Fall in crude oil prices to 3-month low, recovery in rainfall and buying by foreign institutional investors helped Sensex close above crucial 15,000 mark. The barometer index rose in all the five trading sessions in the week ended Friday, 8 August 2008.
Sensex rose 511.13 points or 3.49% to 15,167.82 in the week ended 8 August 2008. The CNX S&P Nifty rose 115.95 points or 2.62% to 4,529.50.
The BSE Mid-Cap index rose 244.23 points or 4.33% to 5,886.97 and the BSE Small-Cap index rose 201.64 points or 2.89% to 7,181.74.
BSE Bankex (up 9.9% to 7,395.03), BSE Auto index (up 8.58% to 3,970.20), BSE Realty index (up 5.96% to 5,508.88), BSE Capital Goods index (up 3.58% to 12,565.88), BSE Power index (up 1.48% to 2,701.10), BSE IT index (up 2.26% to 3,885.86) edged higher in the week.
Foreign institutional investors (FII)'s bought shares worth Rs 1527.90 in the first few days of August 2008 (till 7 August 2008). FIIs sold shares worth Rs 25774.20 in the calendar year 2008, till 7 August 2008. Mutual funds sold shares worth Rs 286.10 in the month of August 2008 (till 7 August 2008).
Crude oil prices declined sharply from a record high $147.27 a barrel hit on 11 July 2008. Oil held near $118 a barrel on Friday 8 August 2008. India imports 70% of its crude requirement. The rising crude oil prices affects the fiscal deficit position of the country and its sovereign rating.
The key benchmark indices settled lower on Monday, 4 August 2008, after swinging wildly throughout the day. Global cues were mixed with negative bias. However buying momentum in small-cap and mid-cap stocks kept the market breadth strong. Selling pressure was seen in capital goods, banking and power stocks.
The BSE 30-share Sensex advanced 383.20 points or 2.63% to 14,961.07 on Tuesday, 5 August 2008. A fall in US crude oil prices to 3-month low and firm European markets triggered a solid rally on the bourses.
Stocks ended volatile session slightly higher on Wednesday, 6 August 2008, extending gains for the second straight day. Strong global cues triggered a solid rally in first half of the day's trading session. However profit booking at higher levels in second half capped gains. Sensex rose 112.47 points or 0.75% to 15,073.54. The US Federal Reserve at a meeting held after Indian market hours on 5 August 2008, held key interest rate at unchanged 2%.
The BSE 30-share Sensex rose 43.71 points or 0.29% at 15,117.25 on Thursday, 7 August 2008. The key benchmark indices ended with marginal gains ahead of the inflation data.
Key benchmark indices staged a strong intra-day rebound in late on Friday, 8 August 2008, boosted by fall in crude oil prices and higher US stock futures. Banking and auto shares recovered sharply from early lows. Volatility was high throughout the day. The BSE 30 Sensex rose 50.57 points or 0.33% to 15,167.82.
India's largest electric equipment maker Bharat Heavy Electricals rose 1.52% to Rs 1,783.25 in the week. Reports on 7 August 2008 said government has blamed the company for delaying projects causing acute shortage of electricity in various parts of the country. On 6 August 2008 the company won first ever contract for supplying 800 mega watts supercritical boilers.
India's largest home loan lender by operating income Housing Development Finance Corporation 4.63% to Rs 2,513.35 . Reports on 7 August 2008 said the company is in talks with GE Money to buy the latter's Indian home loan business.
India's largest state run oil exploration firm Oil & Natural Gas Corporation gained 6.74% to Rs 1,064. Reports on 6 August 2008 said the company plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.
HDFC Bank (up 15.61% to Rs 1,280.20), ICICI Bank (up 13.52% to Rs 728.90), State Bank of India (up 1.44% to Rs 1,521.85), Larsen & Toubro (up 5.26% to Rs 2,834.05), Reliance Industries (down 2.14% to Rs 2,250.45), Satyam Computer Services (up 4.56% to Rs 409), Tata Consultancy Services (up 0.39% to Rs 842.55), Wipro (up 1.18% to Rs 437.70), Reliance Communications (up 0.38% to Rs 438.45) and Infosys (up 2.42% to Rs 1,679.85) edged higher from the Sensex pack.
Government's direct tax collections rose an annual 46.9% to Rs 71648 crore in April-July 2008, the finance ministry said in a statement on 6 August 2008.
Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%, government data released on 7 August 2008 showed. Inflation for the week ended 31 May 2008 was revised upwards to 9.32% from 8.75%.
Science and Technology Minister Kapil Sibal on 8 August 2008, said the June-September monsoon rains have revived across the country and are expected to be normal. Sibal said the union cabinet has approved a new investment policy for the urea sector, linking cost of production to the import parity price, a key demand of the industry. The minister also said the cabinet has approved a new policy on uranium exploration.
India's monsoon was above average for the first week in August 2008, helping ease a dry spell that had threatened to delay sowing of crops including rice and cotton. Farmers in India, the world's second-largest rice producer, rely on the timing of the monsoon to decide which crops to grow. Showers in July 2008, the wettest month in the June-September season, were 18% below average, undermining prospects for record grain output critical to lowering food inflation.
