The market is likely to open on a weak note tracking negative global cues. The sharp spurt in crude oil prices above the $140 per barrel mark may dampen the sentiment further. However trading might be cautious ahead of the government's release of inflation data for the year through 14 June 2008.
As per reports, the marketwide rollover of positions from June 2008 contracts to July 2008 contracts in the derivatives segment stood at 82% while that of Nifty was 70%. June 2008 derivaties contracts expired yesterday, 26 June 2008.
Asian markets were trading weak today, 27 June 2008. Shanghai Composite plunged 3.67% or 106.41 points at 2,795.44, Japan's Nikkei fell 2.22% or 307.20 points at 13,515.12, Hang Seng tumbled 2.64% or 592.71 points at 21,862.96, Taiwan's Taiwan Weighted declined 3.99% or 311.64 points at 7,500.16, Singapore's Straits Times lost 1.41% or 42.02 points at 2,938.93. and South Korea's Seoul Composite was down 2.10% or 36.01 points at 1,681.65
US markets plunged after a downgrade on brokerage stocks, disappointing earnings from two tech giants and oil's rally above $140 a barrel. The Dow Jones closed at its lowest level since September 2006. The Dow Jones industrial average plunged 358.41 points, more than 3%, to close at 11,453.42. The Standard & Poor's 500 fell 38.82 points, about 3 percent, to 1,283.15, and the Nasdaq composite lost 79.89 points, or 3.3%, to 2,321.37.
Back home, short covering ahead of expiry of June 2008 derivatives contracts helped market move higher for the second straight session yesterday, 26 June 2008. The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82 and the broader based S&P CNX Nifty was up 63.20 points or 1.49% at 4,315.85, on that day.
Nifty July 2008 futures were at 4252.95, a huge discount of 62.90 points as compared to spot closing.
The BSE Sensex is down 5,865.17 points or 28.91% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2008. It is 6,784.95 points or 31.99% away from its all-time high of 21,206.77 struck on 10 January 2008.
As per provisional data, foreign funds today, 26 June 2008, sold shares worth a net Rs 667.19 crore. Domestic funds bought shares worth a net Rs 395.64 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 110.71 crore in the futures & options segment yesterday, 25 June 2008. They were net buyers of index futures to the tune of Rs 1099.50 crore and sold index options worth Rs 720.12 crore. They were net sold of stock futures to the tune of Rs 282.69 crore and bought stock options worth Rs 14.02 crore.
U.S. light crude for August delivery was down 32 cents at $139.32 a barrel today, 27 June 2008 in Globex electronic trading. U.S. oil hit a record of $140.39 on Thursday after Libya said it was studying possible options to cut output in response to potential U.S. actions against OPEC countries.
Meanwhile, Standard and Poor's (S&P) and its Indian subsidiary Crisil have lowered their India growth forecast for the current year to 7.8% from 8.1-8.6% earlier. The agencies said that the Indian economy would be hit by the surge in inflation fuelled by energy and commodity prices. The Reserve Bank of India (RBI) has already hiked interest rates twice in June 2008 to curb inflationary pressures and may well do so again.
Friday, June 27, 2008
IPO Allotment - Archidply Industries Ltd
IPO Allotment Status is now available online for Archidply Industries Ltd IPO.
Archidply Industries Ltd IPO was open on June 11, 2008 and closed on June 17, 2008. IPO was oversubscribed by 1.52 times (3.0366 times in retail).
Clicl for IPO Allotment - Archidply Industries Ltd
Archidply Industries Ltd IPO was open on June 11, 2008 and closed on June 17, 2008. IPO was oversubscribed by 1.52 times (3.0366 times in retail).
Clicl for IPO Allotment - Archidply Industries Ltd
IPO Listing - Bafna Pharma / Sejal Architectural
1. Bafna Pharmaceuticals Ltd IPO Listing Info
IPO Listing Date: Friday, June 27, 2008
BSE Script Code: 532989
Listing in: B Group of securities
ISIN: INE878I01014
Issue Price: Rs. 40/-
Face Value: Rs 10/- Per Equity Share
2. Sejal Architectural Glass Ltd IPO Listing Info
IPO Listing Date: Tuesday, July 1, 2008
NSE Symbol: SEJALGLASS
ISIN: INE955I01010
Issue Price: Rs. 115/-
Face Value: Rs 10/- Per Equity Share
IPO Listing Date: Friday, June 27, 2008
BSE Script Code: 532989
Listing in: B Group of securities
ISIN: INE878I01014
Issue Price: Rs. 40/-
Face Value: Rs 10/- Per Equity Share
2. Sejal Architectural Glass Ltd IPO Listing Info
IPO Listing Date: Tuesday, July 1, 2008
NSE Symbol: SEJALGLASS
ISIN: INE955I01010
Issue Price: Rs. 115/-
Face Value: Rs 10/- Per Equity Share
Post Market Report 26/06/2008
Short covering ahead of expiry of June 2008 derivatives contracts
helped market move higher for the second straight session today.
However, the market underwent choppy swings throughout the day.
Asian and European markets were in the red. Index heavyweight
Reliance Industries surged close to 4% on high volumes. Oil & gas,
IT and metal stocks were in demand. However real estate stocks
faltered.
The US Federal Reserve on Wednesday, 25 June 2008, held interest
rates steady at 2% on Wednesday, as widely expected, and signalled
it was in no rush to raise them, even as it voiced greater concerns
about inflation.
The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82.
Sustained selling pressure after a firm start pulled the market in
negative zone at one point of time in early afternoon trade. Sensex
lost 23.39 points at day's low of 14,196.68. The Sensex opened with
an upward gap of 80.65 points at 14,300.72 and advanced further to
touch a high of 14,449.81 in late trade. At the day's high, the
Sensex gained 229.74 points.
The broader based S&P CNX Nifty was up 63.20 points or 1.49% at
4,315.85. Nifty July 2008 futures were at 4252.95, a huge discount
of 62.90 points as compared to spot closing.
As per reports, the marketwide rollover of positions from June 2008
contracts to July 2008 contracts in the derivatives segment stood
at 74.40% while that of Nifty was 67%. June 2008 derivaties
contracts expired today.
The BSE Sensex is down 5,865.17 points or 28.91% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2008.
It is 6,784.95 points or 31.99% away from its all-time high of
21,206.77 struck on 10 January 2008.
Sectoral indices on BSE displayed mixed trend today. BSE Power (up
0.43% to 2,454.81), BSE Realty index (down 2.02% at 5,102.43), BSE
Metal index (up 1.15% to 13,923.41), BSE TecK index (up 0.60% to
3,217.92), BSE FMCG index (up 0.58% to 2,142.62), BSE Auto (up
0.88% at 3,894.75), BSE Consumer Durables index (down 0.42% to
3,767.06), BSE Bankex (down 0.07% at 6,471.59), BSE PSU index (up
0.46% to 6,082.71), and BSE Health Care index (up 0.46% at
4,209.15), BSE Capital Goods index (up 0.79% at 10,887.23),
underperformed the Sensex.
The BSE Oil & Gas index (up 2.82% to 9,677.38) and BSE IT index (up
2.12% to 4,181.86), outperformed the Sensex.
The market breadth was positive on BSE with 1468 shares advancing
as compared to 1159 that declined. 75 remained unchanged.
The BSE Mid-Cap index slipped 0.08% to 5,742.04 while the BSE
Small-Cap index gained 1.01% to 7,129.08.
The total turnover on BSE amounted to Rs 5185 crore as compared to
Rs 5,265.18 crore yesterday, 25 June 2008. Turnover in NSE's
futures & options segment amounted to Rs 79103.71 crore as compared
to Rs 81001.29 crore yesterday, 25 June 2008.
Among the 30-member Sensex pack, 17 advanced while the rest
slipped.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
3.92% to Rs 2219 on high volumes of 25.24 lakh shares. The stock
had hit a high of Rs 2259 and low of Rs 2145.55 during the day. RIL
will start pumping 25 million standard cubic metres a day (mmscmd)
of natural gas by September from its D-6 field in the Krishna
Godavari basin, the oil ministry said on Wednesday, 25 June 2008.
It said in a statement that the output would be raised to 40 mmscmd
by March 2009.
Software pivotals advanced on fresh buying as Fed's decision to
keep rates steady bolstered expectations technology spending in US
would remain firm. Satyam Computer Services (up 1.95% to Rs
453.90), Wipro (up 4.60% to Rs 477.50), and Infosys Technologies
(up 1.50% to Rs 1774), and TCS (up 1.05% to Rs 887), advanced.
Indian software exporters get a majority of their revenue from US
clients.
ITC, the country's biggest cigarette manufacturer in terms of sales
gained 2.23% to Rs 190.50. The stock rose on reports that ITC
Infotech, a $100 million, wholly-owned subsidiary of ITC, is
reportedly set to pull out of its BPO equal joint venture with
US-based Sitel Corporation.
Larsen & Toubro, the country's largest private sector engineering
company in terms of order book rose 1.95% to Rs 2358. The stock is
currently trading 1:1 cum bonus.
Tata Motors (up 2.10% to Rs 484.50), Cipla (up 3.90% to Rs 215.70),
and HDFC (up 1.43% to Rs 2199.80), edged higher from Sensex pack.
India's largest bank in terms of net profit State Bank of India
gained 1.40% to Rs 1220 after the state-run bank raised its
benchmark prime lending rate by 50 basis points to 12.75% with
effect from 27 June 2008. The bank made this announcement during
trading hours today, 26 June 2007.
Select cement stocks gained on fresh buying. India's largest cement
company in terms of sales Ambuja Cements jumped 5.27% to Rs 86.90
on 4.61 lakh shares. It was the top gainer from Sensex pack.
ACC (up 0.57% to Rs 598.35), Mysore Cements (up 1.36% to Rs 29.90),
UlttaTech Cement Company (up 3.33% to Rs 588.90), and Prism Cement
(up 4.08% to Rs 34.40), advanced
Metal stocks, too, were in demand. Sesa Goa (up 1.86% to Rs 3431),
JSW Steel (up 2.51% to Rs 1032), Steel Authority of India (up 2.09%
to Rs 154), National Aluminium Company (up 2.46% to Rs 370.90), and
Sterlite Industries (up 3.17% to Rs 731), gained.
India's largest private sector steel manufacturer in terms of
sales, Tata Steel gained 1.49% to Rs 754. The company reported
195.64% jump in consolidated net profit to Rs 12349.98 crore on
415.04% spurt in total income to Rs 132110.09 crore in the year
ended March 2008 over the year ended March 2007. The results are
non comparable due to merger Corus Group with Tata Steel.
Realty stocks declined on fresh selling. DLF (down 2.68% to Rs
446), Indiabulls Real Estate (down 1.71% to Rs 325), Purvankara
Projects (down 7.70% to Rs 169.70), Mahindra Lifespace Developers
(down 6.17% to Rs 475.30), and Ansal Infrastructure (down 6.89% to
Rs 79), edged lower.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation slumped
2.76% to Rs 495 on 22.98 lakh shares. It was the top loser from
Sensex pack. The stock had struck an intra-day high of Rs 518.25.
As per recent reports, RCom's proposed merger deal with South
Africa based global operator, MTN is expected to close by first
week of July 2008
Bharti Airtel (down 2.28% to Rs 762.20), Ranbaxy Laboratories (down
2.50% to Rs 531.75) and HDFC Bank (down 2.60% to Rs 1046.05) edged
lower from the Sensex pack.
Fertliser stocks surged after Chemicals and fertilisers Minister
Ram Vilas Paswan today said the Union cabinet has approved a new
fertiliser policy. Tata Chemicals (up 5.18% at Rs 312.80),
Nagarjuna Fertilizers & Chemicals (up 4.94% at Rs 40.35), Gujarat
State Fertilizers & Chemicals (up 4.82% at Rs 162.10), Chambal
Fertilisers & Chemicals (up 6.77% at Rs 81.20), Rashtriya Chemicals
And Fertilizers (up 5% at Rs 56.20), Zuari Industries (up 0.98% at
Rs 238) and National Fertilizers (up 5% at Rs 57.15), soared.
The existing fertiliser policy is likely to be renewed with new
additions. The price of fertilisers based on phosphorus and
potassium will be linked to import price parity, Paswan said.
The new fertiliser policy will be fix base rate for 17 items and
will be for long term versus the current practice of yearly
changes, reports suggest. Incentives would be offered to fertilizer
manufacturers for producing DAP as an end product.
Reliance Industries was the top traded counter on BSE with turnover
of Rs 559.39 crore followed by Reliance Capital (Rs 268.28 crore),
Niraj Cement & Structurals (Rs 230.09 crore), Chambal Fertilisers
(Rs 176.85 crore), and Anu's Labs (Rs 167.75 crore), in that order.
Chambal Fertilisers & Chemicals topped volumes charts clocking
volumes of 2.18 crore shares followed by Nagarjuna Fertilisers &
Chemicals (1.32 crore shares), Reliance Natural Resources (1.17
crore shares), Niraj Cement & Structurals (1.09 crore shares) and
IFCI (1 crore shares), in that order.
Shares of a host of state-run banks rose. Allahabad Bank (up 3.80%
to Rs 57.65), Bank of India (up 3.05% to Rs 243.50), Canara Bank
(up 2.14% to Rs 181.05), and Vijaya Bank (up 1.13% to Rs 35.65),
surged.
Rayban Sun Optics India was locked at 20% upper circuit at Rs
109.20 on BSE after its promoter Ray Ban Indian Holdings Inc
proposed a voluntary delisting of the shares of the company from
the Bombay Stock Exchange. The company made the announcement after
market hours on Wednesday, 25 June 2008.
Aban Offshore was down 1.15% to Rs 3,120 despite receiving two
orders totaling $55 million to provide offshore services for a
total duration of 300 days.
UCO Bank rose 4.62% to Rs 36.20 on reports it may raise between Rs
300 to Rs 400 crore via a follow-on public offer in
October/December 2008.
HCL Technologies rose 4.32% to Rs 273 after the company said
Columbia Missouri Employers Mutual has selected HCL as the systems
integrator for implementing Guidewire ClaimCenter® as its new
claims system. The company made this announcement after trading
hours on Wednesday, 25 June 2007.
Atlas Copco India slumped 10% to Rs 1,067.35 after the company said
on Wednesday, 25 June 2008, its board has decided to defer a
decision on buy back of shares. The company made this announcement
after trading hours on Wednesday, 25 June 2007.
Coromandel Fertilisers galloped 9.39% to Rs 123.50 after the
company formed a wholly owned subsidiary in Mauritius for
channelising fututre investments abroad. The company made the
announcement during market hours today, 26 June 2008.
European markets, which opened after Indian market, were trading
lower. Key benchmark indices in United Kingdom, France and Germany
were down by between 1.21% and 1.49%.
Asian markets, which opened before Indian market, dipped in
negative zone after firm start today, 26 June 2008. Hong Kong's
Hang Seng (down 0.79% at 22,455.67), Straits Times (down 0.16% at
2,981.81), China's Shanghai Composite (down 0.11% at 2,901.85),
Japan's Nikkei (down 0.05% at 13,822.32), South Korea's Seoul
Composite (down 0.02% at 1,717.42) and Taiwan Weighted (down 0.55%
at 7,811.80), declined.
US markets ended on a positive note yesterday, 25 June 2008 after
some volatile action following the Fed's decision to keep interest
rates unchanged. The Dow Jones industrial average advanced 4.40
points, or 0.04%, to 11,811.83. The Standard & Poor's 500 index
gained 7.68 points, or 0.58%, to 1,321.97, and the Nasdaq composite
index was up 32.98 points, or 1.39%, to 2,401.26.
The UPA-Left committee on the India-United States nuclear deal
decided to convene another meeting to finalise its findings in the
committee's ninth meeting held yesterday, 25 June 2008.
After the meeting, Prime Minister Manmohan Singh and Congress
president Sonia Gandhi on Wednesday, 25 June 2008, night discussed
the outcome of the meeting of the United Progressive Alliance-Left
panel on the India-US Nuclear Agreement. As per reports, the
Congress president would consult allies before taking a decision on
going ahead with the nuclear deal.
Oil steadied above $134 a barrel on Thursday, 26 June 2008, after
dropping more than $2 on Wednesday as US government data showed a
surprise increase in domestic crude stocks last week. The market
will focus on the US economic data due later today to get a clearer
picture of the economy and its impact on oil demand.
helped market move higher for the second straight session today.
However, the market underwent choppy swings throughout the day.
Asian and European markets were in the red. Index heavyweight
Reliance Industries surged close to 4% on high volumes. Oil & gas,
IT and metal stocks were in demand. However real estate stocks
faltered.
The US Federal Reserve on Wednesday, 25 June 2008, held interest
rates steady at 2% on Wednesday, as widely expected, and signalled
it was in no rush to raise them, even as it voiced greater concerns
about inflation.
The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82.
