Frenzied buying coupled with short covering after three straight
day's of fall triggered a solid rally in late trade. Reports of
Prime Minister's resignation had spooked a sell-off in mid-morning
trade. Despite the rally, the market breadth remained negative. The
market witnessed choppy swings throughtout the day. Global cues
were mixed.
Earlier today, the market saw firm start despite weak global cues,
but slipped in red shortly on fresh selling. The market breadth was
weak. Shares from oil, realty, declined while those from IT, FMCG
and power rallied.
The 30-share BSE Sensex ended up 254.93 points or 1.64% at
15,769.72. Sensex gained 300.01 points at its high of 15814.80
touched during late trade. It lost 200.72 points at day's low of
15,314.02, touched in mid-morning trade.
The BSE Sensex had eroded 900.78 points or 5.48% from 16,415.57 in
past three trading days to 15,514.79 on 4 June 2008. Fears of early
election, uncertainity over fuel price hike and weak global markets
played the spoilsport.
The broader based S&P CNX Nifty was up 91.35 points or 1.99% to
4,676.95. Nifty June 2008 futures were at 4671, at a discount of
5.95 points as compared to spot closing.
The market breadth was negative on BSE with 1240 shares advancing
as compared to 1397 that declined. 77 remained unchanged.
The BSE Mid-Cap index rose 0.05% to 6400.29 and BSE Small-Cap index
rose 0.2% to 7,735.5961. Both these indices underperformed the
Sensex.
BSE clocked a turnover of Rs 5578 crore today as compared to a
turnover of Rs 6461.80 crore on 4 June 2008.
The NSE futures & options (F&O) segment turnover was Rs 51017.9
crore, which was higher than Rs 48,378.31 crore on Wednesday, 4
June 2008.
Among the sectoral indices on BSE, the BSE Consumer Durables index
(down 1.42% to 4,031.72), BSE Realty index (down 0.99% at
6,326.05), BSE Auto (down 0.08% at 4,222.01), The BSE Oil & Gas
index (up 0.02% to 10,061.83), BSE Capital Goods index (down 0.03%
at 12,111.63), underperformed Sensex.
However the BSE IT index (up 5.01% to 4,617.44), BSE TecK index (up
3.45% to 3,525.65), BSE Power (up 2.89% to 2,708.49), BSE FMCG
index (up 2.48% to 2,426.16), BSE Bankex (up 1.92% at 7,348.58),
BSE Health Care index (up 1.9% at 4,345.89), BSE Metal index (up
1.89% to 15,714.59), BSE PSU index (up 1.84% to 6,719.54),
outperformed the Sensex.
Among the 30-member Sensex pack, 22 advanced while the rest
slipped.
IT stocks were the stars of the day's trading session, boosted by
firm US dollar against Indian rupee. Wipro (up 6.25% to Rs 528.40),
Satyam Computer Services (up 5.47% to Rs 512.20) and TCS (up 2.57%
to Rs 982.75) edged higher.
India's second largest software services exporter Infosys jumped
5.86% to Rs 1979.70 on reports the firm is eyeing acquisitions in
Europe to reaccelerate its growth. However the target company's
name and size was not disclosed in the report.
Sahara Housing Finance Corporation was locked at 5% lower circuit
filter at Rs 178 after the Reserve Bank of India banned a group
financial firm Sahara India Financial Corporation from accepting
public deposits after it was found guilty in violating various
regulatory norms.
Mercator Lines soared 12.70% to Rs 118.50 after its Singapore-based
unit bagged a renewed 4-year contract from Tata Power worth $320
million.
National Aluminium Company advanced 4.90% at Rs 501.75 on BSE on
reports the firms plans massive investment of around Rs 40,000
crore in next five years in its various expansion projects.
Shares of upstream companies rallied after the subsidy burden that
they have to bear became clear post fuel price hike announced
yesterday, 4 June 2008, which had remained uncertain until now.
Oil and Natural Gas Corporation soared 7.46% to Rs 953.20 and Gail
India jumped 7.39% to Rs 398.30.
Upstream oil companies ONGC and GAIL India absorb most of subsidy
burden arising in the form of under-recoveries of oil marketing
companies. The duo will now have to bear Rs 45,000 crore in subsidy
burden, which is at historically high levels.
However the public sector oil-marketing companies extended losses
today after yesterday's fuel price hike. HPCL (down 6.26% to Rs
226.30), Indian Oil Corporation (down 6.29% to Rs 391.90) and BPCL
(down 7.01% to Rs 301.35) edged lower.
Power stocks advanced on fresh buying. Tata Power Company (up 7.79%
to Rs 1256.65), NTPC (up 5.57% to Rs 166.65), Reliance
Infrastructure (up 5.68% to Rs 1130.85) edged higher.
FMCG stocks rose. Tata Tea (up 5.02% to Rs 816.30), Hindustan
Unilever (up 3.23% to Rs 237.85), ITC (up 2.89% to Rs 222.35) edged
higher.
Jaiprakash Associates (up 3.68% to Rs 205.60), Grasim Industries
(up 3.19% to Rs 2,246.30), Tata Steel (up 3.1% to Rs 840.90), ICICI
Bank (up 3.09% to Rs 781.25), HDFC Bank (up 2.22% to Rs 1,243),
were the top gainers from Sensex pack.
Tata Motors (down 1.82% to Rs 532.60), Larsen & Toubro (down 1.6%
to Rs 2,721.20), Ambuja Cements (down 1.89% to Rs 85.85), Reliance
Industries (down 2.58% to Rs 2247.65), were the top losers from
Sensex pack.
Interest rate sensitive realty sector declined on fears of hike in
interest rates or CRR after inflation may rally to double-digit
post fuel price hike announced yesterday, 4 June 2008.
Indiabulls Real Estate (down 1.6% to Rs 405.45), Phoenix Mills
(down 3.99% to Rs 319) and DLF (down 3 % to Rs 538.45) edged lower
from realty pack.
India's largest maker of utility vehicles, Mahindra and Mahindra
(M&M) declined 0.92% to Rs 562.75. It announced signing an
agreement to acquire 100% stake in Italy based Engines Engineering.
Engines Engineering is in the business of two wheels design and
developing of motorcycle prototype.
India's second largest telecom services provider Reliance
Communications rose 1.3% to Rs 547.15. As per reports Reliance
Communications and South Africa's MTN have begun due diligence as
they inch closer to creating a global top-10 telecoms firm.
Reliance Communications has also engaged Deutsche Bank for the
possibility of roping in private equity firms for part of the deal,
the source said. Blackstone Group Carlyle Group and Apax were
interested to put in $4 billion to $5 billion, reports added.
India's largest cement maker by sales ACC rose 1.09% to Rs 639.70.
Its cement shipments in May 2008 fell to 1.8 million tonnes from
1.82 million tonnes a year earlier. Production fell to 1.79 million
tonnes from 1.82 million tonnes during the similar period.
IFCI clocked the highest volume of 1.9 crore shares on BSE. Anu's
Laboratories (1.25 crore shares), Ispat Industries (1.21 crore
shares), Chambal Fertilisers and Chemicals (1.14 crore shares) and
Reliance Natural Resources (1.14 crore shares) are among other
gainers in that order.
Reliance Industries clocked the highest turnover of Rs 418.91 crore
on BSE. Anu's Laboratories (Rs 353.59 crore), Reliance Capital (Rs
266.36 crore), Gokul Refoils and Solvent (Rs 210.66 crore) and
ONGC(Rs 204.36 crore) are among other turnover toppers in that
order.
India's largest wind turbine maker Suzlon Energy soared 8.66% to Rs
268.60. The stock moved up on reports that REpower Systems, in
which Suzlon holds 33.6% stake, has bagged an order to supply 100
wind turbines to US-based enXco.
Tech Mahindra rose 7.52% to 847.85. The stock galloped after the
firm said it signed a multi-million dollar deal with Botswana
Telecommunications. The company sees revenues of upto $10 million
over the next 3-5 years from the deal.
In a crucial development, government yesterday, 4 June 2008 agreed
to raise its petrol and diesel prices by about 10% in an attempt to
curb mounting losses of state-owned refiners thereby stoking
inflation and risking a political backlash. After 10 days of debate
over the price increase, the Cabinet also agreed to cut the import
duty on crude oil to support state run refining and retailing
firms. Customs duty on crude was also reduced to nil from 5%. The
duty cuts would amount to Rs 22,660 crore in revenue loss, the
Revenue Secretary said.
Meanwhile, the ruling Left Front in West Bengal has called a
12-hour general strike today, 5 June 2008 in protest against the
'anti-people' decision of the Centre to raise the prices of petrol,
diesel and cooking gas.
Analysts opine that higher inflationary expectations immediately
gave rise to fears of a cash reserve ratio (CRR) or interest rate
hike, which is a negative for markets.
European markets were trading mixed. Key benchmark indices from
France, and Germany were up between 0.08% to 0.11%. While UK's FTSE
100down 0.26%.
Asian markets were mixed today, 5 June 2008. Japan's Nikkei
Singapore's Straits Times, South Korea's Seoul Composite, and
China's Shanghai Composite, were down by between 0.08% to 0.65%.
Hong Kong's Hang Seng and Taiwan's Taiwan Weighted were up between
0.55% to 1.28%.
US markets ended mixed in volatile session yesterday, 4 June 2008.
Banks fell to their lowest level in eight years on Fed Chairman Ben
Bernanke's warning that inflation is still a concern. Financials
tumbled on rumors that Moody's May Put bond insurers AMBAC and MBIA
on review for a possible credit rating downgrade.
The Dow Jones industrial average slipped 12.37 points, or 0.10%, to
12,390.48. The Standard & Poor's 500 index was down 0.45 points, or
0.03%, to 1,377.20, while the Nasdaq advanced 22.66 points, or
0.91%, to 2,503.14.
Friday, June 6, 2008
Wednesday, June 4, 2008
Post Market Report 04.06.2008
Local benchmarks stayed under pressure for third straight day today
marred by fears of further spike in inflation to a multiyear high
post fuel price hike announced during the day. Weak global markets
also played the spoilsport. The market witnessed choppy swings
throughout the day. Stocks across the board were hammered brutally
with all sectoral indices on BSE suffering losses.
