Key benchmark indices extended earlier recovery from intraday sharp
fall in late trade as European markets and US futures cut losses.
The BSE 30-share Sensex ended down 366.88 points or 3.14% to
11,328.36. The Sensex had dwindled nearly 950 points at intraday
low in early afternoon trade on concerns that the deepening of the
credit crisis will push the global economy into a recession. Both
the key benchmark Sensex and Nifty had hit fresh 2-year lows in
early afternoon trade.
Just after the Indian market closed, the Federal Reserve, European
Central Bank and four other central banks announced cut in interest
rates in an unprecedented, emergency coordinated bid to ease the
economic effects of the financial crisis. The Fed cut its benchmark
rate by a half point to 1.5%.
Earlier in the day, in a major development, the UK Treasury
announced a $87.4 billion plan to inject money into the banking
system to prevent a collapse of the U.K. banking system.
Ranbaxy Laboaratories spurted close to 10%. Reliance Industries,
Reliance communications, Maruti Suzuki India recovered.
The BSE 30-share Sensex ended down 366.88 points or 3.14% to
11,328.36. The index tanked 954.48 points at the day's low of
10,740.76 in early afternoon trade, its lowest level since 2 August
2006. The Sensex fell 289.51 points at day's high of 11,405.73, in
late trade.
The S&P CNX Nifty was down 73.25 points or 2.03% to 3,533.35 as per
the provisional figures. The index hit a low of 3,329.45 in early
afternoon trade, its lowest level since 12 September 2006.
BSE clocked the turnover of Rs 5085 crore today as compared to a
turnover of Rs 4,741.54 on 7 October 2008.
The BSE Mid-Cap index was down 5.79% at 4,010.48 and the BSE
Small-Cap index was down 5.57% at 4,699.19. Both these indices
underperformed the Sensex.
The market breadth was extremely weak. On BSE, 457 shares advanced
as compared to 2,151 that declined. 44 shares remained unchanged.
India's largest private sector company by market capitalization and
oil refiner Reliance Industries was down 1.54% to Rs 1,649.60. The
stock recovered from 52-week low of 1,511 hit today. Reliance
Industries will reportedly commission a new 5,80,000 barrels per
day (bpd) refinery by the end of November 2008, ahead of the
targeted December 2008 deadline.
Six stocks rose while rest 24 stocks fell from the Sensex pack.
India's largest drug maker by sales Ranbaxy Laboaratories spurted
9.38% to Rs 280 on reports the US Department of Justice had
withdrawn a motion against the drugmaker for allegedly bringing
adulterated and misbranded medications into the Unietd States. The
stock was the major gainer form the sensex pack. The stock
recovered from intraday low of Rs 280.
Tata Power Company rose 6% to Rs 813.90. The stock recovered from
intraday low of Rs 671. DLF jumped 3.66% to Rs 314. The stock
recovered from intraday low of Rs 279. Reliance Communications rose
2.95% to Rs 309. The stock recovered from intraday low of Rs
263.80. Mahindra & Mahindra rose 2.75% to Rs 486. The stock
recovered from intraday low of Rs 447.10. Maruti Suzuki India
jumped 3.13% to Rs 692. The stock recovered from intraday low of Rs
628.
India's largest commercial vehicle maker by sales Tata Motors fell
5.27% to Rs 299.90. The stock hit a 52 week low of Rs 295.20 today.
The company on Tuesday, 7 October 2008, signed an agreement with
Gujarat to make the Nano car there days after the company pulled
out of West Bengal.
Among the major losers from Sensex pack were, Jaiprakash Associates
(down 9.91% to Rs 90.95), Wipro (down 7.91% to Rs 282.35), Sterlite
Industries (down 6.95% to Rs 292.55), ICICI Bank (down 6.53% to Rs
453.50), State Bank of India (down 6.1% to Rs 1,322.15).
India's second largest IT exporter by sales Infosys Technologies
lost 3.81% at Rs 1,254.35 ahead of its Q2 September 2008 results on
Friday, 10 October 2008. The stock recovered from a 52 week low of
Rs 1,196 today. Reports suggest that Infosys Technologies is widely
expected to lower its dollar guidance for the current year ending
March 2009 on the back of the events that have shaken the financial
world. It is also expected to miss its revenue guidance in dollar
terms for the September 2008 quarter. However, the company is
likely to beat its rupee guidance aided by the rupee's depreciation
against the dollar.
India's largest IT exporter by sales Tata Consultancy Services
(TCS) fell 5.07% to Rs 546.60. The stock hit a 52-week low of Rs
510 today. The company announced today it will acquire Citigroup
Global Services, the India based captive business process
outsourcing (BPO) arm of Citigroup Inc for all cash consideration
of $ 505 million. In addition, TCS will provide process outsourcing
services to Citi for $2.5 billion over a period of 9.5 years.
Though Europe markets were in the red, they had pared ealier steep
losses. France's CAC 40, Germany's DAX and UK's FTSE 100 were down
between 2.76% to 4.39%.
Key benchmark indices in Asia were down by between 3.04% to 9.38%
today, 8 October 2008.
No comments:
Post a Comment