The markets have opened marginally higher but turned into choppy mode in the first half an hour of trade. Selling pressure has seen in metal and banking stocks. Buying was seen in realty, capital goods, power, technology, oil and auto stocks. Market breadth is positive. Midcap and small cap stocks moved up. On the global front, Asian market were trading higher.
At 10:18 am, the Sensex was up 7.49 points at 16,791 and the Nifty up 9.9 points at 5059.
Midcap and small cap stocks were trading higher, indices were up 0.5-1%. About 1716 shares have advanced, 1115 shares declined, and 247 shares are unchanged.
Top gainers were DLF, Wipro, L&T, Unitech, Tata Power and Cairn India while losers - HDFC Bank, Tata Steel and Satyam.
Metal stocks have taken a knock back approach today, are the draggers to some extent. Major steel companies agreed to hold steel prices for next two three months following PM's request. Tata Steel was down over 3% and SAIL slipped nearly 5%. The BSE Metal Index was down 1.6%.
Banking stocks also taken a dip as major banking stocks are down. The Bankex fell 0.86%.
RNRL, IFCI, Orchid Chem, Reliance and Satyam were most active shares on the bourses.
However, realty stocks have outperformed the other indices, index up 2.74%. Auto, Healthcare, Capital Goods and IT indices were up over 0.5%.
Wednesday, April 23, 2008
Market opens high
The markets have opened higher mirroring marginally higher Asian cues and buying interest in power, capital goods, oil and realty stocks. Midcap and small cap stocks also are trading higher. Market breadth is positive, 409 shares advanced while 107 shares declined. However, metal, banking and some technology stocks are under selling pressure.
At 9:56 am, the Sensex was up 74 points at 16,857 and the Nifty up 31 points at 5,080.
Gainers were BHEL, L&T, Rel Petro, Rel Industries, Unitech, Idea, NTPC, Siemens, DLF, Infosys, Cairn and ONGC while losers - HDFC Bank, TCS, Satyam, Wipro, HUL, SAIL and Tata Steel.
Polaris was up 5% on likely buy back offer, today it is going to announce Q4 results.
On the primary market front, recently listed Titagarh Wagons and Kiri Dyes were down over 1% and 2%, respectively in early trade.
At 9:56 am, the Sensex was up 74 points at 16,857 and the Nifty up 31 points at 5,080.
Gainers were BHEL, L&T, Rel Petro, Rel Industries, Unitech, Idea, NTPC, Siemens, DLF, Infosys, Cairn and ONGC while losers - HDFC Bank, TCS, Satyam, Wipro, HUL, SAIL and Tata Steel.
Polaris was up 5% on likely buy back offer, today it is going to announce Q4 results.
On the primary market front, recently listed Titagarh Wagons and Kiri Dyes were down over 1% and 2%, respectively in early trade.
Short term calls
Buy IDFC with a stop loss of Rs 160 for target of Rs 208.
Buy RNRL around Rs 117.40. Stop Loss of Rs 114.40. target 120/122
Buy Unitech with a stop loss below Rs 272.50 for targets of Rs 291 and Rs 294
Pre Market Report 23/04/2008
Market may see volatile swings ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 40% while marketwide rollover was 25%, as on Tuesday, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days. Important corporate numbers due today, 23 April 2008, are ACC, HDFC Bank and Maruti Suzuki India. Aggregate results of 204 companies showed 20.80% rise in net profit on 33.40% rise in net sales in Q4 March 2008 over Q4 March 2007. On year on year basis, there was 38.80% rise in net profit on 22.40% rise in net sales in FY March 2008 over FY March 2007.
US markets settled lower yesterday, 22 April 2008, on record crude oil prices and disappointing earnings from technology, health-care and consumer companies. The Dow Jones industrial average was down 0.82% at 12,720.23. The Nasdaq was down 1.29% to 2376.94. The S&P 500 index lost 0.88%, at 1,375.
Asian markets were trading firm today, 23 April 2008. Nikkei (up 0.69% at 13,640.65), Hong Kong's Hang Seng (up 0.58% at 25,085.01), Singapore's Straits Times (up 0.44% at 3,201.26), South Korea's Seoul Composite (up 0.94% at 1,804.21) and Taiwan's Taiwan Weighted (up 0.03% to 9,038.25) edged higher.
