Indian equities reversed early gains in choppy trade to settle
lower closely mirroring European markets which opened after Indian
market. Latest data showing higher than expected UK inflation
figures pulled European markets lower after firm start. The S&P CNX
Nifty slipped below 5,000 mark.
The market had opened higher tracking firm global markets with the
Sensex surging past 17,000 mark in opening trade. It failed to
sustain higher levels. The market breadth was just about positive,
after staying strong throughout the day.
The 30-share BSE Sensex slipped 108.04 points or 0.64% at
16,752.86. Sensex lost 163.43 points at day's low of 16,697.47
touched in late trade. Sensex had opened 147.13 points higher at
17,008.03. The barometer index hit a high of 17,085.63 in early
afternoon trade. At the day's high, Sensex gained 224.73 points.
The broader based S&P CNX Nifty shed 54.85 points or 1.09% at
4,957.80. Nifty May 2008 futures were at 4954, a discount of 3.80
points as compared to spot closing
The market breadth was just about positive, after staying strong
throughout the day. On BSE 1366 shares advanced as compared to 1341
that declined. 76 remained unchanged.
The BSE Mid-Cap index was up 0.16% to 6,956.81 while the BSE
Small-Cap index declined 0.07% to 8,397.71. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 6596 crore as compared to
Rs 6,007.51 crore yesterday, 12 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 38107.72 crore as compared to Rs
41000.8 crore yesterday, 12 May 2008.
Sectoral indices on BSE displayed mixed trend. The BSE FMCG index
(up 0.57% to 2,500.33), BSE PSU index (down 0.32% to 7,713.53), BSE
Bankex (up 0.43% at 8,601.84), BSE Auto (down 0.39% at 4,669.95),
BSE Health Care index (up 0.02% at 4,178.25), BSE Metal index (up
0.64% to 15,747.88), BSE Realty index (up 0.13% at 7,747.12), BSE
Power (down 0.18% to 3,213.24), BSE Capital Goods index (down 0.46%
at 13,060.97), and BSE Consumer Durables index (up 1.39% to
4,401.45), outperformed the Sensex.
The BSE Oil & Gas index (down 2.56% at 10,907.37), BSE TecK index
(down 0.88% to 3,379.07), BSE IT index (down 0.76% to 4,265.14),
underperformed the Sensex.
Among the 30-member Sensex pack, 21 declined while the rest
advanced.
Metal stocks gained on renewed buying. India's largest private
sector aluminium company in terms of sales Hindalco Industries
advanced 2.97% to Rs 180.20 on 8.84 lakh shares. It was the top
gainer from Sensex pack.
Tata Steel (up 1.21% to Rs 853), JSW Steel (up 3.46% to Rs 959.90)
and National Aluminium Company (up 7.26% to Rs 487) advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) slumped
2.13% to Rs 2500.05 on 7.52 lakh shares.
Jaiprakash Associates (up 1.97% to Rs 251.25), and ICICI Bank (up
0.42% to Rs 882), edged higher from Sensex pack.
IT stocks pared gains. India's fourth largest software services
exporter Satyam Computer Services rose 1.22% to Rs 495.50, off
session's high of Rs 505.70.
India's largest software services exporter TCS slumped 3.16% to Rs
898, off sharply from day's high of Rs 945. It was the top loser
from Sensex pack.
Infosys Technologies (down 1.83% to Rs 1740, off day's high of Rs
1813) and Wipro (down 3.08% to Rs 492.05, off day's high of Rs
510.95), dropped.
India's largest commercial bank in terms of total assets State Bank
of India rose 0.40% to Rs 1670 after is signed a memorandum of
understanding with Insurance Australia Group for a general
insurance venture to tap the fast-growing Indian market.
Oil exploration heavyweights corrected today, as soaring crude oil
prices took a pause after recent rally. Oil & Natural Gas
Corporation, the country's largest state run oil exploration
company in terms of sales, slipped 2.60% to Rs 1002.
Cairn India, the country's largest private sector oil exploration
company tumbled 8.90% to Rs 276 on high volumes of 86.38 lakh
shares.
