Post Market report on 17.06.2008

[B. Karthick]

India Stocks Review: End up around 2%; bank, realty shares lead
Tuesday, Jun 17

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Bombay Stock Exchange : National Stock Exchange
Sensex: 15696.90, up 301.08 pts (2%) : Nifty: 4653.00, up 80.50 pts
(1.8%)
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Key share indices extended gains to end up around 2% today, helped
by positive cues from European markets.
Some short covering in the derivatives segment in the last half
hour of
trade also gave a boost to shares.
Sensex ended at 15696.90, up 301.08 points or 2% from Monday.
Intraday,
it moved between 15358.75 and 15732.75.
Nifty closed above the 4600-mark for the first time since Jun 6.
The
index ended at 4653.00, up 80.50 points or 1.8% after moving between
4561.75
and 4664.05 intraday.
Total volume on BSE and NSE combined was 162 bln rupees against 152
bln
rupees in the previous session.
Volumes are still very thin and most investors are unwilling to
hold
onto positions, using every upside as an opportunity to book profits.
Financial shares were top gainers, rising mainly due to value
buying.
Housing Development Finance Corp surged over 6% to 2,297 rupees.The
stock
was the top Nifty gainer.
Stronger-than-expected Jan-Mar advance tax numbers from State Bank
of
India and ICICI Bank also improved sentiment for the banking sector.
HDFC Bank and SBI ended up nearly 6% and 5%, respectively.
Real estate shares also gained on fund buying after they corrected
sharply in the past few sessions.
Lehman Brothers' investment in Unitech's projects helped the stock
rise
4%. DLF ended up 3%.
Maruti Suzuki India rose 5% to 755 rupees on a report the company
is
planning a stripped-down version of its small car Maruti 800 to
compete with
Tata Motors' 100,000-rupee Nano.
Sasken Communication Technologies surged 14% to 160 rupees after
it
informed some investors that the share buyback programme is likely to
start
in a couple of weeks.
Bharat Petroleum Corp advanced 1%, despite reporting a 91% on year
fall
in Jan-Mar net profit at 584 mln rupees, due to short covering in the
derivatives segment.
Among laggards, aluminium shares declined on profit sales.
National Aluminium Co, down 2% at 476 rupees, was the worst hit on
Nifty.
Caring India fell 1% due to a decline in crude oil prices, while
Tata
Communications ended down 1% ahead of its Jan-Mar earnings, due later
today.
End

KEY MARKET MOVES
* In the Nifty, 38 rose and 12 fell.
* In the Sensex, 26 rose, and 4 fell.
* On BSE, there were 1,801 advances and 886 declines.
* Bank Nifty: Up 4.9%; BSE Realty: Up 3.9%; BSE Oil & Gas: Up 2.3%.
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Bombay Stock Exchange : National Stock Exchange
Sensex: 15696.90, up 301.08 pts (2%) : Nifty: 4653.00, up 80.50 pts
(1.8%)
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B.Karthick,
Research Analyst.