Sensex surged 498 points or 3.3% at 15,518, NSE Nifty surged by 147 points to shut shop at 4,605.

Indian markets ended with healthy gains on Thursday as bulls were on a rampage. Market players appreciated the upbeat Industrial Production data and draft of new Direct Tax Code, especially the scrapping of the STT. Another sentiment booster was firm cues from the international equity markets.

In addition, investor sentiment improved around the globe this month, turning bears into bulls in five of the world’s biggest stock markets, says a global survey. So, quite clearly the worst of the recession is history in most parts of the world. But, don’t uncork the bubbly yet, as periodic bad news will test the strength and sustainability of any rally. Weakness will persist for a while in some pockets of the world as well as individual economies before there are sustained signs of a turnaround.

The BSE Sensex surged 498 points or 3.3% at 15,518 after touching a high of 15,545 and a low of 15,208. The index opened at 15,208 against the previous close of 15,020. The NSE Nifty surged by 147 points to shut shop at 4,605.

In Asia, the Nikkei in Japan ended higher by 0.8% at 10,517 while Australia’s S&P/ASX gained 2.1% at 4,435. The Hang Seng index in Hong Kong gained 2% at 20,861. Shanghai index in China added 0.9% at 3,140.

In Europe, stocks were trading in the green. The FTSE in the UK was up 1.1%. The DAX in Germany was up 1.3% and the CAC 40 index in France was up 1%.

Coming back to India, all the BSE sectoral indices ended in the green, the Realty index was the top gainer, gaining 7%, followed by the Metal index that was up 5.5%. The BSE Auto index up 4.4% and the BSE Bankex index was up 4.2%.

The BSE Mid-Cap index surged by 3.5% and the BSE Small-Cap index gained by 4.1%.

Within the Sensex, the major losers were DLF, ICICI Bank, Maruti, Tata Steel, Tata Motors, SBI and Sterlite.

Outside the frontline indices, the big gainers in the broader market were JP Hydro, IFCI, Bhushan Steel, Rolta, Ispat Industries and HCL Tech. On the other hand, losers included Jain Irrigation, Pantaloon Retail and Oracle Financials.

India’s inflation fell to the lowest levels in three decades as the wholesale price index stood at -1.74% in the week ended August 1 as compared to 1.58% in the previous week. Inflation was at 12.91% during the corresponding week of the last year (wee ended Aug. 2, 2008). For the week ended 1st August, 2009 the WPI for “All Commodities” rose by 0.1% to 237.2 from 236.9 in the

Shares of Reliance Industries ended higher by 1.5% to Rs2023. The company is reportedly pulled out of an ONGC-led consortium which was formed to bid for a 40% stake in an oil field in Venezuela.

This means that ONGC now has to find another partner to bid for the foreign oil block, reports a business daily. The Venezuela oil block is estimated to hold up to 40-50bn barrels of proven oil reserves, reports added.

Shares Axis Bank gained by 1% to Rs877 after reports stated that the company plans to raise Rs9.4bn through preferential allotment of 18mn shares to its promoters. The stock opened at Rs876 and made an intra-day high of Rs888 and a low of Rs867. Total traded volumes stood at 0.64mn shares.

Shares of Ranbaxy gained by 1.6% to Rs294 after report stated that the company has entered protein supplement market with the launch of Revitalite. The stock opened at Rs295 and made an intra-day high of Rs299 and a low of Rs292. Total traded volumes stood at 0.8mn shares.

Share Rallis India gained by 4.5% to Rs767 after Tata Chemicals announced that the board of directors decided to increase its equity shareholding in Rallis India by offering to purchase equity shares from other qualifying “Promoter Group” Tata Companies (i.e. Tata Tea Ltd, Tata Sons Ltd, Tata Investment Corporation Ltd & Ewart Investments Ltd) through inter-se transfer of shares. The Board of Tata Chemicals approved a proposal to purchase upto 35.80% shares, in any event not exceeding Rs850/- per equity share.

Everonn Systems bagged Rs918.7mn order from Government of Uttar Pradesh for implementation of Computer Education in 1099 Middle Schools in Uttar Pradesh for a period of 6 years on BOOT model, covering over 6,60,000 students of classes 6th to 12th.

The Company has received letter of intent from Directorate of Secondary Education, Government of Utttar Pradesh. The total number of schools in Everonn’s portfolio will be over 5500 schools with this order.

Shares of Everonn Systems gained by 6.5% to Rs370. The stock opened at Rs351 and made an intra-day high of Rs373 and a low of Rs350. Total traded volumes stood at 0.4mn shares.

Shree Renuka Sugars an integrated manufacturing company acquired 5% stake in the National Commodity & Derivatives Exchange Ltd. for Rs365mn, reports stated. The company bought 3% stake in the exchange from InterContinental Exchange Inc. and 2% from Goldman Sachs Group Inc., added the reports.

Shares of Renuka Sugar gained by 1.2% to Rs187. The stock opened at Rs187 and made an intra-day high of Rs189 and a low of Rs184. Total traded volumes stood at 1.4mn shares.

Dr. Reddy’s launched Strea Professional, the company’s first product in the non-invasive aesthetics segment in India. It is the first Bi-phasic superficial peel for specific imperfections avaialble in India.

The stock gained by 1% to end at Rs804. It had opened at Rs805 and made an intra-day high of Rs820 and a low of Rs800. Total traded volumes stood at 49,000 shares.

Shares of Sun TV surged by over 3.3% to end at Rs280. The company categorically denied news reports about the plans to foray into the aviation business by entering into a partnership with Star Aviation, an airline promoted by the diversified Dubai-based ETA Star group.

The news item is totally false and frivolous, Sun TV said in a statement. The group has no such intention or interest or is in discussions in acquiring stake in Star Aviation, it added. The news is totally unfounded and baseless, Sun TV said.

source: Indiainfoline

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