Local benchmark indices are headed for a weak start today, 22 August 2008 weighed by fears of further monetary tightening by the Reserve Bank of India after inflation hit a fresh 16-year high. A rally in crude oil prices may weigh on the sentiment further. Global cues were mixed.
Inflation data, announced after market hours yesterday, 21 August 2008, showed wholesale prices index rose 12.63% in the week ended 9 August 2008, up from the previous week's 12.44%.
Light, sweet crude for September delivery surged $5.62 to $121.18 a barrel yesterday, 21 August 2008 on the New York Mercantile Exchange (NYMEX) on weaker US dollar and worries about tightening output from OPEC countries.
Asian markets slipped to a two-year low today, 22 August 2008. China's Shanghai Composite slipped 1.37% or 33.31 points at 2,398.39, Japan's Nikkei was down 0.67% or 85.50 points at 12,666.71, Taiwan's Taiwan Weighted fell 0.86% or 59.33 points at 6,859.15, and South Korea's Seoul Composite plunged 2.19% or 33.16 points at 1,479.43.
US stocks finished mixed on Thursday, 21 August 2008, after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings that eased worries about the financial sector. The Dow Jones industrial average gained 12.78 points, or 0.11%, to 11,430.21. The S&P 500 index advanced 3.18 points, or 0.25%, to 1,277.72, and the Nasdaq Composite index slipped 8.70 points, or 0.36%, to 2,380.38.
Back home, the BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73 and the S&P CNX Nifty fell 131.90 points or 2.99% to 4,283.85, yesterday 21 August 2008.
The barometer index is down 6,043.26 points or 29.78% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,963.04 points or 32.83% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 545.71 crore while mutual funds purchased shares worth Rs 344.89 crore on Thursday, 21 August 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 561.73 crore in the futures & options segment on Thursday, 21 August 2008. They were net buyers of index futures to the tune of Rs 1176.72 crore and purchased index options worth Rs 631.35 crore. They were net sellers of stock futures to the tune of Rs 9.37 crore and bought stock options worth Rs 6.99 crore.
Friday, August 22, 2008
Post Market Report:21/08/2008
Bears were in command on the bourses as caution prevailed ahead of
the weekly inflation data to be released by the government after
the trading hours today, 21 August 2008. Rate sensitive realty and
banking stocks were clobbered. Weak Asian markets also weighed on
the sentiment. Chinese market declined after yesterday's steep
rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell
more than 5.5% each. Reliance Infrastructure and ICICI Bank fell
more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in
Vienna. The United States is set to push the 45-nation Nuclear
Suppliers Group (NSG) to agree on a landmark nuclear deal with
India despite objections at home and reservations abroad.
The BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73.
At the day's low of 14,201.18, the Sensex lost 477.05 points in
late trade. At day's high of 14,646.98, the index lost 31.25 points
in early trade.
The S&P CNX Nifty was down 131.90 points or 2.99% to 4,283.85.
BSE clocked a turnover of Rs 4,081 crore today as compared to a
turnover of Rs 4,254.87 crore on 20 August 2008.
Sensex has lost 1,260.19 points or 8.1% from a recent high of
15503.92 hit on 11 August 2008. The barometer index is down
6,043.26 points or 29.78% in the calendar year 2008 so far from its
close of 20,286.99 on 31 December 2007. It is 6,963.04 points or
32.83% away from its all-time high of 21,206.77 struck on 10
January 2008.
Nifty August 2008 futures were at 4,287.20, a premium of 3.35
points over spot closing of 4,283.85. NSE's futures & options (F&O)
segment turnover rose to Rs 52,004.66 crore from Rs 38567.70 crore
on Tuesday, 19 August 2008.
The BSE Mid-Cap index was down 2.04% to 5,707.46 and the BSE
Small-Cap index was down 1.83% at 6,937.02.
