NEW DELHI: Despite all the hoopla over disinvestment picking up pace following the Left’s withdrawal of support to the UPA government, only two public sector companies may get listed during 2008-09. These two companies are NHPC and Oil India.
Plans were afoot to list around 15 public sector companies, including heavyweights such as BSNL, RITES, Coal India and Cochin Shipyard, but public offers of most of these companies are stuck for various reasons. According to government sources, the plans for listing many PSUs have been deferred due to reasons ranging from no or little requirement for raising capital, corporate governance issues and possible protests from employee unions.
“The government is all for listing of public sector units as it unlocks tremendous value and creates good corporate governance. The companies, however, need to clear regulatory and internal hurdles,” a senior official in department of disinvestment (DoD) said. The department has informally conveyed to some PSUs not to go ahead and file the prospectus, and instead do a reality check first. Taking a cue from the BSNL IPO fiasco, the government has also asked PSUs to gauge employee sentiments before starting IPO procedures.
“The government has set no targets on how many PSUs will be listed this year. We’ve conveyed to the PSUs that they should only come out with an IPO if there is a need for fresh capital. They need to review whether the issue will add to profitability. RITES, for example, is not going for an IPO since it does not require more capital now,” the official said.
The government has also asked the PSUs to create an understanding among its employees so that there is no problem at the time of filing the draft red herring prospectus. “There have been issues in the past when the process has been stalled because of opposition from the employees,” the official said.
Earlier, the government had asked the PSUs to expedite the process of appointing independent directors on their board to meet Securities Exchange Board of India’s listing norms. Both Oil India and NHPC had to file their prospectus again because they didn’t have the required number of independent directors.
Source: economictimes
Saturday, September 6, 2008
High-dividend yield stocks aren't the best bets always
MUMBAI: Though perceived as a safe haven when the market slips into a bear phase, high-dividend yield stocks cannot always be considered as good investment bets, feel analysts. While dividend yield has improved significantly for many companies amid market downtrend since January, analysts are sceptical about sustainability of high rate of dividends due to an impending slowdown in earnings’ growth. They feel there is a risk of making capital loss if a high-dividend yield company is unable to sustain its performance.
Leading stock broking firm India Infoline has identified 25 companies from different industries in the list of BSE-500 companies, as top dividend yield stocks. Fifteen of them, however, have reported a decline in earnings in April-June quarter, prompting the brokerage to take a negative view on fundamentals of most of them.
The analysis covered companies such as Indiabulls Real Estate, Ambuja Cements, Canara Bank, MTNL, Bajaj Auto, ACC, HCL Technologies, Tata Motors, Castrol India, Syndicate Bank, Ashok Leyland, Chennai Petro, Bongaigaon Refinery, Varun Ship, Andhra Bank, HCL Infosys, Wyeth, Bank of Maharashtra, Wochardt, Vijaya Bank, Allahabad Bank, Royal Orchid, GIC, Ador Welding and Mirc Electronics. These companies have offered dividend yield between 3.5% (Tata Motors) and 8.9% (Bongaigaon Refinery) calculated as percentage of dividend per share (annual) to the current market price.
“A majority of the sample companies belong to sectors such as financials, auto, cement, realty and IT, where our fundamental view is negative. Barring IT, all other industries are cyclicals facing difficult business conditions due to slowing economic activity,” said the brokerage in its report.
Ambareesh Baliga of Karvy Stock Broking agrees that one should not take investment decisions simply on the basis of dividend yield. “Investors need to study prospects of a company before taking any investment call. As dividend yield is based on the past performance, it is hardly an indication of the future profitability and sustainability of dividend,” he said.
Historically, high-dividend yield stocks have never given good capital appreciation, according to an analyst with a leading brokerage firm. While investors expect companies to pay good dividends, they, however, are mostly concerned about capital appreciation, which mainly depends on factors such as growth potential, quality of management, industry prospects, domestic and global economic conditions. Given the current economic scenario, investors should not invest in companies with high debt or large capex plans even if dividend yields are attractive, says the analyst.
While analysts generally do not favour investing in high-dividend yield stocks, some of them want investors to take sector-specific approach rather than picking up specific stocks. They advise investors to take shelter in sectors that are less sensitive to interest rate because of low debt. “Defensive sectors like FMCG, pharma and also IT look good as they are expected to cushion investor portfolio against the fall in other sectors,” said Mr Baliga.
Source : economictimes
Leading stock broking firm India Infoline has identified 25 companies from different industries in the list of BSE-500 companies, as top dividend yield stocks. Fifteen of them, however, have reported a decline in earnings in April-June quarter, prompting the brokerage to take a negative view on fundamentals of most of them.
The analysis covered companies such as Indiabulls Real Estate, Ambuja Cements, Canara Bank, MTNL, Bajaj Auto, ACC, HCL Technologies, Tata Motors, Castrol India, Syndicate Bank, Ashok Leyland, Chennai Petro, Bongaigaon Refinery, Varun Ship, Andhra Bank, HCL Infosys, Wyeth, Bank of Maharashtra, Wochardt, Vijaya Bank, Allahabad Bank, Royal Orchid, GIC, Ador Welding and Mirc Electronics. These companies have offered dividend yield between 3.5% (Tata Motors) and 8.9% (Bongaigaon Refinery) calculated as percentage of dividend per share (annual) to the current market price.
“A majority of the sample companies belong to sectors such as financials, auto, cement, realty and IT, where our fundamental view is negative. Barring IT, all other industries are cyclicals facing difficult business conditions due to slowing economic activity,” said the brokerage in its report.
Ambareesh Baliga of Karvy Stock Broking agrees that one should not take investment decisions simply on the basis of dividend yield. “Investors need to study prospects of a company before taking any investment call. As dividend yield is based on the past performance, it is hardly an indication of the future profitability and sustainability of dividend,” he said.
Historically, high-dividend yield stocks have never given good capital appreciation, according to an analyst with a leading brokerage firm. While investors expect companies to pay good dividends, they, however, are mostly concerned about capital appreciation, which mainly depends on factors such as growth potential, quality of management, industry prospects, domestic and global economic conditions. Given the current economic scenario, investors should not invest in companies with high debt or large capex plans even if dividend yields are attractive, says the analyst.
While analysts generally do not favour investing in high-dividend yield stocks, some of them want investors to take sector-specific approach rather than picking up specific stocks. They advise investors to take shelter in sectors that are less sensitive to interest rate because of low debt. “Defensive sectors like FMCG, pharma and also IT look good as they are expected to cushion investor portfolio against the fall in other sectors,” said Mr Baliga.
Source : economictimes
Friday, September 5, 2008
Post Market Report:05/09/2008
Intense selling in index pivotals ever since the opening bell led a
sell-off on the bourses today. The BSE 30-share Sensex fell 415.27
points. Recovery from lower level in afternoon trade proved
short-lived. Trading was choppy. Weak global markets weighed on the
domestic bourses.
The market breadth was weak. Shares from realty and IT pack were
the worst hit in today's slide. Index heavyweight Reliance
Industries shed over 3%. Ranbaxy Laboratories tumbled close to 9%.
However, shares of state-run oil marketing companies and aviation
firms bucked the weak market trend.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
The opposition BJP on Thursday, 4 September 2008 accused Prime
Minister Manmohan Singh of misleading Parliament and the country on
the nuclear deal issue and demanded the resignation of the Manmohan
Singh government. Senior BJP leader Yashwant Sinha said in view of
the gross breach of privilege of both the Houses of Parliament, an
immediate session of Parliament should be convened within the
shortest possible time to enable BJP to move a privilege motion
against the Prime Minister if the UPA did not quit.
The BJP made the demands in the wake of the disclosure of
correspondence between the Bush administration and US Congress that
the Indo-US nuclear pact would be off if India conducted a nuclear
test.
The Nuclear Suppliers Group (NSG) is reportedly inching towards
forging a consensus on clearing a waiver to India for nuclear
commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
The BSE 30-share Sensex fell fell 415.27 points or 2.79% to
14,483.83. It opened 330.09 points lower at 14,569.01. At the day's
low of 14,438.59 hit in afternoon trade, the Sensex lost 460.51
points. At the day's high of 14,601.39 hit in early afternoon
trade, the Sensex fell 297.71 points.
The S&P CNX Nifty declined 95.45 points or 2.15%, to settle at
4352.30. Nifty September 2008 futures were at 4368, a premium of
15.70 over spot closing.
The BSE Sensex is down 5803.16 points or 28.60% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2007.
It is 6722.94 points or 31.70% away from its all-time high of
21,206.77 struck on 10 January 2008.
The market breadth was weak on BSE with 1613 shares declining as
compared to 1017 that advanced. 86 remained unchanged.
The BSE Mid-Cap index declined 1.29% to 5,753.72 and the BSE
Small-Cap index fell 0.99% to 6,905.22. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 4790 crore as compared to
Rs 5,485.53 crore yesterday, 4 September 2008. Turnover in NSE's
futures & options segment rose to Rs 46868.19 crore from Rs 46290.5
crore yesterday, 4 September 2008.
Among the 30-member Sensex pack, 27 declined while the rest gained.
India's top drug maker by sales, Ranbaxy Laboratories tumbled 9.20%
to Rs 448.15 on 15.29 lakh shares. It was the top loser from Sensex
pack. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.24% to Rs 2083 on
13.47 lakh shares. The stock moved in a range of Rs 2067.05 and Rs
2120 during the day.
Auto stocks rebounded from day's low. India's top truck maker by
sales, Tata Motors lost 1.84% to Rs 420.90, off day's low of Rs
417. A crucial meeting will be held in Kolkata today, 5 September
2008, between representatives of the West Bengal government and
Trinamool Congress chief Mamata Banerjee to end the standoff over
land acquisition for the company's small car project at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's top small car maker by sales, Maruti Suzuki India was down
0.28% to Rs 682, off day's low of Rs 654.20. Mahindra & Mahindra,
the country's largest tractor manufacturer by sales shed 0.39% to
Rs 584.05, off day's low of Rs 570. The BSE Auto index skid by
1.43% to 3,983.05.
Frontline IT stocks were under selling pressure. Infosys (down
4.42% to Rs 1710.50), Wipro (down 4.37% to Rs 428.50), TCS (down
0.55% to Rs 839.50), and Satyam Computer Services (down 3.55% to Rs
417.50), edged lower. The BSE IT index lost 3.52% to 3,941.74
Telecom heavyweights declined. India's largest listed cellular
services provider by sales Bharti Airtel lost 3.10% to Rs 801.
Reliance Communications, the country's second largest listed
cellular services provider by sales fell 1.20% to Rs 392.70
Real estate stocks declined. DLF (down 5.60% to Rs 493.50), Unitech
(down 4.93% to Rs 157), Indiabulls Real Estate (down 3.06% to Rs
280.50), Parsvnath Developers (down 0.77% to Rs 122.50), and Akruti
City (down 6.77% to Rs 897), slipped from the realty pack. The BSE
Realty index slumped 4.17% to 4,979.26, and was the top loser among
the sectoral indices on BSE.
Steel stocks declined on reports they have slashed prices by up to
Rs 2,000 per tonne in the spot market with effect from 1 September
2008, in the wake of a slump in steel prices globally. Tata Steel
(down 3.74% to Rs 560.55), JSW Steel (down 3.55% to Rs 705), Ispat
Industries (down 1.02% to Rs 24.35), and Jindal Steel & Power (down
5.06% to Rs 1800.15), declined.
India's top power equipment maker in terms of sales, Bharat Heavy
Electricals declined 2.28% to Rs 1725 on reports the company would
sign a pact on Saturday, 6 September 2008, with Heavy Engineering
Corporation, Ranchi to set up a joint venture foundry forge company
Banking shares declined on fresh selling despite softening of
inflation for a second week in a row. ICICI Bank (down 4.21% to Rs
688), State Bank of India (down 0.99% to Rs 1520), and HDFC Bank
(down 4.43% to Rs 1246.20), slipped. The Bankex lost 3.52% at
7,172.85.
India's second largest private sector power generation company by
sales Tata Power Company was down 1.39% to Rs 1072.90. The company
said on Thursday, 4 September 2008, it has acquired 11.4% stake in
Australia's Geodynamics for Rs 165 crore.
Jaiprakash Associates (down 5.46% to Rs 167.10), HDFC (down 5.98%
to Rs 2276.05), edged lower from the Sensex pack.
India's largest FMCG company by sales, Hindustan Unilever gained
1.62% to Rs 244.75 on 2.95 lakh shares. It was the top gainer from
the Sensex pack. The stock recovered from the day's low of Rs 236.
India's largest oil exploration company by market capitalisation
ONGC recovered from day's low of Rs 1040.20. It closed with gain of
0.29% to Rs 1072. As per reports, the company's wholly owned
overseas unit ONGC Videsh is in talks to acquire Canada's
Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed
on the Stockholm bourse and has production and exploration assets
in Egypt and Syria.
Reliance Industries topped the turnover chart on BSE with a
turnover of Rs 281 crore followed by Reliance Capital (Rs 260.80
crore), Austral Coke & Projects (Rs 254.80 crore), State Bank of
India (Rs 157 crore) and Reliance Infrastructure (Rs 133.35 crore),
in that order.
Austral Coke & Projects topped volumes on BSE notching volumes of
1.21 crore shares followed by Reliance Natural Resources (96.75
lakh shares), IFCI (50.60 lakh shares), Chambal Fertilisers (45.80
lakh shares) and Reliance Petroleum (43.90 lakh shares), in that
order.
Shares of PSU OMCs advanced on fresh buying. Hindustan Petroleum
Corporation (up 5.17% to Rs 238.05), Bharat Petroleum Corporation
(up 8.76% to Rs 358.25), and Indian Oil Corporation (up 1.80% to Rs
444.40), surged
Airline shares jumped. Deccan Aviation (up 3.30% to Rs 89.30), Jet
Airways (up 2.89% to Rs 544.40), edged higher
Orbit Corporation rose 0.88% to Rs 307.80 after the Supreme Court
on Thursday cleared a Maharashtra development control rule allowing
realtors to enjoy floor space index of 3-7 times, allowing them to
build more vertically.