Sustained selling pressure after a firm start pulled the market in
negative zone at one point of time in early afternoon trade. Sensex
lost 23.39 points at day's low of 14,196.68. The Sensex opened with
an upward gap of 80.65 points at 14,300.72 and advanced further to
touch a high of 14,449.81 in late trade. At the day's high, the
Sensex gained 229.74 points.
The broader based S&P CNX Nifty was up 63.20 points or 1.49% at
4,315.85. Nifty July 2008 futures were at 4252.95, a huge discount
of 62.90 points as compared to spot closing.
As per reports, the marketwide rollover of positions from June 2008
contracts to July 2008 contracts in the derivatives segment stood
at 74.40% while that of Nifty was 67%. June 2008 derivaties
contracts expired today.
The BSE Sensex is down 5,865.17 points or 28.91% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2008.
It is 6,784.95 points or 31.99% away from its all-time high of
21,206.77 struck on 10 January 2008.
Sectoral indices on BSE displayed mixed trend today. BSE Power (up
0.43% to 2,454.81), BSE Realty index (down 2.02% at 5,102.43), BSE
Metal index (up 1.15% to 13,923.41), BSE TecK index (up 0.60% to
3,217.92), BSE FMCG index (up 0.58% to 2,142.62), BSE Auto (up
0.88% at 3,894.75), BSE Consumer Durables index (down 0.42% to
3,767.06), BSE Bankex (down 0.07% at 6,471.59), BSE PSU index (up
0.46% to 6,082.71), and BSE Health Care index (up 0.46% at
4,209.15), BSE Capital Goods index (up 0.79% at 10,887.23),
underperformed the Sensex.
The BSE Oil & Gas index (up 2.82% to 9,677.38) and BSE IT index (up
2.12% to 4,181.86), outperformed the Sensex.
The market breadth was positive on BSE with 1468 shares advancing
as compared to 1159 that declined. 75 remained unchanged.
The BSE Mid-Cap index slipped 0.08% to 5,742.04 while the BSE
Small-Cap index gained 1.01% to 7,129.08.
The total turnover on BSE amounted to Rs 5185 crore as compared to
Rs 5,265.18 crore yesterday, 25 June 2008. Turnover in NSE's
futures & options segment amounted to Rs 79103.71 crore as compared
to Rs 81001.29 crore yesterday, 25 June 2008.
Among the 30-member Sensex pack, 17 advanced while the rest
slipped.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
3.92% to Rs 2219 on high volumes of 25.24 lakh shares. The stock
had hit a high of Rs 2259 and low of Rs 2145.55 during the day. RIL
will start pumping 25 million standard cubic metres a day (mmscmd)
of natural gas by September from its D-6 field in the Krishna
Godavari basin, the oil ministry said on Wednesday, 25 June 2008.
It said in a statement that the output would be raised to 40 mmscmd
by March 2009.
Software pivotals advanced on fresh buying as Fed's decision to
keep rates steady bolstered expectations technology spending in US
would remain firm. Satyam Computer Services (up 1.95% to Rs
453.90), Wipro (up 4.60% to Rs 477.50), and Infosys Technologies
(up 1.50% to Rs 1774), and TCS (up 1.05% to Rs 887), advanced.
Indian software exporters get a majority of their revenue from US
clients.
ITC, the country's biggest cigarette manufacturer in terms of sales
gained 2.23% to Rs 190.50. The stock rose on reports that ITC
Infotech, a $100 million, wholly-owned subsidiary of ITC, is
reportedly set to pull out of its BPO equal joint venture with
US-based Sitel Corporation.
Larsen & Toubro, the country's largest private sector engineering
company in terms of order book rose 1.95% to Rs 2358. The stock is
currently trading 1:1 cum bonus.
Tata Motors (up 2.10% to Rs 484.50), Cipla (up 3.90% to Rs 215.70),
and HDFC (up 1.43% to Rs 2199.80), edged higher from Sensex pack.
India's largest bank in terms of net profit State Bank of India
gained 1.40% to Rs 1220 after the state-run bank raised its
benchmark prime lending rate by 50 basis points to 12.75% with
effect from 27 June 2008. The bank made this announcement during
trading hours today, 26 June 2007.
Select cement stocks gained on fresh buying. India's largest cement
company in terms of sales Ambuja Cements jumped 5.27% to Rs 86.90
on 4.61 lakh shares. It was the top gainer from Sensex pack.
ACC (up 0.57% to Rs 598.35), Mysore Cements (up 1.36% to Rs 29.90),
UlttaTech Cement Company (up 3.33% to Rs 588.90), and Prism Cement
(up 4.08% to Rs 34.40), advanced
Metal stocks, too, were in demand. Sesa Goa (up 1.86% to Rs 3431),
JSW Steel (up 2.51% to Rs 1032), Steel Authority of India (up 2.09%
to Rs 154), National Aluminium Company (up 2.46% to Rs 370.90), and
Sterlite Industries (up 3.17% to Rs 731), gained.
India's largest private sector steel manufacturer in terms of
sales, Tata Steel gained 1.49% to Rs 754. The company reported
195.64% jump in consolidated net profit to Rs 12349.98 crore on
415.04% spurt in total income to Rs 132110.09 crore in the year
ended March 2008 over the year ended March 2007. The results are
non comparable due to merger Corus Group with Tata Steel.
Realty stocks declined on fresh selling. DLF (down 2.68% to Rs
446), Indiabulls Real Estate (down 1.71% to Rs 325), Purvankara
Projects (down 7.70% to Rs 169.70), Mahindra Lifespace Developers
(down 6.17% to Rs 475.30), and Ansal Infrastructure (down 6.89% to
Rs 79), edged lower.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation slumped
2.76% to Rs 495 on 22.98 lakh shares. It was the top loser from
Sensex pack. The stock had struck an intra-day high of Rs 518.25.
As per recent reports, RCom's proposed merger deal with South
Africa based global operator, MTN is expected to close by first
week of July 2008
Bharti Airtel (down 2.28% to Rs 762.20), Ranbaxy Laboratories (down
2.50% to Rs 531.75) and HDFC Bank (down 2.60% to Rs 1046.05) edged
lower from the Sensex pack.
Fertliser stocks surged after Chemicals and fertilisers Minister
Ram Vilas Paswan today said the Union cabinet has approved a new
fertiliser policy. Tata Chemicals (up 5.18% at Rs 312.80),
Nagarjuna Fertilizers & Chemicals (up 4.94% at Rs 40.35), Gujarat
State Fertilizers & Chemicals (up 4.82% at Rs 162.10), Chambal
Fertilisers & Chemicals (up 6.77% at Rs 81.20), Rashtriya Chemicals
And Fertilizers (up 5% at Rs 56.20), Zuari Industries (up 0.98% at
Rs 238) and National Fertilizers (up 5% at Rs 57.15), soared.
The existing fertiliser policy is likely to be renewed with new
additions. The price of fertilisers based on phosphorus and
potassium will be linked to import price parity, Paswan said.
The new fertiliser policy will be fix base rate for 17 items and
will be for long term versus the current practice of yearly
changes, reports suggest. Incentives would be offered to fertilizer
manufacturers for producing DAP as an end product.
Reliance Industries was the top traded counter on BSE with turnover
of Rs 559.39 crore followed by Reliance Capital (Rs 268.28 crore),
Niraj Cement & Structurals (Rs 230.09 crore), Chambal Fertilisers
(Rs 176.85 crore), and Anu's Labs (Rs 167.75 crore), in that order.
Chambal Fertilisers & Chemicals topped volumes charts clocking
volumes of 2.18 crore shares followed by Nagarjuna Fertilisers &
Chemicals (1.32 crore shares), Reliance Natural Resources (1.17
crore shares), Niraj Cement & Structurals (1.09 crore shares) and
IFCI (1 crore shares), in that order.
Shares of a host of state-run banks rose. Allahabad Bank (up 3.80%
to Rs 57.65), Bank of India (up 3.05% to Rs 243.50), Canara Bank
(up 2.14% to Rs 181.05), and Vijaya Bank (up 1.13% to Rs 35.65),
surged.
Rayban Sun Optics India was locked at 20% upper circuit at Rs
109.20 on BSE after its promoter Ray Ban Indian Holdings Inc
proposed a voluntary delisting of the shares of the company from
the Bombay Stock Exchange. The company made the announcement after
market hours on Wednesday, 25 June 2008.
Aban Offshore was down 1.15% to Rs 3,120 despite receiving two
orders totaling $55 million to provide offshore services for a
total duration of 300 days.
UCO Bank rose 4.62% to Rs 36.20 on reports it may raise between Rs
300 to Rs 400 crore via a follow-on public offer in
October/December 2008.
HCL Technologies rose 4.32% to Rs 273 after the company said
Columbia Missouri Employers Mutual has selected HCL as the systems
integrator for implementing Guidewire ClaimCenter® as its new
claims system. The company made this announcement after trading
hours on Wednesday, 25 June 2007.
Atlas Copco India slumped 10% to Rs 1,067.35 after the company said
on Wednesday, 25 June 2008, its board has decided to defer a
decision on buy back of shares. The company made this announcement
after trading hours on Wednesday, 25 June 2007.
Coromandel Fertilisers galloped 9.39% to Rs 123.50 after the
company formed a wholly owned subsidiary in Mauritius for
channelising fututre investments abroad. The company made the
announcement during market hours today, 26 June 2008.
European markets, which opened after Indian market, were trading
lower. Key benchmark indices in United Kingdom, France and Germany
were down by between 1.21% and 1.49%.
Asian markets, which opened before Indian market, dipped in
negative zone after firm start today, 26 June 2008. Hong Kong's
Hang Seng (down 0.79% at 22,455.67), Straits Times (down 0.16% at
2,981.81), China's Shanghai Composite (down 0.11% at 2,901.85),
Japan's Nikkei (down 0.05% at 13,822.32), South Korea's Seoul
Composite (down 0.02% at 1,717.42) and Taiwan Weighted (down 0.55%
at 7,811.80), declined.
US markets ended on a positive note yesterday, 25 June 2008 after
some volatile action following the Fed's decision to keep interest
rates unchanged. The Dow Jones industrial average advanced 4.40
points, or 0.04%, to 11,811.83. The Standard & Poor's 500 index
gained 7.68 points, or 0.58%, to 1,321.97, and the Nasdaq composite
index was up 32.98 points, or 1.39%, to 2,401.26.
The UPA-Left committee on the India-United States nuclear deal
decided to convene another meeting to finalise its findings in the
committee's ninth meeting held yesterday, 25 June 2008.
After the meeting, Prime Minister Manmohan Singh and Congress
president Sonia Gandhi on Wednesday, 25 June 2008, night discussed
the outcome of the meeting of the United Progressive Alliance-Left
panel on the India-US Nuclear Agreement. As per reports, the
Congress president would consult allies before taking a decision on
going ahead with the nuclear deal.
Oil steadied above $134 a barrel on Thursday, 26 June 2008, after
dropping more than $2 on Wednesday as US government data showed a
surprise increase in domestic crude stocks last week. The market
will focus on the US economic data due later today to get a clearer
picture of the economy and its impact on oil demand.
Wednesday, June 25, 2008
Post Market Report 25/06/2008
Equities staged a solid rebound after touching fresh calendar 2008
lows in early trade. The initial jolt was caused by the Reserve
Bank of India's move late evening yesterday, 24 June 2008, to hike
the key lending rate in an aggressive attempt to combat over 11%
inflation. However, short covering ahead of the expiry of June 2008
derivatives contracts tomorrow, 26 June 2008, provided a foundation
for the recovery. Positive European and Asian markets also helped
the battered Indian bourses recover
Heavyweights Reliance Industries and Bharti Airtel, helped the
market snapped its five-day declining trend. The market breadth
turned positive later in the day in contrast to a weak breadth
earlier in the day.
RBI raised its key lending rate viz. the repo rate by 50 basis
points to 8.5% with immediate effect, its highest since March 2002
and the second hike this month. It also increased the cash reserve
ratio, the ratio of deposits banks must keep with it, to 8.75% from
8.25% in two 25-basis-point stages on 5 July 2008 and 19 July 2008.
The 30-share BSE Sensex gained 113.49 points or 0.80% at 14,220.07.
At the day's high of 14,248.65 hit in late trade, the Sensex gained
142.07 points. Sensex opened 333.27 points lower at 13,776.21 and
slipped further to touch a low of 13,736.01 in early trade. At the
day's low, the Sensex lost 370.57 points.
The broader based S&P CNX Nifty surged 61.55 points or 1.47% at
4,252.65. Nifty June 2008 futures were at 4256.80, a premium of
4.15 points as compared to spot closing.
Volatility is likely to remain high tomorrow as derivatives
contracts for June 2008 series expire. As per reports, the
marketwide rollover of positions from June 2008 series to July 2008
series stood at 43.10% while that of Nifty was 44.70%, as on
Tuesday, 24 June 2008.
Bears have been calling the shots on the bourses for a while now.
The Sensex shed 1590.32 points or 10.13% in five trading sessions
to 14,106.58 on Tuesday, 24 June 2008 from a recent high of
15,696.90 on 17 June 2008.
The BSE Sensex is down 6,066.92 points or 29.90% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2008.
It is 6,986.70 points or 32.94% away from its all-time high of
21,206.77 struck on 10 January 2008.
Sectoral indices on BSE displayed mixed trend. The BSE Metal index
(up 2.96% to 13,765.14), BSE Power (up 1.93% to 2,444.42), BSE
Realty index (up 2.15% at 5,207.85), BSE TecK index (up 1.17% to
3,198.64), BSE Consumer Durables index (up 1.71% to 3,782.86), BSE
Capital Goods index (up 1.53% at 10,802.18), outperformed the
Sensex.
The BSE FMCG index (down 0.76% to 2,130.35), BSE Auto (up 0.47% at
3,860.88), BSE Oil & Gas index (up 2.90% to 9,411.56), BSE IT index
(down 1.12% to 4,094.95), BSE Bankex (down 0.37% at 6,475.81), BSE
PSU index (up 0.25% to 6,055.11), and BSE Health Care index (up
0.59% at 4,189.98), underperformed the Sensex.
The market breadth was positive. On BSE, 1379 shares advanced as
compared to 1260 that declined. 68 remained unchanged.
The BSE Mid-Cap index was up 0.59% to 5,747.60 and the BSE
Small-Cap index was up 0.74% to 7,058.02. Both these indices
underperformed the Sensex
The total turnover on BSE amounted to Rs 5240 crore as compared to
Rs 5,413.87 crore yesterday, 24 June 2008. Turnover in NSE's
futures & options segment amounted to Rs 81001.29 crore as compared
to Rs 70250.13 crore yesterday, 24 June 2008.
Among the 30-member Sensex pack, 17 gained while the rest slipped.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation
galloped 6.85% to Rs 507.40 on 31.95 lakh shares. It was the top
gainer from Sensex pack. As per reports, RCom's proposed merger
deal with South Africa based global operator, MTN is expected to
close by first week of July 2008
Shares from metal sector surged. Hindalco Industries (up 2.18% to
Rs 147.90), Tata Steel (up 4.18% to Rs 741), JSW Steel (up 4.23% to
Rs 1002), Sesa Goa (up 2.12% to Rs 3370), and Steel Authority of
India (up 2.91% to Rs 150.45), were the other gainers from metal
sector.
Bharat Heavy Electricals (Bhel), the country's largest state-run
engineering company in terms of order book, surged 3.88% to Rs
1445. As per recent reports, Bhel has paid 42.8% higher advance tax
at Rs 300 crore in the first installment of this financial year
over the corresponding period in the previous year.
However Larsen & Toubro, the country's largest private sector
engineering company in terms of order book slipped 0.16% to Rs
2307, after touching a low of Rs 2235.25. The stock is currently
trading 1:1 cum bonus.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
4.05% to Rs 2149.95 on 13.16 lakh shares. RIL has reportedly signed
a cooperation agreement with UAE-based Crescent Petroleum to
jointly undertake projects of mutual interest in the region's
energy sector.
Bharti Airtel (up 4.58% to Rs 785) and Reliance Infrastructure (up
3.55% to Rs 943.30), ), edged higher from Sensex pack.
India's leading pharma company in terms of sales Ranbaxy
Laboratories jumped 4.12% to Rs 546.95 after receiving tentative
approval from US Food and Drug Administration for manufacturing and
marketing valganciclovir hydrochloride tablets in 450 miligram
strength.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation (ONGC) rose 1.73% to Rs 870.10. The company posted
6.77% rise in net profit to Rs 16701.65 crore on 6.54% increase in
net sales to Rs 64859.18 crore in the year ended March 2008 over
the year ended March 2007. The company announced the results during
trading hours today, 25 June 2007.
Real estate stocks rebounded from early lows. DLF (up 2.35% to Rs
450.20), Unitech (up 7% to Rs 182.60), Purvankara Projects (up
6.83% to Rs 183), Mahindra Lifespace Developers (up 2.45% to Rs
498), and Anant Raj Industries (up 0.81% to Rs 137), gained.