The market had witnessed a short lived recovery in early afternoon
trade soon after the Cabinet Committee on Political Affairs (CCPA)
approved the long awaited hike in fuel prices.
The 30-share BSE Sensex tumbled 447.77 points or 2.81% at
15,514.79. The barometer index swung wildly in a range of 550.56
points between the day's high and low of 15,992.90 and 15,442.34
respectively.
The BSE Sensex has now eroded 900.78 points or 5.48% from 16,415.57
in just three trading days.
The Sensex has now slumped 5691.98 points or 26.84% from its all
time high of 21,206.77, struck on 10 January 2008. However it is
still up 705.3 points or 4.76% from its recent low of 14,809.49
touched on 17 March 2008.
The broader based S&P CNX Nifty was down 130.3 points or 2.76% at
4,585.60. Nifty June 2008 futures were at 4580.50, a discount of
5.10 points as compared to spot closing.
The BSE Mid-Cap index down 2.29% to 6397.37 and BSE Small-Cap index
down 2.06% to 7,720.26. Both these indices outperformed Sensex.
The market breadth was weak on BSE with 676 shares advancing as
compared to 1967 that declined. 76 remained unchanged.
The BSE clocked the turnover of Rs 5,551 crore today as compared to
Rs 5,252.69 crore on 3 Jun 2008.
The NSE futures & options (F&O) segment turnover was Rs 48,378.31
crore, which was higher than Rs 40,448.71 crore on Tuesday, 3 June
2008.
Among the sectoral indices on BSE, the BSE Realty index (down 5.01%
at 6,389.20), BSE Metal index (down 4.98% to 15,423.15), BSE Power
(down 4.42% to 2,632.37), The BSE Oil & Gas index (down 3.39% to
10,059.51), BSE Auto (down 3.31% at 4,225.59), BSE Capital Goods
index (down 3.24% at 12,115.82), BSE Consumer Durables index (down
3.14% to 4,089.71) underperformed Sensex.
However the BSE FMCG index (down 1.5% to 2,367.45), BSE PSU index
(down 1.93% to 6,598.43), BSE Health Care index (down 2.19% at
4,264.93), BSE Bankex (down 2.53% at 7,210.37), BSE IT ndex (down
2.54% to 4,397.35), BSE TecK index (down 2.67% to 3,407.94),
outperformed the Sensex.
In a crucial development, government today agreed to raise its
petrol and diesel prices by about 10% in an attempt to curb
mounting losses of state-owned refiners thereby stoking inflation
and risking a political backlash. After 10 days of debate over the
price increase, the Cabinet also agreed to cut the import duty on
crude oil to support state run refining and retailing firms.
Customs duty on crude was also reduced to nil from 5%. The duty
cuts would amount to Rs 22,660 crore in revenue loss, the Revenue
Secretary said.
Among the 30-member Sensex pack, 29 declined while India's largest
oil exploration company in terms of market capitalisation ONGC was
the lone gainer. The stock surged 5.31% to Rs 887.05 on speculation
that it may have to absorb lower subsidy burden after today's fuel
price hike.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) sumped
4.14% to Rs 2296.70.
India's largest real estate developer in terms of market
capitalisation DLF shed 4.7% to Rs 555.10. The company's net profit
rose 536.6% to Rs 2590.28 crore on 388.1% rise in sales to Rs
5532.88 crore in FY 2008 over FY 2007.
Metal stocks declined. Sterlite Industries (down 6.71% to Rs
841.40), Sesa Goa (down 8.83% to Rs 3568.70), National Aluminium
Company (down 1.71% to Rs 478.30), Tata Steel (down 5.36% to Rs
815.60), Hindalco Industries (down 3.09% to Rs 178.60), Steel
Authority of India (down 1.69% to Rs 153.75), edged lower.
Power stocks declined. Reliance Power (down 7.31% to Rs 202.80),
Tata Power Company (down 7.06% to Rs 1,165.85), Reliance
Infrstructure (down 4.89% to Rs 1070.10), Powergrid Corporation of
India (down 2.97% to Rs 88.30) edged lower.
Realty stocks slumped. Lanco Infratech (down 12.27% to Rs 416.50),
Indiabulls Real Estate (down 7.29% to Rs 412.05) and Unitech (down
5.52% to Rs 207.20) edged lower.
State run oil & gas stocks erased early gains to post losses
despite fuel price hike. BPCL (down 7.84% to Rs 324.05, off day's
high of Rs 371.60), Indian Oil Corporation (down 3.61% to Rs
418.20, off day's high of Rs 452.90), HPCL (down 2.9% to Rs 241.40,
off day's high of Rs 259.90) edged lower.
The OMCs have so far reported losses of over Rs 2.25-lakh crore due
to the high crude prices and in the absence of revision in the
domestic retail prices. They have said they will run out of cash to
import crude if the government fails to bail them out.
Auto stocks were subdued post oil price hike announcement. Hero
Honda Motors (down 4.26% to Rs 764), Mahindra & Mahindra (down 3.2%
to Rs 571.50), Tata Motors (down 4.87% to Rs 542.50), Maruti Suzuki
India (down 5.07% to Rs 746.55), and Bajaj Auto (down 4.91% to Rs
551.60) edged lower.
Ambuja Cements (down 5.46% to Rs 87.50), HDFC Bank (down 5.19% to
Rs 1,215.95), Bharat Heavy Electricals (down 4.99% to Rs 1471.25),
DLF (down 3.85% to Rs 560), edged lower from Sensex pack.
IFCI clocked the highest volume of 1.78 crore shares on BSE.
Reliance Petroleum (1.56 crore shares), Ispat Industries (1.38
crore shares), Reliance Natural Resources (95.34 lakh shares) and
Essar Oil (91.05 lakh shares) are among other volume toppers in
that order.
ONGC clocked the highest turnover of Rs 313.48 crore on BSE.
Reliance Industries (Rs 308.80 crore), Reliance Petroleum (Rs
268.68 crore), Essar Oil (Rs 220.61 crore) and Reliance Capital (Rs
216.73 crore) are among other turnover toppers in that order.
Anu's Laboratories settled at a premium of 27.64% at Rs 268.05 on
its debut on BSE. It had fixed the offer price of Rs 210.
Gokul Refoils and Solvent settled at a discount of 7.15% to Rs
181.05 on its debut on BSE. It had fixed the offer price of Rs 195.
European markets which opened after Indian markets were weak. Key
benchmark indices in France, Germany and UK were down by between
1.42% to 2.16%.
Asian markets were trading mixed today, 4 June 2008. Key Asian
indices - Nikkei 225 index, Taiwan's Taiwan Weighted, South Korea's
Seoul Composite rose between 0.56% to 1.59%.
However, Singapore's Straits Times, Hang Seng and China's Shanghai
Composite were down by between 0.83% to 1.93%.
US markets declined in volatile session yesterday, 3 June 2008 led
by growing speculation that Lehman Brothers will be forced to raise
more capital and a drop in oil prices pushed down energy companies.
The Dow Jones industrial average declined 100.97 points, or 0.81%,
to 12,402.85. The S&P 500 index slipped 8.02 points, or 0.58%, to
1,377.65, while the Nasdaq Composite index was down 11.05 points,
or 0.44%, to 2,480.48.
US light crude for July delivery fell 34 cents to $123.97 a barrel
today, 4 June 2008, triggered by a rallying dollar as traders
awaited U.S. data expected to show rising oil stocks. London Brent
crude for July delivery fell 38 cents to $124.20 a barrel.
Meanwhile, mutual funds have reportedly managed to increase their
assets under management (AUM) by 5.36% in May 2008, helped by fresh
investments in fixed income funds. The collective AUM rose by
30,576.72 crore in May 2008, according to the data released by the
Associations of Mutual Fund in India (AMFI).
marred by fears of further spike in inflation to a multiyear high
post fuel price hike announced during the day. Weak global markets
also played the spoilsport. The market witnessed choppy swings
throughout the day. Stocks across the board were hammered brutally
with all sectoral indices on BSE suffering losses.
The market had witnessed a short lived recovery in early afternoon
trade soon after the Cabinet Committee on Political Affairs (CCPA)
approved the long awaited hike in fuel prices.
The 30-share BSE Sensex tumbled 447.77 points or 2.81% at
15,514.79. The barometer index swung wildly in a range of 550.56
points between the day's high and low of 15,992.90 and 15,442.34
respectively.
The BSE Sensex has now eroded 900.78 points or 5.48% from 16,415.57
in just three trading days.
The Sensex has now slumped 5691.98 points or 26.84% from its all
time high of 21,206.77, struck on 10 January 2008. However it is
still up 705.3 points or 4.76% from its recent low of 14,809.49
touched on 17 March 2008.
The broader based S&P CNX Nifty was down 130.3 points or 2.76% at
4,585.60. Nifty June 2008 futures were at 4580.50, a discount of
5.10 points as compared to spot closing.
The BSE Mid-Cap index down 2.29% to 6397.37 and BSE Small-Cap index
down 2.06% to 7,720.26. Both these indices outperformed Sensex.
The market breadth was weak on BSE with 676 shares advancing as
compared to 1967 that declined. 76 remained unchanged.
The BSE clocked the turnover of Rs 5,551 crore today as compared to
Rs 5,252.69 crore on 3 Jun 2008.
The NSE futures & options (F&O) segment turnover was Rs 48,378.31
crore, which was higher than Rs 40,448.71 crore on Tuesday, 3 June
2008.
Among the sectoral indices on BSE, the BSE Realty index (down 5.01%
at 6,389.20), BSE Metal index (down 4.98% to 15,423.15), BSE Power
(down 4.42% to 2,632.37), The BSE Oil & Gas index (down 3.39% to
10,059.51), BSE Auto (down 3.31% at 4,225.59), BSE Capital Goods
index (down 3.24% at 12,115.82), BSE Consumer Durables index (down
3.14% to 4,089.71) underperformed Sensex.
However the BSE FMCG index (down 1.5% to 2,367.45), BSE PSU index
(down 1.93% to 6,598.43), BSE Health Care index (down 2.19% at
4,264.93), BSE Bankex (down 2.53% at 7,210.37), BSE IT ndex (down
2.54% to 4,397.35), BSE TecK index (down 2.67% to 3,407.94),
outperformed the Sensex.
