Intense buying in frontline stocks saw the Sensex breach 16,000 mark today. A buoyancy was visible across the global markets. The rally was triggered by JP Morgan raising Bear Stearns acquisition price by 5 times and US economic data that showed US new home sales had risen 3% in February 2008.
In the domestic front, all the sectoral indices on BSE ended higher. Banking, IT and realty stocks posted impressive gains. Mid-cap and small-cap stocks surged. The market breadth was strong.
In Europe, key indices in UK, France and Germany were up by 2.80% to 3.25%. Most of the Asian indices rallied today. Chinas Shanghai Composite, which declined more than 1% earlier, recovered sharply as the session progressed. It ended up 0.09%. Key benchmark indices in Hong Kong, Singapore, South Korea and Japan were up by 1.19% to 5.88%.
As per provisional closing, the 30-share BSE Sensex rose 967.07 points or 6.33% at 16,256.47. The index gained 972.98 points at sessions high of 16,262.38, hit at the fag end of the trade.
The broader CNX S&P Nifty was up 284.45 points or 6.17% at 4894.30.
The BSE Mid-Cap index was up 6.77% at 6,198.65. The BSE Small-Cap index was up 5.28% at 7,317.34.
The market breadth was strong. On BSE, 2075 stocks advanced, 637 declined and 50 stocks were unchanged.
The BSE clocked a turnover of Rs 6836 crore as against Rs 4,682.75 on Monday, 24 March 2008.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 5.56% to Rs 2323.20. The firm is reportedly evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum (mmtpa), the largest at a single location in the world.
India's largest private sector bank by assets ICICI Bank soared 9.38% to Rs 880. The bank has reportedly entered into a Rs 1,150-crore equity-cum-debt deal with Jaypee Infratech, a unit of Jaiprakash Associates. The bank has decided to pick up 1% stake in Jaypee Infratech for Rs 250 crore, reports added.
Indias largest engineering and construction firm by revenue Larsen & Toubro rose 3.94% to Rs 3053.
Top Sensex gainers were, Jaiprakash Associates (up 17.37% at Rs 235.10), DLF (up 14.86% at Rs 686.95), Reliance Energy (up 12.09% at Rs 1290), Housing Development Finance Corporation (up 9.90% at Rs 2620), Wipro (up 9.59% at Rs 437) and Infosys Technologies (up 9.45% at Rs 1490).
Chemicals maker GHCL surged 19.16% to Rs 88.95 after the company said it plans to spin off its home textiles and retail businesses into separate units as part of a restructuring plan.
Software firm Prithvi Information Solutions surged 10.40% to Rs 155.50 after the software services firm said its board will consider a share buyback proposal on 31 March 2008.
Steel pipes maker Welspun Gujarat Stahl Rohren jumped 13.49% to Rs 334 after the company said it has bagged pipeline orders worth Rs 1,075 crore for the supply of spiral pipes to Northern Africa.
Apparels maker Gokaldas Exports advanced 8.73% to Rs 185 on reports the company has secured an order to supply 2.50 lakh units of sportswear like jumpers, track-suits & vests for the thousands of athletes participating in Beijing Olympics.
Apparels firm Arvind Mills jumped 5.87% to Rs 37 after the company said Arvind Brands a division of the company has signed an agreement with Philips-Van Heusen Corporation for designing, distribution & retailing of IZOD brand in India.
Future Capital Holdings, the financial services arm of the Future Group, jumped 5.79% to Rs 578.50 after the company said its board has approved to invest upto Rs 47.75 crore in its subsidiary Future Finmart.
Cement maker Prism Cement soared 11.20% to Rs 42.70 after 14 lakh shares, or 0.47% of the company's equity, changed hands in a block deal on NSE at Rs 39.55 each.
Power equipment maker Jyoti Structures spurted 4.07% to Rs 162.30 after its secured an order worth Rs 160 crore for construction of transmission line and sub-stations in Uganda.
US markets rallied yesterday, 24 March 2008 on the back of a revised offer for Bear Strens. JP Morgan Chase revised its open offer for Bear Strearns to $10 per share from $2 per share. The Dow Jones industrial average surged 187.32 points, or 1.52%, to 12,548.64. The Standard & Poor's 500 index advanced 20.37 points, or 1.53%, to 1,349.88, and the Nasdaq Composite index added 68.64 points, or 3.04%, to 2,326.75.
