Market ends higher as investors watch bullish trends in Asia

MUMBAI —The market was able to snap its three days of losing streak and posting a marginal gain as buying resumed. In the last three days, it had slipped 312.75 points, from 14,078.21 on 3 May to 13,765.46 on 8 May 2007.

By Our Correspondent

Published: Thu 10 May 2007, 8:59 AM

Last updated: Sat 4 Apr 2015, 10:58 PM

The sharp recovery yesterday was triggered by value buying at lower levels and strong global markets. Japan's Nikkei average gained 0.52 per cent yesterday, to its highest close since the global equity sell-off in February 2007, as Kawasaki Kisen Kaisha jumped following an upbeat earnings report, prompting investors to buy shares in other shipping firms. The Nikkei rose 91.28 points to 17,748.12, its highest close since 27 February 2007.

Hong Kong's Hang Seng index was up 0.62 per cent or 128.72 points to 20,835.07. The 30-shares BSE Sensex settled 16.05 points higher at 13,781.51, after surging to 13,806.37. Earlier, the Sensex had opened weak at 13,709.95 as profit booking continued for the fourth straight session, pulling the benchmark index below the 13,700 mark to a low of 13,612.04.

The NSE Nifty gained 2.30 points to 4,079.30. India's largest commercial bank State Bank of India (SBI) advanced 3.85 per cent to Rs1123 on 8.44 lakh shares, and was the top gainer. The stock surged after market rumors that CRR may be slashed shortly. ICICI Bank (up 1.25 per cent to Rs 852) and HDFC Bank (up 0.71 per cent to Rs 997) were the other gainers from the banking space.

Led by SBI, the BSE Bankex advanced 1.46 per cent at 6,851.35, and was the top gainer among the sectoral indices on BSE. Federal Bank (up 5.31per cent), Bank of Baroda (up 2.93per cent), Canara Bank (up 1.98 per cent), and PNB (up 1.81 per cent), advanced.

Bike maker Hero Honda followed with a gain of 3.46 per cent to Rs 703. The BSE Auto Index closed at 5,007.06 up 0.54 per cent. REL (up 2.81per cent to Rs 520), Tata Steel (up 2.11per cent to Rs 564.80), and Bajaj Auto (up 1.65 per cent to Rs 2575), were the other gainers.

Ranbaxy Laboratories gained 1.35 per cent to Rs393.95. The pharma major is planning to invest around Rs 60 crore to upgrade the recently acquired Be-Tabs Pharma units in South Africa. With the revamp of the Be-Tabs facilities, the company expects to lead the way for generics manufacturing in South Africa, says a company statement. The acquisition substantially strengthens the basket of products that Ranbaxy brings to the market, specially in the acute and over the counter product streams.

Index heavyweight Reliance Industries (RIL) rose 0.27per cent to Rs1598 on 6.38 lakh shares. It staged a smart recovery from a low of Rs1577.25. IT major TCS was the top loser, down 2.04 per cent to Rs1242, on renewed selling. TCS, a leading global IT services, business solutions and outsourcing firm, announced its tie-up with Microsoft Corporation to deliver RFID (radio frequency identification) solutions to global companies. It launched an initiative to develop RFID solutions built on Microsoft BizTalk

Other shares from the IT pack were not spared either. Infosys (down 0.89 per cent to Rs1985) and Satyam Computers (down 1.12 per cent to Rs451.35) also declined. The BSE IT Index declined 0.92 per cent at 4,887.62.

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