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and strong ongoing Asian markets in mornings trades may further confuse the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 5139 and the downside cap at 4924, while the Sensex could test higher levels of 16882 and has a likely support at 16682.
Among the major results, Aventis Pharma, Bajaj Hindustan Ltd, Contain Corporation, Crisil, Educomp, Indian Bank, Kisloskar Oil, OBC, Polaris and SKF India are expected to announce their quarterly numbers.
US indices registered losses on Tuesday. While the Dow Jones dropped 105 points to close at 12720, the Nasdaq fell 31 points at 2377.
Except HDFC Bank, which was marginally up by 0.49%, all the Indian ADRs on US bourses ended in the red. Satyam Computer was the biggest looser and dropped 8.24% while Patni Computer was down by 6.20%, Rediff was down 5.60%, Wipro, Infosys, MTNL, ICICI Bank, VSNL and Tata Motors lost over 1.4% each.
Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for May delivery gaining by $1.89 to close at $119.50 a barrel in the commodity space, the Comex gold for June series gained $7.60 to settle at $925.20 a troy ounce.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days. Important corporate numbers due today, 23 April 2008, are ACC, HDFC Bank and Maruti Suzuki India. Aggregate results of 204 companies showed 20.80% rise in net profit on 33.40% rise in net sales in Q4 March 2008 over Q4 March 2007. On year on year basis, there was 38.80% rise in net profit on 22.40% rise in net sales in FY March 2008 over FY March 2007.
US markets settled lower yesterday, 22 April 2008, on record crude oil prices and disappointing earnings from technology, health-care and consumer companies. The Dow Jones industrial average was down 0.82% at 12,720.23. The Nasdaq was down 1.29% to 2376.94. The S&P 500 index lost 0.88%, at 1,375.
Asian markets were trading firm today, 23 April 2008. Nikkei (up 0.69% at 13,640.65), Hong Kong's Hang Seng (up 0.58% at 25,085.01), Singapore's Straits Times (up 0.44% at 3,201.26), South Korea's Seoul Composite (up 0.94% at 1,804.21) and Taiwan's Taiwan Weighted (up 0.03% to 9,038.25) edged higher.
The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and strong ongoing Asian markets in mornings trades may further confuse the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 5139 and the downside cap at 4924, while the Sensex could test higher levels of 16882 and has a likely support at 16682.
Among the major results, Aventis Pharma, Bajaj Hindustan Ltd, Contain Corporation, Crisil, Educomp, Indian Bank, Kisloskar Oil, OBC, Polaris and SKF India are expected to announce their quarterly numbers.
US indices registered losses on Tuesday. While the Dow Jones dropped 105 points to close at 12720, the Nasdaq fell 31 points at 2377.
Except HDFC Bank, which was marginally up by 0.49%, all the Indian ADRs on US bourses ended in the red. Satyam Computer was the biggest looser and dropped 8.24% while Patni Computer was down by 6.20%, Rediff was down 5.60%, Wipro, Infosys, MTNL, ICICI Bank, VSNL and Tata Motors lost over 1.4% each.
Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for May delivery gaining by $1.89 to close at $119.50 a barrel in the commodity space, the Comex gold for June series gained $7.60 to settle at $925.20 a troy ounce.
Tuesday, April 22, 2008
R-Power gets shareholders nod for bonus issue
Reliance Power, a part of the Reliance ADAG group company, today said
it has received shareholders approval for issue of bonus shares to its
shareholders, barring Anil D Ambani and other promoters.
"Shareholders through postal ballot have approved the proposals
entailing that no allotment of bonus shares will be made to Anil
Ambani and other promoters who waived their entitlement to such
shares," Reliance Power said in a statement.
Further the shareholders have accorded their approval for issue of
bonus shares in 3:5 ratio, wherein three new equity shares would be
alloted for every five existing equity shares held, the company
added.
The company had recommended the issue of 13.68 crore bonus shares in
the ratio of three new equity shares of Rs 10 each for every five
existing equity shares of Rs 10 held by the shareholders of the
company in the public category (excluding the promoters). The
promoters of Reliance Power are -- AAA Project Ventures Pvt Ltd, an
entity fully owned and controlled by Anil Ambani and promoter of
Reliance Energy Ltd (REL) and REL.
it has received shareholders approval for issue of bonus shares to its
shareholders, barring Anil D Ambani and other promoters.
