Sensex surges 692 points

MUMBAI — The market surged yesterday as software shares spurted ahead of Q3 December 2007 earnings reporting season. Strong global cues also boosted the sentiments. Bharti Airtel spurted. Reliance Industries edged higher. Reliance Energy hit all time high. The market breadth was strong. 27 out of 30 stock from the Sensex pack were in green.

By Our Correspondent (Bombay Stock)

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Published: Tue 25 Dec 2007, 8:59 AM

Last updated: Sat 4 Apr 2015, 9:43 PM

A stronger-than-expected US consumer spending calmed fears the world's top economy was heading into a recession. The market also cheered a comfortable victory for Bharatiya Janata Party (BJP) in the Gujarat state election, as it helped lessen worries that the ruling Congress party could call an early national election.

In a spectacular victory, the Bhartiya Janta Party (BJP) got an absolute majority in the Gujarat assembly elections capturing power for the fourth straight time propelled by Chief Minister Narendra Modi who gets a third term in office. The BJP got 117 seats, just five short of a two-thirds majority in a house of 182. The Congress, whose earlier tally was 51, got 62 seats marginally improving its position over 2002 elections. Others have got three seats.

The 30-share BSE Sensex rose 691.55 points or 3.61per cent to 19,854.12. Sensex hit a high of 19,879. At day's high, the Sensex gained of 716.43 points.

India's largest private sector firm by market capitalisation & oil refiner Reliance Industries rose 2.70 per cent to Rs 2788.05, off day's low of Rs 2714.

India's largest real estate firm by market capitalisation DLF rose 1.08 per cent to Rs 971.65 on reports the company has received regulatory approval to launch the initial public offer of DLF Offices Trust in Singapore for raising about $1.5 billion. The IPO of DLF Offices Trust, a Real Estate Investment Trust (REIT) of K P Singh-promoted DLF Assets, is expected to come in January next year, the reports added.

India's largest listed cellular service provider by sales Bharti Airtel gained 6.07 per cent to Rs 970.15. As per reports, Bharti Enterprises may reportedly acquire Big Apple, the Delhi-based supermarket chain with 65 stores.

India's largest private sector bank by assets ICICI Bank rose 4.40 per cent to Rs 1207.90. Recently, CLSA gave a buy rating on the stock with a price target of Rs 1,400. Punjab National Bank soared 6.53 per cent to Rs 661.75, Indian Overseas Bank jumped 5.69 per cent to Rs 174.60, Oriental bank of Commerce spurted 3.66 per cent to Rs 261.95, Bank of Baroda rose 2.92 per cent to Rs 415.70 and HDFC Bank gained 2.89 per cent to Rs 1694.35.

IT stocks climbed on hopes the US economy may avoid a recession. The BSE IT index 6.04 per cent to 4,581.61. It outperformed the Sensex. India's second largest software exporter by sales Infosys Technologies soared 6.63 per cent to Rs 1810.90.

India's third largest software exporter by sales Wipro soared 8.86 per cent to Rs 535.30 on reports it may bid for France's Capgemini by the end of January 2008 in a deal valuing the latter at around $7 billion.

Satyam Computer Service gained 6.28 per cent to Rs 454.55, TCS rose 6.07 per cent to Rs 1108.70 and HCL Technologies 5.39 per cent to Rs 327.45. Indian software firms derive more than half of their revenue in dollar terms. Select PSU stocks gained on reports the government plans to ask blue-chip public sector units (PSUs) to issue bonus shares, as their reserves and surplus have increased to several times their paid-up capital. The BSE PSU index rose 2.21 per cent to 9,722.81. It underperformed the Sensex.

GAIL (India) surged 9.01 per cent to Rs 522.75, ONGC rose 4.75 per cent to Rs 1,247.40, Bharat Heavy Electricals climbed 5.08per cent to Rs 2,489.25, HPCL rose 2.33 per cent to Rs 318.50 and BPCL gained 4.36 per cent to Rs 450.85.

Jindal Saw jumped 6.93 per cent to Rs 1014.95, National Aluminum Company (Nalco) rose 5.49 per cent to Rs 445.50, Tata Steel rose 4.57 per cent to Rs 862.50, Sterlite Industries rose 4.56 per cent to Rs 1000.40 and Steel Authority of India rose 1.59 per cent to Rs 268.45.

Two-wheeler maker TVS Motor Company gained 1.94 per cent to Rs 71.10 on reports the Madras high court has suspended an interim order restraining TVS Motor from booking or selling its recently launched 125-cc bike 'Flame'. The bench posted the case to January 4 and 5 January 2008, for further hearing of all the petitions.

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