Sensex up by 465 points on march 25th 2011

Sensex has been raised by 465, the same kind of rise happened before July 2009.
A normal optimized state across Asian markets on Friday helped Indian equity indices register significant gains. The upward rally, led by information technology (IT), banking and infrastructure sectors, took the NSE Nifty above the mark of 5,600.
The BSE Sensex was up by 5.2% i.e 934 points, Foreign Institutional Investors (FIIs), started buying large number of front-line stocks after the recent correction. FIIs were net buyers of Rs 1,446 cr on Friday. They have bought Indian shares worth over Rs 2,000 cr this month.
The Sensex gained 464.90 points, or 2.53%, and closed at 18,815.64. More than 1,700 stocks gained and 1,199 fell. The Nifty closed the day at 5,654.25, up 131.85 points, or 2.39 %. Elsewhere in Asia, Hang Seng gained 243 points (1.06%), while the Shanghai Composite and Nikkei rose more than 1% each.The gains were led by the IT companies such as Accenture, Oracle and Infosys. The BSE IT index was the best performer of the day, gaining over four per cent, or 245 points. Infosys Technologies rose 5.23% to Rs 3,162.TCS and Wipro gained 2.26% and 3.68%, respectively. Banks were also in the limelight with State Bank of India gaining 2.18% to Rs 2,709.45.

SBI to raise $1 billion through bonds; no hike in interest rates

India’s one of the largest nationalized bank State Bank of India (SBI) on Friday said that they are planning to raise about Rs 4,500 cr through bonds from overseas market next fiscal to fund growth plans. “There will an issue overseas in the next financial year. It could be around 1 billion $,” SBI Chairman O.P. Bhatt said in the Skoch event.
This fund would be raised in one overseas issue and the complete numbers or quantum would be finalized during appropriate time depending upon market condition. When the question has been raised regarding about interest rates, he said, that will remains same during the current fiscal. Unless there is significant growth in credit demand, lending rate is unlikely to rise in the next few months, Bhatt added.
All the banks to raise interest rates following a 25 basis points hike in short-term lending (repo) and borrowing (reverse repo) rates announced by the Reserve Bank of India (RBI) at its mid-quarterly review on March 17, 2011.Last month, SBI rose lending and deposit rates on select maturities by 25 basis points in response to a similar rate hike announced by the RBI in January. SBI had revised the base rate or the minimum lending rate by 25 basis points to 8.25%. Similarly, Benchmark Prime Lending Rate (BPLR) for the existing customers was also increased by 25 basis points to 13%.In addition; the bank also increased fixed deposit rates on two select maturities by 25 basis points. Both 555 days and 1,000 days fixed deposits were increased to 9.25% from 9%.

Sensex todays status

Indian stock market opened in positive manner and started dropping continuously. The Sensex/Nifty continues to trade in the negative direction on the back of profit booking seen in index heavyweights. Among all the sectors especially Realty, banking and metal stocks traded lower.

At 10.15 a.m., the Sensex was trading down around 114 points or 0.57% at 19,816.75 with 22 components falling. Meanwhile, the Nifty was trading lower by 36.65 points or 0.61% at 5,962.15 with 40 components falling.
The 30-share benchmark index, BSE Sensex opened with a gain of 52 points or 0.26% at 19,982.75, while the broad based NSE Nifty started with a rise of 77.15 points or 1.29%, at 6,075.95.
Sensex Movers
Negative movers:ICICI Bank contributed fall of 28.31 points in the Sensex. It was followed by Reliance Industries (18.11 points), HDFC Bank (13.29 points), Infosys Technologies (12.26 points) and Tata Consultancy Services (9.97 points).
Positive movers:However, Bharti Airtel contributed rise of 14.93 points in the Sensex. It was followed by Larsen & Toubro (9.25 points), Sterlite Industries (India) (5.13 points), Hero Honda Motors (3.06 points) and Hindustan Unilever (1.39 points).

TRAI Proposal on 2G Spectrum issue

India's telecom authority TRAI proposed cancelling 62 licenses of 5 telecom network operators. 2G Spectrum has been given to these operators during jan 2008. Because of this issue Telecom minister Raja resigned his post and this issue became major one and the media/press started digging into the issue to get more details.

India is the 2nd largest and fastest-growing in the world in telecom sector. Government auditor submitted the report, in that he condemned the ministry's allocation of 2G spectrum, saying it cost the government $38.9 billion in potential revenue loss.
"We have reviewed about 127 licenses and have recommended that some licenses may be cancelled on the ground that either they have not rolled out (mobile phone) services or for improper roll out of services, so that the spectrum can be utilized," a senior official at TRAI told Reporters.