"Shareholders through postal ballot have approved the proposals
entailing that no allotment of bonus shares will be made to Anil
Ambani and other promoters who waived their entitlement to such
shares," Reliance Power said in a statement.
Further the shareholders have accorded their approval for issue of
bonus shares in 3:5 ratio, wherein three new equity shares would be
alloted for every five existing equity shares held, the company
added.
The company had recommended the issue of 13.68 crore bonus shares in
the ratio of three new equity shares of Rs 10 each for every five
existing equity shares of Rs 10 held by the shareholders of the
company in the public category (excluding the promoters). The
promoters of Reliance Power are -- AAA Project Ventures Pvt Ltd, an
entity fully owned and controlled by Anil Ambani and promoter of
Reliance Energy Ltd (REL) and REL.
Yahoo 1Q profit rises, but Microsoft bid likely to stand pat
Yahoo Inc. delivered first-quarter results that eclipsed analysts' modest expectations, but the performance did little to support the Internet pioneer's demands for software maker Microsoft Corp. to raise its takeover bid above $45 billion.
The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.
Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo's stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.
If not for the Alibaba windfall, Yahoo would have earned 11 cents per share -- comparable to its profit at the same time last year, on an apples-to-apples basis.
The earnings were two cents above the average estimate on the same basis among analysts surveyed by Thomson Financial.
Perhaps even more importantly, Yahoo provided the same full-year revenue outlook that it made in late January -- just two days before Microsoft made its unsolicited bid.
"This doesn't change the picture much at all," Susquehanna Financial Group analyst Marianne Wolk said.
Yahoo's first-quarter revenue climbed 9 percent to $1.82 billion.
After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion -- just $30 million ahead of analysts' average projection.
Investors didn't seem to be impressed as Yahoo shares shed 15 cents in extended trading after dipping a penny to finish the regular session at $28.54.
The first-quarter numbers provided a reminder of the ever-widening gap separating Yahoo from Google, whose profit during the same period climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.
Now it appears more likely the standoff between Yahoo and Microsoft will be resolved in a divisive battle that could drag on into the summer, opening the door for Google to grow even stronger while its two rivals are distracted by their duel.
Microsoft has threatened to oust Yahoo's board if the 10 directors don't accept the current offer Saturday. That risky course of action, known as a proxy contest, probably wouldn't be settled until Yahoo's shareholder meeting, which doesn't have to be held until July.
The cash-and-stock bid -- valued at $44.6 billion, or $31 per share, when it was first made -- is now worth about $43 billion, or $29.88 per share.
Without specifying a precise price, Yahoo has maintained it's worth more to Microsoft even though its shares had fallen below $20 before the bid.
Yahoo gained a little more credibility to its argument by topping analysts' estimates, said Canaccord Adams analyst Collin Gillis. "They cleared another hurdle," he said. "You can't take a strong stance on your value and then not deliver the earnings."
Steve Ballmer, Microsoft's chief executive officer, reiterated the software maker has no plans to sweeten its offer. "We think we can accelerate our strategy by buying Yahoo and will pay what makes sense for our shareholders," Ballmer said in remarks made before Yahoo's first-quarter report came out.
Jerry Yang, Yahoo's co-founder, CEO and a board member, made it clear the company won't sell to Microsoft unless the bid is raised. "Our ability to execute on multiple fronts is clearly improving," he told analysts during a Tuesday conference call.
Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. "We feel we are on the verge of fundamentally changing the game," Sue Decker, Yahoo's president, said in Tuesday's conference call.
An experimental advertising partnership with Google also could help boost Yahoo's profit.
Yang and Decker to declined to discuss the Google tests, which began two weeks ago. Analysts believe a long-term partnership between Yahoo and Google would be difficult to pull off because of the antitrust concerns that would raised, given the two companies control more than 80 percent of the U.S. search market.
Yahoo also has been exploring a possible merger with the Internet operations of Time Warner Inc.'s AOL, which has been struggling in recent years.
"We will not enter into any transaction that doesn't recognize the full value of this company," Yang said.
The confident tone of Yahoo's management on Tuesday contrasted with a more glum attitude in late January when Yang warned economic "headwinds" might complicate the company's turnaround efforts.