Responding to the RBI's monetary tightening, top lenders HDFC and ICICI Bank and a number of state-run bank have raised interest rates.
Sensex rose 511.13 points or 3.49% to 15,167.82 in the week ended 8 August 2008. The CNX S&P Nifty rose 115.95 points or 2.62% to 4,529.50.
The BSE Mid-Cap index rose 244.23 points or 4.33% to 5,886.97 and the BSE Small-Cap index rose 201.64 points or 2.89% to 7,181.74.
BSE Bankex (up 9.9% to 7,395.03), BSE Auto index (up 8.58% to 3,970.20), BSE Realty index (up 5.96% to 5,508.88), BSE Capital Goods index (up 3.58% to 12,565.88), BSE Power index (up 1.48% to 2,701.10), BSE IT index (up 2.26% to 3,885.86) edged higher in the week.
Foreign institutional investors (FII)'s bought shares worth Rs 1527.90 in the first few days of August 2008 (till 7 August 2008). FIIs sold shares worth Rs 25774.20 in the calendar year 2008, till 7 August 2008. Mutual funds sold shares worth Rs 286.10 in the month of August 2008 (till 7 August 2008).
Crude oil prices declined sharply from a record high $147.27 a barrel hit on 11 July 2008. Oil held near $118 a barrel on Friday 8 August 2008. India imports 70% of its crude requirement. The rising crude oil prices affects the fiscal deficit position of the country and its sovereign rating.
The key benchmark indices settled lower on Monday, 4 August 2008, after swinging wildly throughout the day. Global cues were mixed with negative bias. However buying momentum in small-cap and mid-cap stocks kept the market breadth strong. Selling pressure was seen in capital goods, banking and power stocks.
The BSE 30-share Sensex advanced 383.20 points or 2.63% to 14,961.07 on Tuesday, 5 August 2008. A fall in US crude oil prices to 3-month low and firm European markets triggered a solid rally on the bourses.
Stocks ended volatile session slightly higher on Wednesday, 6 August 2008, extending gains for the second straight day. Strong global cues triggered a solid rally in first half of the day's trading session. However profit booking at higher levels in second half capped gains. Sensex rose 112.47 points or 0.75% to 15,073.54. The US Federal Reserve at a meeting held after Indian market hours on 5 August 2008, held key interest rate at unchanged 2%.
The BSE 30-share Sensex rose 43.71 points or 0.29% at 15,117.25 on Thursday, 7 August 2008. The key benchmark indices ended with marginal gains ahead of the inflation data.
Key benchmark indices staged a strong intra-day rebound in late on Friday, 8 August 2008, boosted by fall in crude oil prices and higher US stock futures. Banking and auto shares recovered sharply from early lows. Volatility was high throughout the day. The BSE 30 Sensex rose 50.57 points or 0.33% to 15,167.82.
India's largest electric equipment maker Bharat Heavy Electricals rose 1.52% to Rs 1,783.25 in the week. Reports on 7 August 2008 said government has blamed the company for delaying projects causing acute shortage of electricity in various parts of the country. On 6 August 2008 the company won first ever contract for supplying 800 mega watts supercritical boilers.
India's largest home loan lender by operating income Housing Development Finance Corporation 4.63% to Rs 2,513.35 . Reports on 7 August 2008 said the company is in talks with GE Money to buy the latter's Indian home loan business.
India's largest state run oil exploration firm Oil & Natural Gas Corporation gained 6.74% to Rs 1,064. Reports on 6 August 2008 said the company plans to scale up its gas production in Tripura and has revised the project cost to Rs 4376 crore from Rs 1817 crore.
HDFC Bank (up 15.61% to Rs 1,280.20), ICICI Bank (up 13.52% to Rs 728.90), State Bank of India (up 1.44% to Rs 1,521.85), Larsen & Toubro (up 5.26% to Rs 2,834.05), Reliance Industries (down 2.14% to Rs 2,250.45), Satyam Computer Services (up 4.56% to Rs 409), Tata Consultancy Services (up 0.39% to Rs 842.55), Wipro (up 1.18% to Rs 437.70), Reliance Communications (up 0.38% to Rs 438.45) and Infosys (up 2.42% to Rs 1,679.85) edged higher from the Sensex pack.
Government's direct tax collections rose an annual 46.9% to Rs 71648 crore in April-July 2008, the finance ministry said in a statement on 6 August 2008.
Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%, government data released on 7 August 2008 showed. Inflation for the week ended 31 May 2008 was revised upwards to 9.32% from 8.75%.
Science and Technology Minister Kapil Sibal on 8 August 2008, said the June-September monsoon rains have revived across the country and are expected to be normal. Sibal said the union cabinet has approved a new investment policy for the urea sector, linking cost of production to the import parity price, a key demand of the industry. The minister also said the cabinet has approved a new policy on uranium exploration.
India's monsoon was above average for the first week in August 2008, helping ease a dry spell that had threatened to delay sowing of crops including rice and cotton. Farmers in India, the world's second-largest rice producer, rely on the timing of the monsoon to decide which crops to grow. Showers in July 2008, the wettest month in the June-September season, were 18% below average, undermining prospects for record grain output critical to lowering food inflation.
Responding to the RBI's monetary tightening, top lenders HDFC and ICICI Bank and a number of state-run bank have raised interest rates.
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