The market opened lower as investors preferred staying on the side
lines ahead of the inflation data to be announced after market
hours today. Global cues were weak. All the sectoral indices on BSE
were negative, with realty and power sector shares declining the
most. India's largest drug maker by sales Tata Motors extended
losses for the third session in a row.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.12% to 2.37%
Us markers ended mixed yesterday, 3 September 2008 as economic
jitters dampened street enthusiasm for stock buying, fizzling out
the post-Gustav enthusiasm. The Dow Jones industrial average gained
15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined
2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index
lost 15.51 points, or 0.66%, to 2,333.73.
At 10:20 IST, the BSE 30-share Sensex was down 251.08 points or
1.67% to 14,798.78. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade.
The S&P CNX Nifty was down 75.15 points or 1.67% to 4428.85.
The BSE Mid-Cap index was down 0.60% at 5,802.11 and the BSE
Small-Cap index was down 0.30% at 6,961.12.
The market breadth was weak on BSE with 645 shares advancing as
compared to 905 that declined. 48 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories slumped
4.09% at Rs 470.30. The company lost a patent challenge against
Pfizer over selling cholesterol drug, Lipitor in Denmark. The
Ranbaxy stock lost 5.42% in past two sessions to Rs 490.35 on 2
September 2008 from Rs 518.50 on 29 August 2008.
Sterlite Industries (down 3.68% at Rs 613), Reliance Infrastructure
(down 3.15% at Rs 1008.90), HDFC Bank (down 2.92% at Rs 1305), and
Housing Development Finance Corporation (down 2.87% at Rs 2375),
were the other major Sensex losers.
Satyam Computer (up 0.61% at Rs 435.95), Mahindra & Mahindra (up
0.34% at Rs 589.10), Hindalco Industries (up 0.28% at Rs 124) and
TCS (up 0.25% at Rs 850.90), were the top Sensex gainers.
India's second largest software exporter by sales Infosys
Technologies rose 0.15% at Rs 1778.
India's largest commercial vehicles maker Tata Motors fell 0.66% at
Rs 427. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.60% at Rs 2178.05.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.32% at Rs 703.90.
Iron ore miner Resurgere Mines & Minerals India was the top traded
counter on BSE in terms of turnover. The stock rose 7.88% at Rs 673
on a turnover of Rs 79.84 crore. Resurgere Mines & Minerals India
debuted on 1 September 2008 at Rs 272.05 on BSE, a marginal premium
of 0.75% over its issue price of Rs 270. It settled at Rs 524.35 on
BSE, a 94.20% premium over initial public offer price of Rs 270, on
that day.
Indian stock market was shut yesterday, 3 September 2008 on account
of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth
Rs 1132.35 crore while mutual funds purchased shares worth Rs
209.79 crore on Tuesday, 2 September 2008, according to provisional
data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options
segment Tuesday, 2 September 2008. They were net buyers of index
futures to the tune of Rs 2078.33 crore and purchased index options
worth Rs 746.67 crore. They were net sellers of stock futures to
the tune of Rs 524.56 crore and bought stock options worth Rs
126.45 crore.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
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