Market Ends Optimistically, More Gains Expected

After openingStock Markets sturdily at 13,987.77, the stock market continued to trade optimistically on the back of Asian market that climbed up to their weekly highs.
Then, in the afternoon trades, the stock index continued its volatility and touched a high of 14,082.26, and lastly ended on a firm note. The stocks, which led the advancements, include auto, cement and metal.
Likewise, Asian stocks mounted Thursday on profits viewpoint that advanced sureness in investors and as Korea Electric Power Corp. reported better than expected earnings. In addition, United Microelectronics Corp. also reported elevated earnings.
Yesterday, the BSE Sensex marked its closure at 14,078.21, up 205.84 points whereas Nifty ended the day at 4,150.85, up 62.95 points. The market experienced 1,557 progressions as against 1,016 declinations.
Among the sectoral indices, BSE Auto arose 1.45 %, BSE Bankex augmented 0.74%, BSE IT gained1.40%, BSE Oil & Gas ascended 2.84% and BSE Metal grew 1.83%.
The major performers on the index were Bajaj Auto that gained 4.34% to Rs 2,551.05, Reliance arose 4.04% to Rs 1,623.10 and Ranbaxy Laboratories climbed up 3.42% to Rs 384.05. The gainers’ list also includes Gujarat Ambuja Cements, Hero Honda and Bharti Airtel.
The losers’ list comprises Tata Motors that rejected 2.18% to Rs 734.10, HDFC Bank slumped 1.96% to Rs 1,006.05, and HLL went down 1.01% to Rs 195.80. Other losers include Reliance Communication, Wipro and Hindalco.
IDBI led the around 3.29 million shares followed by Reliance Petroleum, with 3.26 million shares, Arvind Mills with 2.48 million shares and Welspun with 2.40 million shares.
The quarterly results provide ability to the stock market to nurture. Housing Development Finance Corporation quarterly earnings climbed 28.96% to Rs 5,500.50 million. On the other hand, Sterlite Industries India reported an increase of 40.63% in its profits. Colgate Palmolive India earnings climbed 36.69% to Rs 505.90 million for the quarter ended Mar. 31, 2007. Century Textiles & Industries earnings climbed 3.74 times for the quarter ended Mar. 31, 2007. Aptech swung to a profit of Rs 2.28 million. ING Vysya Bank posted a net profit of Rs 183.90 million for the quarter ended Mar. 31, 2007 as compared with net loss of Rs 246.50 million for the quarter ended Mar. 31, 2006.