Weakness in the second half of the trading session dragged the
market lower today. The market sentiment was hit by reports which
trickled in the market in afternoon trade that one of the options
that the government may consider to bail out oil firms which are
bleeding due to a surge in crude oil prices, was levying of a cess
or surcharge on income tax and corporate tax.
Banking stocks were the worst sufferers in today's fall. State Bank
of India slumped. Information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters
scoured the market after five days of losses. Key indices in China,
Japan, Hong Kong, Taiwan, South Korea and Singapore were up by
0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly
in the red. Key indices in France and Germany were down 0.42% to
0.53%. UK's FTSE 100 was up 0.11%. US markets were closed on
Monday, 26 May 2008, for Memorial Day holiday.
The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59.
The Sensex lost 110.58 at the day's low of 16,237.92, hit in the
mid-afternoon trade. The market opened on an upbeat note tracking
firm Asian stocks. Sensex climbed 157.85 points at day's high of
16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.25 points or 0.31% at
4859.80. Nifty May 2008 futures were at 4851.90, a discount of 7.9
points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs
49,968.5 crore, higher than Rs 44103.52 crore on Monday, 26 May
2008. BSE clocked a turnover of Rs 5074 crore in the cash segment
as against Rs 4,426.96 on Monday, 26 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs
496.61 crore today. Domestic funds bought shares worth a net Rs
529.69 crore.
The market breadth, which was firmly positive earlier in the day,
turned negative as the session proceeded, with 922 shares advancing
on BSE as compared to 1760 stocks that declined. 81 stocks remained
unchanged.
The BSE Mid-Cap index fell 1.21% to 6,678.91 and BSE Small-Cap
index lost 1.30% to 8,210.08. Both the indices underperformed the
Sensex.
Major Sensex losers were, Housing Development Finance Corporation
(down 2.08% at Rs 2519.75), ONGC (down 1.34% at Rs 884.35), HDFC
Bank (down 1.20% at Rs 1331.30) and DLF (down 0.80% at Rs 596.45).
Major Sensex gainers were, Cipla (up 3.04% at Rs 205.05), ITC (up
1.65% at Rs 209.10), Ambuja Cements (up 0.98% at Rs 97.60), NTPC
(up 0.97% at Rs 177.40) and Reliance Infrastructure (up 0.86% at Rs
1259.30).
India's second largest listed telecom services provider by sales
Reliance Communication (RCom) rose 1.57% at Rs 551.75 on reports
the proposed deal between Reliance Communications and South
Africa's MTN Group may involve an open offer by the South African
telecom firm to the shareholders of Reliance Communications. The
deal may result in a transfer of Anil Ambani's two-third equity
stake in Reliance Communications to MTN shareholders, the reports
added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May
2008, after the company said it was in merger talks with MTN.
India's largest private sector firm by market capitalization & oil
refiner Reliance Industries fell 1.25% at Rs 2493.20.
The BSE Bankex underperformed the Sensex, falling 2.33% at
7,754.64. Oriental Bank of Commerce (down 5.69% at Rs 183.20), Bank
of India (down 4.90% at Rs 304.50), Bank of Baroda (down 4.80% at
Rs 261.75) and Axis Bank (down 2.96% at Rs 740.40), dropped.
India's largest commercial bank State Bank of India slumped 4.19%
at Rs 1473.30, on concerns the bank's surprise hike of 25-50 basis
points in deposit rates could put pressure on its operating profit
margin in the short term. In an announcement made after market
hours yesterday, 26 May 2008, State Bank of India said that two to
three year term deposit rate will be raised to 8.75% from 8.5%, and
five to ten year deposits would fetch 9% from 8.5%, effective from
1 June 2008. The hike in deposit rates is aimed at attracting more
funds to meet aggressive growth targets
India's largest private sector bank by assets ICICI Bank declined
1.71% at Rs 812.55.
The BSE IT index outperformed the Sensex, gaining 0.73% at
4,450.40. Satyam Computer (up 3.29% at Rs 499), Wipro (up 2.71% at
Rs 491.60), HCL Technologies (up 1.08% at Rs 299.05), TCS (up 0.81%
at Rs 966.60), rose. However, India's second largest software
exporter by sales Infosys Technologies fell 0.42% at 1878.55.
Among the mid-caps, Jyoti Structures (down 6.90% at Rs 132.15), BGR
Energy (down 6.89% at Rs 379.80), Brigade Enterprise (down 6.88% at
Rs 191.45), and Elecon Engineering Company (down 6.70% at Rs
125.40), slipped.
Among the small-caps, Confidence Petroleum (down 10% at Rs 17.65),
Kirloskar Pneumatic Company (down 7.34% at Rs 394), Elantas Beck
(down 6.97% at Rs 263.05), Emkay Share And Stock Brokers (down
6.89% at Rs 125) and Eicher Motors (down 6.79% at Rs 358.20),
tumbled.
Bajaj Finserve clocked the highest turnover of Rs 208.92 crore on
BSE. Reliance Capital (Rs 195.04 crore), Reliance Industries (Rs
159.70 crore), Aishwarya Telecom (Rs 150.44 crore) and Reliance
Power (Rs 143.90 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilisers and Chemicals registered the highest volume of
1.67 crore shares on BSE. IFCI (1.45 crore shares), Aishwarya
Telecom (1.41 crore shares), Ispat Industries (1.36 crore shares)
and Reliance Natural Resources (1.16 crore shares), were the other
volume toppers on BSE in that order.
Cooking appliances maker Hawkins Cookers jumped 8.85% to Rs 183.95
after the company's board of directors recommended a liberal
dividend of Rs 10 per share in a board meeting held on Monday, 26
May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at
Rs 1185.65 on sustained buying after the company's management
guided a whopping 10-fold jump in net profit for the year ending
March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs
191 on reports the founders of the company have decided to form a
holding corporation that will take under its wing five group
companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 0.11% to Rs 360 on reports the
firm is planning to acquire a mortgage-specific company in the UK.
The business process outsourcing (BPO) and IT services provider may
invest more than $150 million for the buyout. HTMT has internal
accruals of $110 million which will be used for the acquisition,
the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs
188.05 on reports the firm has mounted a bid to acquire Germany's
Lloyd Dynamowerke based on an estimated enterprise valuation of
about $100 million.
Food products supplier Sita Shree Food Products advanced 2.25% to
Rs 43.25 after the company said it had received orders from
Reliance Fresh for 400 metric tonnes of wheat flour and pulses,
higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.92% to Rs 438.30 after
the company said its boiler & heater business unit has received an
export order worth 14.2 million euro for supply of heat recovery
steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained
2.22% to Rs 83 after the company said it expects revenue of Rs 125
crore and rental income of Rs 12 crore a year, from redevelopment
of a mill property in Bangalore.
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