The domestic bourses saw a relief rally today posting decent gains
and snapping losses of the last two trading sessions. The BSE
Sensex rose 122.21 points. The barometer index had lost 472.01
points in last two trading sessions. The market breadth was
positive. Sterlite Industries rose more than 8% on canceling a
restructuring plan. Metal stocks rose. Index heavyweight Reliance
Industries (RIL) edged higher
US stock futures rose boosted by Warren Buffett's Berkshire
Hathaway's announcment of an infusion of $5 billion in Goldman
Sachs Group. Goldman will sell $5 billion of preferred stock to
Berkshire Hathaway, which will also receive warrants to purchase $5
billion of common stock with a strike price of $115 per share.
Berkshire has five years to exercise the warrants. The Dow futures
were up 83 points and the Nasdaq futures were up 14 points.
In Europe, France's CAC 40, Germany's DAX and UK's FTSE 100 were up
by between 0.11% to 0.17%. Most of the Asian markets were trading
higher today, 24 September 2008. Key benchmark indices in Hong
Kong, Singapore, Japan, China and South Korea were up by between
0.2% to 0.99%.
Meanwhile, a US-India civilian nuclear cooperation agreement moved
closer to approval by Congress on Tuesday, 23 September 2008, when
a key Senate Committee passed the deal with a landslide majority.
However, the historic agreement is yet to clear a few hurdles in
its final lap. The bill now goes to the floor of the Senate for the
final ratification.
The BSE 30-share Sensex ended up 122.21 points or 0.9% to
13,692.52. The Sensex rose 270.50 points at day's high of
13,840.81, hit in early afternoon trade. The index rose 22.48
points at the day's low of 13,592.79, hit in mid-afternoon trade.
The S&P CNX Nifty rose 34.35 points or 0.83% to 4,161.25. Nifty
September 2008 futures were at 4182.25, at a premium of 21 points
as compared to spot closing of 4161.25.
The BSE Sensex is down 6594.47 points or 32.5% in the calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
7514.25 points or 35.43% below its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 4,304 crore today, 24 September 2008
as compared to a turnover of Rs 4,336.47 crore on 23 September
2008.
NSE's futures & options (F&O) segment turnover was Rs 67,051.71
crore, which was lower than Rs 68,368.66 crore on Tuesday, 23
September 2008. The September 2008 derivatives will expire
tomorrow, 25 September 2008.
The BSE Mid-Cap index was up 0.26% at 5,126.78 and the BSE
Small-Cap index was up 0.14% at 6,101.51.
BSE Metal index (up 2.19% to 10,142.29), BSE Oil & Gas index (up
1.22% to 9,435.85), BSE Bankex (up 1.21% to 6,886.65), BSE Power
index (up 1.1% to 2,473.39), BSE Capital Goods index (up 1.09% to
11,340.80) outperformed the Sensex.
BSE Consumer Durables index (down 1.23% to 3,166.84), BSE IT index
(down 1.1% to 3,417.11), BSE Teck index (down 0.15% to 2,759.62),
BSE Auto index was flat at 3,849.27, BSE HealthCare index (up 0.13%
to 3,876.11), BSE Realty index (up 0.34% to 3,916.98), BSE FMCG
index (up 0.35% to 2,189.68) and BSE PSU index (up 0.59% to
6,568.37) underperformed the Sensex.
The market breadth was positive on BSE with 1349 shares advancing
as compared to 1241 that declined. 89 shares remained unchanged.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries rose 1.89% to Rs 2,047.60.
India's largest commercial vehicle maker by sales Tata Motors
declined 1.55% to Rs 387.95. It came off from the session's high of
Rs 401.85.
India's biggest power generation firm by revenue, NTPC, declined
0.7% to Rs 178.60.
India's largest dedicated housing finance firm by operating income
HDFC declined 0.82% to Rs 2,180.10. It came off from the session's
high of Rs 2,258.20.
India's largest drug maker by sales Ranbaxy Laboratories rose 0.63%
to Rs 310.80. It came off from session's high of Rs 318. Japan's
third-largest drugmaker Daiichi Sankyo said on Wednesday, 24
September 2008, its open offer to buy up to 20% stake in generic
drugmaker Ranbaxy Laboratories was oversubscribed. Investors had
tendered more than 92.5 million Ranbaxy shares between in the open
offer, Daiichi Sankyo said.
In June 2008, Daiichi Sankyo had agreed to buy the 34.8% held by
Ranbaxy's founding family, and to make an open offer for a further
20% of Ranbaxy shares, as per Securities & Exchange Board of India
(Sebi) takeover regulations.
IT stocks recovered from lower levels. But majority of them ended
in the red. Wipro (down 5.05% to Rs 370.75), Infosys (down 1.27% to
Rs 1,523.70) and Tata Consultancy Services (down 1.01% to Rs
713.45) edged lower. India's third largest IT exporter by sales
Satyam Computer Services rose 0.68% to Rs 333.90.
Metal stocks rose. National Aluminum Company (up 5.79% to Rs
419.35), Tata Steel (up 3.13% to Rs 485.70), Hindalco Industries
(up 0.69% to Rs 108.85), Steel Authority of India (up 0.11% to Rs
142.25) and edged higher.
Sterlite Industries (India) surged 8.36% to Rs 487.55 after the
company dropped a restructuring plan. The stock came off from
session's high of Rs 517.70. From a recent high of Rs 622.35 on 8
September 2008, the stock had tumbled 27.7% to Rs 449.95 on 23
September 2008 after parent Vedanta Resources said it will transfer
Sterlite's aluminium and energy businesses to Madras Aluminium
Company as part of restructuring. The restructuring of the Vedanta
group was planned to result in three units focused on commodities
produced by the group: copper, zinc and lead; aluminium and energy;
and iron ore.
India's largest engineering and construction firm by sales Larsen &
Toubro rose 0.85% to Rs 2,553.70 after the company said it has
bagged several large value orders aggregating Rs 5000 crore for the
construction of a slew of institutional, commercial, residential
and factory buildings.
HDFC Bank (up 3.57% to Rs 1,281.85), Tata Steel (up 3.13% to Rs
485.70), Reliance Infrastructure (up 2.92% to Rs 889.10), Grasim
Industries (up 2.35% to Rs 1,935.20), Bharat Heavy Electricals (up
2.29% to Rs 1,663.30), Bharti Airtel (up 2.03% to Rs 810.40) edged
higher from the Sensex pack.
Sesa Goa clocked the highest volume of 96.1 lakh shares on BSE.
Reliance Natural Resources (87.33 lakh shares), Jaiprakash
Associates (75.19 lakh shares), Cals Refineries (63.13 lakh shares)
and Austral Coke & Projects (60.67 lakh shares) were the other
volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 259.22 crore on
BSE. Reliance Industries (Rs 229.66 crore), Austral Coke & Projects
(Rs 149.21 crore), Sterlite Industries (Rs 148.14 crore) and ICICI
Bank (Rs 134.50 crore) were the other turnover toppers in that
order.
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