Alembic spurted 6.08% to Rs 44.50 after 20.50 lakh shares, or 1.4%
of the company's equity changed hands in a block deal on the NSE at
Rs 42 each.
Aban Offshore surged 3.19% to Rs 2,285.70. On 1 September 2008, the
company's step-down overseas unit Venture Drilling AS won 18-month
contract from Maersk Oil Angola at an operating day rate of 495,000
million.
US crude was down $1.51 to $106.38 a barrel, at the lowest level
since 4 April 2008, on flagging US demand and the stronger dollar.
European markets, which opened after Indian markets, were subdued.
Key benchmark indices in UK, Germany and France were down by
between 1.06% and 1.34%.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.55% to
3.29%.
sell-off on the bourses today. The BSE 30-share Sensex fell 415.27
points. Recovery from lower level in afternoon trade proved
short-lived. Trading was choppy. Weak global markets weighed on the
domestic bourses.
The market breadth was weak. Shares from realty and IT pack were
the worst hit in today's slide. Index heavyweight Reliance
Industries shed over 3%. Ranbaxy Laboratories tumbled close to 9%.
However, shares of state-run oil marketing companies and aviation
firms bucked the weak market trend.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
The opposition BJP on Thursday, 4 September 2008 accused Prime
Minister Manmohan Singh of misleading Parliament and the country on
the nuclear deal issue and demanded the resignation of the Manmohan
Singh government. Senior BJP leader Yashwant Sinha said in view of
the gross breach of privilege of both the Houses of Parliament, an
immediate session of Parliament should be convened within the
shortest possible time to enable BJP to move a privilege motion
against the Prime Minister if the UPA did not quit.
The BJP made the demands in the wake of the disclosure of
correspondence between the Bush administration and US Congress that
the Indo-US nuclear pact would be off if India conducted a nuclear
test.
The Nuclear Suppliers Group (NSG) is reportedly inching towards
forging a consensus on clearing a waiver to India for nuclear
commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
The BSE 30-share Sensex fell fell 415.27 points or 2.79% to
14,483.83. It opened 330.09 points lower at 14,569.01. At the day's
low of 14,438.59 hit in afternoon trade, the Sensex lost 460.51
points. At the day's high of 14,601.39 hit in early afternoon
trade, the Sensex fell 297.71 points.
The S&P CNX Nifty declined 95.45 points or 2.15%, to settle at
4352.30. Nifty September 2008 futures were at 4368, a premium of
15.70 over spot closing.
The BSE Sensex is down 5803.16 points or 28.60% in the calendar
year 2008 so far from its close of 20,286.99 on 31 December 2007.
It is 6722.94 points or 31.70% away from its all-time high of
21,206.77 struck on 10 January 2008.
The market breadth was weak on BSE with 1613 shares declining as
compared to 1017 that advanced. 86 remained unchanged.
The BSE Mid-Cap index declined 1.29% to 5,753.72 and the BSE
Small-Cap index fell 0.99% to 6,905.22. Both these indices
outperformed the Sensex.
The total turnover on BSE amounted to Rs 4790 crore as compared to
Rs 5,485.53 crore yesterday, 4 September 2008. Turnover in NSE's
futures & options segment rose to Rs 46868.19 crore from Rs 46290.5
crore yesterday, 4 September 2008.
Among the 30-member Sensex pack, 27 declined while the rest gained.
India's top drug maker by sales, Ranbaxy Laboratories tumbled 9.20%
to Rs 448.15 on 15.29 lakh shares. It was the top loser from Sensex
pack. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.24% to Rs 2083 on
13.47 lakh shares. The stock moved in a range of Rs 2067.05 and Rs
2120 during the day.
Auto stocks rebounded from day's low. India's top truck maker by
sales, Tata Motors lost 1.84% to Rs 420.90, off day's low of Rs
417. A crucial meeting will be held in Kolkata today, 5 September
2008, between representatives of the West Bengal government and
Trinamool Congress chief Mamata Banerjee to end the standoff over
land acquisition for the company's small car project at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's top small car maker by sales, Maruti Suzuki India was down
0.28% to Rs 682, off day's low of Rs 654.20. Mahindra & Mahindra,
the country's largest tractor manufacturer by sales shed 0.39% to
Rs 584.05, off day's low of Rs 570. The BSE Auto index skid by
1.43% to 3,983.05.
Frontline IT stocks were under selling pressure. Infosys (down
4.42% to Rs 1710.50), Wipro (down 4.37% to Rs 428.50), TCS (down
0.55% to Rs 839.50), and Satyam Computer Services (down 3.55% to Rs
417.50), edged lower. The BSE IT index lost 3.52% to 3,941.74
Telecom heavyweights declined. India's largest listed cellular
services provider by sales Bharti Airtel lost 3.10% to Rs 801.
Reliance Communications, the country's second largest listed
cellular services provider by sales fell 1.20% to Rs 392.70
Real estate stocks declined. DLF (down 5.60% to Rs 493.50), Unitech
(down 4.93% to Rs 157), Indiabulls Real Estate (down 3.06% to Rs
280.50), Parsvnath Developers (down 0.77% to Rs 122.50), and Akruti
City (down 6.77% to Rs 897), slipped from the realty pack. The BSE
Realty index slumped 4.17% to 4,979.26, and was the top loser among
the sectoral indices on BSE.
Steel stocks declined on reports they have slashed prices by up to
Rs 2,000 per tonne in the spot market with effect from 1 September
2008, in the wake of a slump in steel prices globally. Tata Steel
(down 3.74% to Rs 560.55), JSW Steel (down 3.55% to Rs 705), Ispat
Industries (down 1.02% to Rs 24.35), and Jindal Steel & Power (down
5.06% to Rs 1800.15), declined.
India's top power equipment maker in terms of sales, Bharat Heavy
Electricals declined 2.28% to Rs 1725 on reports the company would
sign a pact on Saturday, 6 September 2008, with Heavy Engineering
Corporation, Ranchi to set up a joint venture foundry forge company
Banking shares declined on fresh selling despite softening of
inflation for a second week in a row. ICICI Bank (down 4.21% to Rs
688), State Bank of India (down 0.99% to Rs 1520), and HDFC Bank
(down 4.43% to Rs 1246.20), slipped. The Bankex lost 3.52% at
7,172.85.
India's second largest private sector power generation company by
sales Tata Power Company was down 1.39% to Rs 1072.90. The company
said on Thursday, 4 September 2008, it has acquired 11.4% stake in
Australia's Geodynamics for Rs 165 crore.
Jaiprakash Associates (down 5.46% to Rs 167.10), HDFC (down 5.98%
to Rs 2276.05), edged lower from the Sensex pack.
India's largest FMCG company by sales, Hindustan Unilever gained
1.62% to Rs 244.75 on 2.95 lakh shares. It was the top gainer from
the Sensex pack. The stock recovered from the day's low of Rs 236.
India's largest oil exploration company by market capitalisation
ONGC recovered from day's low of Rs 1040.20. It closed with gain of
0.29% to Rs 1072. As per reports, the company's wholly owned
overseas unit ONGC Videsh is in talks to acquire Canada's
Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed
on the Stockholm bourse and has production and exploration assets
in Egypt and Syria.
Reliance Industries topped the turnover chart on BSE with a
turnover of Rs 281 crore followed by Reliance Capital (Rs 260.80
crore), Austral Coke & Projects (Rs 254.80 crore), State Bank of
India (Rs 157 crore) and Reliance Infrastructure (Rs 133.35 crore),
in that order.
Austral Coke & Projects topped volumes on BSE notching volumes of
1.21 crore shares followed by Reliance Natural Resources (96.75
lakh shares), IFCI (50.60 lakh shares), Chambal Fertilisers (45.80
lakh shares) and Reliance Petroleum (43.90 lakh shares), in that
order.
Shares of PSU OMCs advanced on fresh buying. Hindustan Petroleum
Corporation (up 5.17% to Rs 238.05), Bharat Petroleum Corporation
(up 8.76% to Rs 358.25), and Indian Oil Corporation (up 1.80% to Rs
444.40), surged
Airline shares jumped. Deccan Aviation (up 3.30% to Rs 89.30), Jet
Airways (up 2.89% to Rs 544.40), edged higher
Orbit Corporation rose 0.88% to Rs 307.80 after the Supreme Court
on Thursday cleared a Maharashtra development control rule allowing
realtors to enjoy floor space index of 3-7 times, allowing them to
build more vertically.
Alembic spurted 6.08% to Rs 44.50 after 20.50 lakh shares, or 1.4%
of the company's equity changed hands in a block deal on the NSE at
Rs 42 each.
Aban Offshore surged 3.19% to Rs 2,285.70. On 1 September 2008, the
company's step-down overseas unit Venture Drilling AS won 18-month
contract from Maersk Oil Angola at an operating day rate of 495,000
million.
US crude was down $1.51 to $106.38 a barrel, at the lowest level
since 4 April 2008, on flagging US demand and the stronger dollar.
European markets, which opened after Indian markets, were subdued.
Key benchmark indices in UK, Germany and France were down by
between 1.06% and 1.34%.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.55% to
3.29%.
Market cuts losses
Recovery in pivotals led by index heavyweight Reliance Industries
(RIL) pulled the market off lower level in afternoon trade. The BSE
30-share Sensex was down 334.19 points. TCS and Tata Power regained
positive zone. However, Ranbaxy Laboratories plunged around 6%. The
market breadth was weak. Trading was choppy. Global cues were weak.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
The Nuclear Suppliers Group (NSG) is reportedly inching towards
forging a consensus on clearing a waiver to India for nuclear
commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
The opposition BJP on Thursday, 4 September 2008, accused Prime
Minister Manmohan Singh of misleading Parliament and the country on
the nuclear deal issue and demanded the resignation of the Manmohan
Singh government. Senior BJP leader Yashwant Sinha said in view of
the gross breach of privilege of both the Houses of Parliament, an
immediate session of Parliament should be convened within the
shortest possible time to enable BJP to move a privilege motion
against the Prime Minister if the UPA did not quit.
The BJP made the demands in the wake of the disclosure of
correspondence between the Bush administration and US Congress that
the Indo-US nuclear pact would be off if India conducted a nuclear
test.
At 13:25 IST, the BSE 30-share Sensex was down 334.19 points or
2.24% to 14,563.47. It opened 330.09 points lower at 14,569.01. At
the day's low of 14,438.59 hit in early afternoon trade, the Sensex
lost 460.51 points. At the day's high of 14,593.93 hit in
mid-morning trade, the Sensex fell 305.17 points.
The S&P CNX Nifty declined 77.75 points or 1.76% to 4,369.55
The market breadth was weak on BSE with 1536 shares declining as
compared to 907 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 2705 crore by 13:30 IST as
compared to Rs 2022 crore by 12:30 IST.
Among the 30-member Sensex pack, 28 declined.
India's largest software services exporter TCS gained 0.22% to Rs
846 on 1.01 lakh shares. It was the top gainer from the Sensex
pack. The stock recovered from the day's low of Rs 815.
India's second largest private sector power generation firm by
sales Tata Power rose 0.18% to Rs 1090.10, off session's low of Rs
1055.
India's top drug maker by sales, Ranbaxy Laboratories tumbled 6.41%
to Rs 461.90 on 6.71 lakh shares. It was the top loser from Sensex
pack. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.20% to Rs 2084 on
8.09 lakh shares. The stock moved in a range of Rs 2068 and Rs
2120.
India's top truck maker by sales, Tata Motors lost 2.40% to Rs
418.50. A crucial meeting will be held in Kolkata today, 5
September 2008, between representatives of the West Bengal
government and Trinamool Congress chief Mamata Banerjee to end the
standoff over land acquisition for the company's small car project
at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's largest oil exploration company by market capitalisation
ONGC lost 0.41% to Rs 1064.50. As per reports, the company's wholly
owned overseas unit ONGC Videsh is in talks to acquire Canada's
Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed
on the Stockholm bourse and has production and exploration assets
in Egypt and Syria.
Jaiprakash Associates (down 4.67% to Rs 168.60), HDFC (down 5.04%
to Rs 2299.50), and ICICI Bank (down 3.65% to Rs 692.05), Infosys
Technologies (down 3.26% to Rs 1731), edged lower from the Sensex
pack.
IFGL Refractories rose 1.90% to Rs 51 after the company said on
Friday, 5 September 2008, it has set up a modern facility for
manufacturing bio ceramics, in which orbital implants are also
manufactured. The company made this announcement during trading
hours today, 5 September 2008.
Orbit Corporation surged 3.90% to Rs 317 after the Supreme Court on
Thursday cleared a Maharashtra development control rule allowing
realtors to enjoy floor space index of 3-7 times, allowing them to
build more vertically.
Patel Engineering rose 0.65% to Rs 416.90 on reports the company is
close to acquiring a coal mine in Indonesia for Rs 100 crore.
US crude for October 2008 delivery rose 1 cent to $107.90 a barrel
today, 5 September 2008 on the Nymex.
European markets which opened after Indian markets were subdued in
opening trade. Key benchmark indices in UK, Germany and France were
down by between 0.38% and 0.78%.
(RIL) pulled the market off lower level in afternoon trade. The BSE
30-share Sensex was down 334.19 points. TCS and Tata Power regained
positive zone. However, Ranbaxy Laboratories plunged around 6%. The
market breadth was weak. Trading was choppy. Global cues were weak.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
The Nuclear Suppliers Group (NSG) is reportedly inching towards
forging a consensus on clearing a waiver to India for nuclear
commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
The opposition BJP on Thursday, 4 September 2008, accused Prime
Minister Manmohan Singh of misleading Parliament and the country on
the nuclear deal issue and demanded the resignation of the Manmohan
Singh government. Senior BJP leader Yashwant Sinha said in view of
the gross breach of privilege of both the Houses of Parliament, an
immediate session of Parliament should be convened within the
shortest possible time to enable BJP to move a privilege motion
against the Prime Minister if the UPA did not quit.
The BJP made the demands in the wake of the disclosure of
correspondence between the Bush administration and US Congress that
the Indo-US nuclear pact would be off if India conducted a nuclear
test.