In a crucial development, government today agreed to raise its
petrol and diesel prices by about 10% in an attempt to curb
mounting losses of state-owned refiners thereby stoking inflation
and risking a political backlash. After 10 days of debate over the
price increase, the Cabinet also agreed to cut the import duty on
crude oil to support state run refining and retailing firms.
Customs duty on crude was also reduced to nil from 5%. The duty
cuts would amount to Rs 22,660 crore in revenue loss, the Revenue
Secretary said.
Among the 30-member Sensex pack, 29 declined while India's largest
oil exploration company in terms of market capitalisation ONGC was
the lone gainer. The stock surged 5.31% to Rs 887.05 on speculation
that it may have to absorb lower subsidy burden after today's fuel
price hike.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) sumped
4.14% to Rs 2296.70.
India's largest real estate developer in terms of market
capitalisation DLF shed 4.7% to Rs 555.10. The company's net profit
rose 536.6% to Rs 2590.28 crore on 388.1% rise in sales to Rs
5532.88 crore in FY 2008 over FY 2007.
Metal stocks declined. Sterlite Industries (down 6.71% to Rs
841.40), Sesa Goa (down 8.83% to Rs 3568.70), National Aluminium
Company (down 1.71% to Rs 478.30), Tata Steel (down 5.36% to Rs
815.60), Hindalco Industries (down 3.09% to Rs 178.60), Steel
Authority of India (down 1.69% to Rs 153.75), edged lower.
Power stocks declined. Reliance Power (down 7.31% to Rs 202.80),
Tata Power Company (down 7.06% to Rs 1,165.85), Reliance
Infrstructure (down 4.89% to Rs 1070.10), Powergrid Corporation of
India (down 2.97% to Rs 88.30) edged lower.
Realty stocks slumped. Lanco Infratech (down 12.27% to Rs 416.50),
Indiabulls Real Estate (down 7.29% to Rs 412.05) and Unitech (down
5.52% to Rs 207.20) edged lower.
State run oil & gas stocks erased early gains to post losses
despite fuel price hike. BPCL (down 7.84% to Rs 324.05, off day's
high of Rs 371.60), Indian Oil Corporation (down 3.61% to Rs
418.20, off day's high of Rs 452.90), HPCL (down 2.9% to Rs 241.40,
off day's high of Rs 259.90) edged lower.
The OMCs have so far reported losses of over Rs 2.25-lakh crore due
to the high crude prices and in the absence of revision in the
domestic retail prices. They have said they will run out of cash to
import crude if the government fails to bail them out.
Auto stocks were subdued post oil price hike announcement. Hero
Honda Motors (down 4.26% to Rs 764), Mahindra & Mahindra (down 3.2%
to Rs 571.50), Tata Motors (down 4.87% to Rs 542.50), Maruti Suzuki
India (down 5.07% to Rs 746.55), and Bajaj Auto (down 4.91% to Rs
551.60) edged lower.
Ambuja Cements (down 5.46% to Rs 87.50), HDFC Bank (down 5.19% to
Rs 1,215.95), Bharat Heavy Electricals (down 4.99% to Rs 1471.25),
DLF (down 3.85% to Rs 560), edged lower from Sensex pack.
IFCI clocked the highest volume of 1.78 crore shares on BSE.
Reliance Petroleum (1.56 crore shares), Ispat Industries (1.38
crore shares), Reliance Natural Resources (95.34 lakh shares) and
Essar Oil (91.05 lakh shares) are among other volume toppers in
that order.
ONGC clocked the highest turnover of Rs 313.48 crore on BSE.
Reliance Industries (Rs 308.80 crore), Reliance Petroleum (Rs
268.68 crore), Essar Oil (Rs 220.61 crore) and Reliance Capital (Rs
216.73 crore) are among other turnover toppers in that order.
Anu's Laboratories settled at a premium of 27.64% at Rs 268.05 on
its debut on BSE. It had fixed the offer price of Rs 210.
Gokul Refoils and Solvent settled at a discount of 7.15% to Rs
181.05 on its debut on BSE. It had fixed the offer price of Rs 195.
European markets which opened after Indian markets were weak. Key
benchmark indices in France, Germany and UK were down by between
1.42% to 2.16%.
Asian markets were trading mixed today, 4 June 2008. Key Asian
indices - Nikkei 225 index, Taiwan's Taiwan Weighted, South Korea's
Seoul Composite rose between 0.56% to 1.59%.
However, Singapore's Straits Times, Hang Seng and China's Shanghai
Composite were down by between 0.83% to 1.93%.
US markets declined in volatile session yesterday, 3 June 2008 led
by growing speculation that Lehman Brothers will be forced to raise
more capital and a drop in oil prices pushed down energy companies.
The Dow Jones industrial average declined 100.97 points, or 0.81%,
to 12,402.85. The S&P 500 index slipped 8.02 points, or 0.58%, to
1,377.65, while the Nasdaq Composite index was down 11.05 points,
or 0.44%, to 2,480.48.
US light crude for July delivery fell 34 cents to $123.97 a barrel
today, 4 June 2008, triggered by a rallying dollar as traders
awaited U.S. data expected to show rising oil stocks. London Brent
crude for July delivery fell 38 cents to $124.20 a barrel.
Meanwhile, mutual funds have reportedly managed to increase their
assets under management (AUM) by 5.36% in May 2008, helped by fresh
investments in fixed income funds. The collective AUM rose by
30,576.72 crore in May 2008, according to the data released by the
Associations of Mutual Fund in India (AMFI).
Post Market Report 03.06.2008
The market staged a smart intra-day rebound in second half of the
day's trading session led by recovery in Reliance Industries (RIL).
Panic selling in early trade by wary investors kept market
depressed in the first half. Fears in the market were that Left
parties might withdraw support to the government, which may lead to
early election. The market witnessed choppy swings throughout the
day. Cement sector was the start sector of the day.
European markets, which opened before Indian market, were mixed.
Asian markets which opened before Indian market recovered from
early lows.
The Revolutionary Socialist Party (RSP), a part of the Left front,
is reportedly pulling out of the United Progressive Alliance
(UPA)-Left coordination committee. RSP has been seeking withdrawal
of support to the UPA government since the last three years. The
party is now planning to to step up pressure on the other Left
parties to withdraw their support to the Manmohan Singh government,
reports suggest
The 30-share BSE Sensex settled 100.62 points or 0.63% lower at
15,962.56, after opening 211.46 points lower at 15,851.72. Sensex
shed 77.78 points at day's high of 15,985.40 hit in mid-afternoon
trade. The barometer index plunged 353.67 points at day's low of
15,709.51 hit mid-afternoon trade.
The broader based S&P CNX Nifty fell 23.70 points or 0.5% at
4,715.90. Nifty swung wildly in a range of 4634 and 4739.30 during
the day. Nifty June 2008 futures were at 4706, a discount of 9.9
points as compared to spot closing
The market breadth was weak on BSE with 1810 shares declining as
compared to 860 that advanced. 55 remained unchanged.
The BSE Mid-Cap index declined 0.56% to 6,547.30 and the BSE
Small-Cap index shed 0.97% to 7,882.29
The total turnover on BSE amounted to Rs 5229 crore as compared to
Rs 4,809.14 crore yesterday, 2 June 2008. Turnover in NSE's futures
& options segment amounted to Rs 40448.71 crore as compared to Rs
35257.77 crore yesterday, 2 June 2008.
Sectoral indices on BSE displayed mixed trend. The BSE Oil & Gas
index (up 2.02% to 10,412.49), BSE FMCG index (down 0.33% to
2,403.54), BSE Auto (up 0.27% at 4,370.05), BSE Health Care index
(up 0.23% at 4,360.26), BSE Realty index (down 0.02% at 6,726.25),
BSE Metal index (down 0.39% to 16,232.08), and BSE Consumer
Durables index (up 0.68% to 4,222.18), outperformed the Sensex.
The BSE Power (down 2.64% to 2,754.20), BSE Bankex (down 0.77% at
7,397.25), BSE Capital Goods index (down 2.24% at 12,521.25), BSE
TecK index (down 1.69% to 3,501.40), BSE PSU index (down 1.17% to
6,728.19), underperformed the Sensex.
Among the 30-member Sensex pack, 18 declined while the rest gained.
India's largest cellular services provider Bharti Airtel slumped
4.23% to Rs 840.55 on 4.15 lakh shares. The stock had hit an
intra-day high of Rs 868.65 in opening trade. It was the top loser
from Sensex pack.
Select Sensex stocks staged a smart recovery from early lows.
Reliance Infrastructure (down 3.72% to Rs 1126.90, off day's low of
Rs 1085), HDFC (down 2.87% to Rs 2458, off day's low of Rs 2432),
Bharat Heavy Electricals (down 2.86% to Rs 1550, off day's low of
Rs 1501.15) and Jaiprakash Associates (down 2.31% to Rs 207, off
day's low of Rs 200.20) recovered.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
2.31% to Rs 2410 on 11.65 lakh shares. As per reports, the Punjab
Infrastructure Development Board (PIDB) has received proposals from
Reliance Industries and Omaxe to set up an expressway from
Pathankot to Ajmer and a ring road around Amritsar respectively.
India's fourth largest software services exporter Satyam Computer
Services shed 3.31% to Rs 501.50 after Upaid Systems said it has
filed fresh claims as part of court proceedings against Satyam in a
US court, which could raise possible damages beyond the earlier
stated $1 billion.
In 2005, a patent infringement court case was initiated in Texas
against third parties which revealed the use of forged signatures
by Satyam employees on critical documents provided to Upaid by
Satyam.
India's largest private sector engineering company in terms of
order book Larsen & Toubro declined 2.44% to Rs 2845. The company
said on Monday, 2 June 2008, it is seeking shareholders' approval
to transfer its medical equipment and systems business to a
subsidiary or to sell it.
Private sector banking shares declined tracking fall in their
American Depository Receipt (ADRs) on the New York Stock Exchange
yesterday, 2 June 2008. ICICI Bank lost 0.90% to Rs 757.95 after
its ADR slumped 6% and HDFC Bank shed 0.40% to Rs 1306 after its
ADR fell 5.5%.