BSE Bankex (down 5.16% to 6,577.91), BSE Realty index (down 5.05%
to 4,944.82), BSE PSU index (down 3.71% to 6,717.09), BSE Power
index (down 3.27% to 2,573.27) underperformed Sensex.
BSE FMCG index (down 0.99% to 2,140.30), BSE Consumer Durables
index (down 1.02% to 3,756.15), BSE Auto index (down 1.51% to
3,800.18), BSE HealthCare index (down 1.51% to 4,271.14), BSE Oil &
Gas index (down 1.94% to 9,838.12), BSE IT index (down 2.07% to
3,822.46), BSE Teck index (down 2.29% to 2,978.53), BSE Metal index
(down 2.47% to 12,166.91) and BSE Capital Goods index (down 2.95%
to 11,907.73) outperformed Sensex.
The market breadth was weak on BSE with 733 shares advancing as
compared to 1,915 that declined. 65 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.42% to Rs 2,212.35.
Realty stocks slumped in the late trade. BSE Realty index was the
biggest loser among the sectoral indices on BSE, falling 5.05% to
4,944.82. Indiabulls Real Estate (down 7.36% to Rs 292.60), DLF
(down 5.55% to Rs 481.60) and Unitech (down 5.35% to Rs 160.10)
edged lower.
Banking stocks were clobbered ahead of the inflation data. State
Bank of India (down 7.1% to Rs 1,342.25), ICICI Bank (down 5.19% to
Rs 643.10), HDFC Bank (down 5.82% to Rs 1,165.80) edged lower.
Inflation as measured by wholesale price index rose 12.44% in the
week to 2 August 2008, a 16-year high propelled by rise in the cost
of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime
Minister Manmohan Singh's cabinet on 14 August 2008 approved an
average 21% salary increase for about 50 lakh government employees.
The higher wages will cost the government Rs 3.38 lakh crore this
year.
Power stocks fell. NTPC (down 5.68% to Rs 173.50), Reliance
Infrastructure (down 5.45% to Rs 954.70), Reliance Power (down
3.21% to Rs 155.45), PowerGrid Corporation of India (down 1.02% to
Rs 92.40) and Tata Power Company (down 0.07% to Rs 1,023.65) edged
lower.
Capital goods stocks declined. Bharat Heavy Electricals (down 3.75%
to Rs 1,669.85), Suzlon Energy (down 4.62% to Rs 225.15) and Larsen
& Toubro (down 3.19% to Rs 2,628.15) edged lower.
Jaiprakash Associates (down 4.78% to Rs 163.20), HDFC (down 4.41%
to Rs 2,209.55), Reliance Communications (down 3.98% to Rs 398.35),
Hindalco Industries (down 3.33% to Rs 129.05), edged lower from the
Sensex pack.
India's largest drug maker by sales Ranbaxy Laboratories rose 1.53%
to Rs 513.40 and was the lone gainer from the Sensex pack.
World's sixth largest steel maker Tata Steel fell 2.63% to Rs
589.30. Anglo-Dutch steelmaker Corus said on Wednesday that it
entered into exclusive negotiations with Klesch & Company to sell
its two aluminium smelters in the Netherlands and Germany. It
follows an unsuccessful attempt in December 2007 to sell the
smelters. Corus is controlled by Tata Steel.
India's largest commercial vehicle maker by sales Tata Motors fell
1.44% to Rs 417.95. It came off from the session's high of Rs 444.
The company said on Wednesday, 20 August 2008, it will scrap a
planned Rs 3000 crore convertible preference share issue due to
weak stock markets and instead raise funds by selling some
investments. However, the plan to sell rights shares worth Rs 4200
crore stands, said the company.
Tata Motors is raising money to fund its $2.3 billion acquisition
of Jaguar and Land Rover from Ford Motor Company. The company said
it plans to sell its investments in a phased manner, preferably to
group firms, at prevailing market prices over the next 6-8 months.
