The market ended with decent gains after it had posted losses for the last five successive trading sessions. However, the market came off from a intra-day high hit in late trade.
Asian stocks rebounded from a two-year low as Chinese shares surged on hopes the government will introduce a stimulus package to boost the slowing economy and aid the stock and property markets. European markets which opened after Indian market were in green.
The BSE 30-share Sensex provisionally rose 144.72 points or 1% to 14,688.45. At day`s high of 14,746.20, the index gained 202.47 points in late trade. At the day`s low of 14,584.03, the Sensex was up 40.30 points in mid-morning trade.
The S&P CNX Nifty was up 52.3 points or 1.2% to 4,421.50.
The BSE clocked a turnover of Rs 4,233 crore today, 20 August 2008 as compares to turnover of Rs 3,972.48 crore on 19 august 2008.
The BSE Mid-Cap index was up 1.02% to 5,825.29 and the BSE Small-Cap index was up 0.66% at 7,059.21.
The market breadth was strong on BSE with 1,648 shares advancing as compared to 984 that declined. 85 shares remained unchanged.
India`s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.03% to Rs 2,244.15. It came off from sessions high of Rs 2,258.40
Large-cap diversified firm Grasim Industries rose 3.48% to Rs 2,025.15. It recovered from session`s low of Rs 1,955.
India`s largest electric equipment maker by sales Bharat Heavy Electricals rose 3.64% to Rs 1,734.90. It came off from session`s high of Rs 1,743 hit in late trade.
India`s largest real estate player by market capitalization DLF rose 1.9% to Rs 509.90. It came off from its high of Rs 514.50 hit in late trade.
India`a largest engineering and construction firm by sales Larsen & Toubro rose 1.59% to Rs 2,717. It came off from session`s high of Rs 2,725 hit in late trade. As per reports, L&T is close to buying equity stake in coal mines in Australia and Indonesia to increase its focus on the power sector. In the next couple of years, L&T hopes to have 4,000-6,000 megawatt (MW) of power plants under development and the equity in coal mines abroad will be to feed these power plants.
India`s largest listed telecom services provider by sales Bharti Airtel rose 2.99% to Rs 815.25. It recovered from the session`s low of Rs 793.
India`s second largest private sector bank by net profit HDFC Bank rose 2.52% to Rs 1,237.90. It recovered from session`s low of Rs 1,202.05.
India`s largest drug maker by sales Ranbaxy Laboratories rose 2.72% to Rs 505.65. It recovered from session`s low of Rs 489.
Mahindra & Mahindra (down 2.08% to Rs 549.55), ONGC (down 2.52% to Rs 1,035.85), Satyam Computer Services (down 0.74% to Rs 402.65), ICICI Bank (down 0.01% to Rs 678.30), edged lower from the Sensex pack.
Reliance Infrastructure (up 1.55% to Rs 1,009.70), NTPC (up 1.41% to Rs 183.95), Jaiprakash Associates (up 1.27% to Rs 171.40) edged higher from the Sensex pack.
India`s second largest IT exporter by sales Infosys was rose 0.32% to Rs 1,699. The stock recovered from session`s low of Rs 1,680.10. Infosys Technologies chief executive S. Gopalakrishnan today, 20 August 2008, said the business environment remained challenging but there was no move by clients for lower prices.
India`s second largest telecom services provider by sales Reliance Communications (RCom) rose 3.76% to Rs 414.85. It had touched a high of Rs 418.20 in late trade. The company on Tuesday launched satellite television operation under the name Big TV. It will compete with Dish TV, state-owned Prasar Bharti`s DD Direct, Sun TV`s DTH arm and Tata Sky, a venture of the Tata Group and News Corp.
European markets were in green. France`s CAC40, Germany`s DAX and UK`s FTSE 100 were up between 0.51% to 0.92%.
Most of the Asian markets were trading higher today, 20 August 2008. China`s Shanghai Composite, Taiwan`s Taiwan Weighted, Hong Kong`s Hang Seng and Singapore`s Straits Times rose between 0.39% to 7.63%. However, Japan`s Nikkei andSouth Korea`s Seoul Composite fell between 0.05% to 0.1%.
US markets declined for a second straight day yesterday, 20 August 2008, as an inflation report agitated a market already rattled by worries about the financial sector. The Dow Jones industrial average plunged 130.84 points, or 1.14%, to 11,348.55. The S&P 500 index lost 11.90 points, or 0.93%, to 1,266.70, and the Nasdaq Composite index slipped 32.62 points, or 1.35%, to 2,384.36.
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