POST MARKET>>27-FEB-08

Market registers marginal gains

The key benchmark indices came off higher levels in late trade and ended almost flat due to selling in IT and banking counters. European markets which opened after Indian market, fell. The market had held firm for a better part of the day on firm Asian markets. Reliance Energy declined. Grasim Industries and Infosys were major losers from Sensex pack.

Capital goods stocks were in demand. The market breadth was positive

Asian markets, which opened before Indian markets, surged after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday that a weak US economy was a bigger worry than higher inflation risks.

The market breadth was positive: on BSE 1,433 advanced as compared to 1,300 that declined. 41 stocks remained unchanged.

IT stocks declined in late trade. Satyam Computer Services (down 2.81% to Rs 437.10), Wipro (down 0.96% to Rs 439.90), Tata Consultancy Services (down 2.24% to Rs 877.70), Infosys (down 2.69% to Rs 1,617.40) edged lower.

Banking stocks fell in late trade. ICICI Bank (down 0.38% to Rs 1,113.75), HDFC Bank (down 0.22% to Rs 1,451.75) and State Bank of India (down 1.76% to Rs 2,082.55) edged lower.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 0.46% at Rs 2,587.55. It came off from session's high of Rs 2,624. The company said on Tuesday, 26 January 2008 it had discovered more gas in an exploration block off India's east coast. This is the company's eight discovery in the block.

Among the top gainers from Sensex pack were Mahindra & Mahindra (up 4.52% to Rs 658.65), Housing Development Finance Corporation (HDFC) (up 4.27% to Rs 2,684.40) and Ranbaxy Laboratories (up 4.1% to Rs 436.35).

Among the Sensex losers from Sensex pack were ACC (down 2.24% to Rs 812.25), and Grasim Industries (down 5.06% to Rs 2,888.65).

India's second largest power utility firm by revenue Reliance Energy declined 3.88% to Rs 1,631.35. It came off from day's high of Rs 1,745. The company said yesterday its board will meet on 5 March 2008 to consider, buy back of equity shares of the company.

Capital goods stocks were in demand. Larsen & Toubro (up 3.2% to Rs 3,630.95), Bharat Heavy Electricals (up 3.78% to Rs 2,262.90) edged higher. However, Suzlon Energy declined 3.54% to Rs 303.70.

India’s largest truckmaker by sales Tata Motors rose 0.76% to Rs 707.45. Tata Motors and Ford reportedly plan to sign a memorandum of understanding possibly on 5 March 2008 for Tata Motors' possible acquisition of Ford's luxury British brands, Jaguar and Land Rover. The complete sale of Jaguar-Land Rover to Tatas will take 6-8 weeks.

Ispat Industries clocked highest volume of 2.05 crore shares on BSE. Tulsi Extrusions (1.86 crore shares), IRB Infrastructure Developers (1.53 crore shares), Reliance Natural Resources (1.2 crore shares) and Centurion Bank of Punjab (86.15 lakh shares) were the other volume toppers in that order.

Reliance Industries clocked highest turnover of Rs 364.71 crore on BSE. OnMobile Global (Rs 310.87 crore), IRB Infrastructure Developers (Rs 306.7 crore), Reliance Capital (Rs 262.46 crore) and Tulsi Extrusions (Rs 231.1 crore) were other turnover toppers in that order.

A per provisional data on NSE,foreign institutional invstor (FIIs) purchased shares worth Rs 350.45 crore today, 27 February 2008. Domestic funds bought shares worth Rs 341.35 crore.