At 13:25 IST, the BSE 30-share Sensex was down 334.19 points or
2.24% to 14,563.47. It opened 330.09 points lower at 14,569.01. At
the day's low of 14,438.59 hit in early afternoon trade, the Sensex
lost 460.51 points. At the day's high of 14,593.93 hit in
mid-morning trade, the Sensex fell 305.17 points.
The S&P CNX Nifty declined 77.75 points or 1.76% to 4,369.55
The market breadth was weak on BSE with 1536 shares declining as
compared to 907 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 2705 crore by 13:30 IST as
compared to Rs 2022 crore by 12:30 IST.
Among the 30-member Sensex pack, 28 declined.
India's largest software services exporter TCS gained 0.22% to Rs
846 on 1.01 lakh shares. It was the top gainer from the Sensex
pack. The stock recovered from the day's low of Rs 815.
India's second largest private sector power generation firm by
sales Tata Power rose 0.18% to Rs 1090.10, off session's low of Rs
1055.
India's top drug maker by sales, Ranbaxy Laboratories tumbled 6.41%
to Rs 461.90 on 6.71 lakh shares. It was the top loser from Sensex
pack. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.20% to Rs 2084 on
8.09 lakh shares. The stock moved in a range of Rs 2068 and Rs
2120.
India's top truck maker by sales, Tata Motors lost 2.40% to Rs
418.50. A crucial meeting will be held in Kolkata today, 5
September 2008, between representatives of the West Bengal
government and Trinamool Congress chief Mamata Banerjee to end the
standoff over land acquisition for the company's small car project
at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's largest oil exploration company by market capitalisation
ONGC lost 0.41% to Rs 1064.50. As per reports, the company's wholly
owned overseas unit ONGC Videsh is in talks to acquire Canada's
Tanganyika Oil Co for about $1.2-1.5 billion. Tanganyika is listed
on the Stockholm bourse and has production and exploration assets
in Egypt and Syria.
Jaiprakash Associates (down 4.67% to Rs 168.60), HDFC (down 5.04%
to Rs 2299.50), and ICICI Bank (down 3.65% to Rs 692.05), Infosys
Technologies (down 3.26% to Rs 1731), edged lower from the Sensex
pack.
IFGL Refractories rose 1.90% to Rs 51 after the company said on
Friday, 5 September 2008, it has set up a modern facility for
manufacturing bio ceramics, in which orbital implants are also
manufactured. The company made this announcement during trading
hours today, 5 September 2008.
Orbit Corporation surged 3.90% to Rs 317 after the Supreme Court on
Thursday cleared a Maharashtra development control rule allowing
realtors to enjoy floor space index of 3-7 times, allowing them to
build more vertically.
Patel Engineering rose 0.65% to Rs 416.90 on reports the company is
close to acquiring a coal mine in Indonesia for Rs 100 crore.
US crude for October 2008 delivery rose 1 cent to $107.90 a barrel
today, 5 September 2008 on the Nymex.
European markets which opened after Indian markets were subdued in
opening trade. Key benchmark indices in UK, Germany and France were
down by between 0.38% and 0.78%.
all 30-Sensex stocks in red
Fresh selling in index pivotals led by Reliance Industries (RIL)
pulled key benchmark indices to day's low in early afternoon trade.
The BSE 30-share Sensex was down 437.49 points. Trading was choppy.
Weak global equities weighed on the domestic bourses.
Realty shares cracked. Jaiprakash Associates slumped close to 6%.
All the 30 Sensex stocks were in the red. The market breadth was
weak.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.55% to
3.14%.
Wall Street suffered its steepest decline in more than two months
on Thursday, 4 September 2008, after weekly government data showed
an unexpected jump in the number of filings for jobless benefits,
souring the mood before Friday's (5 September 2008)'s jobs report
for August 2008, which is expected to show the eighth consecutive
decline, with 75,000 jobs lost.
At 12:25 IST, the BSE 30-share Sensex was down 437.49 points or
2.94% to 14,461.61. It opened 330.09 points lower at 14,569.01. At
the day's low of 14,438.59 hit in early afternoon trade, the Sensex
lost 460.51 points. At the day's high of 14,593.93 hit in
mid-morning trade, the Sensex fell 305.17 points.
The S&P CNX Nifty declined 111.30 points or 2.49% to 4,336.80
The BSE Mid-Cap index declined 1.29% to 5,754 and the BSE Small-Cap
index fell 0.81% to 6,917.64. Both these indices outperformed the
Sensex.
The market breadth was weak on BSE with 1505 shares declining as
compared to 766 that advanced. 83 remained unchanged.
The total turnover on BSE amounted to Rs 2022 crore by 12:30 IST as
compared to Rs 1319 crore by 11:30 IST.
Jaiprakash Associates, the country's top dam builder lost 5.74% to
Rs 166.60 on 13.76 lakh shares. It was the top loser from Sensex
pack.
Real estate stocks declined. DLF (down 3.30% to Rs 505.50), Unitech
(down 3% to Rs 160.20), Indiabulls Real Estate (down 4.75% to Rs
275.60), Parsvnath Developers (down 0.36% to Rs 123), and Akruti
City (down 5.52% to Rs 909), slipped from the realty pack.
India's top power equipment maker in terms of sales, Bharat Heavy
Electricals declined 2.17% to Rs 1727.80 on reports the company
would sign a pact on Saturday, 6 September 2008, with Heavy
Engineering Corporation, Ranchi to set up a joint venture foundry
forge company.
India's top truck maker by sales, Tata Motors lost 2.40% to Rs
418.50. A crucial meeting will be held in Kolkata today, 5
September 2008, between representatives of the West Bengal
government and Trinamool Congress chief Mamata Banerjee to end the
standoff over land acquisition for the company's small car project
at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.70% to Rs 2073 on
6.54 lakh shares. The stock moved in a range of Rs 2068 and Rs
2120.
India's top drug maker by sales, Ranbaxy Laboratories shed 2.95% to
Rs 479. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
Wipro (down 4.64% to Rs 427.40), Maruti Suzuki India (down 4.10% to
Rs 655.85), Infosys Technologies (down 3.62% to Rs 1724.80), and
ICICI Bank (down 3.97% to Rs 689.75), edged lower from the Sensex
pack.
Austral Coke & Projects was the top traded counter on BSE with
turnover of Rs 145.36 crore followed by Reliance Industries (Rs
138.36 crore) and Reliance Industries (Rs 131.95 crore), in that
order.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
pulled key benchmark indices to day's low in early afternoon trade.
The BSE 30-share Sensex was down 437.49 points. Trading was choppy.
Weak global equities weighed on the domestic bourses.
Realty shares cracked. Jaiprakash Associates slumped close to 6%.
All the 30 Sensex stocks were in the red. The market breadth was
weak.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.55% to
3.14%.
Wall Street suffered its steepest decline in more than two months
on Thursday, 4 September 2008, after weekly government data showed
an unexpected jump in the number of filings for jobless benefits,
souring the mood before Friday's (5 September 2008)'s jobs report
for August 2008, which is expected to show the eighth consecutive
decline, with 75,000 jobs lost.
At 12:25 IST, the BSE 30-share Sensex was down 437.49 points or
2.94% to 14,461.61. It opened 330.09 points lower at 14,569.01. At
the day's low of 14,438.59 hit in early afternoon trade, the Sensex
lost 460.51 points. At the day's high of 14,593.93 hit in
mid-morning trade, the Sensex fell 305.17 points.
The S&P CNX Nifty declined 111.30 points or 2.49% to 4,336.80
The BSE Mid-Cap index declined 1.29% to 5,754 and the BSE Small-Cap
index fell 0.81% to 6,917.64. Both these indices outperformed the
Sensex.
The market breadth was weak on BSE with 1505 shares declining as
compared to 766 that advanced. 83 remained unchanged.
The total turnover on BSE amounted to Rs 2022 crore by 12:30 IST as
compared to Rs 1319 crore by 11:30 IST.
Jaiprakash Associates, the country's top dam builder lost 5.74% to
Rs 166.60 on 13.76 lakh shares. It was the top loser from Sensex
pack.
Real estate stocks declined. DLF (down 3.30% to Rs 505.50), Unitech
(down 3% to Rs 160.20), Indiabulls Real Estate (down 4.75% to Rs
275.60), Parsvnath Developers (down 0.36% to Rs 123), and Akruti
City (down 5.52% to Rs 909), slipped from the realty pack.
India's top power equipment maker in terms of sales, Bharat Heavy
Electricals declined 2.17% to Rs 1727.80 on reports the company
would sign a pact on Saturday, 6 September 2008, with Heavy
Engineering Corporation, Ranchi to set up a joint venture foundry
forge company.
India's top truck maker by sales, Tata Motors lost 2.40% to Rs
418.50. A crucial meeting will be held in Kolkata today, 5
September 2008, between representatives of the West Bengal
government and Trinamool Congress chief Mamata Banerjee to end the
standoff over land acquisition for the company's small car project
at Singur.
Tata Motors Chairman Ratan Tata said on Thursday, the company will
do everything it can to roll out its super-cheap Nano car as close
to the planned October 2008 launch timeline as possible.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.70% to Rs 2073 on
6.54 lakh shares. The stock moved in a range of Rs 2068 and Rs
2120.
India's top drug maker by sales, Ranbaxy Laboratories shed 2.95% to
Rs 479. The Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended yesterday, 4 September 2008.
Wipro (down 4.64% to Rs 427.40), Maruti Suzuki India (down 4.10% to
Rs 655.85), Infosys Technologies (down 3.62% to Rs 1724.80), and
ICICI Bank (down 3.97% to Rs 689.75), edged lower from the Sensex
pack.
Austral Coke & Projects was the top traded counter on BSE with
turnover of Rs 145.36 crore followed by Reliance Industries (Rs
138.36 crore) and Reliance Industries (Rs 131.95 crore), in that
order.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
Market plunges in opening trade on weak global cues
Key benchmark indices opened with sharp downward gap on weak global
cues. The BSE 30-share Sensex was down 333.54 points. All the 30
Sensex stocks were in the red. The market breadth was weak. Banking
shares slipped. Index heavyweight Reliance Industries shed 3%.
Sterlite Industries, Jaiprakash Associates and Infosys Technologies
lost close to 3% each.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.28% to
2.85%.
Wall Street suffered its steepest decline in more than two months
on Thursday, 4 September 2008, after weekly government data showed
an unexpected jump in the number of filings for jobless benefits,
souring the mood before Friday's (5 September 2008)'s jobs report
for August 2008, which is expected to show the eighth consecutive
decline, with 75,000 jobs lost.
At 10:25 IST, the BSE 30-share Sensex was down 333.54 points or
2.24% to 14,565.56. It opened 330.09 points lower at 14,569.01 and
slipped to strike an intra-day low of 14,513.44 in early trade. At
the day's low, the Sensex lost 385.66 points. At the day's high of
14,590.61, the Sensex fell 308.49 points in early trade.
The S&P CNX Nifty declined 87.85 points or 1.98% to 4,359.90
The market breadth was weak on BSE with 1028 shares declining as
compared to 433 that advanced. 47 remained unchanged.
The total turnover on BSE amounted to Rs 637 crore.
India's largest copper manufacturer Sterlite Industries lost 3.63%
to Rs 590.85 on 71,786 shares. It was the top loser from Sensex
pack.
Jaiprakash Associates (down 3.25% to Rs 171), Infosys (down 3.04%
to Rs 1735), and Maruti Suzuki India (down 2.85% to Rs 664.40),
edged lower from Sensex pack.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.01% to Rs 2087.90
on 2.39 lakh shares.
Banking shares declined on fresh selling despite softening in
inflation rate for a second week in a row. ICICI Bank (down 2.76%
to Rs 698.40), State Bank of India (down 2.04% to Rs 1504), and
HDFC Bank (down 2.98% to Rs 1265), slipped.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
Among the side counters, Sona Koya Steerings (up 16.30% to Rs
20.70), Ceat (up 6.39% to Rs 81.55), and Orbit Corporation (up
6.36% to Rs 324.50), surged
Weak global cues had pulled Sensex down 150.76 points or 1% to
14,899.10, on Thursday, 4 September 2008. As per provisional data
released by the stock exchanges, foreign funds sold shares worth a
net Rs 603.28 crore on Thursday. Domestic funds bought shares worth
a net Rs 431.11 crore.
Meanwhiles, the Nuclear Suppliers Group (NSG) is reportedly inching
towards forging a consensus on clearing a waiver to India for
nuclear commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
cues. The BSE 30-share Sensex was down 333.54 points. All the 30
Sensex stocks were in the red. The market breadth was weak. Banking
shares slipped. Index heavyweight Reliance Industries shed 3%.
Sterlite Industries, Jaiprakash Associates and Infosys Technologies
lost close to 3% each.
Fears about economic growth and a 3% slump in US stocks on
Thursday, 4 September 2008, sent Asian shares sprawling today, 5
September 2008. Key benchmark indices in Hong Kong, China, Japan,
South Korea, Singapore and Taiwan were down by between 1.28% to
2.85%.
Wall Street suffered its steepest decline in more than two months
on Thursday, 4 September 2008, after weekly government data showed
an unexpected jump in the number of filings for jobless benefits,
souring the mood before Friday's (5 September 2008)'s jobs report
for August 2008, which is expected to show the eighth consecutive
decline, with 75,000 jobs lost.
At 10:25 IST, the BSE 30-share Sensex was down 333.54 points or
2.24% to 14,565.56. It opened 330.09 points lower at 14,569.01 and
slipped to strike an intra-day low of 14,513.44 in early trade. At
the day's low, the Sensex lost 385.66 points. At the day's high of
14,590.61, the Sensex fell 308.49 points in early trade.
The S&P CNX Nifty declined 87.85 points or 1.98% to 4,359.90
The market breadth was weak on BSE with 1028 shares declining as
compared to 433 that advanced. 47 remained unchanged.
The total turnover on BSE amounted to Rs 637 crore.
India's largest copper manufacturer Sterlite Industries lost 3.63%
to Rs 590.85 on 71,786 shares. It was the top loser from Sensex
pack.
