The key indices opened lower after an extended weekend. But markets soon pared losses, led by gains in key IT stocks after sector bellwether Infosys declared its quarterly results. Banking and capital goods stocks edged lower. Asian stocks, which opened before Indian markets, were mixed.
At 10:20 IST, the 30-share BSE Sensex was down 40.76 points or 0.29% at 15,762.42. The Sensex slipped 234.61 points at day’s low of 15,573.03, hit in early trade.
The S&P CNX Nifty was down 13.7 points or 0.29% at 4764.10.
The BSE Mid-Cap index was up 0.13% at 6,531.69 and the BSE Small-Cap index was up 0.42% at 8,115.11.
The market breadth was almost stable: on BSE, 757 stocks gained, 761 stocks declined and 31 stocks were unchanged.
India’s second largest software exporter by sales Infosys Technologies rose 4.05% at Rs 1480 after the company reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.
Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 1.81% at Rs 2504.
India’s largest private sector bank by assets ICICI Bank was down 2.09% at Rs 771.95.
India’s largest engineering and construction firm by revenue Larsen & Toubro fell 0.87% at Rs 2750.
HDFC Bank (down 2.85% at Rs 1290), Housing Development Finance Corporation (down 2.40% at Rs 2323.95), State Bank of India (down 1.47% at Rs 1643.45), Bharat Heavy Electricals (down 1.49% at Rs 1802.75) and Hindalco Industries (down 1.45% at Rs 173.80), were the top losers from the Sensex pack.
TCS (up 2.24% at Rs 905), Satyam Computer (up 2.10% at Rs 442.30), Ranbaxy Laboratories (up 1.75% at Rs 451.30), and Wipro (up 2.14% at Rs 415), were the top gainers from the Sensex pack.
Mukesh Ambani-controlled Reliance Petroleum (RPL) was the most active stock on BSE in terms of turnover. The RPL stock clocked a turnover Rs 42.02 crore, while the stock was up 1.62% at Rs 184.90.
Asian markets were trading mixed today, 15 April 2008 after a sell-off on Monday, 14 April 2008. Key indices in Taiwan, Singapore and Japan were up 0.31% to 0.60%. However, indices in South Korea, Hong Kong and China were down 0.06% to 1.19%.
US markets slipped yesterday, 14 April 2008, after Wachovia declared an unexpected first quarter loss. On the other hand, a US government report declared better-than-expected growth in retail sales. The Dow Jones industrial average slipped 23.36 points, or 0.19%, to 12,302.06. The S&P 500 index was down 4.51 points, or 0.34%, to 1,328.32, and the Nasdaq Composite index dropped 14.42 points, or 0.63%, to 2,275.82. US markets had suffered sharp losses on Friday, 11 April 2008.
Back home, Indian market remained closed on Monday, 14 April 2008 on account of public holiday.
The 30-share BSE Sensex rose 112.54 points or 0.72% at 15,807.64 on Friday, 11 April 2008. The S&P CNX Nifty was up 44.80 points or 0.95% at 4777.80 on that day.
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 on Friday, 11 April 2008, sparking concerns that the Reserve Bank of India may tighten monetary policy. 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 on Friday, 11 April 2008
As per provisional data, foreign funds sold shares worth a net Rs 173 crore on Friday, 11 April 2008. Domestic funds purchased shares worth a net Rs 326.04 crore on that day.
Tuesday, April 15, 2008
markets have opened lower
The markets have opened lower on the back of marginally weak global cues and selling pressure in banking, power, metal, realty, oil, capital goods and auto stocks. Market breadth is negative. Midcap and small cap stocks also slipped. On the global front, Asian markets were trading mixed.
At 9:56 am, the Sensex was down 202 points at 15,605 and the Nifty down 58 points at 4,719.
ICICI Bank, SBI, L&T, BHEL, Reliance, Axis Bank, PNB, Tata Motors and DLF were down.
Infosys was up 2.2% at Rs 1459 after announced of Q4 and FY08 numbers, which are inline with the expectations. It has posted posted FY08 net profit of Rs 4659 crore as against Rs 3856 crore in FY07 and net sales at Rs 16692 crore versus Rs 13893 crore.
Asian markets were trading mixed. Shanghai Composite was down 1.33%, Hang Seng down 0.30% and Seoul Composite down 0.41% while Jakarta Composite rose 0.5%, Nikkei up 0.97%, Straits Times up 0.09% and Taiwan up 0.20%.
At 9:56 am, the Sensex was down 202 points at 15,605 and the Nifty down 58 points at 4,719.
ICICI Bank, SBI, L&T, BHEL, Reliance, Axis Bank, PNB, Tata Motors and DLF were down.
Infosys was up 2.2% at Rs 1459 after announced of Q4 and FY08 numbers, which are inline with the expectations. It has posted posted FY08 net profit of Rs 4659 crore as against Rs 3856 crore in FY07 and net sales at Rs 16692 crore versus Rs 13893 crore.
Asian markets were trading mixed. Shanghai Composite was down 1.33%, Hang Seng down 0.30% and Seoul Composite down 0.41% while Jakarta Composite rose 0.5%, Nikkei up 0.97%, Straits Times up 0.09% and Taiwan up 0.20%.
Infosys FY08 net profit at Rs 4659 cr; EPS at Rs 81.56
Infosys Technologies has announced its fourth quarter and financial year 2008 numbers. It has posted FY08 net profit of Rs 4659 crore as against Rs 3856 crore in FY07 and net sales at Rs 16692 crore versus Rs 13893 crore.
Its FY08 EPS stood at Rs 81.56 as against its guidance of Rs 81.07.
For the quarter ended March 2008 (Q4), it has posted net profit of Rs 1,249 crore versus Rs 1,231 crore in previous quarter and revenue at Rs 4,542 crore versus Rs 4,271 crore.
Operating margin stood at 32.54% versus 32.60% while projection was at 32.8%. Other income was at Rs 139 crore and tax provision reported at Rs 211 crore. BFSI contributed 33.9% to Q4 revenues as against 36.8% in Q3.
Revenue and EPS growth in rupee terms is slowest since FY03.
The company says they have added one USD 300 million client in Q4 and in total, added 40 clients during the quarter. Net addition of employees stood at 2,596.
