A strong correction in crude oil price helped the key benchmark
indices register phenomenal gains today, 2 September 2008. The
30-share BSE Sensex jumped over 500 points to cross the
psychological 15,000 mark after nearly 12 trading sessions. Realty
and banking shares were star performers, while healthcare stocks
lagged behind in today's rally.
Oil prices tumbled extending the previous day's fall on initial
signs that a weakened Hurricane Gustav spared major Gulf oil
facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel
on the New York Mercantile Exchange (NYMEX).
European markets turned positive after a negative start. Key
benchmark indices in UK, France and Germany were up 0.33% to 1.39%.
Some of the Asian indices moved into positive terrain from negative
terrain during the course of the day. Key benchmark indices in Hong
Kong and Singapore were up 0.65% to 1.58%. However, indices in
China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.
US markets were closed on Monday, 1 September 2008, for Labour Day
holiday.
The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86.
The Sensex opened 110.93 points higher at 14,609.44 and thereafter
traded in a narrow range of 14550 and 14600. But a sudden buying
demand led by slide in crude oil prices in the second half of
trading session catapulted the index 607.64 points up at the day's
high of 15,106.15 in mid-afternoon. The index rose 44.7 points at
the day's low of 14,543.21 it hit in early trade.
The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty
September 2008 futures were at 4517.05, at a premium of 13.05
points as compared to spot closing.
India's stock market remains closed tomorrow, 3 September 2008 on
account of Ganesh Chaturthi.
The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap
index was up 1.32% at 6,982.39. Both the indices underperformed the
Sensex.
The market breadth was strong on BSE with 1675 shares advancing as
compared to 986 that declined. 72 shares remained unchanged.
The BSE Sensex is down 5237.13 points or 25.81% in calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
6156.91 points or 29.03% away from its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14
crore on Monday, 1 September 2008. NSE's futures & options (F&O)
segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16
crore on Monday, 1 September 2008.
India's largest state-run oil explorer by market capitalisation
ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed
its rating on the Rs 50 crore non-convertible debenture issue of
ONGC at 'AAA/Stable'. This follows the announcement by UK-based
Imperial Energy Corporation Plc last week, giving its consent to
its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The
firm said during trading hours on Monday, 1 September 2008, it has
withdrawn an application it made to the central government to
permit it to assign a part of its participating interest to its
100% subsidiaries.
India's second largest software exporter by sales Infosys
Technologies rose 3.02% at Rs 1775.30.
India's largest commercial vehicle maker by sales Tata Motors fell
1.82% at Rs 429.85. Tata Motors, today, announced the terms of the
proposed two rights issues aggregating around Rs 4200 crore.
Shareholders would get one ordinary share for every six shares
held. These shares will be issued at a price of Rs 340 each
aggregating to Rs 2,186 crore.
Banking shares soared as sliding oil prices calmed inflation
concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to
7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank
of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs
1,341.45), soared. India's largest private sector bank by market
capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had
earlier hit a low of Rs 668.80.
Realty shares spurted. The BSE Realty index outperformed the
Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at
Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs
325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech
(up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.
Airline stocks surged as crude oil prices declined sharply. Jet
Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs
89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.
Healthcare stocks slipped. The BSE Healthcare index underperformed
the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83%
at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15),
Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer
(down 0.87% at Rs 575.55), slipped.
India's leading drug maker by sales Ranbaxy Laboratories fell 1.89%
at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit
in early trade. The company lost a patent challenge against Pfizer
over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy
stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit
by the news.
Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75.
The firm benefits from high crude oil prices.
Newspaper publisher Deccan Chronicle Holdings extended gains for
fifth consecutive session in a row. The stock rose 1.85% at Rs
129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs
113.30 on 26 August 2008.
Oilfield services provider Great Offshore soared 7.69% to Rs 561.55
after the company said it has forayed into port management and
single point mooring operations through acquisition of 100% stake
in two domestic companies for a consideration of Rs 160 crore.
State-run Union Bank of India rose 6.13% at Rs 154. The bank
reportedly plans to raise Rs 1000 crore via debt in a month's time.
The bank has headroom to raise up to Rs 3500 crore and it would try
to raise the amount by the end of 2008, the reports added.
Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The
company said on Monday, 1 September 2008, its board approved an
investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint
venture with Mahindra & Mahindra. The company will also sub-license
the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it
added.
Resurgere Mines & Minerals India clocked the highest turnover of Rs
928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance
Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and
Reliance Natural Resources (Rs 198.39 crore), were the other
turnover toppers on BSE in that order.
Reliance Natural Resources reported the highest volume of 2.05
crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore
shares), IFCI (1.05 crore shares), Infrastructure Development
Finance Company (90.39 lakh shares), and Marksans Pharma (85.23
lakh shares), were the other volume toppers on BSE in that order.
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