Key benchmark indices ended a choppy session lower weighed down by
weak Asian markets. The BSE 30-share Sensex declined 44.21 points.
Firm European markets triggered a sharp recovery in afternoon
trade, lifting the Sensex to positive zone but the market once
again slipped into the red on fresh selling at higher level. The
market breadth was negative.
Sterlite Industries tumbled 8%. Tata Motors was under pressure
throughout the day, sliding around 4%. On the positive side Bharti
Airtel and Maruti Suzuki India added over 2% each. Telecom pivotals
were in demand. Capital goods heavyweights saw divergent trend.
Refinery and sugar stocks bucked weak market trend.
European markets, which opened after Indian markets were trading
higher. Key benchmark indices in UK, Germany and France rose
between 0.39% and 1.24%.
Asian stocks dropped. Key benchmark indices in Japan, Hong Kong,
Taiwan, Singapore, South Korea were down by between 0.93% and
3.51%. However China's Shanghai Composite rose 0.11%.
The BSE 30-share Sensex declined 44.21 points or 0.3%, to settle at
14,900.76. It opened 130.64 points lower at 14,814.33. At the day's
high of 14,998.32 hit in mid-afternoon trade, the Sensex gained
53.35 points. At the day's low of 14,714.92 hit in early trade, the
Sensex lost 230.05 points.
The S&P CNX Nifty slipped 13.6 points or 0.3%, to end at 4468.70.
Nifty September 2008 futures were at 4481, at a premium of 12.30
points as compared to spot closing.
The BSE Sensex is down 5386.23 points or 26.55% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2007.
It is 6306.01 points or 29.73% away from its all-time high of
21,206.77 struck on 10 January 2008.
The market breadth was negative on BSE with 1464 shares declining
as compared to 1181 that advanced. 69 remained unchanged.
The BSE Mid-cap index fell 0.72% at 5,778.20 and BSE Small-cap
index declined 0.26% to 6,964.61
The total turnover on BSE amounted to Rs 4550 crore as compared to
Rs 4,505.75 crore yesterday, 8 September 2008. NSE's futures &
options (F&O) segment turnover was Rs 43,958.71 crore, which was
lower than Rs 45,977.53 crore on Monday, 8 September 2008.
Among the 30-member Sensex pack, 20 declined while the rest gained.
Metal stocks suffered the most among the sectoral indices on BSE
led by Sterlite Industries. India's largest aluminium and copper
maker by sales plunged 8.07% to Rs 572.15 on 23.05 lakh shares. It
was the top loser from Sensex pack. Sterlite Industries today said
its parent company, Vedanta Resources PLC approved a restructuring
program of the group's businesses. Under the scheme, Sterlite will
demerge its aluminium and energy businesses to Madras Aluminium
which will be later renamed Sterlite Aluminum. Sterlite Industries
shareholders would get seven shares in Madras Aluminium for every
four shares held as part of a restructuring. The BSE Metal index
lost 1.78% to 11,801.18.
Madras Aluminium jumped 20% to Rs 219 on high volumes of 49.41 lakh
shares.
India's top truck maker by sales Tata Motors lost 3.80% to Rs
419.90. The stock slipped after the company said on Monday, 8
September 2008, that the suspension of work at the Nano plant will
continue due to limited clarity on the outcome of Sunday's talks
between the State government and the leadership of the just ended
Trinamool Congress-led agitation outside the Singur site.
Ranbaxy, India's top drug maker by sales fell 2.91% to Rs 450.90,
after striking day's high of Rs 480. 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.
Capital goods heavyweights saw divergent trend. The BSE Capital
Goods index fell 0.46% to 12,366.39. India's largest power
equipment maker by sales, Bharat Heavy Electricals declined 2.49%
to Rs 1746 despite reports the company has won a contract worth Rs
2,200 crore for setting up a combined cycle power plant in Tripura
on turnkey basis.
India's largest engineering & construction firm by outstanding
order book position Larsen & Toubro rose 0.09% to Rs 2739.85, after
touching day's low of Rs 2691.25
Real estate shares were subdued. The BSE Realty index fell 1.16% at
5,077.16. DLF, the country's largest realty company by market
capitalisation fell 1.36% to Rs 505.10. On Monday, 8 September
2008, the company received a clearance from the Securities and
Exchange Board of India (Sebi) to go ahead with a buyback plan. In
July 2008, DLF had announced its Rs 1,100-crore plan to buy back
shares from existing shareholders at a price not exceeding Rs 600 a
share.
Unitech, the country's largest listed realty company, fell 0.46% to
Rs 162.50
India's largest private sector bank by net profit ICICI Bank shed
0.74% to Rs 715.45. Other banking shares State Bank of India (down
2.16% to Rs 1557.10), and HDFC Bank (down 0.67% to Rs 1292),
slipped. The Bankex lost 1.28% to 7,368.33.
