India’s wholesale price index rose 8.4 % in the 12 months to 22 November, below the previous week’s annual rise of 8.84%, government data showed on Thursday.
The rate was also below a median forecast of 8.91% in a Reuters poll of analysts.
The annual inflation rate was 3.11% during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.
Showing posts with label inflation rate. Show all posts
Showing posts with label inflation rate. Show all posts
Thursday, December 4, 2008
Monday, October 6, 2008
RIL at 52-week low
Key benchmark indices extended losses in mid-morning trade on weak
Asian stocks. Sensex hit its lowest level in more than two years
while Nifty hits 1-½ year low. Sensex was down 457.83 points.
Consumer durables, capital goods and realty stocks plummeted.
Jaiprakash Associates and Tata Power Company fell more than 10%
each. Sterlite Industries was down close to 10%. Reliance
Industries (RIL) hits 52 week low. The market breadth was weak as
selling was witnessed across the board.
The financial crisis spread further to Europe and doubts persisted
about the effectiveness of the US administration's $700 billion US
financial sector bailout plan. The uncertainty over the nuclear
deal with the United States persisted as Condoleezza Rice, US
secretary of state, left New Delhi at the weekend without signing
the US-India nuclear deal. The domestic bourses also ignored
reports that the market regulator Securities & Exchange Board of
India (Sebi) may relax norms of participatory notes. The market
also ignored fall in inflation and further fall in oil & commodity
prices.
At 11:21 IST, the BSE 30-share Sensex was down 457.83 points or
3.65% to 12,068.95. The index shed 472.93 points at the day's low
of 12,053.39, hit in mid-morning trade, its lowest level since 20
September 2006. The Sensex fell 241.83 points at day's high of
12,284.49, in early trade.
The S&P CNX Nifty was down 139.40 points or 3.65% to 3,678.90.
Nifty hit a low of 3,671.05, its lowest level since 3 April 2007.
The BSE Mid-Cap index was down 3.93% at 4,493.83 and the BSE
Small-Cap index was down 3.59% at 5,269.31.
The market breadth was weak on BSE with 280 shares advancing as
compared to 1,844 that declined. 36 shares remained unchanged.
India's largest private sector company by market capitalization and
oil refiner Reliance Industries fell 2.24% to Rs 1,720.85. The
stock hit a 52-week low of Rs 1,703. The promoters of Reliance
Industries converted their 12 crore warrants into an equal number
of shares. Post-transaction, the promoter group holds 49% stake in
the company, with 52% voting rights. This involves an infusion of
around Rs 15,142 crore into the company. The shares have a lock-in
period of three years.
Reliance Industries is also reportedly mulling the merger of its
different formats -- Reliance Hypermart, Reliance Super and
Reliance Fresh -- to make its retail arm more efficient.
Spice Communications (down 14.65% to Rs 56.50), GVK Power
Infrastrucutre (down 13.86% to Rs 20.20) and Aban Offshore (down
11.11% to Rs 1,556) were the major losers from BSE's A group.
Consumer durables stocks declined. BSE Consumer Durables index was
down 5.66% to 2,724.47. Gitanjali Gems (down 7.61% to Rs 172.95),
Blue Star (down 7.21% to Rs 259.95) and Videocon Industries (down
5.92% to Rs 194) edged lower.
Capital goods stocks declined. India's largest electric equipment
maker by sales Bharat Heavy Electricals declined 4.76% to Rs 1,492.
Bharat Heavy Electricals and Nuclear Power Corporation of India are
reportedly in talks with foreign firms Siemens, Alstom and GE for a
third partner in their planned joint venture to set up nuclear
power projects in India.
Praj Industries (down 8.23% to Rs 106), Larsen & Toubro (down 4.29%
to Rs 1,108.40), and Suzlon Energy (down 4.68% to Rs 140.55) edged
lower.
Realty stocks declined. Phoenix Mills (down 13.26% to Rs 120),
Indiabulls Real Estate (down 3.58% to Rs 154.80), Unitech (down
7.98% to Rs 103.20) and DLF (down 8.72% to Rs 307.05) edged lower.
Jaiprakash Associates (down 10.77% to Rs 103.60), Tata Power
Company (down 10.41% to Rs 796), Sterlite Industries (down 9.79% to
Rs 357), Tata Steel (down 8.61% to Rs 359.90), Relaince
Communications (down 6.39% to Rs 311.40), edged lower from the
Sensex pack.
