Friday, June 03, 2011

Sensex, Nifty hit highest level in more than a week

The key benchmark indices hit their highest levels in more than a week as most Asian stocks rose. The market breadth was strong. Index heavyweight Reliance Industries edged higher. The BSE Sensex was up 63.14 points or 0.35%. ONGC, Mahindra & Mahindra (M&M), Indian Oil Corporation, BPCL and National Aluminium Company rose ahead of their Q4 results due today. Reliance Communications (RCom) fell ahead of its Q4 results today. A bout of volatility was witnessed in early trade as the market pared gains after a firm start. The market soon regained strength.

At 09:25 IST, the BSE Sensex was up 63.14 points or 0.35% to 18,329.24. The Sensex jumped 114.07 points at the day's high of 18,380.17 in early trade, its highest level since 20 May 2011. The index rose 51.06 points at the day's low of 18,317.16 in early trade.
The S&P CNX Nifty was up 21.05 points or 0.39% to 5,497.60. The Nifty hit high of 5,509.30 in early trade, its highest level since 20 May 2011.

The market breadth, indicating the health of the market, was strong. On BSE, 483 shares advanced while 113 shares declined. A total of 13 shares remained unchanged.
Among the 30-member Sensex pack, 24 stocks rose while the rest of them fell.
Index heavyweight Reliance Industries (RIL) gained 0.39%, with the stock gaining for the third straight day.

India's largest oil & gas exploration firm by sales ONGC gained 0.55% ahead of its Q4 results today. India's largest tractor maker by sales Mahindra & Mahindra rose 0.87% ahead of its Q4 results today.

Shares of state-run oil marketing firm BPCL rose 0.86% ahead of its Q4 results today. Another oil marketing firm Indian Oil Corporation gained 0.26% ahead of its Q4 results today.

India's second largest mobile services provider by sales Reliance Communications fell 0.24% ahead of its Q4 results today. Public sector aluminum producer National Aluminum Company rose 1.98% ahead of its Q4 results today.

Reliance Infrastructure (R-Infra) rose 0.53% after the company announced after market hours on Friday that consolidated net profit rose 2% to Rs. 1552 crore on 4% rise in total operating income to Rs. 15408 crore in the year ended March 2011 over the year ended March 2010. The company said it remains debt free at the net level and enjoys top end ratings from CRISIL and Fitch.

The company said it is developing 11 road projects worth Rs. 12000 crore and three metro rail projects in Mumbai and Delhi worth about Rs. 16000 crore. The Delhi metro rail project has already become operational. The company said the order book of its engineering, procurement and construction (EPC) division stood at Rs. 29635 crore as on 31 March 2011.
DLF gained 2.24% and was the top gainer from the Sensex pack. DLF, last week, said it is focusing on high margin residential projects. In the commercial leasing segment, the company's strategy is to increase average rentals and focus on leasing of semi-finished and ready-to-occupy properties. DLF also said it intends to strengthen operational cash flows and enhance momentum on non-core divestments. The company said it will moderate investments in land aggregation and capex. DLF said it has raised its overall target for asset divestments to Rs. 10000 crore from Rs. 4500 crore previously.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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