Sensex sheds 489 points on fears
Data showing a surge in inflation to a three-year high spooked the
market today. Banking stocks fell after concerns of possible
Reserve Bank of India intervention to rein in inflation. Capital
goods and power stocks declined. Bharat Heavy Electricals (Bhel)
and HDFC were major losers whereas Ranbaxy Laboratories and Tata
Steel were top gainers from the Sensex pack. The market breadth was
weak. European markets which opened after Indian market, were in
green.
The 30-share BSE Sensex ended down 489.43 points or 3.09% at
15,343.12. At the day's low of 15,303.04 Sensex lost 529.51 points
in late trade. At the day's high of 15,896.09, the Sensex rose
63.54 points in early trade.
The broader based S&P CNX Nifty was down 124.6 points or 2.61% at
4,647. Nifty April 2008 futures were at 4666.10, at a premium of
19.1 points as compared to spot closing of 4647.
BSE Clocked a turnover of Rs 4947 crore compared to a turnover of
Rs 4985.58 crore on 3 April 2008. The NSE's futures & options (F&O)
segment turnover was Rs 33723.32 crore, which was higher than Rs
32,513.16 crore on Thursday, 3 April 2008.
India's wholesale price index (WPI) rose 7% in the 12 months to 22
March 2008, accelerating from the previous week's rise of 6.68%.
The rate is the highest since 4 December 2004. Prospects of further
monetary tightening by the Reserve Bank of India (RBI) following a
surge in inflation is a cause for concern at a time when the
already high rates are pinching the domestic industry. The surge in
inflation has triggered fears that RBI my raise cash reserve ratio
(CRR). An increase in CRR would suck out liquidity immediately
pushing up the cost of funds and thereby curbing demand.
The market breadth was weak: on BSE 808 shares advanced as compared
to 1823 that declined. 66 shares remained unchanged.
The BSE Mid-Cap index down 1.95% to Rs 6,262.85 and BSE Small-Cap
index down 1.6% to 7,703.14.
BSE Capital Goods index (down 4.5% to 12,620.35) underperformed
Sensex.
BSE Power index (down 2.99% to 2,964.08), BSE Bankex (down 2.95% to
7,589.96), BSE Auto index (down 2.5% to 4,378.54), BSE Oil & Gas
index (down 2.37% to 10,282.64), BSE Realty index (down 2.34% to
7,346.96), BSE PSU index (down 2.34% to 7,176.05), BSE FMCG index
(down 2.21% to 2,292.76), BSE IT index (down 2.06% to 3,687.40),
BSE Metal index (down 1.09% to 13,440.35), BSE HealthCare index
(down 1.08% to 3,845.83), BSE Consumer Durables index (down 1.04%
to 3,817.65) outperformed Sensex.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries was down 2.99%
to Rs 2,322.20.
Capital goods stocks fell. Bharat Heavy Electricals (down 6.89% to
Rs 1,634.10) and Larsen & Toubro (down 5.74% to Rs 2,686.35) edged
lower. Suzlon Energy rose 1.84% to Rs 277.10.
Banking stocks plunged after inflation data. HDFC Bank (down 2.89%
to Rs 1,292.15), ICICI Bank (down 3.07% to Rs 763.70) and State
Bank of India (down 2.06% to Rs 1,605.35) edged lower.
Power stocks declined. Tata Power Company (down 3.36% to Rs
1,120.30), Reliance Energy (down 1.94% to Rs 1,166.35), NTPC (down
2.32% to Rs 189.75) and Reliance Power (down 2.34% to Rs 321.90)
edged lower.
IT stocks declined. Wipro (down 4.53% to Rs 415.60), Infosys (down
2.55% to Rs 1,482.90), Tata Consultancy Services (down 1.78% to Rs
870.15) and Satyam Computer Services (down 0.65% to Rs 425.25)
edged lower.
HDFC (down 6.83% to Rs 2,275.95), Mahindra & Mahindra (down 6% to
Rs 605.15), Bharti Airtel (down 4.53% to Rs 783.85), ITC (down
3.46% to Rs 200.80), Jaiprakash Associates (down 5.21% to Rs
221.25) and Tata Motors (down 2.5% to Rs 613.45) edged lower from
Sensex pack.
Ranbaxy Laboratories (up 2.55% to Rs 458.5), Tata Steel (up 0.17%
to Rs 660.70) were only gainers from Sensex pack.
ACC shed 0.16% to Rs 835 even as the company said its cement
shipments rose 4.9% to 1.92 million tonnes in March 2008 over March
2007.
Ispat Industries clocked the highest volume of 2.15 crore shares on
BSE. Tulsi Extrusions (1.54 crore shares), Reliance Natural
Resources (1.47 crore shares), Reliance Petroleum (1.45 crore
shares) and Indiabulls Securities (95.95 lakh shares) were other
volume toppers in that order.
Reliance Petroleum clocked the highest turnover of Rs 247.62 crore
on BSE. Reliance Capital (Rs 240.51 crore), Bharat Heavy
Electricals (Rs 216.29 crore), Reliance Industries (Rs 206.72
crore) and Larsen & Toubro (Rs 199.48 crore) were other turnover
toppers in that order.
European markets were in green. France's CAC, Germany's DAX and
UK's FTSE 100 rose in between 0.27% to 0.57%.
Japan's Nikkei edged 0.72% lower in cautious trade today, 4 April
2008, ahead of US jobs data later in the session that will provide
fresh clues on the world's largest economy. Stock markets in China,
Taiwan and Hong Kong were closed today for the Tomb Sweeping Day
holiday.
US stocks edged up on Thursday, after a report that Merrill Lynch &
Co does not need to raise more capital eased fears of a deeper
credit crisis and offset concern that monthly jobs data would point
to a recession. The Dow Jones Industrial Average gained 20.20
points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index
rose 1.90 points or 0.08% to 2,363.30.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the
trading of Sensex-based futures on the US Futures Exchange (USFE)
in Chicago. The contract will have a notional value of $40,000 and
a tick value of $10. The clearing and settlement will take place
through The Clearing Corporation, Chicago.
Stock-specific activity may rule the roost on the bourses in the
near term depending on the guidance given by company managements
for FY 2009 (year ending March 2009) at the time of announcing Q4
March 2008 results. IT bellwether Infosys Technologies kickstarts
the earnings reporting season on 15 April 2008.
Saturday, April 5, 2008
Markets closes near to low of day
Negative newsflows have spooked the markets badly today. Rising inflation and due to which rumours of likely hike in CRR by RBI worried the markets. Capital Goods, power, banks, telecom and auto stocks were worst hit. All BSE Indices ended with sharp fall. Market breadth has remained 1:4 after inflation announcement.
This whole week has been very bad for the markets, Sensex lost more than 1000 points and the Nifty down 5.2%. Capital goods, metals, realty and banking stocks were the biggest losers.
Inflation has worried the markets, it has hit a three-year high of 7% this week as against 6.68% in the previous week. Government has been trying ways to cool off the inflation because it has crossed RBI's targeted 5% level. Experts feel that monetary tightening may be there in near term from RBI by way of CRR hike. These fears has hammered banking stocks a lot.
The Sensex has touched a low of 15,303.04 (down 528 points) before closing the day at 15,343.12, down 489.43 points or 3.09% and the Nifty down 2.61% or 124.60 points at 4647.
This whole week has been very bad for the markets, Sensex lost more than 1000 points and the Nifty down 5.2%. Capital goods, metals, realty and banking stocks were the biggest losers.
Inflation has worried the markets, it has hit a three-year high of 7% this week as against 6.68% in the previous week. Government has been trying ways to cool off the inflation because it has crossed RBI's targeted 5% level. Experts feel that monetary tightening may be there in near term from RBI by way of CRR hike. These fears has hammered banking stocks a lot.
The Sensex has touched a low of 15,303.04 (down 528 points) before closing the day at 15,343.12, down 489.43 points or 3.09% and the Nifty down 2.61% or 124.60 points at 4647.
Weakness persists
The market made a slight recovery from its lows in mid-afternoon trade. The market had declined sharply in afternoon trade hit by the latest data which showed a further rise in inflation. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Ranbaxy Laboratories and Tata Steel were gainers from the Sensex pack. Banking stocks fell after concerns of possible Reserve Bank of India intervention to rein in inflation. IT, capital goods, power and realty stocks declined. The market breadth was weak. European markets which opened after Indian market, were in green
At 14:25 IST, the 30-share BSE Sensex was down 399.64 points or 2.52% at 15,432.91. At the day’s low of 15,349.25 Sensex lost 483.3 points in afternoon trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 102.9 points or 2.16% at 4,668.70.
India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.
The market breadth was turned weak: on BSE 817 shares advanced as compared to 1729 that declined. 73 shares remained unchanged.
The BSE Mid-Cap index down 1.46% to Rs 6,294.04 and BSE Small-Cap index down 1.23% to 7,744.15.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.75% to Rs 2,350.95.
Realty stocks declined. Unitech (down 2.6% to Rs 267.80), DLF (down 1.84% to Rs 612.25) and Indiabulls Real Estate (down 1.5% to Rs 490.55) edged lower.
Capital goods stocks fell. Bharat Heavy Electricals (down 6.18% to Rs 1,646.50) and Larsen & Toubro (down 6.14% to Rs 2,675) edged lower. Suzlon Energy rose 1.62% to Rs 276.50.
Banking stocks plunged after inflation data. HDFC Bank (down 2.06% to Rs 1,299.10), ICICI Bank (down 1.94% to Rs 772.60) and State Bank of India (down 1.78% to Rs 1,610.50) edged lower.
Power stocks declined. Tata Power Company (down 3.56% to Rs 1,118), Reliance Energy (down 3% to Rs 1,153.80), NTPC (down 1.39% to Rs 191.55) and Reliance Power (down 1.58% to Rs 324.50) edged lower.
IT stocks declined after yesterday’s surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 1.6% to Rs 421.15), Wipro (down 3.53% to Rs 419.95) and Tata Consultancy Services (down 1.66% to Rs 871.25) edged lower.
HDFC (down 5.39% to Rs 2,311), Mahindra & Mahindra (down 4.92% to Rs 612), Maruti Suzuki India (down 2.58% to Rs 768), Reliance Communications (down 2.62% to Rs 499.60), Jaiprakash Associates (down 3.38% to Rs 225.60) and Tata Motors (down 2.5% to Rs 613.45) edged lower from Sensex pack.
Ranbaxy Laboratories (up 2.84% to Rs 459.50), Tata Steel (up 0.74% to Rs 664.40) were only gainers from Sensex pack.
ACC shed 0.16% to Rs 835 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.
At 14:25 IST, the 30-share BSE Sensex was down 399.64 points or 2.52% at 15,432.91. At the day’s low of 15,349.25 Sensex lost 483.3 points in afternoon trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 102.9 points or 2.16% at 4,668.70.
India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.
The market breadth was turned weak: on BSE 817 shares advanced as compared to 1729 that declined. 73 shares remained unchanged.
The BSE Mid-Cap index down 1.46% to Rs 6,294.04 and BSE Small-Cap index down 1.23% to 7,744.15.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.75% to Rs 2,350.95.
Realty stocks declined. Unitech (down 2.6% to Rs 267.80), DLF (down 1.84% to Rs 612.25) and Indiabulls Real Estate (down 1.5% to Rs 490.55) edged lower.
Capital goods stocks fell. Bharat Heavy Electricals (down 6.18% to Rs 1,646.50) and Larsen & Toubro (down 6.14% to Rs 2,675) edged lower. Suzlon Energy rose 1.62% to Rs 276.50.
Banking stocks plunged after inflation data. HDFC Bank (down 2.06% to Rs 1,299.10), ICICI Bank (down 1.94% to Rs 772.60) and State Bank of India (down 1.78% to Rs 1,610.50) edged lower.
Power stocks declined. Tata Power Company (down 3.56% to Rs 1,118), Reliance Energy (down 3% to Rs 1,153.80), NTPC (down 1.39% to Rs 191.55) and Reliance Power (down 1.58% to Rs 324.50) edged lower.
IT stocks declined after yesterday’s surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 1.6% to Rs 421.15), Wipro (down 3.53% to Rs 419.95) and Tata Consultancy Services (down 1.66% to Rs 871.25) edged lower.
HDFC (down 5.39% to Rs 2,311), Mahindra & Mahindra (down 4.92% to Rs 612), Maruti Suzuki India (down 2.58% to Rs 768), Reliance Communications (down 2.62% to Rs 499.60), Jaiprakash Associates (down 3.38% to Rs 225.60) and Tata Motors (down 2.5% to Rs 613.45) edged lower from Sensex pack.
Ranbaxy Laboratories (up 2.84% to Rs 459.50), Tata Steel (up 0.74% to Rs 664.40) were only gainers from Sensex pack.
ACC shed 0.16% to Rs 835 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.
Market extends losses; breadth weak
The market plunged in afternoon trade extending earlier losses, hit by the latest data which showed a further rise in inflation. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Ranbaxy Laboratories was lone gainer from the Sensex pack. Banking stocks fell after concenrs of possible Reserve Bank of India intervention to rein in inflation. IT, capital goods and power stocks declined. The market breadth was weak. European markets which opened after Indian market, nudged higher in early trade.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
At 13:21 IST, the 30-share BSE Sensex was down 473.45 points or 2.99% at 15,358.87. At the day’s low of 15,353.31 Sensex lost 479.24 points in afternoon trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 126.95 points or 2.66% at 4,644.75.
India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.
The market breadth turned weak: on BSE 764 shares advanced as compared to 1788 that declined. 56 shares remained unchanged.
The BSE Mid-Cap index down 1.66% to Rs 6,281.48 and BSE Small-Cap index down 1.37% to 7,733.04.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.99% to Rs 2,346.
Capital goods stocks extended losses. Bharat Heavy Electricals (down 5.78% to Rs 1,653.60) and Larsen & Toubro (down 5.98% to Rs 2,679.80) edged lower. Suzlon Energy rose 1.1% to Rs 275.