Asian stocks fell today, 6 October 2008, led by shares of
exporters, after a hectic weekend in Europe as the financial crisis
gathered steam there, knocking the euro to the lowest in a year.
Fears that damage from dysfunctional financial systems in developed
economies would almost certainly push them closer to recessions,
weighed on Asian stocks. Key benchmark indices in Hong Kong, China,
Japan, South Korea, Singapore and Taiwan were down by between 3.35%
to 4.75%.
Germany gave blanket bank deposit guarantee on Sunday, 5 October
2008, to prevent panic as officials clinched deals to rescue
Germany's Hypo Real Estate -- after an initial bailout failed --
and recapitalize two other European banks.
US stocks declined in volatile trade on Friday, 3 October 2008, on
concerns whether the $700 billion rescue plan, which was approved
by the US Congress would be quickly implemented and whether it
would be enough to shore up the economy. The Dow Jones Industrial
Average slid 157.47 points or 1.5% at 10,325.38. The tech laden
Nasdaq Composite index shed 29.33 points or 1.48% at 1,947.39.
The market regulator Securities & Exchange Board of India (Sebi) is
expected to review restrictions on issue of participatory notes
(P-Notes) at a board meeting today, 6 October 2008. Reports suggest
that Sebi may ease restrictions on P-Notes. However, the Reserve
bank of India has always been against allowing investments through
P- Notes. P-Notes are derivative instruments issued by foreign
institutional investors (FIIs) to other overseas investors seeking
to invest in Indian securities, but are not registered with the
stock market regulator Securities & Exchange Board of India (Sebi)
either out of choice or regulatory issues.
With the end of third quarter of the calendar year 2008 on Tuesday,
30 September 2008, hedge fund are bracing for heavy redemption amid
US financial sector crisis which has already spread to Europe.
Investors in hedge funds are usually allowed to exit funds only on
the final day of the financial quarter. Large-scale investor
redemption in hedge funds may trigger further selling by foreign
funds in India. Hedge funds mainly operate through the
participatory notes route in India. However, there is no data
available on the quantum of hedge funds' investment in India.
The next major trigger for the market is Q2 September 2008 results.
IT bellwether Infosys kickstarts the reporting season on 10 October
2008.
Oil prices fell around $2 to just below $92 a barrel dragging down
prices of metals and grains.
Last-minute administrative hitches forced Condoleezza Rice, US
secretary of state, to leave New Delhi at the weekend without
signing the US-India nuclear deal to end more than three decades of
isolation for India's nuclear programme. The deal is now expected
to be signed by US president George Bush on Wednesday, 8 October
2008. Cautious Indian negotiators have been keen for Bush to sign
the deal into US law and to publish a presidential statement before
signing the agreement themselves.
The agreement allows US companies to provide India with technology
for its civilian nuclear programme, ending an embargo in place
since India tested a nuclear weapon in 1974. It also gives India
international status as an acceptable nuclear power, even though it
is not a signatory to the Nuclear Non-proliferation Treaty.
Inflation based on the wholesale price index rose 11.99% in 12
months to 20 September 2008, below the previous week's annual rise
of 12.14%, government data released after trading hours on Friday,
3 October 2008, showed. Inflation for the week ended 26 July 2008
was revised upwards to 12.53% from 12.01%.
Asian stocks. Sensex hit its lowest level in more than two years
while Nifty hits 1-½ year low. Sensex was down 457.83 points.
Consumer durables, capital goods and realty stocks plummeted.
Jaiprakash Associates and Tata Power Company fell more than 10%
each. Sterlite Industries was down close to 10%. Reliance
Industries (RIL) hits 52 week low. The market breadth was weak as
selling was witnessed across the board.
The financial crisis spread further to Europe and doubts persisted
about the effectiveness of the US administration's $700 billion US
financial sector bailout plan. The uncertainty over the nuclear
deal with the United States persisted as Condoleezza Rice, US
secretary of state, left New Delhi at the weekend without signing
the US-India nuclear deal. The domestic bourses also ignored
reports that the market regulator Securities & Exchange Board of
India (Sebi) may relax norms of participatory notes. The market
also ignored fall in inflation and further fall in oil & commodity
prices.
