The market may recover after last two days' steep fall tracking overnight recovery in US stocks and sharp fall in global crude oil prices. However, sustained selling by foreign funds, political uncertainty and expectation of a surge in inflation will cap upside.
The government will today release inflation data for the year through 7 June 2008. Market men expectation inflation to rise to about 10% in the year through 7 June 2008 as the data will capture effect of a rise in retail fuel prices announced by the Union government on 4 June 2008. Inflation based on the wholesale price index rose 8.75% in the 12 months to 31 May 2008, the highest reading in more than seven year.
The market's concerns are that the Reserve Bank of India (RBI) may further tighten the monetary policy to rein in inflation
Foreign funds have pressed heavy sales of Indian stocks this month. As per provisional data, they sold shares worth a net Rs 598.36 crore yesterday, 19 June 2008. Their outflow totaled Rs Rs 7125.20 crore this month, till 18 June 2008.
Sensex lost 608.91 points or 3.87% to 15,087.99 on 19 June 2008 from 15,696.90 on 17 June 2008 due to weak global markets and due to political uncertainty. As per reports, CPM, a key left party, may be working on a plan to pull out support to the Congress-led UPA government at the Centre. Left parties have threatened to pull support to the government if it took further steps on the Indo-US nuclear deal. Left parties are opposing the agreement, saying it undermines India's independent foreign policy and nuclear weapons program.
US stocks rose Thursday, 19 June 2008, as a drop in oil prices fueled investor optimism about consumer spending, driving shares of transportation and retailers sharply higher. The Dow Jones Industrial Average gained 34.03 points or 0.28% to 12,063.09. The tech-laden Nasdaq Composite Index rose 32.35 points or 1.33% to 2,462.06.
US crude for July delivery settled down $4.75, or 3.48%, at $131.93 per barrel on the New York Mercantile Exchange on Thursday. It lost further to $131.71 today as China's surprise move to increase fuel prices sparked worries about a curb in demand from the world's second largest consumer.
Friday, June 20, 2008
Thursday, June 19, 2008
Pre Market Report 19/06/2008
Weak global cues coupled with the possibility of a surge in crude oil prices may keep the market depressed in early trade.
Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17
US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.
The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.
Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.
The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.
As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.
Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.
Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.
Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country's crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.
Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17
US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.
The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.
Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.
The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.
As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.
Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.
Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.
Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country's crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.
Post Market Report 18/06/2008
Bears struck back with a vengeance on the bourses today after a
sharp rally in the past two days. Bears used the ploy of weak
European markets and deferral of a crucial UPA-Left coordination
committee meeting on Indo-US nuclear deal scheduled today, to bring
share prices down. The decline followed a range bound movement on
the bourses for a better part of the day till early afternoon
trade. News of deferral of the UPA-Left meet on nuclear deal hit
the market in afternoon trade.
Banking and IT stocks bore the major brunt of selling. FMCG stocks
rose on defensive buying.
Media reports had suggested that the government would try to
persuade the communists in today's meeting to at least allow it to
conclude negotiations with the International Atomic Energy Agency
(IAEA), a crucial step in putting the deal into effect. The nuclear
deal, if finalised, will meet some of India's energy needs.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31.
The index shed 306.68 points at the day's low of 15,390.22 hit at
the fag end of the trading session. At the day's high of 15,789.62,
Sensex gained 92.72 points in early trade.
The broader based S&P CNX Nifty was down 70.6 points or 1.52% at
4582.40. Nifty June 2008 futures were at 4561.40, a discount of 21
points compared with the spot closing.
Reports of good monsoon in the first half this month, higher
advance tax paid by key Indian corporates, and cooling off of oil
prices from record high had boosted the battered bourses in the
past two day. Sensex had risen 507.28 points or 3.33% to 15696.90
on Tuesday, 17 June 2008 from its close of 15189.62 on 13 June
2008.
The barometer index is down 5784.46 points or 27.27% from a record
high of 21206.77 it hit on 10 January 2008. Slowdown in corporate
earnings caused by moderation in economic growth and increase in
risk aversion globally due to credit crisis in the United States,
has triggered a massive fall on the Indian bourses this year.
Coming back to today's trade, the market breadth, which was strong
in early trade, turned weak later as mid-and small-cap stocks lost
ground later in the day. On BSE with 1254 shares advanced as
compared to 1402 that declined. 75 remained unchanged. The breadth.
The BSE Mid-Cap index down 0.63% to 6,359.79 and BSE Small-Cap
index was down 0.08% to 7,775.29.
BSE clocked a turnover of Rs 6160 crore as against Rs 5,337.45
crore on Tuesday, 17 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 47440.71 crore, which was higher than Rs
42624.38 crore on Tuesday, 17 June 2008.
India's biggest drugmaker by sales Ranbaxy Laboratories advanced
2.88% to Rs 598.20 on reports Japanese drug-maker Daiichi-Sankyo
may revise the open offer price for minority shareholders if US
drug major Pfizer launches a counter offer. The stock rose on heavy
volume of 40.8 lakh shares on BSE.
In a major development announced after trading hours today, 18 June
2008, Ranbaxy Laboratories said it has reached a comprehensive
settlement over disputes with Pfizer, clearing the way to launch
generic version of the US firm's cholesterol drug Lipitor. The
settlement covers the United States, Europe, Canada and Australia.
Banking stocks witnessed massive selling pressure after rise in
past two sessions. India's largest private sector bank by assets
ICICI Bank fell 4.25% at Rs 785.35. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
Axis Bank (down 5.16% at Rs 753.25), HDFC Bank (down 4.23% at Rs
650.25), and State Bank of India (down 2.61% at Rs 1,350.90),
slipped. The BSE Bankex underperformed the Sensex, falling 3.45% to
7,306.44.
The BSE IT index underperformed the Sensex, sliding 2.39% to
4,333.94. HCL Technologies (down 4.41% at Rs 279.40), Satyam
Computer (down 2.44% at Rs 472.50), TCS (down 2.27% at Rs 900.50),
Wipro (down 1.94% at Rs 484.85), declined.
India's second largest software exporter by sales Infosys
Technologies fell 2.49% at Rs 1,865.70. Infosys has a second
highest weightage of 8.80% in BSE Sensex.
Cement stocks were in demand. Ambuja Cements (up 4.80% at Rs
90.65), ACC (up 0.88% at Rs 643.20), and Grasim Industries (up
2.38% at Rs 2229.10), rose. Some cement makers have reportedly paid
higher advance taxes in the June 2008 quarter, hinting at the
possibility of brisk business in the current fiscal.
Realty stocks tumbled. The BSE Realty index underperformed the
Sensex, falling 3.50% to 5,885.78. Indiabulls Real Estate (down
6.07% at Rs 397.90), Sobha Developers (down 3.36% at Rs 395.45),
Unitech (down 3.31% at Rs 200.25), and DLF (down 2.68% at Rs
492.35), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.96% at Rs 2283.50. RIL
has a highest weightage of 15.76% in BSE Sensex.
India's second largest cellular services provider Reliance
Communication rose 0.42% to Rs 527.95. As per reports, Anil Ambani
is considering buying more than 40% in South Africa-based MTN. The
stock had lost 2.42% to Rs 530.20 on Tuesday, 17 June 2008 from Rs
543.35 on Friday, 13 June 2008, after RIL on Friday, 13 June 2008,
claimed first right of refusal to buy a controlling stake in
Reliance Communication (RCom).
RCom, controlled by Anil Ambani, is in exclusive talks with South
Africa's MTN for a tie-up that could create a top-10 global
telecoms firm.
Drug maker Plethico Pharmaceuticals rose 2.75% to Rs 384.80 on
reports the company plans to acquire a US-based nutraceutical
company for about $80 million to $100 million.
Auto lubricants maker Tide Water Oil was locked at upper limit of
5% at Rs 4040.40 on reports Reliance Industries, French oil giant
Total, US oil giant Chevron, Hinduja group and Keventer group have
evinced interest in bidding for Andrew Yule's stake in the firm.
IT soulutions provider Cambridge Solutions was locked at upper
limit of 20% at Rs 57.80 on reporting net profit of Rs 17.18 crore
in Q4 March 2008 as compared to net loss of Rs 1.65 crore in Q3
December 2007.
Anu's Laboratories clocked the highest turnover of Rs 643.25 crore
on BSE. Reliance Capital (Rs 286.03 crore), Ranbaxy Laboratories
(Rs 245.66 crore), Reliance Industries (Rs 211.08 crore), and
Reliance Petroleum (Rs 163.08 crore), were the other turnover
toppers on BSE in that order.