Auto stocks staged a sharp recovery from early lows. India's top
small car maker Maruti Suzuki India advanced 3.15% to Rs 700, off
day's low of Rs 640. However, Tata Motors (down 1.41% to Rs 475),
and Mahindra & Mahindra (down 0.08% to Rs 537) declined.
Banking and financial shares though in the red pared losses. ICICI
Bank (down 1.16% to Rs 697, off day's low of Rs 675.10), State Bank
of India (down 0.49% to Rs 1206, off day's low of Rs 1155), and
Kotak Mahindra Bank (down 2.55% to Rs 525, off day's low of Rs
512.50), recovered from lower level
India's largest dedicated housing finance company, Housing
Development Finance Corporation slumped 4.47% to Rs 2165 on
concerns higher interest rates will slow down demand for housing
loans. A total of 1.83 lakh shares were traded on the counter. It
was the top loser from the Sensex pack.
Software pivotals were subdued after Indian rupee firmed against
the dollar. Satyam Computer Services (down 1.12% to Rs 449), Wipro
(down 2.59% to Rs 458), and Infosys (down 2.15% to Rs 1754.50),
declined. However India's largest software services exporter TCS
vaulted 4.72% to Rs 883.80.
The partially convertible Indian rupee was trading at 42.78/79 per
dollar in afternoon trade, stronger than Tuesday's close of
42.9625/9700. A firm rupee impacts margins of IT firms negatively
as they derive majority of their revenue from exports to the US.
ITC (down 2.65% to Rs 186), Cipla (down 2.75% to Rs 207.15), and
Grasim (down 2% to Rs 2046), edged lower from the Sensex pack.
Sugar stocks gained on momentum buying. Shree Renuka Sugars (up
8.55% to Rs 112.30), Bajaj Hindustan (up 1.87% to Rs 183.50),
Balrampur Chini Mills (up 2.89% to Rs 85.40), Uttam Sugar Mills (up
4.94% to Rs 61.60), and Sakthi Sugar (up 4.54% to Rs 67.90),
surged.
Spice Communication was the top traded counter on BSE with total
turnover of Rs 339.39 crore followed by Reliance Capital (Rs 321.40
crore), Reliance Industries (Rs 276.49 crore), Reliance Petroleum
(Rs 196.23 crore), and ONGC (Rs 156.66 crore), in that order.
Spice Communication led the volume chart clocking volumes of around
4.88 crore shares followed by Reliance Natural Resources (1.39
crore shares), Reliance Petroleum (Rs 1.17 crore shares), Ispat
Industries (1.08 crore shares) and IFCI (1.04 crore shares), in
that order.
Spice Communication surged 32.93% to Rs 72.25 on huge volumes of
4.87 crore shares after Idea Cellular said it will buy 40.8% stake
in the company at Rs 77.30 a share. Meanwhile, shares of Idea
Cellular were up 2.37% at Rs 101.50.
Idea Cellular said it would merge Spice with itself through a share
swap whereby Spice shareholders would get 49 Idea shares for every
100 Spice shares held. Idea also said that it would make an open
offer for additional 20% stake to Spice Communicaton shareholders
at Rs 77.30 a share.
Among the side counters, GHCL (up 10% to Rs 65.50), Rayban Sun
Optics (up 16.89% to Rs 91), Sasken Communications (up 13.26% to Rs
152), and Bajaj Auto Finance (up 12.76% to Rs 167), surged.
Amara Raja Batteries rose 3.47% to Rs 159.50 after posting 71.94%
growth in net profit to Rs 26.18 crore on 61.59% increase in total
income to Rs 318.10 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results before trading hours today, 25 June
2007.
Hind Rectifiers rose 4.80% to Rs 155 after it announced issue of
bonus shares in the ratio of one equity share for each equity share
held.
Patel Engineering rose 1.37% to Rs 366.50 on reporting 58.4% rise
in net profit to Rs 53.78 crore on 26.7% increase in net sales to
Rs 501.98 crore in Q4 March 2008 over Q4 March 2007. The company
announced the results after trading hours yesterday, 25 June 2007.
Nagarjuna Construction Company declined 1.11% to Rs 151 even as the
company said it has bagged three new orders aggregating to Rs 333
crore from three different clients. The company made this
announcement during trading hours today, 25 June 2007.
GMR Infrastructure gained 2.96% to Rs 99 after the company said it
has bought 50% stake in Netherlands-based power generation company
InterGen N.V. for $1.1 billion. The company made this announcement
before trading hours today, 25 June 2007.
Jet Airways India jumped 5.36% to Rs 549 despite reporting a net
loss of Rs 221.18 crore in Q4 March 2008 as compared to net profit
of Rs 88.01 crore in Q4 March 2007. Jet Airways India's net sales
rose 39.5% to Rs 2759.90 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results after trading hours yesterday, 24
June 2007.
In a crucial event on the political front, an UPA-Left committee on
the Indo-US nuclear deal will meet later today, 25 June 2008, to
discuss the deal. However, it is difficult to say whether there
will be a concrete outcome or not. The Left parties have already
made it clear that they withdraw their support to the government if
it moves ahead with the nuclear deal. This could further worsen the
already weak stock market sentiment.
Crude oil prices rose 26 cents to settle at $137.00 a barrel
yesterday, 24 June 2008, on the New York Mercantile Exchange
European markets, which opened after Indian market, were trading
higher in early trade. Key benchmark indices in United Kingdom,
France and Germany were up by between 0.44% and 1.09%.
Asian markets, which opened before Indian market were trading mixed
today, 25 June 2008. China's Shanghai Composite (up 3.65% at
2,905.54), South Korea's Seoul Composite (up 0.41% at 1,717.91),
Taiwan Weighted (up 1.51% at 7,855.06), Hang Seng (up 0.64% to
22,598.79), Singapore's Straits Times (up 0.37% at 2,973.30)
advanced. However, Japan's Nikkei slipped 0.14% at 13,829.92
US markets ended lower yesterday, 24 June 2008 on concerns about
the economy, after a report showed consumer confidence hit a
16-year low. The Dow Jones industrial average lost 34.93 points, or
0.29%, to 11,807.43. The Standard & Poor's 500 index fell 3.71
points, or 0.28%, to 1,314.29, and the Nasdaq composite index
declined 17.46 points, or 0.73%, to 2,368.28.
lows in early trade. The initial jolt was caused by the Reserve
Bank of India's move late evening yesterday, 24 June 2008, to hike
the key lending rate in an aggressive attempt to combat over 11%
inflation. However, short covering ahead of the expiry of June 2008
derivatives contracts tomorrow, 26 June 2008, provided a foundation
for the recovery. Positive European and Asian markets also helped
the battered Indian bourses recover
Heavyweights Reliance Industries and Bharti Airtel, helped the
market snapped its five-day declining trend. The market breadth
turned positive later in the day in contrast to a weak breadth
earlier in the day.
RBI raised its key lending rate viz. the repo rate by 50 basis
points to 8.5% with immediate effect, its highest since March 2002
and the second hike this month. It also increased the cash reserve
ratio, the ratio of deposits banks must keep with it, to 8.75% from
8.25% in two 25-basis-point stages on 5 July 2008 and 19 July 2008.
The 30-share BSE Sensex gained 113.49 points or 0.80% at 14,220.07.
At the day's high of 14,248.65 hit in late trade, the Sensex gained
142.07 points. Sensex opened 333.27 points lower at 13,776.21 and
slipped further to touch a low of 13,736.01 in early trade. At the
day's low, the Sensex lost 370.57 points.
The broader based S&P CNX Nifty surged 61.55 points or 1.47% at
4,252.65. Nifty June 2008 futures were at 4256.80, a premium of
4.15 points as compared to spot closing.
Volatility is likely to remain high tomorrow as derivatives
contracts for June 2008 series expire. As per reports, the
marketwide rollover of positions from June 2008 series to July 2008
series stood at 43.10% while that of Nifty was 44.70%, as on
Tuesday, 24 June 2008.
Bears have been calling the shots on the bourses for a while now.
The Sensex shed 1590.32 points or 10.13% in five trading sessions
to 14,106.58 on Tuesday, 24 June 2008 from a recent high of
15,696.90 on 17 June 2008.
The BSE Sensex is down 6,066.92 points or 29.90% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2008.
It is 6,986.70 points or 32.94% away from its all-time high of
21,206.77 struck on 10 January 2008.
Sectoral indices on BSE displayed mixed trend. The BSE Metal index
(up 2.96% to 13,765.14), BSE Power (up 1.93% to 2,444.42), BSE
Realty index (up 2.15% at 5,207.85), BSE TecK index (up 1.17% to
3,198.64), BSE Consumer Durables index (up 1.71% to 3,782.86), BSE
Capital Goods index (up 1.53% at 10,802.18), outperformed the
Sensex.
The BSE FMCG index (down 0.76% to 2,130.35), BSE Auto (up 0.47% at
3,860.88), BSE Oil & Gas index (up 2.90% to 9,411.56), BSE IT index
(down 1.12% to 4,094.95), BSE Bankex (down 0.37% at 6,475.81), BSE
PSU index (up 0.25% to 6,055.11), and BSE Health Care index (up
0.59% at 4,189.98), underperformed the Sensex.
The market breadth was positive. On BSE, 1379 shares advanced as
compared to 1260 that declined. 68 remained unchanged.
The BSE Mid-Cap index was up 0.59% to 5,747.60 and the BSE
Small-Cap index was up 0.74% to 7,058.02. Both these indices
underperformed the Sensex
The total turnover on BSE amounted to Rs 5240 crore as compared to
Rs 5,413.87 crore yesterday, 24 June 2008. Turnover in NSE's
futures & options segment amounted to Rs 81001.29 crore as compared
to Rs 70250.13 crore yesterday, 24 June 2008.
Among the 30-member Sensex pack, 17 gained while the rest slipped.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation
galloped 6.85% to Rs 507.40 on 31.95 lakh shares. It was the top
gainer from Sensex pack. As per reports, RCom's proposed merger
deal with South Africa based global operator, MTN is expected to
close by first week of July 2008
Shares from metal sector surged. Hindalco Industries (up 2.18% to
Rs 147.90), Tata Steel (up 4.18% to Rs 741), JSW Steel (up 4.23% to
Rs 1002), Sesa Goa (up 2.12% to Rs 3370), and Steel Authority of
India (up 2.91% to Rs 150.45), were the other gainers from metal
sector.
Bharat Heavy Electricals (Bhel), the country's largest state-run
engineering company in terms of order book, surged 3.88% to Rs
1445. As per recent reports, Bhel has paid 42.8% higher advance tax
at Rs 300 crore in the first installment of this financial year
over the corresponding period in the previous year.
However Larsen & Toubro, the country's largest private sector
engineering company in terms of order book slipped 0.16% to Rs
2307, after touching a low of Rs 2235.25. The stock is currently
trading 1:1 cum bonus.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) advanced
4.05% to Rs 2149.95 on 13.16 lakh shares. RIL has reportedly signed
a cooperation agreement with UAE-based Crescent Petroleum to
jointly undertake projects of mutual interest in the region's
energy sector.
Bharti Airtel (up 4.58% to Rs 785) and Reliance Infrastructure (up
3.55% to Rs 943.30), ), edged higher from Sensex pack.
India's leading pharma company in terms of sales Ranbaxy
Laboratories jumped 4.12% to Rs 546.95 after receiving tentative
approval from US Food and Drug Administration for manufacturing and
marketing valganciclovir hydrochloride tablets in 450 miligram
strength.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation (ONGC) rose 1.73% to Rs 870.10. The company posted
6.77% rise in net profit to Rs 16701.65 crore on 6.54% increase in
net sales to Rs 64859.18 crore in the year ended March 2008 over
the year ended March 2007. The company announced the results during
trading hours today, 25 June 2007.
Real estate stocks rebounded from early lows. DLF (up 2.35% to Rs
450.20), Unitech (up 7% to Rs 182.60), Purvankara Projects (up
6.83% to Rs 183), Mahindra Lifespace Developers (up 2.45% to Rs
498), and Anant Raj Industries (up 0.81% to Rs 137), gained.
Auto stocks staged a sharp recovery from early lows. India's top
small car maker Maruti Suzuki India advanced 3.15% to Rs 700, off
day's low of Rs 640. However, Tata Motors (down 1.41% to Rs 475),
and Mahindra & Mahindra (down 0.08% to Rs 537) declined.
Banking and financial shares though in the red pared losses. ICICI
Bank (down 1.16% to Rs 697, off day's low of Rs 675.10), State Bank
of India (down 0.49% to Rs 1206, off day's low of Rs 1155), and
Kotak Mahindra Bank (down 2.55% to Rs 525, off day's low of Rs
512.50), recovered from lower level
India's largest dedicated housing finance company, Housing
Development Finance Corporation slumped 4.47% to Rs 2165 on
concerns higher interest rates will slow down demand for housing
loans. A total of 1.83 lakh shares were traded on the counter. It
was the top loser from the Sensex pack.
Software pivotals were subdued after Indian rupee firmed against
the dollar. Satyam Computer Services (down 1.12% to Rs 449), Wipro
(down 2.59% to Rs 458), and Infosys (down 2.15% to Rs 1754.50),
declined. However India's largest software services exporter TCS
vaulted 4.72% to Rs 883.80.
The partially convertible Indian rupee was trading at 42.78/79 per
dollar in afternoon trade, stronger than Tuesday's close of
42.9625/9700. A firm rupee impacts margins of IT firms negatively
as they derive majority of their revenue from exports to the US.
ITC (down 2.65% to Rs 186), Cipla (down 2.75% to Rs 207.15), and
Grasim (down 2% to Rs 2046), edged lower from the Sensex pack.
Sugar stocks gained on momentum buying. Shree Renuka Sugars (up
8.55% to Rs 112.30), Bajaj Hindustan (up 1.87% to Rs 183.50),
Balrampur Chini Mills (up 2.89% to Rs 85.40), Uttam Sugar Mills (up
4.94% to Rs 61.60), and Sakthi Sugar (up 4.54% to Rs 67.90),
surged.
Spice Communication was the top traded counter on BSE with total
turnover of Rs 339.39 crore followed by Reliance Capital (Rs 321.40
crore), Reliance Industries (Rs 276.49 crore), Reliance Petroleum
(Rs 196.23 crore), and ONGC (Rs 156.66 crore), in that order.
Spice Communication led the volume chart clocking volumes of around
4.88 crore shares followed by Reliance Natural Resources (1.39
crore shares), Reliance Petroleum (Rs 1.17 crore shares), Ispat
Industries (1.08 crore shares) and IFCI (1.04 crore shares), in
that order.
Spice Communication surged 32.93% to Rs 72.25 on huge volumes of
4.87 crore shares after Idea Cellular said it will buy 40.8% stake
in the company at Rs 77.30 a share. Meanwhile, shares of Idea
Cellular were up 2.37% at Rs 101.50.
Idea Cellular said it would merge Spice with itself through a share
swap whereby Spice shareholders would get 49 Idea shares for every
100 Spice shares held. Idea also said that it would make an open
offer for additional 20% stake to Spice Communicaton shareholders
at Rs 77.30 a share.
Among the side counters, GHCL (up 10% to Rs 65.50), Rayban Sun
Optics (up 16.89% to Rs 91), Sasken Communications (up 13.26% to Rs
152), and Bajaj Auto Finance (up 12.76% to Rs 167), surged.
Amara Raja Batteries rose 3.47% to Rs 159.50 after posting 71.94%
growth in net profit to Rs 26.18 crore on 61.59% increase in total
income to Rs 318.10 crore in Q4 March 2008 over Q4 March 2007. The
company announced the results before trading hours today, 25 June
2007.
Hind Rectifiers rose 4.80% to Rs 155 after it announced issue of
bonus shares in the ratio of one equity share for each equity share
held.
Patel Engineering rose 1.37% to Rs 366.50 on reporting 58.4% rise
in net profit to Rs 53.78 crore on 26.7% increase in net sales to
Rs 501.98 crore in Q4 March 2008 over Q4 March 2007. The company
announced the results after trading hours yesterday, 25 June 2007.
Nagarjuna Construction Company declined 1.11% to Rs 151 even as the
company said it has bagged three new orders aggregating to Rs 333
crore from three different clients. The company made this
announcement during trading hours today, 25 June 2007.
GMR Infrastructure gained 2.96% to Rs 99 after the company said it
has bought 50% stake in Netherlands-based power generation company
InterGen N.V. for $1.1 billion. The company made this announcement
before trading hours today, 25 June 2007.
Jet Airways India jumped 5.36% to Rs 549 despite reporting a net
loss of Rs 221.18 crore in Q4 March 2008 as compared to net profit
of Rs 88.01 crore in Q4 March 2007. Jet Airways India's net sales
rose 39.5% to Rs 2759.90 crore in Q4 March 2008 over Q4 March 2007.
