The market opened lower on weak cues from global equities and
uptick in oil price. The BSE 30-share Sensex was down 123.99
points. All the sectoral indices on BSE were in red. Realty and
banking shares witnessed major selling pressure. Aviation stocks
rallied on reports of 16% cut in aviation turbine fuel prices by
state-ril oil firms. Mid-cap and small-cap counters declined.
Asian stocks dropped today, 1 September 2008, amid concerns about
the impact of weaker global demand on the region's economies. Key
benchmark indices in Hong Kong, Japan, South Koera, Singapore,
Taiwan and China were down by between 1.33% to 3.21%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Oil rose above $116 a barrel on Monday, 1 September 2008, as a
quarter of US crude production was shuttered because of Hurricane
Gustav, the biggest threat since 2005's destructive Hurricane
Katrina.
At 10:20 IST, the BSE 30-share Sensex was down 123.99 points or
0.85% to 14,440.54. At the day's low of 14,394.19, the Sensex lost
170.34 in early trades. At day's high of 14,461.93, the Sensex shed
102.60 points in early trade
The S&P CNX Nifty was down 34.70 points or 0.80% to 4325.30.
The BSE Mid-Cap index was almost unchanged at 5,742.78 and the BSE
Small-Cap index was down 0.04% at 6,888.91.
The market breadth was negative on BSE with 741 shares advancing as
compared to 785 that declined. 53 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.43% at Rs 2146. RIL
has reportedly scrapped a plan to transfer an 80% stake in a
deepwater block to four fully-owned units. Reliance, which owns 90%
in the gas-rich D-6 block in the Krishna Godavari basin off India's
east coast, had said last week it sent a proposal for the transfer
to the government and was awaiting approval.
India's largest private sector bank by market capitalisation ICICI
Bank slipped 1.91% at Rs 658.70.
India's second largest software exporter by sales Infosys
Technologies fell 0.37% at Rs 1742.10.
Top Sensex losers were, Tata Motors (down 2.11% at Rs 431.05),
Huosing Development Finance Corporation (down 1.99% at Rs 2297),
NTPC (down 1.83% at Rs 171.95), Ranbaxy Laboratories (down 1.83% at
Rs 509), and DLF (down 1.80% at Rs 484.40).
Major Sensex gainers were, Satyam Computer (up 1.11% at Rs 424.50),
TCS (up 0.55% at Rs 816.90), Hindalco Industries (up 0.41% at Rs
123), ACC (up 0.42% at Rs 564).
Aviation stocks gained on reports the state-run oil companies have
cut aviation turbine fuel prices by 16%, or Rs 11,784 a kilolitre,
with effect from Sunday, 31 August 2008 midnight, due to softening
international crude prices. Jet Airways (up 5.85% at Rs 500.05),
SpiceJet (up 5.13% at Rs 28.70), Deccan Aviation (up 6.49% at Rs
84.50), surged. However, major domestic airlines have ruled out
cutting fares at the moment, added reports.
Natural gas distributer Reliance Natural Resources (RNRL) fell
0.48% at Rs 94.15. The hearing for RIL-RNRL case is scheduled
today, 1 September 2008. RNRL moved the court in November 2006
seeking a firm supply of 28 million metric standard cubic meters
per day (mmscmd) of gas and additional 12 mmscmd of gas in case
RIL-NTPC gas supply agreement does not firm up at $2.34 per mmbtu.
RNRL also sought 40% gas from other fields of RIL at market
determined prices.
As per provisional data released by the stock exchanges, foreign
funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61
crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586
crore in the futures & options segment on Friday, 29 August 2008.
According to the data released by the National Stock Exchange, FIIs
were net buyers of index futures to the tune of Rs 1,015.19 crore
and bought index options worth Rs 907.43 crore. They were net
sellers of stock futures to the tune of Rs 447.61 crore and bought
stock options worth Rs 110.53 crore.
The Indian stock market surged on Friday, 29 August 2008, as data
showing a slower-than-expected GDP growth in Q1 June 2008 and
softening of inflation raised hopes for a pause in monetary
tightening by the central bank. The BSE Sensex jumped 516.19 points
or 3.67% at 14,564.53.
India's gross domestic product (GDP) grew 7.9% in the June 2008
quarter from a year earlier, easing from the previous quarter's
8.8% rise as industrial activity slowed due to monetary tightening,
data released by the government during trading hours on Friday, 29
August 2008, showed. The GDP growth in the first quarter of the
current fiscal year was lower than market expectations of a rise of
a little above 8%
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