Anu's Laboratories reported a highest volume of 1.49 crore shares
on BSE. Ispat Industries (1.39 crore shares), Chambal Fertilizers
and Chemical (1.30 crore shares), Reliance Natural Resources (1.27
crore shares) and IFCI (1.14 crore shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian market, were trading
lower. Key indices in UK, France and Germany were down by 0.25% to
1.17%.
Asian markets, which opened before Indian market, were trading
higher. Key benchmark indices in China, Hong Kong, Japan,
Singapore, South Korea and Taiwan were up by 0.19% to 5.24%.
US market closed lower yesterday, 17 June 2008, following a warning
from Goldman Sachs that banks may need to raise another $ 65
billion to tide over the credit crisis. The news rippled through
the market, offsetting any positive impact from Goldman's earnings.
The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to
12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to
1,350.93, while the Nasdaq composite index lost 17.05 points, or
0.69%, to 2,457.
US crude oil futures fell further on Wednesday, 18 June 2008, after
settling lower for a third day in a row on Tuesday, 17 June 2008,
on expectations Saudi Arabia will soon boost output. Front-month US
crude for July delivery was down 65 cents, or 0.49%, at $133.36 a
barrel on the Globex electronic trading platform.
sharp rally in the past two days. Bears used the ploy of weak
European markets and deferral of a crucial UPA-Left coordination
committee meeting on Indo-US nuclear deal scheduled today, to bring
share prices down. The decline followed a range bound movement on
the bourses for a better part of the day till early afternoon
trade. News of deferral of the UPA-Left meet on nuclear deal hit
the market in afternoon trade.
Banking and IT stocks bore the major brunt of selling. FMCG stocks
rose on defensive buying.
Media reports had suggested that the government would try to
persuade the communists in today's meeting to at least allow it to
conclude negotiations with the International Atomic Energy Agency
(IAEA), a crucial step in putting the deal into effect. The nuclear
deal, if finalised, will meet some of India's energy needs.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31.
The index shed 306.68 points at the day's low of 15,390.22 hit at
the fag end of the trading session. At the day's high of 15,789.62,
Sensex gained 92.72 points in early trade.
The broader based S&P CNX Nifty was down 70.6 points or 1.52% at
4582.40. Nifty June 2008 futures were at 4561.40, a discount of 21
points compared with the spot closing.
Reports of good monsoon in the first half this month, higher
advance tax paid by key Indian corporates, and cooling off of oil
prices from record high had boosted the battered bourses in the
past two day. Sensex had risen 507.28 points or 3.33% to 15696.90
on Tuesday, 17 June 2008 from its close of 15189.62 on 13 June
2008.
The barometer index is down 5784.46 points or 27.27% from a record
high of 21206.77 it hit on 10 January 2008. Slowdown in corporate
earnings caused by moderation in economic growth and increase in
risk aversion globally due to credit crisis in the United States,
has triggered a massive fall on the Indian bourses this year.
Coming back to today's trade, the market breadth, which was strong
in early trade, turned weak later as mid-and small-cap stocks lost
ground later in the day. On BSE with 1254 shares advanced as
compared to 1402 that declined. 75 remained unchanged. The breadth.
The BSE Mid-Cap index down 0.63% to 6,359.79 and BSE Small-Cap
index was down 0.08% to 7,775.29.
BSE clocked a turnover of Rs 6160 crore as against Rs 5,337.45
crore on Tuesday, 17 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 47440.71 crore, which was higher than Rs
42624.38 crore on Tuesday, 17 June 2008.
India's biggest drugmaker by sales Ranbaxy Laboratories advanced
2.88% to Rs 598.20 on reports Japanese drug-maker Daiichi-Sankyo
may revise the open offer price for minority shareholders if US
drug major Pfizer launches a counter offer. The stock rose on heavy
volume of 40.8 lakh shares on BSE.
In a major development announced after trading hours today, 18 June
2008, Ranbaxy Laboratories said it has reached a comprehensive
settlement over disputes with Pfizer, clearing the way to launch
generic version of the US firm's cholesterol drug Lipitor. The
settlement covers the United States, Europe, Canada and Australia.
Banking stocks witnessed massive selling pressure after rise in
past two sessions. India's largest private sector bank by assets
ICICI Bank fell 4.25% at Rs 785.35. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
Axis Bank (down 5.16% at Rs 753.25), HDFC Bank (down 4.23% at Rs
650.25), and State Bank of India (down 2.61% at Rs 1,350.90),
slipped. The BSE Bankex underperformed the Sensex, falling 3.45% to
7,306.44.
The BSE IT index underperformed the Sensex, sliding 2.39% to
4,333.94. HCL Technologies (down 4.41% at Rs 279.40), Satyam
Computer (down 2.44% at Rs 472.50), TCS (down 2.27% at Rs 900.50),
Wipro (down 1.94% at Rs 484.85), declined.
India's second largest software exporter by sales Infosys
Technologies fell 2.49% at Rs 1,865.70. Infosys has a second
highest weightage of 8.80% in BSE Sensex.
Cement stocks were in demand. Ambuja Cements (up 4.80% at Rs
90.65), ACC (up 0.88% at Rs 643.20), and Grasim Industries (up
2.38% at Rs 2229.10), rose. Some cement makers have reportedly paid
higher advance taxes in the June 2008 quarter, hinting at the
possibility of brisk business in the current fiscal.
Realty stocks tumbled. The BSE Realty index underperformed the
Sensex, falling 3.50% to 5,885.78. Indiabulls Real Estate (down
6.07% at Rs 397.90), Sobha Developers (down 3.36% at Rs 395.45),
Unitech (down 3.31% at Rs 200.25), and DLF (down 2.68% at Rs
492.35), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.96% at Rs 2283.50. RIL
has a highest weightage of 15.76% in BSE Sensex.
India's second largest cellular services provider Reliance
Communication rose 0.42% to Rs 527.95. As per reports, Anil Ambani
is considering buying more than 40% in South Africa-based MTN. The
stock had lost 2.42% to Rs 530.20 on Tuesday, 17 June 2008 from Rs
543.35 on Friday, 13 June 2008, after RIL on Friday, 13 June 2008,
claimed first right of refusal to buy a controlling stake in
Reliance Communication (RCom).
RCom, controlled by Anil Ambani, is in exclusive talks with South
Africa's MTN for a tie-up that could create a top-10 global
telecoms firm.
Drug maker Plethico Pharmaceuticals rose 2.75% to Rs 384.80 on
reports the company plans to acquire a US-based nutraceutical
company for about $80 million to $100 million.
Auto lubricants maker Tide Water Oil was locked at upper limit of
5% at Rs 4040.40 on reports Reliance Industries, French oil giant
Total, US oil giant Chevron, Hinduja group and Keventer group have
evinced interest in bidding for Andrew Yule's stake in the firm.
IT soulutions provider Cambridge Solutions was locked at upper
limit of 20% at Rs 57.80 on reporting net profit of Rs 17.18 crore
in Q4 March 2008 as compared to net loss of Rs 1.65 crore in Q3
December 2007.
Anu's Laboratories clocked the highest turnover of Rs 643.25 crore
on BSE. Reliance Capital (Rs 286.03 crore), Ranbaxy Laboratories
(Rs 245.66 crore), Reliance Industries (Rs 211.08 crore), and
Reliance Petroleum (Rs 163.08 crore), were the other turnover
toppers on BSE in that order.
Anu's Laboratories reported a highest volume of 1.49 crore shares
on BSE. Ispat Industries (1.39 crore shares), Chambal Fertilizers
and Chemical (1.30 crore shares), Reliance Natural Resources (1.27
crore shares) and IFCI (1.14 crore shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian market, were trading
lower. Key indices in UK, France and Germany were down by 0.25% to
1.17%.
Asian markets, which opened before Indian market, were trading
higher. Key benchmark indices in China, Hong Kong, Japan,
Singapore, South Korea and Taiwan were up by 0.19% to 5.24%.
US market closed lower yesterday, 17 June 2008, following a warning
from Goldman Sachs that banks may need to raise another $ 65
billion to tide over the credit crisis. The news rippled through
the market, offsetting any positive impact from Goldman's earnings.
The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to
12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to
1,350.93, while the Nasdaq composite index lost 17.05 points, or
0.69%, to 2,457.
