The market surged in late trade ending with decent gains shrugging
off subdued to weak trend in Asian and European markets. It had
edged lower at the onset of the trading session tracking
subdued-to-weak trend in Asian markets before bouncing back
shortly. Banking stocks surged in late trade after Yes Bank
announced a forecast-beating profit and said it had no delinquent
derivatives exposures. Fears that banks may take a hit in their
balance sheet because of derivative losses have triggered a steep
fall in banking shares over the past few weeks. Yes Bank results
helped reduce the fear.
Concerns about corporate and bank earnings heightened after recent
disclosures from ICICI Bank, India's biggest private sector bank in
terms of net profit and Larsen & Toubro, India's biggest
engineering & construction firm by revenue. On 4 March 2008, ICICI
Bank said it had provided $70 million in Q3 December 2007 and may
have to provide another $50 million in Q4 March 2008 for
mark-to-market losses on investments. A few days later L&T said one
of its subsidiaries L&T International FZE, may incur
commodity-hedging-losses of as much as Rs 200 crore in the year
ended March 2008.
The 30-share BSE Sensex jumped 202.89 points or 1.3% at 15,790.51.
At the day's high of 15,829.59, Sensex gained 241.97 points in late
trade. At the day's low of 15,464.72, Sensex lost 122.9 points in
early trade.
The broader based S&P CNX Nifty was up 37.4 points or 0.79% at
4,747.05. Nifty April 2008 futures were at 4748, at a premium of
0.95 points as compared to spot closing of 4747.05.
As per provisional figures on NSE, foreign institutional investors
(FII) sold shares worth Rs 307.27 crore today, 9 April 2008 and
domestic funds bought shares worth Rs 475.81 crore.
Power stocks rose. Realty and IT stocks declined. Capital goods
stocks rose on reports Finance Minister P Chidambaram met
representatives from auto and capital goods industries to discuss
industrial slowdown after recent weak Index of Industrial
Production (IIP) numbers.
HDFC Bank and HDFC were major gainers from Sensex pack. The market
breadth was strong. Buying was witnessed in select mid-cap and
small-cap stocks.
Asian and European stocks edged lower after Washington Mutual Inc,
the largest US savings and loan firm, said on Tuesday, 8 April
2008, it expected a large quarterly loss and minutes from the
Federal Reserve's latest meeting showed some of the central bankers
saw the possibility of a prolonged and severe US economic downturn.
The BSE clocked a turnover of Rs 5,294 crore today 9 April 2008
compared to a turnover of Rs 5,145.99 on 8 April 2008.
The NSE's futures & options (F&O) segment turnover was Rs 31,113.78
crore, which was lower than Rs 33,143.36 crore on Tuesday, 8 April
2008.
The market breadth was strong: on BSE 1829 shares advanced as
compared to 810 that declined. 48 shares remained unchanged.
The BSE Mid-Cap index up 1.39% to Rs 6,471.51 and BSE Small-Cap
index up 1.62% to 7,941.11.
BSE Bankex (up 3.01% to 8,192.26), BSE Power index (up 2.74% to
3,087.93), BSE Capital Goods index (up 2.66% to 12,862.47), BSE
Metal index (up 1.73% to 13,778.96), BSE Consumer Durables index
(up 1.47% to 3,983.84) outperformed Sensex.
BSE PSU index (up 1.05% to 7,316.32), BSE Oil & Gas index (up 1.03%
to 10,571.03), BSE HealthCare index (up 0.71% to 3,963.87), BSE IT
index (up 0.54% to 3,705.09), BSE Auto index (up 0.05% to
4,417.65), BSE FMCG index (down 0.48% to 2,361.20), BSE Realty
index (down 1.59% to 7,292.76) underperformed Sensex.
Banking stocks surged in late trade after Yes Bank results hit the
market in mid-afternoon trade. ICICI Bank (up 2.86% to Rs 836.50)
and HDFC Bank (up 5.5% to Rs 1,376.05) edged higher. Yes Bank
gained 4.65% to Rs 169.75 after posting 108.74% surge in net profit
to Rs 64.50 crore in Q4 March 2008 over Q4 March 2007.
