Market closes at all-time high of 20,375.87 points

MUMBAI — The market surged to all-time high in late trade, in what was a choppy trading session yesterday. The market had lost ground in afternoon trade after staging a rebound from lower level in early trade from an initial slump.

By Our Correspondent (BOMBAY STOCK)

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Published: Thu 13 Dec 2007, 9:12 AM

Last updated: Sat 4 Apr 2015, 9:37 PM

IT, banking majors declined. Realty, healthcare and metal stocks gained. Reliance Industries was flat. HDFC and Reliance Communications were the major gainers while Infosys and Satyam Computer Services were major losers from the Sensex pack.

The Index of Industrial Production (IIP) jumped 11.8 per cent in October 2007 from 4.5 per cent in October 2006. IIP stood at 9.7 per cent in April-October 2007 compared with 10.1 per cent in April-October 2006. Industrial output data for September 2007 was revised upwards to 6.8 per cent from 6.4 per cent. The government released the IIP data early afternoon yesterday.

European markets, which opened after Indian market, were weak in. Asian markets edged lower yesterday after the US Federal Reserve's small 25 basis points interest rate cut on Tuesday raised worries about US economic growth.

Prime Minister Manmohan Singh brushed aside on Tuesday a new threat from his communist allies to force early elections over a controversial nuclear deal with the United States. In the government's first reaction to a call by the leader of the largest left-wing party for talks on the deal to be stopped, Singh said he would stick to a plan conditionally approved by the communists earlier to push the landmark pact.

The 30-share BSE Sensex rose 84.98 points or 0.42 per cent to 20,375.87. Sensex hit all-time high of 20,419.11 in late trade. At day's high, Sensex rose 128.22 points. Sensex had slipped to a low of 20,045.42 in early trade. At day's low Sensex had lost 245.47 points.

India's largest private sector firm by market capitalisation & oil refiner Reliance Industries rose 0.28 per cent to Rs2,886.90. The company said on Tuesday it has signed exploration and production contracts with Colombia's Agencia Nacional de Hydrocarburos for two offshore blocks, Borojo North and Borojo South.

Banking stocks declined. ICICI Bank (down 1.96 per cent to Rs1,290.30) and State Bank of India (down 0.22 per cent to Rs2,440.40) edged lower. Interest rates in India are unlikely to come down in the short to medium term, T.S. Bhattacharyya, managing director of State Bank of India said yesterday. HDFC Bank rose 0.52 per cent to Rs1,784.

IT pivotals were mixed. Infosys (down 3.34 per cent to Rs1,684.80), Satyam Computer Services (down 2.39 per cent to Rs431.15) edged lower. Wipro (up 0.08 per cent to Rs505.55) and Tata Consultancy Services (up 0.94 per cent to Rs1,049) edged higher.

Healthcare stocks advanced in late trade. Cipla (up 2.36 per cent to Rs199.55), Ranbaxy Laboratories (up 0.63 per cent to Rs407.70) and Dr. Reddy's Laboratories (up 1.75 per cent to Rs685.80) edged higher.

Realty stocks rose. Hosing Development & Infrastructure (up 14.01 per cent to Rs978.30), Ansal Properties & Infrastucture (up 22.38 per cent to Rs418.35), Indiabulls Real Estate (up 3.19 per cent to Rs746.55) Unitech (up 1.28 per cent to Rs485.95), and DLF (up 0.74 per cent to Rs1,021.10) edged higher.

Metal stocks surged in late trade. Tata Steel rose 3.42 per cent to Rs864.45. The company yesterday said it has signed a joint venture agreement with state-run mineral development company SODEMI for the development of Mount Nimba iron ore deposits in Ivory Coast, West Africa.

Jindal Saw (up 12.35 per cent to Rs1,036.45), Shree Precoated Steel (up 3.67 per cent to Rs395.15), National aluminium Company (up 11.54 per cent to Rs451.45), Hindalco Industries (up 3.06 per cent to Rs205.65), Steel Authority of India (up 3.85 per cent to Rs287.55) edged higher.

HDFC (up 5.33 per cent to Rs3,103.95), Reliance Communications (up 3.51 per cent to Rs765.75), NTPC (up 3.21 per cent to Rs251) edged higher.


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