Banking stocks plunged after inflation data. HDFC Bank (down 2.53% to Rs 1,291), ICICI Bank (down 4.56% to Rs 752) and State Bank of India (down 2.11% to Rs 1,603) edged lower.
Power stocks declined. Tata Power Company (down 3.84% to Rs 1,113.10), Reliance Energy (down 3.74% to Rs 1,145), NTPC (down 1.52% to Rs 191.30) and Reliance Power (down 1.55% to Rs 324.50) edged lower.
IT stocks declined after yesterday’s surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 2.43% to Rs 417.95), Wipro (down 4.32% to Rs 416.50) and Tata Consultancy Services (down 2.65% to Rs 862) edged lower.
HDFC (down 4.09% to Rs 2,343), ), Mahindra & Mahindra (down 4% to Rs 618), Tata Motors (down 3.25% to Rs 608.25), ONGC (down 2.8% to Rs 992), Jaiprakash Associates (down 2.96% to Rs 226.50) and Cipla (down 3% to Rs 213.35) edged lower from Sensex pack.
Ranbaxy Laboratories rose 2.27% to Rs 457 and was the lone gainer from Sensex pack.
ACC shed 0.83% to Rs 827.05 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.
European markets were in green. France’s CAC, Germany’s DAX and UK’s FTSE 100 rose between 0.14% to 0.32%.
Japan’s Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
At 13:21 IST, the 30-share BSE Sensex was down 473.45 points or 2.99% at 15,358.87. At the day’s low of 15,353.31 Sensex lost 479.24 points in afternoon trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 126.95 points or 2.66% at 4,644.75.
India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.
The market breadth turned weak: on BSE 764 shares advanced as compared to 1788 that declined. 56 shares remained unchanged.
The BSE Mid-Cap index down 1.66% to Rs 6,281.48 and BSE Small-Cap index down 1.37% to 7,733.04.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.99% to Rs 2,346.
Capital goods stocks extended losses. Bharat Heavy Electricals (down 5.78% to Rs 1,653.60) and Larsen & Toubro (down 5.98% to Rs 2,679.80) edged lower. Suzlon Energy rose 1.1% to Rs 275.
Banking stocks plunged after inflation data. HDFC Bank (down 2.53% to Rs 1,291), ICICI Bank (down 4.56% to Rs 752) and State Bank of India (down 2.11% to Rs 1,603) edged lower.
Power stocks declined. Tata Power Company (down 3.84% to Rs 1,113.10), Reliance Energy (down 3.74% to Rs 1,145), NTPC (down 1.52% to Rs 191.30) and Reliance Power (down 1.55% to Rs 324.50) edged lower.
IT stocks declined after yesterday’s surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 2.43% to Rs 417.95), Wipro (down 4.32% to Rs 416.50) and Tata Consultancy Services (down 2.65% to Rs 862) edged lower.
HDFC (down 4.09% to Rs 2,343), ), Mahindra & Mahindra (down 4% to Rs 618), Tata Motors (down 3.25% to Rs 608.25), ONGC (down 2.8% to Rs 992), Jaiprakash Associates (down 2.96% to Rs 226.50) and Cipla (down 3% to Rs 213.35) edged lower from Sensex pack.
Ranbaxy Laboratories rose 2.27% to Rs 457 and was the lone gainer from Sensex pack.
ACC shed 0.83% to Rs 827.05 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.
European markets were in green. France’s CAC, Germany’s DAX and UK’s FTSE 100 rose between 0.14% to 0.32%.
Japan’s Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Markets plunge
The markets have taken a knock back approach after inflation numbers announcement, which are high by quite a percentage points as against earlier numbers of 6.68%. Today it touched a 7% mark, which is ahead of markets expecations of 6.52%. Capital Goods, technology, auto, banking, power and telecom stocks have hit hard. Market breadth is negaitve with ratio of 1:3 as 318 shares have advanced while 900 shares declined.
At 12.02 hrs IST, the Sensex was down 239.71 points or 1.51% at 15592.84, and the Nifty down 70.35 points or 1.47% at 4701.25. About 1267 shares have advanced, 1710 shares declined, and 94 shares are unchanged.
BHEL, HDFC, L&T and M&M were top losing counters while gainers - Ranbaxy, HUL, Tata Steel and Hero Honda gainers.
Finally, inflation has hit 7% mark today for the week ended March 22 as against 6.68% in the previous week. Vegetable prices went up 4.9%, primary articles WPI up 1.8%, minerals WPI up 38.2% and metallic minerals WPI up 42.8%.
Midcap and small cap stocks have slipped further. Reliance Petro, BHEl, Tulsi Extrusion and Reliance Industries were most active counters
At 12.02 hrs IST, the Sensex was down 239.71 points or 1.51% at 15592.84, and the Nifty down 70.35 points or 1.47% at 4701.25. About 1267 shares have advanced, 1710 shares declined, and 94 shares are unchanged.
BHEL, HDFC, L&T and M&M were top losing counters while gainers - Ranbaxy, HUL, Tata Steel and Hero Honda gainers.
Finally, inflation has hit 7% mark today for the week ended March 22 as against 6.68% in the previous week. Vegetable prices went up 4.9%, primary articles WPI up 1.8%, minerals WPI up 38.2% and metallic minerals WPI up 42.8%.
Midcap and small cap stocks have slipped further. Reliance Petro, BHEl, Tulsi Extrusion and Reliance Industries were most active counters
Inflation at 3-yr high - 7%
inflation numbers announcement, which are high by quite a percentage points as against earlier numbers of 6.68%. Today it touched a 7% mark, which is ahead of markets expecations of 6.52%.
Mkts slip further: L&T, BHEL, HDFC Bank top losers
The markets have slipped further as the selling pressure continues in capital goods, technology, banking, auto, telecom and power stocks. Market breadh is also negative, 467 shares have advanced while 674 shares declined on the NSE. However, some buying interest has seen in pharma and metals stocks.
At 11.28 hrs IST, the Sensex was down 137.69 points or 0.87% at 15694.86, and the Nifty down 29.60 points or 0.62% at 4742.00. About 1516 shares have advanced, 1465 shares declined, and 89 shares are unchanged.
Capital goods, technology and banking stocks are under bears' control, the BSE Capital Goods, IT and Bankex fell, 2.3%, 1.6% and 1.5%, respectively.
L&T, BHEL, Marut Suzuki and HDFC Bank were top losers while Ranbaxy Labs, Tata Steel, HUL and Hero Honda gainers.
Reliance Petroleum, Tulsi Extrusion, BHEL, and L&T were most active shares on the bourses.
ACC's March Cement sales went up by 4.9% at 1.92 MT versus 1.83 MT. The stock was up marginally by 0.13% or Rs 1.10 at Rs 828.
Indian rupee has fallen to 39.98 per dollar as against its previous close.
At 11.28 hrs IST, the Sensex was down 137.69 points or 0.87% at 15694.86, and the Nifty down 29.60 points or 0.62% at 4742.00. About 1516 shares have advanced, 1465 shares declined, and 89 shares are unchanged.
Capital goods, technology and banking stocks are under bears' control, the BSE Capital Goods, IT and Bankex fell, 2.3%, 1.6% and 1.5%, respectively.
L&T, BHEL, Marut Suzuki and HDFC Bank were top losers while Ranbaxy Labs, Tata Steel, HUL and Hero Honda gainers.
Reliance Petroleum, Tulsi Extrusion, BHEL, and L&T were most active shares on the bourses.
ACC's March Cement sales went up by 4.9% at 1.92 MT versus 1.83 MT. The stock was up marginally by 0.13% or Rs 1.10 at Rs 828.
Indian rupee has fallen to 39.98 per dollar as against its previous close.
Friday, April 4, 2008
Market remains subdued
The market remained subdued in mid-morning trade. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Tata Steel and Ranbaxy Laboratories were major gainers from the Sensex pack. Steel stocks rose even as steel makers decided to rollback hike in prices. IT and capital goods stocks declined. The market breadth was positive.
At 11:20 IST, the 30-share BSE Sensex was down 131.86 points or 0.82% at 15,702.73. At the day’s low of 15,666.96 Sensex lost 165.59 points in mid-morning trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 17.75 points or 0.37% at 4,753.85.
Japan’s Nikkei edged 0.92% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
The market breadth was positive: on BSE 1065 shares advanced as compared to 991 that declined. 63 shares remained unchanged.
The BSE Mid-Cap index rose 0.05% to Rs 6,390.71 and BSE Small-Cap index down 0.12% to 7,849.50.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 0.34% to Rs 2,390.
Steel stocks rose. Shree Precoated Steel (up 2.5% to Rs 188.50), Tata Steel (up 2.21% to Rs 674.20), JSW Steel (up 1.16% to Rs 781.25), Steel Authority of India (up 1.24% to Rs 171.75), Bhushan Steel (up 1.4% to Rs 671.50) edged higher.
Steel producers have agreed to cut prices by Rs 2,000 a tonne on long products like TMT bars used in construction while most producers have agreed to roll back prices of roofing materials like galvanised corrugated sheets by Rs 500 to Rs 1,000 a tonne. The price cut followed a meeting of steel producers with government official on Thursday, 3 April 2008. The industry’s assurance comes within a week after the inflation rate touched a 14-month high of 6.68% in the year through 15 March 2008.
IT stocks declined after yesterday’s surge. Infosys (down 2.15% to Rs 1,488.90), Satyam Computer Services (down 1.18% to Rs 423), Wipro (down 0.83% to Rs 431.55) and Tata Consultancy Services (down 1.12% to Rs 876) edged lower.
Capital goods stocks extended losses. Bharat Heavy Electricals (down 2.95% to Rs 1,702.15) and Larsen & Toubro (down 2.83% to Rs 2,768.95) edged lower. Suzlon Energy rose 1.08% to Rs 275.
HDFC Bank (down 2.45% to Rs 1,292), Maruti Suziki India (down 2.19% to Rs 771), HDFC (down 1.76% to Rs 2,400), Mahindra & Mahindra (down 1.36% to Rs 635), Hindustan Unilever (down 0.97% to Rs 241), ITC (down 1.44% to Rs 205), edged lower from Sensex pack.
Ranbaxy Laboratories (up 4.49% to Rs 466.90), Grasim Industries (up 0.29% to Rs 2,568.25), Jaiprakash Associates (up 0.34% to Rs 233.85), and Bharti Airtel (up 0.22% to Rs 822.85) edged higher from Sensex pack.
Indian Oil Corporation (IOC) rose 0.68% to Rs 464. The company said on Thursday its crude processing rose 7.7% to 9,48,000 barrels per day in the year ended March 2008 over the year ended March 2007.
Ispat Industries rose 2.86% to Rs 30.60. Ispat managing director, Vinod Mittal, said on Thursday, 3 April 2008, the company was considering raising prices of hot-rolled coils by Rs 5,000 a tonne by next month because of rising costs.
Tata Communications rose 0.51% to Rs 538.40. It has reportedly denied rumours of holdings talks with Singapore state investor Temasek Holdings or private equity firms to sell a stake in its retail and broadband unit.
NMDC rose 5.13% to Rs 10,879 after the company set 21 April, 2008 as the record date for a 10-for-1 stock split.
Ahluwalia Contracts rose 1.91% to Rs 187 after it bagged new contracts worth Rs 354 crore.
Premier rose 2.2% to Rs 92.85. Citigroup Global Market sold 7,96,694 shares, or 2.8% stake, at Rs 90 each in Premier, data on the BSE showed on Thursday.
Colgate Palmolive India declined 0.49% to Rs 405. Colgate Palmolive India has acquired 75% shareholding in CC Health Care Products which is engaged in the manufacture of toothpowder. CC Health Care Products based in Hyderabad, has been manufacturing and supplying toothpowder to Colgate for the last several years.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation to a 14-month high in mid-March 2008 has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand. The government will today release inflation data for the year through 22 March 2008.
At 11:20 IST, the 30-share BSE Sensex was down 131.86 points or 0.82% at 15,702.73. At the day’s low of 15,666.96 Sensex lost 165.59 points in mid-morning trade. At the day’s high of 15,896.09, the Sensex rose 63.54 points in early trade.
The broader based S&P CNX Nifty was down 17.75 points or 0.37% at 4,753.85.
Japan’s Nikkei edged 0.92% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
The market breadth was positive: on BSE 1065 shares advanced as compared to 991 that declined. 63 shares remained unchanged.
The BSE Mid-Cap index rose 0.05% to Rs 6,390.71 and BSE Small-Cap index down 0.12% to 7,849.50.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 0.34% to Rs 2,390.
Steel stocks rose. Shree Precoated Steel (up 2.5% to Rs 188.50), Tata Steel (up 2.21% to Rs 674.20), JSW Steel (up 1.16% to Rs 781.25), Steel Authority of India (up 1.24% to Rs 171.75), Bhushan Steel (up 1.4% to Rs 671.50) edged higher.
Steel producers have agreed to cut prices by Rs 2,000 a tonne on long products like TMT bars used in construction while most producers have agreed to roll back prices of roofing materials like galvanised corrugated sheets by Rs 500 to Rs 1,000 a tonne. The price cut followed a meeting of steel producers with government official on Thursday, 3 April 2008. The industry’s assurance comes within a week after the inflation rate touched a 14-month high of 6.68% in the year through 15 March 2008.
IT stocks declined after yesterday’s surge. Infosys (down 2.15% to Rs 1,488.90), Satyam Computer Services (down 1.18% to Rs 423), Wipro (down 0.83% to Rs 431.55) and Tata Consultancy Services (down 1.12% to Rs 876) edged lower.
Capital goods stocks extended losses. Bharat Heavy Electricals (down 2.95% to Rs 1,702.15) and Larsen & Toubro (down 2.83% to Rs 2,768.95) edged lower. Suzlon Energy rose 1.08% to Rs 275.