Jaiprakash Associates (down 3.25% to Rs 171), Infosys (down 3.04%
to Rs 1735), and Maruti Suzuki India (down 2.85% to Rs 664.40),
edged lower from Sensex pack.
India's largest private sector firm by market capitalization and
oil refiner Reliance Industries (RIL) slumped 3.01% to Rs 2087.90
on 2.39 lakh shares.
Banking shares declined on fresh selling despite softening in
inflation rate for a second week in a row. ICICI Bank (down 2.76%
to Rs 698.40), State Bank of India (down 2.04% to Rs 1504), and
HDFC Bank (down 2.98% to Rs 1265), slipped.
Annual inflation rose 12.34% in the year through 23 August 2008,
lower than previous week's 12.40% rise, data released by the
government after trading hours on Thursday, 4 September 2008
showed. Food prices for staples like lentils and vegetables eased
while fuel prices remained flat, the data showed. Inflation,
however, remains far above central bank's target level of 7%
towards the year ending March 2009.
Among the side counters, Sona Koya Steerings (up 16.30% to Rs
20.70), Ceat (up 6.39% to Rs 81.55), and Orbit Corporation (up
6.36% to Rs 324.50), surged
Weak global cues had pulled Sensex down 150.76 points or 1% to
14,899.10, on Thursday, 4 September 2008. As per provisional data
released by the stock exchanges, foreign funds sold shares worth a
net Rs 603.28 crore on Thursday. Domestic funds bought shares worth
a net Rs 431.11 crore.
Meanwhiles, the Nuclear Suppliers Group (NSG) is reportedly inching
towards forging a consensus on clearing a waiver to India for
nuclear commerce, a decision that can take the Indo-US nuclear deal
forward. The United States said on Thursday, 4 September 2008, 45
nations were making headway towards agreement on lifting a ban on
nuclear trade with India after Washington reworked a draft for the
move to ease proliferation fears. The two-day meeting of NSG ends
today, 5 September 2008.
Tech Mahindra may see action
As per reports, a clutch of private equity players are interested in acquiring UK telecom major British Telecom's stake in Tech Mahindra. British Telecom currently holds over 31% in the venture and is learnt to be keen on retaining 10% in the venture, post-transaction, given that it has committed $2 billion in business to Tech Mahindra, reports suggest.
Opto Circuits India said on Thursday, 4 September 2008, its board has deferred the decision of raising additional funds and will consider the same at the appropriate time.
A crucial meeting will be held in Kolkata today,5 September 2008, between representatives of the West Bengal government and Trinamool Congress chief Mamata Banerjee to end the standoff over land acquisition for the Tata Motors's small car project at Singur. Tata Motors Chairman Ratan Tata said said on Thursday, the company will do everything it can to roll out its super-cheap Nano car as close to the planned October 2008 launch timeline as possible.
Tata Power has bought an 11.4% equity stake in Australia's Geodynamics, a geothermal energy company, for A$44.1 million (about Rs 165 crore). The transaction, which will see Tata Power buy 29.4 million equity shares for A$1.50 a share, will bolster the Mumbai-based power company's presence in renewable energy space.
In a statement to the Australian stock exchange on Thursday, Geodynamics said the purchase includes an unquoted placement option exercisable at A$2.25 per share for every tw
o shares issued — 14.7 million options — expiring on February 28, 2009.
Source: Capital Market
Opto Circuits India said on Thursday, 4 September 2008, its board has deferred the decision of raising additional funds and will consider the same at the appropriate time.
A crucial meeting will be held in Kolkata today,5 September 2008, between representatives of the West Bengal government and Trinamool Congress chief Mamata Banerjee to end the standoff over land acquisition for the Tata Motors's small car project at Singur. Tata Motors Chairman Ratan Tata said said on Thursday, the company will do everything it can to roll out its super-cheap Nano car as close to the planned October 2008 launch timeline as possible.
Tata Power has bought an 11.4% equity stake in Australia's Geodynamics, a geothermal energy company, for A$44.1 million (about Rs 165 crore). The transaction, which will see Tata Power buy 29.4 million equity shares for A$1.50 a share, will bolster the Mumbai-based power company's presence in renewable energy space.
In a statement to the Australian stock exchange on Thursday, Geodynamics said the purchase includes an unquoted placement option exercisable at A$2.25 per share for every tw
o shares issued — 14.7 million options — expiring on February 28, 2009.
Source: Capital Market
Pre Market Report 05/09/2008
Market may drift lower on weak global cues
Weakness in global markets may continue to weigh on the domestic bourses for a second day in a row today, 5 September 2008. However, the downside may be capped on data showing softening of inflation for a second straight week and on reports that the Nuclear Suppliers Group (NSG) was inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward.
Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous week's 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central bank's target level of 7% towards the year ending March 2009.
The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.
Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling on Friday, 5 September 2008 and investors sought safe-haven bonds and unwound currency carry trades, lifting the yen to a 13-month high versus the euro. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.95% to 2.61%.
Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday's (5 September 2008)'s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.
Weak global cues had pulled Sensex down 150.76 points or 1% to 14,899.10, on Thursday, 4 September 2008. As per provisional data released by the stock exchanges, foreign funds sold shares worth a net Rs 603.28 crore on Thursdays. Domestic funds bought shares worth a net Rs 431.11 crore.
Weakness in global markets may continue to weigh on the domestic bourses for a second day in a row today, 5 September 2008. However, the downside may be capped on data showing softening of inflation for a second straight week and on reports that the Nuclear Suppliers Group (NSG) was inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward.
Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous week's 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central bank's target level of 7% towards the year ending March 2009.
The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.
Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling on Friday, 5 September 2008 and investors sought safe-haven bonds and unwound currency carry trades, lifting the yen to a 13-month high versus the euro. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.95% to 2.61%.
Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday's (5 September 2008)'s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.
Weak global cues had pulled Sensex down 150.76 points or 1% to 14,899.10, on Thursday, 4 September 2008. As per provisional data released by the stock exchanges, foreign funds sold shares worth a net Rs 603.28 crore on Thursdays. Domestic funds bought shares worth a net Rs 431.11 crore.
Thursday, September 4, 2008
Post Market Report:04/09/2008
The market ended on a weak note as traders booked profits after
indices rallied more than three percent in previous session. Market
participants were also cautious ahead of inflation data and outcome
of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty
shares were the worst performers, while software and healthcare
pivotals bucked weak trend.
Indices were highly volatile throughout the session. The Sensex
traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14
points. The Nifty traded in a range of 4447.75 and 4419.45, a gap
of 28.3 points.
The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The
Sensex opened 154.01 lower on weak global cues. Selling intensified
by mid-morning, dragging the index 283.85 points at the day's low
of 14,766.01. Soon, buying emerged at lower levels, taking the
index at its intraday high of 14,994.15 in afternoon. The index was
down 55.71 point at the day's high.
The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty
September 2008 futures were at 4460, at a premium of 12.25 points
as compared to spot closing.
The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap
index fell 0.11% at 6,974.37. Both the indices outperformed the
Sensex.
The market breadth was positive. On BSE, 1332 shares advanced as
compared to 1259 that declined. 94 shares remained unchanged.
NSE's futures & options (F&O) segment turnover was Rs 46290.5
crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.
Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90),
Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates
(up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088),
and Grasim Industries (up 0.92% at Rs 2020.75).
Top Sensex losers were, Sterlite Industries (down 3.69% at Rs
613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs
189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance
Infrastructure (down 2.32% at Rs 1017.55).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL
stock accounts for a highest weightage of 15.21% on the Sensex.
Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90),
HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank
(down 1.62% at Rs 639.45), slipped.
However, India's largest commercial lender State Bank of India rose
0.91% at Rs 1,535.25. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock
accounts for third highest weightage of 7.50% on the Sensex. The
BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.
Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs
289.35), Housing Development & Infrastructure (down 3.11% at Rs
315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at
Rs 522.75), declined. The BSE Realty index underpeformed the
Sensex, falling 3.20% at 5,195.72.
Mid-cap software stocks were in demand, whereas most of the
software pivotals hovered in negative terrain. Aptech (up 4.25% at
Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta
India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs
771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down
0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45),
declined.
India's second largest software exporter by sales Infosys
Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex. The
BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.
Healthcare shares rose. Sun Pharma Advanced Research Company (up
4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal
Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80),
and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The
BSE Healthcare index outperformed the Sensex, rising 0.28% at
4,350.18.
Low ash metallurgical coke maker Austral Coke and Projects settled
at Rs 225.20, a 14.89% premium over issue price of Rs 196. The
stock debuted today on BSE at Rs 206, a 5.10% premium over its
issue price.
UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to
Rs 581.35 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80
on reports the company plans to diversify into aerospace and
windmill technology.
Resurgere Mines & Minerals India clocked a highest turnover of Rs
598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore),
Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10
crore), and State Bank of India (Rs 156.07 crore), were the other
turnover toppers on BSE in that order.
Austral Coke & Projects reported a highest volume of 1.88 crore
shares on BSE. Reliance Natural Resources (1.24 crore shares),
Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11
lakh shares), Dish TV (67.44 lakh shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.83% to 1.20%.
However, UK's FTSE 100 was up 0.38%. Asian markets were negative
with key indices in Hong Kong, Japan, Singapore, South Korea and
Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai
Composite index was up 0.03%.
Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September
2008 to consider whether India should be allowed to resume civil
nuclear trade with the international community. The 45-nation
grouping will consider a draft, which is being presented after
amendments following demands by at least 15 countries during the 21
- 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
indices rallied more than three percent in previous session. Market
participants were also cautious ahead of inflation data and outcome
of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty
shares were the worst performers, while software and healthcare
pivotals bucked weak trend.
Indices were highly volatile throughout the session. The Sensex
traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14
points. The Nifty traded in a range of 4447.75 and 4419.45, a gap
of 28.3 points.
The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The
Sensex opened 154.01 lower on weak global cues. Selling intensified
by mid-morning, dragging the index 283.85 points at the day's low
of 14,766.01. Soon, buying emerged at lower levels, taking the
index at its intraday high of 14,994.15 in afternoon. The index was
down 55.71 point at the day's high.
The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty
September 2008 futures were at 4460, at a premium of 12.25 points
as compared to spot closing.
The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap
index fell 0.11% at 6,974.37. Both the indices outperformed the
Sensex.
The market breadth was positive. On BSE, 1332 shares advanced as
compared to 1259 that declined. 94 shares remained unchanged.
NSE's futures & options (F&O) segment turnover was Rs 46290.5
crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.
Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90),
Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates
(up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088),
and Grasim Industries (up 0.92% at Rs 2020.75).
Top Sensex losers were, Sterlite Industries (down 3.69% at Rs
613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs
189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance
Infrastructure (down 2.32% at Rs 1017.55).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL
stock accounts for a highest weightage of 15.21% on the Sensex.
Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90),
HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank
(down 1.62% at Rs 639.45), slipped.
However, India's largest commercial lender State Bank of India rose
0.91% at Rs 1,535.25. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock
accounts for third highest weightage of 7.50% on the Sensex. The
BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.
Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs
289.35), Housing Development & Infrastructure (down 3.11% at Rs
315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at
Rs 522.75), declined. The BSE Realty index underpeformed the
Sensex, falling 3.20% at 5,195.72.
Mid-cap software stocks were in demand, whereas most of the
software pivotals hovered in negative terrain. Aptech (up 4.25% at
Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta
India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs
771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down
0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45),
declined.
India's second largest software exporter by sales Infosys
Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex. The
BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.
Healthcare shares rose. Sun Pharma Advanced Research Company (up
4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal
Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80),
and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The
BSE Healthcare index outperformed the Sensex, rising 0.28% at
4,350.18.
Low ash metallurgical coke maker Austral Coke and Projects settled
at Rs 225.20, a 14.89% premium over issue price of Rs 196. The
stock debuted today on BSE at Rs 206, a 5.10% premium over its
issue price.
UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to
Rs 581.35 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80
on reports the company plans to diversify into aerospace and
windmill technology.
Resurgere Mines & Minerals India clocked a highest turnover of Rs
598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore),
Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10
crore), and State Bank of India (Rs 156.07 crore), were the other
turnover toppers on BSE in that order.
Austral Coke & Projects reported a highest volume of 1.88 crore
shares on BSE. Reliance Natural Resources (1.24 crore shares),
Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11
lakh shares), Dish TV (67.44 lakh shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.83% to 1.20%.
However, UK's FTSE 100 was up 0.38%. Asian markets were negative
with key indices in Hong Kong, Japan, Singapore, South Korea and
Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai
Composite index was up 0.03%.
Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September
2008 to consider whether India should be allowed to resume civil
nuclear trade with the international community. The 45-nation
grouping will consider a draft, which is being presented after
amendments following demands by at least 15 countries during the 21
- 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
Market remains subdued; breadth negative
Negative opening in European markets kept the market subdued in
afternoon. Indices exhibited major volatility. Select banking
shares rose, while realty and oil & gas shares languished in
negative terrain. India's top passenger care maker by sales Maruti
Suzuki was the top Sensex gainer.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.18% to 0.47%.
However, UK's FTSE 100 was up 0.26%. Asian markets were negative
with key indices in China, Hong Kong, Japan, Singapore, South Korea
and Taiwan trading down by 0.03% to 2.62%.
At 13:20 IST, the BSE 30-share Sensex was down 221.93 points or
1.47% to 14,827.93. The index shed 283.85 points at the day's low
of 14,766.01, hit in mid-morning. It lost 55.71 points at the day's
high of 14,994.15 points, hit in afternoon.
The S&P CNX Nifty was down 39.20 points or 1.54% to 4434.80.
The BSE Mid-Cap index was down 0.21% at 5,824.62 and the BSE
Small-Cap index was down 0.03% at 6,980.35.
The market breadth turned negative yet again. On BSE, 1135 shares
advanced as compared to 1278 that declined. 86 shares remained
unchanged.
India's top passenger care maker by sales Maruti Suzuki rose 2.08%
at Rs 678.30.
Tata Power Company (up 0.95% at Rs 1080), Hindalco Industries (up
0.97% at Rs 125), and Grasim Industries (up 0.73% at Rs 2017), were
the other Sensex gainers.
