Market extends gains on falling crude oil prices
Renewed buying in interest rate sensitive stocks banking and realty shares pushed the market higher for the fifth consecutive day. Positive global cues and further decline in crude oil prices boosted investor sentiments.
Buying was broad based, yet, software shares remained subdued throughout the session. Construction and multiplex shares soared on fresh buying interest.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 11 August 2008, bought shares worth a net Rs 280.61 crore. Domestic funds bought shares worth a net Rs 505.30 crore.
Sensex rose 336.10 points or 2.22% to 15,503.92.
Nifty rose 90.90 points or 2.01% to 4620.40.
Shares of multiplex cinema operators spurted on reports the Akshay Kumar and Katrina Kaif starrer 'Singh is Kinng' is this year’s biggest blockbuster- making record opening collections at the box office on Friday, 8 August 2008. Adlabs FIlms (up 0.97% at Rs 564.90), Pyramid Saimira (up 4.59% at Rs 165.15), PVR (up 14.83% at Rs 201.65), and Inox Leisure (up 19.23% at Rs 102.30), soared. The movie collections totaled Rs 8 crore on day one and the weekend collections are projected to be anywhere between Rs 28 to Rs 30 crore.
The Securities & Exchange Board of India (Sebi) will hold a board meeting on Wednesday, 13 August 2008 to review FII regulations, where it may revisit the norms relating to participatory notes and securities lending and borrowing mechanism.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
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