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MUMBAI, Oct 7: Equities surged ahead at midsession.....more
Further fall in gold prices, MUMBAI, Oct 7: Gold prices declined further sharply by Rs 50 per....more |
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Moody’s
raise India’s outlook NEW YORK, Oct 7: Moody’s investors service today said it raised the outlook to positive from stable for India’s BA2 rating on foreign and domestic currency debt. Moody’s pointed out that the country’s balance of payments was resilient through the Asian and Russian crises, as well as through the international sanctions that were imposed following India’s May 1998 nuclear tests....more Sensex soars 5 p c as NEW DELHI, Oct 7: A flurry of buying by major players including overseas funds lifted benchmark index by 50.65 points, or almost 5 per cent to 1061.81 points on the delhi stock exchange today after ruling BJP-led National Democratic Alliance (NDA) secured an overall majority in the Lok Sabha elections. ....more |
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MUMBAI, Oct 7: Equities surged ahead at midsession lifting the sensex past 4900-mark level on the stock market here today on all-round support by operators and institutional investors on clear indication of BJP-led National Democratic Alliance (NDA) forming the next Government at the Centre. Reflecting the bullish fervour, 151 out of 153 traded specified scrips registered sharp to marginal gains while only two eased. Software scrips were the front runners on Foreign Institutional Investors (FIIs) buying support. The BSE sensitive index wide gap at 4816.11 from yesterday’s close of 4697.70 and moved in a range of 4907.55 and 4810.18 before being quoted at 4904.66 at 1330 hours, displaying a hefty gain of over 200 points. The enthusiasm was so strong that shares like SBI, Pentafour Soft, Global Tele, M&M, Himachal Futuristic, BHEL, Zee Telefilms, Aptech Ltd and Corporation Bank were locked at the upper circuit filter after exhausting the daily limit of eight per cent. Host of scrips from non-specified group also registered handsome gains and were on the way to hit the upper price band. (PTI) |
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Further fall in gold prices, silver improves MUMBAI, Oct 7: Gold prices declined further sharply by Rs 50 per ten gram on the bullion market here today due to weak overseas advices. However, silver improved moderately. Standard gold, after a steady start at Rs 4755, declined towards the fag-end and closed at Rs 4705, showing a fall of Rs 50 over the last close of Rs 4755. Twenty-two carat gold also showed a similar fall when it was nominally quoted at rs 4350 as compared to Rs 4400 yesterday. Ten-tola gold bar (.999 purity) declined further sharply by Rs 300 to end at Rs 56,000 from Rs 56,300. On the other hand, ready silver (.999 fineness) and tenderable silver improved moderately by Rs 5 each to end at Rs 8430 and Rs 8435 from yesterday’s close of Rs 8425 and Rs 8430 respectively. However, raw silver (.916 fineness) held steady at Rs 8305. (PTI) |
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NEW YORK, Oct 7: Moody’s investors service today said it raised the outlook to positive from stable for India’s BA2 rating on foreign and domestic currency debt. Moody’s pointed out that the country’s balance of payments was resilient through the Asian and Russian crises, as well as through the international sanctions that were imposed following India’s May 1998 nuclear tests. The ratings agency added that external debt maturity structure had improved and foreign reserves strengthened in recent years, reducing the country’s vulnerability to external shocks. Moody’s noted a stronger consensus has emerged across the political spectrum concerning the necessity for structural reform, although frequent political upheavals since 1996 have interrupted legislative advances and policy implementation. The ratings agency said the new Government that emerges from the latest election is likely to stay in office longer than its recent predecessors even though its margin of victory appears to be quite small. A longer-lasting Government would be able to undertake a more aggressive economic restructuring during its term of office, Moody’s said. (DOW JONES) |
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Sensex soars 5 p c as NDA gets clear majority NEW DELHI, Oct 7: A flurry of buying by major players including overseas funds lifted benchmark index by 50.65 points, or almost 5 per cent to 1061.81 points on the delhi stock exchange today after ruling BJP-led National Democratic Alliance (NDA) secured an overall majority in the Lok Sabha elections. Stock brokers said expectations that the ruling coalition which returned to power after getting clear majority will form stable Government was main factor behind today’s bull-run on the bourses. They said reports that international rating firm Moody’s investor services had upgraded India’s long-term debt ratings to positive from stable was also responsible for today’s buying spree. Apart from fresh round of buying by overseas funds, massive short-covering by bear operators who had been creating short-positions in the past few sessions in anticipation of a hung Parliament also gave a push to soaring prices. The benchmark opened higher with rising by more than two per cent and continued to rise following persistent rise in share values after reports that the BJP-led NDA had secured simple majority with winning 271 seats in the Lower House of Parliament. With the return of ruling alliance, players were optimistic that pace of economic reforms would be accelerated, though the buying interest was confined to information and technology sector at the outset, it spread to economy-based stocks such as petroleum, steel, cements and banking segments. Market is distinctly bullish through out the day on hopes that new Government would be stable, said Navin Singh, a stock broker. Several stocks hit the upward limit of eight per cent on all-round aggressive buying, he added. Another stock broker said the pace of today’s rally in stocks was unexpected and surprised the players. Amongst economy-based stocks Reliance Industries, the trendsetter spurted by Rs 11.30 to Rs 247.30 after touching day’s high of Rs 251.70 on frenzied purchases by operators amidst huge short-covering. TATA Steel shares also turned highly active and spurted to Rs 149 before settling Rs 7.90 higher at Rs 146.80. Cement major stocks such as associated cement rallied by a Rs 12.80, or almost 5 per cent to Rs 205.50, Larsen and Toubro shares surged Rs 16.40 to Rs 380.80, Gujarat Ambuja Cement spurted by Rs 22 to Rs 487, Jaiprakash Industries up Rs 3 at Rs 59.25 while Grasim Industries gained Rs 29.75 at Rs 402 on renewed buying by bull operators and domestic financial institutions. Towards the information and technology sector, Pentafour Software shares rallied by Rs 42.25, or 8 per cent to hit upper side circuit filter at Rs 638.25, Silverline Industries shot-up Rs 30.65, 8 per cent to Rs 416.15, an all-time high while Aptech Ltd soared Rs 74 to Rs 1019 on frantic purchases by overseas funds. Other bright spots included were Satyam Computer, Rolta India, HCL Infosystems, TATA Loco, Ashok Leyland, Bajaj Auto, Hero Honda, ITC Ltd., and Ranbaxy Laboratories. The market’s mood at close remained distinctly bullish and volume of business also enlarged. (PTI) |
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