HDFC Bank (down 2.45% to Rs 1,292), Maruti Suziki India (down 2.19% to Rs 771), HDFC (down 1.76% to Rs 2,400), Mahindra & Mahindra (down 1.36% to Rs 635), Hindustan Unilever (down 0.97% to Rs 241), ITC (down 1.44% to Rs 205), edged lower from Sensex pack.
Ranbaxy Laboratories (up 4.49% to Rs 466.90), Grasim Industries (up 0.29% to Rs 2,568.25), Jaiprakash Associates (up 0.34% to Rs 233.85), and Bharti Airtel (up 0.22% to Rs 822.85) edged higher from Sensex pack.
Indian Oil Corporation (IOC) rose 0.68% to Rs 464. The company said on Thursday its crude processing rose 7.7% to 9,48,000 barrels per day in the year ended March 2008 over the year ended March 2007.
Ispat Industries rose 2.86% to Rs 30.60. Ispat managing director, Vinod Mittal, said on Thursday, 3 April 2008, the company was considering raising prices of hot-rolled coils by Rs 5,000 a tonne by next month because of rising costs.
Tata Communications rose 0.51% to Rs 538.40. It has reportedly denied rumours of holdings talks with Singapore state investor Temasek Holdings or private equity firms to sell a stake in its retail and broadband unit.
NMDC rose 5.13% to Rs 10,879 after the company set 21 April, 2008 as the record date for a 10-for-1 stock split.
Ahluwalia Contracts rose 1.91% to Rs 187 after it bagged new contracts worth Rs 354 crore.
Premier rose 2.2% to Rs 92.85. Citigroup Global Market sold 7,96,694 shares, or 2.8% stake, at Rs 90 each in Premier, data on the BSE showed on Thursday.
Colgate Palmolive India declined 0.49% to Rs 405. Colgate Palmolive India has acquired 75% shareholding in CC Health Care Products which is engaged in the manufacture of toothpowder. CC Health Care Products based in Hyderabad, has been manufacturing and supplying toothpowder to Colgate for the last several years.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation to a 14-month high in mid-March 2008 has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand. The government will today release inflation data for the year through 22 March 2008.
BEL FY08 (prov) PBT at Rs 1109 cr
Bharat Electronics, BEL has announced FY08 (provisional) numbers. It has posted profit before tax, PBT at Rs 1109 crore and turnover at Rs 4114 crore.
The company's order book stood at Rs 9450 crore.
The company's order book stood at Rs 9450 crore.
BEL FY08 (prov) PBT at Rs 1109 cr
Bharat Electronics, BEL has announced FY08 (provisional) numbers. It has posted profit before tax, PBT at Rs 1109 crore and turnover at Rs 4114 crore.
The company's order book stood at Rs 9450 crore.
The company's order book stood at Rs 9450 crore.
Aptech Q4 net profit at Rs 40 lakh
Aptech has announced its fourth quarter numbers. It has posted standalone net profit of Rs 40 lakh as against 14 lakh in the previous quarter.
Standalone net sales stood at Rs 26.27 crore versus Rs 27 crore, QoQ.
Standalone net sales stood at Rs 26.27 crore versus Rs 27 crore, QoQ.
Mkts rangebound
Tech, cap goods, bank stocks down
The markets have lost their footings a bit and are trading lower as selling pressure has seen in technology, capital goods, banking, FMCG and telecom stocks. Market breadth is negaitve, about 1477 shares have advanced, 1505 shares declined, and 88 shares are unchanged. Midcap and small caps are flat. On the global front, Asian markets were trading lower.
At 10.29 hrs IST, the Sensex was down 84.80 points or 0.54% at 15747.75, and the Nifty down 18.70 points or 0.39% at 4752.90.
Top losers were Infosys, HDFC Bank, L&T and Sun Pharma while gainers - Tata Steel, Grasim, Ranbaxy Labs, RPL and SAIL.
Technology stocks have lost ground after yesterday's sharp increased in their respective prices.
Reliance Petroleum, Essar Oil, GSS America, BHEL and L&T were most active shares on the bourses
The markets have lost their footings a bit and are trading lower as selling pressure has seen in technology, capital goods, banking, FMCG and telecom stocks. Market breadth is negaitve, about 1477 shares have advanced, 1505 shares declined, and 88 shares are unchanged. Midcap and small caps are flat. On the global front, Asian markets were trading lower.
At 10.29 hrs IST, the Sensex was down 84.80 points or 0.54% at 15747.75, and the Nifty down 18.70 points or 0.39% at 4752.90.
Top losers were Infosys, HDFC Bank, L&T and Sun Pharma while gainers - Tata Steel, Grasim, Ranbaxy Labs, RPL and SAIL.
Technology stocks have lost ground after yesterday's sharp increased in their respective prices.
Reliance Petroleum, Essar Oil, GSS America, BHEL and L&T were most active shares on the bourses
As expected Markets choppy in opening trade
The markets have opened higher but selling pressure weighed immediately a little bit by bears and markets turned into the red. Capital goods, power, banking, technology and FMCG stocks are under bears control. However, oil stocks are witnessing buying interest. Market breadth is also in negative. On global front, Asian markets are trading lower.
Ambuja Cements, BHEL, SBI, HDFC Bank, HUL, Tata Power, Reliance Energy and Hero Honda were losers in early trade.
At 9:57 am, the Sensex was down 13 points at 15,818 and the Nifty down 0.40 points at 4771.
Asian markets were trading lower. Japan's Nikkei plunged 0.68% or 90.92 points at 13,298.98. Singapore's Straits Times declined 0.38% or 11.92 points at 3,159.63. South Korea's Seoul Composite dropped 0.16% or 2.85 points at 1,760.78.
Ambuja Cements, BHEL, SBI, HDFC Bank, HUL, Tata Power, Reliance Energy and Hero Honda were losers in early trade.
At 9:57 am, the Sensex was down 13 points at 15,818 and the Nifty down 0.40 points at 4771.
Asian markets were trading lower. Japan's Nikkei plunged 0.68% or 90.92 points at 13,298.98. Singapore's Straits Times declined 0.38% or 11.92 points at 3,159.63. South Korea's Seoul Composite dropped 0.16% or 2.85 points at 1,760.78.
World market
US closing
Dow 12,626.03 +20.20 +0.16%
Nasdaq 2,363.30 +1.90 +0.08%
S&P 500 1,369.31 +1.78 +0.13%
Asian Markets open in Red
Nikkei 225 13,298.98 -90.92 -0.68%
Straits Times 3,163.64 -7.91 -0.25%
Dow 12,626.03 +20.20 +0.16%
Nasdaq 2,363.30 +1.90 +0.08%
S&P 500 1,369.31 +1.78 +0.13%
Asian Markets open in Red
Nikkei 225 13,298.98 -90.92 -0.68%
Straits Times 3,163.64 -7.91 -0.25%
Pre Market Report 04-Mar-08
After Asian markets opening weekly, nifty also looks like wil open in red.
The upside breakout would be triggered if the NIFTY moves past 4870-4900 levels and if this level is not broken in the next two trading sessions than we will go down to test the support zone at around 4350 levels.
Any breakout from the wedge formation on the upside would warrant longs as the target for this wedge breakout would then be 5500 .
The market may remain range bound as investors are likely to stay on the sidelines ahead of the onset of the Q4 March 2008 earnings reporting season, to get more clarity on outlook on corporate profits. This is particularly so at a time when some analysts expect earnings downgrades for the coming years amid slowdown in economic growth in India arising from uncertain global conditions. Kotak Securities has said in a recent report that there are very few sectors that do not face pricing or margin issues.
Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
Stock-specific activity may rule the roost depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation to a 14-month high in mid-March 2008 has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand. The government will today release inflation data for the year through 22 March 2008.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
Japan's Nikkei edged 0.6% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
The upside breakout would be triggered if the NIFTY moves past 4870-4900 levels and if this level is not broken in the next two trading sessions than we will go down to test the support zone at around 4350 levels.
Any breakout from the wedge formation on the upside would warrant longs as the target for this wedge breakout would then be 5500 .
The market may remain range bound as investors are likely to stay on the sidelines ahead of the onset of the Q4 March 2008 earnings reporting season, to get more clarity on outlook on corporate profits. This is particularly so at a time when some analysts expect earnings downgrades for the coming years amid slowdown in economic growth in India arising from uncertain global conditions. Kotak Securities has said in a recent report that there are very few sectors that do not face pricing or margin issues.
Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
Stock-specific activity may rule the roost depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation to a 14-month high in mid-March 2008 has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand. The government will today release inflation data for the year through 22 March 2008.
As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.
Japan's Nikkei edged 0.6% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.
US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.
Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.
Bear Stearns Rescue Backed Amid Concerns
Federal Reserve Chairman Ben Bernanke and the Bush administration on Thursday defended the decision to rescue Bear Stearns amid questions by lawmakers about why the government was helping Wall Street investment houses but not people on Main Street.
Bernanke and Treasury Department Undersecretary Robert Steel said that the consequences to the U.S. economy and financial system would have been far more serious had the government allowed the nation's fifth largest investment house to go bankrupt.
The panel conducted a five-hour hearing as lawmakers sought to understand the decisions made during the hectic weekend of March 14-15 after Bear Stearns informed the Fed that it was on the verge of having to file for bankruptcy protection because nervous creditors were demanding to be repaid.
The investment house was purchased by JP Morgan Chase & Co. with assistance from the Fed in the form of a loan backed by $30 billion of Bear Stearns assets. JP Morgan has agreed to absorb the first $1 billion of losses if the value of the assets declines, but taxpayers are at risk for the remaining $29 billion.
Bear Stearns, with a stock price around $150 per share a year ago, was sold for $10 a share, becoming the biggest victim of a severe credit crisis that hit financial markets in August.
That crisis, which was triggered by a prolonged housing slump and cascading mortgage defaults, has made it harder for consumers and businesses to get loans and helped to push the country to the brink of a recession.
Bernanke and Treasury Department Undersecretary Robert Steel said that the consequences to the U.S. economy and financial system would have been far more serious had the government allowed the nation's fifth largest investment house to go bankrupt.
The panel conducted a five-hour hearing as lawmakers sought to understand the decisions made during the hectic weekend of March 14-15 after Bear Stearns informed the Fed that it was on the verge of having to file for bankruptcy protection because nervous creditors were demanding to be repaid.
The investment house was purchased by JP Morgan Chase & Co. with assistance from the Fed in the form of a loan backed by $30 billion of Bear Stearns assets. JP Morgan has agreed to absorb the first $1 billion of losses if the value of the assets declines, but taxpayers are at risk for the remaining $29 billion.
Bear Stearns, with a stock price around $150 per share a year ago, was sold for $10 a share, becoming the biggest victim of a severe credit crisis that hit financial markets in August.
That crisis, which was triggered by a prolonged housing slump and cascading mortgage defaults, has made it harder for consumers and businesses to get loans and helped to push the country to the brink of a recession.
US opens in RED
At 8:30PM IST
Dow 12,546.48 -59.35 -0.47%
Nasdaq 2,339.96 -21.44 -0.91%
S&P 500 1,360.48 -7.05 -0.52%
Dow 12,546.48 -59.35 -0.47%
Nasdaq 2,339.96 -21.44 -0.91%
S&P 500 1,360.48 -7.05 -0.52%
IPO Info
Sita Shree Food Products Ltd IPO Listing Info:
IPO Listing Date: Monday, April 07, 2008
BSE Script Code: 532961
NSE Symbol: SITASHREE
Listing in: 'B' Group of Securities
ISIN: INE686I01011
Issue Price: Rs. 30/-
Face Value: Rs 10/- Per Equity Share
Gammon Infra Projects Ltd IPO Listing Day Trading Info - BSE
Issue Price: Rs. 167/-
Open: Rs. 180/-
Low: Rs. 147.60/-
High: Rs. 180.00/-
Last Trade: Rs. 157.90/-
Volume: 10,564,950
Kiri Dyes and Chemicals Limited IPO finally oversubscribed 1.43 times (2.3803 in retail).
There are few IPO's cleared by SEBI but none of them decided the date and price band yet due to uncertain market conditions.
IPO Listing Date: Monday, April 07, 2008
BSE Script Code: 532961
NSE Symbol: SITASHREE
Listing in: 'B' Group of Securities
ISIN: INE686I01011
Issue Price: Rs. 30/-
Face Value: Rs 10/- Per Equity Share
Gammon Infra Projects Ltd IPO Listing Day Trading Info - BSE
Issue Price: Rs. 167/-
Open: Rs. 180/-
Low: Rs. 147.60/-
High: Rs. 180.00/-
Last Trade: Rs. 157.90/-
Volume: 10,564,950
Kiri Dyes and Chemicals Limited IPO finally oversubscribed 1.43 times (2.3803 in retail).
There are few IPO's cleared by SEBI but none of them decided the date and price band yet due to uncertain market conditions.
Post Market report - 03-Apr-2008
The key benchmark indices ended higher extending yesterday's gains.
Market had surged in early afternoon trade when the BSE Sensex
surpassed 16,000 mark. It immediately fell below that level.
IT stocks rose. Capital goods, power stocks declined. Reliance
Industries gained. Wipro and Satyam Computer Services were major
gainers from the Sensex pack. Bharat Heavy Electricals (Bhel)
declined after announcing provisional results for the year ended
March 2008. Reliance Energy and Mahindra & Mahindra were other
major losers from Sensex pack. The market breadth was negative
compared to strong breadth at the onset of the trading session. BSE
Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued.
France's CAC, Germany's DAX and UK's FTSE 100 were down by between
0.43% to 0.76%. Asian markets which opened before Indian market
edged higher after a US jobs indicator raised hopes of a milder
recession than previously feared in the world's biggest economy.
The 30-share BSE Sensex gained 82.15 points or 0.52% at 15,832.55.
At the day's high of 16002.73, the Sensex rose 252.33 points in
early afternoon trade. At the day's low of 15,699.21 Sensex lost
51.19 points in early trade.