US crude oil futures fell further on Wednesday, 18 June 2008, after
settling lower for a third day in a row on Tuesday, 17 June 2008,
on expectations Saudi Arabia will soon boost output. Front-month US
crude for July delivery was down 65 cents, or 0.49%, at $133.36 a
barrel on the Globex electronic trading platform.
Wednesday, June 18, 2008
Niraj Cement Structurals Ltd IPO Listing Info
IPO Listing Date: Thursday, June 19, 2008
BSE Script Code: 532986
Listing in: ‘ B’ Group of Securities
ISIN: INE368I01016
Issue Price: Rs. 190/-
Face Value: Rs 10/- Per Equity Share
BSE Script Code: 532986
Listing in: ‘ B’ Group of Securities
ISIN: INE368I01016
Issue Price: Rs. 190/-
Face Value: Rs 10/- Per Equity Share
Pre Market Report 18/06/2008
The market is likely to stay range-bound on mixed global cues. However the sustained fall in crude oil prices and robust advance tax for Q1 June 2008 may boost the sentiment.
Asian markets were trading higher today, 18 June 2008. Shanghai Composite advanced 2.79% or 77.96 points at 2,872.71, Nikkei rose 0.66% or 94.03 points at 14,442.40, Hong Kong's Hang Seng gained 0.60% or 138.33 points at 23,196.32, Taiwan Weighted surged 0.49% or 39.83 points at 8,241.62 and South Korea's Seoul Composite was up 0.48% or 8.38 points at 1,759.09 and Singapore's Straits Times rose 0.02% or 2.3 points at 3,029.92
US market closed lower yesterday, 17 June 2008, on account of a warning from Goldman Sachs that banks may need to raise another $ 65 billion to tide over the credit crisis. The news rippled through the market, offsetting any positive impact from Goldman's earnings. The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to 12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to 1,350.93, while the Nasdaq composite index lost 17.05 points, or 0.69%, to 2,457.
Bulls had an upper hand over bears yesterday, 17 June 2008, boosted by reports of higher advance tax payment by top Indian firms in the first installment of 15 June 2008, reports of good monsoon in the initial phase and easing of oil prices from record high. Banking and realty shares led the rally.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90 and the broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653, on that day.
As per provisional data, foreign funds bought shares worth a net Rs 142.36 crore yesterday, 17 June 2008. Domestic funds bought shares worth a net Rs 420.08 crore.
As per reports, India's monsoon rains in the first half of June 2008 were more than 40% above the long-term average, raising hopes of strong crop output at a time when rising food prices have helped push inflation to 7-year highs.
Crude oil fell for a fourth day yesterday, 17 June 2008, on signs that fuel demand in the US, the world's largest consumer, is declining as record prices curb usage. US crude futures for July fell 66 cents to $133.35 a barrel, taking four-day losses to over $3.30 a barrel or 2.4%.
Asian markets were trading higher today, 18 June 2008. Shanghai Composite advanced 2.79% or 77.96 points at 2,872.71, Nikkei rose 0.66% or 94.03 points at 14,442.40, Hong Kong's Hang Seng gained 0.60% or 138.33 points at 23,196.32, Taiwan Weighted surged 0.49% or 39.83 points at 8,241.62 and South Korea's Seoul Composite was up 0.48% or 8.38 points at 1,759.09 and Singapore's Straits Times rose 0.02% or 2.3 points at 3,029.92
US market closed lower yesterday, 17 June 2008, on account of a warning from Goldman Sachs that banks may need to raise another $ 65 billion to tide over the credit crisis. The news rippled through the market, offsetting any positive impact from Goldman's earnings. The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to 12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to 1,350.93, while the Nasdaq composite index lost 17.05 points, or 0.69%, to 2,457.
Bulls had an upper hand over bears yesterday, 17 June 2008, boosted by reports of higher advance tax payment by top Indian firms in the first installment of 15 June 2008, reports of good monsoon in the initial phase and easing of oil prices from record high. Banking and realty shares led the rally.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90 and the broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653, on that day.
As per provisional data, foreign funds bought shares worth a net Rs 142.36 crore yesterday, 17 June 2008. Domestic funds bought shares worth a net Rs 420.08 crore.
As per reports, India's monsoon rains in the first half of June 2008 were more than 40% above the long-term average, raising hopes of strong crop output at a time when rising food prices have helped push inflation to 7-year highs.
Crude oil fell for a fourth day yesterday, 17 June 2008, on signs that fuel demand in the US, the world's largest consumer, is declining as record prices curb usage. US crude futures for July fell 66 cents to $133.35 a barrel, taking four-day losses to over $3.30 a barrel or 2.4%.
Post Market Report::17/06/2008
Bulls had an upper hand over bears for a second day in a row today
with market sentiment boosted by reports of higher advance tax
payment by top Indian firms in the first installment of 15 June
2008, reports of good monsoon in the initial phase and easing of
oil prices from record high. Banking and realty shares led the
rally.
The rally gathered strength in the second half of the trading
session tracking firm European markets which opened after Indian
market. All the sectoral indices on BSE were in green indicating
that the rally was broad-based. Maruti Suzuki India, India's
biggest car maker in terms of market share, spurted in the late
trade.
As per provisional data, foreign funds bought shares worth a net Rs
142.36 crore today, 17 June 2008. Domestic funds bought shares
worth a net Rs 420.08 crore.
European markets edged higher as reports suggested that the
expectations of a US rate hike have been overplayed. Key indices in
UK, France and Germany were up by 0.87% to 1.57%.
Asian markets were trading on a mixed note. Key indices in China,
Japan, South Korea, and Singapore were down by 0.04% to 2.76%.
However, Taiwan's Taiwan Weighted index was up 0.39% and Hong
Kong's Hang Seng was up 0.12%.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90.
At the day's high of 15,732.75 Sensex gained 336.93 points at the
fag end of the trading session. The index shed 37.84 points at the
day's low of 15,357.98, hit in early trade.
The broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653.
Nifty June 2008 futures were at 4639.35, a discount of 13.65 points
compared with the spot closing.
The BSE Mid-Cap index rose 1.59% to 6,400.18. The BSE Small-Cap
index was up 1.46% to 7,781.30. Both these indices underperformed
the Sensex.
The market breadth was strong on BSE with 1802 shares advancing as
compared to 882 that declined. 80 remained unchanged.
BSE clocked a turnover of Rs 5312 crore as against Rs 4,537.92 on
Monday, 16 June 2008. NSE's futures & options (F&O) segment
turnover was Rs 42624.38 crore, which was higher than Rs 40166.83
crore on Monday, 16 June 2008.
As per reports, India's monsoon rains in the first half of June
2008 were more than 40% above the long-term average, raising hopes
of strong crop output at a time when rising food prices have helped
push inflation to 7-year highs.
Many companies have recorded a higher advance tax outgo in the
first installment of 15 June 2008 compared to the corresponding
period last year, raising expectations of good June 2008 results.
The finance minister expects direct tax collection for the current
year to cross Rs 4 lakh crore. Advance taxes are paid in four
instalments, in June, September, December and March. Usually, the
first instalment is 15% of the total tax estimated to be paid for
the whole fiscal.
Oil steadied today, 17 June 2008, after touching a record near $140
the previous day, with traders caught between a weaker dollar and
expectations that top exporter Saudi Arabia will ramp up output to
its highest rate in decades. US crude slipped 15 cents to $134.46 a
barrel after ending 25 cents lower on Monday, 16 June 2008, as
traders quickly took profit from a rally to a record $139.89
triggered by a falling dollar and the closure of a North Sea oil
platform.
India's largest dedicated housing finance firm by operating income
Housing Development Finance Corporation (HDFC) jumped 5.99% at Rs
2298.05. HDFC paid advance tax of Rs 140 crore in the first
installment of 15 June 2008, marking an over 40% increase over the
corresponding figure in the previous year.
India's largest passenger car maker in terms of market share Maruti
Suzuki soared 5.22% at Rs 755.60 on reports the company plans to
counter Ratan Tata's Nano with a stripped-down version of its
flagship model Maruti 800.
Battered bank stocks rose on reports of higher advance tax paid by
prominent banking/finance firms. The BSE Bankex outperformed the
Sensex, rising 4.29% to 7,567.17. Indian Overseas Bank (up 8.49% at
Rs 114.35), Axis Bank (up 7.89% at Rs 794.20), Kotak Mahindra Bank
(up 7.45% at Rs 679), and HDFC Bank (up 4.87% at Rs 1207.55),
spurted.