India's largest commercial bank State Bank of India rose 1.12% to
Rs 1,693.50. It has reportedly shortlisted three potential
partners, including Insurance Australia Group, for a general
insurance venture. The other two shortlisted partners are a German
firm and a US-based firm, the reports suggested.
Capital goods stocks rose. Larsen & Toubro (up 2.17% to Rs
2,637.30), Bharat Heavy Electricals (up 3.74% to Rs 1,776.75) and
Suzlon Energy (up 4.45% to Rs 302.65) edged higher. As per reports,
the finance ministry is looking at various measures to provide a
boost to the capital goods sector, which witnessed a sharp slowdown
in growth earlier this year. Finance Minister P Chidambaram today
held a meeting with chief executives of several leading public
sector and private companies in the sector including the likes of
NPTC, Bhel, BEML and L&T among others. In January this year, the
Index of Industrial Production (IIP) numbers showed a significant
slowdown in the capital goods sector, with growth in the sector
falling sharply from over 16% in December 2007, to just 2.1% in
January 2008.
Power stocks rose. Reliance Power (up 3.1% to Rs 362.25), Reliance
Energy (up 2.3% to Rs 1,176.90), NTPC (up 0.62% to Rs 187.70), Tata
Power Company (up 4.84% to Rs 1,188.80) edged higher. The Finance
Ministry has cleared a restructured Rs 50,000-crore accelerated
power development and reforms programme (APDRP), which would soon
be sent to the cabinet for approval.
IT majors declined. Tata Consultancy Services (down 0.98% to Rs
876.65), Wipro (down 0.56% to Rs 411.70) and Satyam Computer
Services (down 0.37% to Rs 427.50) edged lower. However, India's
second largest IT exporter by sales Infosys rose 1.27% to Rs
1,479.90.
Realty stocks declined. Indiabulls Real Estate (down 3.33% to Rs
479.80), Housing Development Infrastructure (down 2.02% to Rs
639.50), Unitech (down 2.23% to Rs 263.35) and DLF (down 0.91% to
Rs 610) edged lower.
India's biggest FMCG firm by sales Hindustan Unilever (HUL)
declined 1.39% to Rs 244.45. It has reportedly cut prices of three
of its soap brands--Lux, Hamam and Rexona. The price reduction by
HUL is being termed as a post-budget measure to please consumers,
the reports added.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries rose 1.55% to Rs
2,418.05.
Jaiprakash Associates (down 1.44% to Rs 218.35), ITC (down 1.2% to
Rs 205.80), Ranbaxy Laboratories (down 1.78% to Rs 462.35),
Reliance Communications (down 1.71% to Rs 492), Satyam Computer
Services (down 1.67% to Rs 421.90), Maruti Suzuki India (down 1.65%
to Rs 731.90), Bharti Airtel ( down 1.44% to Rs 816.65) edged lower
from the Sensex pack.
HDFC (up 4.83% to Rs 2,421), Tata Steel (up 3.44% to Rs 678.90),
Ambuja Cements (up 1.82% to Rs 120.20), Hindalco Industries (up
1.38% to Rs 172.65) and Cipla (up 2.42% to Rs 217.60) edged higher
from Sensex pack.
Orchid Chemicals and Pharmaceuticlas clocked the highest volume of
2.53 crore shares on BSE. Sita Shree Food Products (1.95 crore
shares), Ispat Industries (1.11 crore shares), Reliance Natural
Resources (84.7 lakh shares) and Steel Authority of India (68.44
lakh shares) were other volume toppers in that order.
Orchid Chemicals and Pharmaceuticlas clocked the highest turnover
of Rs 581.72 crore on BSE. Reliance Capital (Rs 260.93 crore),
Reliance Industries (Rs 162.28 crore), Relaince Energy (Rs 154.61
crore) and Larsen & Toubro (Rs 147.13 crore) were other turnover
toppers in that order.
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