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Stock markets in India stabilize (16-07-2008)

The lowered prices of crude oil gave the Indian Market some boost with investors gearing up for the Sensex to rise. The oil prices, which touched an all time high record, finally pulled down. The Asian markets continued to be pared profits with the Iranian minister announcing the missile test. The prices of Crude oil had gone up to $136 per barrel last week. The record high prices started falling from the beginning of the week, by almost $4.

Rise in the Indian infrastructure sector output by 3.5 % in May, as compared to the previous year has lead to a steady in the month of April with 3.6% annual growth, as per the government data. The investors had been picking up bargains from across the board. The beaten down sectors like banks and realty picked up very fast and gained from the same. The power stocks and the capital goods gained some speed with rumors of some companies gaining if the India and U.S nuclear deal was sealed.

The 3.07% hike of Sensex of the Bombay Stock Exchange, almost 410 points, raised the Sensex to 13,759.81. The Sensex touched a high of 13,931.01 in trade. Meanwhile the NSE or the National Stock Exchange's Nifty rose 2.85%, which is 114 points, to 4102.20. The index reached a high of 4156 and low of 3990.90 points.

The second line stocks were also traded at higher rates. The BSE Smallcap and Midcap indices rose by 2.38 per cent and 2.17 per cent respectively. The main gainers of the Sensex highs were Tata Motors that went up by 4.42%, Reliance Infrastructure up 6.02%, ICICI Bank up by 5.23%, Jaiprakash Associates up by 5.24%, Reliance Communications by 4.57% and ITC by 4.45%. HDFC bank rose by 4.26%. The only laggard in the 30 share index was Hindalco Industries down by 1.31%.

Resulting in positive Market breadth BSE showed 1754 advances which outnumbered the declines of 447. The NSE had 1,029 gainers compared to 163 losers. Companies of Oil marketing were in focus with prices of crude oil slipping. HPCL gained 3.06% at the price of and BPCL rose to 3.88 per cent to 261.15. But the profits of the state run firms are indented because they have to sell petrol and diesel at prices mandated by the government. Even the upstream groups like ONGC had to trade 3% higher at 898 rupees, hoping for lower subsidy load.

Source- http://timesofindia.indiatimes.com/Market_stable_Sensex_up_400_points/rssarticleshow/3213833.cms

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