The market slipped for the second session in a row on weak global
cues. The key benchmark indices were highly volatile throughout the
session ahead of the outcome of the Securities and Exchange Board
of India's board meet to review the rules regarding the issuance of
participatory notes.
Banking and realty shares witnessed selling pressure, while IT
stocks flared up on weak domestic currency. Index pivotal ICICI
Bank was the biggest loser in the Sensex pack.
In Europe, key indices in UK, France and Germany were down 0.65% to
0.79%. Asian markets were weak. Key benchmark indices in Hong Kong,
Japan, South Korea, Singapore, China and Taiwan were down by
between 0.02% to 2.11%.
As per provisional closing, the BSE 30-share Sensex was down 101.10
points or 0.66% to 15,111.03. Sensex rose 60.43 points at the day's
high of 15,272.56 hit in early afternoon deals. At the day's low of
15,013.06, the Sensex lost 199.07 at the onset of trading session.
The S&P CNX Nifty provisionally ended 15.65 points or 0.34% lower
at 4536.60.
The BSE Mid-Cap index fell 0.14% at 5,927.39 and the BSE Small-Cap
index rose 0.14% at 7,230.40.
The market breadth, which was strong earlier, turned negative by
mid-afternoon trade. On BSE, 1246 shares advanced as compared to
1413 that declined. 88 shares remained unchanged.
BSE clocked a turnover of Rs 5052 crore as against Rs 5,874.74
crore on Tuesday, 12 August 2008
India's largest private sector bank by market capitalisation ICICI
Bank slipped 3.60% at Rs 711.80.
HDFC Bank (down 3.55% at Rs 1219), DLF (down 3.22% at Rs 549),
Reliance Infrastructure (down 2.78% at Rs 1064.25), and HDFC (down
2.05% at Rs 2416), were the other prominent losers from the Sensex
pack.
Major Sensex gainers were, Sterlite Industries (up 2.84% at Rs
614), TCS (up 1.43% at Rs 829.90), Bharti Airtel (up 0.86% at Rs
830), Grasim Industries (up 0.86% at Rs 2090.90), and Satyam
Computer (up 0.83% at Rs 406.10).
India's second largest software exporter by sales Infosys
Technologies rose 1.32% at Rs 1624.90.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries rose 0.11% at Rs 2344.80. As per
reports, the Bombay High Court on Tuesday, 12 August 2008, once
again adjourned the hearing of a dispute between the company and
Reliance Natural Resources (RNRL) till 21 Aug 2008. The dispute is
about, which firm has the rights over gas supplies and at what
price. Reliance Natural Resources rose 1.47% at Rs 103.60.
Worlds sixth largest steel maker Tata Steel rose 0.64% at Rs 611.85
after the company said its Singapore unit signed a joint venture
agreement with Vietnam Steel Corp and Vietnam Cement Industries to
build a steel complex in the Southeast Asian country.
India's largest aluminium manufacturer in terms of sales Hindalco
Industries was down 2.04% to Rs 139.50. The company said its board
will meet on 14 August 2008 to determine the price and other terms
and conditions of the proposed rights offering. As per reports,
Hindalco will set rights issue price at Rs 96 per share.
Infrastructure developer BSEL Infrastructure Realty surged 5.12% to
Rs 39 after the company said its board will meet on 20 August 2008
to consider the funding of $100 million for ongoing and future
projects of the company.
Cable TV network distributor Wire & Wireless India gained 2.68% to
Rs 26.85 after the company said its board will meet on 20 August
2008 to consider issue of equity shares on a rights basis.
Real estate firm Puravankara Projects rose 1.03% at Rs 200.70 after
the company said it will set up a unit for low-cost housing and
invest Rs 8000 crore over five years to develop 60 million square
feet of land.
Auto parts maker JBM Auto rose 4.08% to Rs 35.70 after the company
said it will invest Rs 245 crore in a plant in Pune to supply skin
panels for the joint venture between Tata Motors and Fiat.
US stocks fell on Tuesday, 12 August 2008, as bank shares tumbled
on fresh worries about the economy and further losses stemming from
the mortgage crisis. The Dow Jones industrial average fell 139.88
points, or 1.19%, to 11,642.47, while the Standard & Poor's 500
Index slid 15.73 points, or 1.21%, to 1,289.59. The Nasdaq
Composite Index dropped 9.34 points, or 0.38%, to 2,430.61.
Oil extended its sharp decline witnessed over the past few days. US
crude oil for September delivery fell $1.44 to settle at $113.01 a
barrel on Tuesday, 12 August 2008, on the New York Mercantile
Exchange on concerns about a slowing economy and a drop in demand.
India's industrial output rose 5.4% in June 2008 from a year
earlier, above the previous month's upwardly revised 4.1%, data
released by the government on Tuesday, 12 August 2008, showed. The
growth was much lower than double-digit growth seen in 2006 and
early 2007.
The board of market regulator Securities & Exchange Board of India
will review the regulatory framework governing participatory notes
(PNs), at its meeting today, 13 August 2008. As per reports, Sebi
may extend the period for unwinding participatory notes, or
P-notes, on underlying derivatives from 18 months to 24 months.
P-notes are issued by foreign institutional investors registered in
India to unregistered overseas investors.
The market regulator put curbs on PNs last year to help the
government keep track of foreign flows into the country. Sebi had
restricted issuance of P-notes in the spot segment to 40% of assets
under custody and reports sugest it might raise the cap to 45% from
40%.
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