India's largest commercial bank State Bank of India rose 4.57% at
Rs 1387.05. The bank recorded a 32% increase in advance tax payment
to Rs 663 crore Q1 June 2008 over Q1 June 2007.
India's largest private sector bank by assets ICICI Bank rose 2.70%
at Rs 820.25. The stock had hit a low of Rs 785.55 earlier in the
day. ICICI Bank's tax outgo jumped 38% to Rs 340 crore in Q1 June
2008 over Q1 June 2007. ICICI Bank paid advance tax of Rs 1,108.6
crore in the whole of last fiscal. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
The BSE Realty index outperformed the Sensex, rising 3.89% to
6,099.19. Indiabulls Real Estate (up 6.34% at Rs 423.60), Unitech
(up 4.70% at Rs 207.10), and DLF (up 2.99% at Rs 505.90), soared.
India's second largest software exporter by sales Infosys
Technologies rose 0.32% at Rs 1913.30. Infosys has a second highest
weightage of 8.80% in BSE Sensex.
India's second largest listed cellular service provider by sales
Reliance Communication (RCOM) declined 0.92% to Rs 530.20. The
stock is southward bound since Monday, 16 June 2008, after Reliance
Industries, India's largest private sector firm by market
capitalisation and oil refiner, claimed first right of refusal to
buy a controlling stake in it. Reliance Communications, controlled
by Anil Ambani, is in exclusive talks with South Africa's MTN about
a tie-up that could create a top-10 global telecoms firm. As part
of a tie-up, Anil Ambani would likely swap his controlling stake in
Reliance Communications to become the largest shareholder in MTN.
On Monday, the RCOM stock had ended 1.52% lower at Rs 535.10.
Reliance Industries (RIL) rose 1.94% at Rs 2329.20. RIL has a
highest weightage of 15.76% in BSE Sensex.
Anil Dhirubhai Ambani group Reliance Power rose 3.41% at Rs 191 on
reports the firm will get a $500 million loan from the Asian
Development Bank for its 4,000 megawatt ultra mega power project
coming up in Andhra Pradesh.
Chemicals maker GHCL spurted 6.82% at Rs 77.55 on reports the Al
Rostmani Group of the United Arab Emirates is planning to pick up a
majority stake in the firm for an estimated Rs 700 crore.
Real estate developer Housing Development and Infrastructure (HDIL)
rose 2.75% at Rs 606.15 on reports the firm is eyeing the power
sector as part of its diversification strategy.
South Indian Bank surged 3.12% to Rs 127.15 after the private
sector bank said its board will meet on 28 June 2008 to consider
issue of bonus shares.
Commercial vehicles maker Ashok Leyland gained 0.92% to Rs 33.05
after the company said it has made a strategic investment in
Albonair GmbH, Germany for development of vehicle emission
treatment products.
Among side counters, Ravalgaon Sugar Farm (up 20% at Rs 5729.10),
Torrent Pharmaceuticals (up 20% at Rs 185), Vaibhav Gems (up 20% at
Rs 73.95), Essar Shipping (up 9.48% at Rs 129.90), UCO Bank (9.47%
at Rs 42.20), Indiabulls Financial Services (up 9.01% at Rs
368.50), spurted.
Anu's Laboratories clocked a highest turnover of Rs 449.52 crore on
BSE. Reliance Capital (Rs 194.12 crore), Reliance Industries (Rs
180.93 crore), Reliance Petroleum (Rs 162.72 crore) and Larsen &
Toubro (Rs 127.31 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilizers & Chemicals reported a highest volume of 1.22
crore shares on BSE. Anu's Laboratories (1.10 crore shares),
Reliance Natural Resources (98.96 lakh shares), Nagarjuna
Fertilizers & Chemicals (95.46 crore shares) and Reliance Petroleum
(88.52 lakh shares), were the other volume toppers on BSE in that
order.
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A
rally was sparked in banking stocks with Lehman Brothers declaring
results in line with market expectations. The Dow Jones industrial
average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500
index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq
Composite index added 20.28 points, or 0.83%, to 2,474.78.
Foreign institutional investors (FIIs) stepped up selling of Indian
equities on Monday, 16 June 2008. As per data released by the
Securities & Exchange Board of India (Sebi) today, 17 June 2008,
foreign funds sold shares worth a net Rs 532.80 crore on 16 June
2008, much higher than their outflow of Rs 51.80 crore on the
previous trading session on Friday, 13 June 2008. FIIs had pressed
heavy sales worth Rs 1141.70 crore on Thursday, 12 June 2008.
The BSE Sensex had risen 206.20 points or 1.36% at 15,395.82 on
Monday, 16 June 2008, on the back of firm global markets.
with market sentiment boosted by reports of higher advance tax
payment by top Indian firms in the first installment of 15 June
2008, reports of good monsoon in the initial phase and easing of
oil prices from record high. Banking and realty shares led the
rally.
The rally gathered strength in the second half of the trading
session tracking firm European markets which opened after Indian
market. All the sectoral indices on BSE were in green indicating
that the rally was broad-based. Maruti Suzuki India, India's
biggest car maker in terms of market share, spurted in the late
trade.
As per provisional data, foreign funds bought shares worth a net Rs
142.36 crore today, 17 June 2008. Domestic funds bought shares
worth a net Rs 420.08 crore.
European markets edged higher as reports suggested that the
expectations of a US rate hike have been overplayed. Key indices in
UK, France and Germany were up by 0.87% to 1.57%.
Asian markets were trading on a mixed note. Key indices in China,
Japan, South Korea, and Singapore were down by 0.04% to 2.76%.
However, Taiwan's Taiwan Weighted index was up 0.39% and Hong
Kong's Hang Seng was up 0.12%.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90.
At the day's high of 15,732.75 Sensex gained 336.93 points at the
fag end of the trading session. The index shed 37.84 points at the
day's low of 15,357.98, hit in early trade.
The broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653.
Nifty June 2008 futures were at 4639.35, a discount of 13.65 points
compared with the spot closing.
The BSE Mid-Cap index rose 1.59% to 6,400.18. The BSE Small-Cap
index was up 1.46% to 7,781.30. Both these indices underperformed
the Sensex.
The market breadth was strong on BSE with 1802 shares advancing as
compared to 882 that declined. 80 remained unchanged.
BSE clocked a turnover of Rs 5312 crore as against Rs 4,537.92 on
Monday, 16 June 2008. NSE's futures & options (F&O) segment
turnover was Rs 42624.38 crore, which was higher than Rs 40166.83
crore on Monday, 16 June 2008.
As per reports, India's monsoon rains in the first half of June
2008 were more than 40% above the long-term average, raising hopes
of strong crop output at a time when rising food prices have helped
push inflation to 7-year highs.
Many companies have recorded a higher advance tax outgo in the
first installment of 15 June 2008 compared to the corresponding
period last year, raising expectations of good June 2008 results.
The finance minister expects direct tax collection for the current
year to cross Rs 4 lakh crore. Advance taxes are paid in four
instalments, in June, September, December and March. Usually, the
first instalment is 15% of the total tax estimated to be paid for
the whole fiscal.
Oil steadied today, 17 June 2008, after touching a record near $140
the previous day, with traders caught between a weaker dollar and
expectations that top exporter Saudi Arabia will ramp up output to
its highest rate in decades. US crude slipped 15 cents to $134.46 a
barrel after ending 25 cents lower on Monday, 16 June 2008, as
traders quickly took profit from a rally to a record $139.89
triggered by a falling dollar and the closure of a North Sea oil
platform.
India's largest dedicated housing finance firm by operating income
Housing Development Finance Corporation (HDFC) jumped 5.99% at Rs
2298.05. HDFC paid advance tax of Rs 140 crore in the first
installment of 15 June 2008, marking an over 40% increase over the
corresponding figure in the previous year.
India's largest passenger car maker in terms of market share Maruti
Suzuki soared 5.22% at Rs 755.60 on reports the company plans to
counter Ratan Tata's Nano with a stripped-down version of its
flagship model Maruti 800.
Battered bank stocks rose on reports of higher advance tax paid by
prominent banking/finance firms. The BSE Bankex outperformed the
Sensex, rising 4.29% to 7,567.17. Indian Overseas Bank (up 8.49% at
Rs 114.35), Axis Bank (up 7.89% at Rs 794.20), Kotak Mahindra Bank
(up 7.45% at Rs 679), and HDFC Bank (up 4.87% at Rs 1207.55),
spurted.
