Buy PFC above 138 target 145
Friday, September 5, 2008
Thursday, September 4, 2008
Post Market Report:04/09/2008
The market ended on a weak note as traders booked profits after
indices rallied more than three percent in previous session. Market
participants were also cautious ahead of inflation data and outcome
of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty
shares were the worst performers, while software and healthcare
pivotals bucked weak trend.
Indices were highly volatile throughout the session. The Sensex
traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14
points. The Nifty traded in a range of 4447.75 and 4419.45, a gap
of 28.3 points.
The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The
Sensex opened 154.01 lower on weak global cues. Selling intensified
by mid-morning, dragging the index 283.85 points at the day's low
of 14,766.01. Soon, buying emerged at lower levels, taking the
index at its intraday high of 14,994.15 in afternoon. The index was
down 55.71 point at the day's high.
The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty
September 2008 futures were at 4460, at a premium of 12.25 points
as compared to spot closing.
The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap
index fell 0.11% at 6,974.37. Both the indices outperformed the
Sensex.
The market breadth was positive. On BSE, 1332 shares advanced as
compared to 1259 that declined. 94 shares remained unchanged.
NSE's futures & options (F&O) segment turnover was Rs 46290.5
crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.
Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90),
Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates
(up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088),
and Grasim Industries (up 0.92% at Rs 2020.75).
Top Sensex losers were, Sterlite Industries (down 3.69% at Rs
613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs
189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance
Infrastructure (down 2.32% at Rs 1017.55).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL
stock accounts for a highest weightage of 15.21% on the Sensex.
Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90),
HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank
(down 1.62% at Rs 639.45), slipped.
However, India's largest commercial lender State Bank of India rose
0.91% at Rs 1,535.25. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock
accounts for third highest weightage of 7.50% on the Sensex. The
BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.
Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs
289.35), Housing Development & Infrastructure (down 3.11% at Rs
315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at
Rs 522.75), declined. The BSE Realty index underpeformed the
Sensex, falling 3.20% at 5,195.72.
Mid-cap software stocks were in demand, whereas most of the
software pivotals hovered in negative terrain. Aptech (up 4.25% at
Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta
India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs
771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down
0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45),
declined.
India's second largest software exporter by sales Infosys
Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex. The
BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.
Healthcare shares rose. Sun Pharma Advanced Research Company (up
4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal
Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80),
and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The
BSE Healthcare index outperformed the Sensex, rising 0.28% at
4,350.18.
Low ash metallurgical coke maker Austral Coke and Projects settled
at Rs 225.20, a 14.89% premium over issue price of Rs 196. The
stock debuted today on BSE at Rs 206, a 5.10% premium over its
issue price.
UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to
Rs 581.35 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80
on reports the company plans to diversify into aerospace and
windmill technology.
Resurgere Mines & Minerals India clocked a highest turnover of Rs
598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore),
Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10
crore), and State Bank of India (Rs 156.07 crore), were the other
turnover toppers on BSE in that order.
Austral Coke & Projects reported a highest volume of 1.88 crore
shares on BSE. Reliance Natural Resources (1.24 crore shares),
Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11
lakh shares), Dish TV (67.44 lakh shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.83% to 1.20%.
However, UK's FTSE 100 was up 0.38%. Asian markets were negative
with key indices in Hong Kong, Japan, Singapore, South Korea and
Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai
Composite index was up 0.03%.
Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September
2008 to consider whether India should be allowed to resume civil
nuclear trade with the international community. The 45-nation
grouping will consider a draft, which is being presented after
amendments following demands by at least 15 countries during the 21
- 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
indices rallied more than three percent in previous session. Market
participants were also cautious ahead of inflation data and outcome
of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty
shares were the worst performers, while software and healthcare
pivotals bucked weak trend.
Indices were highly volatile throughout the session. The Sensex
traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14
points. The Nifty traded in a range of 4447.75 and 4419.45, a gap
of 28.3 points.
The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The
Sensex opened 154.01 lower on weak global cues. Selling intensified
by mid-morning, dragging the index 283.85 points at the day's low
of 14,766.01. Soon, buying emerged at lower levels, taking the
index at its intraday high of 14,994.15 in afternoon. The index was
down 55.71 point at the day's high.
The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty
September 2008 futures were at 4460, at a premium of 12.25 points
as compared to spot closing.
The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap
index fell 0.11% at 6,974.37. Both the indices outperformed the
Sensex.
The market breadth was positive. On BSE, 1332 shares advanced as
compared to 1259 that declined. 94 shares remained unchanged.
NSE's futures & options (F&O) segment turnover was Rs 46290.5
crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.
Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90),
Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates
(up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088),
and Grasim Industries (up 0.92% at Rs 2020.75).
Top Sensex losers were, Sterlite Industries (down 3.69% at Rs
613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs
189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance
Infrastructure (down 2.32% at Rs 1017.55).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL
stock accounts for a highest weightage of 15.21% on the Sensex.
Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90),
HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank
(down 1.62% at Rs 639.45), slipped.
However, India's largest commercial lender State Bank of India rose
0.91% at Rs 1,535.25. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock
accounts for third highest weightage of 7.50% on the Sensex. The
BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.
Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs
289.35), Housing Development & Infrastructure (down 3.11% at Rs
315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at
Rs 522.75), declined. The BSE Realty index underpeformed the
Sensex, falling 3.20% at 5,195.72.