Guidance
FY09 revenues seen at Rs 19894-20214 crore
FY09 EPS at Rs 92.30-93.90
Q1 revenues seen at Rs 4570-4582 crore
Q1 EPS seen at Rs 20.73 Vs Rs 21.83 in Q4 (De-growth Of 5%)
According to CNBC-TV18 estimates, Infosys was expected to post FY08 net profit of Rs 4,663.8 crore and revenues at Rs 16,677.4 crore.
Monday, April 14, 2008
Asian Markets opens in Red all down more than 2%
Nikkei 225 12,949.80 -373.93 -2.81%
Hang Seng 23,896.70 -771.09 -3.13%
Straits Times 3,048.63 -78.24 -2.50%
Hang Seng 23,896.70 -771.09 -3.13%
Straits Times 3,048.63 -78.24 -2.50%
Us markets crash by more than 2%
Dow 12,325.42 -256.56 -2.04%
Nasdaq 2,290.24 -61.46 -2.61%
S&P 500 1,332.83 -27.72 -2.04%
Nasdaq 2,290.24 -61.46 -2.61%
S&P 500 1,332.83 -27.72 -2.04%
Saturday, April 12, 2008
Mkt ends in green
The markets closed in green showing resilience to the bad news of inflation After soe initial hicups it ended higher amid volatility. Inflation numbers came in higher than estimates at 7.4%. Analyst were expecting inflation at 7%-7.2% but it came in as a negative surprise at 7.41%. Analyst expect some liquidity measures like CRR hike to curb inflation.
Both the midcap and smallcap indices ended in green. Banking space was trading weak and FMCG index is also trading flat.
Energy, realty, capital goods and select metal stocks closed at higher levels.
Capital goods index was top performer and is up over 3% as BHEL and L&T were the top gainers each up over 4%. Power stocks were looking good with Tata Power up over 4%.
Both the midcap and smallcap indices ended in green. Banking space was trading weak and FMCG index is also trading flat.
Energy, realty, capital goods and select metal stocks closed at higher levels.
Capital goods index was top performer and is up over 3% as BHEL and L&T were the top gainers each up over 4%. Power stocks were looking good with Tata Power up over 4%.
Preformance of pre market Tips for 11th April
All calls reached the targets
Buy RPL above 175 target 180/183/190 SL 171 high 182.95 2nd target reached
Buy REL above 1230 target 1250/1282/1298 SL 1222 high 1,308.70 all targets reached
Buy Essaroil above 232 target 235/237/238/243 SL 231 high 242.45 reached near 4th target
Buy RPOWER above 359 target 362/365/372 SL 355 high 388.00 reahed all targets
Buy Petronet above 75.50 target 76.5/78/79/81 SL 74.5 high 76.35 near to first target
Buy RPL above 175 target 180/183/190 SL 171 high 182.95 2nd target reached
Buy REL above 1230 target 1250/1282/1298 SL 1222 high 1,308.70 all targets reached
Buy Essaroil above 232 target 235/237/238/243 SL 231 high 242.45 reached near 4th target
Buy RPOWER above 359 target 362/365/372 SL 355 high 388.00 reahed all targets
Buy Petronet above 75.50 target 76.5/78/79/81 SL 74.5 high 76.35 near to first target
Market remains firm; breadth strong
At 13:22 IST, the 30-share BSE Sensex was up 210.49 points or 1.34% at 15,905.49. The Sensex gained 262.14 points at day’s high of 15,957.24, 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 69.5 points or 1.47% at 4802.50.
The BSE Mid-Cap index was up 0.99% at 6,542.79 and the BSE Small-Cap index was up 0.81% at 8,095.85.
The market breadth was strong: On BSE, 1642 stocks gained, 881 stocks declined and 76 stocks were unchanged.
Metal stocks were mixed after reports that the government has banned export of primary steel. Hindalco Industries (up 2.39% to Rs 177.65), Sterlite Industries (up 2.34% to Rs 803.60), Tata Steel (up 1.18% to Rs 693.75) edged higher. Steel Authority of India (down 0.22% to Rs 160.35) and National Aluminium Company (down 0.32% to Rs 426) edged lower.
IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Infosys, India’s second largest IT exporter by sales, declined 1.27% to Rs 1,435. Tata Consultancy Services (up 2.08% to Rs 919.50) and Satyam Computer Services (up 2.79% to Rs 435.25), rose.
Banking stocks rose after higher inflation data. India’s largest private sector bank by operating income ICICI Bank rose 0.37% to Rs 803.90. It came off from its high of Rs 822. However, State Bank of India (up 0.85% to Rs 1,676) and HDFC Bank (up 1.39% to Rs 1,344) edged higher.
Capital goods stocks rose. Larsen & Toubro (up 3.93% to Rs 2,782), Bharat Heavy Electricals (up 3.74% to Rs 1,830.20) and Suzlon Energy (up 1.14% to Rs 293) edged higher.
Power stocks rose. Tata Power Company (up 3.86% to Rs 1,246) and Reliance Power (up 1.24% to Rs 362.85), NTPC (up 0.81% to Rs 187.50) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.73% to Rs 1,287.50 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.
Reliance Communications (up 1.72% to Rs 492.70), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.43% to Rs 215.85) , Mahindra & Mahindra (up 1.27% to Rs 620) edged higher from the Sensex pack.
Ranbaxy Laboratories (down 1.25% to Rs 445), Grasim Industries (down 0.97% to Rs 2,545), Hindustan Unilever (down 0.75% to Rs 238.35) , ITC (down 0.46% to Rs 207) and Ambuja Cements (down 0.41% to Rs 121.50), edged lower from Sensex pack.
The S&P CNX Nifty was up 69.5 points or 1.47% at 4802.50.
The BSE Mid-Cap index was up 0.99% at 6,542.79 and the BSE Small-Cap index was up 0.81% at 8,095.85.
The market breadth was strong: On BSE, 1642 stocks gained, 881 stocks declined and 76 stocks were unchanged.
Metal stocks were mixed after reports that the government has banned export of primary steel. Hindalco Industries (up 2.39% to Rs 177.65), Sterlite Industries (up 2.34% to Rs 803.60), Tata Steel (up 1.18% to Rs 693.75) edged higher. Steel Authority of India (down 0.22% to Rs 160.35) and National Aluminium Company (down 0.32% to Rs 426) edged lower.