India's largest bank in terms of market capitalisation State Bank
of India (SBI) slipped 0.94% to Rs 1381
India's second largest software services exporter Infosys
Technologies was down 1.38% to Rs 1924, off day's low of Rs 1882.
The company received two patents from US Patent and Trademark
Office in the areas of holography and mobile communications. The
company made this announcement during trading hours today, 3 June
2008.
India's largest pharma company in terms of sales Ranbaxy
laboratories surged 3.67% to Rs 532.90 on 4.34 lakh shares. It was
the top gainer from Sensex pack
Cement shares advanced on fresh buying. India's largest cement
company in terms of sales ACC advanced 3.50% to Rs 648. The company
has reportedly short listed some companies for acquisition. ACC has
cash reserves of Rs 1000 crore which it would use for expansion and
acquisition, reports suggest.
India's second largest cement company in terms of sales Ambuja
Cements rose 0.16% to Rs 92.40 even on company said its cement
shipments fell 1% to 1.51 million tonnes in May 2008 over May 2007.
Ambuja Cements' production fell 1% to 1.49 million tonnes in May
2008 over May 2007.
UltraTech Cement Company (up 1.28% to Rs 650), Prism Cement (up
2.44% to Rs 37.80), India Cements (up 4.38% to Rs 165.85), and
Mysore Cements (up 6.42% to Rs 35.65) advanced.
As per reports, the government has done a flip flop on tax refunds
for cement exports today, by withdrawing the benefit that was
allowed only yesterday. The Directorate General of Foreign Trade
revoked yesterday's notification which had restored the duty
entitlement pass book scheme refund of local taxes on cement
exports.
India's largest truck maker by sales Tata Motors rose 1.43% to Rs
571 after the company said on Monday it had completed the $2.3
billion acquisition of British luxury brands Jaguar and Land Rover.
Wipro (up 2.57% to Rs 508), ONGC (up 1.49% to Rs 845.55), DLF (up
2.53% to Rs 582), and Cipla (up 1.49% to Rs 210.85), edged higher
from Sensex pack.
Reliance Industries was the top traded counter on BSE with turnover
of Rs 278.70 crore followed by Reliance Capital (Rs 211.62 crore),
Essar Oil (Rs 165.49 crore), Reliance Petroleum (Rs 155.16 crore),
and IFCI (Rs 128.35 crore), in that order.
IFCI topped the volumes chart clocking volumes of 2.14 crore shares
followed by Ispat Industries (1.45 crore shares), Aishwarya Telecom
(1.12 crore shares), Chambal Fertilisers (98 lakh shares) and
Reliance Natural Resources (96 lakh shares), in that order.
Shares of air carriers slipped after they raised fuel surcharge in
line with rising jet fuel prices. Deccan Aviation (down 6.15% to Rs
104.50), SpiceJet (down 2.56% to Rs 30.50) and Jet Airways (down
0.33% to Rs 539.55) edged lower.
Punj Lloyd slipped 1.80% to Rs 281.95 after tumbling 10.53%
yesterday, 2 June 2008. The sell-off was triggered after the
company's auditors commented that no provision has been made for
expected losses of Rs 305 crore arising out of one of the
contracts.
Kirloskar Brothers declined 1.77% to Rs 222.50 even as the company
said it is reorganising its business into nine divisions to achieve
a revenue target of $1 billion by 2011.
Adhunik Metaliks rose 2.85% to Rs 179.50 after its board approved
initial public offer of the company's 100% subsidiary viz. Orissa
Manganese & Minerals. The company announced this after market hours
on Monday, 2 June 2008.
Mahanagar Telephone Nigam rose 2.50% to Rs 96.35 after its American
Depository Receipt surged 13.8% to $4.61 on the New York Stock
Exchange on Monday, 2 June 2008.
ABB declined 2.60% to Rs 999 despite winning an order worth Rs 295
crore to provide power solutions to JSW Energy for its upcoming
1200 megawatt thermal power plant in Ratnagiri, Maharashtra.
National Aluminium Company fell 4.26% to Rs 485 after the company
reportedly lowered price of flat-rolled products by as much as Rs
3,500 a tonne to Rs 159,400 a tonne
Prime Minister Manmohan Singh yesterday, 2 June 2008, indicated
that the government is left with no option but to hike the fuel
prices in the wake of soaring global crude oil prices. However
government's move to hike fuel price will face challenge from Left,
and may propel inflation above 10%.
On the other hand, if government does not hike prices, oil
marketing companies will go bankrupt, spoiling its report card.
European markets, which opened before Indian market, were mixed in
opening session. Key benchmark indices in United Kingdom (up 0.03%
to 6,009.40), and France (up 0.06% to 4,938.15), rose. However
Germany's DAX index slipped 0.46% to 6,976.87
Asian markets, which opened before Indian market, rebounded from
early lows, but were still in the red. Shanghai Composite (down
0.65% at 3,436.80), Japan's Nikkei (down 1.60% at 14,209.17), Hong
Kong's Hang Seng (down 1.83% at 24,375.76), Taiwan's Taiwan
Weighted (down 1.64% at 8,581.35), Straits Times (down 1.13% at
3,151.98) and South Korea's Seoul Composite (down 1.44% at 1,821),
edged lower.
US markets declined yesterday, 2 June 2008, on renewed fears that
the credit crunch is yet to run its course after S&P downgraded
debt ratings of three big securities companies. In the economic
news, the May Institute of Supply Management (ISM) index, rose
2.1%, suggesting a slight contraction in United States
manufacturing activity.
The Dow Jones industrial average plunged 134.50, or 1.06%, to
12,503.82. The S&P 500 index slipped 14.71 points, or 1.05%, to
1,385.67. The Nasdaq Composite index was down 31.13 points, or
1.23%, to 2,491.53.
US light crude for July delivery fell 50 cents a barrel to $127.26
today, 3 June 2008, as the start of the hurricane season stirred
concerns that oil and natural gas output could be disrupted in the
Gulf of Mexico. London Brent crude fell 80 cents to $127.22 a
barrel today
day's trading session led by recovery in Reliance Industries (RIL).
Panic selling in early trade by wary investors kept market
depressed in the first half. Fears in the market were that Left
parties might withdraw support to the government, which may lead to
early election. The market witnessed choppy swings throughout the
day. Cement sector was the start sector of the day.
European markets, which opened before Indian market, were mixed.
Asian markets which opened before Indian market recovered from
early lows.
The Revolutionary Socialist Party (RSP), a part of the Left front,
is reportedly pulling out of the United Progressive Alliance
(UPA)-Left coordination committee. RSP has been seeking withdrawal
of support to the UPA government since the last three years. The
party is now planning to to step up pressure on the other Left
parties to withdraw their support to the Manmohan Singh government,
reports suggest
The 30-share BSE Sensex settled 100.62 points or 0.63% lower at
15,962.56, after opening 211.46 points lower at 15,851.72. Sensex
shed 77.78 points at day's high of 15,985.40 hit in mid-afternoon
trade. The barometer index plunged 353.67 points at day's low of
15,709.51 hit mid-afternoon trade.
The broader based S&P CNX Nifty fell 23.70 points or 0.5% at
4,715.90. Nifty swung wildly in a range of 4634 and 4739.30 during
the day. Nifty June 2008 futures were at 4706, a discount of 9.9
points as compared to spot closing
The market breadth was weak on BSE with 1810 shares declining as
compared to 860 that advanced. 55 remained unchanged.
The BSE Mid-Cap index declined 0.56% to 6,547.30 and the BSE
Small-Cap index shed 0.97% to 7,882.29
The total turnover on BSE amounted to Rs 5229 crore as compared to
Rs 4,809.14 crore yesterday, 2 June 2008. Turnover in NSE's futures
& options segment amounted to Rs 40448.71 crore as compared to Rs
35257.77 crore yesterday, 2 June 2008.
Sectoral indices on BSE displayed mixed trend. The BSE Oil & Gas
index (up 2.02% to 10,412.49), BSE FMCG index (down 0.33% to
2,403.54), BSE Auto (up 0.27% at 4,370.05), BSE Health Care index
(up 0.23% at 4,360.26), BSE Realty index (down 0.02% at 6,726.25),
BSE Metal index (down 0.39% to 16,232.08), and BSE Consumer
Durables index (up 0.68% to 4,222.18), outperformed the Sensex.
The BSE Power (down 2.64% to 2,754.20), BSE Bankex (down 0.77% at
7,397.25), BSE Capital Goods index (down 2.24% at 12,521.25), BSE
TecK index (down 1.69% to 3,501.40), BSE PSU index (down 1.17% to
6,728.19), underperformed the Sensex.
Among the 30-member Sensex pack, 18 declined while the rest gained.
India's largest cellular services provider Bharti Airtel slumped
4.23% to Rs 840.55 on 4.15 lakh shares. The stock had hit an
intra-day high of Rs 868.65 in opening trade. It was the top loser
from Sensex pack.
Select Sensex stocks staged a smart recovery from early lows.
Reliance Infrastructure (down 3.72% to Rs 1126.90, off day's low of
Rs 1085), HDFC (down 2.87% to Rs 2458, off day's low of Rs 2432),
Bharat Heavy Electricals (down 2.86% to Rs 1550, off day's low of
Rs 1501.15) and Jaiprakash Associates (down 2.31% to Rs 207, off
day's low of Rs 200.20) recovered.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
2.31% to Rs 2410 on 11.65 lakh shares. As per reports, the Punjab
Infrastructure Development Board (PIDB) has received proposals from
Reliance Industries and Omaxe to set up an expressway from
Pathankot to Ajmer and a ring road around Amritsar respectively.
India's fourth largest software services exporter Satyam Computer
Services shed 3.31% to Rs 501.50 after Upaid Systems said it has
filed fresh claims as part of court proceedings against Satyam in a
US court, which could raise possible damages beyond the earlier
stated $1 billion.
In 2005, a patent infringement court case was initiated in Texas
against third parties which revealed the use of forged signatures
by Satyam employees on critical documents provided to Upaid by
Satyam.
India's largest private sector engineering company in terms of
order book Larsen & Toubro declined 2.44% to Rs 2845. The company
said on Monday, 2 June 2008, it is seeking shareholders' approval
to transfer its medical equipment and systems business to a
subsidiary or to sell it.
