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Bulls will look to extend gains

This article was posted on Dec 10, 2008 and is filed under Market News

Indian market would look to extend gains atleast in the morning trades. However, profit booking cannot be ruled out at higher levels. Indian markets ended at day’s high in a rally propelled by heavy buying in the index pivotal like Reliance Industries, DLF and Tata Steel. Buying was witnessed across the board with the realty, metals and oil & gas stocks among the major gainers.

The broader market also participated in the rally with the BSE mid-cap index BSE small-cap Index adding over 2% each. Finally, the BSE benchmark Sensex surged 492 points to close at 9,654 and the NSE Nifty index was up 144 points ending at 2,928.

Market breath was positive, 1,530 stocks advanced against 800 declines, while, 116 stocks remained unchanged.

Among the 30-components of Sensex, 29 stocks ended in the green and only 1 stock ended in the negative terrain, the big gainers were DLF (22%), M&M (17%), Grasim (14.3%) and Tata Steel (13%). Ranbaxy was the only loser, down 1%.

Shares of Unitech surged by over 6% to Rs35 after reports stated that the company plans to invest Rs25bn to develop 35 hotels over the next seven years. The scrip touched an intra-day high of Rs35.9 and a low of Rs33.2 and recorded volumes of over 32,00,00,000 shares on BSE.

Shares of Wockhardt surged by over 3% to Rs99 after reports stated that the company was in talks to raise US$100mn for clearing FCCB dues. The scrip touched an intra-day high of Rs101 and a low of Rs98 and recorded volumes of over 21,000 shares on BSE.

Apollo Tyres declined by a percent to Rs20.2. According to reports, the company has slashed their product prices to pass on the 4% excise duty cut benefit to customers. The scrip touched an intra-day high of Rs21 and a low of Rs19 and recorded volumes of over 1,00,000 shares on BSE.

Shares of Jet Airways gained after reports said that the company plans to lease five aircraft to Gulf Air Co. and Turkish Airlines Inc. to cut costs. Jet Airways will lease two Airbus SAS A330 aircraft to Gulf Air for four months. Three Boeing Co. 777 planes will be leased to Turkish Airlines for six months.

The stock was up by a 1.5% to Rs135 after hitting an intra-day high of Rs138 and a low of Rs134 and recorded volumes of over 49,000 shares on BSE.

Shares of MTNL advanced after reports stated that the company would launch mobile video surveillance with uniting its 3G services with conventional closed-circuit TV.

The 3G services would be launched on December 11 in Delhi. The services are expected to be launched in Mumbai too soon. The launch will put the country on the global 3G map a month ahead of the process to offer private firms 3G licenses. The stock was up by 3% to Rs75 after hitting an intra-day high of Rs76.9 and a low of Rs73 and recorded volumes of over 1,00,000 shares on BSE.

Shares of Kalpataru Power advanced by 3% to Rs233 after reports stated that the company won a gas pipeline contract from GAIL valued at Rs2.4bn. The scrip touched an intra-day high of Rs239 and a low of Rs230 and recorded volumes of over 81,000 shares on BSE.

source: Indiainfoline

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