Given the Microsoft bid, Global Crown Capital analyst Martin Pyykkonen said the company's optimism should be taken with a grain of salt. "You almost have to discount anything positive management has to say because they are just trying to get the (sale) price up," he said.
Microsoft's bid conceivably could rise above its original value without management upping the ante. It might happen if Microsoft's own quarterly earnings report -- due out Thursday -- pushes its shares above $32.60. Microsoft's stock price finished Tuesday at $30.25, down 17 cents.
Many analysts believe Microsoft will raise its offer to between $32 and $35 per share, or about $46 billion to $50 billion, to prevent its prickly courtship of Yahoo from becoming even more acrimonious.
Microsoft stands a better chance of making the complex deal work if it has Yahoo's cooperation during the daunting process of melding the two companies' disparate cultures and technologies.
Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.
AP Business Writer Rachel Metz contributed to this report from New York.
The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.
Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo's stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.
If not for the Alibaba windfall, Yahoo would have earned 11 cents per share -- comparable to its profit at the same time last year, on an apples-to-apples basis.
The earnings were two cents above the average estimate on the same basis among analysts surveyed by Thomson Financial.
Perhaps even more importantly, Yahoo provided the same full-year revenue outlook that it made in late January -- just two days before Microsoft made its unsolicited bid.
"This doesn't change the picture much at all," Susquehanna Financial Group analyst Marianne Wolk said.
Yahoo's first-quarter revenue climbed 9 percent to $1.82 billion.
After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion -- just $30 million ahead of analysts' average projection.
Investors didn't seem to be impressed as Yahoo shares shed 15 cents in extended trading after dipping a penny to finish the regular session at $28.54.
The first-quarter numbers provided a reminder of the ever-widening gap separating Yahoo from Google, whose profit during the same period climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.
Now it appears more likely the standoff between Yahoo and Microsoft will be resolved in a divisive battle that could drag on into the summer, opening the door for Google to grow even stronger while its two rivals are distracted by their duel.
Microsoft has threatened to oust Yahoo's board if the 10 directors don't accept the current offer Saturday. That risky course of action, known as a proxy contest, probably wouldn't be settled until Yahoo's shareholder meeting, which doesn't have to be held until July.
The cash-and-stock bid -- valued at $44.6 billion, or $31 per share, when it was first made -- is now worth about $43 billion, or $29.88 per share.
Without specifying a precise price, Yahoo has maintained it's worth more to Microsoft even though its shares had fallen below $20 before the bid.
Yahoo gained a little more credibility to its argument by topping analysts' estimates, said Canaccord Adams analyst Collin Gillis. "They cleared another hurdle," he said. "You can't take a strong stance on your value and then not deliver the earnings."
Steve Ballmer, Microsoft's chief executive officer, reiterated the software maker has no plans to sweeten its offer. "We think we can accelerate our strategy by buying Yahoo and will pay what makes sense for our shareholders," Ballmer said in remarks made before Yahoo's first-quarter report came out.
Jerry Yang, Yahoo's co-founder, CEO and a board member, made it clear the company won't sell to Microsoft unless the bid is raised. "Our ability to execute on multiple fronts is clearly improving," he told analysts during a Tuesday conference call.
Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. "We feel we are on the verge of fundamentally changing the game," Sue Decker, Yahoo's president, said in Tuesday's conference call.
An experimental advertising partnership with Google also could help boost Yahoo's profit.
Yang and Decker to declined to discuss the Google tests, which began two weeks ago. Analysts believe a long-term partnership between Yahoo and Google would be difficult to pull off because of the antitrust concerns that would raised, given the two companies control more than 80 percent of the U.S. search market.
Yahoo also has been exploring a possible merger with the Internet operations of Time Warner Inc.'s AOL, which has been struggling in recent years.
"We will not enter into any transaction that doesn't recognize the full value of this company," Yang said.
The confident tone of Yahoo's management on Tuesday contrasted with a more glum attitude in late January when Yang warned economic "headwinds" might complicate the company's turnaround efforts.
Given the Microsoft bid, Global Crown Capital analyst Martin Pyykkonen said the company's optimism should be taken with a grain of salt. "You almost have to discount anything positive management has to say because they are just trying to get the (sale) price up," he said.
Microsoft's bid conceivably could rise above its original value without management upping the ante. It might happen if Microsoft's own quarterly earnings report -- due out Thursday -- pushes its shares above $32.60. Microsoft's stock price finished Tuesday at $30.25, down 17 cents.