Private sector banking shares declined tracking fall in their
American Depository Receipt (ADRs) on the New York Stock Exchange
yesterday, 2 June 2008. ICICI Bank lost 0.90% to Rs 757.95 after
its ADR slumped 6% and HDFC Bank shed 0.40% to Rs 1306 after its
ADR fell 5.5%.
India's largest bank in terms of market capitalisation State Bank
of India (SBI) slipped 0.94% to Rs 1381
India's second largest software services exporter Infosys
Technologies was down 1.38% to Rs 1924, off day's low of Rs 1882.
The company received two patents from US Patent and Trademark
Office in the areas of holography and mobile communications. The
company made this announcement during trading hours today, 3 June
2008.
India's largest pharma company in terms of sales Ranbaxy
laboratories surged 3.67% to Rs 532.90 on 4.34 lakh shares. It was
the top gainer from Sensex pack
Cement shares advanced on fresh buying. India's largest cement
company in terms of sales ACC advanced 3.50% to Rs 648. The company
has reportedly short listed some companies for acquisition. ACC has
cash reserves of Rs 1000 crore which it would use for expansion and
acquisition, reports suggest.
India's second largest cement company in terms of sales Ambuja
Cements rose 0.16% to Rs 92.40 even on company said its cement
shipments fell 1% to 1.51 million tonnes in May 2008 over May 2007.
Ambuja Cements' production fell 1% to 1.49 million tonnes in May
2008 over May 2007.
UltraTech Cement Company (up 1.28% to Rs 650), Prism Cement (up
2.44% to Rs 37.80), India Cements (up 4.38% to Rs 165.85), and
Mysore Cements (up 6.42% to Rs 35.65) advanced.
As per reports, the government has done a flip flop on tax refunds
for cement exports today, by withdrawing the benefit that was
allowed only yesterday. The Directorate General of Foreign Trade
revoked yesterday's notification which had restored the duty
entitlement pass book scheme refund of local taxes on cement
exports.
India's largest truck maker by sales Tata Motors rose 1.43% to Rs
571 after the company said on Monday it had completed the $2.3
billion acquisition of British luxury brands Jaguar and Land Rover.
Wipro (up 2.57% to Rs 508), ONGC (up 1.49% to Rs 845.55), DLF (up
2.53% to Rs 582), and Cipla (up 1.49% to Rs 210.85), edged higher
from Sensex pack.
Reliance Industries was the top traded counter on BSE with turnover
of Rs 278.70 crore followed by Reliance Capital (Rs 211.62 crore),
Essar Oil (Rs 165.49 crore), Reliance Petroleum (Rs 155.16 crore),
and IFCI (Rs 128.35 crore), in that order.
IFCI topped the volumes chart clocking volumes of 2.14 crore shares
followed by Ispat Industries (1.45 crore shares), Aishwarya Telecom
(1.12 crore shares), Chambal Fertilisers (98 lakh shares) and
Reliance Natural Resources (96 lakh shares), in that order.
Shares of air carriers slipped after they raised fuel surcharge in
line with rising jet fuel prices. Deccan Aviation (down 6.15% to Rs
104.50), SpiceJet (down 2.56% to Rs 30.50) and Jet Airways (down
0.33% to Rs 539.55) edged lower.
Punj Lloyd slipped 1.80% to Rs 281.95 after tumbling 10.53%
yesterday, 2 June 2008. The sell-off was triggered after the
company's auditors commented that no provision has been made for
expected losses of Rs 305 crore arising out of one of the
contracts.
Kirloskar Brothers declined 1.77% to Rs 222.50 even as the company
said it is reorganising its business into nine divisions to achieve
a revenue target of $1 billion by 2011.
Adhunik Metaliks rose 2.85% to Rs 179.50 after its board approved
initial public offer of the company's 100% subsidiary viz. Orissa
Manganese & Minerals. The company announced this after market hours
on Monday, 2 June 2008.
Mahanagar Telephone Nigam rose 2.50% to Rs 96.35 after its American
Depository Receipt surged 13.8% to $4.61 on the New York Stock
Exchange on Monday, 2 June 2008.
ABB declined 2.60% to Rs 999 despite winning an order worth Rs 295
crore to provide power solutions to JSW Energy for its upcoming
1200 megawatt thermal power plant in Ratnagiri, Maharashtra.
National Aluminium Company fell 4.26% to Rs 485 after the company
reportedly lowered price of flat-rolled products by as much as Rs
3,500 a tonne to Rs 159,400 a tonne
Prime Minister Manmohan Singh yesterday, 2 June 2008, indicated
that the government is left with no option but to hike the fuel
prices in the wake of soaring global crude oil prices. However
government's move to hike fuel price will face challenge from Left,
and may propel inflation above 10%.
On the other hand, if government does not hike prices, oil
marketing companies will go bankrupt, spoiling its report card.
European markets, which opened before Indian market, were mixed in
opening session. Key benchmark indices in United Kingdom (up 0.03%
to 6,009.40), and France (up 0.06% to 4,938.15), rose. However
Germany's DAX index slipped 0.46% to 6,976.87
Asian markets, which opened before Indian market, rebounded from
early lows, but were still in the red. Shanghai Composite (down
0.65% at 3,436.80), Japan's Nikkei (down 1.60% at 14,209.17), Hong
Kong's Hang Seng (down 1.83% at 24,375.76), Taiwan's Taiwan
Weighted (down 1.64% at 8,581.35), Straits Times (down 1.13% at
3,151.98) and South Korea's Seoul Composite (down 1.44% at 1,821),
edged lower.
US markets declined yesterday, 2 June 2008, on renewed fears that
the credit crunch is yet to run its course after S&P downgraded
debt ratings of three big securities companies. In the economic
news, the May Institute of Supply Management (ISM) index, rose
2.1%, suggesting a slight contraction in United States
manufacturing activity.
The Dow Jones industrial average plunged 134.50, or 1.06%, to
12,503.82. The S&P 500 index slipped 14.71 points, or 1.05%, to
1,385.67. The Nasdaq Composite index was down 31.13 points, or
1.23%, to 2,491.53.
US light crude for July delivery fell 50 cents a barrel to $127.26
today, 3 June 2008, as the start of the hurricane season stirred
concerns that oil and natural gas output could be disrupted in the
Gulf of Mexico. London Brent crude fell 80 cents to $127.22 a
barrel today
Tuesday, June 3, 2008
Market plunges in opening trade
Wary investors pressed sales for second straight day over uncertainty that Left parties may withdraw support to the government leading to early election. It experienced bout of volatility in early trade. The BSE Sensex cracked below the 16,000 mark in opening trade. Market breadth was weak. Weak global cues also dampened sentiment in early trade.
At 10:25 IST, the 30-share BSE Sensex was down 214.32 points or 1.33% at 15,848.36. It opened 211.46 points lower at 15,851.72 and slipped further to touch a low of 15,786.73 in early trade. At the day’s low, the Sensex lost 276.45 points. At the day’s high of 15,906.77, Sensex lost 156.41 points.
The broader based S&P CNX Nifty was down 60.70 points or 1.28% at 4,678.60
The market breadth was weak on BSE with 1475 shares declining as compared to 285 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 843 crore
Among the 30-member Sensex pack, 23 advanced while the rest slipped.
India’s largest private sector power utility company in terms of sales, Reliance Infrastructure slumped 4.73% to Rs 1113 on 82,365 shares. It was the top loser from Sensex pack.
Satyam Computer Services (down 4.46% to Rs 495.50), Bharat Heavy Electricals (down 3.17% to Rs 1545), and Hindalco Industries (down 2.80% to Rs 177.15), edged lower from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.86% to Rs 2376 on 1.32 lakh shares. It was the top gainer from Sensex pack. The stock moved in a range of Rs 2318.60 and Rs 2378.45 so far during the day.
ONGC (up 0.59% to Rs 838), Tata Motors (down 0.74% to Rs 567.10), and Grasim Industries (up 0.82% to Rs 2229.50), edged higher from Sensex pack
At 10:25 IST, the 30-share BSE Sensex was down 214.32 points or 1.33% at 15,848.36. It opened 211.46 points lower at 15,851.72 and slipped further to touch a low of 15,786.73 in early trade. At the day’s low, the Sensex lost 276.45 points. At the day’s high of 15,906.77, Sensex lost 156.41 points.
The broader based S&P CNX Nifty was down 60.70 points or 1.28% at 4,678.60
The market breadth was weak on BSE with 1475 shares declining as compared to 285 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 843 crore
Among the 30-member Sensex pack, 23 advanced while the rest slipped.
India’s largest private sector power utility company in terms of sales, Reliance Infrastructure slumped 4.73% to Rs 1113 on 82,365 shares. It was the top loser from Sensex pack.
Satyam Computer Services (down 4.46% to Rs 495.50), Bharat Heavy Electricals (down 3.17% to Rs 1545), and Hindalco Industries (down 2.80% to Rs 177.15), edged lower from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.86% to Rs 2376 on 1.32 lakh shares. It was the top gainer from Sensex pack. The stock moved in a range of Rs 2318.60 and Rs 2378.45 so far during the day.
ONGC (up 0.59% to Rs 838), Tata Motors (down 0.74% to Rs 567.10), and Grasim Industries (up 0.82% to Rs 2229.50), edged higher from Sensex pack
Pre Market Report 03/06/2008
Local equities are braced for lower start tracking weakness in global markets. However local factors like fears of early election would play a bigger role in influencing the near term market trend. Wary investors had pressed heavy sales yesterday, 2 June 2008 over uncertainty that Left parties may withdraw support to the government.
Prime Minister Manmohan Singh reportedly said that the government is left with no option but to hike the fuel prices in the wake of soaring global crude oil prices. However government's move to hike fuel price will face challenge from Left, and may propel inflation above 10%.
On the other hand, if government does not hike prices, oil marketing companies will go bankrupt, spoiling its report card.
In coming weeks, markemen would be eyeing two things. One would be progress of monsoon and second would be the advance tax figures.