India's second largest software services exporter Infosys
Technologies fell 0.08% to Rs 1747.10. The stock came off day's low
of Rs 1700. HCL Technologies may reportedly counter bid Infosys for
acquiring the UK-based SAP consultant Axon. According to reports,
HCL may make an offer in the range of 690 pence per share for Axon
compared to Infosys' offer of 600 pence per share
Tata Power Company (down 1.69% to Rs 1082.30), and Mahindra &
Mahindra (down 1.42% to Rs 582), edged lower from the Sensex pack.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) was down 0.11% to Rs 2129.70
on 8.11 lakh shares. The stock moved in a range of Rs 2086.15 and
Rs 2156.40 during the day.
India's top small car maker by sales Maruti Suzuki India gained
2.36% to Rs 710 on 1.79 lakh shares. It was the top gainer from
Sensex pack.
Telecom shares were in demand. India's second largest cellular
services provider in terms of market capitalisation Reliance
Communications (RCom) advanced 1.57% to Rs 404.80. As per recent
reports, RCom's subsidiary Reliance Big Entertainment has acquired
a majority stake in the US-based cricket webcasting portal, Willow
TV, for an undisclosed amount.
Bharti Airtel, the country's largest cellular services provider in
terms of market capitalisation rose 2.15% to Rs 837
India's largest oil exploration company by market capitalisation
Oil and Natural Gas Corporation (ONGC) rose 0.25% to Rs 1102. As
per reports the company's wholly-owned subsidiary ONGC Videsh (OVL)
has bid for a 20% stake in the Angolan Block 32, which is owned by
a consortium of firms led by French firm Total Exploration and
Production Angola. The Angolan Block 32 reportedly has 1.5 billion
barrels of oil reserves, the production of which is slated to start
in 2012.
Reliance Infrastructure (up 1.24% to Rs 1071.50), Grasim (up 0.41%
to Rs 2020) and TCS (up 1.40% to Rs 866.90) gained from Sensex
pack.
Resurgere Mines & Minerals was the top traded counter on BSE with
turnover of Rs Rs 262.80 crore followed by Austral Coke & Projects
(Rs 239.50 crore), Reliance Industries (Rs 172.35 crore), Reliance
Capital (Rs 155.25 crore) and Gokul Refoils (Rs 153.85 crore), in
that order.
IFCI led the volumes chart on BSE notching volumes of 2.15 crore
shares followed by Austral Coke & Projects (1.06 crore shares),
Resurgere Mines & Minerals (86.50 lakh shares), Reliance Natural
Resources (74.15 lakh shares) and Reliance Power (58 lakh shares),
in that order.
Refinery stocks gained on drop in oil prices. Hindustan Petroleum
Corporation (up 5.70% to Rs 245.55), Bharat Petroleum Corporation
(up 2.26% to Rs 353), and Indian Oil Corporation (up 0.10% to Rs
432.90), rose. US crude for October 2008 delivery fell $1.18 to
$105.16 a barrel today, 9 September 2008. It hit a five-month low
of $104.70 a barrel yesterday, 8 September 2008.
Sugar stocks were in demand after the Supreme Court in an interim
order on Monday, 8 September 2008, asked sugar mills in Uttar
Pradesh (UP) to pay yo all outstanding cane arrears to growers for
the 2007-08 crushing season at the rate of Rs 110 for a quintal
within the next four weeks. Balrampur Chini Mills (up 3.31% to Rs
95.10), Shree Renuka Sugars (up 1.33% to Rs 121.75), and Bajaj
Hindustan (up 0.91% to Rs 172.30), gained.
This is lower than the State Advised price of Rs 125 for a quintal
fixed by the UP government for the current season.
Tech Mahindra rose 2.84% at Rs 796.10 on reports the firm bagged a
$250 million, 7-year contract from a North Amercian telecom
services firm. It has also won a smaller, 3-year deal from a
Kuwait-based telecom firm for under $10 million. Revenues from both
contracts will start flowing in from the last quarter of the
current financial year, the reports added.
Idea Cellular rose 2.72% to Rs 85.10. The company has fixed 6
October 2008, as the closing date for its open offer for an
additional 20% stake in Spice Communications. The offer opens on 17
September 2008.
Punj Lloyd slipped 1.36% to Rs 304.50. The company said its
Singapore unit Punj Lloyd Pte has bagged an order worth Rs 167
crore from FWP, Singapore to carry out select mechanical work on
Jurong Island, Singapore. The company made this announcement during
trading hours today, 9 September 2008.
Ramco Systems jumped 6.80% to Rs 106 after the company said on
Monday, 8 September 2008, its board will meet on 11 September 2008
to consider certain changes in the proposed rights issue to raise
up to Rs 173 crore.
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