Market may open lower
Local market are braced for lower opening mirroring negative trend in global markets. With results already declared from majority of the frontline corporates, the results season has almost come to an end, with the near term trend being dictated by global cues.
Aggregate results of 1358 companies showed 17.40% rise in net profit on 22.40% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 28.60% rise in net profit on 23.80% rise in net sales in the year ended March 2008 over year ended March 2007.
Most Asian markets were trading lower today, 6 May 2008 tracking fall in Wall Street. China's Shanghai Composite (down 1.80% at 3,693.20), Hang Seng (down 0.35% at 26,092.85), Taiwan's Taiwan Weighted (down 0.18% at 8,820.96), Singapore's Straits Times (down 0.22% at 3,240.76) edged lower. However, South Korea's Seoul Composite was up 0.13% at 1,850.59.
US markets declined yesterday, 5 May 2008, with financial shares facing the maximum brunt on fears of Bank of America Corp likely to abandon its deal to buy Countrywide Financial Corp. Record oil prices above $120 a barrel also weighed on sentiment.
The Dow Jones industrial average shed 89 points to 12,970. While the Nasdaq Composite index lost 13 points to 2,464. The S&P 500 fell 6 points to 1,407.
Back home, the 30-share BSE Sensex fell 109.22 points or 0.62% at 17,490.90 while the broader based S&P CNX Nifty slipped 35.95 points or 0.69% at 5192.25, on 5 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 236.81 crore yesterday, 5 May 2008. Domestic funds bought shares worth a net Rs 457.16 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 89.70 crore in the futures & options segment yesterday, 5 May 2008. They were net sellers of index futures to the tune of Rs 200.56 crore and bought index options worth Rs 382.48 crore. They were net sellers of stock futures to the tune of Rs 232.22 crore and sold stock options worth Rs 39.39 crore.
Light, sweet crude for June delivery rocketed to $120.36 on the New York Mercantile Exchange, hitting a new intraday record on a weaker US dollar, geopolitical tensions and supply concerns.
Meanwhile, in a move that will help stock market investors and brokers use their margin funds efficiently the Securities and Exchange Board of India (Sebi) on Monday, 5 May 2008, approved cross-margining across cash and derivatives segments. The Sebi circular also said that near-month stock futures positions would not be considered for cross-margin benefit three days prior to expiry (the last Thursday of every month).
The asset base of the mutual fund industry increased by 7.32% during the month of April 2008. The mutual fund industry now has Rs 5,67,601.98 crore of assets under management.
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