At 11:21 IST, the BSE 30-share Sensex was down 457.83 points or
3.65% to 12,068.95. The index shed 472.93 points at the day's low
of 12,053.39, hit in mid-morning trade, its lowest level since 20
September 2006. The Sensex fell 241.83 points at day's high of
12,284.49, in early trade.
The S&P CNX Nifty was down 139.40 points or 3.65% to 3,678.90.
Nifty hit a low of 3,671.05, its lowest level since 3 April 2007.
The BSE Mid-Cap index was down 3.93% at 4,493.83 and the BSE
Small-Cap index was down 3.59% at 5,269.31.
The market breadth was weak on BSE with 280 shares advancing as
compared to 1,844 that declined. 36 shares remained unchanged.
India's largest private sector company by market capitalization and
oil refiner Reliance Industries fell 2.24% to Rs 1,720.85. The
stock hit a 52-week low of Rs 1,703. The promoters of Reliance
Industries converted their 12 crore warrants into an equal number
of shares. Post-transaction, the promoter group holds 49% stake in
the company, with 52% voting rights. This involves an infusion of
around Rs 15,142 crore into the company. The shares have a lock-in
period of three years.
Reliance Industries is also reportedly mulling the merger of its
different formats -- Reliance Hypermart, Reliance Super and
Reliance Fresh -- to make its retail arm more efficient.
Spice Communications (down 14.65% to Rs 56.50), GVK Power
Infrastrucutre (down 13.86% to Rs 20.20) and Aban Offshore (down
11.11% to Rs 1,556) were the major losers from BSE's A group.
Consumer durables stocks declined. BSE Consumer Durables index was
down 5.66% to 2,724.47. Gitanjali Gems (down 7.61% to Rs 172.95),
Blue Star (down 7.21% to Rs 259.95) and Videocon Industries (down
5.92% to Rs 194) edged lower.
Capital goods stocks declined. India's largest electric equipment
maker by sales Bharat Heavy Electricals declined 4.76% to Rs 1,492.
Bharat Heavy Electricals and Nuclear Power Corporation of India are
reportedly in talks with foreign firms Siemens, Alstom and GE for a
third partner in their planned joint venture to set up nuclear
power projects in India.
Praj Industries (down 8.23% to Rs 106), Larsen & Toubro (down 4.29%
to Rs 1,108.40), and Suzlon Energy (down 4.68% to Rs 140.55) edged
lower.
Realty stocks declined. Phoenix Mills (down 13.26% to Rs 120),
Indiabulls Real Estate (down 3.58% to Rs 154.80), Unitech (down
7.98% to Rs 103.20) and DLF (down 8.72% to Rs 307.05) edged lower.
Jaiprakash Associates (down 10.77% to Rs 103.60), Tata Power
Company (down 10.41% to Rs 796), Sterlite Industries (down 9.79% to
Rs 357), Tata Steel (down 8.61% to Rs 359.90), Relaince
Communications (down 6.39% to Rs 311.40), edged lower from the
Sensex pack.
Asian stocks fell today, 6 October 2008, led by shares of
exporters, after a hectic weekend in Europe as the financial crisis
gathered steam there, knocking the euro to the lowest in a year.
Fears that damage from dysfunctional financial systems in developed
economies would almost certainly push them closer to recessions,
weighed on Asian stocks. Key benchmark indices in Hong Kong, China,
Japan, South Korea, Singapore and Taiwan were down by between 3.35%
to 4.75%.
Germany gave blanket bank deposit guarantee on Sunday, 5 October
2008, to prevent panic as officials clinched deals to rescue
Germany's Hypo Real Estate -- after an initial bailout failed --
and recapitalize two other European banks.
US stocks declined in volatile trade on Friday, 3 October 2008, on
concerns whether the $700 billion rescue plan, which was approved
by the US Congress would be quickly implemented and whether it
would be enough to shore up the economy. The Dow Jones Industrial
Average slid 157.47 points or 1.5% at 10,325.38. The tech laden
Nasdaq Composite index shed 29.33 points or 1.48% at 1,947.39.
The market regulator Securities & Exchange Board of India (Sebi) is
expected to review restrictions on issue of participatory notes
(P-Notes) at a board meeting today, 6 October 2008. Reports suggest
that Sebi may ease restrictions on P-Notes. However, the Reserve
bank of India has always been against allowing investments through
P- Notes. P-Notes are derivative instruments issued by foreign
institutional investors (FIIs) to other overseas investors seeking
to invest in Indian securities, but are not registered with the
stock market regulator Securities & Exchange Board of India (Sebi)
either out of choice or regulatory issues.