The company announced the results after trading hours yesterday, 24
June 2007.
In a crucial event on the political front, an UPA-Left committee on
the Indo-US nuclear deal will meet later today, 25 June 2008, to
discuss the deal. However, it is difficult to say whether there
will be a concrete outcome or not. The Left parties have already
made it clear that they withdraw their support to the government if
it moves ahead with the nuclear deal. This could further worsen the
already weak stock market sentiment.
Crude oil prices rose 26 cents to settle at $137.00 a barrel
yesterday, 24 June 2008, on the New York Mercantile Exchange
European markets, which opened after Indian market, were trading
higher in early trade. Key benchmark indices in United Kingdom,
France and Germany were up by between 0.44% and 1.09%.
Asian markets, which opened before Indian market were trading mixed
today, 25 June 2008. China's Shanghai Composite (up 3.65% at
2,905.54), South Korea's Seoul Composite (up 0.41% at 1,717.91),
Taiwan Weighted (up 1.51% at 7,855.06), Hang Seng (up 0.64% to
22,598.79), Singapore's Straits Times (up 0.37% at 2,973.30)
advanced. However, Japan's Nikkei slipped 0.14% at 13,829.92
US markets ended lower yesterday, 24 June 2008 on concerns about
the economy, after a report showed consumer confidence hit a
16-year low. The Dow Jones industrial average lost 34.93 points, or
0.29%, to 11,807.43. The Standard & Poor's 500 index fell 3.71
points, or 0.28%, to 1,314.29, and the Nasdaq composite index
declined 17.46 points, or 0.73%, to 2,368.28.
Pre Market Report 25/06/2008
The market is geared for weak start today reacting to Reserve Bank of India's move (after market hours) yesterday, 24 June 2008, hiking key lending rate and banks' reserve requirements in an aggressive step to combat over 11% inflation, and signaled it would act again if needed. Global cues are not supportive either.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 26.50% while that of Nifty was 31%, as on Friday, 20 June 2008.
Asian markets were trading mixed today, 25 June 2008. China's Shanghai Composite gained 0.46% or 12.97 points at 2,815.99. Taiwan Weighted rose 0.54% or 41.79 points at 7,779.91. However, Japan's Nikkei plunged 1.48% or 204.59 points at 13,644.97, Singapore's Straits Times was down 0.20% or 5.80 points at 2,956.36 and South Korea's Seoul Composite fell 0.74% or 12.72 points at 1,698.12
US markets ended lower yesterday, 24 June 2008. The Dow Jones industrial average lost 34.93 points, or 0.29%, to 11,807.43. The Standard & Poor's 500 index fell 3.71 points, or 0.28%, to 1,314.29, and the Nasdaq composite index declined 17.46 points, or 0.73%, to 2,368.28.
Back home, equities extended losses for the fifth straight day yesterday, 24 June 2008. The 30-share BSE Sensex was down 186.74 points or 1.31% at 14,106.58 and the broader based S&P CNX Nifty slumped 75.30 points or 1.76% at 4,191.10, on that day.
Sensex has lost 1590.32 points or 10.13% in five trading sessions, from its close of 15,696.90 on 17 June 2008, due to political uncertainty, and on fears of further rise in interest rates by the Reserve Bank of India to combat inflation
The barometer index has shaved 6180.41 points or 30.46% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2008. It is down 7100.19 points or 33.48% from its all-time high of 21,206.77 struck on 10 January 2008.
As per provisional data, foreign funds yesterday, 24 June 2008, bought shares worth a net Rs 90.06 crore. Domestic funds bought shares worth a net Rs 475.94 crore.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 26.50% while that of Nifty was 31%, as on Friday, 20 June 2008.
Asian markets were trading mixed today, 25 June 2008. China's Shanghai Composite gained 0.46% or 12.97 points at 2,815.99. Taiwan Weighted rose 0.54% or 41.79 points at 7,779.91. However, Japan's Nikkei plunged 1.48% or 204.59 points at 13,644.97, Singapore's Straits Times was down 0.20% or 5.80 points at 2,956.36 and South Korea's Seoul Composite fell 0.74% or 12.72 points at 1,698.12
US markets ended lower yesterday, 24 June 2008. The Dow Jones industrial average lost 34.93 points, or 0.29%, to 11,807.43. The Standard & Poor's 500 index fell 3.71 points, or 0.28%, to 1,314.29, and the Nasdaq composite index declined 17.46 points, or 0.73%, to 2,368.28.
Back home, equities extended losses for the fifth straight day yesterday, 24 June 2008. The 30-share BSE Sensex was down 186.74 points or 1.31% at 14,106.58 and the broader based S&P CNX Nifty slumped 75.30 points or 1.76% at 4,191.10, on that day.
Sensex has lost 1590.32 points or 10.13% in five trading sessions, from its close of 15,696.90 on 17 June 2008, due to political uncertainty, and on fears of further rise in interest rates by the Reserve Bank of India to combat inflation
The barometer index has shaved 6180.41 points or 30.46% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2008. It is down 7100.19 points or 33.48% from its all-time high of 21,206.77 struck on 10 January 2008.
As per provisional data, foreign funds yesterday, 24 June 2008, bought shares worth a net Rs 90.06 crore. Domestic funds bought shares worth a net Rs 475.94 crore.
Post Market Report 24/06/2008
Bears are in total command of the proceedings on the stock
exchanges. Bulls are in hibernation. Equities extended losses for
the fifth straight day today with the barometer index BSE Sensex
falling below the psychologically important 14,000 mark for the
first time in 10 months since late August 2007. However, it settled
above that level. Heavy selling pressure in index pivotals during
the second half of the trading sessions spooked the market. Metal,
IT and FMCG shares were the worst hit in today's trade.
Choppy swings were witnessed in late trade with the Sensex even
bouncing in the green for a while led by solid rally in index
heavyweight Reliance Industries (RIL). However, as RIL quickly
pared gains, the Sensex plunged in late trade. The market breadth
was weak. All sectoral indices in BSE suffered losses. Asian and
European markets were trading lower.
Fears of further increase in interest rates to tame inflation
continued to weigh on the market sentiment. Reserve Bank of India
(RBI) governor signaled on Monday, 23 June 2008, that the central
bank will tighten monetary policy further to tackle inflation that
surged past 11% in early June 2008 to a 13-year high.
As per provisional data, foreign funds today, 24 June 2008, bought
shares worth a net Rs 90.06 crore. Domestic funds bought shares
worth a net Rs 475.94 crore.
The 30-share BSE Sensex was down 186.74 points or 1.31% at
14,106.58. Sensex lost 302.01 points at day's low of 13,991.31 hit
at the fag end of the trading session. It was the Sensex's lowest
level in 10 months since 22 August 2007.
At the day's high of 14,432.90, the Sensex gained 139.58 points in
early trade.
The broader based S&P CNX Nifty slumped 75.30 points or 1.76% at
4,191.10. Nifty hit a low of 4,156.10, its lowest level in 10
months since 24 August 2007.
Nifty June 2008 futures were at 4159.70, a sharp discount of 31.40
points as compared to spot closing.
Bears have been calling the shots on the bourses for a while now.
The Sensex has lost 1590.32 points or 10.13% in five trading
sessions, from its close of 15,696.90 on 17 June 2008, due to
political uncertainty, and on fears of further rise in interest
rates by the Reserve Bank of India to combat inflation
The barometer index has shaved 6180.41 points or 30.46% in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2008. It is down 7100.19 points or 33.48% from its
all-time high of 21,206.77 struck on 10 January 2008.
In a crucial global event, the US Federal Reserve is expected to
hold key rate for short-term lending at its current 2%, at its
two-day policy meeting that begins today, 24 June 2008. Investors
will scrutinise the statement accompanying the decision for clues
on the future course of monetary policy.
Meanwhile, a crucial UPA-Left meeting on the controversial civilian
nuclear deal with the United States is scheduled tomorrow, 25 June
2008. The left allies, whose parliamentary support is crucial to
the Congress-led United Progress Alliance (UPA) government at the
Centre, have said they would withdrew support if the government
went ahead with the deal.
All the sectoral indices on BSE were in the red today. The BSE
Metal index (down 3.52% to 13,368.82), BSE Power (down 1.64% to
2,398.09), BSE Realty index (down 1.72% at 5,098.44), BSE FMCG
index (down 2.54% to 2,146.63), BSE Auto (down 2.06% at 3,842.77),
BSE TecK index (down 2.08% to 3,161.59), BSE Consumer Durables
index (down 1.46% to 3,719.09), BSE IT index (down 2.17% to
4,141.51), BSE Bankex (down 1.97% at 6,499.66), BSE Capital Goods
index (down 1.46% at 10,639.60), BSE PSU index (down 2.80% to
6,040.08), underperformed the Sensex.
The BSE Oil & Gas index (down 0.28% to 9,146.43), and BSE Health
Care index (down 1.29% at 4,165.61), outperformed the Sensex.
The market breadth was weak. On BSE, 1930 shares declined as
compared to 713 that advanced. 67 remained unchanged.
The BSE Mid-Cap index slipped 1.76% to 5,712.74 and the BSE
Small-Cap index fell 1.82% to 7,006.42. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 5355 crore as against Rs
5,035.83 crore yesterday, 23 June 2008. Turnover on NSE's futures &
options segment amounted to Rs 70250.13 crore as compared to Rs
66917.33 crore yesterday, 23 June 2008.
Reports that Indian coroprates have paid higher advance tax in the
first installment of June 2008 over the corresponding period of the
previous year has failed to lift the sentiments on the bourses. As
per reports, corporate advance tax payment rose 27% to Rs 21,000
crore in the first installment of 15 June 2008. Advance taxes are
paid in four installments, in June, September, December and March.
Usually, the first installment is 15% of the total tax estimated to
be paid for the whole fiscal.
Among the 30-member Sensex pack, 24 declined while the rest gained
in today's trade. India's largest private sector engineering
company in terms of order book Larsen & Tourbo declined 4.23% to Rs
2294.95
Metal shares declined sharply. India's largest private sector steel
maker Tata Steel plunged 7.08% to Rs 692.80 on 12.52 lakh shares.
It was the top loser from Sensex pack.
Sterlite Industries (down 5.39% to Rs 698.10), Hindalco Industries
(down 3.65% to Rs 143), National Aluminium Company (down 11.20% to
Rs 359.95), Jindal Steel & Power (down 4.95% to Rs 1810.05), and
Sesa Goa (down 4.3% to Rs 3230) were the other major losers from
the metal sector.
Hindustan Unilever (down 6.38% to Rs 212.10), Dabur India (down
4.40% to Rs 88.10), ITC (down 2.74% to Rs 190.05), Marico (down
5.58% to Rs 58.40), and Nestle India (down 0.70% to Rs 1648), edged
lower from the FMCG sector.
Among the real estate stocks, Ansal Infrastructure (down 5.41% to
Rs 83), DLF (down 1.43% to Rs 439.85), Unitech (down 0.47% to Rs
170.65), Sobha Developers (down 1.66% to Rs 323.85), and Parsvnath
Developers (down 1.84% to Rs 141.15), declined.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) saw high
volatility in the day. The stock settled 0.80% higher to Rs 2038.30
on 16.45 lakh shares. The stock swung wildly in a range of Rs 2012
and Rs 2133.70 during the day. As per recent reports, RIL plans to
open its first North American plant in North Carolina by investing
$215 million.
India's largest power generation company in terms of sales, NTPC
lost 4.84% to Rs 154.20. As per reports, NTPC had paid 6.9% lower
advance tax at Rs 188 crore in the first installment of this
financial year over the corresponding period in the previous year.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation (ONGC) fell 4.75% to Rs 845.15. ONGC has decided to
exit projects to set up a refinery and a special economic zone
Andhra Pradesh, the company said on Monday, 23 June 2008. ONGC will
unveil its Q4 and year ended March 2008 results on Wednesday, 25
June 2008.
Banking stocks slipped on selling pressure. ICICI Bank (down 2.95%
to Rs 700.10), HDFC Bank (down 4.62% to Rs 1046) and State Bank of
India (down 0.17% to Rs 1203), edged higher.
Software stocks slipped in the red after firm start. Satyam
Computer Services (down 2.09% to Rs 450.50, off day's high of Rs
465.75), Infosys Technologies (down 4.08% to Rs 1772.05, off day's
high of Rs 1859.90), and TCS (down 1.26% to Rs 847, off day's high
of Rs 864.80) declined.
Wipro, the country's third largest software services exporter was
down 2% to Rs 470. Wipro has reportedly raised close to Rs 1,400
crore (35 billion Yen) through external commercial borrowings
(ECBs). The company has been pursuing an aggressive acquisition
strategy over the last few years and it concluded two major
acquisitions in the year ended March 2008 including Unza and
Infocrossing for a cumulative value of close to $900 million. As of
31 March 2008, Wipro had cash and bank balance Rs 3,927 crore.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation slumped
2.85% to Rs 474. RCom's proposed merger deal with South Africa
based global operator, MTN is reportedly expected to close by first
week of July 2008 with RCom likely to acquire 40% stake in the
merged entity.
India's leading pharma company in terms of sales, Ranbaxy
Laboratories gained 2.44% to Rs 526 on 14.58 lakh shares. It was
the top gainer from Sensex pack.
Bharat Heavy Electricals (Bhel), the country's largest state-run
engineering company in terms of order book, gained 2.10% to Rs
1390. As per reports, Bhel has paid 42.8% higher advance tax at Rs
300 crore in the first installment of this financial year over the
corresponding period in the previous year.
India's dedicated housing finance company Housing Development
Finance Corporation advanced 2.05% to Rs 2260. The stock moved in a
range of Rs 2182 and Rs 2300 in the day.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 454.33 crore followed by Reliance Industries (Rs 341.56 crore),
Tata Steel (Rs 239.07 crore), Reliance Communication (Rs 184.91
crore), and Anu's Labs (Rs 177.87 crore), in that order.
Reliance Natural Resources topped the volumes charts on BSE
clocking volumes of 1.39 crore shares followed by IFC (1.32 crore
shares), Reliance Petroleum (1.03 crore shares), Chambal
Fertislisers & Chemicals (99.16 lakh shares) and Ispat Industries
(84.14 lakh shares), in that order.
Among side counters, Simplex Projects (down 13.88% to Rs 184.30),
ANG Auto (down 13.81% to Rs 68), Niraj cement & Structurals (down
12.03% to Rs 165.20), Spice Communications (down 11.48% to Rs
53.20), Educomp Solutions (down 11.20% tp Rs 2938), slumped
Indian Hotels Company declined 4.36% to Rs 88.90 on reporting 0.3%
rise in net profit to Rs 134.88 crore on 10.4% rise in sales to Rs
557.63 crore in Q4 March 2008 over Q4 March 2007. The company
announced result after trading hours on Monday, 23 June 2008.
Jetking Infotrain soared 12.73% to Rs 310 after the company said
its board will meet on 30 June 2008 to consider issue of bonus
shares. The company made this announcement during trading hours
today, 24 June 2007.
Orchid Chemicals & Pharmaceuticals fell 4.81% to Rs 225.50 after
the company said it had secured Canadian regulatory approval to
sell a combination antibiotic injection in that country. The
company made this announcement during trading hours today, 24 June
2007.
Tech Mahindra slipped 2.21% to Rs 745 despite signing a contract
with Telecom New Zealand for program management and systems
integration for the latter's retail business.
Tata Power Company declined 6.93% to Rs 1110 despite reporting
24.8% rise in net profit to Rs 869.90 crore in the year ended March
2008 over the year ended March 2007 The company announced the
results after trading hours on Monday, 23 June 2007.
GAIL India tumbled 5.42% to Rs 357.90, off sharply from day's high
of Rs 394, after its board recommended issue of bonus shares in the
ratio of one equity share for every two shares held. The company
made this announcement before trading hours today, 24 June 2007.
European markets, which opened after Indian market, slipped into
the red after firm opening. Key benchmark indices in United
Kingdom, France and Germany were down by between 1.18% and 1.48%.
Crude oil prices continue to hold firm. Crude for August delivery
was up 20 cents at $136.94 a barrel today, 24 June 2008 amid fears
of Nigerian supply disruptions and tensions between Israel and
Iran. It had hit a record high of $139.89 on 16 June 2008. Oil
price has risen about 40% in this calendar year so far.
Asian markets, which opened before Indian market, were trading
lower except China's Shanghai Composite which rose 1.50% at
2,801.72. Japan's Nikkei (down 0.06% at 13,849.56), Hong Kong's
Hang Seng (down 1.14% at 22,456.02), Taiwan's Taiwan Weighted (down
1.76% at 7,738.12), Singapore's Straits Times (down 0.57% at
2,962.20) and South Korea's Seoul Composite (down 0.28% at
1,710.84) slipped.
