9% to 562.75 rupees. The company announced it has signed an agreement to acquire 100% stake in Italy based Engines Engineering. Engines Engineering is in the business of two-wheel vehicle design and developing of motorcycle.

ACC rose 1.1% to 639.70 rupees. The company said cement sales in May 2008 fell to 1.8 million tons from 1.82 million tons a year earlier. Production fell to 1.79 million tons from 1.82 million tons during the similar period.

Reliance companies update

Reliance Industries lost 2.6% to 2,247.65 rupees and Reliance Infrastructure was up 5.7% to 1,130.85 rupees. Reliance Communications rose 1.3% to 547.15 rupees on news reports that the firm and South Africa''s MTN.

According to reports, Reliance Communications has also engaged Deutsche Bank to build a consortium of private equity investors.