Sterlite Industries (down 4.10% at Rs 610.50), ONGC (down 3% at Rs
1068.50), HDFC Bank (down 3.08% at Rs 1300.10), Housing Development
Finance Corporation (down 2.56% at Rs 2382.60), and Reliance
Infrastructure (down 2.37% at Rs 1018), were the leading losers
from the Sensex pack.
Select banking shares rose. Karnataka Bank (up 4.89% at Rs 152.40),
Federal Bank (up 3.66% at Rs 228), Punjab National Bank (up 0.82%
at Rs 519), and State Bank of India (up 0.04% at Rs 1,522), rose.
The BSE Bankex was up 0.42% at 7,415.50.
India's largest private sector bank by market capitalisation ICICI
Bank rose 0.52% at Rs 717. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's second largest software exporter by sales Infosys
Technologies rose 0.39% at Rs 1782. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.60% at Rs 2156.85. RIL
stock accounts for the highest weightage of 15.21% on the Sensex.
Among the side counters, KSK Energy Ventures (up 8.44% at Rs
214.55), Piramal Healthcare (up 4.55% at Rs 347.80), Aban Offshore
(4.45% at Rs 2,196.50), Opto Circuits (up 3.79% at Rs 337.90), and
GAIL India (up 3.65% at Rs 420.35), rose.
Indiabulls Real Estate (down 8.44% at Rs 295.15), Gujarat Mineral
Development Corporation (down 7.03% at Rs 224.25), Gujarat State
Petronet (down 5.90% at Rs 60.60), Housing Development &
Infrastructure (down 4.71% at Rs 310.50), and Indiabulls Financial
Services (down 4.17% at Rs 257.60), were the side counter losers.
afternoon. Indices exhibited major volatility. Select banking
shares rose, while realty and oil & gas shares languished in
negative terrain. India's top passenger care maker by sales Maruti
Suzuki was the top Sensex gainer.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.18% to 0.47%.
However, UK's FTSE 100 was up 0.26%. Asian markets were negative
with key indices in China, Hong Kong, Japan, Singapore, South Korea
and Taiwan trading down by 0.03% to 2.62%.
At 13:20 IST, the BSE 30-share Sensex was down 221.93 points or
1.47% to 14,827.93. The index shed 283.85 points at the day's low
of 14,766.01, hit in mid-morning. It lost 55.71 points at the day's
high of 14,994.15 points, hit in afternoon.
The S&P CNX Nifty was down 39.20 points or 1.54% to 4434.80.
The BSE Mid-Cap index was down 0.21% at 5,824.62 and the BSE
Small-Cap index was down 0.03% at 6,980.35.
The market breadth turned negative yet again. On BSE, 1135 shares
advanced as compared to 1278 that declined. 86 shares remained
unchanged.
India's top passenger care maker by sales Maruti Suzuki rose 2.08%
at Rs 678.30.
Tata Power Company (up 0.95% at Rs 1080), Hindalco Industries (up
0.97% at Rs 125), and Grasim Industries (up 0.73% at Rs 2017), were
the other Sensex gainers.
Sterlite Industries (down 4.10% at Rs 610.50), ONGC (down 3% at Rs
1068.50), HDFC Bank (down 3.08% at Rs 1300.10), Housing Development
Finance Corporation (down 2.56% at Rs 2382.60), and Reliance
Infrastructure (down 2.37% at Rs 1018), were the leading losers
from the Sensex pack.
Select banking shares rose. Karnataka Bank (up 4.89% at Rs 152.40),
Federal Bank (up 3.66% at Rs 228), Punjab National Bank (up 0.82%
at Rs 519), and State Bank of India (up 0.04% at Rs 1,522), rose.
The BSE Bankex was up 0.42% at 7,415.50.
India's largest private sector bank by market capitalisation ICICI
Bank rose 0.52% at Rs 717. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's second largest software exporter by sales Infosys
Technologies rose 0.39% at Rs 1782. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.60% at Rs 2156.85. RIL
stock accounts for the highest weightage of 15.21% on the Sensex.
Among the side counters, KSK Energy Ventures (up 8.44% at Rs
214.55), Piramal Healthcare (up 4.55% at Rs 347.80), Aban Offshore
(4.45% at Rs 2,196.50), Opto Circuits (up 3.79% at Rs 337.90), and
GAIL India (up 3.65% at Rs 420.35), rose.
Indiabulls Real Estate (down 8.44% at Rs 295.15), Gujarat Mineral
Development Corporation (down 7.03% at Rs 224.25), Gujarat State
Petronet (down 5.90% at Rs 60.60), Housing Development &
Infrastructure (down 4.71% at Rs 310.50), and Indiabulls Financial
Services (down 4.17% at Rs 257.60), were the side counter losers.
Market pares losses
The market pared losses in a volatile mid-morning trade led by
gains in index pivotal ICICI Bank. Some of the mid-cap software
shares were in demand. Major selling was seen in the realty
counters.
At 11:20 IST, the BSE 30-share Sensex was down 207.84 points or
1.38% to 14,842.02. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade. It lost 126.53 points at the day's
high of 14,923.33 points, hit in early trade.
The S&P CNX Nifty was down 74.90 points or 1.66% to 4429.10.
The BSE Mid-Cap index was down 0.29% at 5,820.03 and the BSE
Small-Cap index was down 0.04% at 6,979.41.
The market breadth was weak on BSE with 976 shares advancing as
compared to 1099 that declined. 70 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories rose 0.54%
at Rs 493. It had hit a low of Rs 469.10 earlier. The company lost
a patent challenge against Pfizer over selling cholesterol drug,
Lipitor in Denmark. The Ranbaxy stock lost 5.42% in past two
sessions to Rs 490.35 on 2 September 2008 from Rs 518.50 on 29
August 2008.
India's largest private sector bank by market capitalisation ICICI
Bank rose 1.23% at Rs 722.10. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's largest commercial vehicles maker Tata Motors fell 1.20% at
Rs 424.70. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.79% at Rs 2173.90.
Major Sensex losers were, Sterlite Industries (down 4.03% at Rs
610.85), Reliance Infrastructure (down 2.71% at Rs 1013.50),
Housing Development Finance Corporation (down 2.17% at Rs 2392),
and ONGC (down 2.25% at Rs 1076.80).
Mid-cap software shares rose. I-flex Solutions (up 2.48% at Rs
1,244), Tech Mahindra (up 2.07% at Rs 773), Aptech (up 1.55% at Rs
233.15), Mphasis (up 1.04% at Rs 247), and Financial Technologies
(up 0.32% at Rs 1,425.90), moved up. The BSE IT index rose 0.17% at
4,073.96.
India's second largest software exporter by sales Infosys
Technologies rose 0.74% at Rs 1789.90. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
Realty shares witnessed selling pressure. Indiabulls Real Estate
(down 7.24% at Rs 299), Housing Development & Infrastructure (down
3.79% at Rs 313.50), Unitech (down 3.30% at Rs 164), and DLF (down
2.82% at Rs 514.90), slipped. The BSE Realty index was down 3.59%
at 5,174.68.
Low ash metallurgical coke maker Austral Coke and Projects was
trading at Rs 260.45, a 32.88% premium over issue price of Rs 196.
It debuted on BSE at Rs 206, a 5.10% premium over its issue price.
UCO Bank soared 4.44% to Rs 42.35 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.67% to
Rs 579.70 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 7.02% to Rs 70.10 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.04% to 2.62%
gains in index pivotal ICICI Bank. Some of the mid-cap software
shares were in demand. Major selling was seen in the realty
counters.
At 11:20 IST, the BSE 30-share Sensex was down 207.84 points or
1.38% to 14,842.02. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade. It lost 126.53 points at the day's
high of 14,923.33 points, hit in early trade.
The S&P CNX Nifty was down 74.90 points or 1.66% to 4429.10.
The BSE Mid-Cap index was down 0.29% at 5,820.03 and the BSE
Small-Cap index was down 0.04% at 6,979.41.
The market breadth was weak on BSE with 976 shares advancing as
compared to 1099 that declined. 70 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories rose 0.54%
at Rs 493. It had hit a low of Rs 469.10 earlier. The company lost
a patent challenge against Pfizer over selling cholesterol drug,
Lipitor in Denmark. The Ranbaxy stock lost 5.42% in past two
sessions to Rs 490.35 on 2 September 2008 from Rs 518.50 on 29
August 2008.
India's largest private sector bank by market capitalisation ICICI
Bank rose 1.23% at Rs 722.10. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's largest commercial vehicles maker Tata Motors fell 1.20% at
Rs 424.70. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.79% at Rs 2173.90.
Major Sensex losers were, Sterlite Industries (down 4.03% at Rs
610.85), Reliance Infrastructure (down 2.71% at Rs 1013.50),
Housing Development Finance Corporation (down 2.17% at Rs 2392),
and ONGC (down 2.25% at Rs 1076.80).
Mid-cap software shares rose. I-flex Solutions (up 2.48% at Rs
1,244), Tech Mahindra (up 2.07% at Rs 773), Aptech (up 1.55% at Rs
233.15), Mphasis (up 1.04% at Rs 247), and Financial Technologies
(up 0.32% at Rs 1,425.90), moved up. The BSE IT index rose 0.17% at
4,073.96.
India's second largest software exporter by sales Infosys
Technologies rose 0.74% at Rs 1789.90. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
Realty shares witnessed selling pressure. Indiabulls Real Estate
(down 7.24% at Rs 299), Housing Development & Infrastructure (down
3.79% at Rs 313.50), Unitech (down 3.30% at Rs 164), and DLF (down
2.82% at Rs 514.90), slipped. The BSE Realty index was down 3.59%
at 5,174.68.
Low ash metallurgical coke maker Austral Coke and Projects was
trading at Rs 260.45, a 32.88% premium over issue price of Rs 196.
It debuted on BSE at Rs 206, a 5.10% premium over its issue price.
UCO Bank soared 4.44% to Rs 42.35 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.67% to
Rs 579.70 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 7.02% to Rs 70.10 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.04% to 2.62%
Market opens lower on weak global cues
The market opened lower as investors preferred staying on the side
lines ahead of the inflation data to be announced after market
hours today. Global cues were weak. All the sectoral indices on BSE
were negative, with realty and power sector shares declining the
most. India's largest drug maker by sales Tata Motors extended
losses for the third session in a row.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.12% to 2.37%
Us markers ended mixed yesterday, 3 September 2008 as economic
jitters dampened street enthusiasm for stock buying, fizzling out
the post-Gustav enthusiasm. The Dow Jones industrial average gained
15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined
2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index
lost 15.51 points, or 0.66%, to 2,333.73.
At 10:20 IST, the BSE 30-share Sensex was down 251.08 points or
1.67% to 14,798.78. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade.
The S&P CNX Nifty was down 75.15 points or 1.67% to 4428.85.
The BSE Mid-Cap index was down 0.60% at 5,802.11 and the BSE
Small-Cap index was down 0.30% at 6,961.12.
The market breadth was weak on BSE with 645 shares advancing as
compared to 905 that declined. 48 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories slumped
4.09% at Rs 470.30. The company lost a patent challenge against
Pfizer over selling cholesterol drug, Lipitor in Denmark. The
Ranbaxy stock lost 5.42% in past two sessions to Rs 490.35 on 2
September 2008 from Rs 518.50 on 29 August 2008.
Sterlite Industries (down 3.68% at Rs 613), Reliance Infrastructure
(down 3.15% at Rs 1008.90), HDFC Bank (down 2.92% at Rs 1305), and
Housing Development Finance Corporation (down 2.87% at Rs 2375),
were the other major Sensex losers.
Satyam Computer (up 0.61% at Rs 435.95), Mahindra & Mahindra (up
0.34% at Rs 589.10), Hindalco Industries (up 0.28% at Rs 124) and
TCS (up 0.25% at Rs 850.90), were the top Sensex gainers.
India's second largest software exporter by sales Infosys
Technologies rose 0.15% at Rs 1778.
India's largest commercial vehicles maker Tata Motors fell 0.66% at
Rs 427. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.60% at Rs 2178.05.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.32% at Rs 703.90.
Iron ore miner Resurgere Mines & Minerals India was the top traded
counter on BSE in terms of turnover. The stock rose 7.88% at Rs 673
on a turnover of Rs 79.84 crore. Resurgere Mines & Minerals India
debuted on 1 September 2008 at Rs 272.05 on BSE, a marginal premium
of 0.75% over its issue price of Rs 270. It settled at Rs 524.35 on
BSE, a 94.20% premium over initial public offer price of Rs 270, on
that day.
Indian stock market was shut yesterday, 3 September 2008 on account
of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth
Rs 1132.35 crore while mutual funds purchased shares worth Rs
209.79 crore on Tuesday, 2 September 2008, according to provisional
data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options
segment Tuesday, 2 September 2008. They were net buyers of index
futures to the tune of Rs 2078.33 crore and purchased index options
worth Rs 746.67 crore. They were net sellers of stock futures to
the tune of Rs 524.56 crore and bought stock options worth Rs
126.45 crore.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
lines ahead of the inflation data to be announced after market
hours today. Global cues were weak. All the sectoral indices on BSE
were negative, with realty and power sector shares declining the
most. India's largest drug maker by sales Tata Motors extended
losses for the third session in a row.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.12% to 2.37%
Us markers ended mixed yesterday, 3 September 2008 as economic
jitters dampened street enthusiasm for stock buying, fizzling out
the post-Gustav enthusiasm. The Dow Jones industrial average gained
15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined
2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index
lost 15.51 points, or 0.66%, to 2,333.73.
At 10:20 IST, the BSE 30-share Sensex was down 251.08 points or
1.67% to 14,798.78. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade.
The S&P CNX Nifty was down 75.15 points or 1.67% to 4428.85.
The BSE Mid-Cap index was down 0.60% at 5,802.11 and the BSE
Small-Cap index was down 0.30% at 6,961.12.
The market breadth was weak on BSE with 645 shares advancing as
compared to 905 that declined. 48 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories slumped
4.09% at Rs 470.30. The company lost a patent challenge against
Pfizer over selling cholesterol drug, Lipitor in Denmark. The
Ranbaxy stock lost 5.42% in past two sessions to Rs 490.35 on 2
September 2008 from Rs 518.50 on 29 August 2008.