Asian markets were trading weak today, 3 June 2008. Shanghai Composite (down 0.46% at 3,443.10), Japan's Nikkei (down 1.51% at 14,221.79), Hong Kong's Hang Seng (down 1.49% at 24,461.11), Taiwan's Taiwan Weighted (down 0.84% at 8,651.14), Straits Times (down 0.96% at 3,157.45) and South Korea's Seoul Composite (down 1.17% at 1,825.89), edged lower.
US markets declined yesterday, 2 June 2008, on renewed fears that the credit crunch is yet to run its course after S&P downgraded debt ratings of three big securities companies. In the economic news, the May ISM index, rose 2.1%, suggesting a slight contraction in United States manufacturing activity.
The Dow Jones industrial average plunged 134.50, or 1.06%, to 12,503.82. The S&P 500 index slipped 14.71 points, or 1.05%, to 1,385.67. The Nasdaq Composite index was down 31.13 points, or 1.23%, to 2,491.53.
Back home, mounting political concern rattled bourses since second half of day's trading session, wiping-off steady early gains, yesterday, 2 June 2008. The 30-share BSE Sensex eroded a sharp 352.39 points or 2.15% to 16,063.18 and the broader based S&P CNX Nifty declined 130.5 points or 2.68% to shut shop at 4,739.60, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 349.84 crore yesterday, 2 June 2008. Domestic funds bought shares worth a net Rs 9.81 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 242.85 crore in the futures & options segment yesterday, 2 June 2008. They were net sellers of index futures to the tune of Rs 923.24 crore and bought index options worth Rs 759.95 crore. They were net buyers of stock futures to the tune of Rs 390.03 crore and bought stock options worth Rs 16.11 crore.
Prime Minister Manmohan Singh reportedly said that the government is left with no option but to hike the fuel prices in the wake of soaring global crude oil prices. However government's move to hike fuel price will face challenge from Left, and may propel inflation above 10%.
On the other hand, if government does not hike prices, oil marketing companies will go bankrupt, spoiling its report card.
In coming weeks, markemen would be eyeing two things. One would be progress of monsoon and second would be the advance tax figures.
Asian markets were trading weak today, 3 June 2008. Shanghai Composite (down 0.46% at 3,443.10), Japan's Nikkei (down 1.51% at 14,221.79), Hong Kong's Hang Seng (down 1.49% at 24,461.11), Taiwan's Taiwan Weighted (down 0.84% at 8,651.14), Straits Times (down 0.96% at 3,157.45) and South Korea's Seoul Composite (down 1.17% at 1,825.89), edged lower.
US markets declined yesterday, 2 June 2008, on renewed fears that the credit crunch is yet to run its course after S&P downgraded debt ratings of three big securities companies. In the economic news, the May ISM index, rose 2.1%, suggesting a slight contraction in United States manufacturing activity.
The Dow Jones industrial average plunged 134.50, or 1.06%, to 12,503.82. The S&P 500 index slipped 14.71 points, or 1.05%, to 1,385.67. The Nasdaq Composite index was down 31.13 points, or 1.23%, to 2,491.53.
Back home, mounting political concern rattled bourses since second half of day's trading session, wiping-off steady early gains, yesterday, 2 June 2008. The 30-share BSE Sensex eroded a sharp 352.39 points or 2.15% to 16,063.18 and the broader based S&P CNX Nifty declined 130.5 points or 2.68% to shut shop at 4,739.60, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 349.84 crore yesterday, 2 June 2008. Domestic funds bought shares worth a net Rs 9.81 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 242.85 crore in the futures & options segment yesterday, 2 June 2008. They were net sellers of index futures to the tune of Rs 923.24 crore and bought index options worth Rs 759.95 crore. They were net buyers of stock futures to the tune of Rs 390.03 crore and bought stock options worth Rs 16.11 crore.
Post Market Report 02.06.2008
Mounting political concern was the key culprit that haunted bourses
since second half of day's trading session, wiping-off steady early
gains. A late sell-off resulted in the benchmark index BSE Sensex
cracking below the physcological 16,000 mark, only to close
slightly above that level. However the S&P CNX Nifty shut shop
below 4,750 level. The market breadth was weak. Asian markets,
which opened before Indian markets were firm.
The market which was firm till early afternoon trade, witnessed a
sharp sell-off thereafter triggered by reports that the
Revolutionary Socialist Party (RSP), a member of the Left Front led
by the Communist Party of India-Marxist (CPM) was pulling out of
the United Progressive Alliance (UPA)-Left coordination committee.
Wary investors pressed sales over uncertainty that Left parties may
withdraw support to the government.
Weak European markets, slower manufacturing growth and widening
trade deficit, were the other demons that haunted the markets.
Shares from realty, metal and banking were axed brutally. However
auto stocks held firm throughout the day.
The 30-share BSE Sensex eroded a sharp 352.39 points or 2.15% to
16,063.18. The index climbed 217.15 points at day's high of
16,632.72, hit at the onset of trading session. Sensex lost 424.36
points at day's low of 15991.21.
The broader based S&P CNX Nifty declined 130.5 points or 2.68% to
shut shop at 4,739.60. Nifty has struck an intra-day high of
4,908.80 in opening trade. Nifty June 2008 futures were at 4696, a
sharp discount of 43.60 points as compared to spot closing of
4739.60.
The market breadth was weak on BSE with 600 shares advancing as
compared to 2066 stocks that declined. 50 stocks remained
unchanged.
The BSE Mid-Cap index declined 2.61% to 6,584.19 and BSE Small-Cap
index down 2.13% to 7,959.51.
Among the sectoral indices on BSE, the BSE Realty index (down 4% at
6,728.13), BSE PSU index (down 3.84% to 6,087.83), BSE Metal index
(down 3.66% to 16,295.26), BSE Power (down 3.66% to 2,828.74), BSE
Bankex (down 3.37% at 7,454.33), BSE Consumer Durables index (up
2.94% to 4,193.75), underperformed Sensex.
However the BSE Auto index (up 0.06% at 4,358.21), BSE FMCG index
(down 0.67% at 2,411.48), BSE Health Care index (down 1.04% at
4,350.42), BSE IT index (down 1.37% to 4,580.35), BSE TecK index
(down 1.48% to 3,561.57), BSE Oil & Gas index (down 1.83% to
10,206.71) BSE Capital Goods index (down 2.6% at 12,808.75)
outperformed Sensex.
BSE clocked a turnover of Rs 4,779 crore today compared to a
turnover of Rs 5514.14 crore on 30 May 2008.
The NSE futures & options (F&O) segment turnover was Rs 35,257.77
crore, which was slightly lower than Rs 35,883.79 crore on Friday,
30 May 2008.
Prime Minister Manmohan Singh reportedly said that the government
is left with no option but to hike the fuel prices in the wake of
soaring global crude oil prices. However government's move to hike
fuel price will face challenge from Left, and may propel inflation
above 10%.
On the other hand, if government does not hike prices, oil
marketing companies will go bankrupt, spoiling its report card.
As per petroleum minister's proposal, a hike of Rs 10 a litre in
petrol prices, Rs 5 per litre in diesel and Rs 50 per cylinder in
cooking fuel is to be considered to cut losses being incurred by
the state-run firms. But the Left parties had said they would
oppose any move to hike prices of transport and cooking fuels since
the average citizen was already burdened by high inflation.
Indian manufacturing activity slowed a fraction in May 2008 to its
lowest in 10 months, although output and new export orders rose,
but input and factory gate prices increased, a survey showed. The
ABN AMRO Bank purchasing managers' index (PMI) was a seasonally
adjusted 57.4 in May 2008 after 57.5 in April 2008, significantly
below its December 2007 reading of 61.9 which was the highest in
the survey's three-year history.
Meanwhile, trade deficit widened to $9.87 billion in April 2008 as
against $6.81 billion in April 2007. Exports grew to $14.4 billion
in April 2008-09, against $10.95 billion a year ago.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.91% to Rs 2,355.70. It
came off from its high of Rs 2437.
Interest rate sensitives, realty and banking sectors suffered sharp
cut in today's trade. Indiabulls real Estate (down 1.86% to Rs
472.20), Unitech (down 6.47% to Rs 217.45) and DLF (down 3.37% to
Rs 567.65) edged lower from real estate sector.
Banking stocks declined on fears of further surge in inflation post
fuel price hike. HDFC Bank (down 3.78% to Rs 1,306.55), ICICI Bank
(down 2.97% to Rs 764.85) and State Bank of India (down 3.41% to Rs
1,394.10) edged lower.
Metal stocks declined after the Centre withdrew duty drawback
benefits on all iron & steel shipments. The move was aimed at
discouraging exports in the face of domestic inflationary
pressures. Tata Steel (down 3.86% to Rs 868.05), National Aluminium
Company (down 5.11% to Rs 506.60) and Hindalco Industries (down
5.05% to Rs 182.25), Steel Authority of India (down 3.54% to Rs
154) edged lower.
Power stocks declined on profit booing. Reliance Infrastructure
(down 4.9% to Rs 1,170.40), NTPC (down 6.39% to Rs 161.25), Power
Grid Corporation of India (down 4.11% to Rs 94.45), Reliance Power
(down 3.07% to Rs 228.60) and Tata Power Company (down 4.77% to Rs
1,292) declined.
However auto stocks held gains after posting rise in May 2008
monthly sales. Bajaj Auto rose 0.27% to Rs 576 after posting 7.57%
rise in motorcycle sales to 179,649 units in May 2008 over May
2007.The sale of total two wheelers rose 6.86% to 180,935 units, in
May 2008 over May 2007. The total two and three wheeler sale rose
by 4.17% to 201,511 units in May 2008 over May 2007.
India's largest motorcycle maker by sales Hero Honda Motors rose
5.6% to Rs 788.55. It reported a 9.54 % rise in its motorcycle
sales in May 2008 at 3,12,317 units as compared with 2,85,109 units
in May 2007.
India's largest car maker by sales Maruti Suzuki India rose 2.94%
to Rs 787. The company's total vehilcle sales rose 16% to 69,001
units in May 2008 over May 2007. Mahindra & Mahindra (up 0.76% to
Rs 597.05) edged higher. However Tata Motors declined 0.85% to Rs
572.
ITC (up 1.01% to Rs 219.85) and Bharti Airtel (up 0.14% to Rs
877.70) edged higher.