With the end of third quarter of the calendar year 2008 on Tuesday,
30 September 2008, hedge fund are bracing for heavy redemption amid
US financial sector crisis which has already spread to Europe.
Investors in hedge funds are usually allowed to exit funds only on
the final day of the financial quarter. Large-scale investor
redemption in hedge funds may trigger further selling by foreign
funds in India. Hedge funds mainly operate through the
participatory notes route in India. However, there is no data
available on the quantum of hedge funds' investment in India.
The next major trigger for the market is Q2 September 2008 results.
IT bellwether Infosys kickstarts the reporting season on 10 October
2008.
Oil prices fell around $2 to just below $92 a barrel dragging down
prices of metals and grains.
Last-minute administrative hitches forced Condoleezza Rice, US
secretary of state, to leave New Delhi at the weekend without
signing the US-India nuclear deal to end more than three decades of
isolation for India's nuclear programme. The deal is now expected
to be signed by US president George Bush on Wednesday, 8 October
2008. Cautious Indian negotiators have been keen for Bush to sign
the deal into US law and to publish a presidential statement before
signing the agreement themselves.
The agreement allows US companies to provide India with technology
for its civilian nuclear programme, ending an embargo in place
since India tested a nuclear weapon in 1974. It also gives India
international status as an acceptable nuclear power, even though it
is not a signatory to the Nuclear Non-proliferation Treaty.
Inflation based on the wholesale price index rose 11.99% in 12
months to 20 September 2008, below the previous week's annual rise
of 12.14%, government data released after trading hours on Friday,
3 October 2008, showed. Inflation for the week ended 26 July 2008
was revised upwards to 12.53% from 12.01%.
Thursday, September 25, 2008
Inflation Update September 25, 2008
Inflation Update September 25, 2008
Inflation based on the wholesale price index (WPI) for the week ended September 13, 2008 remained unchanged at 12.14%.
The Index for all commodities for the week remained unchanged at 241.10.
The wholesale price-based inflation was 3.51% during the corresponding week last year.
Inflation based on the wholesale price index (WPI) for the week ended September 13, 2008 remained unchanged at 12.14%.
The Index for all commodities for the week remained unchanged at 241.10.
The wholesale price-based inflation was 3.51% during the corresponding week last year.
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%.
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.
Friday, June 13, 2008
Market volatile after inflation data
The key benchmark indices were volatile after inflation data which hit the market in early afternoon trade. Banking, IT stocks rose while realty and metal stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
Inflation based on the the wholesale price index rose 8.75% in the 12 months to 31 May 2008, above the previous week's annual rise of 8.24%, government data released today, 13 June 2008, afternoon showed. The reading is highest since 10 February 2001, when it was 8.77%.
At 12:20 IST, the 30-share BSE Sensex was down 61.45 points or 0.4% at 15,190.14. At the day’s low of 15,149.98, Sensex lost 100.20 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 33.35 points or 0.73% at 4,506.
The market breadth was positive on BSE with 1,264 shares advancing as compared to 1,026 that declined. 73 remained unchanged. Among the 30 stocks from Sensex pack, 20 were trading in red.
The BSE Mid-Cap index rose 0.03% to 6,225.55 and BSE Small-Cap index up 0.59% to 7,570.26. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.3% to Rs 2,275.
Bank stocks shrugged off higher inflation data announced today. India’s largest commercial bank State Bank of India rose 0.32% to Rs 1,344. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 2.13% to Rs 758.10. India’s second largest private sector bank by net profit HDFC Bank declined 2.15% to Rs 1,139.
India’s largest dedicated housing finance firm by operating income HDFC declined 1.1% to Rs 2,147.90. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
IT stocks rose. Tata Consultancy Services (up 2.43% to Rs 911), Infosys (up 0.66% to Rs 1,890) and Satyam Computer Services (up 0.32% to Rs 485.85) edged higher.
