Key benchmark indices settled lower after swinging wildly either
ways throughout the day. Global cues were mixed with negative bias.
However buying momentum in small-cap and mid-cap stocks kept the
market breadth strong. European market, which opened after Indian
markets were mixed. While Asian markets, which opened before Indian
markets were trading lower.
Selling pressure was seen in capital goods, banking and power
stocks while metal, realty, fertiliser and select technology stocks
witnessed buying demand.
The BSE 30-share Sensex settled 78.82 points or 0.54% lower at
14,577.87. The benchmark index opened 62.08 points lower at
14,594.64 tracking negative global cues. At the day's low of
14,503.51 hit in mid-morning trade, the Sensex lost 153.18 points.
However at the day's high of 14,725.94 hit in early afternoon
trade, the Sensex gained 69.25 points.
The barometer index BSE Sensex is down 5709.12 points in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2007. It is 6628.90 points away from its all-time high of
21,206.77 struck on 10 January 2008.
The S&P CNX Nifty lost 18.2 points or 0.41% to settle at 4395.35.
It has touched an intraday high of 4436.15 and low of 4,362.90
during the day. Nifty August 2008 futures were at 4,400, a sharp
premium of 37.10 points.
The market breadth was strong on BSE with 1827 shares advancing as
compared to 837 that declined. 56 remained unchanged.
The BSE Mid-Cap index was up 1.77% to 5,742.72 and the BSE
Small-Cap index gained 1.77% to 7,103.34. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 5987 crore as compared to
Rs 6,763.87 crore on Friday, 1 August 2008. The total turnover on
BSE amounted to Rs 5987 crore as compared to Rs 6,763.87 crore on
Friday, 1 August 2008. Turnover in NSE's futures & options segment
amounted to Rs 43364.62 crore as compared to Rs 48778.01 crore on
Friday, 1 August 2008
Among the 30-member Sensex pack, 19 declined while the rest gained.
Diversified major Grasim surged 3.45% to Rs 1899.50, off sharply
from day's low of Rs 1795. It was the top gainer from Sensex pack.
Other cement counters, UltraTech Cement Company (up 1.49% to Rs
575), Birla Corporation (up 3.99% to Rs 170.85), and ACC (up 1.66%
to Rs 586.05), also logged gains.
Cement counters advanced despite agreeing to maintain status quo on
low monsoon demand, capacity addition. Cement companies, which
agreed in May to hold prices for three months to help the
government contain inflation, could find it difficult to raise
rates when the moratorium ends on 14 August 2008.
India's largest pharma company by sales, Ranbaxy Laboratories
climbed up 2.80% to Rs 524 after the United States district court
of Maryland has given 60 days time to the Indian drug maker to
submit all documents sought by the Department of Justice through an
information-seeking motion before the court on 3 July 2008.
Steel heavyweights gained on fresh buying. Tata Steel, India's
largest private sector steelmaker by sales advanced 1.36% to Rs
689.90. As per reports, the company has consolidated all its
overseas assets including Corus under a new holding company, Tata
Steel Global, to raise funds for its overseas expansion including
future acquisitions. Tata Steel Global, based in Singapore with
over $13 billion enterprise value, will raise funds for
international acquisitions of smaller steel makers and mines.
Steel Authority of India (SAIL) gained 4.46% to Rs 150.90.
Reportedly the company has formed an equal stake joint venture with
Manganese Ore India to produce 1 lakh tonnes of ferro alloys used
for steel making. The investment for the venture would be Rs 400
crore.
JSW Steel (up 9.20% to Rs 870), Ispat Industries (up 9.37% to Rs
29.75), and Bhushan Steel (up 0.88% to Rs 945.05) rose.
Auto stocks showed mixed trend. Maruti Suzuki India gained 1.70% to
Rs 570.05. On 1 August 2008, Maruti Suzuki India said its total
sales rose 1.1% to 58,543 cars in July 2008 over July 2007.
