Business Daily from THE HINDU group of publications
Saturday, Jul 14, 2007
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Business Daily from THE HINDU group of publications Saturday, Jul 14, 2007 ePaper |
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Stock Markets Markets - Stock Markets
Our Bureau Mumbai, July 13 Key metal stocks led a market rally that saw the BSE’s Sensex close 180.68 points higher at 15,272.72, after reaching an intra-day high of 15,330.73. The S&P CNX Nifty gained 1.31 per cent to close at 4,504.55, another all-time high. The small cap and mid cap indices, however, underperformed the benchmark index, closing up only 0.19 per cent and 0.01 per cent respectively. “Dow Jones hit an all-time high today. All emerging markets took a cue from there and were up 1-2 per cent,” said Mr Vijay Kedia, Managing Director, Kedia Securities. Also, market sources said, all microeconomic factors are in India’s favour, which has had a positive effect on the market as well. “Inflation rate is under control, interest rates are expected to come down and the Government’s announcement of a Rs 1,400-crore package to exporters hit by the appreciating rupee positively impacted the trading sentiment,” said Mr Lalit Thakker, Director (Research), Angel Broking. Metal stocks stole the show with the BSE Metal Index closing up 4.58 per cent at 12,000.90. Except for healthcare, realty and consumer durables, all indices ended in the green. The realty index, which has had a good run up in the last few days, closed down 1.31 per cent at 7,777.64 on account of investors booking profits. The healthcare index closed down 0.51 per cent at 3,848.65, while the consumer durables index ended lower by 0.68 per cent at 4,180.19. The biggest gainers on the Sensex were Hindalco Industries, Tata Motors and Tata Steel, while the biggest losers were TCS, Dr Reddy’s Laboratories and Hindustan Unilever. FIIs were net buyers to the tune of Rs 1,323.52 crore, according to provisional figures available on the NSE. The market breadth, however, was negative with 1,154 stocks advancing and 1,529 stocks declining. The market sources do not foresee a correction in the next few days. “It doesn’t look like there will be a correction. Markets have been able to absorb unfavourable news like Infosys and Bajaj Auto numbers being lower than expected,” said Mr Thakker.
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