The broader based S&P CNX Nifty gained 17.4 points or 0.37% at
4,771.60.
From recent low of 14,809.49 on 17 March 2008 Sensex has recovered
1023.06 points or 6.9% at current 15,832.55. From the recent high
of 16,371.29 on 28 March 2008, Sensex is off 538.74 points or 3.29%
BSE clocked a turnover of Rs 4789 crore today 3 April 2008 compared
to a turnover of Rs 4,955.40 on 2 April 2008.
The market breadth was negative: On BSE 1215 shares advanced as
compared to 1409 that declined. 63 shares remained unchanged.
The BSE Mid-Cap index down 0.4% to Rs 6,387.23 and BSE Small-Cap
index down 0.91% to 7,840.29.
Nifty April 2008 futures were at 4785, at a premium of 13.40 points
as compared to spot closing of 4771.60.
The NSE's futures & options (F&O) segment turnover was Rs 32,513.16
crore, which was lower than Rs 34,170.35 crore on Wednesday, 2
April 2008.
BSE IT index (up 3.31% to 3,764.91), BSE Oil & Gas index (up 1.97%
to 10,531.88), BSE FMCG index (up 1.12% to 2,344.68), BSE
HealthCare index (up 0.64% to 3,887.73), BSE Metal index (up 0.53%
to 13,588.76) outperformed Sensex.
BSE Realty index (up 0.3% to 7,523.32) , BSE Bankex (down 0.02% to
7,820.62), BSE PSU index (down 0.54% to 7,347.78), BSE Auto index
(down 1.07% to 4,490.94), BSE Consumer Durables index (down 1.53%
to 3,857.74), BSE Capital Goods index (down 2.1% to 13,214.73) and
BSE Power index (down 2.6% to 3,055.57) underperformed Sensex.
IT stock surged on hopes a US recession might not be deep as
feared. Wipro (up 5.04% to Rs 435.30), Infosys (up 2.68% to Rs
1,521.65), Tata Consultancy Services (up 4.13% to Rs 885.95) and
Satyam Computer Services (up 5.11% to Rs 428.05) edged higher. The
US private sector added 8,000 jobs in March 2008, according to a
report on Wednesday by ADP Employer Services, surpassing economist
expectations. IT firms derive more than half of their revenue from
exports to US.
Capital goods stocks declined. India's biggest power equipment
maker by sales Bharat Heavy Electricals declined 5.27% to Rs
1754.95. Based on provisional figures, the company today reported
16.56% growth in net profit to Rs 2815 crore in the year ended
March 2008 over the year ended March 2007. India's largest
engineering firm by sales Larsen & Toubro declined 0.54% to Rs
2,850.05.
Power stocks were mixed. India's largest power generation firm by
sales National Thermal Power Corporation rose 0.1% to Rs 194.25
after the company formed a joint venture company with Uttar Pradesh
Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam
for setting up a power plant of 1320 megawatt in Allahabad district
in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50%
stake in the share capital of the joint venture company.
Reliance Energy (down 3.32% to Rs 1,189.45), Power Grid Corporation
of India (down 0.8% to Rs 99.20), Tata Power Company (down 2.34% to
Rs 1,159.30). However Reliance Power rose 1.06% to Rs 329.60.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries rose 2.14% to Rs
2,393.75.
India's largest commercial bank State Bank of India down 0.81% to
Rs 1,639.10. The bank said on Wednesday, 2 April 2008, it had
finalised issue of bonds to raise 12 billion yen ($117.7 million).
The bonds will mature in five years and carry a coupon of 3.36%, it
said in a statement to the Bombay Stock Exchange. The bonds will be
issued on 8 April 2008, the bank said.
India's largest tractor maker by sales Mahindra & Mahindra declined
2.29% to Rs 651. A consortium of Mahindra & Mahindra and private
equity firm ICICI Venture Funds has signed an agreement to buy
Italian gear manufacturer Metalcastello. Financial details of the
deal, which is subject to approvals, were not disclosed.
Hindalco Industries (up 2.52% to Rs 170.95), Jaiprakash Associates
(up 0.47% to Rs 233.40), Tata Steel (up 2.11% to Rs 659.60), ONGC
(up 0.84% to Rs 1,019.55), Hindustan Unilever (up 3.2% to Rs
243.35) and ICICI Bank (up 0.47% to Rs 787.90) edged higher from
the Sensex pack.
Maruti Suzuki India (down 2.92% to Rs 788.50), Grasim Industries
(down 2.15% to Rs 2,560.95) Tata Motors (down 1.48% to Rs 628.70),
HDFC (down 1.11% to Rs 2,442.90) and Bharti Airtel (down 0.36% to
Rs 821.05) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) settled at a discount of
5.45% to Rs 157.90 on BSE on its debut today. The company had
priced the initial public offer (IPO) at Rs 167 - at the lower end
of the Rs 167 - Rs 200 price band.
Indiabulls securities clocked highest volume of 1.8 crore shares on
BSE. Reliance Natural Resources (1.4 crore shares), Ispat
Industries (1.33 crore shares), Reliance Petroleum (1.17 crore
shares) and Essar Oil (85.52 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked a highest turnover of Rs 250.41 crore on
BSE. GSS America Infotech (Rs 246.02 crore), Bharat Heavy
Electricals (Rs 219.88 crore), Reliance Petroleum (Rs 198.01 crore)
and Reliance Industries (Rs 195.67 crore) were other turnover
toppers in that order.
Market had surged in early afternoon trade when the BSE Sensex
surpassed 16,000 mark. It immediately fell below that level.
IT stocks rose. Capital goods, power stocks declined. Reliance
Industries gained. Wipro and Satyam Computer Services were major
gainers from the Sensex pack. Bharat Heavy Electricals (Bhel)
declined after announcing provisional results for the year ended
March 2008. Reliance Energy and Mahindra & Mahindra were other
major losers from Sensex pack. The market breadth was negative
compared to strong breadth at the onset of the trading session. BSE
Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued.
France's CAC, Germany's DAX and UK's FTSE 100 were down by between
0.43% to 0.76%. Asian markets which opened before Indian market
edged higher after a US jobs indicator raised hopes of a milder
recession than previously feared in the world's biggest economy.
The 30-share BSE Sensex gained 82.15 points or 0.52% at 15,832.55.
At the day's high of 16002.73, the Sensex rose 252.33 points in
early afternoon trade. At the day's low of 15,699.21 Sensex lost
51.19 points in early trade.
The broader based S&P CNX Nifty gained 17.4 points or 0.37% at
4,771.60.
From recent low of 14,809.49 on 17 March 2008 Sensex has recovered
1023.06 points or 6.9% at current 15,832.55. From the recent high
of 16,371.29 on 28 March 2008, Sensex is off 538.74 points or 3.29%
BSE clocked a turnover of Rs 4789 crore today 3 April 2008 compared
to a turnover of Rs 4,955.40 on 2 April 2008.
The market breadth was negative: On BSE 1215 shares advanced as
compared to 1409 that declined. 63 shares remained unchanged.
The BSE Mid-Cap index down 0.4% to Rs 6,387.23 and BSE Small-Cap
index down 0.91% to 7,840.29.
Nifty April 2008 futures were at 4785, at a premium of 13.40 points
as compared to spot closing of 4771.60.
The NSE's futures & options (F&O) segment turnover was Rs 32,513.16
crore, which was lower than Rs 34,170.35 crore on Wednesday, 2
April 2008.
BSE IT index (up 3.31% to 3,764.91), BSE Oil & Gas index (up 1.97%
to 10,531.88), BSE FMCG index (up 1.12% to 2,344.68), BSE
HealthCare index (up 0.64% to 3,887.73), BSE Metal index (up 0.53%
to 13,588.76) outperformed Sensex.
BSE Realty index (up 0.3% to 7,523.32) , BSE Bankex (down 0.02% to
7,820.62), BSE PSU index (down 0.54% to 7,347.78), BSE Auto index
(down 1.07% to 4,490.94), BSE Consumer Durables index (down 1.53%
to 3,857.74), BSE Capital Goods index (down 2.1% to 13,214.73) and
BSE Power index (down 2.6% to 3,055.57) underperformed Sensex.
IT stock surged on hopes a US recession might not be deep as
feared. Wipro (up 5.04% to Rs 435.30), Infosys (up 2.68% to Rs
1,521.65), Tata Consultancy Services (up 4.13% to Rs 885.95) and
Satyam Computer Services (up 5.11% to Rs 428.05) edged higher. The
US private sector added 8,000 jobs in March 2008, according to a
report on Wednesday by ADP Employer Services, surpassing economist
expectations. IT firms derive more than half of their revenue from
exports to US.
Capital goods stocks declined. India's biggest power equipment
maker by sales Bharat Heavy Electricals declined 5.27% to Rs
1754.95. Based on provisional figures, the company today reported
16.56% growth in net profit to Rs 2815 crore in the year ended
March 2008 over the year ended March 2007. India's largest
engineering firm by sales Larsen & Toubro declined 0.54% to Rs
2,850.05.
Power stocks were mixed. India's largest power generation firm by
sales National Thermal Power Corporation rose 0.1% to Rs 194.25
after the company formed a joint venture company with Uttar Pradesh
Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam
for setting up a power plant of 1320 megawatt in Allahabad district
in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50%
stake in the share capital of the joint venture company.
Reliance Energy (down 3.32% to Rs 1,189.45), Power Grid Corporation
of India (down 0.8% to Rs 99.20), Tata Power Company (down 2.34% to
Rs 1,159.30). However Reliance Power rose 1.06% to Rs 329.60.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries rose 2.14% to Rs
2,393.75.
India's largest commercial bank State Bank of India down 0.81% to
Rs 1,639.10. The bank said on Wednesday, 2 April 2008, it had
finalised issue of bonds to raise 12 billion yen ($117.7 million).
The bonds will mature in five years and carry a coupon of 3.36%, it
said in a statement to the Bombay Stock Exchange. The bonds will be
issued on 8 April 2008, the bank said.
India's largest tractor maker by sales Mahindra & Mahindra declined
2.29% to Rs 651. A consortium of Mahindra & Mahindra and private
equity firm ICICI Venture Funds has signed an agreement to buy
Italian gear manufacturer Metalcastello. Financial details of the
deal, which is subject to approvals, were not disclosed.
Hindalco Industries (up 2.52% to Rs 170.95), Jaiprakash Associates
(up 0.47% to Rs 233.40), Tata Steel (up 2.11% to Rs 659.60), ONGC
(up 0.84% to Rs 1,019.55), Hindustan Unilever (up 3.2% to Rs
243.35) and ICICI Bank (up 0.47% to Rs 787.90) edged higher from
the Sensex pack.
Maruti Suzuki India (down 2.92% to Rs 788.50), Grasim Industries
(down 2.15% to Rs 2,560.95) Tata Motors (down 1.48% to Rs 628.70),
HDFC (down 1.11% to Rs 2,442.90) and Bharti Airtel (down 0.36% to
Rs 821.05) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) settled at a discount of
5.45% to Rs 157.90 on BSE on its debut today. The company had
priced the initial public offer (IPO) at Rs 167 - at the lower end
of the Rs 167 - Rs 200 price band.
Indiabulls securities clocked highest volume of 1.8 crore shares on
BSE. Reliance Natural Resources (1.4 crore shares), Ispat
Industries (1.33 crore shares), Reliance Petroleum (1.17 crore
shares) and Essar Oil (85.52 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked a highest turnover of Rs 250.41 crore on
BSE. GSS America Infotech (Rs 246.02 crore), Bharat Heavy
Electricals (Rs 219.88 crore), Reliance Petroleum (Rs 198.01 crore)
and Reliance Industries (Rs 195.67 crore) were other turnover
toppers in that order.
Market ends in green as IT stocks rally
The key benchmark indices ended higher extending yesterday’s gains. Market had surged in early afternoon trade when the BSE Sensex surpassed 16,000 mark. It immediately fell below that level.
IT stocks rose. Capital goods, power stocks declined. Reliance Industries gained. Wipro and Satyam Computer Services were major gainers from the Sensex pack. Bharat Heavy Electricals (Bhel) declined after announcing provisional results for the year ended March 2008. Reliance Energy and Mahindra & Mahindra were other major losers from Sensex pack. The market breadth was negative compared to strong breadth at the onset of the trading session. BSE Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.25% to 0.5%. Asian markets which opened before Indian market edged higher after a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.
The 30-share BSE Sensex provisionally ended up 86.20 points or 0.55% at 15,836.60. At the day’s high of 16002.73, the Sensex rose 252.33 points in early afternoon trade. At the day’s low of 15,699.21 Sensex lost 51.19 points in early trade.
BSE clocked a turnover of Rs 4789 crore today 3 April 2008 compared to a turnover of Rs 4,955.40 on 2 April 2008.
The broader based S&P CNX Nifty was up 18.95 points or 0.4% at 4,773.15 as per provisional figures.
The market breadth was negative: On BSE 1235 shares advanced as compared to 1396 that declined. 55 shares remained unchanged.
The BSE Mid-Cap index down 0.41% to Rs 6,386.99 and BSE Small-Cap index down 0.83% to 7,846.45.
IT stock surged on hopes a US recession might not be deep as feared. Wipro (up 5.02% to Rs 435.20), Infosys (up 3.11% to Rs 1,528), Tata Consultancy Services (up 3.67% to Rs 882.10) and Satyam Computer Services (up 5.1% to Rs 428) edged higher. The US private sector added 8,000 jobs in March 2008, according to a report on Wednesday by ADP Employer Services, surpassing economist expectations. IT firms derive more than half of their revenue from exports to US.
Capital goods stocks declined. Suzlon Energy (down 4.52% to Rs 272.55), India's biggest power equipment maker by sales Bharat Heavy Electricals declined 5.71% to Rs 1747. Based on provisional figures, the company today reported 16.56% growth in net profit to Rs 2815 crore in the year ended March 2008 over the year ended March 2007. However India’s largest engineering firm by sales Larsen & Toubro rose 0.16% to Rs 2,870.