Mid-cap software stocks were in demand, whereas most of the
software pivotals hovered in negative terrain. Aptech (up 4.25% at
Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta
India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs
771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down
0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45),
declined.
India's second largest software exporter by sales Infosys
Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex. The
BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.
Healthcare shares rose. Sun Pharma Advanced Research Company (up
4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal
Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80),
and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The
BSE Healthcare index outperformed the Sensex, rising 0.28% at
4,350.18.
Low ash metallurgical coke maker Austral Coke and Projects settled
at Rs 225.20, a 14.89% premium over issue price of Rs 196. The
stock debuted today on BSE at Rs 206, a 5.10% premium over its
issue price.
UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to
Rs 581.35 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80
on reports the company plans to diversify into aerospace and
windmill technology.
Resurgere Mines & Minerals India clocked a highest turnover of Rs
598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore),
Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10
crore), and State Bank of India (Rs 156.07 crore), were the other
turnover toppers on BSE in that order.
Austral Coke & Projects reported a highest volume of 1.88 crore
shares on BSE. Reliance Natural Resources (1.24 crore shares),
Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11
lakh shares), Dish TV (67.44 lakh shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.83% to 1.20%.
However, UK's FTSE 100 was up 0.38%. Asian markets were negative
with key indices in Hong Kong, Japan, Singapore, South Korea and
Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai
Composite index was up 0.03%.
Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September
2008 to consider whether India should be allowed to resume civil
nuclear trade with the international community. The 45-nation
grouping will consider a draft, which is being presented after
amendments following demands by at least 15 countries during the 21
- 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
Market remains subdued; breadth negative
Negative opening in European markets kept the market subdued in
afternoon. Indices exhibited major volatility. Select banking
shares rose, while realty and oil & gas shares languished in
negative terrain. India's top passenger care maker by sales Maruti
Suzuki was the top Sensex gainer.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.18% to 0.47%.
However, UK's FTSE 100 was up 0.26%. Asian markets were negative
with key indices in China, Hong Kong, Japan, Singapore, South Korea
and Taiwan trading down by 0.03% to 2.62%.
At 13:20 IST, the BSE 30-share Sensex was down 221.93 points or
1.47% to 14,827.93. The index shed 283.85 points at the day's low
of 14,766.01, hit in mid-morning. It lost 55.71 points at the day's
high of 14,994.15 points, hit in afternoon.
The S&P CNX Nifty was down 39.20 points or 1.54% to 4434.80.
The BSE Mid-Cap index was down 0.21% at 5,824.62 and the BSE
Small-Cap index was down 0.03% at 6,980.35.
The market breadth turned negative yet again. On BSE, 1135 shares
advanced as compared to 1278 that declined. 86 shares remained
unchanged.
India's top passenger care maker by sales Maruti Suzuki rose 2.08%
at Rs 678.30.
Tata Power Company (up 0.95% at Rs 1080), Hindalco Industries (up
0.97% at Rs 125), and Grasim Industries (up 0.73% at Rs 2017), were
the other Sensex gainers.
Sterlite Industries (down 4.10% at Rs 610.50), ONGC (down 3% at Rs
1068.50), HDFC Bank (down 3.08% at Rs 1300.10), Housing Development
Finance Corporation (down 2.56% at Rs 2382.60), and Reliance
Infrastructure (down 2.37% at Rs 1018), were the leading losers
from the Sensex pack.
Select banking shares rose. Karnataka Bank (up 4.89% at Rs 152.40),
Federal Bank (up 3.66% at Rs 228), Punjab National Bank (up 0.82%
at Rs 519), and State Bank of India (up 0.04% at Rs 1,522), rose.
The BSE Bankex was up 0.42% at 7,415.50.
India's largest private sector bank by market capitalisation ICICI
Bank rose 0.52% at Rs 717. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's second largest software exporter by sales Infosys
Technologies rose 0.39% at Rs 1782. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.60% at Rs 2156.85. RIL
stock accounts for the highest weightage of 15.21% on the Sensex.
Among the side counters, KSK Energy Ventures (up 8.44% at Rs
214.55), Piramal Healthcare (up 4.55% at Rs 347.80), Aban Offshore
(4.45% at Rs 2,196.50), Opto Circuits (up 3.79% at Rs 337.90), and
GAIL India (up 3.65% at Rs 420.35), rose.
Indiabulls Real Estate (down 8.44% at Rs 295.15), Gujarat Mineral
Development Corporation (down 7.03% at Rs 224.25), Gujarat State
Petronet (down 5.90% at Rs 60.60), Housing Development &
Infrastructure (down 4.71% at Rs 310.50), and Indiabulls Financial
Services (down 4.17% at Rs 257.60), were the side counter losers.
afternoon. Indices exhibited major volatility. Select banking
shares rose, while realty and oil & gas shares languished in
negative terrain. India's top passenger care maker by sales Maruti
Suzuki was the top Sensex gainer.
European markets, which opened after Indian markets, were mostly in
red. Key indices in France and Germany were down by 0.18% to 0.47%.
However, UK's FTSE 100 was up 0.26%. Asian markets were negative
with key indices in China, Hong Kong, Japan, Singapore, South Korea
and Taiwan trading down by 0.03% to 2.62%.