India's largest commercial bank State Bank of India rose 4.57% at
Rs 1387.05. The bank recorded a 32% increase in advance tax payment
to Rs 663 crore Q1 June 2008 over Q1 June 2007.
India's largest private sector bank by assets ICICI Bank rose 2.70%
at Rs 820.25. The stock had hit a low of Rs 785.55 earlier in the
day. ICICI Bank's tax outgo jumped 38% to Rs 340 crore in Q1 June
2008 over Q1 June 2007. ICICI Bank paid advance tax of Rs 1,108.6
crore in the whole of last fiscal. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
The BSE Realty index outperformed the Sensex, rising 3.89% to
6,099.19. Indiabulls Real Estate (up 6.34% at Rs 423.60), Unitech
(up 4.70% at Rs 207.10), and DLF (up 2.99% at Rs 505.90), soared.
India's second largest software exporter by sales Infosys
Technologies rose 0.32% at Rs 1913.30. Infosys has a second highest
weightage of 8.80% in BSE Sensex.
India's second largest listed cellular service provider by sales
Reliance Communication (RCOM) declined 0.92% to Rs 530.20. The
stock is southward bound since Monday, 16 June 2008, after Reliance
Industries, India's largest private sector firm by market
capitalisation and oil refiner, claimed first right of refusal to
buy a controlling stake in it. Reliance Communications, controlled
by Anil Ambani, is in exclusive talks with South Africa's MTN about
a tie-up that could create a top-10 global telecoms firm. As part
of a tie-up, Anil Ambani would likely swap his controlling stake in
Reliance Communications to become the largest shareholder in MTN.
On Monday, the RCOM stock had ended 1.52% lower at Rs 535.10.
Reliance Industries (RIL) rose 1.94% at Rs 2329.20. RIL has a
highest weightage of 15.76% in BSE Sensex.
Anil Dhirubhai Ambani group Reliance Power rose 3.41% at Rs 191 on
reports the firm will get a $500 million loan from the Asian
Development Bank for its 4,000 megawatt ultra mega power project
coming up in Andhra Pradesh.
Chemicals maker GHCL spurted 6.82% at Rs 77.55 on reports the Al
Rostmani Group of the United Arab Emirates is planning to pick up a
majority stake in the firm for an estimated Rs 700 crore.
Real estate developer Housing Development and Infrastructure (HDIL)
rose 2.75% at Rs 606.15 on reports the firm is eyeing the power
sector as part of its diversification strategy.
South Indian Bank surged 3.12% to Rs 127.15 after the private
sector bank said its board will meet on 28 June 2008 to consider
issue of bonus shares.
Commercial vehicles maker Ashok Leyland gained 0.92% to Rs 33.05
after the company said it has made a strategic investment in
Albonair GmbH, Germany for development of vehicle emission
treatment products.
Among side counters, Ravalgaon Sugar Farm (up 20% at Rs 5729.10),
Torrent Pharmaceuticals (up 20% at Rs 185), Vaibhav Gems (up 20% at
Rs 73.95), Essar Shipping (up 9.48% at Rs 129.90), UCO Bank (9.47%
at Rs 42.20), Indiabulls Financial Services (up 9.01% at Rs
368.50), spurted.
Anu's Laboratories clocked a highest turnover of Rs 449.52 crore on
BSE. Reliance Capital (Rs 194.12 crore), Reliance Industries (Rs
180.93 crore), Reliance Petroleum (Rs 162.72 crore) and Larsen &
Toubro (Rs 127.31 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilizers & Chemicals reported a highest volume of 1.22
crore shares on BSE. Anu's Laboratories (1.10 crore shares),
Reliance Natural Resources (98.96 lakh shares), Nagarjuna
Fertilizers & Chemicals (95.46 crore shares) and Reliance Petroleum
(88.52 lakh shares), were the other volume toppers on BSE in that
order.
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A
rally was sparked in banking stocks with Lehman Brothers declaring
results in line with market expectations. The Dow Jones industrial
average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500
index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq
Composite index added 20.28 points, or 0.83%, to 2,474.78.
Foreign institutional investors (FIIs) stepped up selling of Indian
equities on Monday, 16 June 2008. As per data released by the
Securities & Exchange Board of India (Sebi) today, 17 June 2008,
foreign funds sold shares worth a net Rs 532.80 crore on 16 June
2008, much higher than their outflow of Rs 51.80 crore on the
previous trading session on Friday, 13 June 2008. FIIs had pressed
heavy sales worth Rs 1141.70 crore on Thursday, 12 June 2008.
The BSE Sensex had risen 206.20 points or 1.36% at 15,395.82 on
Monday, 16 June 2008, on the back of firm global markets.
Tuesday, June 17, 2008
Pre Market Report 17/06/2008
Local equities are likely to stay range-bound tracking mixed global cues. The advance tax figures of some leading banks and a few corporates for the April-June quarter of this fiscal provide some room for comfort. State Bank of India recorded a 32% increase in advance tax payment to Rs 663 crore for the Q1 2008 over Q1 2007. Reliance Industries (RIL), reported 15% rise in advance tax paid to Rs 340 crore in Q1 2008 over Q1 2007.
Advance taxes are paid in four instalments, in June, September, December and March. Usually, the first instalment is 15% of the total tax estimated to be paid for the whole fiscal.
However crude oil striking record high just under $140 a barrel may dampen sentiment. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel yesterday, on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89.
Also caution will prevail in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Asian markets were trading mixed today, 17 June 2008. Shanghai Composite was up 0.31% or 8.99 points at 2,883.09, Nikkei gained 0.13% or 18.51 points at 14,372.88, Hong Kong's Hang Seng rose 0.19% or 44.39 points at 23,074.08.
However, Taiwan's Taiwan Weighted fell 0.76% or 62.40 points at 8,107.37, Singapore's Straits Times slipped 0.39% or 11.80 points at 3,025.12 and South Korea's Seoul Composite declined 0.87% or 15.31 points at 1,745.51
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A rally was sparked in banking stocks with Lehman Brothers declaring results in line with market expectations.
The Dow Jones industrial average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500 index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq Composite index added 20.28 points, or 0.83%, to 2,474.78.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
Back home, the market ended on a firm note yesterday, 16 June 2008, on the back of firm global markets. The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82 and the broader based S&P CNX Nifty gained 55.4 points or 1.23% at 4572.50, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 547.84 crore yesterday, 16 June 2008. Domestic funds bought shares worth a net Rs 293.05 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 59.33 crore in the futures & options segment yesterday, 16 June 2008. They were net buyers of index futures to the tune of Rs 180.49 crore and sold index options worth Rs 257.05 crore. They were net buyers of stock futures to the tune of Rs 131.73 crore and bought stock options worth Rs 4.16 crore.
Advance taxes are paid in four instalments, in June, September, December and March. Usually, the first instalment is 15% of the total tax estimated to be paid for the whole fiscal.
However crude oil striking record high just under $140 a barrel may dampen sentiment. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel yesterday, on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89.
Also caution will prevail in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Asian markets were trading mixed today, 17 June 2008. Shanghai Composite was up 0.31% or 8.99 points at 2,883.09, Nikkei gained 0.13% or 18.51 points at 14,372.88, Hong Kong's Hang Seng rose 0.19% or 44.39 points at 23,074.08.
However, Taiwan's Taiwan Weighted fell 0.76% or 62.40 points at 8,107.37, Singapore's Straits Times slipped 0.39% or 11.80 points at 3,025.12 and South Korea's Seoul Composite declined 0.87% or 15.31 points at 1,745.51
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A rally was sparked in banking stocks with Lehman Brothers declaring results in line with market expectations.
The Dow Jones industrial average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500 index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq Composite index added 20.28 points, or 0.83%, to 2,474.78.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
Back home, the market ended on a firm note yesterday, 16 June 2008, on the back of firm global markets. The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82 and the broader based S&P CNX Nifty gained 55.4 points or 1.23% at 4572.50, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 547.84 crore yesterday, 16 June 2008. Domestic funds bought shares worth a net Rs 293.05 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 59.33 crore in the futures & options segment yesterday, 16 June 2008. They were net buyers of index futures to the tune of Rs 180.49 crore and sold index options worth Rs 257.05 crore. They were net buyers of stock futures to the tune of Rs 131.73 crore and bought stock options worth Rs 4.16 crore.