India’s third largest IT exporter by sales Wipro declined 1.36% to Rs 476.55. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
Metal stocks declined. Steel Authority of India (down 2.98% to Rs 157.95), Sterlite Industries (down 2.21% to Rs 778), National Aluminium Company (down 2.35% to Rs 469), Hindalco Industries (down 0.93% to Rs 176) and Tata Steel (down 0.62% to Rs 851.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.48% to Rs 377.30), DLF (down 1.95% to Rs 488) and Unitech (down 1.98% to Rs 185.40) edged lower.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 4.32% to Rs 566.50. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion. Pfizer's Indian arm surged 5.99% to Rs 627.30.
Ambuja Cements (up 0.81% to Rs 86.65), Bharat Heavy Electricals (up 0.54% to Rs 1,527.95), and ACC (up 0.47% to Rs 635.25) edged higher from Sensex pack.
Hindustan Unilever (down 2.34% to Rs 227), Maruti Suzuki India (down 2.29% to Rs 719.50), NTPC (down 1.84% to Rs 160.20), Cipla (down 2.05% to Rs 212.55), ITC (down 1.75% to Rs 196), Reliance Infrastrucutre (down 1.77% to Rs 1,029), and Jaiprakash Associates (down 1.91% to Rs 182.65) edged lower from Sensex pack.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.09% to Rs 2,704. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Inflation based on the the wholesale price index rose 8.75% in the 12 months to 31 May 2008, above the previous week's annual rise of 8.24%, government data released today, 13 June 2008, afternoon showed. The reading is highest since 10 February 2001, when it was 8.77%.
At 12:20 IST, the 30-share BSE Sensex was down 61.45 points or 0.4% at 15,190.14. At the day’s low of 15,149.98, Sensex lost 100.20 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 33.35 points or 0.73% at 4,506.
The market breadth was positive on BSE with 1,264 shares advancing as compared to 1,026 that declined. 73 remained unchanged. Among the 30 stocks from Sensex pack, 20 were trading in red.
The BSE Mid-Cap index rose 0.03% to 6,225.55 and BSE Small-Cap index up 0.59% to 7,570.26. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.3% to Rs 2,275.
Bank stocks shrugged off higher inflation data announced today. India’s largest commercial bank State Bank of India rose 0.32% to Rs 1,344. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 2.13% to Rs 758.10. India’s second largest private sector bank by net profit HDFC Bank declined 2.15% to Rs 1,139.
India’s largest dedicated housing finance firm by operating income HDFC declined 1.1% to Rs 2,147.90. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
IT stocks rose. Tata Consultancy Services (up 2.43% to Rs 911), Infosys (up 0.66% to Rs 1,890) and Satyam Computer Services (up 0.32% to Rs 485.85) edged higher.
India’s third largest IT exporter by sales Wipro declined 1.36% to Rs 476.55. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
Metal stocks declined. Steel Authority of India (down 2.98% to Rs 157.95), Sterlite Industries (down 2.21% to Rs 778), National Aluminium Company (down 2.35% to Rs 469), Hindalco Industries (down 0.93% to Rs 176) and Tata Steel (down 0.62% to Rs 851.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.48% to Rs 377.30), DLF (down 1.95% to Rs 488) and Unitech (down 1.98% to Rs 185.40) edged lower.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 4.32% to Rs 566.50. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion. Pfizer's Indian arm surged 5.99% to Rs 627.30.
Ambuja Cements (up 0.81% to Rs 86.65), Bharat Heavy Electricals (up 0.54% to Rs 1,527.95), and ACC (up 0.47% to Rs 635.25) edged higher from Sensex pack.
Hindustan Unilever (down 2.34% to Rs 227), Maruti Suzuki India (down 2.29% to Rs 719.50), NTPC (down 1.84% to Rs 160.20), Cipla (down 2.05% to Rs 212.55), ITC (down 1.75% to Rs 196), Reliance Infrastrucutre (down 1.77% to Rs 1,029), and Jaiprakash Associates (down 1.91% to Rs 182.65) edged lower from Sensex pack.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.09% to Rs 2,704. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Friday, May 9, 2008
inflation rate 7.61%
Inflation based on wholesale prices rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.5%, government data released in early afternoon trade showed.
Friday, May 2, 2008
Markets continue to trade higher
Markets continue to trade higher and show no signs of weakness. Even inflation numbers have come out higher than market expectation. Inflation for week ended April 19 is at 7.57% versus 7.33%, at a 42-month high. The BSE bank, auto, IT and power indices are witnessing buying interest and are up over 2% each.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
At 12.02 hrs IST, the Sensex is up 228.20 points or 1.32% at 17515.51, and the Nifty up 52.70 points or 1.02% at 5218.60.
