Frenzied buying in index pivotals coupled with short covering after
five straight days of fall helped key benchmark indices erase sharp
early losses and post marginal gains in highly choppy session.
Higher Dow & Nasdaq futures and crude oil at 7-month low boosted
the sentiment.
Index heavyweight Reliance Industries rebounded sharply from
52-week low. State Bank of India (SBI) advanced over 7%. However
ICICI bank cracked over 5% on high volumes.
Crude oil prices plunged to a seven-month low as turmoil in the US
financial system heightened concerns energy demand may slow. US
light crude for October 2008 delivery fell $3.02 to $92.69 a barrel
yesterday, 15 September 2008.
Financial turmoil in global markets triggered by fears of the state
of the US financial system kept Indian bourses depressed for prior
five straight trading sessions. US investment bank Lehman Brothers
filed for bankruptcy, American insurer AIG struggled for survival
and Merrill Lynch was sold to Bank of America.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
European markets which opened after Indian markets were subdued.
Key benchmark indices in UK, Germany and France were down by
between 0.37% and 1.54%. Asian markets were trading weak today, 16
September 2008 as fears of a global financial crisis gripped
investors across Asia. Key benchmark indices in China, Japan, Hong
Kong, Taiwan, Singapore, and South Korea were down by between 1.01%
and 6.10%.
The BSE 30-share Sensex rose 19.40 points or 0.14% to 13,550.67 as
per provisional closing. The Sensex opened with a downward gap of
479.54 at 13,051.73, also its day's low. At the day's high of
13,556.03 hit in late trade, the Sensex rose 24.31 points.
The S&P CNX Nifty rose 11.60 points or 0.28% to 4,084.50 as per
provisional closing. Nifty recovered from a low of 3919.35. At the
day's low, Nifty had lost 153.55.
The market breadth was weak on BSE with 1725 shares declining as
compared to 928 that rose. 71 remained unchanged.
The total turnover on BSE amounted to Rs 5919 crore
19 shares from the 30-member Sensex pack declined.
India's largest state run bank in terms of net assets State Bank of
India galloped 7.44% to Rs 1599.60 on 13.94 lakh shares and was the
top gainer from Sensex pack. The stock staged a massive recovery
from early low of Rs 1432.60. As per reports, the bank paid 48%
higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2
September 2007.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on
reports the bank may have about $200 million in losses tied to the
credit market turmoil. The stock though recovered from day's low of
Rs 565. It was the top loser from Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries gained 2.50% to
Rs 1931.20 on 13.43 lakh shares. The stock rebounded sharply from a
52-week low of Rs 1800 in intra-day trade. Reliance Industries
reportedly paid 5% higher advance tax at Rs 680 crore in Q2
September 2008 over Q2 September 2007.
Sterlite Industries (up 4.48% to Rs 486.15), HDFC Bank (up 2.16% to
Rs 1230), and Bharat Heavy Electricals (up 1.95% to Rs 1660) edged
higher from Sensex pack.
Telecom pivotals saw divergent trend in volatile trade. India's
largest cellular services provider by market capitalisation Bharti
Airtel rose 0.71% to Rs 770.90. The stock oscillated in a band of
Rs 728.55 and Rs 785.50
India's second largest cellular services provider by market
capitalisation Reliance Communications fell 0.26% to Rs 368. The
stock oscillated in a band of Rs 350 and Rs 369.45
Most IT pivotals were under pressure. India's fourth largest
software services exporter Satyam Computer Services slumped 1.56%
to Rs 362.40. The company said it has bagged a SAP implementation
contract from Oman-based Khimji Ramdas LLC. The company made this
announcement during trading hours on Monday, 15 September 2008.
Wipro (down 1.57% to Rs 396), and TCS (down 1.68% to Rs 749),
slipped.
However India's second largest software services exporter Infosys
rose 0.35% to Rs 1579.90, after striking an intra-day low of Rs
1500.
Ranbaxy Laboratories, India's top drug maker by sales fell 2.73% to
Rs 408. The stock has been on sustained downtrend ever since the
Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
Maruti Suzuki India (down 3.92% to Rs 695.05), DLF (down 1.76% to
Rs 425), and Jaiprakash Associates (down 4.96% to Rs 140), edged
lower from the Sensex pack.
Among the side counters, KSK Energy (up 21.68% to Rs 209.90),
Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs
31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka
(up 11.41% to Rs 103.95), surged.
No comments:
Post a Comment