The market witnessed volatile swings in early afternoon trade after latest data showed surge in inflation to highest level in more than three years. The market managed to regain positive zone on buying support at lower level. Banking shares were firm. Asian market, which opened before Indian market, were trading mixed.
At 12:29 IST, the 30-share BSE Sensex was up 69.42 points or 0.41% at 17,424.87. Sensex lost 38.02 points at day’s low of 17,315.52 touched in early afternoon trade. The barometer index opened with an upward gap of 122.87 points at 17,476.41. It struck a high of 17,497.36 in early trade. At the day’s high, Sensex gained 143.82 points.
The broader based S&P CNX Nifty was up 29.70 points or 0.58% at 5,144.95
The market breadth was strong on BSE with 1406 shares advancing as compared to 1030 that declined. 84 remained unchanged.
The BSE Mid-Cap index was up 0.44% to 7,111.58 while the BSE Small-Cap index gained 0.54% to 8,592.75. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2741 crore at 12:30 IST as compared to Rs 1972 crore by 11:30 IST
Among the 30-member Sensex pack, 16 gained while the rest slipped
Banking shares were firm post inflation data. India’s largest second largest private sector bank in terms of net profit HDFC Bank gained 2.83% to Rs 1518 on 43,883 shares. It was the top gainer from Sensex pack.
ICICI Bank, the country's largest private sector bank in terms of net profit was up 0.41% to Rs 932.50. As per reports, the bank’s the private equity arm ICICI Venture Fund Management, will raise as much as $3 billion for an infrastructure and a real estate fund.
India’s largest state run bank in terms of total assets State Bank of India rose 1.28% to Rs 1702.25
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.06% to Rs 2621.05 on 2.98 lakh shares. The stock moved in a range of Rs 2602.70 and Rs 2646 so far during the day.
India’s largest cellular services provider in terms of market capitalisation Reliance Communications gained 1.15% to Rs 595.50 after its 95% infrastructure subsidiary Reliance Infratel reportedly secured the Securities and Exchange Board of India (Sebi)’s nod for public issue. The Anil Ambani group company may offload a 10.05% stake in Reliance Infratel to raise Rs 5,000-6,000 crore through the IPO.
However India’s largest cellular services provider in terms of market capitalisation Bharti Airtel shed 0.32% to Rs 853.50. The company’s plan for taking over South African telecom major MTN has reportedly entered into a crucial negotiation phase. While Bharti Airtel is ready to acquire 51% stake, MTN’s management wants it to buyout the entire company.
Hindustan Unilever (up 2.40% to Rs 244.30) and Larsen & Toubro (up 1.74% to Rs 3014.10), edged higher from Sensex pack.
India’s largest aluminium company in terms of sales, Hindalco Industries fell 1.33% to Rs 201.25 on 7.22 lakh shares. It was the top loser from Sensex pack.
HDFC (down 1.21% to Rs 2756), Infosys (down 0.85% to Rs 1876), edged lower from Sensex pack.
NTPC, the country’s largest power generation company in terms of sales, slipped 0.10% to Rs 191.45 on reports the Finance Ministry has turned down its proposal for selling 4.75% stake through follow-on public offer. The Government holds 89.5% in the utility (as at end March 2008).
Recently listed Aishwarya Telecom was down 0.81% to Rs 122.20 on high volumes of 1.34 crore shares.
Morepen Laboratories gained 2.75% to Rs 13.81 after posting a lower net loss of Rs 0.76 crore in Q4 March 2008 as compared to net loss of Rs 12.28 crore in Q4 March 2007. Morepen Laboratories’ total income rose 5.56% to Rs 34.50 crore in Q4 March 2008 over Q4 March 2007. The company announced the results before trading hours today, 16 May 2008.
Phoenix Mills declined 2.78% to Rs 383.10 despite reports it plans to invest Rs 100 crore to set up a luxury mall as part of a Rs 800-crore hotel project in central Mumbai.
Edelweiss Capital declined 0.49% to Rs 805.90 despite reporting 88.51% rise in net profit to Rs 10.01 crore on 252.64% rise in total income to Rs 71.2 crore in Q4 March 2008 over Q4 March 2007.
Ankit Metal & Power rose 4.45% to Rs 96.30 on reports it plans to invest Rs 1000 crore in three years to expand capacity to 5,00,000 tonnes per annum.
Meanwhile, in a development that can boost the market, the government is reportedly set to review the restrictions imposed on participatory notes (P-notes), as foreign institutional investor (FII) have pressed substantial sales from Indian markets in calendar year 2008. In October 2007, FIIs were barred from issuing P-notes in the derivatives market. The finance ministry has asked the Securities & Exchange Board of India (Sebi) to examine whether those restrictions have hindered investments by FIIs.
Meanwhile, polling began for the second phase from today, 16 May 2008, in 66 Assembly constituencies in ten districts of Karnataka. Third and final phase of election will be held on 22 May 2008 in 69 constituencies spread across eight districts. Counting of votes for all the 224 segments will be held on 25 May 2008.
Asian markets were trading mixed today, 16 May 2008. Hang Seng (up 0.63% at 25,675.71), Straits Times (up 0.91% at 3,236.56), Seoul Composite (up 0.14% at 1,888.43) and Taiwan Weighted (up 0.44% at 9,197.41) edged higher.
However China’s Shanghai Composite (down 0.90% at 3,604.75) and Nikkei 225 Average (down 0.23% at 14,219.48), declined.
No comments:
Post a Comment