At 13:20 IST, the BSE 30-share Sensex was down 221.93 points or
1.47% to 14,827.93. The index shed 283.85 points at the day's low
of 14,766.01, hit in mid-morning. It lost 55.71 points at the day's
high of 14,994.15 points, hit in afternoon.
The S&P CNX Nifty was down 39.20 points or 1.54% to 4434.80.
The BSE Mid-Cap index was down 0.21% at 5,824.62 and the BSE
Small-Cap index was down 0.03% at 6,980.35.
The market breadth turned negative yet again. On BSE, 1135 shares
advanced as compared to 1278 that declined. 86 shares remained
unchanged.
India's top passenger care maker by sales Maruti Suzuki rose 2.08%
at Rs 678.30.
Tata Power Company (up 0.95% at Rs 1080), Hindalco Industries (up
0.97% at Rs 125), and Grasim Industries (up 0.73% at Rs 2017), were
the other Sensex gainers.
Sterlite Industries (down 4.10% at Rs 610.50), ONGC (down 3% at Rs
1068.50), HDFC Bank (down 3.08% at Rs 1300.10), Housing Development
Finance Corporation (down 2.56% at Rs 2382.60), and Reliance
Infrastructure (down 2.37% at Rs 1018), were the leading losers
from the Sensex pack.
Select banking shares rose. Karnataka Bank (up 4.89% at Rs 152.40),
Federal Bank (up 3.66% at Rs 228), Punjab National Bank (up 0.82%
at Rs 519), and State Bank of India (up 0.04% at Rs 1,522), rose.
The BSE Bankex was up 0.42% at 7,415.50.
India's largest private sector bank by market capitalisation ICICI
Bank rose 0.52% at Rs 717. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's second largest software exporter by sales Infosys
Technologies rose 0.39% at Rs 1782. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 2.60% at Rs 2156.85. RIL
stock accounts for the highest weightage of 15.21% on the Sensex.
Among the side counters, KSK Energy Ventures (up 8.44% at Rs
214.55), Piramal Healthcare (up 4.55% at Rs 347.80), Aban Offshore
(4.45% at Rs 2,196.50), Opto Circuits (up 3.79% at Rs 337.90), and
GAIL India (up 3.65% at Rs 420.35), rose.
Indiabulls Real Estate (down 8.44% at Rs 295.15), Gujarat Mineral
Development Corporation (down 7.03% at Rs 224.25), Gujarat State
Petronet (down 5.90% at Rs 60.60), Housing Development &
Infrastructure (down 4.71% at Rs 310.50), and Indiabulls Financial
Services (down 4.17% at Rs 257.60), were the side counter losers.
Market pares losses
The market pared losses in a volatile mid-morning trade led by
gains in index pivotal ICICI Bank. Some of the mid-cap software
shares were in demand. Major selling was seen in the realty
counters.
At 11:20 IST, the BSE 30-share Sensex was down 207.84 points or
1.38% to 14,842.02. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade. It lost 126.53 points at the day's
high of 14,923.33 points, hit in early trade.
The S&P CNX Nifty was down 74.90 points or 1.66% to 4429.10.
The BSE Mid-Cap index was down 0.29% at 5,820.03 and the BSE
Small-Cap index was down 0.04% at 6,979.41.
The market breadth was weak on BSE with 976 shares advancing as
compared to 1099 that declined. 70 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories rose 0.54%
at Rs 493. It had hit a low of Rs 469.10 earlier. The company lost
a patent challenge against Pfizer over selling cholesterol drug,
Lipitor in Denmark. The Ranbaxy stock lost 5.42% in past two
sessions to Rs 490.35 on 2 September 2008 from Rs 518.50 on 29
August 2008.
India's largest private sector bank by market capitalisation ICICI
Bank rose 1.23% at Rs 722.10. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's largest commercial vehicles maker Tata Motors fell 1.20% at
Rs 424.70. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.79% at Rs 2173.90.
Major Sensex losers were, Sterlite Industries (down 4.03% at Rs
610.85), Reliance Infrastructure (down 2.71% at Rs 1013.50),
Housing Development Finance Corporation (down 2.17% at Rs 2392),
and ONGC (down 2.25% at Rs 1076.80).
Mid-cap software shares rose. I-flex Solutions (up 2.48% at Rs
1,244), Tech Mahindra (up 2.07% at Rs 773), Aptech (up 1.55% at Rs
233.15), Mphasis (up 1.04% at Rs 247), and Financial Technologies
(up 0.32% at Rs 1,425.90), moved up. The BSE IT index rose 0.17% at
4,073.96.
India's second largest software exporter by sales Infosys
Technologies rose 0.74% at Rs 1789.90. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
Realty shares witnessed selling pressure. Indiabulls Real Estate
(down 7.24% at Rs 299), Housing Development & Infrastructure (down
3.79% at Rs 313.50), Unitech (down 3.30% at Rs 164), and DLF (down
2.82% at Rs 514.90), slipped. The BSE Realty index was down 3.59%
at 5,174.68.
Low ash metallurgical coke maker Austral Coke and Projects was
trading at Rs 260.45, a 32.88% premium over issue price of Rs 196.
It debuted on BSE at Rs 206, a 5.10% premium over its issue price.
UCO Bank soared 4.44% to Rs 42.35 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.67% to
Rs 579.70 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 7.02% to Rs 70.10 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.04% to 2.62%
gains in index pivotal ICICI Bank. Some of the mid-cap software
shares were in demand. Major selling was seen in the realty
counters.
