Sensex hits 2-1/2 week high
DATE: 11/09/2012
Key benchmark indices extended gains to hit fresh intraday high in afternoon trade with market sentiment boosted by provisional data showing that foreign funds remained net buyers of Indian stocks on Monday, 10 September 2012. The Sensex was up 32.23 points or 0.19%, up close to 120 points from the day's low and off about 20 points from the day's high. The barometer index, BSE Sensex scaled over 2-1/2 week high. The 50-unit S&P CNX Nifty hit over 2 week high.
Index heavyweight Reliance Industries (RIL) edged lower in volatile trade. Index heavyweight and cigarette maker ITC strengthened. The market breadth was positive. Shares in Sesa Goa and Sterlite Industries tumbled after Goa, a key iron ore producing state in India, temporarily suspended all mining activities. Other metal stocks also declined. Auto stocks were mixed after news trickled in that fuel price hike is not listed on agenda for ministerial meeting on Tuesday.
The key benchmark indices edged lower in early trade on mostly lower Asian stocks. Market retreated from intraday high on fresh selling in morning trade. Indices cut intraday losses hit intraday high in mid-morning trade. Market advanced to intraday high in early afternoon trade. It reversed losses to hit fresh intraday high in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 692.73 crore on Monday, 10 September 2012, as per the provisional data from the stock exchange.
At 13:20 IST, the BSE Sensex was up 32.23 points or 0.19% to 17,800.19. The index rose 53.77 points at the day's high of 17,820.55 in afternoon trade, its highest level since 24 August 2012. The index fell 89.40 points at the day's low of 17,677.38 in early trade.
The S&P CNX Nifty was up 9.85 points or 0.18% to 5,371.80. The index hit a high of 5,377.85, its highest level since 27 August 2012. The index hit a low of 5,332.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,426 shares rose and 1,111 shares fell. A total of 137 shares were unchanged.
Among the 30-share Sensex pack, 16 gained while the rest declined.
Index heavyweight Reliance Industries (RIL) fell 0.05% to Rs 790.75. RIL has bought back 3.9 crore shares for about of Rs 2793.51 crore till 4 September 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013. RIL chairman Mukesh Ambani said at the company's Annual General Meeting in June 2012 that the company's buyback program represents a highly accretive use of cash by the company and it will supplement earnings growth from operations, for higher EPS (earnings per share), in the near future.
RIL on 27 August 2012 said it has scheduled a planned maintenance turnaround of one of the diesel hydrotreater units of the DTA refinery at its Jamnagar, Gujarat complex for a period of approximately two and half weeks starting 28 August 2012. This opportunity will also be utilised to carry out other maintenance and inspection jobs during the shutdown period, RIL said in a statement. During the period the other diesel hydrotreating unit of the DTA refinery along with other units including crude processing levels are planned at normal levels, RIL said.
Index heavyweight and cigarette maker ITC rose 0.89% to Rs 266.50. The stock had scaled a record high of Rs 271.50 on 30 August 2012. In a block deal of 57.4 lakh shares on the BSE on Monday, 10 September 2012), ITC had picked up another 1% in hospitality major EIH. With this, the Kolkata-based conglomerate has increased its holding in EIH to 16%. Shares of EIH rose 1.01%.
+POWERED BY: CAPITAL MARKET NEWS
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