Domestic sales grew 0.1% to 52,911 units while exports climbed 11%
to 5,632 units in July 2008 over July 2007.
India's top truck market Tata Motors fell 1.03% to Rs 394.50 after
the company reported a 3% decline in total sales to 40,729 units in
July 2008 over July 2007. The company cited high interest rates and
reducing finance availability for the decline.
However Mahindra & Mahindra, the country's largest tractor maker by
sales, fell 1.27% to Rs 517.05 after the company posted 16.45%
decline in sales to 12,078 units in July 2008 over July 2007.
Hero Honda, the world's largest two-wheeler maker in terms of sales
rose 0.35% to Rs 798.55. The company logged 40% jump in sales to
2.81 lakh units in July 2008 over July 2007. Bajaj Auto was down
0.48% to Rs 342.10. The company reported a mere 4% growth in
two-wheeler sales at 1.62 lakh units in July 2008 over July 2007.
Reliance Communication (RCom), the country's second largest
cellular services provider by of market capitalisation rose 0.58%
to Rs 439.35. As per reports, Reliance Infratel, a unit of RCom is
likely to defer its IPO plans as market regulator Securities and
Exchange Board of India (SEBI)'s go ahead for the public issue is
set to expire on 11 August 2008.
Jaiprakash Associates (up 2.55% to Rs 174.80) and Hindalco (up
1.03% to Rs 142.20) edged higher from Sensex pack.
IT pivotals showed mixed trend. Satyam Computer Services (up 0.98%
to Rs 395), and Infosys Technologies (up 0.97% to Rs 1656), logged
gains.
However India's largest software services exporter TCS slumped
2.59% to Rs 817.50 on 3 lakh shares. It was the top loser from
Sensex pack. India's third largest software services exporter Wipro
fell 0.49% to Rs 430.50
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries declined 2.54% at Rs 2241.25 on
10.27 lakh shares. The stock moved in a range of Rs 2310 and Rs
2233.15 during the day.
Oil and Natural Gas Corporation (ONGC), the nation's largest oil
exploration company in terms of market capitalisation was down
1.69% to Rs 981. The shipping ministry has reportedly granted
relief to the company on the issue of age of vessels it hires,
thereby saving $8 billion investment planned by ONGC to bring new
offshore vessels.
India's largest power generation company in terms of sales, NTPC
lost 0.98% to Rs 174.95. The company may reportedly enter into
agreements with three Oman-based firms to set up power projects in
the Gulf country. In return, the Indian firm plans to use their
association to secure gas supplies for its plants.
DLF (down 1.37% to Rs 513), Bhel (down 2.25% to Rs 1717), and
Larsen & Toubro (down 1.33% to Rs 2656.70), edged lower from Sensex
pack.
Banking shares edged lower after firm start. ICICI Bank (down 0.87%
to Rs 636.50), HDFC Bank (down 0.30% to Rs 1104), and State Bank of
India (down 0.22% to Rs 1497), slipped from the frontline banking
pack.
A whole host of stocks were locked in 20% upper circuit filter on
momentum buying. LML (up 20% to Rs 12.02), GHCL (up 20% to Rs
79.95), Lloyds Steel (up 19.95% to Rs 14.13), Span Diagnostics (up
19.94% to Rs 76.40), and Sabero Organics (up 19.95% to Rs 20.52)
surged.
Reliance Natural Resources topped the turnover charts on BSE with a
turnover of Rs 469 crore followed by Reliance Capital (Rs 271.50
crore), Reliance Industries (Rs 233 crore), Essar Oil (Rs 220
crore) and Reliance Petroleum (Rs 177.75 crore), in that order.
Reliance Natural Resources also led the volumes chart on BSE with
volumes of 4.50 crore shares followed by Ispat Industries (2.86
crore shares), IFCI (1.95 crore shares), Bellary Steels (1.15 crore
shares) and Kashyap Technologies (1.11 crore shares), in that order.