At 11:20 IST, the BSE 30-share Sensex was down 207.84 points or
1.38% to 14,842.02. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade. It lost 126.53 points at the day's
high of 14,923.33 points, hit in early trade.
The S&P CNX Nifty was down 74.90 points or 1.66% to 4429.10.
The BSE Mid-Cap index was down 0.29% at 5,820.03 and the BSE
Small-Cap index was down 0.04% at 6,979.41.
The market breadth was weak on BSE with 976 shares advancing as
compared to 1099 that declined. 70 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories rose 0.54%
at Rs 493. It had hit a low of Rs 469.10 earlier. The company lost
a patent challenge against Pfizer over selling cholesterol drug,
Lipitor in Denmark. The Ranbaxy stock lost 5.42% in past two
sessions to Rs 490.35 on 2 September 2008 from Rs 518.50 on 29
August 2008.
India's largest private sector bank by market capitalisation ICICI
Bank rose 1.23% at Rs 722.10. ICICI Bank stock accounts for third
highest weightage of 7.50% on the Sensex.
India's largest commercial vehicles maker Tata Motors fell 1.20% at
Rs 424.70. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.79% at Rs 2173.90.
Major Sensex losers were, Sterlite Industries (down 4.03% at Rs
610.85), Reliance Infrastructure (down 2.71% at Rs 1013.50),
Housing Development Finance Corporation (down 2.17% at Rs 2392),
and ONGC (down 2.25% at Rs 1076.80).
Mid-cap software shares rose. I-flex Solutions (up 2.48% at Rs
1,244), Tech Mahindra (up 2.07% at Rs 773), Aptech (up 1.55% at Rs
233.15), Mphasis (up 1.04% at Rs 247), and Financial Technologies
(up 0.32% at Rs 1,425.90), moved up. The BSE IT index rose 0.17% at
4,073.96.
India's second largest software exporter by sales Infosys
Technologies rose 0.74% at Rs 1789.90. Infosys Technologies stock
accounts for second highest weightage of 8.16% on the Sensex.
Realty shares witnessed selling pressure. Indiabulls Real Estate
(down 7.24% at Rs 299), Housing Development & Infrastructure (down
3.79% at Rs 313.50), Unitech (down 3.30% at Rs 164), and DLF (down
2.82% at Rs 514.90), slipped. The BSE Realty index was down 3.59%
at 5,174.68.
Low ash metallurgical coke maker Austral Coke and Projects was
trading at Rs 260.45, a 32.88% premium over issue price of Rs 196.
It debuted on BSE at Rs 206, a 5.10% premium over its issue price.
UCO Bank soared 4.44% to Rs 42.35 on BSE, on reports the bank plans
to raise about Rs 600 crore from follow on public offer (FPO) in
the September-December quarter of the current fiscal.
Textile firm Bombay Dyeing & Manufacturing Company gained 2.67% to
Rs 579.70 on reports the company may rake in Rs 900 crore by next
year by selling a small part of the 8 lakh square feet commercial
property it is developing in Central Mumbai.
Construction firm PBA Infrastructure jumped 7.02% to Rs 70.10 after
the company secured a contract worth Rs 122.04 crore from Pimpri
Municipal Corporation, Pimpri in the state of Maharashtra for
laying roads.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.04% to 2.62%
Market opens lower on weak global cues
The market opened lower as investors preferred staying on the side
lines ahead of the inflation data to be announced after market
hours today. Global cues were weak. All the sectoral indices on BSE
were negative, with realty and power sector shares declining the
most. India's largest drug maker by sales Tata Motors extended
losses for the third session in a row.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.12% to 2.37%
Us markers ended mixed yesterday, 3 September 2008 as economic
jitters dampened street enthusiasm for stock buying, fizzling out
the post-Gustav enthusiasm. The Dow Jones industrial average gained
15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined
2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index
lost 15.51 points, or 0.66%, to 2,333.73.
At 10:20 IST, the BSE 30-share Sensex was down 251.08 points or
1.67% to 14,798.78. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade.
The S&P CNX Nifty was down 75.15 points or 1.67% to 4428.85.
The BSE Mid-Cap index was down 0.60% at 5,802.11 and the BSE
Small-Cap index was down 0.30% at 6,961.12.
The market breadth was weak on BSE with 645 shares advancing as
compared to 905 that declined. 48 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories slumped
4.09% at Rs 470.30. The company lost a patent challenge against
Pfizer over selling cholesterol drug, Lipitor in Denmark. The
Ranbaxy stock lost 5.42% in past two sessions to Rs 490.35 on 2
September 2008 from Rs 518.50 on 29 August 2008.
Sterlite Industries (down 3.68% at Rs 613), Reliance Infrastructure
(down 3.15% at Rs 1008.90), HDFC Bank (down 2.92% at Rs 1305), and
Housing Development Finance Corporation (down 2.87% at Rs 2375),
were the other major Sensex losers.
Satyam Computer (up 0.61% at Rs 435.95), Mahindra & Mahindra (up
0.34% at Rs 589.10), Hindalco Industries (up 0.28% at Rs 124) and
TCS (up 0.25% at Rs 850.90), were the top Sensex gainers.
India's second largest software exporter by sales Infosys
Technologies rose 0.15% at Rs 1778.
