The market ended on a weak note as traders booked profits after
indices rallied more than three percent in previous session. Market
participants were also cautious ahead of inflation data and outcome
of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty
shares were the worst performers, while software and healthcare
pivotals bucked weak trend.
Indices were highly volatile throughout the session. The Sensex
traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14
points. The Nifty traded in a range of 4447.75 and 4419.45, a gap
of 28.3 points.
The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The
Sensex opened 154.01 lower on weak global cues. Selling intensified
by mid-morning, dragging the index 283.85 points at the day's low
of 14,766.01. Soon, buying emerged at lower levels, taking the
index at its intraday high of 14,994.15 in afternoon. The index was
down 55.71 point at the day's high.
The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty
September 2008 futures were at 4460, at a premium of 12.25 points
as compared to spot closing.
The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap
index fell 0.11% at 6,974.37. Both the indices outperformed the
Sensex.
The market breadth was positive. On BSE, 1332 shares advanced as
compared to 1259 that declined. 94 shares remained unchanged.
NSE's futures & options (F&O) segment turnover was Rs 46290.5
crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.
Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90),
Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates
(up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088),
and Grasim Industries (up 0.92% at Rs 2020.75).
Top Sensex losers were, Sterlite Industries (down 3.69% at Rs
613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs
189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance
Infrastructure (down 2.32% at Rs 1017.55).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL
stock accounts for a highest weightage of 15.21% on the Sensex.
Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90),
HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank
(down 1.62% at Rs 639.45), slipped.
However, India's largest commercial lender State Bank of India rose
0.91% at Rs 1,535.25. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock
accounts for third highest weightage of 7.50% on the Sensex. The
BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.
Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs
289.35), Housing Development & Infrastructure (down 3.11% at Rs
315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at
Rs 522.75), declined. The BSE Realty index underpeformed the
Sensex, falling 3.20% at 5,195.72.
Mid-cap software stocks were in demand, whereas most of the
software pivotals hovered in negative terrain. Aptech (up 4.25% at
Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta
India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs
771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down
0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45),
declined.
India's second largest software exporter by sales Infosys
Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex. The
BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.
Healthcare shares rose. Sun Pharma Advanced Research Company (up
4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal
Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80),
and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The
BSE Healthcare index outperformed the Sensex, rising 0.28% at
4,350.18.
Low ash metallurgical coke maker Austral Coke and Projects settled
at Rs 225.20, a 14.89% premium over issue price of Rs 196. The
stock debuted today on BSE at Rs 206, a 5.10% premium over its
issue price.
UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to
Rs 581.35 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80
on reports the company plans to diversify into aerospace and
windmill technology.
Resurgere Mines & Minerals India clocked a highest turnover of Rs
598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore),
Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10
crore), and State Bank of India (Rs 156.07 crore), were the other
turnover toppers on BSE in that order.
Austral Coke & Projects reported a highest volume of 1.88 crore
shares on BSE. Reliance Natural Resources (1.24 crore shares),
Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11
lakh shares), Dish TV (67.44 lakh shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.83% to 1.20%.
However, UK's FTSE 100 was up 0.38%. Asian markets were negative
with key indices in Hong Kong, Japan, Singapore, South Korea and
Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai
Composite index was up 0.03%.
Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September
2008 to consider whether India should be allowed to resume civil
nuclear trade with the international community. The 45-nation
grouping will consider a draft, which is being presented after
amendments following demands by at least 15 countries during the 21
- 22 August 2008 meeting.
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.
No comments:
Post a Comment