Fertilser shares advanced on reports that the department of
fertilizers has almost exhausted the budgetary allocation of Rs
31000 crore to the fertiliser sector and has requested for an
additional Rs 66000 crore still pending with Ministry of Finance.
Chambal Fertiliser (up 0.55% to Rs 82.25), Bharat Fertiliser (up
5.95% to Rs 65), Coramandel Fertiliser (up 0.67% to Rs 172.10), and
Tata Chemicals (up 4.51% to Rs 345.25), advanced.
Real estate stocks gained on fresh buying. Anant Raj Industries (up
4.25% to Rs 152.20), HDIL (up 4.20% to Rs 477.55), and Indiabulls
Real Estate (up 4.06% to Rs 303.55), gained from realty space.
Essar Oil spurted 15.75% to Rs 230 on reports the company is in
talks to sell petrol to Iran and has signed its first-ever term
contract with Tehran to import 1.6 million barrels of crude oil
every month.
HCL Technologies jumped 6.12% to Rs 220 despite reporting net loss
of Rs 13.54 crore in Q4 June 2008 as against net profit of Rs
236.08 crore in Q3 March 2008. HCL Technologies' net sales fell
13.16% to Rs 1107.75 crore in Q4 June 2008 over Q3 March 2008. The
company accounted forex loss of Rs 306.7 crore for the year ended
June 2008. The company announced the results after trading hours on
Friday, 1 August 2008.
FDC surged 7.42% to Rs 36.20 after the company said its board will
meet on 12 August 2008 to consider buy back of equity shares. The
company made this announcement during trading hours today, 4 August
2008.
Monsanto India rose 2.68% to Rs 1528 after 4.32 lakh shares, or 5%
of company's equity, changed hands in a block deal at Rs 1,488.15
on BSE.
Finance Minister P Chidambaram on Saturday, 2 August 2008 said the
country has the potential to achieve 11% economic growth rate and
also sustain it like China. He said the country has achieved around
9% growth rate in the last four years but that was not enough.
Meanwhile inflation is expected to cool down to 8-9% by March 2009
if the global crude oil prices do not go up from the current level,
Prime Minister's Economic Advisory Council (EAC) Chairman C
Rangarajan said. The EAC is expected to submit its report on
outlook of Economy for 2008-09 next week. In January, the EAC had
projected GDP growth of 8.5% for 2008-09.
With the Q1 June 2008 earnings season over, there is lack of any
major near term trigger for the domestic bourses. Aggregate results
of 1977 companies showed 37.3% rise in net profit on 5.1% rise in
net sales in Q1 June 2008 over Q1 June 2007.
European markets, which opened after Indian market, were mixed. Key
benchmark indices in Germany and France were down by between 0.23%
and 0.49%. However UK's FTSE 100 rose 0.31%.
Asian markets, which opened before Indian market, were trading
lower today, 4 August 2008. Key benchmark indices in China, Japan,
Hong Kong, Taiwan, Singapore, and South Korea were down by between
0.36% and 2.14%
Stocks fell on Wall Street on Friday, 1 August 2008 pushed by
billions in losses at largest US automaker General Motors, higher
unemployment figures and rising oil prices. The blue-chip Dow Jones
Industrial Average dropped 51.70 points, or 0.5%, to 11,326.32. The
broader Standard & Poor's 500 Index fell 7.07 points, or 0.6%, to
1,260.31. The technology- heavy Nasdaq Composite Index lost 14.59
points, or 0.6%, to 2,310.96.
Back home, local benchmark indices advanced on Friday, 1 August
2008 brushing aside weak global cues, as prospects of the Indo-US
nuclear being operationalised took centre stage after the UN
nuclear watchdog endorsed that India met all safeguard standards.
The Bombay Stock Exchange's Sensex surged 300.94 points or 2.10% to
14,656.69,and the National Stock Exchange's Nifty ended gained
80.60 points or 1.86% to at 4413.55, on that day.
No comments:
Post a Comment