India's largest commercial vehicles maker Tata Motors fell 0.66% at
Rs 427. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.60% at Rs 2178.05.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.32% at Rs 703.90.
Iron ore miner Resurgere Mines & Minerals India was the top traded
counter on BSE in terms of turnover. The stock rose 7.88% at Rs 673
on a turnover of Rs 79.84 crore. Resurgere Mines & Minerals India
debuted on 1 September 2008 at Rs 272.05 on BSE, a marginal premium
of 0.75% over its issue price of Rs 270. It settled at Rs 524.35 on
BSE, a 94.20% premium over initial public offer price of Rs 270, on
that day.
Indian stock market was shut yesterday, 3 September 2008 on account
of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth
Rs 1132.35 crore while mutual funds purchased shares worth Rs
209.79 crore on Tuesday, 2 September 2008, according to provisional
data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options
segment Tuesday, 2 September 2008. They were net buyers of index
futures to the tune of Rs 2078.33 crore and purchased index options
worth Rs 746.67 crore. They were net sellers of stock futures to
the tune of Rs 524.56 crore and bought stock options worth Rs
126.45 crore.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
lines ahead of the inflation data to be announced after market
hours today. Global cues were weak. All the sectoral indices on BSE
were negative, with realty and power sector shares declining the
most. India's largest drug maker by sales Tata Motors extended
losses for the third session in a row.
Asian markets were trading lower today, 4 September 2008. Key
indices in Hong Kong, Japan, Singapore, South Korea, and Taiwan
were trading down by 0.12% to 2.37%
Us markers ended mixed yesterday, 3 September 2008 as economic
jitters dampened street enthusiasm for stock buying, fizzling out
the post-Gustav enthusiasm. The Dow Jones industrial average gained
15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined
2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index
lost 15.51 points, or 0.66%, to 2,333.73.
At 10:20 IST, the BSE 30-share Sensex was down 251.08 points or
1.67% to 14,798.78. The index shed 267.93 points at the day's low
of 14,781.9, hit in early trade.
The S&P CNX Nifty was down 75.15 points or 1.67% to 4428.85.
The BSE Mid-Cap index was down 0.60% at 5,802.11 and the BSE
Small-Cap index was down 0.30% at 6,961.12.
The market breadth was weak on BSE with 645 shares advancing as
compared to 905 that declined. 48 shares remained unchanged.
India's leading drug maker by sales Ranbaxy Laboratories slumped
4.09% at Rs 470.30. The company lost a patent challenge against
Pfizer over selling cholesterol drug, Lipitor in Denmark. The
Ranbaxy stock lost 5.42% in past two sessions to Rs 490.35 on 2
September 2008 from Rs 518.50 on 29 August 2008.
Sterlite Industries (down 3.68% at Rs 613), Reliance Infrastructure
(down 3.15% at Rs 1008.90), HDFC Bank (down 2.92% at Rs 1305), and
Housing Development Finance Corporation (down 2.87% at Rs 2375),
were the other major Sensex losers.
Satyam Computer (up 0.61% at Rs 435.95), Mahindra & Mahindra (up
0.34% at Rs 589.10), Hindalco Industries (up 0.28% at Rs 124) and
TCS (up 0.25% at Rs 850.90), were the top Sensex gainers.
India's second largest software exporter by sales Infosys
Technologies rose 0.15% at Rs 1778.
India's largest commercial vehicles maker Tata Motors fell 0.66% at
Rs 427. The company has suspended work on its plant in Singur in
the face of huge farmer and political protests. The decision was
taken in order to ensure the safety of its employees and contract
labour, the company said in a statement.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.60% at Rs 2178.05.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.32% at Rs 703.90.
Iron ore miner Resurgere Mines & Minerals India was the top traded
counter on BSE in terms of turnover. The stock rose 7.88% at Rs 673
on a turnover of Rs 79.84 crore. Resurgere Mines & Minerals India
debuted on 1 September 2008 at Rs 272.05 on BSE, a marginal premium
of 0.75% over its issue price of Rs 270. It settled at Rs 524.35 on
BSE, a 94.20% premium over initial public offer price of Rs 270, on
that day.
Indian stock market was shut yesterday, 3 September 2008 on account
of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth
Rs 1132.35 crore while mutual funds purchased shares worth Rs
209.79 crore on Tuesday, 2 September 2008, according to provisional
data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options
segment Tuesday, 2 September 2008. They were net buyers of index
futures to the tune of Rs 2078.33 crore and purchased index options
worth Rs 746.67 crore. They were net sellers of stock futures to
the tune of Rs 524.56 crore and bought stock options worth Rs
126.45 crore.
Oil prices hovered around $109 a barrel today, 4 September 2008 as
traders weighed concerns over slowing demand from major consumer
countries against further hurricane threats to the US oil sector.
Pre Market Report 04/09/2008
Market likely to see volatile session; inflation eyed
Key benchmark indices are likely to see a volatile session today, 4 September 2008 ahead of the inflation data, which will be announced after market hours today. Global cues were mixed.
The wholesale price index for the 12 months to 23 August 2008 will be relased today. Inflation based on the wholesale price index rose 12.40% in 12 months to 16 August 2008, below its previous corresponding week's annual rise of 12.63% due to lower prices of some minerals and fuels, government data released on, 28 August 2008, showed.