IT stocks were mixed on the penultimate trading session ahead of Infosys’ annual guidance on Tuesday 15 April 2008. Infosys, India’s second largest IT exporter by sales, declined 1.27% to Rs 1,435. Tata Consultancy Services (up 2.08% to Rs 919.50) and Satyam Computer Services (up 2.79% to Rs 435.25), rose.
Banking stocks rose after higher inflation data. India’s largest private sector bank by operating income ICICI Bank rose 0.37% to Rs 803.90. It came off from its high of Rs 822. However, State Bank of India (up 0.85% to Rs 1,676) and HDFC Bank (up 1.39% to Rs 1,344) edged higher.
Capital goods stocks rose. Larsen & Toubro (up 3.93% to Rs 2,782), Bharat Heavy Electricals (up 3.74% to Rs 1,830.20) and Suzlon Energy (up 1.14% to Rs 293) edged higher.
Power stocks rose. Tata Power Company (up 3.86% to Rs 1,246) and Reliance Power (up 1.24% to Rs 362.85), NTPC (up 0.81% to Rs 187.50) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.73% to Rs 1,287.50 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.
Reliance Communications (up 1.72% to Rs 492.70), Bharti Airtel (up 2.02% to Rs 815.10), Jaiprakash Associates (up 1.43% to Rs 215.85) , Mahindra & Mahindra (up 1.27% to Rs 620) edged higher from the Sensex pack.
Ranbaxy Laboratories (down 1.25% to Rs 445), Grasim Industries (down 0.97% to Rs 2,545), Hindustan Unilever (down 0.75% to Rs 238.35) , ITC (down 0.46% to Rs 207) and Ambuja Cements (down 0.41% to Rs 121.50), edged lower from Sensex pack.
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.
Market shrugs off inflation data
Data showing a surge in inflation pushed the market in the red for a brief period. It soon jumped from its lows. The market had surged in early trade on strong cues from global markets. Power, oil & gas and capital goods stocks rose. Hindalco Industries and Larsen & Toubro were major gainers from Sensex pack. The market breadth was strong.
Firm Asian markets boosted 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, South Korea, Singapore, and Taiwan were up by between 0.72% to 2.51%. China’s Shanghai Composite declined 0.04% to 3,470.49.
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.
At 11:23 IST, the 30-share BSE Sensex was up 129.72 points or 0.83% at 15,825.68. The Sensex gained 202.01 points at day’s high of 15,897.11, hit in early 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 35.65 points or 0.75% at 4768.65.
The BSE Mid-Cap index was up 0.45% at 6,508.10 and the BSE Small-Cap index was up 0.55% at 8,075.38.
The market breadth was strong: On BSE, 1346 stocks gained, 832 stocks declined and 74 stocks were unchanged.
Power stocks rose. Tata Power Company (up 3.04% to Rs 1,236.10) and Reliance Power (up 1.03% to Rs 362.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.27% to Rs 1,281.80 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. However, India’s largest power utility firm by sales NTPC declined 0.22% to Rs 185.60.
Oil & Gas stocks rose. Cairn India (up 2.95% to Rs 249.30), Gail India (up 1.31% to Rs 432.50), ONGC (up 0.41% to Rs 1,006.50) and Reliance Petroleum (up 1.4% to Rs 177.95) edged higher. 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.
Capital goods stocks rose. Larsen & Toubro (up 1.33% to Rs 2,714), Bharat Heavy Electricals (up 1.55% to Rs 1,792.60) and Suzlon Energy (up 1.14% to Rs 293) edgedhigher.
Hindalco Industries (up 3.2% to Rs 179), Tata Consultancy Services (up 1.8% to Rs 917), Reliance Communications (up 1.25% to Rs 490.45), Satyam Computer Services (up 1.15% to Rs 429.05), Grasim Industries (up 1.15% to Rs 2599.50) edged higher from the Sensex pack.
Hindustan Unilever (down 1.67% to Rs 236), ITC (down 0.96% to Rs 205.95), Infosys (down 0.41% to Rs 1,447.40), Maruti Suzuki India (down 0.31% to Rs 735.50) edged lower from Sensex pack.
Tata Teleservices (Maharashtra) was flat at Rs 28. The board of Tata Teleservices (Maharashtra) approved spinning off its telecom tower infrastructure division to a separate unit.
Triveni Engineering & Industries declined 0.86% to Rs 110.Triveni Engineering & Industries reportedly expects sugar realisation to be higher by about 10% from June 2008 onwards, helped by a fall in production.
Yes Bank declined 2.57% to Rs 160.80. A client of Yes Bank has reportedly gone to court over a dispute involving a derivatives transaction. As per reports the case was filed in November 2007. The new-generation bank is negotiating an out-of-court settlement with the client, suggested reports.
Renaissance Jewellery declined 1.55% to Rs 70. The board of Renaissance Jewellery approved acquisition of L J Creations.
Sasken Communications Technologies surged 9.07% to Rs 132.90. The board of Sasken Communications Technologies will consider a share buyback proposal on 18 April 2008
Firm Asian markets boosted 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, South Korea, Singapore, and Taiwan were up by between 0.72% to 2.51%. China’s Shanghai Composite declined 0.04% to 3,470.49.
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.
At 11:23 IST, the 30-share BSE Sensex was up 129.72 points or 0.83% at 15,825.68. The Sensex gained 202.01 points at day’s high of 15,897.11, hit in early 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 35.65 points or 0.75% at 4768.65.
The BSE Mid-Cap index was up 0.45% at 6,508.10 and the BSE Small-Cap index was up 0.55% at 8,075.38.
The market breadth was strong: On BSE, 1346 stocks gained, 832 stocks declined and 74 stocks were unchanged.
Power stocks rose. Tata Power Company (up 3.04% to Rs 1,236.10) and Reliance Power (up 1.03% to Rs 362.10) edged higher. India's second largest power utility by revenue Reliance Energy rose 2.27% to Rs 1,281.80 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. However, India’s largest power utility firm by sales NTPC declined 0.22% to Rs 185.60.