Asia trading volatile
Nikkei 225 14,372.88 +18.51 +0.13%
Hang Seng 23,074.50 +44.81 +0.19%
Straits Times 3,024.95 -11.97 -0.39%
Hang Seng 23,074.50 +44.81 +0.19%
Straits Times 3,024.95 -11.97 -0.39%
US closes flat
Dow 12,269.08 -38.27 -0.31%
Nasdaq 2,474.78 +20.28 +0.83%
S&P 500 1,360.14 +0.11 +0.01%
Nasdaq 2,474.78 +20.28 +0.83%
S&P 500 1,360.14 +0.11 +0.01%
Post Market Report::16/06/2008
The market ended on a firm note on the back of firm global markets.
However, a rebound in global crude oil prices pared strong
intra-day gains on the domestic bourses. Banking and information
technology stocks rallied. However, automobile stocks declined
after the Union government raised excise duty on large cars,
multi-utility vehicles and sports utility vehicles with an engine
cubic capacity exceeding 1500.
Crude rebounded to $134.90 a barrel after falling in response to
plans by Saudi Arabia to push output to its highest rate in decade.
A solid surge in global crude oil prices has hit equities across
the globe in the past few days as it has raised fears of global
inflation.
Asian stocks, which opened before Indian market, rallied on Monday,
16 June 2008, as the US dollar rebounded and oil fell below $134 a
barrel, boosting confidence in the region's exporters. Key indices
in Japan, China, South Korea, Singapore, Taiwan, and Hong Kong were
up by 0.18% to 2.72%. Oil later rebouded from lower level.
The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82.
At the day's high of 15,553.37, Sensex gained 363.75 points in
early trade. Sensex gained 143.45 points at day's low of 15,333.07,
hit in late trade.
The broader based S&P CNX Nifty gained 55.4 points or 1.23% at
4572.50. Nifty June 2008 futures were at 4570, at a discount of 2.5
points as compared to spot closing.
The BSE clocked a turnover of Rs 4512 crore as compared to Rs
5847.40 crore on Friday 13 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 40166.83 crore, which was lower than Rs
41003.4 crore on Friday, 13 June 2008.
The market breadth was strong on BSE with 1776 shares advancing as
compared to 872 that declined. 76 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 6,299.72 and BSE Small-Cap
index up 1.15% to 7,669.11. Both these indices underperformed the
Sensex.
The BSE Bankex outperformed the Sensex, rising 2.83% to 7,255.63.
Axis Bank (up 4.51% at Rs 736.15), Bank of Baroda (up 4.01% at Rs
241.05), Kotak Mahindra Bank (up 2.97% at Rs 631.90), and HDFC Bank
(up 2.50% at Rs 1,151.45), spurted.
India's largest private sector lender by assets ICICI Bank rose
4.43% to Rs 798.70.
State Bank of India fell 0.61% to Rs 1326.40 after the country's
largest lender, on Saturday, 14 June 2008, decided not to raise its
prime-lending rate. The decision was taken at a meeting of the
assets-liability committee (Alco) of State Bank of India (SBI) on
Saturday, 14 June 2008. The Alco met to deal with the issue of
interest rates in the wake of the Reserve Bank of India's (RBI)
move to raise repo rates, or the rate at which it lends to banks,
by 25 basis points to 8%, on 11 June 2008, to contain inflation.
The BSE IT index outperformed the Sensex, gaining 1.78% to
4,413.35. Infosys Technologies (up 2.34% at Rs 1,907.25), HCL
Technnologies (up 1.92% at Rs 293.90), Wipro (up 1.76% at Rs
486.25), and Satyam Computer (up 1.58% at Rs 488.45) and TCS (up
0.32% at Rs 910.55), flared up.
The BSE Auto index underperformed the Sensex, sliding 0.14% at
4123.88. Hero Honda Motors (down 1.83% at Rs 762.80), Maruti Suzuki
(down 0.52% at Rs 718.10), and Mahindra & Mahindra (down 0.23% at
Rs 569.10), slipped.
TVS Motor Company (up 1.16% at Rs 34.90), Tata Motors (up 0.11% at
Rs 516.75), rose.
India's largest aluminium manufacturer by sales Hindalco Industries
fell 2.31% at Rs 171.35 after the company said on Friday, 13 June
2008, it may consider a comprehensive plan including an equity
rights issuance to finance the loan taken to acquire leading
aluminium-rolling company Novelis
India's second largest telecom services provider by sales Reliance
Communication fell 1.52% at Rs 535.10 after Reliance Industries,
India's largest private sector firm by market capitalisation and
oil refiner, claimed first right of refusal to buy a controlling
stake in it. Reliance Communications, controlled by Anil Ambani, is
in exclusive talks with South Africa's MTN about a tie-up that
could create a top-10 global telecoms firm. As part of a tie-up,
Anil Ambani would likely swap his controlling stake in Reliance
Communications to become the largest shareholder in MTN. Shares of
Reliance Industries rose 0.73% at Rs 2284.85.
Steel makers JSW Steel (up 5.10% to Rs 994.85), Tata Steel (up
0.83% to Rs 848.35), Steel Authority of India (up 1.50% to Rs
162.25), and Bhushan Steel (up 1.30% to Rs 854.05), advanced after
the Union government withdrew export duty on flat rolled products
of iron and steel, including galvanised products, pipes and tubes.
Engineering equipments maker Atlas Copco India was locked at 20%
upper limit at Rs 1077.90 after the company said its board will
meet on 25 June 2008 to consider buy back of equity shares.
Internet broadband services provider Gemini Communication surged 5%
to Rs 203.50 after the company said it has acquired a 51% stake in
Chennai based Veeras Infotek for Rs 7 crore.
Drug maker Lupin gained 2.99% to Rs 725.05 after its unit Lupin
Pharmaceuticals Inc received a tentative approval from US Food &
Drug Administration for its escitalopram oxalate tablets in 10 & 20
milligram strengths.
New age lender Yes Bank rose 2.50% at Rs 143.25 after the bank said
it has raised its prime lending rate by 50 basis points to 16% with
immediate effect.
Drug maker Cadila Healthcare rose 0.67% at Rs 313.75 after the firm
said on Friday, 13 June 2008, its board will meet on June 17 to
consider restructuring of the group's consumer products business.
State-run natural natural gas distributer GAIL India spurted 4.50%
at Rs 398.05 after the company said its board will meet on 23 June
2008 to consider issue of bonus shares.
Shipping and logistics services provider Shreyas Shipping &
Logistics rose 3.03% to Rs 64.70 after the company said it has sold
its vessel M V OEL Express for a consideration of $11.5 million.
Anu's Laboratories clocked a highest turnover of Rs 400 crore on
BSE. Chambal Fertilizers and Chemicals (Rs 242.77 crore), Reliance
Industries (Rs 195.40 crore), Reliance Capital (Rs 149.38 crore)
and Reliance Petroleum (Rs 117.91 crore), were the other turnover
toppers on BSE in that order.
Chambal Fertilizers and Chemicals reported a highest volume of 2.58
crore shares on BSE. Nagarjune Fertilizers & Chemicals (1.88 crore
shares), Anu's Laboratories (1.10 crore shares), IFCI (94.35 lakh
shares) and Reliance natural Resources (88.87 lakh shares), were
the other volume toppers on BSE in that order.
European markets, which were mostly trading lower earlier in the
day, recovered as the day proceeded. Key indices in UK, France and
Germany were up by 0.03% to 0.16%.
US markets rallied on Friday, 13 June 2008, led by financial and
technology stocks, as a tame core-inflation reading and lower crude
prices boosted market. The Dow Jones industrial average jumped 166
points at 12,307. The Nasdaq Composite index surged 50 points up at
2,454.50. The S&P 500 index advanced 20.16 points to 1360.03.
However, a rebound in global crude oil prices pared strong
intra-day gains on the domestic bourses. Banking and information
technology stocks rallied. However, automobile stocks declined
after the Union government raised excise duty on large cars,
multi-utility vehicles and sports utility vehicles with an engine
cubic capacity exceeding 1500.
Crude rebounded to $134.90 a barrel after falling in response to
plans by Saudi Arabia to push output to its highest rate in decade.
A solid surge in global crude oil prices has hit equities across
the globe in the past few days as it has raised fears of global
inflation.
