Market movements in order: Chidambaram

The Finance Minister P Chidambaram expressed satisfaction with the movement in the market.

india Updated: Sep 29, 2006 18:41 IST

The country's stock market on Friday received a vote of confidence from Finance Minister P Chidambaram, who expressed satisfaction with the "orderly movement in the market."

The movement has been orderly over the last three months, though there was some disorderly movement in May, he told reporters in New Delhi.

The market was seen today cheering the positive sentiments expressed by the Finance Minister. The benchmark Sensex was seen hovering around the 12,500-point mark with a gain of about 100 points in a strong trading session.

The 30-share barometer index is less than 200 points away from its all time high of 12,671.11 points, which had earlier reached on May 11, before a sharp downslide on the bourses that continued for about one month.

Key market indices Sensex and Nifty have captured the performance of the corporate sector, said Chidambaram, who met SEBI chief M Damodaran this morning. But details of the meeting were not known.

"Shares are bought and shares are sold. But, I am not concerned about rise or fall in the market," the Finance Minister said.

There was ample liquidity in the system, he added.

Chidambaram said the county's GDP growth was likely to be maintained above 7.5 per cent and could even grow beyond 8 per cent if fiscal prudence is maintained.

Meanwhile, Finance Minister P Chidambaram expressed satisfaction with the orderly movements in the market", saying there was ample liquidity in the system. Of the total 2,566 traded shares, 1,590 shares showed gains while 914 others registered losses.

The trading volume improved to Rs 3,705.68 crore from Rs 3,594.94 crore on Thursday. Bharti Airtel clocked the highest turnover of Rs 167.26 crore including FII deals followed by Tata Steel (Rs 119.34 crore), RIL (Rs 92.09 crore) Mahindra Gesco (Rs 72.40 crore) and Bombay Dyeing (Rs 68.10 crore).

The broad-based BSE-100 Index advanced further by 38.70 points to 6,328.33 from previous close of 6,289.63.

The BSE-200 Index and the Dollex-200 were quoted smartly up at 1,495.48 and 541.85 at close compared to previous close of 1,484.42 and 538.05 respectively. The BSE-500 Index shot up by 37.27 points to 4,739.67 from last close of 4,702.40 and the Dollex-30 ended higher at 2,225.26 from 2,212.94.

Tata steel spurted by 16.70 to 535.65, Maruti by 38.80 to 981.20, Tata Motor by 19.60 to 862.05, Bajaj Auto by 72.75 to 2998.20, ACC by 14.65 to 993.30, BHEL by 11.05 to 2392.85, Dr Reddy by 8.15 to 831.20, Grasim by 45.15 to 2519.65, HDFC by 33.80 to 1534.30, Hindalco by 1.15 to 171.35, HLL by 1.20 to 25 6.20, L&T by 5.55 to 1273.05, ITCby 3.45 to 187.65, NTPC by 2.60 to 130.20, Ranbaxy by 9.50 to 439.85, Rel Com by 6.75 to 346.75, RIL by 3.00 to 1171.05, Satyam Computer by 3.35 to 818.55, TCSn by 2.70 to 1021.60 and Wipro by 3.60 to 525.10.

However, Bharti Airtel declined by 2.25 to 468.85, Cipla by 1.75 to 262.25, HDFC Bank by 1.55 to 926.00, ICICI Bank by 9.35 to 699.05, Hero Honda by 14.55 to 774.55 and ONGC by 9.L70 to 1170.05.

First Published: Sep 29, 2006 18:23 IST