Sensex surges 252 points

MUMBAI — The market defied the global market slump and surged towards the latter part of the trading session. The barometer index BSE Sensex hit 20,000 mark in late trade, led by rally in banking stocks, auto pivotals and index heavyweight Reliance Industries.

By Our Correspondent

Published: Sat 3 Nov 2007, 8:45 AM

Last updated: Sat 4 Apr 2015, 11:09 PM

Earlier during the day, the market had recovered from lower level after an initial sharp fall caused by weak global markets. It had, however, failed to sustain higher level. European and Asian markets edged lower following a setback in US stocks on Thursday.

Bank stocks surged after the latest data showed inflation fell to 5-year low. Reliance Energy and Infosys were in demand. Auto, FMCG, realty stocks recovered in late trade. ONGC hit all-time high in afternoon trade. GSM cellular operators Bharti Airtel and Idea Cellular tumbled. Market breadth turned even in late trading, recovering from a weak breadth earlier during the day. BSE Mid Cap & Small Cap indices underperformed Sensex.

Annual inflation, based on the wholesale price index (WPI), rose 3.02 per cent in the week ended October 20, 2007, below the previous week's 3.07 per cent rise. The inflation rate is now at its lowest since October 19, 2002 when it stood at 3.01 per cent. Inflation data hit the market at around 12:00 IST yesterday.

The Sensex ended up 251.88 points or 1.28 per cent to 19,976.23. It opened with a downward gap of 359.74 points and soon declined to hit a low of 19,255.77. At day's low of 19,255.77, Sensex had lost 468.58 points. Sensex surged to hit high of 20,025.63 in late trade. At day's high of 20,025.63, Sensex had risen 301.28 points.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rose 1.54 per cent to Rs2,712.70. It came off from session's low of Rs2,605. Reliance Energy rose 4.59 per cent to Rs1,849. It came off from session's low of Rs1,680.

Banking stocks surged in late trade. India's largest public sector bank by operating income State Bank of India (SBI) rose 8.74 per cent to Rs2,251.75 and was the top gainer from Sensex pack after it revised interest rates on domestic term deposits. SBI cut interest rates on 550 day domestic term deposits by 25 basis points to 8.75 per cent from November 7, 2007. The bank has also withdrawn its super-saver term deposit scheme for a minimum deposit of Rs10,000, carrying a 9 per cent interest for 4-5 years and 8.5 per cent for deposits over 5 years.

HDFC Bank (up 4.97 per cent to Rs1,758.75) and ICICI Bank (up 2.44 per cent to Rs1,330.60) edged higher.

India's largest oil exploration firm by revenue ONGC rose 2.7 per cent to Rs1,366.10. It hit an all time high of Rs1,386.90 yesterday.

FMCG stock rose on buying at lower level after their recent sharp fall. India's largest cigarette maker by sales ITC rose 2.04 per cent to Rs175.35. Hindustan Unilever rose 0.77 per cent to Rs195.75.

Capital goods stocks edged higher. Larsen & Toubro (up 0.78 per cent to Rs4,461.05), Bharat Heavy Electricals (up 2.03 per cent to Rs2,715.25) and Suzlon Energy (up 0.29 per cent to Rs1,968.45) edged higher.

Realty stocks climbed. Indiabulls Real Estate (up 7.07 per cent to Rs649.50) and Unitech (up 2.2 per cent to Rs378.25) edged higher. DLF (up 0.44 per cent to Rs932).

The India's largest commercial vehicles manufacturer by sales Tata Motors rose 1.46 per cent to Rs755.20 after posting 13 per cent rise in sales at 49,354 units in October 2007 over October 2006. Its commercial vehicles sales rose 16 per cent at 27,103 units and domestic passenger car sales up 8 per cent at 18,021 units in October 2007 over October 2006.

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