Marketmen will closely watch the crucial Nuclear Suppliers Group (NSG) meet in Vienna scheduled today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft which is being presented after amendments following demands by at least 15 countries during the 21 - 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.
Most Asian markets were trading lower today, 4 September 2008. China's Shanghai Composite fell 0.34% or 7.80 points at 2,268.87, Japan's Nikkei was down 0.36% or 45.37 points at 12,644.22, Hong Kong's Hang Seng declined 0.15% or 31.44 points at 20,553.62, Taiwan's Taiwan Weighted plunged 1.22% or 80.50 points at 6,504.43, Singapore's Straits Times slipped 1.50% or 40.52 points at 2,666.01. However, South Korea's Seoul Composite was up 0.18% or 2.63 points at 1,429.52.
Us markers ended mixed yesterday, 3 September 2008 as economic jitters dampened street enthusiasm for stock buying, fizzling out the post-Gustav enthusiasm. The Dow Jones industrial average gained 15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined 2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index lost 15.51 points, or 0.66%, to 2,333.73.
Back home, a strong correction in crude oil price helped the key benchmark indices register phenomenal gains on Tuesday, 2 September 2008. The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86 and the S&P CNX Nifty was up 155.35 points or 3.57% to 4504 on that day.
Indian stock markets were shut yesterday, 3 September 2008 on account of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 1132.35 crore while mutual funds purchased shares worth Rs 209.79 crore on Tuesday, 2 September 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options segment Tuesday, 2 September 2008. They were net buyers of index futures to the tune of Rs 2078.33 crore and purchased index options worth Rs 746.67 crore. They were net sellers of stock futures to the tune of Rs 524.56 crore and bought stock options worth Rs 126.45 crore.
Key benchmark indices are likely to see a volatile session today, 4 September 2008 ahead of the inflation data, which will be announced after market hours today. Global cues were mixed.
The wholesale price index for the 12 months to 23 August 2008 will be relased today. Inflation based on the wholesale price index rose 12.40% in 12 months to 16 August 2008, below its previous corresponding week's annual rise of 12.63% due to lower prices of some minerals and fuels, government data released on, 28 August 2008, showed.
Marketmen will closely watch the crucial Nuclear Suppliers Group (NSG) meet in Vienna scheduled today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft which is being presented after amendments following demands by at least 15 countries during the 21 - 22 August 2008 meeting.
Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.
Most Asian markets were trading lower today, 4 September 2008. China's Shanghai Composite fell 0.34% or 7.80 points at 2,268.87, Japan's Nikkei was down 0.36% or 45.37 points at 12,644.22, Hong Kong's Hang Seng declined 0.15% or 31.44 points at 20,553.62, Taiwan's Taiwan Weighted plunged 1.22% or 80.50 points at 6,504.43, Singapore's Straits Times slipped 1.50% or 40.52 points at 2,666.01. However, South Korea's Seoul Composite was up 0.18% or 2.63 points at 1,429.52.
Us markers ended mixed yesterday, 3 September 2008 as economic jitters dampened street enthusiasm for stock buying, fizzling out the post-Gustav enthusiasm. The Dow Jones industrial average gained 15.96 points, or 0.14%, to 11,532.88. The S&P 500 index declined 2.60 points, or 0.20%, to 1,274.98, and the Nasdaq composite index lost 15.51 points, or 0.66%, to 2,333.73.
Back home, a strong correction in crude oil price helped the key benchmark indices register phenomenal gains on Tuesday, 2 September 2008. The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86 and the S&P CNX Nifty was up 155.35 points or 3.57% to 4504 on that day.
Indian stock markets were shut yesterday, 3 September 2008 on account of Ganesh Chaturthi.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 1132.35 crore while mutual funds purchased shares worth Rs 209.79 crore on Tuesday, 2 September 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 2426.89 crore in the futures & options segment Tuesday, 2 September 2008. They were net buyers of index futures to the tune of Rs 2078.33 crore and purchased index options worth Rs 746.67 crore. They were net sellers of stock futures to the tune of Rs 524.56 crore and bought stock options worth Rs 126.45 crore.
Nifty View
SENSEX (15049)
Sensex has resistance at 15107 and 15272. Support for the Sensex is at 14925 and 14888. If moves below, it
may test 14808.
NIFTY (4504)
Nifty has resistance at 4536 and 4572. If moves above, further upside is expected. Support is at 4497 and
4469. If moves below, it may test 4454 and 4440.
Sensex has resistance at 15107 and 15272. Support for the Sensex is at 14925 and 14888. If moves below, it
may test 14808.
NIFTY (4504)
Nifty has resistance at 4536 and 4572. If moves above, further upside is expected. Support is at 4497 and
4469. If moves below, it may test 4454 and 4440.
Austral Coke and Projects may see action on debut
Kolkata-based Austral Coke and Projects, engaged in the business of manufacturing low ash metallurgical coke (LAM coke), will debut at the bourses today, 4 September 2008. The company fixed the issue price at the top end of the Rs 164 to Rs 196 IPO price band.
The government may reportedly remove a $5-million-per-client limit imposed on participants in the currency futures market. Finance ministry officials, markets regulator Securities and Exchange Board of India and the central bank will review future initiatives for currency futures by September-end this year, the reports added.