Reliance Natural Resources clocked the highest volume of 1.52 crore
shares on BSE. Chambal Fertilisers and Chemicals (1.32 crore
shares), Dish TV India (1.02 crore shares), Ispat Industries (78.59
lakh shares) and Nagarjuna Fertilisers and Chemicals (69.63 lakh
shares) were the other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 226.45 crore on
BSE. Vishal Information Technologies (Rs 201.40 crore), Reliance
Industries (Rs 172.56 crore), Reliance Natural Resources (Rs 146.13
crore) and State Bank of India (Rs 125.87 crore) were the other
turnover toppers in that order.
In Europe, in key benchmark indices in France, Germany and UK were
were down by between 0.01% to 1.01%.
Asian markets were trading lower today, 21 August 2008. China's
Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng plunged,
Taiwan's Taiwan Weighted, Singapore's Straits Times , and South
Korea's Seoul Composite were down by between 0.77% to 3.63%.
US stocks gained on Wednesday, August 20, in a volatile session on
the seesawing price of oil and mixed feelings about the financial
sector. The Dow Jones industrial average rose 68.88 points, or
0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points,
or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up
7.94 points, or 0.63%, at 1,274.63.
the weekly inflation data to be released by the government after
the trading hours today, 21 August 2008. Rate sensitive realty and
banking stocks were clobbered. Weak Asian markets also weighed on
the sentiment. Chinese market declined after yesterday's steep
rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell
more than 5.5% each. Reliance Infrastructure and ICICI Bank fell
more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in
Vienna. The United States is set to push the 45-nation Nuclear
Suppliers Group (NSG) to agree on a landmark nuclear deal with
India despite objections at home and reservations abroad.
The BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73.
At the day's low of 14,201.18, the Sensex lost 477.05 points in
late trade. At day's high of 14,646.98, the index lost 31.25 points
in early trade.
The S&P CNX Nifty was down 131.90 points or 2.99% to 4,283.85.
BSE clocked a turnover of Rs 4,081 crore today as compared to a
turnover of Rs 4,254.87 crore on 20 August 2008.
Sensex has lost 1,260.19 points or 8.1% from a recent high of
15503.92 hit on 11 August 2008. The barometer index is down
6,043.26 points or 29.78% in the calendar year 2008 so far from its
close of 20,286.99 on 31 December 2007. It is 6,963.04 points or
32.83% away from its all-time high of 21,206.77 struck on 10
January 2008.
Nifty August 2008 futures were at 4,287.20, a premium of 3.35
points over spot closing of 4,283.85. NSE's futures & options (F&O)
segment turnover rose to Rs 52,004.66 crore from Rs 38567.70 crore
on Tuesday, 19 August 2008.
The BSE Mid-Cap index was down 2.04% to 5,707.46 and the BSE
Small-Cap index was down 1.83% at 6,937.02.
BSE Bankex (down 5.16% to 6,577.91), BSE Realty index (down 5.05%
to 4,944.82), BSE PSU index (down 3.71% to 6,717.09), BSE Power
index (down 3.27% to 2,573.27) underperformed Sensex.
BSE FMCG index (down 0.99% to 2,140.30), BSE Consumer Durables
index (down 1.02% to 3,756.15), BSE Auto index (down 1.51% to
3,800.18), BSE HealthCare index (down 1.51% to 4,271.14), BSE Oil &
Gas index (down 1.94% to 9,838.12), BSE IT index (down 2.07% to
3,822.46), BSE Teck index (down 2.29% to 2,978.53), BSE Metal index
(down 2.47% to 12,166.91) and BSE Capital Goods index (down 2.95%
to 11,907.73) outperformed Sensex.
The market breadth was weak on BSE with 733 shares advancing as
compared to 1,915 that declined. 65 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.42% to Rs 2,212.35.
Realty stocks slumped in the late trade. BSE Realty index was the
biggest loser among the sectoral indices on BSE, falling 5.05% to
4,944.82. Indiabulls Real Estate (down 7.36% to Rs 292.60), DLF
(down 5.55% to Rs 481.60) and Unitech (down 5.35% to Rs 160.10)
edged lower.