ACC (down 5.23% to Rs 626.10), Bharat Heavy Electricals (down4% to
Rs 1595.65), Reliance Communications (down 3.78% to Rs 555.35),
Ambuja Cements (down 3.1% to Rs 92.25), Ranbaxy Laboratories (down
2.76% to Rs 514.05), Wipro (down 2.51% to Rs 495.25 edged lower.
IFCI clocked the highest volume of 1.84 crore shares on BSE. Ispat
Industries (1.6 crore shares), Spice Communications (1.17 crore
shares), Chambal Fertilizers and Chemicals (1.14 crore shares) and
Reliance Natural Resources (94.69 lakh shares) are other volume
toppers in that order.
Essar Oil clocked the highest turnover of Rs 183.42 crore on BSE.
Reliance Capital (Rs 180.98 crore), Reliance Industries (Rs 173.06
crore), GSS America Infotech (Rs 142.8 crore) and Reliance
Petroleum (Rs 142.36 crore) are among other turnover toppers in
that order.
Among the side counters, private sector oil refiner Essar Oil
soared 5.61% to Rs 236.20. The company is reportedly mulling upto
$5 billion fresh debt to fund its $6 billion refinery capacity
expansion programme at Vadinar, Gujarat and for acquisition of oil
and gas blocks.
India's largest drug maker by market capitalisation Sun
Pharmaceuticals jumped 3.13% to Rs 1,446.80. The company reported
59.2% surge in net profit to Rs 247.89 crore on 32.1% rise in net
sales to Rs 780.74 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results after trading hours on Friday, 30 May
2008.
Monsanto India plunged 14.12% to Rs 1653.10 after the company's
shares started trading at Rs 180 per share ex-dividend from today,
2 June 2008.
Sesa Goa slumped 7.94% to Rs 3,946.25 after reports that the
government has imposed 15% export duty on iron ore.
Zandu Pharmaceuticals Works galloped 19.54% to Rs 9,714.90 after
Emami raised its stake in the company to 27.51% for an undisclosed
amount.
Punj Lloyd plunged 10.53% to Rs 287.05 despite reporting 459.6%
surge in net profit to Rs 129.71 crore on 87.8% rise in net sales
to Rs 1499.40 crore in Q4 March 2008 over Q4 March 2007.
Sterlite Industries India declined 1.95% to Rs 916.70 after the
company agreed to buy assets of USA's third largest copper producer
Asarco for $2.6 billion in cash.
European markets, which opened after Indian market, were trading
weak. Key benchmark indices in France, Germany and UK were down by
between 1.1% to 1.36%.
Most of the Asian markets settled higher today, 2 June 2008. Hong
Kong's Hang Seng, Taiwan Weighted, Singapore's Straits Times and
Japan's Nikkei, China's Shanghai Composite were up by between 0.34%
to 1.22%.
However South Korea's Seoul Composite declined 0.24% at 1,847.99.
US markets closed mixed on Friday, 30 May 2008. Dell earnings were
better than expectations and rebound in oil price led technology
and energy shares higher. The Dow Jones industrial average fell 7.9
points to 12,638.32. However the technology-led Nasdaq Composite
index gained 14.34 points to 2, 522.66.
U.S. light, sweet crude oil futures dipped 14 cents to $127.21 a
barrel today, 2 June 2008 as traders took profits tracking the
dollar for direction.
India's GDP grew a strong 8.8% in Q4 March 2008 from a year
earlier, led by strong expansion in the services sector, data
released by the government on Friday, 30 May 2008 showed. The Q4
annual GDP growth matched an upwardly revised 8.8% growth in Q3
December 2007. The GDP growth was 9% in FY 2008 (year ended March
2008). The government had earlier estimated annual growth of 8.7%
in FY 2008.
India's inflation based on the wholesale price index rose 8.1% in
12 months to 17 May 2008, the highest reading in more than 3-½
years and above the previous week's annual rise of 7.82%,
government data released on Friday, 30 May 2008, showed. Inflation
for the week ended 22 March 2008 was revised upwards to 7.85% from
7%.
Liberalisation of imports, banning exports and a cut in excise and
customs duties are some of the many steps initiated by the United
Progressive Alliance (UPA) government to control inflation in the
country, Finance Minister P Chidambaram said on 1 June 2008.
since second half of day's trading session, wiping-off steady early
gains. A late sell-off resulted in the benchmark index BSE Sensex
cracking below the physcological 16,000 mark, only to close
slightly above that level. However the S&P CNX Nifty shut shop
below 4,750 level. The market breadth was weak. Asian markets,
which opened before Indian markets were firm.
The market which was firm till early afternoon trade, witnessed a
sharp sell-off thereafter triggered by reports that the
Revolutionary Socialist Party (RSP), a member of the Left Front led
by the Communist Party of India-Marxist (CPM) was pulling out of
the United Progressive Alliance (UPA)-Left coordination committee.
Wary investors pressed sales over uncertainty that Left parties may
withdraw support to the government.
Weak European markets, slower manufacturing growth and widening
trade deficit, were the other demons that haunted the markets.
Shares from realty, metal and banking were axed brutally. However
auto stocks held firm throughout the day.
The 30-share BSE Sensex eroded a sharp 352.39 points or 2.15% to
16,063.18. The index climbed 217.15 points at day's high of
16,632.72, hit at the onset of trading session. Sensex lost 424.36
points at day's low of 15991.21.
The broader based S&P CNX Nifty declined 130.5 points or 2.68% to
shut shop at 4,739.60. Nifty has struck an intra-day high of
4,908.80 in opening trade. Nifty June 2008 futures were at 4696, a
sharp discount of 43.60 points as compared to spot closing of
4739.60.
The market breadth was weak on BSE with 600 shares advancing as
compared to 2066 stocks that declined. 50 stocks remained
unchanged.
The BSE Mid-Cap index declined 2.61% to 6,584.19 and BSE Small-Cap
index down 2.13% to 7,959.51.
Among the sectoral indices on BSE, the BSE Realty index (down 4% at
6,728.13), BSE PSU index (down 3.84% to 6,087.83), BSE Metal index
(down 3.66% to 16,295.26), BSE Power (down 3.66% to 2,828.74), BSE
Bankex (down 3.37% at 7,454.33), BSE Consumer Durables index (up
2.94% to 4,193.75), underperformed Sensex.
However the BSE Auto index (up 0.06% at 4,358.21), BSE FMCG index
(down 0.67% at 2,411.48), BSE Health Care index (down 1.04% at
4,350.42), BSE IT index (down 1.37% to 4,580.35), BSE TecK index
(down 1.48% to 3,561.57), BSE Oil & Gas index (down 1.83% to
10,206.71) BSE Capital Goods index (down 2.6% at 12,808.75)
outperformed Sensex.
BSE clocked a turnover of Rs 4,779 crore today compared to a
turnover of Rs 5514.14 crore on 30 May 2008.
The NSE futures & options (F&O) segment turnover was Rs 35,257.77
crore, which was slightly lower than Rs 35,883.79 crore on Friday,
30 May 2008.
Prime Minister Manmohan Singh reportedly said that the government
is left with no option but to hike the fuel prices in the wake of
soaring global crude oil prices. However government's move to hike
fuel price will face challenge from Left, and may propel inflation
above 10%.
On the other hand, if government does not hike prices, oil
marketing companies will go bankrupt, spoiling its report card.
As per petroleum minister's proposal, a hike of Rs 10 a litre in
petrol prices, Rs 5 per litre in diesel and Rs 50 per cylinder in
cooking fuel is to be considered to cut losses being incurred by
the state-run firms. But the Left parties had said they would
oppose any move to hike prices of transport and cooking fuels since
the average citizen was already burdened by high inflation.
Indian manufacturing activity slowed a fraction in May 2008 to its
lowest in 10 months, although output and new export orders rose,
but input and factory gate prices increased, a survey showed. The
ABN AMRO Bank purchasing managers' index (PMI) was a seasonally
adjusted 57.4 in May 2008 after 57.5 in April 2008, significantly
below its December 2007 reading of 61.9 which was the highest in
the survey's three-year history.
Meanwhile, trade deficit widened to $9.87 billion in April 2008 as
against $6.81 billion in April 2007. Exports grew to $14.4 billion
in April 2008-09, against $10.95 billion a year ago.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.91% to Rs 2,355.70. It
came off from its high of Rs 2437.
Interest rate sensitives, realty and banking sectors suffered sharp
cut in today's trade. Indiabulls real Estate (down 1.86% to Rs
472.20), Unitech (down 6.47% to Rs 217.45) and DLF (down 3.37% to
Rs 567.65) edged lower from real estate sector.
Banking stocks declined on fears of further surge in inflation post
fuel price hike. HDFC Bank (down 3.78% to Rs 1,306.55), ICICI Bank
(down 2.97% to Rs 764.85) and State Bank of India (down 3.41% to Rs
1,394.10) edged lower.
Metal stocks declined after the Centre withdrew duty drawback
benefits on all iron & steel shipments. The move was aimed at
discouraging exports in the face of domestic inflationary
pressures. Tata Steel (down 3.86% to Rs 868.05), National Aluminium
Company (down 5.11% to Rs 506.60) and Hindalco Industries (down
5.05% to Rs 182.25), Steel Authority of India (down 3.54% to Rs
154) edged lower.
Power stocks declined on profit booing. Reliance Infrastructure
(down 4.9% to Rs 1,170.40), NTPC (down 6.39% to Rs 161.25), Power
Grid Corporation of India (down 4.11% to Rs 94.45), Reliance Power
(down 3.07% to Rs 228.60) and Tata Power Company (down 4.77% to Rs
1,292) declined.
However auto stocks held gains after posting rise in May 2008
monthly sales. Bajaj Auto rose 0.27% to Rs 576 after posting 7.57%
rise in motorcycle sales to 179,649 units in May 2008 over May
2007.The sale of total two wheelers rose 6.86% to 180,935 units, in
May 2008 over May 2007. The total two and three wheeler sale rose
by 4.17% to 201,511 units in May 2008 over May 2007.
India's largest motorcycle maker by sales Hero Honda Motors rose
5.6% to Rs 788.55. It reported a 9.54 % rise in its motorcycle
sales in May 2008 at 3,12,317 units as compared with 2,85,109 units
in May 2007.