Sterlite Industries (down 3.68% at Rs 613), Reliance Infrastructure
(down 3.15% at Rs 1008.90), HDFC Bank (down 2.92% at Rs 1305), and
Housing Development Finance Corporation (down 2.87% at Rs 2375),
were the other major Sensex losers.
Satyam Computer (up 0.61% at Rs 435.95), Mahindra & Mahindra (up
0.34% at Rs 589.10), Hindalco Industries (up 0.28% at Rs 124) and
TCS (up 0.25% at Rs 850.90), were the top Sensex gainers.
India's second largest software exporter by sales Infosys
Technologies rose 0.15% at Rs 1778.
India's largest commercial vehicles maker Tata Motors fell 0.66% at
Rs 427. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.60% at Rs 2178.05.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.32% at Rs 703.90.
Iron ore miner Resurgere Mines & Minerals India was the top traded
counter on BSE in terms of turnover. The stock rose 7.88% at Rs 673
on a turnover of Rs 79.84 crore. Resurgere Mines & Minerals India
debuted on 1 September 2008 at Rs 272.05 on BSE, a marginal premium
of 0.75% over its issue price of Rs 270. It settled at Rs 524.35 on
BSE, a 94.20% premium over initial public offer price of Rs 270, on
that day.
Indian stock market was shut yesterday, 3 September 2008 on account
of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth
Rs 1132.35 crore while mutual funds purchased shares worth Rs
209.79 crore on Tuesday, 2 September 2008, according to provisional
data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options
segment Tuesday, 2 September 2008. They were net buyers of index
futures to the tune of Rs 2078.33 crore and purchased index options
worth Rs 746.67 crore. They were net sellers of stock futures to
the tune of Rs 524.56 crore and bought stock options worth Rs
126.45 crore.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
Pre Market Report 04/09/2008
Market likely to see volatile session; inflation eyed
Key benchmark indices are likely to see a volatile session today, 4 September 2008 ahead of the inflation data, which will be announced after market hours today. Global cues were mixed.
The wholesale price index for the 12 months to 23 August 2008 will be relased today. Inflation based on the wholesale price index rose 12.40% in 12 months to 16 August 2008, below its previous corresponding week's annual rise of 12.63% due to lower prices of some minerals and fuels, government data released on, 28 August 2008, showed.
Marketmen will closely watch the crucial Nuclear Suppliers Group (NSG) meet in Vienna scheduled today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft which is being presented after amendments following demands by at least 15 countries during the 21 - 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.
Most Asian markets were trading lower today, 4 September 2008. China's Shanghai Composite fell 0.34% or 7.80 points at 2,268.87, Japan's Nikkei was down 0.36% or 45.37 points at 12,644.22, Hong Kong's Hang Seng declined 0.15% or 31.44 points at 20,553.62, Taiwan's Taiwan Weighted plunged 1.22% or 80.50 points at 6,504.43, Singapore's Straits Times slipped 1.50% or 40.52 points at 2,666.01. However, South Korea's Seoul Composite was up 0.18% or 2.63 points at 1,429.52.
Us markers ended mixed yesterday, 3 September 2008 as economic jitters dampened street enthusiasm for stock buying, fizzling out the post-Gustav enthusiasm. The Dow Jones industrial average gained 15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined 2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index lost 15.51 points, or 0.66%, to 2,333.73.
Back home, a strong correction in crude oil price helped the key benchmark indices register phenomenal gains on Tuesday, 2 September 2008. The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86 and the S&P CNX Nifty was up 155.35 points or 3.57% to 4504 on that day.
Indian stock markets were shut yesterday, 3 September 2008 on account of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 1132.35 crore while mutual funds purchased shares worth Rs 209.79 crore on Tuesday, 2 September 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options segment Tuesday, 2 September 2008. They were net buyers of index futures to the tune of Rs 2078.33 crore and purchased index options worth Rs 746.67 crore. They were net sellers of stock futures to the tune of Rs 524.56 crore and bought stock options worth Rs 126.45 crore.
Key benchmark indices are likely to see a volatile session today, 4 September 2008 ahead of the inflation data, which will be announced after market hours today. Global cues were mixed.
The wholesale price index for the 12 months to 23 August 2008 will be relased today. Inflation based on the wholesale price index rose 12.40% in 12 months to 16 August 2008, below its previous corresponding week's annual rise of 12.63% due to lower prices of some minerals and fuels, government data released on, 28 August 2008, showed.
Marketmen will closely watch the crucial Nuclear Suppliers Group (NSG) meet in Vienna scheduled today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft which is being presented after amendments following demands by at least 15 countries during the 21 - 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.
Most Asian markets were trading lower today, 4 September 2008. China's Shanghai Composite fell 0.34% or 7.80 points at 2,268.87, Japan's Nikkei was down 0.36% or 45.37 points at 12,644.22, Hong Kong's Hang Seng declined 0.15% or 31.44 points at 20,553.62, Taiwan's Taiwan Weighted plunged 1.22% or 80.50 points at 6,504.43, Singapore's Straits Times slipped 1.50% or 40.52 points at 2,666.01. However, South Korea's Seoul Composite was up 0.18% or 2.63 points at 1,429.52.
Us markers ended mixed yesterday, 3 September 2008 as economic jitters dampened street enthusiasm for stock buying, fizzling out the post-Gustav enthusiasm. The Dow Jones industrial average gained 15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined 2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index lost 15.51 points, or 0.66%, to 2,333.73.
Back home, a strong correction in crude oil price helped the key benchmark indices register phenomenal gains on Tuesday, 2 September 2008. The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86 and the S&P CNX Nifty was up 155.35 points or 3.57% to 4504 on that day.
Indian stock markets were shut yesterday, 3 September 2008 on account of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 1132.35 crore while mutual funds purchased shares worth Rs 209.79 crore on Tuesday, 2 September 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options segment Tuesday, 2 September 2008. They were net buyers of index futures to the tune of Rs 2078.33 crore and purchased index options worth Rs 746.67 crore. They were net sellers of stock futures to the tune of Rs 524.56 crore and bought stock options worth Rs 126.45 crore.
Nifty View
SENSEX (15049)
Sensex has resistance at 15107 and 15272. Support for the Sensex is at 14925 and 14888. If moves below, it
may test 14808.
NIFTY (4504)
Nifty has resistance at 4536 and 4572. If moves above, further upside is expected. Support is at 4497 and
4469. If moves below, it may test 4454 and 4440.
Sensex has resistance at 15107 and 15272. Support for the Sensex is at 14925 and 14888. If moves below, it
may test 14808.
NIFTY (4504)
Nifty has resistance at 4536 and 4572. If moves above, further upside is expected. Support is at 4497 and
4469. If moves below, it may test 4454 and 4440.
Austral Coke and Projects may see action on debut
Kolkata-based Austral Coke and Projects, engaged in the business of manufacturing low ash metallurgical coke (LAM coke), will debut at the bourses today, 4 September 2008. The company fixed the issue price at the top end of the Rs 164 to Rs 196 IPO price band.
The government may reportedly remove a $5-million-per-client limit imposed on participants in the currency futures market. Finance ministry officials, markets regulator Securities and Exchange Board of India and the central bank will review future initiatives for currency futures by September-end this year, the reports added.
Bharat Heavy Electricals is reportedly in talks with several foreign firms including Alstom, Siemens and General Electric to sell 49% in a greenfield locomotive plant it plans to set up at a cost of Rs 1000 crore. The Indian firm has identified locations in Madhya Pradesh and Andhra Pradesh for the project.
Oil and Natural Gas Corporation (ONGC) reportedly plans to list wholly-owned overseas exploration unit ONGC Videsh in 2009. The proceeds will be used to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
Bombay Dyeing and Manufacturing reportedly expects to sell 450,000 square feet of commercial property that it is developing, for about Rs 900 crore next year. The funds will be used to reduce its borrowings.
UCO Bank reportedly plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal. The bank will offer 10 crore shares to the public at a face value of Rs 10 and expects premium in between Rs 50-60. The bank would be able to raise Rs 500-600 crore from the market, the reports added.
Sona Koyo Steering Systems reportedly plans to diversify into new verticals like aerospace and windmill technology in order to lower dependence on automotive sector, which has been plagued by rising input costs and demand slowdown.
Gujarat NRE Minerals, the Australian unit of metallurgical coke producer Gujarat NRE Coke, reportedly plans to invest $450 million to ramp up capacities at its two mines in New South Wales by 2012/13.
Source: Capital Market
The government may reportedly remove a $5-million-per-client limit imposed on participants in the currency futures market. Finance ministry officials, markets regulator Securities and Exchange Board of India and the central bank will review future initiatives for currency futures by September-end this year, the reports added.
Bharat Heavy Electricals is reportedly in talks with several foreign firms including Alstom, Siemens and General Electric to sell 49% in a greenfield locomotive plant it plans to set up at a cost of Rs 1000 crore. The Indian firm has identified locations in Madhya Pradesh and Andhra Pradesh for the project.
Oil and Natural Gas Corporation (ONGC) reportedly plans to list wholly-owned overseas exploration unit ONGC Videsh in 2009. The proceeds will be used to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
Bombay Dyeing and Manufacturing reportedly expects to sell 450,000 square feet of commercial property that it is developing, for about Rs 900 crore next year. The funds will be used to reduce its borrowings.
UCO Bank reportedly plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal. The bank will offer 10 crore shares to the public at a face value of Rs 10 and expects premium in between Rs 50-60. The bank would be able to raise Rs 500-600 crore from the market, the reports added.
Sona Koyo Steering Systems reportedly plans to diversify into new verticals like aerospace and windmill technology in order to lower dependence on automotive sector, which has been plagued by rising input costs and demand slowdown.
Gujarat NRE Minerals, the Australian unit of metallurgical coke producer Gujarat NRE Coke, reportedly plans to invest $450 million to ramp up capacities at its two mines in New South Wales by 2012/13.
Source: Capital Market
Tips for 4th
BEML has broken an important short term resistance of Rs 760. Buy for target of Rs 840-870-940-960
Wednesday, September 3, 2008
Post Market Report:02/09/2008
A strong correction in crude oil price helped the key benchmark
indices register phenomenal gains today, 2 September 2008. The
30-share BSE Sensex jumped over 500 points to cross the
psychological 15,000 mark after nearly 12 trading sessions. Realty
and banking shares were star performers, while healthcare stocks
lagged behind in today's rally.
Oil prices tumbled extending the previous day's fall on initial
signs that a weakened Hurricane Gustav spared major Gulf oil
facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel
on the New York Mercantile Exchange (NYMEX).
European markets turned positive after a negative start. Key
benchmark indices in UK, France and Germany were up 0.33% to 1.39%.
Some of the Asian indices moved into positive terrain from negative
terrain during the course of the day. Key benchmark indices in Hong
Kong and Singapore were up 0.65% to 1.58%. However, indices in
China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.
US markets were closed on Monday, 1 September 2008, for Labour Day
holiday.
The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86.
The Sensex opened 110.93 points higher at 14,609.44 and thereafter
traded in a narrow range of 14550 and 14600. But a sudden buying
demand led by slide in crude oil prices in the second half of
trading session catapulted the index 607.64 points up at the day's
high of 15,106.15 in mid-afternoon. The index rose 44.7 points at
the day's low of 14,543.21 it hit in early trade.
The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty
September 2008 futures were at 4517.05, at a premium of 13.05
points as compared to spot closing.
India's stock market remains closed tomorrow, 3 September 2008 on
account of Ganesh Chaturthi.
The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap
index was up 1.32% at 6,982.39. Both the indices underperformed the
Sensex.
The market breadth was strong on BSE with 1675 shares advancing as
compared to 986 that declined. 72 shares remained unchanged.
The BSE Sensex is down 5237.13 points or 25.81% in calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
6156.91 points or 29.03% away from its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14
crore on Monday, 1 September 2008. NSE's futures & options (F&O)
segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16
crore on Monday, 1 September 2008.
India's largest state-run oil explorer by market capitalisation
ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed
its rating on the Rs 50 crore non-convertible debenture issue of
ONGC at 'AAA/Stable'. This follows the announcement by UK-based
Imperial Energy Corporation Plc last week, giving its consent to
its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The
firm said during trading hours on Monday, 1 September 2008, it has
withdrawn an application it made to the central government to
permit it to assign a part of its participating interest to its
100% subsidiaries.
India's second largest software exporter by sales Infosys
Technologies rose 3.02% at Rs 1775.30.
India's largest commercial vehicle maker by sales Tata Motors fell
1.82% at Rs 429.85. Tata Motors, today, announced the terms of the
proposed two rights issues aggregating around Rs 4200 crore.
Shareholders would get one ordinary share for every six shares
held. These shares will be issued at a price of Rs 340 each
aggregating to Rs 2,186 crore.
Banking shares soared as sliding oil prices calmed inflation
concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to
7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank
of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs
1,341.45), soared. India's largest private sector bank by market
capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had
earlier hit a low of Rs 668.80.
Realty shares spurted. The BSE Realty index outperformed the
Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at
Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs
325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech
(up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.
Airline stocks surged as crude oil prices declined sharply. Jet
Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs
89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.
Healthcare stocks slipped. The BSE Healthcare index underperformed
the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83%
at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15),
Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer
(down 0.87% at Rs 575.55), slipped.
India's leading drug maker by sales Ranbaxy Laboratories fell 1.89%
at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit
in early trade. The company lost a patent challenge against Pfizer
over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy
stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit
by the news.
Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75.
The firm benefits from high crude oil prices.
Newspaper publisher Deccan Chronicle Holdings extended gains for
fifth consecutive session in a row. The stock rose 1.85% at Rs
129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs
113.30 on 26 August 2008.
Oilfield services provider Great Offshore soared 7.69% to Rs 561.55
after the company said it has forayed into port management and
single point mooring operations through acquisition of 100% stake
in two domestic companies for a consideration of Rs 160 crore.
State-run Union Bank of India rose 6.13% at Rs 154. The bank
reportedly plans to raise Rs 1000 crore via debt in a month's time.