US markets lost some ground yesterday, 23 June 2008, sending
financial shares to their lowest level in five years, on a
deteriorating outlook for bank earnings. The Dow Jones industrial
average dropped 0.33 points, or less than 0.01%, to 11,842.36. The
Standard & Poor's 500 index gained 0.07 points, or 0.01%, to
1,318.00, and the Nasdaq composite index lost 20.35 points, or
0.85%, to 2,385.74.
Back home, volatility is expected to remain high on the Indian
bourses in the near term as derivatives contracts for June series
are set to expire on Thursday, 26 June 2008. As per reports, the
marketwide rollover of positions from June 2008 series to July 2008
series stood at 26.50% while that of Nifty was 31%, as on Friday,
20 June 2008.
exchanges. Bulls are in hibernation. Equities extended losses for
the fifth straight day today with the barometer index BSE Sensex
falling below the psychologically important 14,000 mark for the
first time in 10 months since late August 2007. However, it settled
above that level. Heavy selling pressure in index pivotals during
the second half of the trading sessions spooked the market. Metal,
IT and FMCG shares were the worst hit in today's trade.
Choppy swings were witnessed in late trade with the Sensex even
bouncing in the green for a while led by solid rally in index
heavyweight Reliance Industries (RIL). However, as RIL quickly
pared gains, the Sensex plunged in late trade. The market breadth
was weak. All sectoral indices in BSE suffered losses. Asian and
European markets were trading lower.
Fears of further increase in interest rates to tame inflation
continued to weigh on the market sentiment. Reserve Bank of India
(RBI) governor signaled on Monday, 23 June 2008, that the central
bank will tighten monetary policy further to tackle inflation that
surged past 11% in early June 2008 to a 13-year high.
As per provisional data, foreign funds today, 24 June 2008, bought
shares worth a net Rs 90.06 crore. Domestic funds bought shares
worth a net Rs 475.94 crore.
The 30-share BSE Sensex was down 186.74 points or 1.31% at
14,106.58. Sensex lost 302.01 points at day's low of 13,991.31 hit
at the fag end of the trading session. It was the Sensex's lowest
level in 10 months since 22 August 2007.
At the day's high of 14,432.90, the Sensex gained 139.58 points in
early trade.
The broader based S&P CNX Nifty slumped 75.30 points or 1.76% at
4,191.10. Nifty hit a low of 4,156.10, its lowest level in 10
months since 24 August 2007.
Nifty June 2008 futures were at 4159.70, a sharp discount of 31.40
points as compared to spot closing.
Bears have been calling the shots on the bourses for a while now.
The Sensex has lost 1590.32 points or 10.13% in five trading
sessions, from its close of 15,696.90 on 17 June 2008, due to
political uncertainty, and on fears of further rise in interest
rates by the Reserve Bank of India to combat inflation
The barometer index has shaved 6180.41 points or 30.46% in the
calendar year 2008 so far from its close of 20,286.99 on 31
December 2008. It is down 7100.19 points or 33.48% from its
all-time high of 21,206.77 struck on 10 January 2008.
In a crucial global event, the US Federal Reserve is expected to
hold key rate for short-term lending at its current 2%, at its
two-day policy meeting that begins today, 24 June 2008. Investors
will scrutinise the statement accompanying the decision for clues
on the future course of monetary policy.
Meanwhile, a crucial UPA-Left meeting on the controversial civilian
nuclear deal with the United States is scheduled tomorrow, 25 June
2008. The left allies, whose parliamentary support is crucial to
the Congress-led United Progress Alliance (UPA) government at the
Centre, have said they would withdrew support if the government
went ahead with the deal.
All the sectoral indices on BSE were in the red today. The BSE
Metal index (down 3.52% to 13,368.82), BSE Power (down 1.64% to
2,398.09), BSE Realty index (down 1.72% at 5,098.44), BSE FMCG
index (down 2.54% to 2,146.63), BSE Auto (down 2.06% at 3,842.77),
BSE TecK index (down 2.08% to 3,161.59), BSE Consumer Durables
index (down 1.46% to 3,719.09), BSE IT index (down 2.17% to
4,141.51), BSE Bankex (down 1.97% at 6,499.66), BSE Capital Goods
index (down 1.46% at 10,639.60), BSE PSU index (down 2.80% to
6,040.08), underperformed the Sensex.
The BSE Oil & Gas index (down 0.28% to 9,146.43), and BSE Health
Care index (down 1.29% at 4,165.61), outperformed the Sensex.
The market breadth was weak. On BSE, 1930 shares declined as
compared to 713 that advanced. 67 remained unchanged.
The BSE Mid-Cap index slipped 1.76% to 5,712.74 and the BSE
Small-Cap index fell 1.82% to 7,006.42. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 5355 crore as against Rs
5,035.83 crore yesterday, 23 June 2008. Turnover on NSE's futures &
options segment amounted to Rs 70250.13 crore as compared to Rs
66917.33 crore yesterday, 23 June 2008.
Reports that Indian coroprates have paid higher advance tax in the
first installment of June 2008 over the corresponding period of the
previous year has failed to lift the sentiments on the bourses. As
per reports, corporate advance tax payment rose 27% to Rs 21,000
crore in the first installment of 15 June 2008. Advance taxes are
paid in four installments, in June, September, December and March.
Usually, the first installment is 15% of the total tax estimated to
be paid for the whole fiscal.
Among the 30-member Sensex pack, 24 declined while the rest gained
in today's trade. India's largest private sector engineering
company in terms of order book Larsen & Tourbo declined 4.23% to Rs
2294.95
Metal shares declined sharply. India's largest private sector steel
maker Tata Steel plunged 7.08% to Rs 692.80 on 12.52 lakh shares.
It was the top loser from Sensex pack.
Sterlite Industries (down 5.39% to Rs 698.10), Hindalco Industries
(down 3.65% to Rs 143), National Aluminium Company (down 11.20% to
Rs 359.95), Jindal Steel & Power (down 4.95% to Rs 1810.05), and
Sesa Goa (down 4.3% to Rs 3230) were the other major losers from
the metal sector.
Hindustan Unilever (down 6.38% to Rs 212.10), Dabur India (down
4.40% to Rs 88.10), ITC (down 2.74% to Rs 190.05), Marico (down
5.58% to Rs 58.40), and Nestle India (down 0.70% to Rs 1648), edged
lower from the FMCG sector.
Among the real estate stocks, Ansal Infrastructure (down 5.41% to
Rs 83), DLF (down 1.43% to Rs 439.85), Unitech (down 0.47% to Rs
170.65), Sobha Developers (down 1.66% to Rs 323.85), and Parsvnath
Developers (down 1.84% to Rs 141.15), declined.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) saw high
volatility in the day. The stock settled 0.80% higher to Rs 2038.30
on 16.45 lakh shares. The stock swung wildly in a range of Rs 2012
and Rs 2133.70 during the day. As per recent reports, RIL plans to
open its first North American plant in North Carolina by investing
$215 million.
India's largest power generation company in terms of sales, NTPC
lost 4.84% to Rs 154.20. As per reports, NTPC had paid 6.9% lower
advance tax at Rs 188 crore in the first installment of this
financial year over the corresponding period in the previous year.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation (ONGC) fell 4.75% to Rs 845.15. ONGC has decided to
exit projects to set up a refinery and a special economic zone
Andhra Pradesh, the company said on Monday, 23 June 2008. ONGC will
unveil its Q4 and year ended March 2008 results on Wednesday, 25
June 2008.
Banking stocks slipped on selling pressure. ICICI Bank (down 2.95%
to Rs 700.10), HDFC Bank (down 4.62% to Rs 1046) and State Bank of
India (down 0.17% to Rs 1203), edged higher.
Software stocks slipped in the red after firm start. Satyam
Computer Services (down 2.09% to Rs 450.50, off day's high of Rs
465.75), Infosys Technologies (down 4.08% to Rs 1772.05, off day's
high of Rs 1859.90), and TCS (down 1.26% to Rs 847, off day's high
of Rs 864.80) declined.
Wipro, the country's third largest software services exporter was
down 2% to Rs 470. Wipro has reportedly raised close to Rs 1,400
crore (35 billion Yen) through external commercial borrowings
(ECBs). The company has been pursuing an aggressive acquisition
strategy over the last few years and it concluded two major
acquisitions in the year ended March 2008 including Unza and
Infocrossing for a cumulative value of close to $900 million. As of
31 March 2008, Wipro had cash and bank balance Rs 3,927 crore.
Reliance Communications (RCom), the country's second largest
telecom services provider in terms of market capitalisation slumped
2.85% to Rs 474. RCom's proposed merger deal with South Africa
based global operator, MTN is reportedly expected to close by first
week of July 2008 with RCom likely to acquire 40% stake in the
merged entity.
India's leading pharma company in terms of sales, Ranbaxy
Laboratories gained 2.44% to Rs 526 on 14.58 lakh shares. It was
the top gainer from Sensex pack.
Bharat Heavy Electricals (Bhel), the country's largest state-run
engineering company in terms of order book, gained 2.10% to Rs
1390. As per reports, Bhel has paid 42.8% higher advance tax at Rs
300 crore in the first installment of this financial year over the
corresponding period in the previous year.
India's dedicated housing finance company Housing Development
Finance Corporation advanced 2.05% to Rs 2260. The stock moved in a
range of Rs 2182 and Rs 2300 in the day.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 454.33 crore followed by Reliance Industries (Rs 341.56 crore),
Tata Steel (Rs 239.07 crore), Reliance Communication (Rs 184.91
crore), and Anu's Labs (Rs 177.87 crore), in that order.
Reliance Natural Resources topped the volumes charts on BSE
clocking volumes of 1.39 crore shares followed by IFC (1.32 crore
shares), Reliance Petroleum (1.03 crore shares), Chambal
Fertislisers & Chemicals (99.16 lakh shares) and Ispat Industries
(84.14 lakh shares), in that order.
Among side counters, Simplex Projects (down 13.88% to Rs 184.30),
ANG Auto (down 13.81% to Rs 68), Niraj cement & Structurals (down
12.03% to Rs 165.20), Spice Communications (down 11.48% to Rs
53.20), Educomp Solutions (down 11.20% tp Rs 2938), slumped
Indian Hotels Company declined 4.36% to Rs 88.90 on reporting 0.3%
rise in net profit to Rs 134.88 crore on 10.4% rise in sales to Rs
557.63 crore in Q4 March 2008 over Q4 March 2007. The company
announced result after trading hours on Monday, 23 June 2008.
Jetking Infotrain soared 12.73% to Rs 310 after the company said
its board will meet on 30 June 2008 to consider issue of bonus
shares. The company made this announcement during trading hours
today, 24 June 2007.
Orchid Chemicals & Pharmaceuticals fell 4.81% to Rs 225.50 after
the company said it had secured Canadian regulatory approval to
sell a combination antibiotic injection in that country. The
company made this announcement during trading hours today, 24 June
2007.
Tech Mahindra slipped 2.21% to Rs 745 despite signing a contract
with Telecom New Zealand for program management and systems
integration for the latter's retail business.
Tata Power Company declined 6.93% to Rs 1110 despite reporting
24.8% rise in net profit to Rs 869.90 crore in the year ended March
2008 over the year ended March 2007 The company announced the
results after trading hours on Monday, 23 June 2007.
GAIL India tumbled 5.42% to Rs 357.90, off sharply from day's high
of Rs 394, after its board recommended issue of bonus shares in the
ratio of one equity share for every two shares held. The company
made this announcement before trading hours today, 24 June 2007.
European markets, which opened after Indian market, slipped into
the red after firm opening. Key benchmark indices in United
Kingdom, France and Germany were down by between 1.18% and 1.48%.
Crude oil prices continue to hold firm. Crude for August delivery
was up 20 cents at $136.94 a barrel today, 24 June 2008 amid fears
of Nigerian supply disruptions and tensions between Israel and
Iran. It had hit a record high of $139.89 on 16 June 2008. Oil
price has risen about 40% in this calendar year so far.
Asian markets, which opened before Indian market, were trading
lower except China's Shanghai Composite which rose 1.50% at
2,801.72. Japan's Nikkei (down 0.06% at 13,849.56), Hong Kong's
Hang Seng (down 1.14% at 22,456.02), Taiwan's Taiwan Weighted (down
1.76% at 7,738.12), Singapore's Straits Times (down 0.57% at
2,962.20) and South Korea's Seoul Composite (down 0.28% at
1,710.84) slipped.
US markets lost some ground yesterday, 23 June 2008, sending
financial shares to their lowest level in five years, on a
deteriorating outlook for bank earnings. The Dow Jones industrial
average dropped 0.33 points, or less than 0.01%, to 11,842.36. The
Standard & Poor's 500 index gained 0.07 points, or 0.01%, to
1,318.00, and the Nasdaq composite index lost 20.35 points, or
0.85%, to 2,385.74.
Back home, volatility is expected to remain high on the Indian
bourses in the near term as derivatives contracts for June series
are set to expire on Thursday, 26 June 2008. As per reports, the
marketwide rollover of positions from June 2008 series to July 2008
series stood at 26.50% while that of Nifty was 31%, as on Friday,
20 June 2008.
Tuesday, June 24, 2008
Pre Market Report 24/06/2008
Local market is expected to open lower tracking lower Asian markets. Crude oil's relentless rise will continue to weigh on sentiment.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 26.50% while that of Nifty was 31%, as on Friday, 20 June 2008.
Meanwhile, as per reports, advance tax collections increased 27% to Rs 20,700 crore over the same period last year, as of 20 June 2008.
Asian markets were trading lower today, 24 June 2008. China's Shanghai Composite was down 0.03% at 2,760.71, Japan's Nikkei fell 0.05% or 6.43 points at 13,851.04, Hong Kong's Hang Seng lost 0.20% or 45.95 points at 22,669.01, Taiwan's Taiwan Weighted declined 0.87% or 68.67 points at 7,807.82, Singapore's Straits Times dropped 0.11% or 3.37 points at 2,975.78 and South Korea's Seoul Composite slipped 0.53% or 9.06 points at 1,706.53
US markets lost some ground yesterday, 23 June 2008, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. The Dow Jones industrial average dropped 0.33 points, or less than 0.01%, to 11,842.36. The Standard & Poor's 500 index gained 0.07 points, or 0.01%, to 1,318.00, and the Nasdaq composite index lost 20.35 points, or 0.85%, to 2,385.74.
Back home, Indian stocks suffered losses for the fourth straight session yesterday, 23 June 20008, to settle at 10-month low on sustained selling pressure throughout the day due to concerns of further policy tightening by the Reserve Bank of India with inflation reaching 13-year high and political uncertainty.
The 30-share BSE Sensex lost 277.97 points or 1.91% at 14,293.32 and the broader based S&P CNX Nifty was down 81.15 points or 1.87% to 4266.40, on that day.
The barometer index has now shaved 5,993.67 points or 29.54% in the calendar year 2008 so far from its close of 20286.99 on 31 December 2008. It is down 6,913.45 points or 32.60% from its all time high of 21206.77 struck on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 665.56 crore and domestic mutual funds bought shares worth a net Rs 91.75 crore yesterday, 23 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 166.24 crore in the futures & options segment yesterday, 21 June 2008. They were net buyers of index futures to the tune of Rs 876.86 crore and sold index options worth Rs 864.33 crore. They were net sellers of stock futures to the tune of Rs 165.96 crore and sold stock options worth Rs 12.81 crore.
Crude for August delivery was up 20 cents at $136.94 a barrel today, 24 June 2008 amid fears of Nigerian supply disruptions and tensions between Israel and Iran. It had hit a record high of $139.89 on 16 June 2008.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 26.50% while that of Nifty was 31%, as on Friday, 20 June 2008.
Meanwhile, as per reports, advance tax collections increased 27% to Rs 20,700 crore over the same period last year, as of 20 June 2008.
Asian markets were trading lower today, 24 June 2008. China's Shanghai Composite was down 0.03% at 2,760.71, Japan's Nikkei fell 0.05% or 6.43 points at 13,851.04, Hong Kong's Hang Seng lost 0.20% or 45.95 points at 22,669.01, Taiwan's Taiwan Weighted declined 0.87% or 68.67 points at 7,807.82, Singapore's Straits Times dropped 0.11% or 3.37 points at 2,975.78 and South Korea's Seoul Composite slipped 0.53% or 9.06 points at 1,706.53
US markets lost some ground yesterday, 23 June 2008, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. The Dow Jones industrial average dropped 0.33 points, or less than 0.01%, to 11,842.36. The Standard & Poor's 500 index gained 0.07 points, or 0.01%, to 1,318.00, and the Nasdaq composite index lost 20.35 points, or 0.85%, to 2,385.74.
Back home, Indian stocks suffered losses for the fourth straight session yesterday, 23 June 20008, to settle at 10-month low on sustained selling pressure throughout the day due to concerns of further policy tightening by the Reserve Bank of India with inflation reaching 13-year high and political uncertainty.