Banking stocks were clobbered ahead of the inflation data. State
Bank of India (down 7.1% to Rs 1,342.25), ICICI Bank (down 5.19% to
Rs 643.10), HDFC Bank (down 5.82% to Rs 1,165.80) edged lower.
Inflation as measured by wholesale price index rose 12.44% in the
week to 2 August 2008, a 16-year high propelled by rise in the cost
of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime
Minister Manmohan Singh's cabinet on 14 August 2008 approved an
average 21% salary increase for about 50 lakh government employees.
The higher wages will cost the government Rs 3.38 lakh crore this
year.
Power stocks fell. NTPC (down 5.68% to Rs 173.50), Reliance
Infrastructure (down 5.45% to Rs 954.70), Reliance Power (down
3.21% to Rs 155.45), PowerGrid Corporation of India (down 1.02% to
Rs 92.40) and Tata Power Company (down 0.07% to Rs 1,023.65) edged
lower.
Capital goods stocks declined. Bharat Heavy Electricals (down 3.75%
to Rs 1,669.85), Suzlon Energy (down 4.62% to Rs 225.15) and Larsen
& Toubro (down 3.19% to Rs 2,628.15) edged lower.
Jaiprakash Associates (down 4.78% to Rs 163.20), HDFC (down 4.41%
to Rs 2,209.55), Reliance Communications (down 3.98% to Rs 398.35),
Hindalco Industries (down 3.33% to Rs 129.05), edged lower from the
Sensex pack.
India's largest drug maker by sales Ranbaxy Laboratories rose 1.53%
to Rs 513.40 and was the lone gainer from the Sensex pack.
World's sixth largest steel maker Tata Steel fell 2.63% to Rs
589.30. Anglo-Dutch steelmaker Corus said on Wednesday that it
entered into exclusive negotiations with Klesch & Company to sell
its two aluminium smelters in the Netherlands and Germany. It
follows an unsuccessful attempt in December 2007 to sell the
smelters. Corus is controlled by Tata Steel.
India's largest commercial vehicle maker by sales Tata Motors fell
1.44% to Rs 417.95. It came off from the session's high of Rs 444.
The company said on Wednesday, 20 August 2008, it will scrap a
planned Rs 3000 crore convertible preference share issue due to
weak stock markets and instead raise funds by selling some
investments. However, the plan to sell rights shares worth Rs 4200
crore stands, said the company.
Tata Motors is raising money to fund its $2.3 billion acquisition
of Jaguar and Land Rover from Ford Motor Company. The company said
it plans to sell its investments in a phased manner, preferably to
group firms, at prevailing market prices over the next 6-8 months.
Reliance Natural Resources clocked the highest volume of 1.52 crore
shares on BSE. Chambal Fertilisers and Chemicals (1.32 crore
shares), Dish TV India (1.02 crore shares), Ispat Industries (78.59
lakh shares) and Nagarjuna Fertilisers and Chemicals (69.63 lakh
shares) were the other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 226.45 crore on
BSE. Vishal Information Technologies (Rs 201.40 crore), Reliance
Industries (Rs 172.56 crore), Reliance Natural Resources (Rs 146.13
crore) and State Bank of India (Rs 125.87 crore) were the other
turnover toppers in that order.
In Europe, in key benchmark indices in France, Germany and UK were
were down by between 0.01% to 1.01%.
Asian markets were trading lower today, 21 August 2008. China's
Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng plunged,
Taiwan's Taiwan Weighted, Singapore's Straits Times , and South
Korea's Seoul Composite were down by between 0.77% to 3.63%.
US stocks gained on Wednesday, August 20, in a volatile session on
the seesawing price of oil and mixed feelings about the financial
sector. The Dow Jones industrial average rose 68.88 points, or
0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points,
or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up
7.94 points, or 0.63%, at 1,274.63.
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