Bharti Airtel, the country's largest telecom services provider in
terms of market capitalisation shed 2.05% to Rs 821.10. UAE's
Emirates Telecommunications Corp said on Monday, 12 May 2008, it
was evaluating a bid for South African telecom firm MTN. This may
compel Bharti Airtel to raise its indicative offer, which media
reports said valued MTN at about $37 billion.
Engineering heavyweights Bharat Heavy Electricals (down 0.58% to Rs
1738), and Larsen & Toubro (down 1.69% to Rs 2787), declined
DLF, the country's largest real estate developer in terms of market
capitalisation shed 1.25% to Rs 614.10. As per reports, the company
will file papers for $2 billion real estate investment trust (REIT)
with the Singapore authorities next month.
Reliance Communications, the country's second largest telecom
services provider in terms of market capitalisation lost 0.90% to
Rs 545. The company has formed a joint venture with French-US
equipment firm Alcatel-Lucent to offer managed network services to
domestic as well as international telecom operators.
Tata Motors (down 2.48% to Rs 652), Ranbaxy Laboratories (down
2.06% to Rs 484) and ACC (down 2.94% to Rs 681), edged lower from
Sensex pack.
Recently listed Aishwarya Telecom jumped 5.81% to Rs 104.80. It was
the top traded counter on BSE with turnover of Rs 592.02 crore.
Cairn India (Rs 247.16 crore), Reliance Petroleum (Rs 216.72
crore), IFCI (Rs 212.81 crore) and Reliance Industries (Rs 190.77
crore) were the other turnover toppers.
Aishwarya Telecom, also, topped the volume chart clocking volumes
of 7.26 crore shares on BSE followed by IFCI (3.50 crore shares),
Ispat Industries (1.47 crore shares), Reliance Petroleum (1.19
crore shares) and Reliance Natural Resources (1.17 crore shares),
in that order
Among the other side counters, Rallis India plunged 6.19% to Rs
422.25 after it went Rs 16 per share ex-dividend from today.
MphasiS jumped 8.32% to Rs 239 on reports Hewlett-Packard was in
talks to buy outsourcing firm Electronic Data Systems, which owns a
majority stake in the Indian software firm. If the deal fructifies,
it will trigger the mandatory open offer for 20% stake in Mphasis,
as per the Securities & Exchange Board of India (Sebi) takeover
regulation. EDS holds 60.89% stake in MphasiS.
Thermax shed 1.13% to Rs 459 despite reports the company plans to
invest over Rs 200 crore in this financial year for expansion
purpose.
GAIL India dropped 2.20% to Rs 406 after posting a marginal 6.12%
rise in net profit to Rs 722.38 crore on 25.99% increase in total
income to Rs 5034.95 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results during trading hours today, 13 May
2008.
Phillips Carbon Black fell 3.84% to Rs 181.35. The company said on
Monday, 12 May 2008, it has signed a joint venture agreement with
subsidiaries of Vietnam National Chemical Corp to set up a carbon
black facility in Vietnam.
Indiabulls Real Estate surged 3.30% to Rs 535 after reporting
362.9% surge in net profit to Rs 27.82 crore on 765.20% increase in
net sales to Rs 28.81 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results after trading hours on Monday, 12
May 2008.
Bajaj Holdings & Investments slipped 0.90% to Rs 676. As per
reports Bajaj Auto plans to sign a joint venture with European car
maker Renault and Japanese giant Nissan to manufacture a small car
in India with a price tag of $2500.
European markets, which opened after Indian markets, reversed early
gains after UK's consumer price inflation rose to an annual rate of
3% in April 2008, which dampened expectations of near-term interest
rate cuts. Key benchmark indices in Germany (down 0.30% to
7,015.05), France (down 0.41% to 4,955.47), and United Kingdom
(down 0.79% to 6,171.50) edged lower.
Asian markets were trading higher barring China's Shanghai
Composite which fell 1.84% at 3,560.62 led on uncertainty following
a deadly earthquake in southwest China on Monday, 12 May 2008 and
the central bank's announcement of the fourth bank reserve ratio
hike this year.
Hang Seng (up 1.95% at 25,552.77), Nikkei 225 Average (up 1.53% at
13,953.73), Straits Times (up 0.73% at 3,203.42), Seoul Composite
(up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15)
advanced.
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