The 30-share BSE Sensex lost 277.97 points or 1.91% at 14,293.32 and the broader based S&P CNX Nifty was down 81.15 points or 1.87% to 4266.40, on that day.
The barometer index has now shaved 5,993.67 points or 29.54% in the calendar year 2008 so far from its close of 20286.99 on 31 December 2008. It is down 6,913.45 points or 32.60% from its all time high of 21206.77 struck on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 665.56 crore and domestic mutual funds bought shares worth a net Rs 91.75 crore yesterday, 23 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 166.24 crore in the futures & options segment yesterday, 21 June 2008. They were net buyers of index futures to the tune of Rs 876.86 crore and sold index options worth Rs 864.33 crore. They were net sellers of stock futures to the tune of Rs 165.96 crore and sold stock options worth Rs 12.81 crore.
Crude for August delivery was up 20 cents at $136.94 a barrel today, 24 June 2008 amid fears of Nigerian supply disruptions and tensions between Israel and Iran. It had hit a record high of $139.89 on 16 June 2008.
Post Market Report 23/06/2008
Indian stocks suffered losses for the fourth straight session today
to settle at 10-month low on sustained selling pressure throughout
the day. Concerns of further policy tightening by the Reserve Bank
of India with inflation reaching 13-year high early this month and
political uncertainty, weighed on the market sentiment today. The
Capital Goods index, BSE Power index, BSE Realty index, BSE Auto
index, BSE Bankex, BSE PSU index touched 52-week lows. The market
breadth was weak.
Shares from capital goods, banking, realty, metal and power sector
suffered sharp losses. But ONGC gained ahead of its Q4 and year
ended March 2008 results scheduled on 25 June 2008.
RBI governor Y V Reddy today, 23 June 2008, said RBI will play its
part in moderating and managing demand and may have to build on
actions it has already taken. Reddy said the central bank was in
the midst of an intensive examination of issues and options. He
added that he does not see any adverse impact of inflation on
growth as of now.
In an important political development during the weekend, Uttar
Pradesh chief minister Mayawati's Bahujan Samaj Party (BSP)
withdrew its support to the Congress-led UPA government. Given its
current strength of 17 members of parliament (MPs) in the Lok
Sabha, the BSP's decision to withdraw its support is unlikely to
upset the UPA government's standing.
Meanwhile, the Samajwadi Party, at loggerheads with the BSP, is
reportedly in talks with the Congress on extending its support to
the Indo-US nuclear deal. The Samajwadi Party has 39 MPs in the Lok
Sabha (including two dissidents).
The nuclear energy deal appears headed for an imminent showdown
that threatens to trigger early elections, reports suggest. The UPA
government may have only a week or so to make up its mind if the
pact is to have any chance of final approval before US President
George W. Bush leaves office, reports suggest.
The 30-share BSE Sensex lost 277.97 points or 1.91% at 14,293.32.
It is the lowest closing level of Sensex in 10 months since late
August 2007. Sensex lost 407.84 points at day's low of 14,163.45
touched in mid-morning trade.
After opening 148.24 points lower at 15,423.05, the Sensex made a
recovery attempt striking day's high of 14,509.26 in early trade
itself. At the day's high Sensex lost 62.03 points.
The broader based S&P CNX Nifty was down 81.15 points or 1.87% to
4266.40. It is the lowest closing level of Nifty in nearly 10
months since late August 2007. Nifty June 2008 futures were at
4275.20 a premium of 8.8 points as compared to spot closing.
Volatility is expected to remain high in the near term as
derivatives contracts for June series are set to expire on
Thursday, 26 June 2008. As per reports, the marketwide rollover of
positions from June 2008 series to July 2008 series stood at 16%
while that of Nifty was 20%, as on Friday, 20 June 2008.
The Sensex has lost 1403.58 points or 8.94% in four trading
sessions, from its close of 15696.90 on 17 June 2008, due to
political uncertainty, and on fears of further rise in interest
rates by the Reserve Bank of India to combat inflation
The barometer index has now shaved 5,993.67 points or 29.54% in the
calendar year 2008 so far from its close of 20286.99 on 31 December
2008. It is down 6,913.45 points or 32.60% from its all time high
of 21206.77 struck on 10 January 2008.
Morgan Stanley in a note to clients today lowered the Sensex's
December 2008 fair value to 13,224, from 14,540 set in April 2007.
Turmoil in global financial markets, coupled with the slowing of
growth and resurgence of inflation, was the reason for the cut in
fair value.
All the sectoral indices on BSE except the BSE IT index declined
today. The BSE Health Care index (down 2.45% at 4,220.24), BSE
Realty index (down 3.64% at 5,187.92), BSE Metal index (down 4.62%
to 13,856.33), BSE Oil & Gas index (down 2.63% to 9,172.10), BSE
Power (down 4.01% to 2,437.98), BSE Bankex (down 2.56% at
6,630.58), BSE Capital Goods index (down 5.29% at 10,797.01), BSE
PSU index (down 2.46% to 6,214.11), underperformed the Sensex.
The BSE IT index (up 0.68% to 4,233.42), BSE FMCG index (down 1.41%
to 2,202.65), BSE Auto (down 2.95% at 3,923.41), BSE TecK index
(down 0.19% to 3,228.68), and BSE Consumer Durables index (down
1.79% to 3,774.19), outperformed the Sensex.
The market breadth was extremely weak on BSE with 2213 shares
declining as compared to 441 that advanced. 47 remained unchanged.
The BSE Mid-Cap index lost 3.60% to 5,815.23 while the BSE
Small-Cap index slumped 3.53% to 7,136.30. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 5,015 crore as compared to
Rs 5,513.87 crore on Friday, 20 June 2008. Turnover on NSE's
futures & options segment amounted to Rs 66917.33 crore as compared
to Rs 58533.66 crore on Friday, 20 June 2008.
Among the 30-member Sensex pack, 22 declined while the rest gained.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation advanced 2.66% to Rs 889.90 on 7.22 lakh shares. It was
the top gainer from Sensex pack. The stock moved in a range of Rs
850 and Rs 894 so far during the day. The company will declare its
Q4 and year ended March 2008 results on 25 June 2008.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) was down
3.57% to Rs 2021.80 on 16.93 lakh shares. The stock sharply
recovered from day's low of Rs 1984.05. As per reports, RIL plans
to open its first North American plant in North Carolina by
investing $215 million.
India's largest dam builder Jaiprakash Associates tumbled 8.88% to
Rs 151.80 on 31.470 lakh shares. It was the top loser from Sensex
pack.
Ranbaxy Laboratories (down 5.37% to Rs 513.50), Tata Steel (down
3.94% to Rs 747), and Larsen & Toubro (down 7.10% to Rs 2382), were
the other major losers from Sensex pack.
India's second largest private sector bank in terms of net profit
HDFC Bank declined 0.48% to Rs 1093.75. The bank announced a hike
in its benchmark prime lending rate by 25 basis points to 15.25%.
The bank made this announcement after trading hours on Friday, 20
June 2007.
Other frontline banking stocks, State Bank of India (down 2.59% to
Rs 1215.20), and ICICI Bank (down 2% to Rs 720), declined.
Shares of PSU banks slumped. Bank of India (down 9.56% to Rs
224.20), Indian Overseas Bank (down 6.69% to Rs 96.25), Andhra Bank
(down 6.81% to Rs 60.25), Allahabad Bank (down 6.68% to Rs 61.45),
and Union Bank of India (down 6.56% to Rs 116), declined sharply.
Shares from realty estate sector were not spared either. Unitech
(down 6.72% at Rs 172.20), Sobha Developers (down 9.39% at Rs
327.05), Parsvnath Developers (down 5.49% at Rs 143.75) and DLF
(down 1.39% at Rs 450), slumped.
India's largest dedicated housing finance company Housing
Development Finance Corporation made a sharp recovery from early
low of Rs 2140. It settled with gain of 1.31% to Rs 2212.20.
Mahindra & Mahindra (down 4.81% to Rs 547.55), and Maruti Suzuki
India (down 5.47% to Rs 688), slipped. However India's top truck
maker in terms of sales, Tata Motors rose 0.24% to Rs 490.
Software stocks were mixed after the rupee fell to near a 14- month
low against the dollar. Satyam Computer Services (up 1.26% to Rs
460.80), Infosys (up 1.17% to Rs 1849), Wipro (up 1.59% to Rs
481.70), edged higher. However India's largest software services
exporter TCS lost 0.40% to Rs 860.
Copper makers fell sharply on fears on further squeeze in margin on
reports Escondida, the world's largest copper mine, is trying to
force Japanese copper metal makers to further reduce treatment and
refining charges for new contracts. Sterlite Industries lost 4.33%
to Rs 736.50 and Hindalco Industries slumped 7.76% to Rs 148.50.
Escondida, located in northern Chile, is majority-owned and
operated by Anglo-Australian diversified natural resources firm BHP
Billiton.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 354.50 crore followed by Reliance Industries (Rs 342.80 crore),
Reliance Petroleum (Rs 238.92 crore), Larsen & Toubro (Rs 191.57
crore), and Anu's Labs (Rs 179.77 crore), in that order.
Reliance Petroleum led the volumes chart clocking volumes of 1.42
crore shares followed by Reliance Natural Resources (1.39 crore
shares), IFCI (1.07 crore shares), Chambal Fertilisers (1.05 crore
shares) and Ispat Industries (82.77 lakh shares), in that order
Among the momentum counters, Essar Oil (down 7.45% to Rs 209.05),
Reliance Capital (down 9.45% to Rs 925), Anu's Labs (down 6.27% to
Rs 382.90), Suzlon Energy (down 5.88% to Rs 228.80), and Reliance
Power (down 7.88% to Rs 161.25), declined sharply
EIH plunged 7.49% to Rs 121 after it reported 9.7% rise in net
profit to Rs 65.38 crore on 13.1% rise in sales to Rs 339.88 crore
in Q4 March 2008 over Q4 March 2007. The company announced the
results after trading hours on Friday, 20 June 2008.
Lotte India Corporation surged 5% to Rs 276.05 after its board
decided to delist the shares from all the stock exchanges. The
company made this announcement before trading hours today, 23 June
2008.
Ansal Properties & Infrastructure slipped 6% to Rs 87.75 despite
HDFC Asset Management Company making investment in its subsidiary
for participation in the development of hi-tech township in NCR
region. The company made this announcement after trading hours on
Friday, 20 June 2007.
Madras Cements rose 1.41% to Rs 2790 after the company said its
board will meet on 30 June 2008 to consider stock split and issue
of bonus shares. The company made this announcement after trading
hours on Friday, 20 June 2007.
Pyramid Saimira Theatre rose 5.36% to Rs 228 after the company said
its board will meet on 30 June 2008 to consider a proposal for
raising additional funds. The company made this announcement before
trading hours today, 23 June 2007.
Dredging Corporation of India surged 4% to Rs 558 despite reporting
22.1% decline in net profit to Rs 50.15 crore on 5.6% decline in
sales to Rs 190.72 crore in Q4 March 2008 over Q4 March 2007. The
company made this announcement after trading hours on 20 June 2008.
Jolly Board was up 5% at Rs 1876.35 after the company said its
board will meet on 28 June 2008 to consider stock split and issue
of bonus shares. The company made this announcement after trading
hours on Friday, 20 June 2007.
European markets, which opened after Indian markets, were in mixed.
Key benchmark indices in United Kingdom (up 0.10% to 5,626.20), and
Germany (up 0.13% to 6,585.26) rose. However France's CAC 40 index
slipped 0.12% to 4,503.81
Asian markets, which opened before Indian markets, were trading
lower today, 23 June 2008. Hang Seng (down 0.01% at 22,744.15),
China's Shanghai Composite (down 2.40% at 2,76.72), Nikkei (down
0.63% at 13,853.96), Taiwan's Taiwan Weighted (down 0.44% at
7,867.57), Singapore's Straits Times (down 0.48% at 2,987.34), and
South Korea's Seoul Composite (down 0.89% at 1,715.64), were in the
red
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking
below the crucial 12,000 mark to hit 3-month lows. Moody's cut its
ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing
its earnings estimates for a host of banks on concerns of credit
risk, capital raising and possible dividend cuts also impacted
sentiment. The Dow Jones industrial average slumped 220 points to
11,843 while the Nasdaq Composite index declined 56 points to 2406.
to settle at 10-month low on sustained selling pressure throughout
the day. Concerns of further policy tightening by the Reserve Bank
of India with inflation reaching 13-year high early this month and
political uncertainty, weighed on the market sentiment today. The
Capital Goods index, BSE Power index, BSE Realty index, BSE Auto
index, BSE Bankex, BSE PSU index touched 52-week lows. The market
breadth was weak.
Shares from capital goods, banking, realty, metal and power sector
suffered sharp losses. But ONGC gained ahead of its Q4 and year
ended March 2008 results scheduled on 25 June 2008.
RBI governor Y V Reddy today, 23 June 2008, said RBI will play its
part in moderating and managing demand and may have to build on
actions it has already taken. Reddy said the central bank was in
the midst of an intensive examination of issues and options. He
added that he does not see any adverse impact of inflation on
growth as of now.
In an important political development during the weekend, Uttar
Pradesh chief minister Mayawati's Bahujan Samaj Party (BSP)
withdrew its support to the Congress-led UPA government. Given its
current strength of 17 members of parliament (MPs) in the Lok
Sabha, the BSP's decision to withdraw its support is unlikely to
upset the UPA government's standing.
Meanwhile, the Samajwadi Party, at loggerheads with the BSP, is
reportedly in talks with the Congress on extending its support to
the Indo-US nuclear deal. The Samajwadi Party has 39 MPs in the Lok
Sabha (including two dissidents).
The nuclear energy deal appears headed for an imminent showdown
that threatens to trigger early elections, reports suggest. The UPA
government may have only a week or so to make up its mind if the
pact is to have any chance of final approval before US President
George W. Bush leaves office, reports suggest.
The 30-share BSE Sensex lost 277.97 points or 1.91% at 14,293.32.
It is the lowest closing level of Sensex in 10 months since late
August 2007. Sensex lost 407.84 points at day's low of 14,163.45
touched in mid-morning trade.
After opening 148.24 points lower at 15,423.05, the Sensex made a
recovery attempt striking day's high of 14,509.26 in early trade
itself. At the day's high Sensex lost 62.03 points.
The broader based S&P CNX Nifty was down 81.15 points or 1.87% to
4266.40. It is the lowest closing level of Nifty in nearly 10
months since late August 2007. Nifty June 2008 futures were at
4275.20 a premium of 8.8 points as compared to spot closing.
Volatility is expected to remain high in the near term as
derivatives contracts for June series are set to expire on
Thursday, 26 June 2008. As per reports, the marketwide rollover of
positions from June 2008 series to July 2008 series stood at 16%
while that of Nifty was 20%, as on Friday, 20 June 2008.
The Sensex has lost 1403.58 points or 8.94% in four trading
sessions, from its close of 15696.90 on 17 June 2008, due to
political uncertainty, and on fears of further rise in interest
rates by the Reserve Bank of India to combat inflation
The barometer index has now shaved 5,993.67 points or 29.54% in the
calendar year 2008 so far from its close of 20286.99 on 31 December
2008. It is down 6,913.45 points or 32.60% from its all time high
of 21206.77 struck on 10 January 2008.
Morgan Stanley in a note to clients today lowered the Sensex's
December 2008 fair value to 13,224, from 14,540 set in April 2007.
Turmoil in global financial markets, coupled with the slowing of
growth and resurgence of inflation, was the reason for the cut in
fair value.
All the sectoral indices on BSE except the BSE IT index declined
today. The BSE Health Care index (down 2.45% at 4,220.24), BSE
Realty index (down 3.64% at 5,187.92), BSE Metal index (down 4.62%
to 13,856.33), BSE Oil & Gas index (down 2.63% to 9,172.10), BSE
Power (down 4.01% to 2,437.98), BSE Bankex (down 2.56% at
6,630.58), BSE Capital Goods index (down 5.29% at 10,797.01), BSE
PSU index (down 2.46% to 6,214.11), underperformed the Sensex.
The BSE IT index (up 0.68% to 4,233.42), BSE FMCG index (down 1.41%
to 2,202.65), BSE Auto (down 2.95% at 3,923.41), BSE TecK index
(down 0.19% to 3,228.68), and BSE Consumer Durables index (down
1.79% to 3,774.19), outperformed the Sensex.
The market breadth was extremely weak on BSE with 2213 shares
declining as compared to 441 that advanced. 47 remained unchanged.
The BSE Mid-Cap index lost 3.60% to 5,815.23 while the BSE
Small-Cap index slumped 3.53% to 7,136.30. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 5,015 crore as compared to
Rs 5,513.87 crore on Friday, 20 June 2008. Turnover on NSE's
futures & options segment amounted to Rs 66917.33 crore as compared
to Rs 58533.66 crore on Friday, 20 June 2008.