Bharat Heavy Electricals is reportedly in talks with several foreign firms including Alstom, Siemens and General Electric to sell 49% in a greenfield locomotive plant it plans to set up at a cost of Rs 1000 crore. The Indian firm has identified locations in Madhya Pradesh and Andhra Pradesh for the project.
Oil and Natural Gas Corporation (ONGC) reportedly plans to list wholly-owned overseas exploration unit ONGC Videsh in 2009. The proceeds will be used to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
Bombay Dyeing and Manufacturing reportedly expects to sell 450,000 square feet of commercial property that it is developing, for about Rs 900 crore next year. The funds will be used to reduce its borrowings.
UCO Bank reportedly plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal. The bank will offer 10 crore shares to the public at a face value of Rs 10 and expects premium in between Rs 50-60. The bank would be able to raise Rs 500-600 crore from the market, the reports added.
Sona Koyo Steering Systems reportedly plans to diversify into new verticals like aerospace and windmill technology in order to lower dependence on automotive sector, which has been plagued by rising input costs and demand slowdown.
Gujarat NRE Minerals, the Australian unit of metallurgical coke producer Gujarat NRE Coke, reportedly plans to invest $450 million to ramp up capacities at its two mines in New South Wales by 2012/13.
Source: Capital Market
The government may reportedly remove a $5-million-per-client limit imposed on participants in the currency futures market. Finance ministry officials, markets regulator Securities and Exchange Board of India and the central bank will review future initiatives for currency futures by September-end this year, the reports added.
Bharat Heavy Electricals is reportedly in talks with several foreign firms including Alstom, Siemens and General Electric to sell 49% in a greenfield locomotive plant it plans to set up at a cost of Rs 1000 crore. The Indian firm has identified locations in Madhya Pradesh and Andhra Pradesh for the project.
Oil and Natural Gas Corporation (ONGC) reportedly plans to list wholly-owned overseas exploration unit ONGC Videsh in 2009. The proceeds will be used to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
Bombay Dyeing and Manufacturing reportedly expects to sell 450,000 square feet of commercial property that it is developing, for about Rs 900 crore next year. The funds will be used to reduce its borrowings.
UCO Bank reportedly plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal. The bank will offer 10 crore shares to the public at a face value of Rs 10 and expects premium in between Rs 50-60. The bank would be able to raise Rs 500-600 crore from the market, the reports added.
Sona Koyo Steering Systems reportedly plans to diversify into new verticals like aerospace and windmill technology in order to lower dependence on automotive sector, which has been plagued by rising input costs and demand slowdown.
Gujarat NRE Minerals, the Australian unit of metallurgical coke producer Gujarat NRE Coke, reportedly plans to invest $450 million to ramp up capacities at its two mines in New South Wales by 2012/13.
Source: Capital Market
Tips for 4th
BEML has broken an important short term resistance of Rs 760. Buy for target of Rs 840-870-940-960
Wednesday, September 3, 2008
Post Market Report:02/09/2008
A strong correction in crude oil price helped the key benchmark
indices register phenomenal gains today, 2 September 2008. The
30-share BSE Sensex jumped over 500 points to cross the
psychological 15,000 mark after nearly 12 trading sessions. Realty
and banking shares were star performers, while healthcare stocks
lagged behind in today's rally.
Oil prices tumbled extending the previous day's fall on initial
signs that a weakened Hurricane Gustav spared major Gulf oil
facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel
on the New York Mercantile Exchange (NYMEX).
European markets turned positive after a negative start. Key
benchmark indices in UK, France and Germany were up 0.33% to 1.39%.
Some of the Asian indices moved into positive terrain from negative
terrain during the course of the day. Key benchmark indices in Hong
Kong and Singapore were up 0.65% to 1.58%. However, indices in
China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.
US markets were closed on Monday, 1 September 2008, for Labour Day
holiday.
The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86.
The Sensex opened 110.93 points higher at 14,609.44 and thereafter
traded in a narrow range of 14550 and 14600. But a sudden buying
demand led by slide in crude oil prices in the second half of
trading session catapulted the index 607.64 points up at the day's
high of 15,106.15 in mid-afternoon. The index rose 44.7 points at
the day's low of 14,543.21 it hit in early trade.
The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty
September 2008 futures were at 4517.05, at a premium of 13.05
points as compared to spot closing.
India's stock market remains closed tomorrow, 3 September 2008 on
account of Ganesh Chaturthi.
The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap
index was up 1.32% at 6,982.39. Both the indices underperformed the
Sensex.
The market breadth was strong on BSE with 1675 shares advancing as
compared to 986 that declined. 72 shares remained unchanged.
The BSE Sensex is down 5237.13 points or 25.81% in calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
6156.91 points or 29.03% away from its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14
crore on Monday, 1 September 2008. NSE's futures & options (F&O)
segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16
crore on Monday, 1 September 2008.
India's largest state-run oil explorer by market capitalisation
ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed
its rating on the Rs 50 crore non-convertible debenture issue of
ONGC at 'AAA/Stable'. This follows the announcement by UK-based
Imperial Energy Corporation Plc last week, giving its consent to
its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The
firm said during trading hours on Monday, 1 September 2008, it has
withdrawn an application it made to the central government to
permit it to assign a part of its participating interest to its
100% subsidiaries.
India's second largest software exporter by sales Infosys
Technologies rose 3.02% at Rs 1775.30.