About 1669 shares have advanced, 1186 shares declined, and 227 shares are unchanged.
Reliance Infra, Maruti Suzuki, Jaiprakash Asso and M&M are top gainers on the bourses.
However, top losers on the bourses are Hindalco, Reliance Comm, Tata Steel and Sterlite Ind.
Indias Inflation for the week ended April 19 was at 7.57%, against expectation of 7.42%
Inflation for week-ended April is at 7.57% versus 7.33%. It is at a 42-month high.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
The Wholesale Price Index (WPI) is up on rise in primary articles and manufactured goods.
Gilts have gone up despite rise in inflation as higher headline WPI has been priced in.
Reacting to inflation numbers, Finance Minister P Chidambaram provided hope by saying current inflation is likely to be contained. He said food prices will come down sooner than other prices. As a contingency, 154 lakh tonnes of wheat and 250 lakh tonnes of rice have been acquired.
Thursday, April 17, 2008
Mkt cheers on decline inflation nos
The markets have reacted cheerfully to the inflation numbers, which was at 7.14% for the week ended April 5 as against earlier 7.41% while the market estimated at 7.3%
Saturday, April 12, 2008
Market surges on improved industrial production data; capital goods shares rally
The sensex appears set to breach 16000 mark as market surged on improved Index of Industrial Production (IIP) data. Earlier, data showing a surge in inflation had pushed the market in the red for a brief period. It had soon jumped from its lows. The market had surged in early trade on strong cues from global markets. Power and capital goods stocks rose. IT stocks were mixed. Banking stocks pared gains. Bharat Heavy Electricals and Larsen & Toubro were major gainers from Sensex pack. The market breadth was strong.
Firm Asian markets also supported domestic bourses. Asian stocks rose today, 11 April 2008, after Banc of America Securities upgraded the US semiconductor sector and Wal-Mart Stores Inc, the world's largest retailer, raised its profit forecast. Key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore, and Taiwan were up by between 0.49% to 2.92%.
The wholesale price index rose 7.41% in 12 months to 29 March 2008, accelerating from the previous week's annual rise of 7%, government data showed today, 11 April 2008. The data was announced at about 10:45 IST. The rate is the highest reading since 13 November 2004 when it was 7.68%. The annual inflation rate was 5.94% during the corresponding week of the previous year.
India's industrial output (IIP) rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8% growth, data showed today.
At 12:24 IST, the 30-share BSE Sensex was up 249.30 points or 1.6% at 15,943.02. The Sensex gained 260.53 points at day’s high of 15,955.63, hit in early afternoon trade. At the day’s low of 15673.67 Sensex lost 21.43 points in mid-morning trade.
The S&P CNX Nifty was up 68.85 points or 1.45% at 4801.85.
The BSE Mid-Cap index was up 0.9% at 6,537 and the BSE Small-Cap index was up 0.78% at 8,093.50.
The market breadth was strong: On BSE, 1546 stocks gained, 849 stocks declined and 79 stocks were unchanged.
IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Tata Consultancy Services (up 1.84% to Rs 919) and Satyam Computer Services (up 1.74% to Rs 430.80), rose. However India’s second largest IT exporter by sales Infosys declined 1.43% to Rs 1,432.60.
Capital goods stocks rose. Larsen & Toubro (up 3.8% to Rs 2,780), Bharat Heavy Electricals (up 3.04% to Rs 1,819) and Suzlon Energy (up 2.14% to Rs 295.90) edged higher.
Power stocks rose. Tata Power Company (up 3.45% to Rs 1,241) and Reliance Power (up 1.09% to Rs 362.25), NTPC (up 0.54% to Rs 187.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.36% to Rs 1,282.95 after the company said on 10 April 2008 it has spent about a third of the Rs 800 crore ($200 million) allocated for buying back shares from the stock market.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.15% at Rs 2,496. Reportedly, Reliance is in talks with several oil majors to sell up to 10% in its deep-water D6 block off India's east coast.
Banking stocks pared gains after higher inflation data. India’s largest private sector bank by operating income ICICI Bank declined 0.62% to Rs 796.10. It came off from its high of Rs 822. However, State Bank of India (up 0.31% to Rs 1,667) and HDFC Bank (up 1.24% to Rs 1,342) edged higher.
