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Market remains firm on 6th December 2007

Market remains firm on 6th December 2007

Asian markets climbed on 6 December 2007. Key indices in Hong Kong, Singapore South Korea, Taiwan and Japan were up by 0.20% to 1.49%. However, China’s Shanghai Composite fell 0.49%.

US markets surged on Wednesday, 5 December 2007, led by rally in large-cap tech and financial stocks. Data that showed that US companies added staff in November 2007 at the fastest pace in a year, and worker productivity rose at the strongest rate in four years in the third quarter, helped ease recession fears, which boosted the bourses. The Dow Jones industrial average jumped 196.23 points, or 1.48%, to 13,444.96. The S&P 500 index gained 22.22 points, or 1.52%, to 1,485.01, while the Nasdaq Composite index advanced 46.53 points, or 1.78%, to 2,666.36.

The market held firm in mid-morning trade during Rahu-Saturn-Mercury Mahadasha. IT, banking, realty and auto stocks were in demand. ICICI Bank galloped. Reliance Industries eased after a firm start. Market breadth was strong. 25 out of 30 stocks from the Sensex pack were in green. Key Asian indices, except China, were in green. At 11:20 IST, the 30-share BSE Sensex rose 236.17 points or 1.19% to 19973.66. Sensex hit a high of 20,064.31 in early trade. At day’s high, Sensex had gained 326.24 points. During Rahu-Saturn-Sun Mahadasha, the Market had maintained day’s top.

Ganesha notes that, Sensex had hit all-time high of 20,238.16 on 30 October 2007 but was not able to sustain higher levels and it is yet to close above the physiological 20,000 level. The Sensex’s all time closing high was 19,977.67 on 29 October 2007. There was Sagittarius rising Ascendant with conjunction of Moon and Mars in its seventh house. Saturn, Venus and Ketu were in conjunction in Leo. Where as Mercury was retrograde with 00 degrees in Libra with Sun. During this explosion, malefic planets were strong enough to shoot up the market.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries raised by 0.89% to Rs 2913.90, off day’s high of Rs 2955. The company and Kuwait Petroleum (KPC), the national oil major of Kuwait, have reportedly begun the first round of discussions for scripting a mega joint collaboration across the oil and gas vertical. KPC is keen to rope in RIL as a partner in its upcoming projects in Kuwait in both refining and petrochemicals.

Saturn’s third aspect on Moon helped India’s top state run oil explorer by market capitalization ONGC gained 1.54% to Rs 1224.90, on reports its unit ONGC Videsh would join up with the Hinduja Group to develop two major oil and gas assets in Iran.

Moon conjunct with Venus in Swati Nakshatara supported Bank Index to maintain strength in full position. The BSE Bankex was up from 1.74% to 11,212.18. India’s largest private sector bank by assets ICICI Bank rose 2.78% to Rs 1194. Canara Bank gained 4.47% to Rs 303.55, Oriental Bank 3.40% to Rs 277, Centurion Bank of Punjab rose 3.64% to Rs 46.95, and State Bank of India rose 1.68% to Rs 2423.60.

Ganesha’s blessings are always with this with the market. May it continue to go up by leaps and bounds!

With Ganesha’s Grace,
Malav Bhatt,