Thursday, December 6, 2007

Markets close up 58 points, pare early gains

The Indian markets after strong opening, paring gains at
the end, managed to close in green. Indian benchmark
Sensex opened at a gap of 280.10 points at 20,018.17
with the day high of 20,064.31. In mid day the market
started falling and at the end pared all the early gains. It
closed at 19,795.87, up 57.80 (0.29%) with the day low of
19,716.57 points.

Bharti Airtel gained 2.19% to Rs 940.65 after the Zurichbased
Union Bank of Singapore rated it as one of the top
three Asian telecom sector picks for investment next year
citing strong demand for wireless services in emerging

Parsvnath Developers gained 1.70% to Rs 381.90 after
the company said it has won the bid to develop a
commercial project on 18,632 square meters of land at
sector Delta-II in Greater Noida.

House of Pearl Fashions surged 5.32% to Rs 275.25
after it acquired UK fashion retailer FX Imports.
Essar Steel surged 20% to Rs 71.05 after the Securities
Appellate Tribunal kept the company's delisting proposal
in abeyance.

Maharashtra Seamless gained 0.47% to Rs 581.90 after
the company said it is acquiring a seamless pipes plant in
Romania having a capacity of 2 lakh tonnes per annum
Unitech rose 9.47% to Rs 430.20 on reports it may hive
off its retail business i.e. the mall development business
as a separate company.

Glenmark Pharmaceuticals rose 3.87% to Rs 502.70.
The company reportedly plans to acquire a distribution
and marketing company in Indonesia, in a bid to increase
its foothold in Asia’s emerging markets.

Tata Motors Ltd. Rose 0.39% to Rs 775.45. The
company will invest 1.3 bn baht (USD 43 mn) in a Thai
factory to produce pickup trucks as economic growth
boosts the country's demand for vehicles.
NSE benchmark Nifty 50 index closed at 5,954.70, points
up 0.25%.

The market breadth was positive with about 1805 shares
advancing, 1043 shares declining, and 39 shares
remained unchanged.

Currently PE of the Sensex stands at 26.88

Asian stocks rose as the US job data released yesterday
shows an increase of 1,89,000 private-sector jobs in
November vis-à-vis 1,06,000 in October 2007. The US
factory orders is up by 0.50% in October 2007.
European stock indices advanced on Financial shares
ahead of Bank of England’s meeting to decide on
monetary policy. It is expected that BOE will lower
interest rate as the economic data shows slowing
economy and cooling housing market.
U.S. stocks rose the most in a week after signs of
increased productivity and a closely watched private
report on employment which suggested that the economy
will avoid a recession. Technology shares traded higher
for the first time in four days on analyst reports saying
demand for computers and software will increase.

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