India Market Summary: Sensex Up 137.78 Points Wednesday On President’s Assurance Of Reforms

Sensex rose 137.78 points or 0.9% to 15008.68
Nifty climbed 41.95 points or 0.9% to 4572.65.
Mid Cap rose 2.3%. Small Cap rose 2.2%.
BSE 500 was up 1.4%. Sensex gainers: 21
Of 13 BSE Sectoral indices, 10 posted gains.
Advancers: 2126, Decliners: 691, Unchanged: 55
Advancers outpaced decliners by a ratio: 3:1.

Sensex Day’s Range: 15026.03 - 14599.43
Nifty Days Range: 4582.20 - 4453.45
52-Week Range: 15992.90 - 7697.39
52-week % change: -6.1

Sensex gainers included Ranbaxy Labs +6.1%, Sun Pharma +4.1%, HUL +3.7%, Reliance Infra +3.7%, L& T +3.3%, DLF +3.3% and Maruti Suzuki +2.8%.

Sensex losers included Sterlite Ind -5.9%, Hindalco -3.5%, Tata Steel -3.5%, Wipro -1.3%, Infosys -1.2% and Mahindra & Mahindra -1.1%.

Realty index climbed 3.3% led by Sobha Developers +10%, Mahindra Life +8.6%, Omaxe +5.7%, Akruti City +5%, Orbit +5% and Parsvnath +5%.

Capital Goods index gained 3.2% helped by Lakshmi Machine +28.6%, Suzlon Energy +8.2%, Kalpataru +8%, Areva T & D +7.3% and BEML +5.6%.

Healthcare index raced 2.6% supported by Aventis Pharma +10.8%, Sun Pharma Advance +7.1%, Divis Lab +7.1%, Fortis Health +6.4% and Ranbaxy Labs +6.1%.

Power index moved up 2.3% assisted by Torrent Power +10.2%, Suzlon Energy +8.2%, Areva T & D +5.6%, ABB +5.6% and Punj Lloyd +4.7%.

PSU index advanced 1.9% led by Engineers India +14.6%, MMTC +10%, IDBI Bank +9.8%, MTNL +6.2%, Dredging Corp +5.9% and Neyveli Lignite +5.7%.

Other sectoral movers were: FMCG +1.1%, Teck +0.8%, Auto +0.5% and Oil & Gas +0.3%.

Sectoral losers were: Metal -2.1%, Consumer Durables -0.6% and IT -0.5%.

Volume shockers on the BSE:
Satyam Computer 38.61 million shares; Reliance Natural 33.34 mln shares and Suzlon 33.04 mln shaares

Turnover:
Total turnover was at Rs 1,02,406.10 crore comprised of Rs 26,316.70 crore from NSE cash segment, Rs 66,932.80 crore from NSE F&O and the balance Rs 9,156.60 crore from BSE cash segment.

Buzzers:
Lakshmi Machine +28.6% at Rs 1201.85, Jaiprakash Hydro +20.6%, Auto Corp Goa +20% at Rs 216.60, Triton Valves +20% at Rs 1099.05, Swaraj Mazda +20% at Rs 238.30, Savita Chemicals +20% at Rs 194.75 and Zodiac Clothing +20% at Rs 306.10.

Heavy Losers:
SE Investments -11.5% at Rs 201.15, Manugraph -9.9% at Rs 50.35, Maharashtra Polybutens -8.9% at Rs 80.60, Salzer Elect -7.8% at Rs 70.65, Solar Ind -7.6% at Rs 284.70 and Sterlite Ind -5.9% at Rs 661.30.

Media attracts buying:
In the media sector, Zee News, Adlabs Films, Deccan Chronicle, Dish TV India, HT Media, Jagran Prakashan and Balaji Telefilms were up 2-4.7%.

Inflation:
Wholesale price inflation eased to 0.48 percent in the 12 months to May 23, from previous week’s level of 0.61 percent, government data showed on Thursday.

President assures of reforms:
President Pratibha Patil said on Thursday that the new government would revive economic growth and help millions of poor with higher spending and expansion of social programmes, despite fears of a growing fiscal gap.

Outlining the new Congress-led government’s policies after a resounding election win in May, Pratibha Patil said minority stakes in state-run firms would be sold in a move that could help fund spending.

The government will also take steps to encourage foreign investment inflows, list shares of state-run firms and infuse more capital in banks to help boost economic growth which is at a six-year low.

Share sales to jump in India: Morgan Stanley
Indian firms may sell shares worth up to $30 billion annually over the next three years as the return of economic growth draws investors back to Asia’s third-largest economy, a senior official at Morgan Stanley said.

That would match the record $31 billion raised by Indian firms in 2007, the final phase of a five-year bull run that saw the main share index rise six fold. Foreigners have bought a net $4.6 billion worth of stocks so far in 2009, a sharp reversal from record outflows of more than $13 billion seen last year.

Union Budget:
The Union Budget would be held on July 3, 2009. The Rail Budget would be presented on July 1 while the Economic Survey would get announced on July 2.

Asian Markets:
Asian shares fell on Thursday after a fall on Wall Street overnight. Japan’s Nikkei was down 0.5 percent, while MSCI’s measure of other Asian markets fell 2.9 percent.

European Markets:
European markets were quoting: FTSE 100 was down 0.1%. The CAC 40 was up 0.6% and the DAX was up 0.6%.

Crude:
Crude was quoting at $ 67.04 a barrel.

Optimism:
Hopes of market-friendly reforms such as privatization, relaxation of foreign investment rules in the insurance and pension sectors and more infrastructure spending have also boosted investor confidence.

Concern:
The fiscal deficit for the 2008/09 fiscal year ended March 31 widened to 6.2 percent of gross domestic product, more than double the initial estimate of 2.5 percent.

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