FMCG stocks declined. ITC (down 0.34% to Rs 207.25), Hindustan Unilever (down 1.31% to Rs 236.85) and Nestle India (down 1.46% to Rs 1,510) edged lower.
Hindalco Industries (up 2.33% to Rs 177.50), Reliance Communications (up 1.98% to Rs 494.15), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.32% to Rs 215.45) DLF (up 1.32% to Rs 608) edged higher from the Sensex pack.
Ranbaxy Laboratories (down 0.37% to Rs 449.75), Ambuja Cements (down 0.16% to Rs 121.80), edged lower from Sensex pack.
Firm Asian markets also supported domestic bourses. Asian stocks rose today, 11 April 2008, after Banc of America Securities upgraded the US semiconductor sector and Wal-Mart Stores Inc, the world's largest retailer, raised its profit forecast. Key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore, and Taiwan were up by between 0.49% to 2.92%.
The wholesale price index rose 7.41% in 12 months to 29 March 2008, accelerating from the previous week's annual rise of 7%, government data showed today, 11 April 2008. The data was announced at about 10:45 IST. The rate is the highest reading since 13 November 2004 when it was 7.68%. The annual inflation rate was 5.94% during the corresponding week of the previous year.
India's industrial output (IIP) rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8% growth, data showed today.
At 12:24 IST, the 30-share BSE Sensex was up 249.30 points or 1.6% at 15,943.02. The Sensex gained 260.53 points at day’s high of 15,955.63, hit in early afternoon trade. At the day’s low of 15673.67 Sensex lost 21.43 points in mid-morning trade.
The S&P CNX Nifty was up 68.85 points or 1.45% at 4801.85.
The BSE Mid-Cap index was up 0.9% at 6,537 and the BSE Small-Cap index was up 0.78% at 8,093.50.
The market breadth was strong: On BSE, 1546 stocks gained, 849 stocks declined and 79 stocks were unchanged.
IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Tata Consultancy Services (up 1.84% to Rs 919) and Satyam Computer Services (up 1.74% to Rs 430.80), rose. However India’s second largest IT exporter by sales Infosys declined 1.43% to Rs 1,432.60.
Capital goods stocks rose. Larsen & Toubro (up 3.8% to Rs 2,780), Bharat Heavy Electricals (up 3.04% to Rs 1,819) and Suzlon Energy (up 2.14% to Rs 295.90) edged higher.
Power stocks rose. Tata Power Company (up 3.45% to Rs 1,241) and Reliance Power (up 1.09% to Rs 362.25), NTPC (up 0.54% to Rs 187.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.36% to Rs 1,282.95 after the company said on 10 April 2008 it has spent about a third of the Rs 800 crore ($200 million) allocated for buying back shares from the stock market.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.15% at Rs 2,496. Reportedly, Reliance is in talks with several oil majors to sell up to 10% in its deep-water D6 block off India's east coast.
Banking stocks pared gains after higher inflation data. India’s largest private sector bank by operating income ICICI Bank declined 0.62% to Rs 796.10. It came off from its high of Rs 822. However, State Bank of India (up 0.31% to Rs 1,667) and HDFC Bank (up 1.24% to Rs 1,342) edged higher.
FMCG stocks declined. ITC (down 0.34% to Rs 207.25), Hindustan Unilever (down 1.31% to Rs 236.85) and Nestle India (down 1.46% to Rs 1,510) edged lower.
Hindalco Industries (up 2.33% to Rs 177.50), Reliance Communications (up 1.98% to Rs 494.15), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.32% to Rs 215.45) DLF (up 1.32% to Rs 608) edged higher from the Sensex pack.
Ranbaxy Laboratories (down 0.37% to Rs 449.75), Ambuja Cements (down 0.16% to Rs 121.80), edged lower from Sensex pack.
Friday, April 11, 2008
Inflation at 7.4% drags mkt; Sensex, Nifty flat
Inflation for the week ended March 29 is 7.41%, higher as compared with 7% for the week ended March 22
Pre Market Report 11-Apr-2008
Key economic data will dictate trend on the bourses today. However, traders may refrain from building fresh positions ahead of an extended weekend. The market remains closed on Monday 14 April 2008 on account of Dr. Babasaheb Ambedkar Jayanti.