Oil & Gas stocks rose. Cairn India (up 2.95% to Rs 249.30), Gail India (up 1.31% to Rs 432.50), ONGC (up 0.41% to Rs 1,006.50) and Reliance Petroleum (up 1.4% to Rs 177.95) edged higher. 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.
Capital goods stocks rose. Larsen & Toubro (up 1.33% to Rs 2,714), Bharat Heavy Electricals (up 1.55% to Rs 1,792.60) and Suzlon Energy (up 1.14% to Rs 293) edgedhigher.
Hindalco Industries (up 3.2% to Rs 179), Tata Consultancy Services (up 1.8% to Rs 917), Reliance Communications (up 1.25% to Rs 490.45), Satyam Computer Services (up 1.15% to Rs 429.05), Grasim Industries (up 1.15% to Rs 2599.50) edged higher from the Sensex pack.
Hindustan Unilever (down 1.67% to Rs 236), ITC (down 0.96% to Rs 205.95), Infosys (down 0.41% to Rs 1,447.40), Maruti Suzuki India (down 0.31% to Rs 735.50) edged lower from Sensex pack.
Tata Teleservices (Maharashtra) was flat at Rs 28. The board of Tata Teleservices (Maharashtra) approved spinning off its telecom tower infrastructure division to a separate unit.
Triveni Engineering & Industries declined 0.86% to Rs 110.Triveni Engineering & Industries reportedly expects sugar realisation to be higher by about 10% from June 2008 onwards, helped by a fall in production.
Yes Bank declined 2.57% to Rs 160.80. A client of Yes Bank has reportedly gone to court over a dispute involving a derivatives transaction. As per reports the case was filed in November 2007. The new-generation bank is negotiating an out-of-court settlement with the client, suggested reports.
Renaissance Jewellery declined 1.55% to Rs 70. The board of Renaissance Jewellery approved acquisition of L J Creations.
Sasken Communications Technologies surged 9.07% to Rs 132.90. The board of Sasken Communications Technologies will consider a share buyback proposal on 18 April 2008
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
Market opens on a firm note
The market surged in early trade before paring gains. Realty, power stocks rose. Banking stocks gained ahead of the inflation data due today. Reliance Energy and Bharat Heavy Electricals were major gainers from Sensex pack. The market breadth was strong.
Firm Asian markets boosted 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, South Korea, Singapore, China and Taiwan were up by between 0.74% to 2.76%.
At 10:24 IST, the 30-share BSE Sensex was up 81.04 points or 0.52% at 15,776.14. The Sensex gained 202.01 points at day’s high of 15,897.11, hit in early trade.
The S&P CNX Nifty was up 24.8 points or 0.52% at 4757.80.
The BSE Mid-Cap index was up 1.06% at 6,547.32 and the BSE Small-Cap index was up 0.95% at 8,107.17.
The market breadth was strong: On BSE, 1246 stocks gained, 339 stocks declined and 23 stocks were unchanged.
Realty stocks rose. DLF (up 1.31% to Rs 607.90), Indiabulls Real Estate (up 3.39% to Rs 486.50) and Unitech (up 1.29% to Rs 266.50) edged higher.
Power stocks rose. NTPC (up 0.67% to Rs 187.25), Reliance Energy (up 3.58% to Rs 1,298.20), Tata Power Company (up 2.1% to Rs 1,224.90) edged higher. India's second largest power utility by revenue Reliance Energy rose 3.28% to Rs 1,294.50 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.
Banking stock rose ahead of inflation data due today. HDFC Bank (up 1.77% to Rs 1,349), ICICI Bank (up 1.94% to Rs 816.50) and State Bank of India (up 0.63% to Rs 1,672.40) edged higher.
Jaiprakash Associates (up 1.5% to Rs 216), Satyam Computer services (up 1.45% to Rs 429.60) ,Bharat Heavy Electricals (up 1.4% to Rs 1,790), ICICI Bank (up 1.38% to Rs 812), Wipro (up 1.32% to Rs 412) edged higher from the Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services declined 0.08% to Rs 900 and was the lone loser from Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.07% at Rs 2,494.
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).
Firm Asian markets boosted 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, South Korea, Singapore, China and Taiwan were up by between 0.74% to 2.76%.
At 10:24 IST, the 30-share BSE Sensex was up 81.04 points or 0.52% at 15,776.14. The Sensex gained 202.01 points at day’s high of 15,897.11, hit in early trade.
The S&P CNX Nifty was up 24.8 points or 0.52% at 4757.80.
The BSE Mid-Cap index was up 1.06% at 6,547.32 and the BSE Small-Cap index was up 0.95% at 8,107.17.
The market breadth was strong: On BSE, 1246 stocks gained, 339 stocks declined and 23 stocks were unchanged.
Realty stocks rose. DLF (up 1.31% to Rs 607.90), Indiabulls Real Estate (up 3.39% to Rs 486.50) and Unitech (up 1.29% to Rs 266.50) edged higher.
Power stocks rose. NTPC (up 0.67% to Rs 187.25), Reliance Energy (up 3.58% to Rs 1,298.20), Tata Power Company (up 2.1% to Rs 1,224.90) edged higher. India's second largest power utility by revenue Reliance Energy rose 3.28% to Rs 1,294.50 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.
Banking stock rose ahead of inflation data due today. HDFC Bank (up 1.77% to Rs 1,349), ICICI Bank (up 1.94% to Rs 816.50) and State Bank of India (up 0.63% to Rs 1,672.40) edged higher.
Jaiprakash Associates (up 1.5% to Rs 216), Satyam Computer services (up 1.45% to Rs 429.60) ,Bharat Heavy Electricals (up 1.4% to Rs 1,790), ICICI Bank (up 1.38% to Rs 812), Wipro (up 1.32% to Rs 412) edged higher from the Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services declined 0.08% to Rs 900 and was the lone loser from Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.07% at Rs 2,494.
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).
Markets open higher
The markets have opened on positive note following good Asian and US markets cues. Buying support was seen from oil, pharma, power, metal and technology stocks. Market breadth is positive. Midcap and small cap stocks are trading strong.
