Mumbai, May 29: Good GDP growth numbers and hints at oil price deregulation set the tone for the stock markets, with the bellwether Sensex soaring 329 points to nearly a nine-month high of 14,625.25 today.
Going up for the third consecutive day, the Bombay Stock Exchange 30-share barometer reached a level not seen since September 10, 2008, as bulls tightened their grip on the market with Petroleum Minister Murli Deora’s statement on oil price deregulation strengthening expectations of economic reforms.
The market also cheered a stronger-than-expected growth rate of 5.8 per cent in the last quarter of 2008-09 and 6.7 per cent for the fiscal, despite global recessionary trends and dismal performance in the domestic manufacturing sector.
The broader 50-share Nifty of the National Stock Exchange also spurted by a whopping 111.85 points or 2.58 per cent to close at 4,448.95 from its previous close.
Foreign institutional investors (FIIs) have been aggressive buyers this month. According to provisional numbers on the NSE, FIIs bought shares worth Rs 1,860 crore, taking the total inflow till May 27 to Rs 17,643.50 crore.
The healthcare sector, however, was down as bluechip Sun Pharma fell 8.24 per cent.
There was hectic buying in mid-cap and small-cap stocks, pushing up the indices by 2.46 per cent and 3.01 per cent, respectively. Bonanza portfolio assistant vice-president Avinash Gupta said, “The market responded positively to the GDP numbers as these were better than the street expectations.
However, weekend considerations induced profit taking towards the end of the day. “Bulls became upbeat after Finance Minister Pranab Mukherjee’s statement on Wednesday that the government would push long-pending reforms...”
Cement major ACC gained 8.56 per cent, DLF 8.41 per cent, Jaiprakash 8.21 per cent, TCS 6.05 per cent, Tata Steel 5.92 per cent, Mahindra & Mahindra 5.67 per cent, L&T 4.75 per cent, ONGC 3.99 per cent, Hindalco 3.93 per cent and RIL 2.59 per cent.
India’s largest manufacturer of commercial vehicles, Tata Motors, rose 1.22 per cent despite the company this afternoon reported a 50.65 per cent fall in net profit for the financial year 2008-09.
However, Grasim fell 3.59 per cent and Tata Power 2.47 per cent.
Among sectoral indices, the BSE realty index jumped 6.76 per cent, capital goods 4.13 per cent, consumer durables 3.55 per cent, auto 3.41 per cent and oil & gas 3.31 per cent. (PTI)
Going up for the third consecutive day, the Bombay Stock Exchange 30-share barometer reached a level not seen since September 10, 2008, as bulls tightened their grip on the market with Petroleum Minister Murli Deora’s statement on oil price deregulation strengthening expectations of economic reforms.
The market also cheered a stronger-than-expected growth rate of 5.8 per cent in the last quarter of 2008-09 and 6.7 per cent for the fiscal, despite global recessionary trends and dismal performance in the domestic manufacturing sector.
The broader 50-share Nifty of the National Stock Exchange also spurted by a whopping 111.85 points or 2.58 per cent to close at 4,448.95 from its previous close.
Foreign institutional investors (FIIs) have been aggressive buyers this month. According to provisional numbers on the NSE, FIIs bought shares worth Rs 1,860 crore, taking the total inflow till May 27 to Rs 17,643.50 crore.
The healthcare sector, however, was down as bluechip Sun Pharma fell 8.24 per cent.
There was hectic buying in mid-cap and small-cap stocks, pushing up the indices by 2.46 per cent and 3.01 per cent, respectively. Bonanza portfolio assistant vice-president Avinash Gupta said, “The market responded positively to the GDP numbers as these were better than the street expectations.
However, weekend considerations induced profit taking towards the end of the day. “Bulls became upbeat after Finance Minister Pranab Mukherjee’s statement on Wednesday that the government would push long-pending reforms...”
Cement major ACC gained 8.56 per cent, DLF 8.41 per cent, Jaiprakash 8.21 per cent, TCS 6.05 per cent, Tata Steel 5.92 per cent, Mahindra & Mahindra 5.67 per cent, L&T 4.75 per cent, ONGC 3.99 per cent, Hindalco 3.93 per cent and RIL 2.59 per cent.
India’s largest manufacturer of commercial vehicles, Tata Motors, rose 1.22 per cent despite the company this afternoon reported a 50.65 per cent fall in net profit for the financial year 2008-09.
However, Grasim fell 3.59 per cent and Tata Power 2.47 per cent.
Among sectoral indices, the BSE realty index jumped 6.76 per cent, capital goods 4.13 per cent, consumer durables 3.55 per cent, auto 3.41 per cent and oil & gas 3.31 per cent. (PTI)
No comments:
Post a Comment