Among the 30-member Sensex pack, 22 declined while the rest gained.
India's largest state-run oil exploration company Oil & Natural Gas
Corporation advanced 2.66% to Rs 889.90 on 7.22 lakh shares. It was
the top gainer from Sensex pack. The stock moved in a range of Rs
850 and Rs 894 so far during the day. The company will declare its
Q4 and year ended March 2008 results on 25 June 2008.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) was down
3.57% to Rs 2021.80 on 16.93 lakh shares. The stock sharply
recovered from day's low of Rs 1984.05. As per reports, RIL plans
to open its first North American plant in North Carolina by
investing $215 million.
India's largest dam builder Jaiprakash Associates tumbled 8.88% to
Rs 151.80 on 31.470 lakh shares. It was the top loser from Sensex
pack.
Ranbaxy Laboratories (down 5.37% to Rs 513.50), Tata Steel (down
3.94% to Rs 747), and Larsen & Toubro (down 7.10% to Rs 2382), were
the other major losers from Sensex pack.
India's second largest private sector bank in terms of net profit
HDFC Bank declined 0.48% to Rs 1093.75. The bank announced a hike
in its benchmark prime lending rate by 25 basis points to 15.25%.
The bank made this announcement after trading hours on Friday, 20
June 2007.
Other frontline banking stocks, State Bank of India (down 2.59% to
Rs 1215.20), and ICICI Bank (down 2% to Rs 720), declined.
Shares of PSU banks slumped. Bank of India (down 9.56% to Rs
224.20), Indian Overseas Bank (down 6.69% to Rs 96.25), Andhra Bank
(down 6.81% to Rs 60.25), Allahabad Bank (down 6.68% to Rs 61.45),
and Union Bank of India (down 6.56% to Rs 116), declined sharply.
Shares from realty estate sector were not spared either. Unitech
(down 6.72% at Rs 172.20), Sobha Developers (down 9.39% at Rs
327.05), Parsvnath Developers (down 5.49% at Rs 143.75) and DLF
(down 1.39% at Rs 450), slumped.
India's largest dedicated housing finance company Housing
Development Finance Corporation made a sharp recovery from early
low of Rs 2140. It settled with gain of 1.31% to Rs 2212.20.
Mahindra & Mahindra (down 4.81% to Rs 547.55), and Maruti Suzuki
India (down 5.47% to Rs 688), slipped. However India's top truck
maker in terms of sales, Tata Motors rose 0.24% to Rs 490.
Software stocks were mixed after the rupee fell to near a 14- month
low against the dollar. Satyam Computer Services (up 1.26% to Rs
460.80), Infosys (up 1.17% to Rs 1849), Wipro (up 1.59% to Rs
481.70), edged higher. However India's largest software services
exporter TCS lost 0.40% to Rs 860.
Copper makers fell sharply on fears on further squeeze in margin on
reports Escondida, the world's largest copper mine, is trying to
force Japanese copper metal makers to further reduce treatment and
refining charges for new contracts. Sterlite Industries lost 4.33%
to Rs 736.50 and Hindalco Industries slumped 7.76% to Rs 148.50.
Escondida, located in northern Chile, is majority-owned and
operated by Anglo-Australian diversified natural resources firm BHP
Billiton.
Reliance Capital was the top traded counter on BSE with turnover of
Rs 354.50 crore followed by Reliance Industries (Rs 342.80 crore),
Reliance Petroleum (Rs 238.92 crore), Larsen & Toubro (Rs 191.57
crore), and Anu's Labs (Rs 179.77 crore), in that order.
Reliance Petroleum led the volumes chart clocking volumes of 1.42
crore shares followed by Reliance Natural Resources (1.39 crore
shares), IFCI (1.07 crore shares), Chambal Fertilisers (1.05 crore
shares) and Ispat Industries (82.77 lakh shares), in that order
Among the momentum counters, Essar Oil (down 7.45% to Rs 209.05),
Reliance Capital (down 9.45% to Rs 925), Anu's Labs (down 6.27% to
Rs 382.90), Suzlon Energy (down 5.88% to Rs 228.80), and Reliance
Power (down 7.88% to Rs 161.25), declined sharply
EIH plunged 7.49% to Rs 121 after it reported 9.7% rise in net
profit to Rs 65.38 crore on 13.1% rise in sales to Rs 339.88 crore
in Q4 March 2008 over Q4 March 2007. The company announced the
results after trading hours on Friday, 20 June 2008.
Lotte India Corporation surged 5% to Rs 276.05 after its board
decided to delist the shares from all the stock exchanges. The
company made this announcement before trading hours today, 23 June
2008.
Ansal Properties & Infrastructure slipped 6% to Rs 87.75 despite
HDFC Asset Management Company making investment in its subsidiary
for participation in the development of hi-tech township in NCR
region. The company made this announcement after trading hours on
Friday, 20 June 2007.
Madras Cements rose 1.41% to Rs 2790 after the company said its
board will meet on 30 June 2008 to consider stock split and issue
of bonus shares. The company made this announcement after trading
hours on Friday, 20 June 2007.
Pyramid Saimira Theatre rose 5.36% to Rs 228 after the company said
its board will meet on 30 June 2008 to consider a proposal for
raising additional funds. The company made this announcement before
trading hours today, 23 June 2007.
Dredging Corporation of India surged 4% to Rs 558 despite reporting
22.1% decline in net profit to Rs 50.15 crore on 5.6% decline in
sales to Rs 190.72 crore in Q4 March 2008 over Q4 March 2007. The
company made this announcement after trading hours on 20 June 2008.
Jolly Board was up 5% at Rs 1876.35 after the company said its
board will meet on 28 June 2008 to consider stock split and issue
of bonus shares. The company made this announcement after trading
hours on Friday, 20 June 2007.
European markets, which opened after Indian markets, were in mixed.
Key benchmark indices in United Kingdom (up 0.10% to 5,626.20), and
Germany (up 0.13% to 6,585.26) rose. However France's CAC 40 index
slipped 0.12% to 4,503.81
Asian markets, which opened before Indian markets, were trading
lower today, 23 June 2008. Hang Seng (down 0.01% at 22,744.15),
China's Shanghai Composite (down 2.40% at 2,76.72), Nikkei (down
0.63% at 13,853.96), Taiwan's Taiwan Weighted (down 0.44% at
7,867.57), Singapore's Straits Times (down 0.48% at 2,987.34), and
South Korea's Seoul Composite (down 0.89% at 1,715.64), were in the
red
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking
below the crucial 12,000 mark to hit 3-month lows. Moody's cut its
ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing
its earnings estimates for a host of banks on concerns of credit
risk, capital raising and possible dividend cuts also impacted
sentiment. The Dow Jones industrial average slumped 220 points to
11,843 while the Nasdaq Composite index declined 56 points to 2406.
Monday, June 23, 2008
Market opens on a weak note
The market opened lower on weak global cues. The market breadth was weak. However, software stocks advanced as rupee fell to near 14-month low against the dollar.
At 10:25 IST, the 30-share BSE Sensex was down 109.66 points or 0.77% at 15,459.36. Sensex opened 148.24 points lower at 15,423.05 and slipped further to touch a low of 14,357.60 in early trade. At the day’s low, the Sensex lost 213.69 points. At the day’s high of 14,509.26, Sensex lost 62.03 points in early trade.
The broader based S&P CNX Nifty was down 26.85 points or 0.62% at 4,320.70
In an important political development during the weekend, Uttar Pradesh chief minister Mayawati’s Bahujan Samaj Party (BSP) withdrew its support to the Congress-led UPA government. Given its current strength of 17 member of parliament in the Lok Sabha, the BSP's decision to withdraw its support is unlikely to upset the UPA government’s standing.
Meanwhile, the Samajwadi Party which is at loggerheads with the BSP, is in reportedly talks with the Congress on extending its support to the Indo-US nuclear deal. The Samajwadi Party's has 39 MPs in the Lok Sabha (including two dissidents).
The nuclear energy deal appears headed for an imminent showdown that threatens to trigger early elections, reports suggest. The UPA government may have only a week or so to make up its mind if the pact is to have any chance of final approval before US President George W. Bush leaves office, reports suggest.
The market breadth was weak on BSE with 1230 shares declining as compared to 381 that advanced. 37 remained unchanged.
The total turnover on BSE amounted to Rs 563 crore
Among the 30-member Sensex pack, 21 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates slumped 3.81% to Rs 160.25 on 4.01 lakh shares. It was the top loser from Sensex pack.
Hindalco Industries (down 2.73% to Rs 156.60), Ranbaxy Laboratories (down 2.30% to Rs 530.25), and Larsen & Toubro (down 2% to Rs 2513.10), edged lower from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) shed 1.59% to Rs 2067 on 1.68 lakh shares.
Software stocks advanced as rupee fell to near a 14- month low against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.29% to Rs 465.20 on 62,548 shares. It was the top gainer from Sensex pack.
Other software pivotals, Wipro (up 1.05% to Rs 479.15), TCS (up 1.36% to Rs 875.10), and Infosys (up 1.06% to Rs 1847), also logged gains.
ONGC (up 1.57% to Rs 880.50) and NTPC (up 0.86% to Rs 164) were the other gainers from Sensex pack.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 16% while that of Nifty was 20%, as on Friday, 20 June 2008.
Asian markets recovered from early low’s but still were in the red with the exception of Hang Seng index which rose 0.09% at 22,765.17.
China's Shanghai Composite (down 1.57% at 2,787.64), Nikkei (down 0.63% at 13,853.96), Taiwan's Taiwan Weighted (down 0.44% at 7,867.57), Singapore's Straits Times (down 0.78% at 2,978.34), and South Korea's Seoul Composite (down 0.89% at 1,715.64), edged lower.
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking below the crucial 12,000 mark to hit 3-month lows. Moody's cut its ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing its earnings estimates for a host of banks on concerns of credit risk, capital raising and possible dividend cuts also impacted sentiment. The Dow Jones industrial average slumped 220 points to 11,843 while the Nasdaq Composite index declined 56 points to 2406.
Back home, investors dumped stocks on Friday, 20 June 2008, to survive the snowballing threat of a possible monetary tightening by Reserve Bank of India to rein in soaring inflation. The 30-share BSE Sensex slumped 516.70 points or 3.42% at 14,571.29, and the broader based S&P CNX Nifty was down 157.70 points or 3.48% at 4347.55, on that day.
The BSE Sensex declined 618.33 points or 4.07% to 14,571.29 in the week ended Friday, 20 June 2008. S&P CNX Nifty lost 169.55 points or 3.75% to 4,347.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 999.31 crore on 20 June 2008. Domestic funds bought shares worth a net Rs 563.86 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1254.40 crore in the futures & options segment on Friday 20 June 2008. They were net sellers of index futures to the tune of Rs 1429.10 crore and bought index options worth Rs 17.74 crore. They were net buyers of stock futures to the tune of Rs 160.87 crore and sold stock options worth Rs 1.91 crore.
The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released on Friday, 20 June 2008, showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.
Nymex crude oil futures rose $1.06 to $136.42 a barrel today, 23 June 2008, as growing tension between Iran and Israel countered the impact of Saudi Arabia's pledge to pump more oil, and a vow by Nigerian militants to halt attacks.
At 10:25 IST, the 30-share BSE Sensex was down 109.66 points or 0.77% at 15,459.36. Sensex opened 148.24 points lower at 15,423.05 and slipped further to touch a low of 14,357.60 in early trade. At the day’s low, the Sensex lost 213.69 points. At the day’s high of 14,509.26, Sensex lost 62.03 points in early trade.
The broader based S&P CNX Nifty was down 26.85 points or 0.62% at 4,320.70
In an important political development during the weekend, Uttar Pradesh chief minister Mayawati’s Bahujan Samaj Party (BSP) withdrew its support to the Congress-led UPA government. Given its current strength of 17 member of parliament in the Lok Sabha, the BSP's decision to withdraw its support is unlikely to upset the UPA government’s standing.
Meanwhile, the Samajwadi Party which is at loggerheads with the BSP, is in reportedly talks with the Congress on extending its support to the Indo-US nuclear deal. The Samajwadi Party's has 39 MPs in the Lok Sabha (including two dissidents).
The nuclear energy deal appears headed for an imminent showdown that threatens to trigger early elections, reports suggest. The UPA government may have only a week or so to make up its mind if the pact is to have any chance of final approval before US President George W. Bush leaves office, reports suggest.
The market breadth was weak on BSE with 1230 shares declining as compared to 381 that advanced. 37 remained unchanged.
The total turnover on BSE amounted to Rs 563 crore
Among the 30-member Sensex pack, 21 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates slumped 3.81% to Rs 160.25 on 4.01 lakh shares. It was the top loser from Sensex pack.
Hindalco Industries (down 2.73% to Rs 156.60), Ranbaxy Laboratories (down 2.30% to Rs 530.25), and Larsen & Toubro (down 2% to Rs 2513.10), edged lower from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) shed 1.59% to Rs 2067 on 1.68 lakh shares.
Software stocks advanced as rupee fell to near a 14- month low against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.29% to Rs 465.20 on 62,548 shares. It was the top gainer from Sensex pack.
Other software pivotals, Wipro (up 1.05% to Rs 479.15), TCS (up 1.36% to Rs 875.10), and Infosys (up 1.06% to Rs 1847), also logged gains.
ONGC (up 1.57% to Rs 880.50) and NTPC (up 0.86% to Rs 164) were the other gainers from Sensex pack.
Volatility is expected to remain high in the near term as derivatives contracts for June series are set to expire on Thursday, 26 June 2008. As per reports, the marketwide rollover of positions from June 2008 series to July 2008 series stood at 16% while that of Nifty was 20%, as on Friday, 20 June 2008.
Asian markets recovered from early low’s but still were in the red with the exception of Hang Seng index which rose 0.09% at 22,765.17.
China's Shanghai Composite (down 1.57% at 2,787.64), Nikkei (down 0.63% at 13,853.96), Taiwan's Taiwan Weighted (down 0.44% at 7,867.57), Singapore's Straits Times (down 0.78% at 2,978.34), and South Korea's Seoul Composite (down 0.89% at 1,715.64), edged lower.
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking below the crucial 12,000 mark to hit 3-month lows. Moody's cut its ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing its earnings estimates for a host of banks on concerns of credit risk, capital raising and possible dividend cuts also impacted sentiment. The Dow Jones industrial average slumped 220 points to 11,843 while the Nasdaq Composite index declined 56 points to 2406.
Back home, investors dumped stocks on Friday, 20 June 2008, to survive the snowballing threat of a possible monetary tightening by Reserve Bank of India to rein in soaring inflation. The 30-share BSE Sensex slumped 516.70 points or 3.42% at 14,571.29, and the broader based S&P CNX Nifty was down 157.70 points or 3.48% at 4347.55, on that day.
The BSE Sensex declined 618.33 points or 4.07% to 14,571.29 in the week ended Friday, 20 June 2008. S&P CNX Nifty lost 169.55 points or 3.75% to 4,347.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 999.31 crore on 20 June 2008. Domestic funds bought shares worth a net Rs 563.86 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1254.40 crore in the futures & options segment on Friday 20 June 2008. They were net sellers of index futures to the tune of Rs 1429.10 crore and bought index options worth Rs 17.74 crore. They were net buyers of stock futures to the tune of Rs 160.87 crore and sold stock options worth Rs 1.91 crore.
The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released on Friday, 20 June 2008, showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.
Nymex crude oil futures rose $1.06 to $136.42 a barrel today, 23 June 2008, as growing tension between Iran and Israel countered the impact of Saudi Arabia's pledge to pump more oil, and a vow by Nigerian militants to halt attacks.
Pre Market Report 23/06/2008
Indian stocks may be geared for worst start today, 23 June 2008, as whole host of factors including weak global markets, shadows of a interest rate hike post double-digit inflation, and political uncertainty may create havoc on the bourses.
Also there might be possibility of early elections after Uttar Pradesh chief minister Mayawati's Bahujan Samaj Party (BSP) withdrew its support to the Congress-led UPA government during the weekend.
Asian markets were trading weak today, 23 June 2008. China's Shanghai Composite slipped 1.98% or 56.01 points at 2,775.73, Nikkei plunged 1.16% or 162.27 points at 13,779.81, Hang Seng tumbled 1.28% or 290.53 points at 22,455.07, Taiwan's Taiwan Weighted lost 0.44% or 34.87 points at 7,867.57, Singapore's Straits Times fell 0.78% or 23.47 points at 2,978.34. and South Korea's Seoul Composite declined 1.17% or 20.25 points at 1,710.75
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking below the crucial 12,000 mark to hit 3-month lows. Moody's cut its ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing its earnings estimates for a host of banks on concerns of credit risk, capital raising and possible dividend cuts also impacted sentiment. The Dow Jones industrial average slumped 220 points to 11,843 while the Nasdaq Composite index declined 56 points to 2406.