Many analysts believe Microsoft will raise its offer to between $32 and $35 per share, or about $46 billion to $50 billion, to prevent its prickly courtship of Yahoo from becoming even more acrimonious.
Microsoft stands a better chance of making the complex deal work if it has Yahoo's cooperation during the daunting process of melding the two companies' disparate cultures and technologies.
Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.
AP Business Writer Rachel Metz contributed to this report from New York.
Market moves between positive and negative zone
The market moved between positive and negative zone in mid-morning trade. Earlier, the market had bounced back from early slide caused by negative cues from the global markets. IT pivotals declined for the second straight day as India’s top software services exporter TCS was downgraded by foreign brokerages after its earnings disappointed. The market breadth was positive
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive.
At 11:25 IST, the 30-share BSE Sensex was down 60.79 points or 0.36% at 16,678.54. It opened with 52.78 points lower at 16,686.55 and slipped further to touch a low of 16,597.53 in early trade. At the day’s low, the Sensex lost 141.80 points. Sensex gained 23.42 points at day’s high of 16,762.75 hit in morning trade.
The broader based S&P CNX Nifty was down 21.75 points or 0.43% at 5,015.25.
The BSE Mid-Cap index was up 0.46% to 7,015.42 and the BSE Small-Cap index advanced 0.70% to 8,813.90. Both these indices outperformed the Sensex
The market breadth was positive on BSE with 1333 shares advancing as compared to 1005 that declined. 70 remained unchanged.
Among the Sensex pack, 17 advanced while the rest declined.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slipped 0.39% of Rs 2631.80 despite posting 24% rise in net profit to Rs 3912 crore on 36.27growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Reliance Industries (RIL)’s gross refining margin (GRM) increased to $15.5 per barrel in Q4 March 2008 as compared to $13 a barrel in Q4 March 2007. The company announced the results after trading hours on Monday, 21 April 2008.
India’s largest software services exporter TCS slumped 8.37% to Rs 909.50 after the company reported 5.95% fall in net profit to Rs 1108.81 crore on 2.23% rise in net sales to Rs 4942.49 crore in Q4 March 2008 over Q3 December 2007. The results were announced after trading hours on Monday, 21 April 2008. It was the top loser from Sensex pack.
Infosys (down 3.37% to Rs 1,589.40), Wipro (down 4.38% to Rs 433.80), and Satyam Computer Services (down 4.25% to Rs 439.45), slipped
ACC, the country’s second largest cement maker in terms of sales, gained 1.72% to Rs 814.10 and was the top gainer from Sensex pack.
Bhel (up 1.44% to Rs 1799), and ICICI Bank (up 1.45% to Rs 876.10) were the other gainers from Sensex pack.
Geometric gained 1.62% to Rs 65.70 after the company said it has sold one of its properties located in Pune, for Rs 29.50 crore. The company made this announcement before trading hours today, 22 April 2008.
Biocon jumped 4.19% to Rs 526 after its board recommended bonus issue in the ratio of 1:1 during market hours today, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
In Asia, Japan's Nikkei (down 1.12% at 13,542.81), Hong Kong's Hang Seng (down 0.80% at 24,523.07), Shanghai Composite (down 3.21% to 3,016.87), Taiwan's Taiwan Weighted (down 0.51% at 9,037.25), Singapore's Straits Times (down 0.39% at 3,157.98) and South Korea's Seoul Composite (down 0.69% at 1,788.06), edged lower.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted gains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
As per provisional data, foreign institutional investors (FIIs) yesterday , 21 April 2008 bought shares worth a net Rs 169.66 crore. Domestic funds purchased stocks worth a net Rs 111.58 crore on that day.
FIIs were net buyers of Rs 1,078.11 crore in the futures & options segment on Monday, 21 April 2008. They were net buyers of index futures to the tune of Rs 394.02 crore and bought index options worth Rs 609.09 crore. They were net buyers of stock futures to the tune of Rs 82.74 crore and sold stock options worth Rs 7.74 crore.
New York's main crude oil futures contract, light sweet crude, fell 5 cents to $117.43 per barrel in Asian trading today, 22 April 2008. The benchmark contract had struck a new peak in intraday trading of $117.76 before closing at a record $117.48 on Monday, 21 April 2008 at the New York Mercantile Exchange.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive.
