Key benchmark indices opened lower dampened by serial blasts in
Bangalore and Ahmedabad, which rocked the nation late last week.
Market witnessed high volatility in early trade. Banking stocks
declined ahead of monetary policy review by the central bank
scheduled tomorrow. Reliance Industries fell. FMCG stocks rose. The
market breadth was positive. Global cues were mixed.
Crude oil edged higher after a sharp correction from record high
last week. US light crude for September delivery rose 46 cents to
$123.72 a barrel.
At 10:22 IST, the 30-share BSE Sensex was up 43.03 points or 0.3%
at 14,322.74. The index lost 55.56 points at the day's low of
14,219.38, hit in early trade. The index gained 94.49 points at
day's high of 14,369.43 hit in early trade.
The broader based S&P CNX Nifty rose 12.4 points or 0.29% at
4,324.25.
The BSE Mid-Cap index was up 0.27% to 5,587.39 and the BSE
Small-Cap index was up 0.46% to 6,809.63.
The market breadth was positive on BSE with 752 shares advancing as
compared to 515 that declined. 40 remained unchanged.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries slipped 1.55% to Rs 2,114. India's
largest private sector firm by market capitalization and oil
refiner Reliance Industries slipped 1.55% to Rs 2,114. The stock
extended a sharp fall witnessed on Friday, 25 July 2008, after its
Q1 June 2008 results disappointed investors.
FMCG stocks rose. India's largest FMCG major by sales Hindustan
Unilever rose 0.93% to Rs 234.35. Net profit of Hindustan Unilever
rose 13.20% to Rs 558.18 crore on 21.09% growth in sales to Rs
4215.67 crore in Q2 June 2008 over Q2 June 2007. The company
announced the results at the fag end of the trading session on
Friday, 25 July 2008.
ITC (up 1.83% to Rs 192.25) and United Spirits (up 0.51% to Rs
1,264.90) edged higher.
Banking stocks declined ahead of Reserve Bank of India (RBI's)
monetary policy review scheduled tomorrow 29 July 2008. India's
largest private sector bank in terms of net profit ICICI Bank
declined 4.77% to Rs 625.50. The bank's net profit declined 6% to
Rs 728 crore on 1.6% growth in total income to Rs 9429.98 crore in
Q1 June 2008 over Q1 June 2007. Treasury losses and slower growth
in advances have taken a toll on ICICI Bank's profits for the first
quarter of the current financial year.
Axis Bank (down 1.96% to Rs 698.50) and Kotak Mahindra Bank (down
2.56% to Rs 545.35) edged lower.
India's largest commercial bank State Bank of India (SBI) rose 1.5%
to Rs 1,470.15. The bank's net profit rose 15% to Rs 1640.79 crore
on 32.4% growth in total income to Rs 16203.07 crore in Q1 June
2008 over Q1 June 2007.
Sterlite Industries declined 5.17% to Rs 572 and Tata Power Company
rose 1.63% to Rs 1,032. Sterlite Industries and Tata Power Company
will replace Ambuja Cement and Cipla in Sensex from today, 28 July
2008.
Ambuja Cement rose 0.67% to Rs 82.65. Net profit of Ambuja Cements
declined 32.51% to Rs 577.02 crore on 8.20% growth in sales to Rs
1569.77 crore in the quarter ended June 2008 over the quarter ended
June 2007.
ONGC (up 2.85% to Rs 1,011) , Bharat Heavy Electricals (up 2.54% to
Rs 1,698.55), Reliance Communications (up 1.69% to Rs 511.60) edged
higher from Sensex pack.
SRF declined 1.11% to Rs 124.90. The company said on on Friday, 25
July 2008, said its board approved capital expenditure worth Rs 115
crore. The approval includes a Rs 92.65 polyester polymerisation
chip plant and fluorospeciality facility with a capacity of 400
tonnes per annum at Bhiwadi in Rajasthan at an investment of Rs
22.50 crore.
Punjab National Bank rose 0.31% to Rs 490. It said on Friday, 25
July 2008, it plans to sell stake in PNB Gilts.
Punjab Tractors rose 3.58% to Rs 221.05. Punjab Tractors said after
trading hours on Friday, its board will meet on 30 July 2008, to
consider amalgamation of the company with Mahindra & Mahindra
(M&M), which holds a controlling stake in the firm.
Amara Raja Batteries declined 5.37% to Rs 123.25.Net profit of
Amara Raja Batteries declined 16.69% to Rs 14.92 crore 46.55%
growth in sales to Rs 314.49 crore in the quarter ended June 2008
over the quarter ended June 2007.
Expiry of futures & options contracts for July 2008 series is on
Thursday, 31 July 2008. As per reports, marketwide rollover of
positions from July 2008 series to August 2008 series stood at 19%,
while that of Nifty was 24%, as of Friday 25 July 2008.
Asian markets were trading mixed today, 28 July 2008. China's
Shanghai Composite, Japan's Nikkei, Singapore's Straits, Hong
Kong's Hang Seng rose between 0.11% to 1.4%. However, South Korea's
Seoul Composite declined 0.24% to 1,593.52.
US markets advanced on Friday, 25 July 2008 on better than expected
economic of durables, new home sales and consumer sentiment eased
concerns of economic slowdown. The Dow Jones rose 21 points at
11,370 while the Nasdaq Composite gained 30 points to 2,310. The
S&P 500 index climbed 5.22 points at 1257.76.
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