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October 23, 2007 bullish market

Market rose by 878 points
After SEBI's explanation about the doubts on P-NOTES to FII market touched single day high ,Media reports in mid-afternoon trade that the Sebi has cleared proposals allowing FII to invest on Indian Bourses helped the index to gallop again on the end of the session. The minimum networth criteria for a FII who intends to invest directly is set at $50 million, says CNBC.
BSE 30-share Sensex posted its biggest ever-single day point gain of 878.85 points, or 4.90%, . It opened 296.31 points higher at 17,910.30 and kept on increasing . It struck an intra-day high of 18,542.41 in late trade. The Sensex’s previous biggest single day point gain was 788.85 on october 9th i think.Nifty was up 288.30 points, or 5.56%, to 5,472.30, as per provisional close.
Reliance industries which had shown a very good result but was down for some time was in strong demand.RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.
> Reliance energy was up by 12.28% to Rs 1538.25 on 26.78 lakh shares. > Bharti Airtel gained 7.08% to Rs 993. > Reliance Communications rose 4.80% to Rs 755. On Friday.Capital Goods shares was the one which took the market to this hieght today.>Bharat Heavy Electricals (Bhel) jumped 11.82% to Rs 2300.Waiting for results which was postponed from 22nd to 29th .>Larsen & Toubro (L&T) surged 7.69% to Rs 3336. > NTPC (up 9.36% to Rs 218.40)>Hindustan unilever (up 4.15% to Rs 215)>Cipla (up 7.30% to Rs 193.40), >Tata Steel (up 6.97% to Rs 895.70), were the other gainers from Sensex pack. Banking sector was the next which ahd huge gains .> ICICI Bank (up 3.36% to Rs 1098), > HDFC Bank (up 6.75% to Rs 1465), and >State Bank of India (up 5.27% to Rs 1803).Yo knw which secgtor was not performing it was the IT if it had raised the market would have been up by 1000 points , but as you knw this market would have not gone up without FII's helop which means dollar came in heavily , so Rupee firmed up and so IT sector dint go up because of that

posted by amey316 @ 1:14 AM