Power stocks were mixed. India’s largest power generation firm by sales National Thermal Power Corporation rose 0.1% to Rs 194.25 after the company formed a joint venture company with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam for setting up a power plant of 1320 megawatt in Allahabad district in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50% stake in the share capital of the joint venture company.
Reliance Energy (down 3.32% to Rs 1,189.45), Power Grid Corporation of India (down 0.8% to Rs 99.20), Tata Power Company (down 2.34% to Rs 1,159.30). However Reliance Power rose 1.06% to Rs 329.60.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 2.14% to Rs 2,393.75.
India’s largest commercial bank State Bank of India down 0.81% to Rs 1,639.10. The bank said on Wednesday, 2 April 2008, it had finalised issue of bonds to raise 12 billion yen ($117.7 million). The bonds will mature in five years and carry a coupon of 3.36%, it said in a statement to the Bombay Stock Exchange. The bonds will be issued on 8 April 2008, the bank said.
India’s largest tractor maker by sales Mahindra & Mahindra declined 2.29% to Rs 651. A consortium of Mahindra & Mahindra and private equity firm ICICI Venture Funds has signed an agreement to buy Italian gear manufacturer Metalcastello. Financial details of the deal, which is subject to approvals, were not disclosed.
Hindalco Industries (up 2.52% to Rs 170.95), Jaiprakash Associates (up 0.47% to Rs 233.40), Tata Steel (up 2.11% to Rs 659.60), ONGC (up 0.84% to Rs 1,019.55), Hindustan Unilever (up 3.2% to Rs 243.35) and ICICI Bank (up 0.47% to Rs 787.90) edged higher from the Sensex pack.
Maruti Suzuki India (down 2.92% to Rs 788.50), Grasim Industries (down 2.15% to Rs 2,560.95) Tata Motors (down 1.48% to Rs 628.70), HDFC (down 1.11% to Rs 2,442.90) and Bharti Airtel (down 0.36% to Rs 821.05) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) was trading at a discount of 5.45% to Rs 157.90 on BSE on its debut today. The company had priced the initial public offer (IPO) at Rs 167 – at the lower end of the Rs 167 - Rs 200 price band.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 1.04% to 2.94%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
BSE Sensex had risen 123.78 points or 0.79% at 15,750.40 on Wednesday on positive cues from the global markets.
IT stocks rose. Capital goods, power stocks declined. Reliance Industries gained. Wipro and Satyam Computer Services were major gainers from the Sensex pack. Bharat Heavy Electricals (Bhel) declined after announcing provisional results for the year ended March 2008. Reliance Energy and Mahindra & Mahindra were other major losers from Sensex pack. The market breadth was negative compared to strong breadth at the onset of the trading session. BSE Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.25% to 0.5%. Asian markets which opened before Indian market edged higher after a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.
The 30-share BSE Sensex provisionally ended up 86.20 points or 0.55% at 15,836.60. At the day’s high of 16002.73, the Sensex rose 252.33 points in early afternoon trade. At the day’s low of 15,699.21 Sensex lost 51.19 points in early trade.
BSE clocked a turnover of Rs 4789 crore today 3 April 2008 compared to a turnover of Rs 4,955.40 on 2 April 2008.
The broader based S&P CNX Nifty was up 18.95 points or 0.4% at 4,773.15 as per provisional figures.
The market breadth was negative: On BSE 1235 shares advanced as compared to 1396 that declined. 55 shares remained unchanged.
The BSE Mid-Cap index down 0.41% to Rs 6,386.99 and BSE Small-Cap index down 0.83% to 7,846.45.
IT stock surged on hopes a US recession might not be deep as feared. Wipro (up 5.02% to Rs 435.20), Infosys (up 3.11% to Rs 1,528), Tata Consultancy Services (up 3.67% to Rs 882.10) and Satyam Computer Services (up 5.1% to Rs 428) edged higher. The US private sector added 8,000 jobs in March 2008, according to a report on Wednesday by ADP Employer Services, surpassing economist expectations. IT firms derive more than half of their revenue from exports to US.
Capital goods stocks declined. Suzlon Energy (down 4.52% to Rs 272.55), India's biggest power equipment maker by sales Bharat Heavy Electricals declined 5.71% to Rs 1747. Based on provisional figures, the company today reported 16.56% growth in net profit to Rs 2815 crore in the year ended March 2008 over the year ended March 2007. However India’s largest engineering firm by sales Larsen & Toubro rose 0.16% to Rs 2,870.
Power stocks were mixed. India’s largest power generation firm by sales National Thermal Power Corporation rose 0.1% to Rs 194.25 after the company formed a joint venture company with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam for setting up a power plant of 1320 megawatt in Allahabad district in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50% stake in the share capital of the joint venture company.
Reliance Energy (down 3.32% to Rs 1,189.45), Power Grid Corporation of India (down 0.8% to Rs 99.20), Tata Power Company (down 2.34% to Rs 1,159.30). However Reliance Power rose 1.06% to Rs 329.60.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 2.14% to Rs 2,393.75.
India’s largest commercial bank State Bank of India down 0.81% to Rs 1,639.10. The bank said on Wednesday, 2 April 2008, it had finalised issue of bonds to raise 12 billion yen ($117.7 million). The bonds will mature in five years and carry a coupon of 3.36%, it said in a statement to the Bombay Stock Exchange. The bonds will be issued on 8 April 2008, the bank said.
India’s largest tractor maker by sales Mahindra & Mahindra declined 2.29% to Rs 651. A consortium of Mahindra & Mahindra and private equity firm ICICI Venture Funds has signed an agreement to buy Italian gear manufacturer Metalcastello. Financial details of the deal, which is subject to approvals, were not disclosed.
Hindalco Industries (up 2.52% to Rs 170.95), Jaiprakash Associates (up 0.47% to Rs 233.40), Tata Steel (up 2.11% to Rs 659.60), ONGC (up 0.84% to Rs 1,019.55), Hindustan Unilever (up 3.2% to Rs 243.35) and ICICI Bank (up 0.47% to Rs 787.90) edged higher from the Sensex pack.
Maruti Suzuki India (down 2.92% to Rs 788.50), Grasim Industries (down 2.15% to Rs 2,560.95) Tata Motors (down 1.48% to Rs 628.70), HDFC (down 1.11% to Rs 2,442.90) and Bharti Airtel (down 0.36% to Rs 821.05) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) was trading at a discount of 5.45% to Rs 157.90 on BSE on its debut today. The company had priced the initial public offer (IPO) at Rs 167 – at the lower end of the Rs 167 - Rs 200 price band.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 1.04% to 2.94%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
BSE Sensex had risen 123.78 points or 0.79% at 15,750.40 on Wednesday on positive cues from the global markets.
Market moves between positive and negative zone
The markets are trading flat amid choppy trades. Buying interest in technology, oil, telecom, metal and FMCG stocks have given support to the markets though selling pressure has continued in power and capital goods.
On the global front, Asian markets ended strong barring Jakarta Composite and Taiwan. European markets are trading mixed.
At 2:33 hrs IST, the Sensex is up 26.87 points or 0.17% at 15777.27, and the Nifty up 0.40 points or 0.01% at 4754.60.
About 1310 shares have advanced, 1677 shares declined, and 82 shares are unchanged.
Top gainers were Wipro, Satyam, TCS and Dr Reddy's Labs while losers - BHEL, Maruti, Reliance Energy, Suzlon and ABB.
Technology and oil stocks are on buying spree, trading strong. The BSE IT and Oil & Gas indices were up over 3% and 2%, respectively.
BSE TEck Index was up 1.9%, Metal up 1.3% and FMCG up 0.8% whereas selling pressure continued in power, capital goods and auto stocks; BSE Power, Capital Goods and Auto indices were down 1.5%, 1.2% and 0.8%, respectively.
For the month of Februray 2008, Infrastructure output stood at 8.7% versus 7.6%, steel production at 8.2% versus 13.6% and Coal output at 11.7% as against 6.5% (YoY).
On the primary market front, Gammon Infrastructure was trading at Rs 154.70, down 7.37% as against its issue price of Rs 167.
On the global front, Asian markets ended strong barring Jakarta Composite and Taiwan. European markets are trading mixed.
At 2:33 hrs IST, the Sensex is up 26.87 points or 0.17% at 15777.27, and the Nifty up 0.40 points or 0.01% at 4754.60.
About 1310 shares have advanced, 1677 shares declined, and 82 shares are unchanged.
Top gainers were Wipro, Satyam, TCS and Dr Reddy's Labs while losers - BHEL, Maruti, Reliance Energy, Suzlon and ABB.
Technology and oil stocks are on buying spree, trading strong. The BSE IT and Oil & Gas indices were up over 3% and 2%, respectively.
BSE TEck Index was up 1.9%, Metal up 1.3% and FMCG up 0.8% whereas selling pressure continued in power, capital goods and auto stocks; BSE Power, Capital Goods and Auto indices were down 1.5%, 1.2% and 0.8%, respectively.
For the month of Februray 2008, Infrastructure output stood at 8.7% versus 7.6%, steel production at 8.2% versus 13.6% and Coal output at 11.7% as against 6.5% (YoY).
On the primary market front, Gammon Infrastructure was trading at Rs 154.70, down 7.37% as against its issue price of Rs 167.
Market pares gains; Bhel slumps
The key benchmark indices pared gains in afternoon trade as European markets opened on a subdued note. Earlier market had surged in early afternoon trade when the BSE Sensex surpassed 16,000 mark.
IT and metal stocks rose. Capital goods and power stocks declined. Reliance Industries pared gains. Wipro and Satyam Computer Services were major gainers from the Sensex pack. Bharat Heavy Electricals (Bhel) declined after announcing provisional results for the year ended March 2008. Maruti Suzuki India and Reliance Energy were other major losers from Sensex pack. The market breadth was negative compared to strong breadth at the onset of the trading session. BSE Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued in early trade. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.39% to 0.62%. Asian markets which opened before Indian market edged higher after a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.
At 13:22 IST, the 30-share BSE Sensex was up 57.87 points or 0.37% at 15,808.85. At the day’s high of 16002.73, the Sensex rose 252.33 points in early afternoon trade. At the day’s low of 15,699.21 Sensex lost 51.19 points in early trade.
The broader based S&P CNX Nifty was up 8.2 points or 0.17% at 4,762.40.
The market breadth was negative: On BSE 1179 shares advanced as compared to 1262 that declined. 61 shares remained unchanged.
The BSE Mid-Cap index down 0.38% to Rs 6,388.80 and BSE Small-Cap index down 0.5% to 7,872.92.
IT stock surged on hopes a US recession might not be deep as feared. Wipro (up 5.48% to Rs 437.10), Infosys (up 2.34% to Rs 1,516.70), Tata Consultancy Services (up 3.43% to Rs 882.50) and Satyam Computer Services (up 4.73% to Rs 426.50) edged higher. The US private sector added 8,000 jobs in March 2008, according to a report on Wednesday by ADP Employer Services, surpassing economist expectations. IT firms derive more than half of their revenue from exports to US.
Metal stocks rose. Hindalco Industries (up 2.91% to Rs 171.70), Tata Steel (up 2.69% to Rs 663.25), Sterlite Industries (up 1.83% to Rs 727), Steel Authority of India (up 1.97% to Rs 171) edged higher.
Capital goods stocks declined. Suzlon Energy (down 4.64% to Rs 272.20), and Larsen & Toubro (down 0.26% to Rs 2858) edged lower.
India's biggest power equipment maker by sales Bharat Heavy Electricals declined 3.71% to Rs 1782.95. Based on provisional figures, the company today reported 16.56% growth in net profit to Rs 2815 crore in the year ended March 2008 over the year ended March 2007.
Power stocks were mixed. India’s largest power generation firm by sales National Thermal Power Corporation rose 0.62% to Rs 195.25 after the company formed a joint venture company with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam for setting up a power plant of 1320 megawatt in Allahabad district in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50% stake in the share capital of the joint venture company.
Reliance Energy (down 3.28% to Rs 1,189.95), Power Grid Corporation of India (down 0.25% to Rs 99.75), Tata Power Company (down 0.1% to Rs 1,185.85). However Reliance Power rose 1.18% to Rs 329.50.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 1.57% to Rs 2,379.90. IT came off from its high of Rs 2,415.
India’s largest commercial bank State Bank of India down 0.82% to Rs 1,639. The bank said on Wednesday, 2 April 2008, it had finalised issue of bonds to raise 12 billion yen ($117.7 million). The bonds will mature in five years and carry a coupon of 3.36%, it said in a statement to the Bombay Stock Exchange. The bonds will be issued on 8 April 2008, the bank said.
India’s largest tractor maker by sales Mahindra & Mahindra declined 2.44% to Rs 650. A consortium of Mahindra & Mahindra and private equity firm ICICI Venture Funds has signed an agreement to buy Italian gear manufacturer Metalcastello. Financial details of the deal, which is subject to approvals, were not disclosed.
Jaiprakash Associates (up 1.66% to Rs 236.15), ONGC (up 1.67% to Rs 1,028), Hindustan Unilever (up 0.93% to Rs 238) and Reliance Communications (up 0.57% to Rs 521.25) edged higher from the Sensex pack.
Maruti Suzuki India (down 4.09% to Rs 779.05), DLF (down 0.45% to Rs 619), ACC (down 0.83% to Rs 827), Grasim Industries (down 1.58% to Rs 2,576) and Bharti Airtel (down 1.34% to Rs 813) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) was trading at a discount of 3.65% to Rs 160.90 on BSE on its debut today. The company had priced the initial public offer (IPO) at Rs 167 – at the lower end of the Rs 167 - Rs 200 price band.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 1.11% to 2.94%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
As per provisional data, foreign funds sold shares worth a net Rs 135.65 crore on Wednesday, 2 April 2008. Domestic funds bought shares worth a net Rs 264.37 crore.
