Indian Stock Market: Sensex Up 204.44 Points Touching 17 Month High

Sensex rose 204.44 points or 1.2% to 17231.11.
Nifty rose 63.95 points or 1.3% to 5118.20.
Mid Cap rose 2%. Small Cap rose 1.5%.
BSE 500 rose 1.5%. Sensex gainers: 25

Of 13 BSE Sectoral indices 12 posted gains.
Advancers: 1682, Decliners: 1078, Unchanged: 78
Advance/Decline Ratio: 8:5

Sensex Day’s Range: 17274.59 - 17117.90
Nifty Day’s Range: 5127.40 - 5054.35
52-Week Range: 17274.59 - 7697.39
52-week change: -0.2%

Stocks rose, driving the MSCI World Index to a one-year high, and oil climbed as the decline in China’s exports slowed and Intel Corp.’s sales forecast topped analysts’ estimates. The Dollar Index slid to the lowest level since August 2008, while gold climbed to a record.

Sensex gainers included Mahindra & Mahindra +6.1%, Sterlite Ind +5.4%, Hindalco +5%, Jaiprakash Associates +5%, Tata Steel +4.7% and State Bank +4.5%.

Sensex losers included Reliance Comm -6.5%, Bharti Airtel -3.3%, Reliance Infra -2.6%, ACC -0.7% and Grasim Ind -0.5%.

Metal index rose 5.3% led by Sesa Goa +13.9%, Jindal Steel +7.9%, Jindal Saw +5.6%, Sterlite Ind +5.4%, Hindalco +5% and Tata Steel +4.7%.

Capital Goods index surged 2.4% helped by Usha Martin +8.8%, AIA Engg +8.6% at Rs 348.65, Punj Lloyd +7.3%, Crompton Greaves +5.9%, Praj Ind +5.8% and Everest Kanto +4.9%.

Auto index gained 2.3% supported by Mahindra & Mahindra +6.1%, Bharat Forge +5.8%, Exide Ind +5.2%, Escorts +4.6% and Tata Motors +4.1%.

PSU index moved up 1.6% assisted by Dena Bank +6.9%, Bank of India +6.5%, Corporation Bank +6.5%, State Bank +4.5% and Neyveli Lignite +4.1%.

Power index inched up 1.6% aided by GVK Power +7.6%, Crompton Greaves +5.6%, Neyveli Lignite +4.1%, Lanco Inffratech +3.8% and BHEL +3.1%.

Other sectoral movers were: Consumer Durables +1.5%, Healthcare +1.4%, Realty +1.4%, IT +0.9%, Oil & Gas +0.5% and FMCG +0.5%.

Teck was the only sector, which fell 0.4%.

Volume shockers on BSE:
Ispat Ind 11.48 million shares, Unitech 11.23 mln shares, Teledata 9.66 mln shares and Sesa Goa 9.61 mln shares

Turnover:
Total turnover was Rs 93128.57 crore. This included Rs 20,295.37 crore from the NSE cash segment, Rs 65,953.48 crore from the NSE F&O and the balance Rs 6,879.72 crore from the BSE cash segment.

Buzzers:
PTC India +20.8% at Rs 105.05, Ador Welding +20% at Rs 163.30, Dewan Housing +20% at Rs 204.35, Jaihind Projects +20% at Rs 148.40 and Liberty Phosphate +20% at Rs 33.80.

Heavy Losers:
Ashiana Housing -9.3% at Rs 101.60, Kilburn Chemical -7.1% at Rs 33.25, Natural Capsule -6.7% at Rs 35.80, Rel Comm -6.5% at Rs 231.60 and Rungta Irrigation -6.5% at Rs 36.50.

State Bank of India up 4.6 pct:
State Bank of India led the gainers after the top lender said it was looking to raise up to $1 billion in bonds to fund growth. The stock closed up 4.5 percent at Rs 2,269.45.

Sterlite Industries climbs 5.4 pct:
Metals maker Sterlite Industries climbed 5.4 percent to Rs 852.40 after Morgan Stanley raised its 12-month price target on the stock to 963 rupees.

Reliance Industries to finalize overseas buys by end-2009:
Reliance Industries, the owner of the world’s biggest oil refining complex, is in advanced talks to acquire refinery and petrochemical units in the U.S. and Europe and could finalize a deal by end-2009, a senior company executive said on Wednesday.

Crude:
Crude was quoting at $74.90 a barrel.
In its October report, the Organization of the Petroleum Exporting Countries on Tuesday raised its forecast for world oil demand by 200,000 barrels a day for both this year and 2010.

Gold:
Gold was trading at $ 1064.92 an ounce, up 0.07%.

FII Inflow:
Foreign funds have moved nearly $13 billion into Indian stocks this year, almost ploughing back what they pulled out in 2008 when the index slipped more than half.

Emerging Markets:
Emerging-market shares climbed for an eighth day to the highest level in 14 months. The MSCI Emerging Markets Index rallied 1.7 percent. China’s Shanghai Composite Index rose 1.2 percent to the highest in almost a month.

Asian Markets:
Asian markets also ended higher; Hang Seng rose nearly 2%. Shanghai, Straits Times, Kospi, Taiwan Weighted and Jakarta Composite moved up 1.2-1.6%. Nikkei was flat.

European markets:
European markets were trading higher. FTSE: +1.7%, DAX: +2%, CAC +1.7%.

JPMorgan posts excellent results:
The company earned $3.6 billion, or 82 cents a share in the third quarter, compared to $527 million, or 9 cents a share a year ago. Analysts polled by Thomson Reuters had expected the company to earn 52 cents a share. Revenue for Q3 stood at $26.6 billion.

Dow Futures up:
A surprisingly strong profit and outlook from Intel and much stronger-than-forecast results from J.P. Morgan Chase sent U.S. stock futures rallying and put a 10,000 level on the Dow Jones Industrial Average within reach.

S&P 500 futures rose 16 points to 1,084.80 and Nasdaq 100 futures rose 24.5 points to 1,751.20. Futures on the Dow industrials climbed 123 points.

Optimism:
China’s exports dropped 15.2 percent in September, the smallest decrease this year, the government said. Intel, the world’s largest computer-chip maker, forecast sales that surpassed projections by as much as $1 billion.

The reports added to evidence that the global economy is recovering from its first recession since World War II.

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