Asian stocks, which opened before Indian market, rallied on Monday,
16 June 2008, as the US dollar rebounded and oil fell below $134 a
barrel, boosting confidence in the region's exporters. Key indices
in Japan, China, South Korea, Singapore, Taiwan, and Hong Kong were
up by 0.18% to 2.72%. Oil later rebouded from lower level.
The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82.
At the day's high of 15,553.37, Sensex gained 363.75 points in
early trade. Sensex gained 143.45 points at day's low of 15,333.07,
hit in late trade.
The broader based S&P CNX Nifty gained 55.4 points or 1.23% at
4572.50. Nifty June 2008 futures were at 4570, at a discount of 2.5
points as compared to spot closing.
The BSE clocked a turnover of Rs 4512 crore as compared to Rs
5847.40 crore on Friday 13 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 40166.83 crore, which was lower than Rs
41003.4 crore on Friday, 13 June 2008.
The market breadth was strong on BSE with 1776 shares advancing as
compared to 872 that declined. 76 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 6,299.72 and BSE Small-Cap
index up 1.15% to 7,669.11. Both these indices underperformed the
Sensex.
The BSE Bankex outperformed the Sensex, rising 2.83% to 7,255.63.
Axis Bank (up 4.51% at Rs 736.15), Bank of Baroda (up 4.01% at Rs
241.05), Kotak Mahindra Bank (up 2.97% at Rs 631.90), and HDFC Bank
(up 2.50% at Rs 1,151.45), spurted.
India's largest private sector lender by assets ICICI Bank rose
4.43% to Rs 798.70.
State Bank of India fell 0.61% to Rs 1326.40 after the country's
largest lender, on Saturday, 14 June 2008, decided not to raise its
prime-lending rate. The decision was taken at a meeting of the
assets-liability committee (Alco) of State Bank of India (SBI) on
Saturday, 14 June 2008. The Alco met to deal with the issue of
interest rates in the wake of the Reserve Bank of India's (RBI)
move to raise repo rates, or the rate at which it lends to banks,
by 25 basis points to 8%, on 11 June 2008, to contain inflation.
The BSE IT index outperformed the Sensex, gaining 1.78% to
4,413.35. Infosys Technologies (up 2.34% at Rs 1,907.25), HCL
Technnologies (up 1.92% at Rs 293.90), Wipro (up 1.76% at Rs
486.25), and Satyam Computer (up 1.58% at Rs 488.45) and TCS (up
0.32% at Rs 910.55), flared up.
The BSE Auto index underperformed the Sensex, sliding 0.14% at
4123.88. Hero Honda Motors (down 1.83% at Rs 762.80), Maruti Suzuki
(down 0.52% at Rs 718.10), and Mahindra & Mahindra (down 0.23% at
Rs 569.10), slipped.
TVS Motor Company (up 1.16% at Rs 34.90), Tata Motors (up 0.11% at
Rs 516.75), rose.
India's largest aluminium manufacturer by sales Hindalco Industries
fell 2.31% at Rs 171.35 after the company said on Friday, 13 June
2008, it may consider a comprehensive plan including an equity
rights issuance to finance the loan taken to acquire leading
aluminium-rolling company Novelis
India's second largest telecom services provider by sales Reliance
Communication fell 1.52% at Rs 535.10 after Reliance Industries,
India's largest private sector firm by market capitalisation and
oil refiner, claimed first right of refusal to buy a controlling
stake in it. Reliance Communications, controlled by Anil Ambani, is
in exclusive talks with South Africa's MTN about a tie-up that
could create a top-10 global telecoms firm. As part of a tie-up,
Anil Ambani would likely swap his controlling stake in Reliance
Communications to become the largest shareholder in MTN. Shares of
Reliance Industries rose 0.73% at Rs 2284.85.
Steel makers JSW Steel (up 5.10% to Rs 994.85), Tata Steel (up
0.83% to Rs 848.35), Steel Authority of India (up 1.50% to Rs
162.25), and Bhushan Steel (up 1.30% to Rs 854.05), advanced after
the Union government withdrew export duty on flat rolled products
of iron and steel, including galvanised products, pipes and tubes.
Engineering equipments maker Atlas Copco India was locked at 20%
upper limit at Rs 1077.90 after the company said its board will
meet on 25 June 2008 to consider buy back of equity shares.
Internet broadband services provider Gemini Communication surged 5%
to Rs 203.50 after the company said it has acquired a 51% stake in
Chennai based Veeras Infotek for Rs 7 crore.
Drug maker Lupin gained 2.99% to Rs 725.05 after its unit Lupin
Pharmaceuticals Inc received a tentative approval from US Food &
Drug Administration for its escitalopram oxalate tablets in 10 & 20
milligram strengths.
New age lender Yes Bank rose 2.50% at Rs 143.25 after the bank said
it has raised its prime lending rate by 50 basis points to 16% with
immediate effect.
Drug maker Cadila Healthcare rose 0.67% at Rs 313.75 after the firm
said on Friday, 13 June 2008, its board will meet on June 17 to
consider restructuring of the group's consumer products business.
State-run natural natural gas distributer GAIL India spurted 4.50%
at Rs 398.05 after the company said its board will meet on 23 June
2008 to consider issue of bonus shares.
Shipping and logistics services provider Shreyas Shipping &
Logistics rose 3.03% to Rs 64.70 after the company said it has sold
its vessel M V OEL Express for a consideration of $11.5 million.
Anu's Laboratories clocked a highest turnover of Rs 400 crore on
BSE. Chambal Fertilizers and Chemicals (Rs 242.77 crore), Reliance
Industries (Rs 195.40 crore), Reliance Capital (Rs 149.38 crore)
and Reliance Petroleum (Rs 117.91 crore), were the other turnover
toppers on BSE in that order.
Chambal Fertilizers and Chemicals reported a highest volume of 2.58
crore shares on BSE. Nagarjune Fertilizers & Chemicals (1.88 crore
shares), Anu's Laboratories (1.10 crore shares), IFCI (94.35 lakh
shares) and Reliance natural Resources (88.87 lakh shares), were
the other volume toppers on BSE in that order.
European markets, which were mostly trading lower earlier in the
day, recovered as the day proceeded. Key indices in UK, France and
Germany were up by 0.03% to 0.16%.
US markets rallied on Friday, 13 June 2008, led by financial and
technology stocks, as a tame core-inflation reading and lower crude
prices boosted market. The Dow Jones industrial average jumped 166
points at 12,307. The Nasdaq Composite index surged 50 points up at
2,454.50. The S&P 500 index advanced 20.16 points to 1360.03.
Monday, June 16, 2008
Market spurts in opening trade
The market opened on a firm note on positive global cues. Fall in crude oil prices from record high and firm global markets boosted the sentiments. All the sectoral indices on the BSE were in green.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008, on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Asian markets were trading higher today, 16 June 2008, on speculation demand for the region's exports will be sustained as the yen weakened against the dollar and crude oil prices retreated. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), China (1.06% at 2,899.153), edged higher.
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
At 10:25 IST, the 30-share BSE Sensex was up 313.56 points or 2.06% at 15,503.18. At the day’s high of 15,553.37 Sensex gained 363.75 points in early trade.
The broader based S&P CNX Nifty was up 84.25 points or 1.87% at 4601.35.
The market breadth was strong on BSE with 1495 shares advancing as compared to 364 that declined. 33 remained unchanged. All 30 Sensex stocks were in green
The BSE Mid-Cap index rose 1.66% to 6,331.30 and BSE Small-Cap index up 1.65% to 7,706.99.
Banking shares were in demand after a sharp sell-off in the past few trading sessions. ICICI Bank (up 4.37% at Rs 798.25), HDFC Bank (up 2.98% at Rs 1,156.80), Bank of India (up 2.75% at Rs 276.15), and Axis Bank (up 2.36% at Rs 721), moved up. The BSE Bankex was up 2.91% at 7261.69.
India's top state-run commercial bank State Bank of India (SBI) rose 1.90% to Rs 1359.95. After a review of interest rates on Friday, 13 June 2008, SBI said it will not to raise its prime lending rate even though the Reserve Bank of India (RBI) had raised its key short term lending rate earlier this week.
The top Sensex gainers were, Infosys Technologies (up 3.27% at Rs 1924.55), HDFC Bank (up 3.36% at Rs 1161.10), Housing Development Finance Corporation (up 2.90% at Rs 2195), Bharti Airtel (up 2.98% at Rs 838.25), and Reliance Infrastructure (up 2.27% at Rs 1043.50).