Foreign funds were net buyers of Rs 1,773.24 crore in the futures & options segment on Wednesday. According to data released by the NSE, foreign institutional investors (FIIs) were net buyers of index futures to the tune of Rs 1,563.18 crore and bought index options worth Rs 43.98 crore. They were net buyers of stock futures to the tune of Rs 164.07 crore and bought stock options worth Rs 2.01 crore.
BSE Sensex rose 123.78 points or 0.79% at 15,750.40 on Wednesday on positive cues from the global markets.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
IT and metal stocks rose. Capital goods and power stocks declined. Reliance Industries pared gains. Wipro and Satyam Computer Services were major gainers from the Sensex pack. Bharat Heavy Electricals (Bhel) declined after announcing provisional results for the year ended March 2008. Maruti Suzuki India and Reliance Energy were other major losers from Sensex pack. The market breadth was negative compared to strong breadth at the onset of the trading session. BSE Mid-Cap and Small-Cap indices declined.
European markets which opened after Indian market, were subdued in early trade. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.39% to 0.62%. Asian markets which opened before Indian market edged higher after a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.
At 13:22 IST, the 30-share BSE Sensex was up 57.87 points or 0.37% at 15,808.85. At the day’s high of 16002.73, the Sensex rose 252.33 points in early afternoon trade. At the day’s low of 15,699.21 Sensex lost 51.19 points in early trade.
The broader based S&P CNX Nifty was up 8.2 points or 0.17% at 4,762.40.
The market breadth was negative: On BSE 1179 shares advanced as compared to 1262 that declined. 61 shares remained unchanged.
The BSE Mid-Cap index down 0.38% to Rs 6,388.80 and BSE Small-Cap index down 0.5% to 7,872.92.
IT stock surged on hopes a US recession might not be deep as feared. Wipro (up 5.48% to Rs 437.10), Infosys (up 2.34% to Rs 1,516.70), Tata Consultancy Services (up 3.43% to Rs 882.50) and Satyam Computer Services (up 4.73% to Rs 426.50) edged higher. The US private sector added 8,000 jobs in March 2008, according to a report on Wednesday by ADP Employer Services, surpassing economist expectations. IT firms derive more than half of their revenue from exports to US.
Metal stocks rose. Hindalco Industries (up 2.91% to Rs 171.70), Tata Steel (up 2.69% to Rs 663.25), Sterlite Industries (up 1.83% to Rs 727), Steel Authority of India (up 1.97% to Rs 171) edged higher.
Capital goods stocks declined. Suzlon Energy (down 4.64% to Rs 272.20), and Larsen & Toubro (down 0.26% to Rs 2858) edged lower.
India's biggest power equipment maker by sales Bharat Heavy Electricals declined 3.71% to Rs 1782.95. Based on provisional figures, the company today reported 16.56% growth in net profit to Rs 2815 crore in the year ended March 2008 over the year ended March 2007.
Power stocks were mixed. India’s largest power generation firm by sales National Thermal Power Corporation rose 0.62% to Rs 195.25 after the company formed a joint venture company with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) under the name Meja Urja Nigam for setting up a power plant of 1320 megawatt in Allahabad district in the state of Uttar Pradesh. NTPC and UPRVUNL will each hold 50% stake in the share capital of the joint venture company.
Reliance Energy (down 3.28% to Rs 1,189.95), Power Grid Corporation of India (down 0.25% to Rs 99.75), Tata Power Company (down 0.1% to Rs 1,185.85). However Reliance Power rose 1.18% to Rs 329.50.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 1.57% to Rs 2,379.90. IT came off from its high of Rs 2,415.
India’s largest commercial bank State Bank of India down 0.82% to Rs 1,639. The bank said on Wednesday, 2 April 2008, it had finalised issue of bonds to raise 12 billion yen ($117.7 million). The bonds will mature in five years and carry a coupon of 3.36%, it said in a statement to the Bombay Stock Exchange. The bonds will be issued on 8 April 2008, the bank said.
India’s largest tractor maker by sales Mahindra & Mahindra declined 2.44% to Rs 650. A consortium of Mahindra & Mahindra and private equity firm ICICI Venture Funds has signed an agreement to buy Italian gear manufacturer Metalcastello. Financial details of the deal, which is subject to approvals, were not disclosed.
Jaiprakash Associates (up 1.66% to Rs 236.15), ONGC (up 1.67% to Rs 1,028), Hindustan Unilever (up 0.93% to Rs 238) and Reliance Communications (up 0.57% to Rs 521.25) edged higher from the Sensex pack.
Maruti Suzuki India (down 4.09% to Rs 779.05), DLF (down 0.45% to Rs 619), ACC (down 0.83% to Rs 827), Grasim Industries (down 1.58% to Rs 2,576) and Bharti Airtel (down 1.34% to Rs 813) edged lower from the Sensex pack.
Gammon Infrastructure Projects (GPIL) was trading at a discount of 3.65% to Rs 160.90 on BSE on its debut today. The company had priced the initial public offer (IPO) at Rs 167 – at the lower end of the Rs 167 - Rs 200 price band.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 1.11% to 2.94%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
As per provisional data, foreign funds sold shares worth a net Rs 135.65 crore on Wednesday, 2 April 2008. Domestic funds bought shares worth a net Rs 264.37 crore.
Foreign funds were net buyers of Rs 1,773.24 crore in the futures & options segment on Wednesday. According to data released by the NSE, foreign institutional investors (FIIs) were net buyers of index futures to the tune of Rs 1,563.18 crore and bought index options worth Rs 43.98 crore. They were net buyers of stock futures to the tune of Rs 164.07 crore and bought stock options worth Rs 2.01 crore.
BSE Sensex rose 123.78 points or 0.79% at 15,750.40 on Wednesday on positive cues from the global markets.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
Mkts still in +ve terrain
Markets have jumped up with good gains and are trading in positive terrain. Buying interest in technology, oil, telecom, metal and FMCG stocks have given support to the markets though selling pressure has continued in power and capital goods. Market breadth is also turned into positive mode; about 1562 shares have advanced, 1429 shares declined, and 78 shares are unchanged. On the global front, Asian markets ended strong barring Jakarta Composite and Taiwan. European markets are trading mixed.
At 12.42 hrs IST, the Sensex is up 218.59 points or 1.39% at 15968.99, and the Nifty up 59.80 points or 1.26% at 4814.00.
Top gainers were Wipro, Satyam, TCS and Dr Reddy's Labs while losers - BHEL, Maruti, Reliance Energy, Suzlon and ABB.
Technology and oil stocks are on buying spree, trading strong. The BSE IT and Oil & Gas indices were up over 3% and 2%, respectively.
BSE TEck Index was up 1.9%, Metal up 1.3% and FMCG up 0.8% whereas selling pressure continued in power, capital goods and auto stocks; BSE Power, Capital Goods and Auto indices were down 1.5%, 1.2% and 0.8%, respectively.
For the month of Februray 2008, Infrastructure output stood at 8.7% versus 7.6%, steel production at 8.2% versus 13.6% and Coal output at 11.7% as against 6.5% (YoY).
On the primary market front, Gammon Infrastructure was trading at Rs 154.70, down 7.37% as against its issue price of Rs 167.
At 12.42 hrs IST, the Sensex is up 218.59 points or 1.39% at 15968.99, and the Nifty up 59.80 points or 1.26% at 4814.00.
Top gainers were Wipro, Satyam, TCS and Dr Reddy's Labs while losers - BHEL, Maruti, Reliance Energy, Suzlon and ABB.
Technology and oil stocks are on buying spree, trading strong. The BSE IT and Oil & Gas indices were up over 3% and 2%, respectively.
BSE TEck Index was up 1.9%, Metal up 1.3% and FMCG up 0.8% whereas selling pressure continued in power, capital goods and auto stocks; BSE Power, Capital Goods and Auto indices were down 1.5%, 1.2% and 0.8%, respectively.
For the month of Februray 2008, Infrastructure output stood at 8.7% versus 7.6%, steel production at 8.2% versus 13.6% and Coal output at 11.7% as against 6.5% (YoY).
On the primary market front, Gammon Infrastructure was trading at Rs 154.70, down 7.37% as against its issue price of Rs 167.
Mkts back in green
The markets have turned back into the green and trading with marginal gains though it is still in choppy mode. Buying interest has seen in technology, oil, telecom and metal stocks while power, capital goods and auto stocks witnessing selling pressure. Midcaps and small caps are still in the red. Market breadth is negative, about 1373 shares have advanced, 1618 shares declined, and 78 shares are unchanged.
At 11.49 hrs IST, the Sensex was up 117 points at 15868, and the Nifty up 33 points at 4,787.
Technology stocks are witnessing buying interest after sharp fall in last few sessions. Wipro, Satyam, Infosys Technologies were up 2-4%. The BSE IT Index was up 2.5%.
Oil stocks are trading strong. ONGC, Reliance Industries and Cairn India were up 2-3.5%. The BSE Oil & Gas Index rose by 2.5%.
However, top losers were BHEL, Reliance Energy, Maruti, Suzlon and ABB.
BHEL is amongst top losers, was down 5% on the back of disappointing FY08 numbers. BHEL FY08 (provisional) net profit stood at Rs 2815 crore versus Rs 2415 crore and sales at Rs 21,608 crore as against Rs 18,739 crore.
On the primary market front, Gammon Infrastructure was trading at Rs 155, down 7%, with volumes of 29,02,750 shares.
At 11.49 hrs IST, the Sensex was up 117 points at 15868, and the Nifty up 33 points at 4,787.
Technology stocks are witnessing buying interest after sharp fall in last few sessions. Wipro, Satyam, Infosys Technologies were up 2-4%. The BSE IT Index was up 2.5%.
Oil stocks are trading strong. ONGC, Reliance Industries and Cairn India were up 2-3.5%. The BSE Oil & Gas Index rose by 2.5%.
However, top losers were BHEL, Reliance Energy, Maruti, Suzlon and ABB.
BHEL is amongst top losers, was down 5% on the back of disappointing FY08 numbers. BHEL FY08 (provisional) net profit stood at Rs 2815 crore versus Rs 2415 crore and sales at Rs 21,608 crore as against Rs 18,739 crore.
On the primary market front, Gammon Infrastructure was trading at Rs 155, down 7%, with volumes of 29,02,750 shares.
Thursday, April 3, 2008
Mkts choppy: Metal, cap goods, power stocks down
The markets are witnessing choppy trade on the back of mixed cues across the sectors. Metal, power, capital goods and some banking stocks slipped into red while technology, oil and telecom stocks still holding gains. Market breadth was 1:2 with 300 shares advanced while more than 700 shares declined. On the global front, Asian markets are trading firm.
At 10.46 hrs IST, the Sensex was down 11.30 points or 0.07% at 15739.10, and the Nifty down 6 points or 0.13% at 4748.20. About 1501 shares have advanced, 1481 shares declined, and 87 shares are unchanged.
Technology stocks are in focus, BSE IT Index was up 1.4% with buying interest in Wipro, Infosys and TCS, which up 1-2%. Cairn India and Sun Pharma were other top gainers.
Reliance Energy, Cipla, Maruti, Suzlon and ABB are top losers.
On the primary market front, Gammon Infrastructure was trading at Rs 150.70, down 10% to its issue price of Rs 167.
At 10.46 hrs IST, the Sensex was down 11.30 points or 0.07% at 15739.10, and the Nifty down 6 points or 0.13% at 4748.20. About 1501 shares have advanced, 1481 shares declined, and 87 shares are unchanged.
Technology stocks are in focus, BSE IT Index was up 1.4% with buying interest in Wipro, Infosys and TCS, which up 1-2%. Cairn India and Sun Pharma were other top gainers.
Reliance Energy, Cipla, Maruti, Suzlon and ABB are top losers.
On the primary market front, Gammon Infrastructure was trading at Rs 150.70, down 10% to its issue price of Rs 167.
Mkts still in green: Tech, oil, realty stocks up
The markets have held marginal gains and witnessing volatility at higher levels. Market breadth is mixed with negative bias, 492 shares have advanced while 536 shares declined on the NSE. Technology, oil, realty and auto stocks were up whereas power and capital goods still in the red. Midcaps and small caps were down with marginal loss.
At 10.27 hrs IST, the Sensex was up 49.88 points or 0.32% at 15800.28, and the Nifty up 24.50 points or 0.52% at 4778.70. About 1670 shares have advanced, 1308 shares declined, and 91 shares are unchanged.
At 10.27 hrs IST, the Sensex was up 49.88 points or 0.32% at 15800.28, and the Nifty up 24.50 points or 0.52% at 4778.70. About 1670 shares have advanced, 1308 shares declined, and 91 shares are unchanged.
Markets flat in opening trade
The markets were flat in the opening trade but still trading in the green with some marginal gains. Buying has seen in oil, technology, auto, and some telecom stocks while selling pressure in cement, metal, power and banking stocks.
At 9:58 am, the Sensex was down 41 points at 15,709 and the Nifty down 14 points at 4740. However, the CNX Midcap was up 1 point at 6232.
HUL, ICICI Bank BHEL, Sterlite and Cairn were the gainers while losers - ACC, Grasim, SAIL, Tata Steel, Reliance Energy and Tata Power.
On the primary market front, Gammon Infrastructure has listed at Rs 180 on the BSE and Rs 170 on NSE as against its issue price of Rs 167.
At 9:58 am, the Sensex was down 41 points at 15,709 and the Nifty down 14 points at 4740. However, the CNX Midcap was up 1 point at 6232.
HUL, ICICI Bank BHEL, Sterlite and Cairn were the gainers while losers - ACC, Grasim, SAIL, Tata Steel, Reliance Energy and Tata Power.
On the primary market front, Gammon Infrastructure has listed at Rs 180 on the BSE and Rs 170 on NSE as against its issue price of Rs 167.
