The key benchmark indices surged extending rally into the seven days on revival in foreign equity inflows and on firm Asian stocks. The barometer index BSE Sensex and the 50-unit S&P CNX Nifty struck 9-week highs. The market breadth was strong. Shares of PTC India Financial Services were trading at about 10% discount to its initial public offer price on debut.
As per provisional figures, foreign institutional investors (FIIs) bought shares worth Rs.1291.54 crore on Tuesday, 29 March 2011. FII inflow totaled Rs. 4483.95 crore in six trading sessions from 22 March 2011 to 29 March 2011 as per data from the stock exchanges.
Cooling of oil prices from recent 2-1/2-year high has helped ease inflation worries, aiding rally in Indian stocks. Oil declined as signs of rising US crude supplies stoked speculation that demand may falter in the world's biggest consumer of the commodity. US crude futures were down 43 cents a barrel or 0.41% to $104.36 a barrel. Oil rose in New York on Tuesday, 29 March 2011, as troops loyal to Muammar Qaddafi dug in to block rebels advancing on his hometown of Sirte. Prices have climbed 23 percent since anti-government protests began on 15 February 2011 in Libya, cutting output in Africa's third-largest producer by two-thirds.
India imports majority of its crude oil requirements and a surge in crude oil prices to 2-1/2-year highs recently had sparked inflation and interest rates worries.
At 09:20 IST, the BSE 30-share Sensex was up 126.29 points or 0.66% to 19,247.09. The Sensex gained 152.80 points at the day's high of 19,273.60 in early trade, its highest level since 25 January 2011. The index rose 57.97 points at the day's low of 19,178.77 in early trade.
The S&P CNX Nifty was up 38.20 points or 0.67% to 5,774.55. The Nifty a high of 5,779.95, its highest level since 25 January 2011.
The market breadth, indicating the health of the market, was strong. On BSE, 950 shares advanced while 252 shares declined. A total of 36 shares remained unchanged.
The total turnover on BSE amounted to Rs. 153 crore by 09:25 IST.
All the 30 members from the Sensex pack logged gains. DLF (up 1.44%), TCS (up 1.22%), and Hero Honda Motors (up 1.14%), edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) rose 0.49% to Rs. 1027.70 on reports the firm was awarded two blocks in the ninth round of oil and gas block auctions closed on Monday, 28 March 2011.
India's largest oil exploration firm ONGC rose 1.31% on reports a consortia led by ONGC won 10 blocks in the ninth round of oil and gas block auctions closed on Monday.
India's largest power utility firm by capacity NTPC rose 0.72%. After market hours on Tuesday, 29 March 2011, NTPC said that the unit number 3 of 500 megawatt of Simhadri Super Thermal Power Project has been successfully synchronised with grid on 29 March 2011 on coal firing.
Shares of PTC India Financial Services were trading at Rs. 25.25, a 9.82% discount to the initial public offer price of Rs. 28 on their debut.
Volatility may remain high on the bourses in the near term ahead of the expiry of derivative contracts for the near-month March 2011 series on Thursday, 31 March 2011. The near term major trigger for the market is Q4 March 2011 results which will start trickling in from about mid-April 2011
Billionaire investor and international investment icon Warren Buffett who was in his maiden visit to India last week said that he hopes to spend some money in India. His firm Berkshire Hathaway is looking to park funds in large investment destinations and India fits the bill perfectly, he said. India, according to him, is not an emerging market but a very big country with a large number of significant businesses. He said that Berkshire Hathaway would look at possible acquisitions in India as and when there were opportunities.
Asian stocks rose on Wednesday as Japanese companies resumed production following the 11 March 2011 earthquake and on speculation economic recovery in the US will boost earnings. The key benchmark indices in Hong Kong, Taiwan, South Korea Singapore, Japan and Indonesia were up by between 0.64% to 1.37%. China's Shanghai Composite slipped 0.45%.
US markets closed higher on Tuesday on gains in telecom and energy companies. The Dow Jones Industrial Average finished with a gain of 81.13 points, or 0.67%, to 12279.01, while the Standard & Poor's 500-stock index gained 9.25 points, or 0.71%, to finish at 1319.44 and the Nasdaq Composite gained 26.21 points, or 0.96%, to 2756.89.
Trading in US index futures indicated that the Dow could rise 10 points at the opening bell on Wednesday, 30 March 2011.
No comments:
Post a Comment