At 11:25 IST, the 30-share BSE Sensex was down 60.79 points or 0.36% at 16,678.54. It opened with 52.78 points lower at 16,686.55 and slipped further to touch a low of 16,597.53 in early trade. At the day’s low, the Sensex lost 141.80 points. Sensex gained 23.42 points at day’s high of 16,762.75 hit in morning trade.
The broader based S&P CNX Nifty was down 21.75 points or 0.43% at 5,015.25.
The BSE Mid-Cap index was up 0.46% to 7,015.42 and the BSE Small-Cap index advanced 0.70% to 8,813.90. Both these indices outperformed the Sensex
The market breadth was positive on BSE with 1333 shares advancing as compared to 1005 that declined. 70 remained unchanged.
Among the Sensex pack, 17 advanced while the rest declined.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slipped 0.39% of Rs 2631.80 despite posting 24% rise in net profit to Rs 3912 crore on 36.27growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Reliance Industries (RIL)’s gross refining margin (GRM) increased to $15.5 per barrel in Q4 March 2008 as compared to $13 a barrel in Q4 March 2007. The company announced the results after trading hours on Monday, 21 April 2008.
India’s largest software services exporter TCS slumped 8.37% to Rs 909.50 after the company reported 5.95% fall in net profit to Rs 1108.81 crore on 2.23% rise in net sales to Rs 4942.49 crore in Q4 March 2008 over Q3 December 2007. The results were announced after trading hours on Monday, 21 April 2008. It was the top loser from Sensex pack.
Infosys (down 3.37% to Rs 1,589.40), Wipro (down 4.38% to Rs 433.80), and Satyam Computer Services (down 4.25% to Rs 439.45), slipped
ACC, the country’s second largest cement maker in terms of sales, gained 1.72% to Rs 814.10 and was the top gainer from Sensex pack.
Bhel (up 1.44% to Rs 1799), and ICICI Bank (up 1.45% to Rs 876.10) were the other gainers from Sensex pack.
Geometric gained 1.62% to Rs 65.70 after the company said it has sold one of its properties located in Pune, for Rs 29.50 crore. The company made this announcement before trading hours today, 22 April 2008.
Biocon jumped 4.19% to Rs 526 after its board recommended bonus issue in the ratio of 1:1 during market hours today, 22 April 2008.
The near-term market will be driven by the quality of earnings rolled out by corporates in the coming days.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
In Asia, Japan's Nikkei (down 1.12% at 13,542.81), Hong Kong's Hang Seng (down 0.80% at 24,523.07), Shanghai Composite (down 3.21% to 3,016.87), Taiwan's Taiwan Weighted (down 0.51% at 9,037.25), Singapore's Straits Times (down 0.39% at 3,157.98) and South Korea's Seoul Composite (down 0.69% at 1,788.06), edged lower.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted gains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
As per provisional data, foreign institutional investors (FIIs) yesterday , 21 April 2008 bought shares worth a net Rs 169.66 crore. Domestic funds purchased stocks worth a net Rs 111.58 crore on that day.
FIIs were net buyers of Rs 1,078.11 crore in the futures & options segment on Monday, 21 April 2008. They were net buyers of index futures to the tune of Rs 394.02 crore and bought index options worth Rs 609.09 crore. They were net buyers of stock futures to the tune of Rs 82.74 crore and sold stock options worth Rs 7.74 crore.
New York's main crude oil futures contract, light sweet crude, fell 5 cents to $117.43 per barrel in Asian trading today, 22 April 2008. The benchmark contract had struck a new peak in intraday trading of $117.76 before closing at a record $117.48 on Monday, 21 April 2008 at the New York Mercantile Exchange.
Market opens on a subdued note; TCS tumbles after Q4 results
The market opened on a subdued note tracking decline in Asian markets. Nevertheless, the market recovered from lower level. IT stocks were battered after TCS' Q4 March 2008 results fell short of market expectations. Reliance Industries declined despite good Q4 numbers. The market breadth was strong.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive. Japan's Nikkei (Hong Kong's Hang Seng,Taiwan's Taiwan Weighted,Singapore's Straits Times and South Korea's Seoul Composite were down by between 0.37% to 3.03%.