The government will today release data on industrial production for February 2008. Data released early this month which showed an improvement in infrastructure sector growth has raised expectation of improvement in industrial production for the month. Industrial production growth had slumped to 5.3% in January 2008. Infrastructure sector which account for nearly 27% of industrial output, grew 8.7% in February 2008, much faster than a downwardly revised 3.1% growth in January 2008. Industrial production accounts for about a fifth of gross domestic product (GDP).
Another data due today is inflation for the year through 29 March 2008. Inflation had surged to a three year high of 7% in the week ended 22 March 2008, sparking concerns that the Reserve Bank of India may tighten monetary policy. That in turn has caused volatility in bank stocks.
The near term trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt. As per estimates by a domestic brokerage, the mark-to-market losses of corporate India under forex derivatives could be around $4 billion.
What added to the gloom regarding corporate earnings was lower-than-expected provisional results announced by Bharat Heavy Electrical (Bhel), India's biggest power equipment firm by revenue, recently. Slower than expected execution rate and project specific delays could be the reasons for the lower-than-expected growth in the top line of Bhel.
Recent government action to rein in inflation has also added to uncertainty about outlook on corporate profits. The government has scrapped import duty on crude edible oil and banned the export of rice and pulses. It also surged steelmakers to cut prices of the alloy.
Prospects of further outflow by foreign funds to offset losses incurred by them in the US sub-prime mortgage market continue to weight on the market sentiment. In the calendar year so far, FIIs sold shares worth a net Rs 11455.60 crore (till 9 April 2008), to offset their huge losses in the US sub-prime mortgage market. As per provisional data, FIIs sold shares worth a net Rs 462.34 crore on Thursday, 10 April 2008.
As far as domestic liquidity is concerned, inflows to equity mutual funds and unit linked insurance plans (with high weightage for equity) have slowed after the sharp setback on the bourses in the past two months. As per provisional data, domestic funds bought shares worth a net Rs 594.48 crore on Thursday, 10 April 2008.
US stocks rose on Thursday after a brokerage upgrade of chip makers lifted technology stocks and on optimism that poor March sales may have been the low point for retailers this year.
The government will today release data on industrial production for February 2008. Data released early this month which showed an improvement in infrastructure sector growth has raised expectation of improvement in industrial production for the month. Industrial production growth had slumped to 5.3% in January 2008. Infrastructure sector which account for nearly 27% of industrial output, grew 8.7% in February 2008, much faster than a downwardly revised 3.1% growth in January 2008. Industrial production accounts for about a fifth of gross domestic product (GDP).
Another data due today is inflation for the year through 29 March 2008. Inflation had surged to a three year high of 7% in the week ended 22 March 2008, sparking concerns that the Reserve Bank of India may tighten monetary policy. That in turn has caused volatility in bank stocks.
The near term trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt. As per estimates by a domestic brokerage, the mark-to-market losses of corporate India under forex derivatives could be around $4 billion.
What added to the gloom regarding corporate earnings was lower-than-expected provisional results announced by Bharat Heavy Electrical (Bhel), India's biggest power equipment firm by revenue, recently. Slower than expected execution rate and project specific delays could be the reasons for the lower-than-expected growth in the top line of Bhel.
Recent government action to rein in inflation has also added to uncertainty about outlook on corporate profits. The government has scrapped import duty on crude edible oil and banned the export of rice and pulses. It also surged steelmakers to cut prices of the alloy.
Prospects of further outflow by foreign funds to offset losses incurred by them in the US sub-prime mortgage market continue to weight on the market sentiment. In the calendar year so far, FIIs sold shares worth a net Rs 11455.60 crore (till 9 April 2008), to offset their huge losses in the US sub-prime mortgage market. As per provisional data, FIIs sold shares worth a net Rs 462.34 crore on Thursday, 10 April 2008.
As far as domestic liquidity is concerned, inflows to equity mutual funds and unit linked insurance plans (with high weightage for equity) have slowed after the sharp setback on the bourses in the past two months. As per provisional data, domestic funds bought shares worth a net Rs 594.48 crore on Thursday, 10 April 2008.
US stocks rose on Thursday after a brokerage upgrade of chip makers lifted technology stocks and on optimism that poor March sales may have been the low point for retailers this year.
Saturday, April 5, 2008
Inflation at 3-yr high - 7%
inflation numbers announcement, which are high by quite a percentage points as against earlier numbers of 6.68%. Today it touched a 7% mark, which is ahead of markets expecations of 6.52%.
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