The market ended with small gains in a choppy trading session. The
market came off lower level from an initial fall tracking recovery
in stocks in China and Hong Kong and firm European markets.
Oil & gas stocks rose, boosted by record crude oil prices. Banking
and consumer durables stocks declined. Metal stocks were mixed.
Oil prices continued their steady rise and surged to a record high
near $130 a barrel on Tuesday, 20 May 2008, stoking fears of global
inflation.
The 30-share BSE Sensex rose 12.98 points or 0.08% at 17,243.16.
Sensex gained 63.16 points at day's high of 17,293.34, hit in late
trade. The market had dropped in early trade tracking weak global
markets and record high oil prices. Sensex lost 188.55 points at
day's low of 17,041.63 touched in early trade.
The broader based S&P CNX Nifty was up 12.7 points or 0.25% at
5,117.65. Nifty May 2008 futures were at 5123.90, at a premium of
6.25 points as compared to spot closing of 5117.65.
The BSE clocked a turnover of Rs 7077 crore today as compared to a
turnover of Rs 5940.08 on Tuesday 20 May 2008. The NSE's futures &
options (F&O) segment turnover was Rs 39,481.17 crore which was
higher than Rs 33,290.93 crore on Tuesday, 20 May 2008.
The market breadth was strong on BSE with 1,710 shares advancing as
compared to 1,009 that declined. 76 remained unchanged.
Among the 30-member Sensex pack, 16 declined while the rest gained.
The BSE Mid-Cap index rose 41.99 points or 0.59% to 7,148.05 and
BSE Small-Cap index rose 130.37 points or 1.51% to 8,788.98. Both
these indices outperformed Sensex.
BSE Power (down 0.06% to 3,302.92), BSE TecK index (down 0.06% to
3,532.39), BSE FMCG index (down 0.07% at 2,483.31), BSE IT index
(down 0.31% to 4,453.35), BSE Consumer Durables index (down 0.53%
to 4,681.20), BSE Health Care index (down 0.57% at 4,245.69), BSE
Bankex (down 1.41% at 8,639.90) underperformed Sensex.
BSE Oil & Gas index (up 2.36% to 11,432.80), BSE Metal index (up
1.24% to 17,390.28), BSE PSU index (up 0.98% to 7,726.71), BSE
Capital Goods index (up 0.79% at 13,670.08), BSE Auto index (up
0.4% at 4,782.90), BSE Realty index (up 0.14% at 7,904.88),
outperformed Sensex.
Oil & gas stocks rose as crude rose to a record high near $130 a
barrel on Tuesday, 20 May 2008. BPCL (up 1.99% to Rs 356.05),
Indian Oil Corporation (up 0.63% to Rs 408.25), ONGC (up 0.26% to
Rs 938.70) edged higher.
India's largest private sectors firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 2.53% to Rs 2,667.90.
Reportedly, the government has confiscated the company's five
blocks in the Kerala-Konkan (KK) basin after it failed to meet the
minimum work programme.
Metal stocks were mixed. National Aluminium Company (up 4.62% to Rs
538), Tata Steel (up 3.09% to Rs 922.25), Sterlite Industries (up
0.55% to Rs 945.10) edged higher. Hindalco Industries (down 0.9% to
Rs 197.25), Steel Authority of India (down 0.71% to Rs 182.55)
edged lower.
Banking stocks declined. India's largest private sector bank in
terms of net profit ICICI Bank declined 1.77% to Rs 911.25.
HDFC Bank, India's second largest private sector bank in terms of
net profit, declined 3.46% to Rs 1,413.90. The Reserve Bank of
India has approved the Scheme of Amalgamation of Centurion Bank of
Punjab with HDFC Bank. The Scheme of Amalgamation will come into
effect from 23 May 2008.
India's largest commercial bank State Bank of India (SBI) rose
0.37% to Rs 1,661.55. The bank today said it would resume tractor
and farm equipment loans with immediate effect, having earlier
suspended new loans because of rising defaults.
Consumer durables stocks declined. Blue Star (down 2.22% to Rs
449), Titan Industries (down 0.97% to Rs 1,200.60), Videocon
Industries (down 0.07% to Rs 410.05) edged lower.
Mahindra & Mahindra (up 3.09% to Rs 670), Bharat Heavy Electricals
(up 2.03% to Rs 1,771.70), Grasim Industries (up 1.57% to Rs
2,323.10), Tata Motors (up 1.55% to Rs 688.85), Tata Consultancy
Services (up 1.18% to Rs 963.95), ITC (up 1.13% to Rs 228.45), ACC
(up 1.05% to Rs 689.60) edged higher from the Sensex pack.
HDFC (down 3.13% to Rs 2,688.20), Hindustan Unilever (down 2.34% to
Rs 236.10), NTPC (down 2.15% to Rs 182), Cipla (down 2.02% to Rs
204), Ambuja Cements (down 1.61% to Rs 107.10 edged lower from
Sensex pack.
India's largest telecom services provider by market share Bharti
Airtel declined 0.74% to Rs 822.65. As per reports Bharti Airtel
has forged an exclusive alliance with Indian Oil Corporation (IOC)
that will enable the telco to access 18,000 retail outlets and
5,500 Indane cooking gas distributors of the oil giant. The deal
also envisages that Airtel can use IOC outlets to sell its
products, collect bills, set up PCO facilities and even open Bharti
retail outlets on an exclusive basis.
IFCI clocked the highest volume of 2.15 crore shares on BSE.
Reliance Natural Resources (1.49 crore shares), Ispat Industries
(1.4 crore shares), Aishwarya Telecom (1.39 crore shares) and
Chambal Fertilisers and Chemicals (1.24 crore shares) were the
other volume toppers in that order.
Housing Development and Infrastructure clocked the highest turnover
of Rs 400.61 crore shares on BSE. Cairn India (Rs 321.86 crore),
Reliance Industries (Rs 266.57 crore), Reliance Petroleum (Rs
199.02 crore) and Mundra Port & Special Economic Zone (Rs 192.43
crore) were the other turnover toppers in that order.
European markets were mixed. Key benchmark indices in France,
Germany were down by between 0.53% to 0.58%. While UK's FTSE 100
rose 0.33% to 6,212.
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