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In the domestic front, all the sectoral indices on BSE ended higher. Banking, IT and realty stocks posted impressive gains. Mid-cap and small-cap stocks surged. The market breadth was strong.
In Europe, key indices in UK, France and Germany were up by 2.80% to 3.25%. Most of the Asian indices rallied today. Chinas Shanghai Composite, which declined more than 1% earlier, recovered sharply as the session progressed. It ended up 0.09%. Key benchmark indices in Hong Kong, Singapore, South Korea and Japan were up by 1.19% to 5.88%.
As per provisional closing, the 30-share BSE Sensex rose 967.07 points or 6.33% at 16,256.47. The index gained 972.98 points at sessions high of 16,262.38, hit at the fag end of the trade.
The broader CNX S&P Nifty was up 284.45 points or 6.17% at 4894.30.
The BSE Mid-Cap index was up 6.77% at 6,198.65. The BSE Small-Cap index was up 5.28% at 7,317.34.
The market breadth was strong. On BSE, 2075 stocks advanced, 637 declined and 50 stocks were unchanged.
The BSE clocked a turnover of Rs 6836 crore as against Rs 4,682.75 on Monday, 24 March 2008.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 5.56% to Rs 2323.20. The firm is reportedly evaluating a plan to set up its third refinery at Jamnagar in an ambitious project to reach a total capacity of 100 million metric tonne per annum (mmtpa), the largest at a single location in the world.
India's largest private sector bank by assets ICICI Bank soared 9.38% to Rs 880. The bank has reportedly entered into a Rs 1,150-crore equity-cum-debt deal with Jaypee Infratech, a unit of Jaiprakash Associates. The bank has decided to pick up 1% stake in Jaypee Infratech for Rs 250 crore, reports added.
Indias largest engineering and construction firm by revenue Larsen & Toubro rose 3.94% to Rs 3053.
Top Sensex gainers were, Jaiprakash Associates (up 17.37% at Rs 235.10), DLF (up 14.86% at Rs 686.95), Reliance Energy (up 12.09% at Rs 1290), Housing Development Finance Corporation (up 9.90% at Rs 2620), Wipro (up 9.59% at Rs 437) and Infosys Technologies (up 9.45% at Rs 1490).
Chemicals maker GHCL surged 19.16% to Rs 88.95 after the company said it plans to spin off its home textiles and retail businesses into separate units as part of a restructuring plan.
Software firm Prithvi Information Solutions surged 10.40% to Rs 155.50 after the software services firm said its board will consider a share buyback proposal on 31 March 2008.
Steel pipes maker Welspun Gujarat Stahl Rohren jumped 13.49% to Rs 334 after the company said it has bagged pipeline orders worth Rs 1,075 crore for the supply of spiral pipes to Northern Africa.
Apparels maker Gokaldas Exports advanced 8.73% to Rs 185 on reports the company has secured an order to supply 2.50 lakh units of sportswear like jumpers, track-suits & vests for the thousands of athletes participating in Beijing Olympics.
Apparels firm Arvind Mills jumped 5.87% to Rs 37 after the company said Arvind Brands a division of the company has signed an agreement with Philips-Van Heusen Corporation for designing, distribution & retailing of IZOD brand in India.
Future Capital Holdings, the financial services arm of the Future Group, jumped 5.79% to Rs 578.50 after the company said its board has approved to invest upto Rs 47.75 crore in its subsidiary Future Finmart.
Cement maker Prism Cement soared 11.20% to Rs 42.70 after 14 lakh shares, or 0.47% of the company's equity, changed hands in a block deal on NSE at Rs 39.55 each.
Power equipment maker Jyoti Structures spurted 4.07% to Rs 162.30 after its secured an order worth Rs 160 crore for construction of transmission line and sub-stations in Uganda.
US markets rallied yesterday, 24 March 2008 on the back of a revised offer for Bear Strens. JP Morgan Chase revised its open offer for Bear Strearns to $10 per share from $2 per share. The Dow Jones industrial average surged 187.32 points, or 1.52%, to 12,548.64. The Standard & Poor's 500 index advanced 20.37 points, or 1.53%, to 1,349.88, and the Nasdaq Composite index added 68.64 points, or 3.04%, to 2,326.75.
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