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Market cheers steady rates

Market respond positively to credit policy measures

Apnaloan.com Research Bureau

10 Aug 2007

The Reserve Bank of India (RBI) seemed to have given a shot in the arm for the domestic stock market on Tuesday, with key indices surging nearly 2 per cent after the central bank held key interest rates steady in its monetary and credit policy for 2007-08 (April-March).

Despite a poor start and bouts of profit-booking in early trades, the Bombay Stock Exchange's Sensex and the National Stock Exchange's Nifty gained strength towards noon ahead of the RBI policy.

On Tuesday, the Sensex ended at 14136.72, up 208.39 points or 1.5 per cent from Monday, after touching a low of 13850.07 and a high of 14197.32 points intraday.

The Nifty closed at 4141.80, up 56.70 points, or 1.4 per cent. It moved between a low of 4057.70 and a high of 4162.15 points during the session.

The Sensex closed above the 14000-level for the first time since February 22, while the Nifty ended above 4100 for first time since February 20.

The turnover on BSE and NSE combined was Rs 15,100 crore, up 35 per cent from Monday. The CNX Midcap Index ended up 1 per cent, while the S&P CNX 500 Index rose 1.2 per cent.

Zee Entertainment ended up 7.8 per cent at Rs 295 on value buying after robust January-March results. Analysts expect strong growth in the media major's income due to rising advertisement revenue.Maruti Udyog ended at Rs 796, up 3.8 per cent, after reporting March quarter earnings that exceeded analysts' expectations.

Siemens, which opened weak on disappointing earnings reported late Monday, gained on value buying as brokerages have upgraded the stock.

The worst-hit among Nifty stocks were Mahanagar Telephone Nigam, down 7.2 per cent at Rs 150, Wipro, down 2.2 per cent at Rs 555, and Tata Consultancy Services, down 1.7 per cent at Rs 1,226.

MTNL shares fell, as its January-March net earnings fell short of analysts\' expectations. The company\'s net profit rose 47 per cent to Rs 206 crore, against expectations of a 15 per cent rise, driven by other income.

Information technology shares slipped on Tuesday on concerns that overseas revenue will be hit if the rupee continues to strengthen against the dollar.

On Tuesday, the Indian unit appreciated to Rs 41.05 per dollar, against 41.67 on Monday. The BSE Infotech Index, down 0.6 per cent, was the only sectoral index to end weak.

(Courtesy: Business Standard)

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