Back home, investors chucked stocks on Friday, 20 June 2008, to survive the snowballing threat of a possible monetary tightening by Reserve Bank of India to rein in soaring inflation. The 30-share BSE Sensex slumped 516.70 points or 3.42% at 14,571.29, and the broader based S&P CNX Nifty was down 157.70 points or 3.48% at 4347.55, on that day.
The Sensex is down 6635.48 points or 31.28% from a record high of 21206.77 it hit on 10 January 2008. It is down 5715.70 points or 28.17% in calendar year 2008 so far.
The BSE Sensex declined 618.33 points or 4.07% to 14,571.29 in the week ended Friday, 20 June 2008. S&P CNX Nifty lost 169.55 points or 3.75% to 4,347.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 999.31 crore on 20 June 2008. Domestic funds bought shares worth a net Rs 563.86 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1254.40 crore in the futures & options segment on Friday 20 June 2008. They were net sellers of index futures to the tune of Rs 1429.10 crore and bought index options worth Rs 17.74 crore. They were net buyers of stock futures to the tune of Rs 160.87 crore and sold stock options worth Rs 1.91 crore.
The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released on Friday, 20 June 2008, showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.
Crude oil prices rose in Asian trading today, 23 June 2008, after Saudi Arabia said at a weekend summit that it had raised output, and said speculators were partly to blame for higher prices. New York's main oil futures contract, light sweet crude for August delivery, was 29 cents higher at $135.65 per barrel.
Also there might be possibility of early elections after Uttar Pradesh chief minister Mayawati's Bahujan Samaj Party (BSP) withdrew its support to the Congress-led UPA government during the weekend.
Asian markets were trading weak today, 23 June 2008. China's Shanghai Composite slipped 1.98% or 56.01 points at 2,775.73, Nikkei plunged 1.16% or 162.27 points at 13,779.81, Hang Seng tumbled 1.28% or 290.53 points at 22,455.07, Taiwan's Taiwan Weighted lost 0.44% or 34.87 points at 7,867.57, Singapore's Straits Times fell 0.78% or 23.47 points at 2,978.34. and South Korea's Seoul Composite declined 1.17% or 20.25 points at 1,710.75
US stocks tumbled on Friday, 20 June 2008, with the Dow cracking below the crucial 12,000 mark to hit 3-month lows. Moody's cut its ratings for bond insurers M-B-I-A and Ambac. Merrill Lynch reducing its earnings estimates for a host of banks on concerns of credit risk, capital raising and possible dividend cuts also impacted sentiment. The Dow Jones industrial average slumped 220 points to 11,843 while the Nasdaq Composite index declined 56 points to 2406.
Back home, investors chucked stocks on Friday, 20 June 2008, to survive the snowballing threat of a possible monetary tightening by Reserve Bank of India to rein in soaring inflation. The 30-share BSE Sensex slumped 516.70 points or 3.42% at 14,571.29, and the broader based S&P CNX Nifty was down 157.70 points or 3.48% at 4347.55, on that day.
The Sensex is down 6635.48 points or 31.28% from a record high of 21206.77 it hit on 10 January 2008. It is down 5715.70 points or 28.17% in calendar year 2008 so far.
The BSE Sensex declined 618.33 points or 4.07% to 14,571.29 in the week ended Friday, 20 June 2008. S&P CNX Nifty lost 169.55 points or 3.75% to 4,347.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 999.31 crore on 20 June 2008. Domestic funds bought shares worth a net Rs 563.86 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 1254.40 crore in the futures & options segment on Friday 20 June 2008. They were net sellers of index futures to the tune of Rs 1429.10 crore and bought index options worth Rs 17.74 crore. They were net buyers of stock futures to the tune of Rs 160.87 crore and sold stock options worth Rs 1.91 crore.
The wholesale price index rose 11.05% in the 12 months to 7 June 2008, government data released on Friday, 20 June 2008, showed. The rate was above market expectation of about 10% rise. The reading was the highest in 13 years since 6 May 1995, when it was 11.11%.
Crude oil prices rose in Asian trading today, 23 June 2008, after Saudi Arabia said at a weekend summit that it had raised output, and said speculators were partly to blame for higher prices. New York's main oil futures contract, light sweet crude for August delivery, was 29 cents higher at $135.65 per barrel.
Post Market Report 20/06/2008
It was the worst day for Indian equity markets since the beginning
of this year. Investors chucked stocks to survive the snowballing
threat of a possible monetary tightening by Reserve Bank of India
to rein in soaring inflation.
The key benchmark indices plummeted over 3% to end at their lowest
level in 10 months after the latest data showed a surge in
inflation to 13-year high early this month. The market breadth was
extremely weak due to widespread selling. All the sectoral indices
on BSE ended in the red. Oil & gas and realty stocks declined
sharply.
The 30-share BSE Sensex slumped 516.70 points or 3.42% at
14,571.29, its lowest closing since late August 2007. The index
shed 568.72 points at the day's low of 14,519.27 hit at the fag end
of the trading session today. The Sensex gained 114.02 points at
the day's high of 15,202.01, hit at the onset of trading session.
The broader based S&P CNX Nifty was down 157.70 points or 3.48% at
4347.55, its lowest closing level since August 2007. Nifty June
2008 futures were at 4343, a discount of 4.55 points compared with
the spot closing. NSE's futures & options (F&O) segment turnover
was Rs 58533.66 crore, which was higher than Rs 42696.18 crore on
Thursday, 19 June 2008.
The Sensex is down 6635.48 points or 31.28% from a record high of
21206.77 it hit on 10 January 2008. It is down 5715.70 points or
28.17% in calendar year 2008 so far.
The market breadth was poor on BSE with 450 shares advancing as
compared to 2247 that declined. 43 remained unchanged.
The BSE Mid-Cap index outperformed the Sensex, falling 3.17% to
6,032.43. The BSE Small-Cap index underperformed the Sensex,
sliding 3.43% at 7,397.66.
India's second largest cellular service provider by sales Reliance
Communication (RCom) slipped 6.65% at Rs 491.30. South African
mobile giant MTN remained silent on its talks with the company at
its annual general meeting (AGM) in Johannesburg on Thursday, 19
June 2008. The AGM was expected to discuss RCom merger deal
especially in the back drop of the Reliance Industries' claims over
first right of refusal for a controlling stake in RCom.
India's largest aluminium producer by sales Hindalco Industries
slipped 6.37% at Rs 161 after its board approved raising up to Rs
5000 crore by way of a rights issue to redeem a bridge loan it had
taken for acquisition of Novelis Inc.
The other major losers from the Sensex pack were, Jaiprakash
Associates (down 6.03% at Rs 166.60), Reliance Infrastructure (down
4.92% at Rs 962.55), Bharti Airtel (down 4.76% at Rs 766.40) and
Tata Steel (down 4.66% at Rs 777.60).
India's top state-run oil explorer by market capitalisation ONGC
rose 1.56% at Rs 866.85. It was the only gainers from the Sensex
pack.
The BSE Oil & gas index underperformed the Sensex, sliding 5.03% to
9,419.89. Reliance Natural Resources (down 7.27% at Rs 82.95),
Essar Oil (down 6.62% at Rs 225.80), and Cairn India (down 5.69% at
Rs 267.60), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries lost 6.61% at Rs 2096.60. RIL has a
highest weightage of 15.80% in Sensex.
Stocks of the interest rate sensitive sectors such as automobiles,
realty and banking dropped after the inflation data. Bank of India
(down 7.36% at Rs 247.90), State Bank of India (down 4.11% at Rs
1,247.50), and HDFC Bank (down 1.93% at Rs 1,099), were the key
losers from the banking space. The BSE Bankex outperformed the
Sensex, falling 2.97% to 6,804.78.
India's largest private sector bank by assets ICICI Bank lost 2.48%
at Rs 734.65. ICICI Bank has a third highest weightage of 8.11% in
BSE Sensex.
The BSE Realty index underperformed the Sensex, falling 4.45% at
5,383.81. Housing Development & Infrastructure (down 9.17% at Rs
528.15), Sobha Developers (down 6.66% at Rs 360.95), Indiabulls
Real Estate (down 5.91% at Rs 354.05), Unitech (down 2.12% at Rs
184.60) and DLF (down 4.57% at Rs 456.35), tumbled.
Realty developer Parsvnath Developers lost 6.28% to Rs 152.10 after
the company reported 17% fall in net profit to Rs 108.87 crore in
Q4 March 2008 over Q4 March 2007.
Automobile sector stocks lost steam fearing that a tight monetary
policy may compel banks to raise lending rates which in turn would
hurt demand for automobiles. TVs Motor Company (down 5.19% at Rs
32.85), Hero Honda Motors (down 4.01% at Rs 759), Tata Motors (down
2.82% at Rs 488.85), Maruti Suzuki (down 2.51% at Rs 727.80) and
Mahindra & Mahindra (down 0.22% at Rs 575.20), declined.
India's second largest software exporter by sales Infosys
Technologies shed 1.74% at Rs 1827.60. Infosys has a second highest
weightage of 8.76% in BSE Sensex.
Sundaram Clayton, which resumed trading today on BSE, fell 57.92%
at Rs 282.55. It opened at Rs 324 and touched a high of Rs 397.80
in early trade.
Reliance Industries clocked the highest turnover of Rs 387.31 crore
on BSE. Anu's Laboratories (Rs 263.72 crore), Niraj Cement
Structurals (Rs 233.67 crore), Reliance Capital (Rs 233.25 crore)
and Reliance Petroleum (Rs 201.16 crore), were the other turnover
toppers on BSE in that order.
Reliance Natural Resources reported a highest volume of 1.32 crore
shares on BSE. IFCI (1.27 crore shares), Niraj Cement Structurals
(1.16 crore shares), Reliance Petroleum (1.15 crore shares) and
Chambal Fertilizers & Chemicals (1.07 crore shares), were the other
volume toppers on BSE in that order.
European markets were trading lower. Key indices in UK, Germany and
France were down by 1.07% to 1.43%. Some of the indices were
trading in positive terrain earlier.
Asian stocks were mixed today. The key benchmark indices in Hong
Kong, China and Singapore were up by between 0.31% to 3.01%. Key
benchmark indices in Japan, Taiwan and South Korea were down by
between 0.23% to 1.81%.
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.
The sharp fall in oil price came just days before an emergency
meeting on Sunday, 22 June 2008, in Saudi Arabia between oil
consumers and producers to discuss rising oil prices. Saudi Arabia,
the world's top oil exporter, is hiking output to help bring down
prices, which have jumped nearly 40% this year and caused protests
around the globe.
of this year. Investors chucked stocks to survive the snowballing
threat of a possible monetary tightening by Reserve Bank of India
to rein in soaring inflation.
The key benchmark indices plummeted over 3% to end at their lowest
level in 10 months after the latest data showed a surge in
inflation to 13-year high early this month. The market breadth was
extremely weak due to widespread selling. All the sectoral indices
on BSE ended in the red. Oil & gas and realty stocks declined
sharply.
The 30-share BSE Sensex slumped 516.70 points or 3.42% at
14,571.29, its lowest closing since late August 2007. The index
shed 568.72 points at the day's low of 14,519.27 hit at the fag end
of the trading session today. The Sensex gained 114.02 points at
the day's high of 15,202.01, hit at the onset of trading session.
The broader based S&P CNX Nifty was down 157.70 points or 3.48% at
4347.55, its lowest closing level since August 2007. Nifty June
2008 futures were at 4343, a discount of 4.55 points compared with
the spot closing. NSE's futures & options (F&O) segment turnover
was Rs 58533.66 crore, which was higher than Rs 42696.18 crore on
Thursday, 19 June 2008.
The Sensex is down 6635.48 points or 31.28% from a record high of
21206.77 it hit on 10 January 2008. It is down 5715.70 points or
28.17% in calendar year 2008 so far.
The market breadth was poor on BSE with 450 shares advancing as
compared to 2247 that declined. 43 remained unchanged.
The BSE Mid-Cap index outperformed the Sensex, falling 3.17% to
6,032.43. The BSE Small-Cap index underperformed the Sensex,
sliding 3.43% at 7,397.66.
India's second largest cellular service provider by sales Reliance
Communication (RCom) slipped 6.65% at Rs 491.30. South African
mobile giant MTN remained silent on its talks with the company at
its annual general meeting (AGM) in Johannesburg on Thursday, 19
June 2008. The AGM was expected to discuss RCom merger deal
especially in the back drop of the Reliance Industries' claims over
first right of refusal for a controlling stake in RCom.
India's largest aluminium producer by sales Hindalco Industries
slipped 6.37% at Rs 161 after its board approved raising up to Rs
5000 crore by way of a rights issue to redeem a bridge loan it had
taken for acquisition of Novelis Inc.
The other major losers from the Sensex pack were, Jaiprakash
Associates (down 6.03% at Rs 166.60), Reliance Infrastructure (down
4.92% at Rs 962.55), Bharti Airtel (down 4.76% at Rs 766.40) and
Tata Steel (down 4.66% at Rs 777.60).
India's top state-run oil explorer by market capitalisation ONGC
rose 1.56% at Rs 866.85. It was the only gainers from the Sensex
pack.
The BSE Oil & gas index underperformed the Sensex, sliding 5.03% to
9,419.89. Reliance Natural Resources (down 7.27% at Rs 82.95),
Essar Oil (down 6.62% at Rs 225.80), and Cairn India (down 5.69% at
Rs 267.60), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries lost 6.61% at Rs 2096.60. RIL has a
highest weightage of 15.80% in Sensex.
Stocks of the interest rate sensitive sectors such as automobiles,
realty and banking dropped after the inflation data. Bank of India
(down 7.36% at Rs 247.90), State Bank of India (down 4.11% at Rs
1,247.50), and HDFC Bank (down 1.93% at Rs 1,099), were the key
losers from the banking space. The BSE Bankex outperformed the
Sensex, falling 2.97% to 6,804.78.
India's largest private sector bank by assets ICICI Bank lost 2.48%
at Rs 734.65. ICICI Bank has a third highest weightage of 8.11% in
BSE Sensex.
The BSE Realty index underperformed the Sensex, falling 4.45% at
5,383.81. Housing Development & Infrastructure (down 9.17% at Rs
528.15), Sobha Developers (down 6.66% at Rs 360.95), Indiabulls
Real Estate (down 5.91% at Rs 354.05), Unitech (down 2.12% at Rs
184.60) and DLF (down 4.57% at Rs 456.35), tumbled.
Realty developer Parsvnath Developers lost 6.28% to Rs 152.10 after
the company reported 17% fall in net profit to Rs 108.87 crore in
Q4 March 2008 over Q4 March 2007.
Automobile sector stocks lost steam fearing that a tight monetary
policy may compel banks to raise lending rates which in turn would
hurt demand for automobiles. TVs Motor Company (down 5.19% at Rs
32.85), Hero Honda Motors (down 4.01% at Rs 759), Tata Motors (down
2.82% at Rs 488.85), Maruti Suzuki (down 2.51% at Rs 727.80) and
Mahindra & Mahindra (down 0.22% at Rs 575.20), declined.
India's second largest software exporter by sales Infosys
Technologies shed 1.74% at Rs 1827.60. Infosys has a second highest
weightage of 8.76% in BSE Sensex.
Sundaram Clayton, which resumed trading today on BSE, fell 57.92%
at Rs 282.55. It opened at Rs 324 and touched a high of Rs 397.80
in early trade.
Reliance Industries clocked the highest turnover of Rs 387.31 crore
on BSE. Anu's Laboratories (Rs 263.72 crore), Niraj Cement
Structurals (Rs 233.67 crore), Reliance Capital (Rs 233.25 crore)
and Reliance Petroleum (Rs 201.16 crore), were the other turnover
toppers on BSE in that order.
Reliance Natural Resources reported a highest volume of 1.32 crore
shares on BSE. IFCI (1.27 crore shares), Niraj Cement Structurals
(1.16 crore shares), Reliance Petroleum (1.15 crore shares) and
Chambal Fertilizers & Chemicals (1.07 crore shares), were the other
volume toppers on BSE in that order.
European markets were trading lower. Key indices in UK, Germany and
France were down by 1.07% to 1.43%. Some of the indices were
trading in positive terrain earlier.
Asian stocks were mixed today. The key benchmark indices in Hong
Kong, China and Singapore were up by between 0.31% to 3.01%. Key
benchmark indices in Japan, Taiwan and South Korea were down by
between 0.23% to 1.81%.
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.
The sharp fall in oil price came just days before an emergency
meeting on Sunday, 22 June 2008, in Saudi Arabia between oil
consumers and producers to discuss rising oil prices. Saudi Arabia,
the world's top oil exporter, is hiking output to help bring down
prices, which have jumped nearly 40% this year and caused protests
around the globe.
Subscribe to:
Posts (Atom)