India's largest car maker by sales Maruti Suzuki India rose 2.94%
to Rs 787. The company's total vehilcle sales rose 16% to 69,001
units in May 2008 over May 2007. Mahindra & Mahindra (up 0.76% to
Rs 597.05) edged higher. However Tata Motors declined 0.85% to Rs
572.
ITC (up 1.01% to Rs 219.85) and Bharti Airtel (up 0.14% to Rs
877.70) edged higher.
ACC (down 5.23% to Rs 626.10), Bharat Heavy Electricals (down4% to
Rs 1595.65), Reliance Communications (down 3.78% to Rs 555.35),
Ambuja Cements (down 3.1% to Rs 92.25), Ranbaxy Laboratories (down
2.76% to Rs 514.05), Wipro (down 2.51% to Rs 495.25 edged lower.
IFCI clocked the highest volume of 1.84 crore shares on BSE. Ispat
Industries (1.6 crore shares), Spice Communications (1.17 crore
shares), Chambal Fertilizers and Chemicals (1.14 crore shares) and
Reliance Natural Resources (94.69 lakh shares) are other volume
toppers in that order.
Essar Oil clocked the highest turnover of Rs 183.42 crore on BSE.
Reliance Capital (Rs 180.98 crore), Reliance Industries (Rs 173.06
crore), GSS America Infotech (Rs 142.8 crore) and Reliance
Petroleum (Rs 142.36 crore) are among other turnover toppers in
that order.
Among the side counters, private sector oil refiner Essar Oil
soared 5.61% to Rs 236.20. The company is reportedly mulling upto
$5 billion fresh debt to fund its $6 billion refinery capacity
expansion programme at Vadinar, Gujarat and for acquisition of oil
and gas blocks.
India's largest drug maker by market capitalisation Sun
Pharmaceuticals jumped 3.13% to Rs 1,446.80. The company reported
59.2% surge in net profit to Rs 247.89 crore on 32.1% rise in net
sales to Rs 780.74 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results after trading hours on Friday, 30 May
2008.
Monsanto India plunged 14.12% to Rs 1653.10 after the company's
shares started trading at Rs 180 per share ex-dividend from today,
2 June 2008.
Sesa Goa slumped 7.94% to Rs 3,946.25 after reports that the
government has imposed 15% export duty on iron ore.
Zandu Pharmaceuticals Works galloped 19.54% to Rs 9,714.90 after
Emami raised its stake in the company to 27.51% for an undisclosed
amount.
Punj Lloyd plunged 10.53% to Rs 287.05 despite reporting 459.6%
surge in net profit to Rs 129.71 crore on 87.8% rise in net sales
to Rs 1499.40 crore in Q4 March 2008 over Q4 March 2007.
Sterlite Industries India declined 1.95% to Rs 916.70 after the
company agreed to buy assets of USA's third largest copper producer
Asarco for $2.6 billion in cash.
European markets, which opened after Indian market, were trading
weak. Key benchmark indices in France, Germany and UK were down by
between 1.1% to 1.36%.
Most of the Asian markets settled higher today, 2 June 2008. Hong
Kong's Hang Seng, Taiwan Weighted, Singapore's Straits Times and
Japan's Nikkei, China's Shanghai Composite were up by between 0.34%
to 1.22%.
However South Korea's Seoul Composite declined 0.24% at 1,847.99.
US markets closed mixed on Friday, 30 May 2008. Dell earnings were
better than expectations and rebound in oil price led technology
and energy shares higher. The Dow Jones industrial average fell 7.9
points to 12,638.32. However the technology-led Nasdaq Composite
index gained 14.34 points to 2, 522.66.
U.S. light, sweet crude oil futures dipped 14 cents to $127.21 a
barrel today, 2 June 2008 as traders took profits tracking the
dollar for direction.
India's GDP grew a strong 8.8% in Q4 March 2008 from a year
earlier, led by strong expansion in the services sector, data
released by the government on Friday, 30 May 2008 showed. The Q4
annual GDP growth matched an upwardly revised 8.8% growth in Q3
December 2007. The GDP growth was 9% in FY 2008 (year ended March
2008). The government had earlier estimated annual growth of 8.7%
in FY 2008.
India's inflation based on the wholesale price index rose 8.1% in
12 months to 17 May 2008, the highest reading in more than 3-½
years and above the previous week's annual rise of 7.82%,
government data released on Friday, 30 May 2008, showed. Inflation
for the week ended 22 March 2008 was revised upwards to 7.85% from
7%.
Liberalisation of imports, banning exports and a cut in excise and
customs duties are some of the many steps initiated by the United
Progressive Alliance (UPA) government to control inflation in the
country, Finance Minister P Chidambaram said on 1 June 2008.
Monday, June 2, 2008
Pre Market Report 02/06/2008
The market is likely to stay range-bound amidst flat global cues. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
However in coming weeks, markemen would be eyeing two things. One would be progress of monsoon and second would be the advance tax figures.
Sentiment may stay cautious ahead of the impending decision on fuel prices.
Asian markets were trading mixed today, 2 June 2008. Hong Kong's Hang Seng (up 0.24% at 24,592.62), Taiwan Weighted (up 0.72% at 8,681.30), Singapore's Straits Times (up 0.03% at 3,193.55) and Japan's Nikkei (up 0.21% at 14,349.15) advanced.
However China's Shanghai Composite (down 0.21% at 3,426.27), Seoul Composite (down 0.27% at 1,847.0), declined
US markets closed mixed on Friday, 30 May 2008. Dell earnings were better than expectations and rebound in oil price led technology and energy shares higher. The Dow Jones industrial average fell 7.9 points to 12,638.32. However the technology-led Nasdaq Composite index gained 14.34 points to 2, 522.66.
Back home, the market posted decent gains on Friday, 30 May 2008, led by fall in global crude oil prices and strong Q4 GDP data. The 30-share BSE Sensex rose 99.31 points or 0.61% to 16,415.57 and the broader based S&P CNX Nifty rose 34.8 points or 0.72% at 4870.10, on that day.
The BSE Sensex declined 234.07 points or 1.41% to 16,415.57 in the week ended Friday, 30 May 2008. S&P CNX Nifty lost 76.45 points or 1.54% to 4,870.10 in the week.
As per provisional data, foreign funds purchased shares worth a net Rs 106.37 crore on Friday, 30 May 2008. Domestic funds bought shares worth a net Rs 729.93 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 333.22 crore in the futures & options segment on Friday, 30 May 2008. They were net buyers of index futures to the tune of Rs 31.71 crore and bought index options worth Rs 577.10 crore. They were net sellers of stock futures to the tune of Rs 364.21 crore and bought stock options worth Rs 88.62 crore.
U.S. light, sweet crude oil futures dipped 14 cents to $127.21 a barrel today, 2 June 2008 as traders took profits tracking the dollar for direction.
India's GDP grew a strong 8.8% in Q4 March 2008 from a year earlier, led by strong expansion in the services sector, data released by the government on Friday, 30 May 2008 showed. The Q4 annual GDP growth matched an upwardly revised 8.8% growth in Q3 December 2007. The GDP growth was 9% in FY 2008 (year ended March 2008). The government had earlier estimated annual growth of 8.7% in FY 2008.
India's inflation based on the wholesale price index rose 8.1% in 12 months to 17 May 2008, the highest reading in more than 3-½ years and above the previous week's annual rise of 7.82%, government data released on Friday, 30 May 2008, showed. Inflation for the week ended 22 March 2008 was revised upwards to 7.85% from 7%.
However in coming weeks, markemen would be eyeing two things. One would be progress of monsoon and second would be the advance tax figures.
Sentiment may stay cautious ahead of the impending decision on fuel prices.
Asian markets were trading mixed today, 2 June 2008. Hong Kong's Hang Seng (up 0.24% at 24,592.62), Taiwan Weighted (up 0.72% at 8,681.30), Singapore's Straits Times (up 0.03% at 3,193.55) and Japan's Nikkei (up 0.21% at 14,349.15) advanced.
However China's Shanghai Composite (down 0.21% at 3,426.27), Seoul Composite (down 0.27% at 1,847.0), declined
US markets closed mixed on Friday, 30 May 2008. Dell earnings were better than expectations and rebound in oil price led technology and energy shares higher. The Dow Jones industrial average fell 7.9 points to 12,638.32. However the technology-led Nasdaq Composite index gained 14.34 points to 2, 522.66.
Back home, the market posted decent gains on Friday, 30 May 2008, led by fall in global crude oil prices and strong Q4 GDP data. The 30-share BSE Sensex rose 99.31 points or 0.61% to 16,415.57 and the broader based S&P CNX Nifty rose 34.8 points or 0.72% at 4870.10, on that day.
The BSE Sensex declined 234.07 points or 1.41% to 16,415.57 in the week ended Friday, 30 May 2008. S&P CNX Nifty lost 76.45 points or 1.54% to 4,870.10 in the week.
As per provisional data, foreign funds purchased shares worth a net Rs 106.37 crore on Friday, 30 May 2008. Domestic funds bought shares worth a net Rs 729.93 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 333.22 crore in the futures & options segment on Friday, 30 May 2008. They were net buyers of index futures to the tune of Rs 31.71 crore and bought index options worth Rs 577.10 crore. They were net sellers of stock futures to the tune of Rs 364.21 crore and bought stock options worth Rs 88.62 crore.
U.S. light, sweet crude oil futures dipped 14 cents to $127.21 a barrel today, 2 June 2008 as traders took profits tracking the dollar for direction.
India's GDP grew a strong 8.8% in Q4 March 2008 from a year earlier, led by strong expansion in the services sector, data released by the government on Friday, 30 May 2008 showed. The Q4 annual GDP growth matched an upwardly revised 8.8% growth in Q3 December 2007. The GDP growth was 9% in FY 2008 (year ended March 2008). The government had earlier estimated annual growth of 8.7% in FY 2008.
India's inflation based on the wholesale price index rose 8.1% in 12 months to 17 May 2008, the highest reading in more than 3-½ years and above the previous week's annual rise of 7.82%, government data released on Friday, 30 May 2008, showed. Inflation for the week ended 22 March 2008 was revised upwards to 7.85% from 7%.
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