At 10:24 IST, the 30-share BSE Sensex was down 33.59 points or 0.17% at 16,711.43. At day’s low of 16597.53 Sensex lost 141.8 points in early trade.
The market breadth was strong. 1239 stocks advanced while 834 stocks declined. 40 stocks remained unchanged.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.41% to Rs 2,630.25. After trading hours on Monday, 21 April 2008, Reliance Industries (RIL) reported 24% growth in net profit to Rs 3912 crore on 36.2 % growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at $15.5 a barrel compared to $13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil & gas to account for higher share of revenues going forward.
TCS declined 7.41% to Rs 920. After trading hours on Monday, 21 April 2008, TCS reported 7% growth in net profit as per US GAAP at Rs 1256 crore on 18.4% growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company’s management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The company said the deal pipeline is encouraging and client ramp-ups have started happening
Jaiprakash Associates (up 2.17% to Rs 238.10), NTPC (up 1.83% to Rs 197.75), Bharat Heavy Electricals (up 1.44% to Rs 1,799), Cipla (up 1.46% to Rs 229) edged higher.
Satyam Computer Services (down 4.4% to Rs 438.75), Wipro (down 3.12% to Rs 439.50) and Infosys (down 2.8% to Rs 1599) edged lower.
In the near-term the quality of earnings rolled out by corporate India in Q4 March 2008 will dictate the trend on the bourses. Important corporate numbers due today, 22 April 2008, are Ranbaxy Laboratories, UltraTech Cement and Biocon.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted fgains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
The BSE Sensex has now gained 1,044.23 points or 6.65% in five straight sessions from 15,695.10 on 10 April 2008.
Asian markets were trading lower today, 22 April 2008, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive. Japan's Nikkei (Hong Kong's Hang Seng,Taiwan's Taiwan Weighted,Singapore's Straits Times and South Korea's Seoul Composite were down by between 0.37% to 3.03%.
At 10:24 IST, the 30-share BSE Sensex was down 33.59 points or 0.17% at 16,711.43. At day’s low of 16597.53 Sensex lost 141.8 points in early trade.
The market breadth was strong. 1239 stocks advanced while 834 stocks declined. 40 stocks remained unchanged.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.41% to Rs 2,630.25. After trading hours on Monday, 21 April 2008, Reliance Industries (RIL) reported 24% growth in net profit to Rs 3912 crore on 36.2 % growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at $15.5 a barrel compared to $13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil & gas to account for higher share of revenues going forward.
TCS declined 7.41% to Rs 920. After trading hours on Monday, 21 April 2008, TCS reported 7% growth in net profit as per US GAAP at Rs 1256 crore on 18.4% growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company’s management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The company said the deal pipeline is encouraging and client ramp-ups have started happening
Jaiprakash Associates (up 2.17% to Rs 238.10), NTPC (up 1.83% to Rs 197.75), Bharat Heavy Electricals (up 1.44% to Rs 1,799), Cipla (up 1.46% to Rs 229) edged higher.
Satyam Computer Services (down 4.4% to Rs 438.75), Wipro (down 3.12% to Rs 439.50) and Infosys (down 2.8% to Rs 1599) edged lower.
In the near-term the quality of earnings rolled out by corporate India in Q4 March 2008 will dictate the trend on the bourses. Important corporate numbers due today, 22 April 2008, are Ranbaxy Laboratories, UltraTech Cement and Biocon.
Market may turn volatile in coming days ahead of the expiry of April 2008 derivative series on Thursday, 24 April 2008. As per reports, Nifty rollover from April 2008 series to May 2008 series stood at 34% while marketwide rollover was 15%.
US markets ended mixed yesterday, 21 April 2008, as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained. The Dow Jones industrial average slipped 24.34 points, or 0.19%, to 12,825.02. The Standard & Poor's 500 index fell 2.16 points, or 0.16%, to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21%, to 2,408.04.
Back home, the Indian stock market posted fgains for the fifth straight session yesterday, 21 April 2008, shrugging off a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late on Thursday, 17 April 2008. The 30-share BSE Sensex was up 258.13 points or 1.57% at 16,739.33 and the S&P CNX Nifty advanced 78.60 points or 1.59% at 5,037 on that day.
The BSE Sensex has now gained 1,044.23 points or 6.65% in five straight sessions from 15,695.10 on 10 April 2008.
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