Pre Market Report 03-Mar-2008
The market may extend Wednesday (2 April 2008)'s gains as Asian markets shrugged off overnight slide in US stocks. However, upside may be capped due to concerns of possible monetary tightening by the Reserve Bank of India and due to caution ahead of Q4 March 2008 results.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 0.55% to 0.8%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
As per provisional data, foreign funds sold shares worth a net Rs 135.65 crore on Wednesday, 2 April 2008. Domestic funds bought shares worth a net Rs 264.37 crore.
Foreign funds were net buyers of Rs 1,773.24 crore in the futures & options segment on Wednesday. According to data released by the NSE, foreign institutional investors (FIIs) were net buyers of index futures to the tune of Rs 1,563.18 crore and bought index options worth Rs 43.98 crore. They were net buyers of stock futures to the tune of Rs 164.07 crore and bought stock options worth Rs 2.01 crore.
Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.
The next major trigger for the market is Q4 March 2008 results of India Inc. As per market talks IT bellwether Infosys may issue muted guidance for the year ending March 2009 in the backdrop of a slowdown in the US economy. Infosys unveils Q4 results on 15 April 2008.
The market sentiment remains edgy as Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
In Asia, the key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were up by between 0.55% to 0.8%.
US stocks declined on Wednesday after Federal Reserve Chairman Ben Bernanke said a recession was possible, spurring profit-taking a day after the market's biggest rally in two weeks. The Dow Jones industrial average shed 48.53 points, or 0.38%, at 12,605.83. The Standard & Poor's 500 Index lost 2.65 points, or 0.19%, at 1,367.53. The Nasdaq Composite Index was down 1.35 points, or 0.06%, at 2,361.40.
As per provisional data, foreign funds sold shares worth a net Rs 135.65 crore on Wednesday, 2 April 2008. Domestic funds bought shares worth a net Rs 264.37 crore.
Foreign funds were net buyers of Rs 1,773.24 crore in the futures & options segment on Wednesday. According to data released by the NSE, foreign institutional investors (FIIs) were net buyers of index futures to the tune of Rs 1,563.18 crore and bought index options worth Rs 43.98 crore. They were net buyers of stock futures to the tune of Rs 164.07 crore and bought stock options worth Rs 2.01 crore.
Post Market report 02-Apr-2008
An early surge on the bourses proved short-lived as index
heavyweights Reliance Industries, ICICI Bank and L&T, gave up
initial gains. The Sensex, which had surged past 16,000 mark in
early trade, fell below that level later. Nevertheless, the market
breadth remained strong. 16 shares advanced from the 30-member
Sensex pack.
Sensex settled 123.78 points or 0.79% higher at 15,750.40. Sensex
gained 92.85 points at day's low of 15,719.47 hit in late trade.
Sensex opened with an upward gap of 396.68 points at 16,023.30 and
advanced further to hit a high of 16,236.70 in early trade. At the
day's high, the Sensex rose 610.08 points. It oscillated in a band
of 517.30 points in volatile trade
The broader based S&P CNX Nifty was up 14.65 points or 0.31% at
4,754.20. Nifty April 2008 futures were at 4741.15, a discount of
13.05 points as compared to spot closing.
Strong cues from global markets had boosted domestic bourses
earlier in the day. US stocks rallied on Tuesday, 1 April 2008,
after Lehman Brothers said it raised $4 billion in an offering of
convertible preferred shares, which soothed fears it was heading
for a fate similar to that of Bear Stearns. European markets, which
opened after Indian market, were in green. Asian markets, which
opened before Indian market Indian market, surged.
The market breadth was strong on BSE: 1734 shares advanced as
compared to 938 that declined. 50 shares remained unchanged.
The BSE Mid-Cap index rose 0.08% to 6,400.37 and the BSE Small-Cap
index advanced 0.51% to 7,901.91, as per provisional closing. Both
these indices underperformed the Sensex.
The total turnover amounted to Rs 4769 crore on BSE as compared to
Rs 4,718 crore yesterday, 1 April 2008
Total turnover in NSE's futures options segment amounted to Rs
34170.35 crore as compared to Rs 35886.84 crore yesterday, 1 April
2008
The BSE Consumer Durables index (up 0.80% to 3,917.70), the BSE IT
index (up 2.93% to 3,644.35), the BSE Auto (up 1.56% at 4,539.52),
the BSE Bankex (up 2.34% at 7,822.56), the BSE Health Care index
(up 0.82% at 3,862.83), the BSE TecK index (up 2.04% to 3,078.22),
outperformed the Sensex
The BSE Metal index (down 2.15% to 13,516.89), the BSE FMCG index
(down 0.79% at 2,318.80), the BSE Oil & Gas index (down 0.25% to
10,328.08), the BSE Realty index (up 0.46% at 7,501.17), the BSE
Power (down 0.49% to 3,137.12), the BSE Capital Goods index (down
0.46% at 13,498.15), and the BSE PSU index (down 0.11% to
7,387.62), underperformed the Sensex
IT pivotals advanced on fresh buying. India's second largest
software services exporter Infosys Technologies surged 4.34% to Rs
1483 on 1.66 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, Wipro (up 1.10% to Rs 413.50), Satyam Computer
Services (up 1.91% to Rs 405), and TCS (up 2.06% to Rs 852),
advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries eased sharply
from day's high of Rs 2455. It settled 0.22% lower at Rs 2340 on
13.27 lakh shares. The company said on Tuesday, 1 April 2008, it
had discovered more gas in an exploration block off the east coast.
The potential commercial interest of the discovery is being
ascertained through more data gathering and analysis, the company
said in a statement.
Jaiprakash Associates (up 2.51% to Rs 231, off day's high of Rs
240.95), HDFC (up 3.82% to Rs 2450, off day's high of Rs 2524.70)
and Bharti Airtel (up 1.32% to Rs 815.25, off day's high of Rs
839), though up pared early gains.
Banking shares gained on fresh buying. India's largest private
sector bank in terms of net profit ICICI Bank advanced 3.93% to Rs
786.25. The stock came off session's high of Rs 815. The bank's
American Depository Receipt (ADR) jumped 8% yesterday, 1 April
2008, on the New York Stock Exchange (NYSE).
Other banking shares, State Bank of India (up 1.51% to Rs 1649),
and HDFC Bank (up 0.45% to Rs 1314), also logged gains
India's top tractor marker in terms of sales, Mahindra & Mahindra
(M&M) rose 2.61% to Rs 667.25 after it said on Tuesday, 1 April
2008, its vehicle sales rose 20% to 24,682 units in March 2008 over
March 2007. M&M's sales rose 30% to 2,31,355 vehicles, in the
financial year to March 2008 over the financial year to March 2007.
India's top truck marker in terms of sales, Tata Motors rose 1.51%
to Rs 636.90 after it said on Tuesday, its vehicle sales 6% to
66,495 units in March 2008 over March 2007. Sales of commercial
vehicles rose 17% to 35,993 units and sales of cars and utility
vehicles fell 4% to 24,737. Exports fell 9% to 5,765 vehicles
India's largest private sector power utility company in terms of
sales, Reliance Energy slumped 5.15% to Rs 1222 on 9.22 lakh
shares. It was the top loser from Sensex pack.
Steel stocks declined on reports that the government has asked
steel makers to cut prices by 10% to 20%, failing which it may take
a host of fiscal measures to lower prices. Tata Steel, the
country's largest private sector in terms of sales, declined 3.50%
to Rs 644
Other steel manufacturers JSW Steel (down 4.93% to Rs 785), Steel
Authority of India (down 4.13% to Rs 167.30), and Jindal Steel &
Power (down 2.36% to Rs 1965), declined. As per reports, the
government has asked steel makers to cut prices by 10% to 20%,
failing which it may take a host of fiscal measures to lower
prices.
Bharat Heavy Electricals (down 2% to Rs 1854), and ITC (down 2.18%
to Rs 206.55), edged lower from Sensex pack.
India's biggest engineering & construction firm by revenue L&T lost
1.1% to Rs 2861.25. The stock came off session's high of Rs 3069.90
GSS America Systems was the top traded counter on BSE with turnover
of Rs 344.18 crore followed by Reliance Industries (Rs 318.62
crore), Reliance Capital (Rs 277.80 crore), Essar Oil (Rs 209.51
crore), and Reliance Petroleum (Rs 207.35 crore), in that order
Indiabulls Securities topped volumes chart clocking volumes of 1.50
crore shares followed by Reliance Petroleum (1.22 crore shares),
Kashyap Technologies (1.10 crore shares), Reliance Natural
Resources (1.02 crore shares) and Essar Oil (95.50 lakh shares), in
that order.
Indiabulls Securities, which was spun off from Indiabulls Financial
Services in January, settled at Rs 99.05 on BSE, as against base
price of Rs 380, on its debut today. The stock hit a high and low
of Rs 300 and Rs 96.20 respectively during the day. Indiabulls
Financial Services, had allotted one share of Indiabulls Securities
for every share held.
Among the side counters, Global Vectra Helicorp (up 19.97% to Rs
78.10), Classic Diamonds (up 20% to Rs 75.75), and Haldyn Glass
Gujarat (up 20% to Rs 78.05), surged.
GSS America Systems (down 20% to Rs 623.10), Bosch Chasiss Systems
(down 10% to Rs 559.75), ETC Networks (down 11.95% to Rs 261.95),
and (down 9.94% to Rs 41.70), slipped
Cement shares gained on reports that they have raised prices in the
range of 3% to 4% across the country. Ultratech Cement (up 5.53% to
Rs 804), India Cements (up 2.05% to Rs 189.25), Birla Corporation
(up 0.13% to Rs 198.50), ACC (up 0.89% to Rs 833.10) and Deccan
Cement (up 1.61% to Rs 259) edged higher.
Prices were increased because of the rise in production cost. The
cement price is now Rs 258 per 50 kilogram bag in Mumbai.
Steel Strips Wheels gained 3.62% to Rs 174.70 after the company
said it has bagged an export order worth Rs 110 crore from Renault,
France for supply of one million steel wheel rims over five years.
Gujarat Gas Company dipped 2.97% to Rs 227.30. The company said it
has signed a contract for supply of 2.13 million cubic metres of
gas per day with GAIL (India). The company made this announcement
after trading hours on Tuesday, 1 April 2008.
BEML gained 1.45% to Rs 989 on achieving a provisional turnover of
Rs 3005 crore with 15.5% growth and profit before tax of Rs 350
crore with 11% growth in the financial year 2007-08 over 2006-07.
The company made this announcement before trading hours today, 2
April 2008. The order book of the company stands at Rs 3,795 crore.
GAIL India gained 2.56% to Rs 433.05 after the company said on
Tuesday, 1 April 2008, it has signed contracts for marketing the
entire volume of gas produced from the Panna-Mukta and Tapti
fields.
Shree Cement declined 1.40% to Rs 1060. The company's cement
shipments jumped 60.08% to 7,54,000 tonnes in March 2008 over March
2007.
Kilburn Engineering advanced 6% to Rs 44.25 after the company said
it has received an order worth Rs 11 crore from GHCL for
manufacture of calciner.
The sharp rise in inflation has been a cause of concern, which has
now risen above the Reserve Bank of India's caution limit of 5%.
India's wholesale price index surged to 13-month to 6.68% in the 12
months to 15 March 2008, surging from the previous week's rise of
5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram on 31 March 2008 announced a slew of
measures, in an attempt to rein in commodity prices. The measures
announced by Chidambaram include a total ban on non-basmati rice
exports, a reduction in import duty on edible oils, allowing states
to impose stock limits with traders, and also warning the steel
lobby to hold the priceline, no matter the consequences.
The market sentiment may remain edgy in near term as Indian
companies are sitting on huge potential losses on account of the
forex derivative transactions they undertook last year. A steep
decline in the value of the US dollar against the Japanese Yen and
the Swiss Franc has hit Indian corporates which have used these two
currencies (Yen and Franc) extensively to swap their rupee
denominated debt.
heavyweights Reliance Industries, ICICI Bank and L&T, gave up
initial gains. The Sensex, which had surged past 16,000 mark in
early trade, fell below that level later. Nevertheless, the market
breadth remained strong. 16 shares advanced from the 30-member
Sensex pack.
Sensex settled 123.78 points or 0.79% higher at 15,750.40. Sensex
gained 92.85 points at day's low of 15,719.47 hit in late trade.
Sensex opened with an upward gap of 396.68 points at 16,023.30 and
advanced further to hit a high of 16,236.70 in early trade. At the
day's high, the Sensex rose 610.08 points. It oscillated in a band
of 517.30 points in volatile trade
The broader based S&P CNX Nifty was up 14.65 points or 0.31% at
4,754.20. Nifty April 2008 futures were at 4741.15, a discount of
13.05 points as compared to spot closing.
Strong cues from global markets had boosted domestic bourses
earlier in the day. US stocks rallied on Tuesday, 1 April 2008,
after Lehman Brothers said it raised $4 billion in an offering of
convertible preferred shares, which soothed fears it was heading
for a fate similar to that of Bear Stearns. European markets, which
opened after Indian market, were in green. Asian markets, which
opened before Indian market Indian market, surged.
The market breadth was strong on BSE: 1734 shares advanced as
compared to 938 that declined. 50 shares remained unchanged.
The BSE Mid-Cap index rose 0.08% to 6,400.37 and the BSE Small-Cap
index advanced 0.51% to 7,901.91, as per provisional closing. Both
these indices underperformed the Sensex.