The bank has headroom to raise up to Rs 3500 crore and it would try
to raise the amount by the end of 2008, the reports added.
Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The
company said on Monday, 1 September 2008, its board approved an
investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint
venture with Mahindra & Mahindra. The company will also sub-license
the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it
added.
Resurgere Mines & Minerals India clocked the highest turnover of Rs
928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance
Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and
Reliance Natural Resources (Rs 198.39 crore), were the other
turnover toppers on BSE in that order.
Reliance Natural Resources reported the highest volume of 2.05
crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore
shares), IFCI (1.05 crore shares), Infrastructure Development
Finance Company (90.39 lakh shares), and Marksans Pharma (85.23
lakh shares), were the other volume toppers on BSE in that order.
indices register phenomenal gains today, 2 September 2008. The
30-share BSE Sensex jumped over 500 points to cross the
psychological 15,000 mark after nearly 12 trading sessions. Realty
and banking shares were star performers, while healthcare stocks
lagged behind in today's rally.
Oil prices tumbled extending the previous day's fall on initial
signs that a weakened Hurricane Gustav spared major Gulf oil
facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel
on the New York Mercantile Exchange (NYMEX).
European markets turned positive after a negative start. Key
benchmark indices in UK, France and Germany were up 0.33% to 1.39%.
Some of the Asian indices moved into positive terrain from negative
terrain during the course of the day. Key benchmark indices in Hong
Kong and Singapore were up 0.65% to 1.58%. However, indices in
China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.
US markets were closed on Monday, 1 September 2008, for Labour Day
holiday.
The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86.
The Sensex opened 110.93 points higher at 14,609.44 and thereafter
traded in a narrow range of 14550 and 14600. But a sudden buying
demand led by slide in crude oil prices in the second half of
trading session catapulted the index 607.64 points up at the day's
high of 15,106.15 in mid-afternoon. The index rose 44.7 points at
the day's low of 14,543.21 it hit in early trade.
The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty
September 2008 futures were at 4517.05, at a premium of 13.05
points as compared to spot closing.
India's stock market remains closed tomorrow, 3 September 2008 on
account of Ganesh Chaturthi.
The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap
index was up 1.32% at 6,982.39. Both the indices underperformed the
Sensex.
The market breadth was strong on BSE with 1675 shares advancing as
compared to 986 that declined. 72 shares remained unchanged.
The BSE Sensex is down 5237.13 points or 25.81% in calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
6156.91 points or 29.03% away from its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14
crore on Monday, 1 September 2008. NSE's futures & options (F&O)
segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16
crore on Monday, 1 September 2008.
India's largest state-run oil explorer by market capitalisation
ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed
its rating on the Rs 50 crore non-convertible debenture issue of
ONGC at 'AAA/Stable'. This follows the announcement by UK-based
Imperial Energy Corporation Plc last week, giving its consent to
its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The
firm said during trading hours on Monday, 1 September 2008, it has
withdrawn an application it made to the central government to
permit it to assign a part of its participating interest to its
100% subsidiaries.
India's second largest software exporter by sales Infosys
Technologies rose 3.02% at Rs 1775.30.
India's largest commercial vehicle maker by sales Tata Motors fell
1.82% at Rs 429.85. Tata Motors, today, announced the terms of the
proposed two rights issues aggregating around Rs 4200 crore.
Shareholders would get one ordinary share for every six shares
held. These shares will be issued at a price of Rs 340 each
aggregating to Rs 2,186 crore.
Banking shares soared as sliding oil prices calmed inflation
concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to
7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank
of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs
1,341.45), soared. India's largest private sector bank by market
capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had
earlier hit a low of Rs 668.80.
Realty shares spurted. The BSE Realty index outperformed the
Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at
Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs
325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech
(up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.
Airline stocks surged as crude oil prices declined sharply. Jet
Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs
89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.
Healthcare stocks slipped. The BSE Healthcare index underperformed
the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83%
at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15),
Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer
(down 0.87% at Rs 575.55), slipped.
India's leading drug maker by sales Ranbaxy Laboratories fell 1.89%
at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit
in early trade. The company lost a patent challenge against Pfizer
over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy
stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit
by the news.
Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75.
The firm benefits from high crude oil prices.
Newspaper publisher Deccan Chronicle Holdings extended gains for
fifth consecutive session in a row. The stock rose 1.85% at Rs
129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs
113.30 on 26 August 2008.
Oilfield services provider Great Offshore soared 7.69% to Rs 561.55
after the company said it has forayed into port management and
single point mooring operations through acquisition of 100% stake
in two domestic companies for a consideration of Rs 160 crore.
State-run Union Bank of India rose 6.13% at Rs 154. The bank
reportedly plans to raise Rs 1000 crore via debt in a month's time.
The bank has headroom to raise up to Rs 3500 crore and it would try
to raise the amount by the end of 2008, the reports added.
Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The
company said on Monday, 1 September 2008, its board approved an
investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint
venture with Mahindra & Mahindra. The company will also sub-license
the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it
added.
Resurgere Mines & Minerals India clocked the highest turnover of Rs
928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance
Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and
Reliance Natural Resources (Rs 198.39 crore), were the other
turnover toppers on BSE in that order.
Reliance Natural Resources reported the highest volume of 2.05
crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore
shares), IFCI (1.05 crore shares), Infrastructure Development
Finance Company (90.39 lakh shares), and Marksans Pharma (85.23
lakh shares), were the other volume toppers on BSE in that order.
Tuesday, September 2, 2008
Software stocks may see action
Software stocks may see action as the Indian rupee opened weaker today, taking the appointment of a new central bank chief in its stride, as it focused on concerns about a widening trade deficit. At 9:03 IST, the rupee was trading at 44.22/23 per dollar, compared with previous close of 44.17/18.
Cement makers ACC, Ambuja Cements, JK Lakshmi Cement and Ultratech have reportedly raised cement prices in Mumbai by Rs 3 per 50 kilogram bag.
Reliance Industries has reportedly dropped plans to acquire the polyester manufacturing unit of US-based polyester maker Unifi, in which it planned to invest about $250 million.
ICICI Venture-controlled Ranbaxy Fine Chemicals is close to buying US speciality chemicals maker Mallinckrodt Baker, a unit of healthcare group Covidien, for $340 million. ICICI Venture may put in $100 million as equity contribution, while the balance will be provided as debt by ICICI Bank. ICICI Venture is a wholly-owned unit of ICICI Bank.
Kinetic Motor Company said on Monday, 1 September 2008 its board approved an investment of Rs 29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.
State-run Union Bank of India reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.
Cement makers ACC, Ambuja Cements, JK Lakshmi Cement and Ultratech have reportedly raised cement prices in Mumbai by Rs 3 per 50 kilogram bag.
Reliance Industries has reportedly dropped plans to acquire the polyester manufacturing unit of US-based polyester maker Unifi, in which it planned to invest about $250 million.
ICICI Venture-controlled Ranbaxy Fine Chemicals is close to buying US speciality chemicals maker Mallinckrodt Baker, a unit of healthcare group Covidien, for $340 million. ICICI Venture may put in $100 million as equity contribution, while the balance will be provided as debt by ICICI Bank. ICICI Venture is a wholly-owned unit of ICICI Bank.
Kinetic Motor Company said on Monday, 1 September 2008 its board approved an investment of Rs 29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.
State-run Union Bank of India reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.
Tips for 02.09.2008
ACC LTD CMP 563.75 Sup : 554/550 Res 571/577
Bharati CMP 816.20 Sup 803/796 Res 834/850
IFCI CMP: 44.20 Sup: 43.5/43 Res 45/45.5
Bharati CMP 816.20 Sup 803/796 Res 834/850
IFCI CMP: 44.20 Sup: 43.5/43 Res 45/45.5
Pre Market Report 02/09/2008
The market may edge higher following a sharp fall in oil prices. However, subdued trend in Asian stocks may cap gains. Traders may refrain from building large positions ahead of a market holiday tomorrow, 3 September 2008. The market remains closed tomorrow on account of Ganesh Chaturthi.
Oil extended losses toward $111 a barrel on Tuesday, 2 September 2008, after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell-off of commodities.
Asian stocks were mostly in the red today, 2 September 2008. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were down by between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets were closed on Monday, 1 September 2008, for Labour Day holiday.
As per provisional data released by the stock exchanges, foreign funds on Monday, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.
Equity mutual funds are sitting on large cash pile and the market may find support once mutual funds start deploying the idle cash. Equity funds are having 11% of assets in cash.
The market ended with small losses on Monday, 1 September 2008, staging a smart comeback from an intra-day fall. BSE Sensex lost 66.02 points or 0.45% at 14,498.51, recovering from an intra-day fall of 283.43 points.
Two biggest concerns which are weighing heavily on the stock markets are slowing economic growth and high inflation. Concerns on the inflation front had eased a bit last week when data showed inflation had softened for the first time in 28 weeks. The inflation trajectory suggested one more round of rate hikes before the central bank halts its current cycle of tightening, Kotak Securities said in a recent report. Inflation remains far above central bank's target level of 7% towards the year ending March 2009.
In Annual Report for 2007-08 released after trading hours on Friday, 29 August 2008, the Reserve Bank of India (RBI) said inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
RBI sees several risks to growth prospects of the economy in the short term, stemming from both global and local factors. India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening, data released by the government during trading hours on Friday, 29 August 2008, showed.
As per a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.
Meanwhile, the market will closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Oil extended losses toward $111 a barrel on Tuesday, 2 September 2008, after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell-off of commodities.
Asian stocks were mostly in the red today, 2 September 2008. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were down by between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets were closed on Monday, 1 September 2008, for Labour Day holiday.
As per provisional data released by the stock exchanges, foreign funds on Monday, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.
Equity mutual funds are sitting on large cash pile and the market may find support once mutual funds start deploying the idle cash. Equity funds are having 11% of assets in cash.
The market ended with small losses on Monday, 1 September 2008, staging a smart comeback from an intra-day fall. BSE Sensex lost 66.02 points or 0.45% at 14,498.51, recovering from an intra-day fall of 283.43 points.
Two biggest concerns which are weighing heavily on the stock markets are slowing economic growth and high inflation. Concerns on the inflation front had eased a bit last week when data showed inflation had softened for the first time in 28 weeks. The inflation trajectory suggested one more round of rate hikes before the central bank halts its current cycle of tightening, Kotak Securities said in a recent report. Inflation remains far above central bank's target level of 7% towards the year ending March 2009.
In Annual Report for 2007-08 released after trading hours on Friday, 29 August 2008, the Reserve Bank of India (RBI) said inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
RBI sees several risks to growth prospects of the economy in the short term, stemming from both global and local factors. India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening, data released by the government during trading hours on Friday, 29 August 2008, showed.
As per a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.
Meanwhile, the market will closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Monday, September 1, 2008
Post Market Report:01/09/2008
The key benchmark indices staged a sharp recovery from lower level
in the fag end of the trading session led by rebound in bank shares
and select pivotals. The 30-share BSE sensex recoupled 253 points
from the day's low it had hit in afternoon trade.
As per provisional closing, the BSE 30-share Sensex was down 29.63
points or 0.20% to 14,534.90. At day's low of 14,281.10, the index
fell 283.43 in early afternoon trade. At day's high of 14,547.41,
the Sensex shed 17.12 points at the fag end of the trading session.
The S&P CNX Nifty was up 0.55 points or 0.01% to 4360.55. It came
off session's low of 4281.35
The BSE Mid-Cap index was up 0.05% at 5,745.27 and the BSE
Small-Cap index was up 0.01% at 6,892.60.
The market breadth was weak on BSE with 1338 shares advancing as
compared to 1245 that declined. 93 shares remained unchanged.
BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84
crore on 29 August 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.34% to Rs 2144. The
stock moved in the range of Rs 2165 to Rs 2106. The company has
abandoned a plan to transfer an 80% stake in a deepwater block to
its subsidiaries as it has raised the money it needs for the block,
the company said in a statement today, 1 September 2008. RIL, which
owns 90% in the gas-rich D-6 block in the Krishna Godavari basin
off India's east coast, said last week it had sent a proposal for
the transfer of the stake to four fully-owned subsidiaries and was
awaiting government approval.
India's second largest software exporter by sales Infosys
Technnologies was down 1.06% to Rs 1730.
India's largest passenger car maker by sales Maruti Suzuki India
declined 2.21% to Rs 636 after the company posted 9.2% fall in
sales to 59,908 units in August 2008 over August 2007. The stock
had risen 3.83% in two trading sessions to Rs 650.40 on 29 August
2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of
Rs 618.35 earlier.
Banking shares showed a sharp recovery. The BSE Bankex was up 0.75%
at 7,062.40. The index had earlier hit a low of 6,823.41. India's
second largest private sector bank in terms of net profit HDFC Bank
rose 2.11% at Rs 1304.20. It came off from the day's low of Rs
1245.60. India's largest commercial lender State Bank of India rose
2.36% at Rs 1436.70. It came of from the day's low of Rs 1360.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90
earlier.
India's largest power equipment maker by sales Bharat Heavy
Electricals rose 1.01% at Rs 1723.80. It came off from the day's
low of Rs 1650.10.
India's largest realty developer by market capitalisation DLF rose
0.34% at R s495. It came off from the day's low of Rs 480.
India's third biggest motorcycle maker by sales TVS Motors rose
1.53% at Rs 33.15 after the company said its two-wheeler sales rose
11% to 114,321 units in August 2008 over August 2007.
Construction firm Gammon Infrastructure Projects rose 3.95% to Rs
98.70 after the company said it has won rights to build a 261
megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510
crore.
State-run miner NMDC gained 2.62% to Rs 311 after the company said
it plans to set up an integrated steel plant at Nagarnar in
Chhattisgarh.
Engineering firm Shriram EPC rose 2.72% to Rs 256.80 after the
company said it has acquired 55% stake in Chennai based Blackstone
Group Technologies for an undisclosed sum.
