Strong market breadth

The key benchmark indices were firm in the mid-morning trade, extending Friday's gains. All the sectoral indices on BSE were positive. Buying was mainly witnessed in the real estate, capital goods and power sector counters. Mid-caps and small-caps too were in momentum indicated by strong market breadth. Asian markets which opened before Indian market, logged gains.

At 11:20 IST, the 30-share BSE Sensex was up 321.97 points or 2.38% at 13773.95. At the day’s high of 13,789.70 hit in early trade, the Sensex gained 335.70 points.

The broader based S&P CNX Nifty was up 88.10 points or 2.19% at 4104.10.

The BSE Mid-Cap index was up 2.60% at 5,415.69, while the BSE Small-Cap index was up 2.82% at 6,631.45. Both these indices outperformed the Sensex.

The market breadth was strong on BSE, with 1746 gainers outpacing 432 losers. 47 stocks remained unchanged.

Among the 30-member Sensex pack, 27 advanced while the rest declined.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 0.91% at Rs 2080 on 5.83 lakh shares. It was the top loser from Sensex pack.

Cipla (down 0.12% to Rs 207.70) and Tata Motors (down 0.12% to Rs 400.10), wete the other losers from Sensex pack.

India's second largest power generation company in tersm of net sales Reliance Infrastructure surged 7.30% at Rs 830. It was the top gainer from Sensex pack.

India's second largest software exporter by sales Infosys Technologies rose 1.69% at Rs 1785.

India’s largest private sector bank by market capitalization ICICI Bank rose 5.97% at Rs 637.

Realty stocks were in demand. Akruty City (up 10.28% at Rs 802.05), Indiabulls Real Estate (up 4.58% at Rs 292.10), Unitech (up 3.01% at Rs 171) and DLF (up 3.92% at Rs 430.80), moved higher. The BSE Realty index was up 4.17% at 4,823.29.

Capital goods stocks moved higher. Areva T&D (up 7.43% at Rs 1,525), Punj Lloyd (up 4.68% at Rs 239.10), Bharat Heavy Electricals (up 3.31% at Rs 1,550) and Larsen & Toubro (up 3.54% at Rs 2,464), rose. The BSE Capital Goods index rose 3.50% at 11,060.23.

Power sector stocks advanced. Power Grid Corporation of India (up 4.85% at Rs 78.90), GVK Power & Infrastructure (up 4.06% at Rs 33.35), and Torrent Power (up 3.97% at Rs 95.65), jumped. The BSE Power index rose 3.49% at 2,386.74.

Textile yarn maker Vyapar Industries advanced 3.56% to Rs 154 after the company said its board will meet on 14 July 2008 to consider buy back of equity shares.

Cinema chain operator Pyramid Saimira Theatre jumped 5.49% to Rs 185.40 on reports that the US-based Regal Entertainment Group, Bain Capital, Texas Pacific Group and Goldman Sachs are planning to pick up 14% stake in the company.

Automobile Corporation of Goa, which supplies auto parts and bus bodies to Tata, rose 1.25% to Rs 206.95 on reports that Tata Motors has raised its stake in the company by 3% to 40.6% in three months through open market purchases.

Anil Dhirubhai Ambani-controlled Reliance Power rose 2.53% at Rs 139.80 on reports the union coal ministry is considering a proposal to allow the firm to transport the excess coal from the three captive blocks of Sasan project to the group's proposed 4,000 megawatt plant at Chitrangi. Both Sasan and Chitrangi projects are located in Madhya Pradesh.

Construction firm Era Infra Engineering moved up 3.05% at Rs 567.90 after its board approved sub-division of equity Shares of the company from existing one equity share of Rs 10 each to five equity shares of Rs 2 each.

Asian markets which opened before Indian market, edged higher. The key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.33% to 3.60%. US stock markets were closed for the Independence Day holiday on Friday, 4 July 2008.

US light crude for August delivery traded at $143.92 a barrel and London Brent crude rose 23 cents to $144.65 a barrel. Crude oil hit a record $145.85 hit on 3 July 2008.

As per provisional data, foreign funds bought shares worth a net Rs 372.35 crore while domestic mutual funds sold shares worth a net Rs 97.02 crore on Friday 4 July 2008.

Foreign institutional investors (FIIs) were net buyers of Rs 120.10 crore in the futures & options segment on Friday, 4 July 2008. They were net sellers of index futures to the tune of Rs 215.54 crore and bought index options worth Rs 99.23 crore. They were net buyers of stock futures to the tune of Rs 221.21 crore and purchased stock options worth Rs 15.20 crore.