At 9:56 am, the Sensex was up 161 points at 15,856 and the Nifty up 49 points at 4,782. The CNX Midcap was up 62 points at 6,401. Nearly 529 shares have advanced while 56 shares declined on the NSE.
ICICI Bank, L&T, Reliance Petro, SAIL, Reliance Industries, Bharti Airtel, NTPC, BHEL, Cairn India, Unitech, Sterlite, Suzlon, Satyam, Rel Energy, BPCL, Dr Reddy's Labs, DLF and Tata Power were gainers while SBI, ONGC and Hero Honda were among losers.
At 9:56 am, the Sensex was up 161 points at 15,856 and the Nifty up 49 points at 4,782. The CNX Midcap was up 62 points at 6,401. Nearly 529 shares have advanced while 56 shares declined on the NSE.
ICICI Bank, L&T, Reliance Petro, SAIL, Reliance Industries, Bharti Airtel, NTPC, BHEL, Cairn India, Unitech, Sterlite, Suzlon, Satyam, Rel Energy, BPCL, Dr Reddy's Labs, DLF and Tata Power were gainers while SBI, ONGC and Hero Honda were among losers.
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.
Asian Market Up and continue to be +ve
Asian market @ 9.30AM
Nikkei 225 13,233.80 +288.50 +2.23%
Hang Seng 24,368.49 +181.39 +0.75%
Straits Times 3,089.67 +25.07 +0.82%
Nikkei 225 13,233.80 +288.50 +2.23%
Hang Seng 24,368.49 +181.39 +0.75%
Straits Times 3,089.67 +25.07 +0.82%
Tips for 11th April
Todays Picks
Buy RPL above 175 target 180/183/190 SL 171
Buy REL above 1230 target 1250/1282/1298 SL 1222
Buy Crain above 243 target 245/247/251 SL 239
Buy Essaroil above 232 target 235/237/238/243 SL 231
Buy RPOWER above 359 target 362/365/372 SL 355
Buy Petronet above 75.50 target 76.5/78/79/81 SL 74.5
Follow strict SL, book 50% profit at first target, 25% at Second with first target as SL and remaining by day end. dont carry positions
Buy RPL above 175 target 180/183/190 SL 171
Buy REL above 1230 target 1250/1282/1298 SL 1222
Buy Crain above 243 target 245/247/251 SL 239
Buy Essaroil above 232 target 235/237/238/243 SL 231
Buy RPOWER above 359 target 362/365/372 SL 355
Buy Petronet above 75.50 target 76.5/78/79/81 SL 74.5
Follow strict SL, book 50% profit at first target, 25% at Second with first target as SL and remaining by day end. dont carry positions
Asian markets open in Green
Asian markets opened in green above 1% up
Asian markets at 7:30AM IST
Nikkei 225 13,196.09 +250.79 +1.94%
Hang Seng 24,187.10 0.00 0.00% - Not open yet
Straits Times 3,095.50 +30.90 +1.01%
Asian markets at 7:30AM IST
Nikkei 225 13,196.09 +250.79 +1.94%
Hang Seng 24,187.10 0.00 0.00% - Not open yet
Straits Times 3,095.50 +30.90 +1.01%
Nifty will open in green.
Nifty to open atleast 1% up and may go up by 2-3% upside. but be careful that there may be profit booking.
US markets closes in Green
US markets gained after flat/negative and ended in Green
US closing
Dow 12,581.98 +54.72 +0.44%
Nasdaq 2,351.70 +29.58 +1.27%
S&P 500 1,360.55 +6.06 +0.45%
US closing
Dow 12,581.98 +54.72 +0.44%
Nasdaq 2,351.70 +29.58 +1.27%
S&P 500 1,360.55 +6.06 +0.45%
US markets on high node
Markets opened on weak node but surged later
Market@12.40AM
Dow 12,626.84 +99.58 +0.79%
Nasdaq 2,358.72 +36.60 +1.58%
S&P 500 1,365.12 +10.63 +0.78%
Market@12.40AM
Dow 12,626.84 +99.58 +0.79%
Nasdaq 2,358.72 +36.60 +1.58%
S&P 500 1,365.12 +10.63 +0.78%
Wall St gains on chip sector upgrade
Stocks rose on Thursday, helped by a brokerage upgrade of the semiconductor sector and after Wal-Mart Stores Inc (NYSE:WMT - News) raised its profit forecast.
Intel Corp (NasdaqGS:INTC - News) shares jumped nearly 4 percent and helped lift all three major U.S. stock indexes after Banc of America Securities upgraded the U.S. semiconductor sector, saying a modest inventory buildup has eased.
Tech shares also got a lift after JPMorgan Securities raised its profit forecasts on Apple Inc (NasdaqGS:AAPL - News). The iPod maker's stock rose 2 percent and contributed the most to the Nasdaq 100's (Nasdaq:^NDX - News) advance.
Shares of Wal-Mart climbed 1.3 percent to $54.83 after the world's largest retailer raised its outlook, citing expense controls and fewer markdowns. The stock gained in spite of Wal-Mart posting March same-store sales growth that fell short of Wall Street's expectations. An S&P index of retailers (Chicago Options:^RLX - News) gained 2.3 percent.
The Dow industrials also benefited from a positive outlook from an economic bellwether, DuPont Co (NYSE:DD - News).
News of fewer new claims for U.S. jobless benefits than expected also stoked buying interest.
"The unemployment claims and the improved outlook at DuPont might have given investors a little bit of help on a short-term basis," said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania.
The Dow Jones industrial average (DJI:^DJI - News) rose 86.31 points, or 0.70 percent, to 12,613.57. The Standard & Poor's 500 Index (^SPX - News) gained 9.36 points, or 0.69 percent, to 1,363.85. The Nasdaq Composite Index (Nasdaq:^IXIC - News) climbed 35.51 points, or 1.53 percent, at 2,357.63.
The Philadelphia Stock Exchange index of semiconductors (Philadelphia:^SOXX - News) was up 2.1 percent.
Intel's stock gained 3.9 percent to $22.25 on the Nasdaq.
Apple shares were up 2.3 percent at $154.92 after JPMorgan Securities raised its second-quarter and 2008 estimates for the company.
Battipaglia said investors are still concerned about corporate profits as the quarterly reporting season gets under way.