India’s second largest telecom services provider by sales Reliance Communication was up 0.40% at Rs 545.50 after Reliance Industries claimed first right of refusal to buy a controlling stake in it. Reliance Communications, controlled by Anil Ambani, is in exclusive talks with South Africa's MTN about a tie-up that could create a top-10 global telecoms firm. As part of a tie-up, Anil Ambani would likely swap his controlling stake in Reliance Communications to become the largest shareholder in MTN.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.82% at Rs 2309.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008, on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Asian markets were trading higher today, 16 June 2008, on speculation demand for the region's exports will be sustained as the yen weakened against the dollar and crude oil prices retreated. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), China (1.06% at 2,899.153), edged higher.
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
At 10:25 IST, the 30-share BSE Sensex was up 313.56 points or 2.06% at 15,503.18. At the day’s high of 15,553.37 Sensex gained 363.75 points in early trade.
The broader based S&P CNX Nifty was up 84.25 points or 1.87% at 4601.35.
The market breadth was strong on BSE with 1495 shares advancing as compared to 364 that declined. 33 remained unchanged. All 30 Sensex stocks were in green
The BSE Mid-Cap index rose 1.66% to 6,331.30 and BSE Small-Cap index up 1.65% to 7,706.99.
Banking shares were in demand after a sharp sell-off in the past few trading sessions. ICICI Bank (up 4.37% at Rs 798.25), HDFC Bank (up 2.98% at Rs 1,156.80), Bank of India (up 2.75% at Rs 276.15), and Axis Bank (up 2.36% at Rs 721), moved up. The BSE Bankex was up 2.91% at 7261.69.
India's top state-run commercial bank State Bank of India (SBI) rose 1.90% to Rs 1359.95. After a review of interest rates on Friday, 13 June 2008, SBI said it will not to raise its prime lending rate even though the Reserve Bank of India (RBI) had raised its key short term lending rate earlier this week.
The top Sensex gainers were, Infosys Technologies (up 3.27% at Rs 1924.55), HDFC Bank (up 3.36% at Rs 1161.10), Housing Development Finance Corporation (up 2.90% at Rs 2195), Bharti Airtel (up 2.98% at Rs 838.25), and Reliance Infrastructure (up 2.27% at Rs 1043.50).
India’s second largest telecom services provider by sales Reliance Communication was up 0.40% at Rs 545.50 after Reliance Industries claimed first right of refusal to buy a controlling stake in it. Reliance Communications, controlled by Anil Ambani, is in exclusive talks with South Africa's MTN about a tie-up that could create a top-10 global telecoms firm. As part of a tie-up, Anil Ambani would likely swap his controlling stake in Reliance Communications to become the largest shareholder in MTN.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.82% at Rs 2309.
Pre Market Report 16/06/2008
The market is likely to open higher tracking positive global cues. However sentiment may remain cautious in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Most Asian markets were trading higher today, 16 June 2008. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), edged higher.
However, China's Shanghai Composite fell 0.88% or 25.18 points at 2,843.62
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
On the positive side, the Indian Meteorological Department (IMD)'s second monsoon forecast for the crucial annual south-west monsoon (June-September) due this month which may indicate spatial rainfall distribution in the main sowing month of July 2008, will be keenly watched by market men. The IMD has forecast the 2008 monsoon rains would be near-normal and 99% of the average between 1941 and 1990.
Market men will also watch corporate advance tax payments for the first installment which are due since 15 June 2008, which will a give a cue on expected Q1 June 2008 numbers from top Indian corporates. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
Back home, the market slipped on Friday, 13 June 2008, as data showed a surge in inflation to a seven-year high and weak European markets. The 30-share BSE Sensex lost 60.58 points or 0.4% at 15,189.62 and the broader based S&P CNX Nifty was down 22.25 points or 0.49% at 4,517.10, on that day.
The BSE Sensex shed 382.56 points or 2.45% to 15,189.62 and the S&P CNX Nifty fell 110.70 points or 2.39% to 4,517.10 in the week ended 13 June 2008.
The Sensex is now down 6,017.15 points or 28.37% from its all-time high of 21,206.77 hit on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 116.51 crore on Friday, 13 June 2008. Domestic funds bought shares worth a net Rs 457.33 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 625.28 crore in the futures & options segment on Friday, 13 June 2008. They were net buyers of index futures to the tune of Rs 167.32 crore and bought index options worth Rs 173.58 crore. They were net buyers of stock futures to the tune of Rs 224.58 crore and bought stock options worth Rs 59.80 crore.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008 on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Most Asian markets were trading higher today, 16 June 2008. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), edged higher.
However, China's Shanghai Composite fell 0.88% or 25.18 points at 2,843.62
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
On the positive side, the Indian Meteorological Department (IMD)'s second monsoon forecast for the crucial annual south-west monsoon (June-September) due this month which may indicate spatial rainfall distribution in the main sowing month of July 2008, will be keenly watched by market men. The IMD has forecast the 2008 monsoon rains would be near-normal and 99% of the average between 1941 and 1990.
Market men will also watch corporate advance tax payments for the first installment which are due since 15 June 2008, which will a give a cue on expected Q1 June 2008 numbers from top Indian corporates. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
Back home, the market slipped on Friday, 13 June 2008, as data showed a surge in inflation to a seven-year high and weak European markets. The 30-share BSE Sensex lost 60.58 points or 0.4% at 15,189.62 and the broader based S&P CNX Nifty was down 22.25 points or 0.49% at 4,517.10, on that day.
The BSE Sensex shed 382.56 points or 2.45% to 15,189.62 and the S&P CNX Nifty fell 110.70 points or 2.39% to 4,517.10 in the week ended 13 June 2008.
The Sensex is now down 6,017.15 points or 28.37% from its all-time high of 21,206.77 hit on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 116.51 crore on Friday, 13 June 2008. Domestic funds bought shares worth a net Rs 457.33 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 625.28 crore in the futures & options segment on Friday, 13 June 2008. They were net buyers of index futures to the tune of Rs 167.32 crore and bought index options worth Rs 173.58 crore. They were net buyers of stock futures to the tune of Rs 224.58 crore and bought stock options worth Rs 59.80 crore.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008 on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Tips for 16th June
Sensex may remain in positive range.
Today's levels: 15260_ 15300_ 15370
Above that market will be bullish for short
term and may go to15420
support1: 15135
support2: 14750
below that market will be weak
Buy RCOM above 544 target 548/552/555/580
buy RNRL above 90.50 target 91/92.5/95
Buy MRPL above 71 target 72/73.2/74/77
Buy HINDALCO above 177 target 180/182/188
buy VOLTAS above 145 target 148/149/152/160
Today's levels: 15260_ 15300_ 15370
Above that market will be bullish for short
term and may go to15420
support1: 15135
support2: 14750
below that market will be weak
Buy RCOM above 544 target 548/552/555/580
buy RNRL above 90.50 target 91/92.5/95
Buy MRPL above 71 target 72/73.2/74/77
Buy HINDALCO above 177 target 180/182/188
buy VOLTAS above 145 target 148/149/152/160
Asian markets trading in Positive range
After us closed high, asian markets trading in positive direction
Nikkei 225 14,179.62 +205.89 +1.47%
Hang Seng 22,944.53 +352.23 +1.56%
Straits Times 3,026.93 +47.37 +1.59%
Nikkei 225 14,179.62 +205.89 +1.47%
Hang Seng 22,944.53 +352.23 +1.56%
Straits Times 3,026.93 +47.37 +1.59%
US markets ended on a high node
US markets ended hign on friday
Dow 12,307.35 +165.77 +1.37%
Nasdaq 2,454.50 +50.15 +2.09%
S&P 500 1,360.03 +20.16 +1.50%
Dow 12,307.35 +165.77 +1.37%
Nasdaq 2,454.50 +50.15 +2.09%
S&P 500 1,360.03 +20.16 +1.50%
Niraj Cement Structurals IPO -IPO Allotment Status
IPO Allotment Status is now available online for Niraj Cement Structurals Ltd IPO.
Niraj Cement Structurals Ltd IPO was open on May 26, 2008 and closed on May 30, 2008. IPO was oversubscribed by 1.74 times (3.8053 times in retail).
Click here for the status of your application
Niraj Cement Structurals Ltd IPO was open on May 26, 2008 and closed on May 30, 2008. IPO was oversubscribed by 1.74 times (3.8053 times in retail).
Click here for the status of your application
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