Saturday, August 1, 2009

Indian share market August 1, 2009

On the first day of August, the Indian share market observed a major upsurge as companies reported better than expected earnings in Asia and the U.S. The Sensex at the Bombay Stock Exchange closed at 13month high. The Nifty at the National Stock Exchange closed above 4600 points. Rise in share prices of oil & gas exploration, banking, FMCG, capital goods, metal and select pharma companies contributed to this upsurge.

At around 14:15 hours IST prices of realty stocks, Bharti Airtel, TCS, Reliance Communication, Hero Honda, SAIL, BPCL and Unitech went down but at the last one hour of the trade their prices went up. The Sensex at the Bombay Stock Exchange went up 282.35 points or 1.83% and closed at 15,670.31 points. It saw an intraday high of 15,732.81 points. The Sensex closed at 15,503.92 points 13 months ago.

The Nifty on the other hand closed at 4636.45 points, 65 points higher compared to its previous close. It saw an intra-day high of 4669.75 points. Shares of Tata Motors increased 13% after it reported 57% growth in net profit for the June quarter to Rs.513.8 crore. Shares of Tata Power increased 11% this week after it reported net profit for the June quarter to Rs. 397 crore. Share prices of TCS, ITC, Hindalco, Wipro, SBI, Tata Steel and HDFC advanced 5-9% each.

In terms of volume of trading, Unitech took over top spot with trades of 538.96 million shares on the BSE and NSE this week. This was followed by Suzlon (354 million), Ispat Industries (290 million), IFCI (230 million), Mahindra Satyam (229 million) shares.

Share prices of Hero Honda dipped 7.5%. Sun Pharma went down 6%. Share prices of Grasim Industries, Reliance Industries, Sterlite and Bharti Airtel shed 1-3% each.

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Business Week

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