"Earnings may have a few positive elements, but on balance, we'll be lucky to meet the lowered expectations for profits this quarter," Battipaglia said.
DuPont's stock shot up 1.2 percent to $49.64 on the New York Stock Exchange after the chemical company raised its profit outlook and said strong growth in its agriculture businesses and emerging markets should help offset weakness in U.S. housing and automotive markets.
Lehman Brothers shares rose as much as 2.5 percent to a session high at $41.57 after the Wall Street bank said in a filing it had liquidated three troubled investment funds and put $1 billion of assets onto its balance sheet. By midday, the stock had given up most of those gains, but was still up 0.4 percent at $40.69.
A government report showed the number of U.S. workers applying for unemployment benefits tumbled by a greater-than-expected 53,000 last week, but a moving average of claims was its highest in 2-1/2 years.
Intel Corp (NasdaqGS:INTC - News) shares jumped nearly 4 percent and helped lift all three major U.S. stock indexes after Banc of America Securities upgraded the U.S. semiconductor sector, saying a modest inventory buildup has eased.
Tech shares also got a lift after JPMorgan Securities raised its profit forecasts on Apple Inc (NasdaqGS:AAPL - News). The iPod maker's stock rose 2 percent and contributed the most to the Nasdaq 100's (Nasdaq:^NDX - News) advance.
Shares of Wal-Mart climbed 1.3 percent to $54.83 after the world's largest retailer raised its outlook, citing expense controls and fewer markdowns. The stock gained in spite of Wal-Mart posting March same-store sales growth that fell short of Wall Street's expectations. An S&P index of retailers (Chicago Options:^RLX - News) gained 2.3 percent.
The Dow industrials also benefited from a positive outlook from an economic bellwether, DuPont Co (NYSE:DD - News).
News of fewer new claims for U.S. jobless benefits than expected also stoked buying interest.
"The unemployment claims and the improved outlook at DuPont might have given investors a little bit of help on a short-term basis," said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania.
The Dow Jones industrial average (DJI:^DJI - News) rose 86.31 points, or 0.70 percent, to 12,613.57. The Standard & Poor's 500 Index (^SPX - News) gained 9.36 points, or 0.69 percent, to 1,363.85. The Nasdaq Composite Index (Nasdaq:^IXIC - News) climbed 35.51 points, or 1.53 percent, at 2,357.63.
The Philadelphia Stock Exchange index of semiconductors (Philadelphia:^SOXX - News) was up 2.1 percent.
Intel's stock gained 3.9 percent to $22.25 on the Nasdaq.
Apple shares were up 2.3 percent at $154.92 after JPMorgan Securities raised its second-quarter and 2008 estimates for the company.
Battipaglia said investors are still concerned about corporate profits as the quarterly reporting season gets under way.
"Earnings may have a few positive elements, but on balance, we'll be lucky to meet the lowered expectations for profits this quarter," Battipaglia said.
DuPont's stock shot up 1.2 percent to $49.64 on the New York Stock Exchange after the chemical company raised its profit outlook and said strong growth in its agriculture businesses and emerging markets should help offset weakness in U.S. housing and automotive markets.
Lehman Brothers shares rose as much as 2.5 percent to a session high at $41.57 after the Wall Street bank said in a filing it had liquidated three troubled investment funds and put $1 billion of assets onto its balance sheet. By midday, the stock had given up most of those gains, but was still up 0.4 percent at $40.69.
A government report showed the number of U.S. workers applying for unemployment benefits tumbled by a greater-than-expected 53,000 last week, but a moving average of claims was its highest in 2-1/2 years.
Mkt ends down
The markets closed in red amid volatile trades. It was a disappointing day as the markets couldn't sustain at the higher levels. The BSE oil & gas index outperformed the other sectoral indices. Most of the energy stocks are providing support at the lower levels. The BSE midcap and small cap indices are also witnessing good buying interest. On the global front, Asian market ended mixed and European markets trading lower.
Bank, FMCG, realty stocks were witnessing selling pressure.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The market moved between positive and negative territory due to lack of strong participation from investors ahead of industrial production and inflation data on Friday, 11 April 2008. Key indices, which had soared in mid-afternoon trade, fell sharply in the last hour of trade led by sharp decline in banking stocks.
Oil gas stocks were the star performers of the session. IT stocks slipped due to profit booking after an early surge. Mid-caps and small-caps outperformed the frontliners.
Asian markets, which opened before Indian markets, were mostly in green. But European markets, which opened after Indian markets, were in the red.
As per provisional data, the 30-share BSE Sensex fell 124.41 points or 0.79% at 15,666.10. The Sensex gained 258.44 points at day’s high of 15,953.54, hit in mid-afternoon trade. The index lost 135.31 points at the session’s low of 15,655.20, hit at the fag end of the trading session.
The CNX S&P Nifty fell 22.55 points or 0.48% at 4724.50.
The BSE Mid-Cap index was up 0.12% at 6,478.96 and the BSE Small-Cap index was up 1.13% at 8,031.06.
On BSE, 1713 stocks gained, 949 stocks declined and 67 stocks were unchanged.
BSE clocked a turnover of Rs 5496 crore as against Rs 5,331.37 on Wednesday, 9 April 2008.
India's second largest power utility by revenue Reliance Energy surged 6.30% at Rs 1252 after the company said on Wednesday, 9 April 2008 that it bought-back 176,871 equity shares of the company. Since the commencement of the buy-back on 25 March 2008, the company has so far bought back 20,38,551 equity shares aggregating Rs 250.75 crore. Earlier, Reliance Energy's board had approved the buyback of shares worth about Rs 800 crore in the first phase.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 1.94% at Rs 2465.
India’s largest private sector bank by assets ICICI Bank slipped 4.36% at Rs 801.50.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.08% at Rs 2665.70.
TCS (up 2.86% at Rs 901.70), Ambuja Cements (up 1.50% at Rs 122), Mahindra & Mahindra (up 1.13% at Rs 614.75), Tata Steel (up 1.03% at Rs 685.90), Hindalco Industries (up 0.64% at Rs 173.75) and Maruti Suzuki (up 0.35% at Rs 736), were the top gainers from the Sensex pack.