The total turnover amounted to Rs 4769 crore on BSE as compared to
Rs 4,718 crore yesterday, 1 April 2008
Total turnover in NSE's futures options segment amounted to Rs
34170.35 crore as compared to Rs 35886.84 crore yesterday, 1 April
2008
The BSE Consumer Durables index (up 0.80% to 3,917.70), the BSE IT
index (up 2.93% to 3,644.35), the BSE Auto (up 1.56% at 4,539.52),
the BSE Bankex (up 2.34% at 7,822.56), the BSE Health Care index
(up 0.82% at 3,862.83), the BSE TecK index (up 2.04% to 3,078.22),
outperformed the Sensex
The BSE Metal index (down 2.15% to 13,516.89), the BSE FMCG index
(down 0.79% at 2,318.80), the BSE Oil & Gas index (down 0.25% to
10,328.08), the BSE Realty index (up 0.46% at 7,501.17), the BSE
Power (down 0.49% to 3,137.12), the BSE Capital Goods index (down
0.46% at 13,498.15), and the BSE PSU index (down 0.11% to
7,387.62), underperformed the Sensex
IT pivotals advanced on fresh buying. India's second largest
software services exporter Infosys Technologies surged 4.34% to Rs
1483 on 1.66 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, Wipro (up 1.10% to Rs 413.50), Satyam Computer
Services (up 1.91% to Rs 405), and TCS (up 2.06% to Rs 852),
advanced.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries eased sharply
from day's high of Rs 2455. It settled 0.22% lower at Rs 2340 on
13.27 lakh shares. The company said on Tuesday, 1 April 2008, it
had discovered more gas in an exploration block off the east coast.
The potential commercial interest of the discovery is being
ascertained through more data gathering and analysis, the company
said in a statement.
Jaiprakash Associates (up 2.51% to Rs 231, off day's high of Rs
240.95), HDFC (up 3.82% to Rs 2450, off day's high of Rs 2524.70)
and Bharti Airtel (up 1.32% to Rs 815.25, off day's high of Rs
839), though up pared early gains.
Banking shares gained on fresh buying. India's largest private
sector bank in terms of net profit ICICI Bank advanced 3.93% to Rs
786.25. The stock came off session's high of Rs 815. The bank's
American Depository Receipt (ADR) jumped 8% yesterday, 1 April
2008, on the New York Stock Exchange (NYSE).
Other banking shares, State Bank of India (up 1.51% to Rs 1649),
and HDFC Bank (up 0.45% to Rs 1314), also logged gains
India's top tractor marker in terms of sales, Mahindra & Mahindra
(M&M) rose 2.61% to Rs 667.25 after it said on Tuesday, 1 April
2008, its vehicle sales rose 20% to 24,682 units in March 2008 over
March 2007. M&M's sales rose 30% to 2,31,355 vehicles, in the
financial year to March 2008 over the financial year to March 2007.
India's top truck marker in terms of sales, Tata Motors rose 1.51%
to Rs 636.90 after it said on Tuesday, its vehicle sales 6% to
66,495 units in March 2008 over March 2007. Sales of commercial
vehicles rose 17% to 35,993 units and sales of cars and utility
vehicles fell 4% to 24,737. Exports fell 9% to 5,765 vehicles
India's largest private sector power utility company in terms of
sales, Reliance Energy slumped 5.15% to Rs 1222 on 9.22 lakh
shares. It was the top loser from Sensex pack.
Steel stocks declined on reports that the government has asked
steel makers to cut prices by 10% to 20%, failing which it may take
a host of fiscal measures to lower prices. Tata Steel, the
country's largest private sector in terms of sales, declined 3.50%
to Rs 644
Other steel manufacturers JSW Steel (down 4.93% to Rs 785), Steel
Authority of India (down 4.13% to Rs 167.30), and Jindal Steel &
Power (down 2.36% to Rs 1965), declined. As per reports, the
government has asked steel makers to cut prices by 10% to 20%,
failing which it may take a host of fiscal measures to lower
prices.
Bharat Heavy Electricals (down 2% to Rs 1854), and ITC (down 2.18%
to Rs 206.55), edged lower from Sensex pack.
India's biggest engineering & construction firm by revenue L&T lost
1.1% to Rs 2861.25. The stock came off session's high of Rs 3069.90
GSS America Systems was the top traded counter on BSE with turnover
of Rs 344.18 crore followed by Reliance Industries (Rs 318.62
crore), Reliance Capital (Rs 277.80 crore), Essar Oil (Rs 209.51
crore), and Reliance Petroleum (Rs 207.35 crore), in that order
Indiabulls Securities topped volumes chart clocking volumes of 1.50
crore shares followed by Reliance Petroleum (1.22 crore shares),
Kashyap Technologies (1.10 crore shares), Reliance Natural
Resources (1.02 crore shares) and Essar Oil (95.50 lakh shares), in
that order.
Indiabulls Securities, which was spun off from Indiabulls Financial
Services in January, settled at Rs 99.05 on BSE, as against base
price of Rs 380, on its debut today. The stock hit a high and low
of Rs 300 and Rs 96.20 respectively during the day. Indiabulls
Financial Services, had allotted one share of Indiabulls Securities
for every share held.
Among the side counters, Global Vectra Helicorp (up 19.97% to Rs
78.10), Classic Diamonds (up 20% to Rs 75.75), and Haldyn Glass
Gujarat (up 20% to Rs 78.05), surged.
GSS America Systems (down 20% to Rs 623.10), Bosch Chasiss Systems
(down 10% to Rs 559.75), ETC Networks (down 11.95% to Rs 261.95),
and (down 9.94% to Rs 41.70), slipped
Cement shares gained on reports that they have raised prices in the
range of 3% to 4% across the country. Ultratech Cement (up 5.53% to
Rs 804), India Cements (up 2.05% to Rs 189.25), Birla Corporation
(up 0.13% to Rs 198.50), ACC (up 0.89% to Rs 833.10) and Deccan
Cement (up 1.61% to Rs 259) edged higher.
Prices were increased because of the rise in production cost. The
cement price is now Rs 258 per 50 kilogram bag in Mumbai.
Steel Strips Wheels gained 3.62% to Rs 174.70 after the company
said it has bagged an export order worth Rs 110 crore from Renault,
France for supply of one million steel wheel rims over five years.
Gujarat Gas Company dipped 2.97% to Rs 227.30. The company said it
has signed a contract for supply of 2.13 million cubic metres of
gas per day with GAIL (India). The company made this announcement
after trading hours on Tuesday, 1 April 2008.
BEML gained 1.45% to Rs 989 on achieving a provisional turnover of
Rs 3005 crore with 15.5% growth and profit before tax of Rs 350
crore with 11% growth in the financial year 2007-08 over 2006-07.
The company made this announcement before trading hours today, 2
April 2008. The order book of the company stands at Rs 3,795 crore.
GAIL India gained 2.56% to Rs 433.05 after the company said on
Tuesday, 1 April 2008, it has signed contracts for marketing the
entire volume of gas produced from the Panna-Mukta and Tapti
fields.
Shree Cement declined 1.40% to Rs 1060. The company's cement
shipments jumped 60.08% to 7,54,000 tonnes in March 2008 over March
2007.
Kilburn Engineering advanced 6% to Rs 44.25 after the company said
it has received an order worth Rs 11 crore from GHCL for
manufacture of calciner.
The sharp rise in inflation has been a cause of concern, which has
now risen above the Reserve Bank of India's caution limit of 5%.
India's wholesale price index surged to 13-month to 6.68% in the 12
months to 15 March 2008, surging from the previous week's rise of
5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram on 31 March 2008 announced a slew of
measures, in an attempt to rein in commodity prices. The measures
announced by Chidambaram include a total ban on non-basmati rice
exports, a reduction in import duty on edible oils, allowing states
to impose stock limits with traders, and also warning the steel
lobby to hold the priceline, no matter the consequences.
The market sentiment may remain edgy in near term as Indian
companies are sitting on huge potential losses on account of the
forex derivative transactions they undertook last year. A steep
decline in the value of the US dollar against the Japanese Yen and
the Swiss Franc has hit Indian corporates which have used these two
currencies (Yen and Franc) extensively to swap their rupee
denominated debt.
Wednesday, April 2, 2008
Market spurts in opening trade
The market breadth was strong. All the 30 Sensex stocks advanced.
At 10:24 IST, the 30-share BSE Sensex was up 524.42 points or 3.36% at 16,151.53. It opened with an upward gap of 396.68 points at 16,023.30 and advanced further to hit a high of 16,236.70 in early trade. At the day’s high, the Sensex rose 610.08 points.
The broader based S&P CNX Nifty was up 139.65 points or 2.95% at 4,879.20.
The market breadth was strong: On BSE 1,628 shares advanced as compared to 144 that declined. 19 shares remained unchanged.
The total turnover amounted to Rs 719 crore on BSE by 10:30 IST.
India’s largest private sector bank in terms of net profit ICICI Bank surged 6.56% to Rs 807.05 on 2.26 lakh shares. It was the top gainer from Sensex pack. The bank’s American Depository Receipt (ADR) jumped 8% yesterday, 1 April 2008, on the New York Stock Exchange (NYSE).
Other shares from banking sectors, State Bank of India (up 4.28% to Rs 1694), and HDFC Bank (up 4.12% to Rs 1362), also logged gains
Jairprakash Associates (up 5.84% to Rs 238.70), Infosys Technologies (up 4.69% to Rs 1488) and DLF (up 4.31% to Rs 654) edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 3.48% to Rs 2425.15 on 2.33 lakh shares. The stock moved in a range of Rs 2400 and Rs 2438 so far during the day. The company said on Tuesday, 1 April 2008, it had discovered more gas in an exploration block off the east coast. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis, the company said in a statement.
Among the side counters, AK Capital Services (up 13.27% to Rs 271.85), Atul Auto (up 14.13% to Rs 68.20), and Gandhi Special Tubes (up 10% to Rs 100.65), surged.
The sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India’s caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram on 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures announced by Chidambaram include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline, no matter the consequences.
At 10:24 IST, the 30-share BSE Sensex was up 524.42 points or 3.36% at 16,151.53. It opened with an upward gap of 396.68 points at 16,023.30 and advanced further to hit a high of 16,236.70 in early trade. At the day’s high, the Sensex rose 610.08 points.
The broader based S&P CNX Nifty was up 139.65 points or 2.95% at 4,879.20.
The market breadth was strong: On BSE 1,628 shares advanced as compared to 144 that declined. 19 shares remained unchanged.
The total turnover amounted to Rs 719 crore on BSE by 10:30 IST.
India’s largest private sector bank in terms of net profit ICICI Bank surged 6.56% to Rs 807.05 on 2.26 lakh shares. It was the top gainer from Sensex pack. The bank’s American Depository Receipt (ADR) jumped 8% yesterday, 1 April 2008, on the New York Stock Exchange (NYSE).
Other shares from banking sectors, State Bank of India (up 4.28% to Rs 1694), and HDFC Bank (up 4.12% to Rs 1362), also logged gains
Jairprakash Associates (up 5.84% to Rs 238.70), Infosys Technologies (up 4.69% to Rs 1488) and DLF (up 4.31% to Rs 654) edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 3.48% to Rs 2425.15 on 2.33 lakh shares. The stock moved in a range of Rs 2400 and Rs 2438 so far during the day. The company said on Tuesday, 1 April 2008, it had discovered more gas in an exploration block off the east coast. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis, the company said in a statement.
Among the side counters, AK Capital Services (up 13.27% to Rs 271.85), Atul Auto (up 14.13% to Rs 68.20), and Gandhi Special Tubes (up 10% to Rs 100.65), surged.
The sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India’s caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram on 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures announced by Chidambaram include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline, no matter the consequences.
Pre Market Report 02-Apr-2008
Local market may rally today, led by strong global cues. Union Bank of Singapore (UBS) sparked a rally yesterday, 1 April 2008, in Europe market on expectations that financial firms will recover from its $ 232 billion in mortgage-related losses. US markets rallied yesterday, 1 April 2008, after Lehman Brothers indicated that the bank can weather further credit losses. Asian markets were trading higher today, 2 April 2008.
Asian markets were trading higher today, 2 April 2008. Japan's Nikkei (up 3.34% at 13,079.11), Hang Seng (up 3.74% at 24,001.97), Taiwan's Taiwan Weighted (up 1.73% at 8,565.42), Singapore's Straits Times (up 2.38% at 3,119.20) and South Korea's Seoul Composite (up 2.13% at 1,738.44), edged higher.
US markets rallied yesterday, 1 April 2008, after Lehman Brothers indicated that the bank can weather further credit losses. Better-than-expected reading on the manufacturing sector also fueled gains. The ISM reported that its purchasing manager's index rose unexpectedly to 48.6 in March 2008 as compared to 48.3 in February 2008. The Dow Jones industrial average jumped 391 points to 12,654. The Nasdaq Composite index surged 84 points at 2,363 while the S&P 500 gained 47 points to 1,370.
However, the sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India's caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram yesterday, 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures announced by Chidambaram include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline, no matter the consequences.
The market sentiment may remain edgy in near term as Indian companies are sitting on huge losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
Asian markets were trading higher today, 2 April 2008. Japan's Nikkei (up 3.34% at 13,079.11), Hang Seng (up 3.74% at 24,001.97), Taiwan's Taiwan Weighted (up 1.73% at 8,565.42), Singapore's Straits Times (up 2.38% at 3,119.20) and South Korea's Seoul Composite (up 2.13% at 1,738.44), edged higher.
US markets rallied yesterday, 1 April 2008, after Lehman Brothers indicated that the bank can weather further credit losses. Better-than-expected reading on the manufacturing sector also fueled gains. The ISM reported that its purchasing manager's index rose unexpectedly to 48.6 in March 2008 as compared to 48.3 in February 2008. The Dow Jones industrial average jumped 391 points to 12,654. The Nasdaq Composite index surged 84 points at 2,363 while the S&P 500 gained 47 points to 1,370.
However, the sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India's caution limit of 5%. India's wholesale price index surged to 13-month to 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday, 28 March 2008.
Finance minister P Chidambaram yesterday, 31 March 2008 announced a slew of measures, in an attempt to rein in commodity prices. The measures announced by Chidambaram include a total ban on non-basmati rice exports, a reduction in import duty on edible oils, allowing states to impose stock limits with traders, and also warning the steel lobby to hold the priceline, no matter the consequences.
The market sentiment may remain edgy in near term as Indian companies are sitting on huge losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
Subscribe to:
Posts (Atom)