The battered stock market found a solace in IT bellwether Infosys Technologies' good future outlook. That triggered a broad-based rally in IT stocks. Healthcare and oil & gas stocks marched ahead as well. Ranbaxy Laboratories was the top gainer from the Sensex pack.
The 30-share BSE Sensex rose 346.02 points or 2.19% at 16,153.66. The index gained 441.82 points at session's high of 16,249.46, hit in mid-afternoon trade. The Sensex slipped 234.61 points at day's low of 15,573.03, hit in early trade.
The S&P CNX Nifty was up 101.85 points or 2.13% at 4879.65. Nifty April 2008 futures were at 4914.90, at a premium of 35.25 points as compared to spot closing of 4879.65.
The BSE Mid-Cap index underperformed the Sensex, gaining 1.24% at 6,604.42. The BSE Small-Cap index underperformed the Sensex, gaining 1.52% at 8,204.39
The market breadth was strong: on BSE, 1784 stocks gained, 875 stocks declined and 50 stocks were unchanged.
The NSE's futures & options (F&O) segment turnover was Rs 46369.75 crore, which was higher than Rs 41003.92 crore on Friday, 11 April 2008
India's second largest software exporter by sales Infosys Technologies rose 6.21% at Rs 1510.75. At the time of announcing Q4 March 2008 results, Infosys management today said there are significant growth opportunities for the company in the medium to long term. The company, however, may face short-term challenges due to global economic uncertainties. Another major booster for the counter was the company's announcement that it has decided to increase the dividend payout ratio to up to 30% of net profits from the current year from 20% thus far
Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt. As per estimates by a domestic brokerage, the mark-to-market losses of corporate India under forex derivatives could be around $4 billion.
India's largest drug maker by sales Ranbaxy Laboratories surged 8.62% to Rs 481.80 after the company said Anglo-Swedish drugmaker AstraZeneca had settled US patent litigation against the company over its top-selling drug, ulcer pill Nexium.
The BSE Bankex underperformed the Sensex, gaining 1.28% to 8,002.40. Kotak Mahindra Bank (up 5.97% at Rs 677), Union Bank (up 2.85% at Rs 155), Punjab National Bank (up 2.27% at Rs 519.45), Axis Bank (up 1.73% at Rs 774.90) and State Bank of India (up 0.55% at Rs 1,677.05), flared up
Brokerage firm Motilal Oswal Financial Services soared 4% at Rs 683.80 after the firm said its board will meet on 21 April 2008 to consider the subdivision (split) of the equity shares of the company
Cement maker Grasim Industries rose 0.11% to Rs 2553.45 after the company said it has increased its stake from 25% to 45% in AV Cell Inc, a joint venture company in Canada for a total consideration of around Canadian dollar 6 million.
Orchid Chemicals & Pharmaceuticals clocked the highest turnover of Rs 453.41 crore on BSE. Reliance Industries (Rs 373.44 crore), Reliance Petroleum (Rs 299.24 crore), Reliance Natural Resources (Rs 233.98 crore) and Reliance Capital (Rs 196.31 crore), these were the turnover toppers on BSE in that order.
Besides concerns about corporate earnings, moderation in economic growth, prospects of further rise in interest rates and fears of funding crunch for some corporates amid credit crisis in the United States, spooked the Indian market in the past three months. Fears of redemption pressure for mutual funds following steep market fall looms large on the bourses
Sensex has gained 1344.17 points or 9.07% from a low of 14,809.49 on 17 March 2008. It is off 5,053.11 points or 23.82% from a record high of 21206.77 hit on 10 January 2008.
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