Friday close: Sensex soars 208 pts
The market discounts weak global cues to make whopping gains on the back of some outstanding corporate earnings.india Updated: Oct 27, 2006 17:47 IST
Outstanding earnings by some major corporates, including Bharti Airtel, prompted the stock markets to discount weak global cues and advance by a whopping 208 points to 12,906.81 on Friday.
Bharti Airtel reported a hefty 79 per cent growth in net profits for the quarter ended September 30, to enter the prestigious group of seven corporates that have market capitalisation of more than Rs 1,00,000 crore.
The Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) began firm at 12,741.85 and later surged to a strong finish at 12,906.81, a net rise of 208.40 points or 1.64 per cent over Thursday's close of 12,698.41.
Similarly, the National Stock Exchange's (NSE) S&P CNX Nifty spurted by 61.80 points or 1.68 per cent to 3,739.35 from previous close of 3,677.55.
RIL, which has high weightage in Sensex formation, scored impressive gains following the company's statement that operations were back to normal at its Jamnagar refinery after a fire accident on Wednesday and that the incident will not affect the firm's financial performance and products supply.
Robust second quarter corporate earnings and the country's strong economic fundamentals were also behind the market's rise to such dizzy heights.
Century Textiles and Orient Papers too beat the market expectations and came out with second quarter results, which were termed as "amazing" by some investors.
SBI, Infosys Tech, Tata Motors, Dr Reddy's Lab and Grasim were among top gainers.
The market breadth remained positive with 1,307 gainers against 1,196 losers of the total 2,585 traded shares.
The trading volume spurted to Rs 4,266.81 crore from Rs Rs 3,418.45 crore on Thursday. Tech Mahinda recorded highest turnover of Rs 297.81 crore followed by Development Credit Bank (Rs 260.03 crore), RIL (Rs 210.57 crore), Hind Zinc (Rs 134.21 crore) and Reliance Comm (Rs 131.20 crore).
The broad-based BSE-100 Index spurted further by 103.49 points to 6,572.20 from previous close of 6,468.71.
The BSE-200 Index and the Dollex-200 were quoted sharply up at 1,555.38 and 572.97 at close compared to previous close of 1,532.49 and 563.97 respectively. The BSE-500 Index firmed up by 67.59 points to 4,944.79 from last close of 4,877.20 and the Dollex-30 ended higher at 2,344.61 from 2,304.46.
RIL shot up by 47.65 to 1222.85, SBI by 27.35 to 1093.15, Infosys Tech by 25.05 to 2097.45, Grasim by 77.30 to 2711.25, Bharti Airtel by 22.95 to 527.30, Bajaj Auto by 17.05 to 2773.90, Maruti Udyog by 15.55 to 966.60, BHEL by 15.55 to 2474.55, Dr Reddy's Lab by 18.60 to 730.35, ICICI Bank by 4.55 to 757.95, ITC by 3.50 to 187.80, Wipro by 6.20 to 562.35, HDFC by 9.60 to 1459.30, NTPC by 2.45 to 128.80, REL by 15.30 to 481.40, Satyam Computer by 3.70 to 434.30, Tata Motor by 14.55 to 886.30 and ACC by 5.55 to 982.85.