Ranbaxy Laboratories (down 4.33% at Rs 450.05), HDFC Bank (down 3.64% at Rs 1326), Jaiprakash Associates (down 3.19% at Rs 212.55), Bharti Airtel (down 2.95% at Rs 795.80) and Reliance Communication (down 2.69% at Rs 483), were the top losers from the Sensex pack.
Software firm Financial Technologies was down 0.89% at Rs 1,690 despite the company announcing the acquisition of South African technology company ICX Platform for $1.50 million.
Auto ancillary firm Banco Products India jumped over 17.25% to Rs 36.70 after it said its board would meet on 17 April 2008 to consider buyback of shares.
Private sector lender Development Credit Bank tripped 2.86% to Rs 88.45 after the management denied reports of a merger with a large bank for business expansion. The scrip had jumped over 10% to Rs 100.45 earlier in the day.
Mukesh Ambani-run oil refining firm Reliance Petroleum was up 3.17% at Rs 175.50 after reports hinted at the possibility of an early start of the company’s oil refinery.
Offshore transportation services provider Global Vectra Helicorp soared 20% at Rs 85.95 after the company said it plans a rights issue in December 2008 to fund the expansion plans, including an investment of $65 million to raise fleet size to 29 by March 2009.
Key indices in China, Hong Kong, South Korea and Taiwan were up by 0.57% to 1.86%. However, indices in Japan and Singapore were down by 0.65% to 1.27%.
European markets, which opened after Indian markets, were in red. Key indices in UK, France and Germany were down by between 0.65% to 1.34%.
US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.
Bank, FMCG, realty stocks were witnessing selling pressure.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The market moved between positive and negative territory due to lack of strong participation from investors ahead of industrial production and inflation data on Friday, 11 April 2008. Key indices, which had soared in mid-afternoon trade, fell sharply in the last hour of trade led by sharp decline in banking stocks.
Oil gas stocks were the star performers of the session. IT stocks slipped due to profit booking after an early surge. Mid-caps and small-caps outperformed the frontliners.
Asian markets, which opened before Indian markets, were mostly in green. But European markets, which opened after Indian markets, were in the red.
As per provisional data, the 30-share BSE Sensex fell 124.41 points or 0.79% at 15,666.10. The Sensex gained 258.44 points at day’s high of 15,953.54, hit in mid-afternoon trade. The index lost 135.31 points at the session’s low of 15,655.20, hit at the fag end of the trading session.
The CNX S&P Nifty fell 22.55 points or 0.48% at 4724.50.
The BSE Mid-Cap index was up 0.12% at 6,478.96 and the BSE Small-Cap index was up 1.13% at 8,031.06.
On BSE, 1713 stocks gained, 949 stocks declined and 67 stocks were unchanged.
BSE clocked a turnover of Rs 5496 crore as against Rs 5,331.37 on Wednesday, 9 April 2008.
India's second largest power utility by revenue Reliance Energy surged 6.30% at Rs 1252 after the company said on Wednesday, 9 April 2008 that it bought-back 176,871 equity shares of the company. Since the commencement of the buy-back on 25 March 2008, the company has so far bought back 20,38,551 equity shares aggregating Rs 250.75 crore. Earlier, Reliance Energy's board had approved the buyback of shares worth about Rs 800 crore in the first phase.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 1.94% at Rs 2465.
India’s largest private sector bank by assets ICICI Bank slipped 4.36% at Rs 801.50.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.08% at Rs 2665.70.
TCS (up 2.86% at Rs 901.70), Ambuja Cements (up 1.50% at Rs 122), Mahindra & Mahindra (up 1.13% at Rs 614.75), Tata Steel (up 1.03% at Rs 685.90), Hindalco Industries (up 0.64% at Rs 173.75) and Maruti Suzuki (up 0.35% at Rs 736), were the top gainers from the Sensex pack.
Ranbaxy Laboratories (down 4.33% at Rs 450.05), HDFC Bank (down 3.64% at Rs 1326), Jaiprakash Associates (down 3.19% at Rs 212.55), Bharti Airtel (down 2.95% at Rs 795.80) and Reliance Communication (down 2.69% at Rs 483), were the top losers from the Sensex pack.
Software firm Financial Technologies was down 0.89% at Rs 1,690 despite the company announcing the acquisition of South African technology company ICX Platform for $1.50 million.
Auto ancillary firm Banco Products India jumped over 17.25% to Rs 36.70 after it said its board would meet on 17 April 2008 to consider buyback of shares.
Private sector lender Development Credit Bank tripped 2.86% to Rs 88.45 after the management denied reports of a merger with a large bank for business expansion. The scrip had jumped over 10% to Rs 100.45 earlier in the day.
Mukesh Ambani-run oil refining firm Reliance Petroleum was up 3.17% at Rs 175.50 after reports hinted at the possibility of an early start of the company’s oil refinery.
Offshore transportation services provider Global Vectra Helicorp soared 20% at Rs 85.95 after the company said it plans a rights issue in December 2008 to fund the expansion plans, including an investment of $65 million to raise fleet size to 29 by March 2009.
Key indices in China, Hong Kong, South Korea and Taiwan were up by 0.57% to 1.86%. However, indices in Japan and Singapore were down by 0.65% to 1.27%.
European markets, which opened after Indian markets, were in red. Key indices in UK, France and Germany were down by between 0.65% to 1.34%.
US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.
Mkt witnesses volatility
The markets are witnessing volatility and are trading flat. The BSE oil & gas index has outperformed the other sectoral indices. Most of the energy stocks are providing support at the lower levels. The BSE midcap and small cap indices are also witnessing good buying interest. On the global front, Asian market ended mixed and Europen markets trading lower.
At 2:45 hrs IST, the Sensex is up 49.43 points or 0.31% at 15839.94, and the Nifty up 23.55 points or 0.50% at 4770.60.
About 1862 shares have advanced, 732 shares declined, and 479 shares are unchanged.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The BSE Oil & Gas Index surged over 3.3% and Capital Goods Index up over 2%. Power, IT and Metal indices were up more than 1.5%.
At 2:45 hrs IST, the Sensex is up 49.43 points or 0.31% at 15839.94, and the Nifty up 23.55 points or 0.50% at 4770.60.
