The market opened lower on weak global cues. The market breadth was weak. However, software stocks advanced as rupee fell to near 14-month low against the dollar.
At 10:25 IST, the 30-share BSE Sensex was down 109.66 points or 0.77% at 15,459.36. Sensex opened 148.24 points lower at 15,423.05 and slipped further to touch a low of 14,357.60 in early trade. At the day’s low, the Sensex lost 213.69 points. At the day’s high of 14,509.26, Sensex lost 62.03 points in early trade.
The broader based S&P CNX Nifty was down 26.85 points or 0.62% at 4,320.70
In an important political development during the weekend, Uttar Pradesh chief minister Mayawati’s Bahujan Samaj Party (BSP) withdrew its support to the Congress-led UPA government. Given its current strength of 17 member of parliament in the Lok Sabha, the BSP's decision to withdraw its support is unlikely to upset the UPA government’s standing.
Meanwhile, the Samajwadi Party which is at loggerheads with the BSP, is in reportedly talks with the Congress on extending its support to the Indo-US nuclear deal. The Samajwadi Party's has 39 MPs in the Lok Sabha (including two dissidents).
The nuclear energy deal appears headed for an imminent showdown that threatens to trigger early elections, reports suggest. The UPA government may have only a week or so to make up its mind if the pact is to have any chance of final approval before US President George W. Bush leaves office, reports suggest.
The market breadth was weak on BSE with 1230 shares declining as compared to 381 that advanced. 37 remained unchanged.
The total turnover on BSE amounted to Rs 563 crore
Among the 30-member Sensex pack, 21 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates slumped 3.81% to Rs 160.25 on 4.01 lakh shares. It was the top loser from Sensex pack.
Hindalco Industries (down 2.73% to Rs 156.60), Ranbaxy Laboratories (down 2.30% to Rs 530.25), and Larsen & Toubro (down 2% to Rs 2513.10), edged lower from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) shed 1.59% to Rs 2067 on 1.68 lakh shares.
Software stocks advanced as rupee fell to near a 14- month low against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.29% to Rs 465.20 on 62,548 shares. It was the top gainer from Sensex pack.
Other software pivotals, Wipro (up 1.05% to Rs 479.15), TCS (up 1.36% to Rs 875.10), and Infosys (up 1.06% to Rs 1847), also logged gains.
ONGC (up 1.57% to Rs 880.50) and NTPC (up 0.86% to Rs 164) were the other gainers from Sensex pack.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 16% while that of Nifty was 20%, as on Friday, 20 June 2008.
Asian markets recovered from early low’s but still were in the red with the exception of Hang Seng index which rose 0.09% at 22,765.17.
China's Shanghai Composite (down 1.57% at 2,787.64), Nikkei (down 0.63% at 13,853.96), Taiwan's Taiwan Weighted (down 0.44% at 7,867.57), Singapore's Straits Times (down 0.78% at 2,978.34), and South Korea's Seoul Composite (down 0.89% at 1,715.64), edged lower.
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking below the crucial 12,000 mark to hit 3-month lows. Moody's cut its ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing its earnings estimates for a host of banks on concerns of credit risk, capital raising and possible dividend cuts also impacted sentiment. The Dow Jones industrial average slumped 220 points to 11,843 while the Nasdaq Composite index declined 56 points to 2406.
Back home, investors dumped stocks on Friday, 20 June 2008, to survive the snowballing threat of a possible monetary tightening by Reserve Bank of India to rein in soaring inflation. The 30-share BSE Sensex slumped 516.70 points or 3.42% at 14,571.29, and the broader based S&P CNX Nifty was down 157.70 points or 3.48% at 4347.55, on that day.
The BSE Sensex declined 618.33 points or 4.07% to 14,571.29 in the week ended Friday, 20 June 2008. S&P CNX Nifty lost 169.55 points or 3.75% to 4,347.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 999.31 crore on 20 June 2008. Domestic funds bought shares worth a net Rs 563.86 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1254.40 crore in the futures & options segment on Friday 20 June 2008. They were net sellers of index futures to the tune of Rs 1429.10 crore and bought index options worth Rs 17.74 crore. They were net buyers of stock futures to the tune of Rs 160.87 crore and sold stock options worth Rs 1.91 crore.
The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released on Friday, 20 June 2008, showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.
Nymex crude oil futures rose $1.06 to $136.42 a barrel today, 23 June 2008, as growing tension between Iran and Israel countered the impact of Saudi Arabia's pledge to pump more oil, and a vow by Nigerian militants to halt attacks.
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