European market were trading lower. Key benchmark indices in UK,
France and Germany were down 0.51% to 0.89%. Asian stocks dropped
today, 1 September 2008, amid concerns about the impact of weaker
global demand on the region's economies. Key benchmark indices in
Hong Kong, Japan, South Koera, Singapore, Taiwan and China were
down by between 0.95% to 4.06%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
in the fag end of the trading session led by rebound in bank shares
and select pivotals. The 30-share BSE sensex recoupled 253 points
from the day's low it had hit in afternoon trade.
As per provisional closing, the BSE 30-share Sensex was down 29.63
points or 0.20% to 14,534.90. At day's low of 14,281.10, the index
fell 283.43 in early afternoon trade. At day's high of 14,547.41,
the Sensex shed 17.12 points at the fag end of the trading session.
The S&P CNX Nifty was up 0.55 points or 0.01% to 4360.55. It came
off session's low of 4281.35
The BSE Mid-Cap index was up 0.05% at 5,745.27 and the BSE
Small-Cap index was up 0.01% at 6,892.60.
The market breadth was weak on BSE with 1338 shares advancing as
compared to 1245 that declined. 93 shares remained unchanged.
BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84
crore on 29 August 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.34% to Rs 2144. The
stock moved in the range of Rs 2165 to Rs 2106. The company has
abandoned a plan to transfer an 80% stake in a deepwater block to
its subsidiaries as it has raised the money it needs for the block,
the company said in a statement today, 1 September 2008. RIL, which
owns 90% in the gas-rich D-6 block in the Krishna Godavari basin
off India's east coast, said last week it had sent a proposal for
the transfer of the stake to four fully-owned subsidiaries and was
awaiting government approval.
India's second largest software exporter by sales Infosys
Technnologies was down 1.06% to Rs 1730.
India's largest passenger car maker by sales Maruti Suzuki India
declined 2.21% to Rs 636 after the company posted 9.2% fall in
sales to 59,908 units in August 2008 over August 2007. The stock
had risen 3.83% in two trading sessions to Rs 650.40 on 29 August
2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of
Rs 618.35 earlier.
Banking shares showed a sharp recovery. The BSE Bankex was up 0.75%
at 7,062.40. The index had earlier hit a low of 6,823.41. India's
second largest private sector bank in terms of net profit HDFC Bank
rose 2.11% at Rs 1304.20. It came off from the day's low of Rs
1245.60. India's largest commercial lender State Bank of India rose
2.36% at Rs 1436.70. It came of from the day's low of Rs 1360.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90
earlier.
India's largest power equipment maker by sales Bharat Heavy
Electricals rose 1.01% at Rs 1723.80. It came off from the day's
low of Rs 1650.10.
India's largest realty developer by market capitalisation DLF rose
0.34% at R s495. It came off from the day's low of Rs 480.
India's third biggest motorcycle maker by sales TVS Motors rose
1.53% at Rs 33.15 after the company said its two-wheeler sales rose
11% to 114,321 units in August 2008 over August 2007.
Construction firm Gammon Infrastructure Projects rose 3.95% to Rs
98.70 after the company said it has won rights to build a 261
megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510
crore.
State-run miner NMDC gained 2.62% to Rs 311 after the company said
it plans to set up an integrated steel plant at Nagarnar in
Chhattisgarh.
Engineering firm Shriram EPC rose 2.72% to Rs 256.80 after the
company said it has acquired 55% stake in Chennai based Blackstone
Group Technologies for an undisclosed sum.
European market were trading lower. Key benchmark indices in UK,
France and Germany were down 0.51% to 0.89%. Asian stocks dropped
today, 1 September 2008, amid concerns about the impact of weaker
global demand on the region's economies. Key benchmark indices in
Hong Kong, Japan, South Koera, Singapore, Taiwan and China were
down by between 0.95% to 4.06%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Resurgere Mines & Minerals India Ltd IPO Shares listing Day Trading Information at BSE:
Issue Price: Rs. 270/-
Open: Rs. 272.05/-
Low: Rs. 272.05/-
High: Rs. 562.80/-
Last Trade: Rs. 524.35/-
Volume: 33,197,409
Resurgere Mines & Minerals India Ltd listed at amazing premium of around 95%. Vishal Information Technologies IPO Shares, which were listed on Aug 11, are now traded at around 100% premium. These are few good signs for primary stock market to pick up real fast, where around 50 more companies are now waiting for raising money through IPO's.
Open: Rs. 272.05/-
Low: Rs. 272.05/-
High: Rs. 562.80/-
Last Trade: Rs. 524.35/-
Volume: 33,197,409
Resurgere Mines & Minerals India Ltd listed at amazing premium of around 95%. Vishal Information Technologies IPO Shares, which were listed on Aug 11, are now traded at around 100% premium. These are few good signs for primary stock market to pick up real fast, where around 50 more companies are now waiting for raising money through IPO's.
IPO Listing - Austral Coke & Projects Ltd
Austral Coke & Projects Ltd IPO Shares Listing Info:
IPO Listing Date: Thursday, September 4, 2008
BSE Script Code: 533016
NSE Symbol: AUSTRAL
Listing in: B Group of Securities
ISIN: INE455J01019
Issue Price: Rs. 196/-
Face Value: Rs 10/- Per Equity Share
IPO Listing Date: Thursday, September 4, 2008
BSE Script Code: 533016
NSE Symbol: AUSTRAL
Listing in: B Group of Securities
ISIN: INE455J01019
Issue Price: Rs. 196/-
Face Value: Rs 10/- Per Equity Share
Market slides on weak global cues
The market opened lower on weak cues from global equities and
uptick in oil price. The BSE 30-share Sensex was down 123.99
points. All the sectoral indices on BSE were in red. Realty and
banking shares witnessed major selling pressure. Aviation stocks
rallied on reports of 16% cut in aviation turbine fuel prices by
state-ril oil firms. Mid-cap and small-cap counters declined.
Asian stocks dropped today, 1 September 2008, amid concerns about
the impact of weaker global demand on the region's economies. Key
benchmark indices in Hong Kong, Japan, South Koera, Singapore,
Taiwan and China were down by between 1.33% to 3.21%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Oil rose above $116 a barrel on Monday, 1 September 2008, as a
quarter of US crude production was shuttered because of Hurricane
Gustav, the biggest threat since 2005's destructive Hurricane
Katrina.
At 10:20 IST, the BSE 30-share Sensex was down 123.99 points or
0.85% to 14,440.54. At the day's low of 14,394.19, the Sensex lost
170.34 in early trades. At day's high of 14,461.93, the Sensex shed
102.60 points in early trade
The S&P CNX Nifty was down 34.70 points or 0.80% to 4325.30.
The BSE Mid-Cap index was almost unchanged at 5,742.78 and the BSE
Small-Cap index was down 0.04% at 6,888.91.
The market breadth was negative on BSE with 741 shares advancing as
compared to 785 that declined. 53 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.43% at Rs 2146. RIL
has reportedly scrapped a plan to transfer an 80% stake in a
deepwater block to four fully-owned units. Reliance, which owns 90%
in the gas-rich D-6 block in the Krishna Godavari basin off India's
east coast, had said last week it sent a proposal for the transfer
to the government and was awaiting approval.
India's largest private sector bank by market capitalisation ICICI
Bank slipped 1.91% at Rs 658.70.
India's second largest software exporter by sales Infosys
Technologies fell 0.37% at Rs 1742.10.
Top Sensex losers were, Tata Motors (down 2.11% at Rs 431.05),
Huosing Development Finance Corporation (down 1.99% at Rs 2297),
NTPC (down 1.83% at Rs 171.95), Ranbaxy Laboratories (down 1.83% at
Rs 509), and DLF (down 1.80% at Rs 484.40).
Major Sensex gainers were, Satyam Computer (up 1.11% at Rs 424.50),
TCS (up 0.55% at Rs 816.90), Hindalco Industries (up 0.41% at Rs
123), ACC (up 0.42% at Rs 564).
Aviation stocks gained on reports the state-run oil companies have
cut aviation turbine fuel prices by 16%, or Rs 11,784 a kilolitre,
with effect from Sunday, 31 August 2008 midnight, due to softening
international crude prices. Jet Airways (up 5.85% at Rs 500.05),
SpiceJet (up 5.13% at Rs 28.70), Deccan Aviation (up 6.49% at Rs
84.50), surged. However, major domestic airlines have ruled out
cutting fares at the moment, added reports.
Natural gas distributer Reliance Natural Resources (RNRL) fell
0.48% at Rs 94.15. The hearing for RIL-RNRL case is scheduled
today, 1 September 2008. RNRL moved the court in November 2006
seeking a firm supply of 28 million metric standard cubic meters
per day (mmscmd) of gas and additional 12 mmscmd of gas in case
RIL-NTPC gas supply agreement does not firm up at $2.34 per mmbtu.
RNRL also sought 40% gas from other fields of RIL at market
determined prices.
As per provisional data released by the stock exchanges, foreign
funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61
crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586
crore in the futures & options segment on Friday, 29 August 2008.
According to the data released by the National Stock Exchange, FIIs
were net buyers of index futures to the tune of Rs 1,015.19 crore
and bought index options worth Rs 907.43 crore. They were net
sellers of stock futures to the tune of Rs 447.61 crore and bought
stock options worth Rs 110.53 crore.
The Indian stock market surged on Friday, 29 August 2008, as data
showing a slower-than-expected GDP growth in Q1 June 2008 and
softening of inflation raised hopes for a pause in monetary
tightening by the central bank. The BSE Sensex jumped 516.19 points
or 3.67% at 14,564.53.
India's gross domestic product (GDP) grew 7.9% in the June 2008
quarter from a year earlier, easing from the previous quarter's
8.8% rise as industrial activity slowed due to monetary tightening,
data released by the government during trading hours on Friday, 29
August 2008, showed. The GDP growth in the first quarter of the
current fiscal year was lower than market expectations of a rise of
a little above 8%
uptick in oil price. The BSE 30-share Sensex was down 123.99
points. All the sectoral indices on BSE were in red. Realty and
banking shares witnessed major selling pressure. Aviation stocks
rallied on reports of 16% cut in aviation turbine fuel prices by
state-ril oil firms. Mid-cap and small-cap counters declined.
Asian stocks dropped today, 1 September 2008, amid concerns about
the impact of weaker global demand on the region's economies. Key
benchmark indices in Hong Kong, Japan, South Koera, Singapore,
Taiwan and China were down by between 1.33% to 3.21%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Oil rose above $116 a barrel on Monday, 1 September 2008, as a
quarter of US crude production was shuttered because of Hurricane
Gustav, the biggest threat since 2005's destructive Hurricane
Katrina.
At 10:20 IST, the BSE 30-share Sensex was down 123.99 points or
0.85% to 14,440.54. At the day's low of 14,394.19, the Sensex lost
170.34 in early trades. At day's high of 14,461.93, the Sensex shed
102.60 points in early trade
The S&P CNX Nifty was down 34.70 points or 0.80% to 4325.30.
The BSE Mid-Cap index was almost unchanged at 5,742.78 and the BSE
Small-Cap index was down 0.04% at 6,888.91.
The market breadth was negative on BSE with 741 shares advancing as
compared to 785 that declined. 53 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.43% at Rs 2146. RIL
has reportedly scrapped a plan to transfer an 80% stake in a
deepwater block to four fully-owned units. Reliance, which owns 90%
in the gas-rich D-6 block in the Krishna Godavari basin off India's
east coast, had said last week it sent a proposal for the transfer
to the government and was awaiting approval.
India's largest private sector bank by market capitalisation ICICI
Bank slipped 1.91% at Rs 658.70.
India's second largest software exporter by sales Infosys
Technologies fell 0.37% at Rs 1742.10.
Top Sensex losers were, Tata Motors (down 2.11% at Rs 431.05),
Huosing Development Finance Corporation (down 1.99% at Rs 2297),
NTPC (down 1.83% at Rs 171.95), Ranbaxy Laboratories (down 1.83% at
Rs 509), and DLF (down 1.80% at Rs 484.40).
Major Sensex gainers were, Satyam Computer (up 1.11% at Rs 424.50),
TCS (up 0.55% at Rs 816.90), Hindalco Industries (up 0.41% at Rs
123), ACC (up 0.42% at Rs 564).
Aviation stocks gained on reports the state-run oil companies have
cut aviation turbine fuel prices by 16%, or Rs 11,784 a kilolitre,
with effect from Sunday, 31 August 2008 midnight, due to softening
international crude prices. Jet Airways (up 5.85% at Rs 500.05),
SpiceJet (up 5.13% at Rs 28.70), Deccan Aviation (up 6.49% at Rs
84.50), surged. However, major domestic airlines have ruled out
cutting fares at the moment, added reports.
Natural gas distributer Reliance Natural Resources (RNRL) fell
0.48% at Rs 94.15. The hearing for RIL-RNRL case is scheduled
today, 1 September 2008. RNRL moved the court in November 2006
seeking a firm supply of 28 million metric standard cubic meters
per day (mmscmd) of gas and additional 12 mmscmd of gas in case
RIL-NTPC gas supply agreement does not firm up at $2.34 per mmbtu.
RNRL also sought 40% gas from other fields of RIL at market
determined prices.
As per provisional data released by the stock exchanges, foreign
funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61
crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586
crore in the futures & options segment on Friday, 29 August 2008.
According to the data released by the National Stock Exchange, FIIs
were net buyers of index futures to the tune of Rs 1,015.19 crore
and bought index options worth Rs 907.43 crore. They were net
sellers of stock futures to the tune of Rs 447.61 crore and bought
stock options worth Rs 110.53 crore.
The Indian stock market surged on Friday, 29 August 2008, as data
showing a slower-than-expected GDP growth in Q1 June 2008 and
softening of inflation raised hopes for a pause in monetary
tightening by the central bank. The BSE Sensex jumped 516.19 points
or 3.67% at 14,564.53.
India's gross domestic product (GDP) grew 7.9% in the June 2008
quarter from a year earlier, easing from the previous quarter's
8.8% rise as industrial activity slowed due to monetary tightening,
data released by the government during trading hours on Friday, 29
August 2008, showed. The GDP growth in the first quarter of the
current fiscal year was lower than market expectations of a rise of
a little above 8%
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