About 1862 shares have advanced, 732 shares declined, and 479 shares are unchanged.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The BSE Oil & Gas Index surged over 3.3% and Capital Goods Index up over 2%. Power, IT and Metal indices were up more than 1.5%.
Market trades higher
The markets have shown good bounce back on the back of strong buying support from oil, capital goods, technology, power and some metal stocks. Market breadth improved as 931 shares advanced while 281 shares declined on the NSE. Midcap and small cap stocks are witnessing buying interest. On the global front, Asian market ended mixed and Europen markets trading lower.
At 14.20 hrs IST, the Sensex was up 153 points at 15,944, and the Nifty up 50 points at 4797. About 1882 shares have advanced, 671 shares declined, and 520 shares are unchanged. The Midcap and Small Cap indices were up over 1%.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The BSE Oil & Gas Index surged over 3.3% and Capital Goods Index up over 2%. Power, IT and Metal indices were up more than 1.5%.
At 14.20 hrs IST, the Sensex was up 153 points at 15,944, and the Nifty up 50 points at 4797. About 1882 shares have advanced, 671 shares declined, and 520 shares are unchanged. The Midcap and Small Cap indices were up over 1%.
Top gainers on the bourses were Reliance Energy, TCS, Reliance Industries, Cairn India and Reliance Petroleum while losers - Bharti Airtel, Ranbaxy, HDFC Bank and Suzlon Energy.
Reliance group stocks are trading with strong buying support and are the most active counters on the bourses.
The BSE Oil & Gas Index surged over 3.3% and Capital Goods Index up over 2%. Power, IT and Metal indices were up more than 1.5%.
Thursday, April 10, 2008
Mkt trades with modest gain
The markets are trading in green with modest gain. The BSE oil & gas index has outperformed the other sectoral indices. The BSE midcap and small cap indices are also witnessing good buying interest.
At 10.21 am, the Sensex is up 38.34 points or 0.24% at 15828.85, and the Nifty up 26.90 points or 0.57% at 4773.95.
About 1176 shares have advanced, 454 shares declined, and 1442 shares are unchanged.
Except banking and IT indices all other BSE sectoral indices are up.
Hindalco, Reliance Energy, M&M, Reliance Petro, Tata Comm and Unitech were top gainers on the bourses.
Most active shares on BSE Reliance Petro, Apollo Hospital and HDFC.
At 10.21 am, the Sensex is up 38.34 points or 0.24% at 15828.85, and the Nifty up 26.90 points or 0.57% at 4773.95.
About 1176 shares have advanced, 454 shares declined, and 1442 shares are unchanged.
Except banking and IT indices all other BSE sectoral indices are up.
Hindalco, Reliance Energy, M&M, Reliance Petro, Tata Comm and Unitech were top gainers on the bourses.
Most active shares on BSE Reliance Petro, Apollo Hospital and HDFC.
Mkt opens flat
The markets have opened flat and trading in red as FMCG, IT, Auto, Oil & gas stocks witnessing selling pressure. However, Realty consumer durable sectors were trading with modest gain.
At 9.56 am, the Sensex was down 41 points at 15748, and the Nifty down 2 points at 4745.
About 1783 shares have advanced, 828 shares declined, and 461 shares are unchanged.
Top losers were Tata Power, Satyam, HUL, HDFC, Infosys, L&T and Tata Steel.
Asian markets were trading lower. Japan's Nikkei fell 1.12% or 146.20 points at 12,965.69. Hong Kong's Hang Seng was down 0.10% or 23.53 points at 23,961.04. Singapore's Straits Times declined 0.62% or 19.02 points at 3,070.70. South Korea's Seoul Composite was flat at 1,753.58. However ,Taiwan's Taiwan Weighted gained 1.39% or 120.55 points at 8,788.48
At 9.56 am, the Sensex was down 41 points at 15748, and the Nifty down 2 points at 4745.
About 1783 shares have advanced, 828 shares declined, and 461 shares are unchanged.
Top losers were Tata Power, Satyam, HUL, HDFC, Infosys, L&T and Tata Steel.
Asian markets were trading lower. Japan's Nikkei fell 1.12% or 146.20 points at 12,965.69. Hong Kong's Hang Seng was down 0.10% or 23.53 points at 23,961.04. Singapore's Straits Times declined 0.62% or 19.02 points at 3,070.70. South Korea's Seoul Composite was flat at 1,753.58. However ,Taiwan's Taiwan Weighted gained 1.39% or 120.55 points at 8,788.48
Pre Market Report 10-Apr-2008
At a time when there has been uncertainty about outlook on corporate earnings, forecast-beating results of private sector bank Yes Bank announced during trading hours lifted the market on Wednesday, 9 April 2008. Yes Bank also said it had no delinquent derivatives exposures. Fears that banks may take a hit in their balance sheet because of foreign exchange 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.
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.
Asian stocks were mixed today. Key benchmark indices in Hong Kong, Taiwan and South Korea were up by between 0.04% to 1.3%. Key benchmark indices in China, Japan and Singapore were down by between 0.2% to 0.9%.
US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.
US crude oil futures surged after government data showed a surprising draw on crude stockpiles last week.
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.
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.
Asian stocks were mixed today. Key benchmark indices in Hong Kong, Taiwan and South Korea were up by between 0.04% to 1.3%. Key benchmark indices in China, Japan and Singapore were down by between 0.2% to 0.9%.
US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.
US crude oil futures surged after government data showed a surprising draw on crude stockpiles last week.
Asian Market recover..
Asian market recover from moring losses @8:41AM IST
Nikkei 225 13,034.48 -77.41 -0.59%
Hang Seng 24,071.28 +86.71 +0.36%
Straits Times 3,087.38 -2.34 -0.08%
Nikkei 225 13,034.48 -77.41 -0.59%
Hang Seng 24,071.28 +86.71 +0.36%
Straits Times 3,087.38 -2.34 -0.08%
Stock tips
Buy YESBANK above 169 target 174/178 SL 166
Sell RPOWER below 355 target 350/345/342 SL 358
Sell RPOWER below 355 target 350/345/342 SL 358
Indian market will open negative
After US and Asian markets showing negative sentiments, now its turn of indian market to react to it. After yesterdays raise some profit booking wil be seen today..
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