India's largest commercial vehicle maker by sales Tata Motors fell
1.82% at Rs 429.85. Tata Motors, today, announced the terms of the
proposed two rights issues aggregating around Rs 4200 crore.
Shareholders would get one ordinary share for every six shares
held. These shares will be issued at a price of Rs 340 each
aggregating to Rs 2,186 crore.
Banking shares soared as sliding oil prices calmed inflation
concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to
7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank
of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs
1,341.45), soared. India's largest private sector bank by market
capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had
earlier hit a low of Rs 668.80.
Realty shares spurted. The BSE Realty index outperformed the
Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at
Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs
325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech
(up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.
Airline stocks surged as crude oil prices declined sharply. Jet
Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs
89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.
Healthcare stocks slipped. The BSE Healthcare index underperformed
the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83%
at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15),
Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer
(down 0.87% at Rs 575.55), slipped.
India's leading drug maker by sales Ranbaxy Laboratories fell 1.89%
at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit
in early trade. The company lost a patent challenge against Pfizer
over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy
stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit
by the news.
Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75.
The firm benefits from high crude oil prices.
Newspaper publisher Deccan Chronicle Holdings extended gains for
fifth consecutive session in a row. The stock rose 1.85% at Rs
129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs
113.30 on 26 August 2008.
Oilfield services provider Great Offshore soared 7.69% to Rs 561.55
after the company said it has forayed into port management and
single point mooring operations through acquisition of 100% stake
in two domestic companies for a consideration of Rs 160 crore.
State-run Union Bank of India rose 6.13% at Rs 154. The bank
reportedly plans to raise Rs 1000 crore via debt in a month's time.
The bank has headroom to raise up to Rs 3500 crore and it would try
to raise the amount by the end of 2008, the reports added.
Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The
company said on Monday, 1 September 2008, its board approved an
investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint
venture with Mahindra & Mahindra. The company will also sub-license
the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it
added.
Resurgere Mines & Minerals India clocked the highest turnover of Rs
928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance
Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and
Reliance Natural Resources (Rs 198.39 crore), were the other
turnover toppers on BSE in that order.
Reliance Natural Resources reported the highest volume of 2.05
crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore
shares), IFCI (1.05 crore shares), Infrastructure Development
Finance Company (90.39 lakh shares), and Marksans Pharma (85.23
lakh shares), were the other volume toppers on BSE in that order.
indices register phenomenal gains today, 2 September 2008. The
30-share BSE Sensex jumped over 500 points to cross the
psychological 15,000 mark after nearly 12 trading sessions. Realty
and banking shares were star performers, while healthcare stocks
lagged behind in today's rally.
Oil prices tumbled extending the previous day's fall on initial
signs that a weakened Hurricane Gustav spared major Gulf oil
facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel
on the New York Mercantile Exchange (NYMEX).
European markets turned positive after a negative start. Key
benchmark indices in UK, France and Germany were up 0.33% to 1.39%.
Some of the Asian indices moved into positive terrain from negative
terrain during the course of the day. Key benchmark indices in Hong
Kong and Singapore were up 0.65% to 1.58%. However, indices in
China, South Korea, Taiwan and Japan were down by 0.52% to 1.75%.
US markets were closed on Monday, 1 September 2008, for Labour Day
holiday.
The BSE 30-share Sensex jumped 551.35 points or 3.80% to 15,049.86.
The Sensex opened 110.93 points higher at 14,609.44 and thereafter
traded in a narrow range of 14550 and 14600. But a sudden buying
demand led by slide in crude oil prices in the second half of
trading session catapulted the index 607.64 points up at the day's
high of 15,106.15 in mid-afternoon. The index rose 44.7 points at
the day's low of 14,543.21 it hit in early trade.
The S&P CNX Nifty was up 155.35 points or 3.57% to 4504. Nifty
September 2008 futures were at 4517.05, at a premium of 13.05
points as compared to spot closing.
India's stock market remains closed tomorrow, 3 September 2008 on
account of Ganesh Chaturthi.
The BSE Mid-Cap index rose 1.66% at 5,837.01 and the BSE Small-Cap
index was up 1.32% at 6,982.39. Both the indices underperformed the
Sensex.
The market breadth was strong on BSE with 1675 shares advancing as
compared to 986 that declined. 72 shares remained unchanged.
The BSE Sensex is down 5237.13 points or 25.81% in calendar year
2008 so far from its close of 20,286.99 on 31 December 2007. It is
6156.91 points or 29.03% away from its all-time high of 21,206.77
struck on 10 January 2008.
BSE clocked a turnover of Rs 6386 crore as against Rs 4,854.14
crore on Monday, 1 September 2008. NSE's futures & options (F&O)
segment turnover was Rs 58,889.38 crore, higher than Rs 37,943.16
crore on Monday, 1 September 2008.
India's largest state-run oil explorer by market capitalisation
ONGC rose 6.97% to Rs 1101.55. Rating agency CRISIL has reaffirmed
its rating on the Rs 50 crore non-convertible debenture issue of
ONGC at 'AAA/Stable'. This follows the announcement by UK-based
Imperial Energy Corporation Plc last week, giving its consent to
its acquisition by ONGC through its subsidiary ONGC Videsh (OVL).
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 3.41% at Rs 2213.55. The
firm said during trading hours on Monday, 1 September 2008, it has
withdrawn an application it made to the central government to
permit it to assign a part of its participating interest to its
100% subsidiaries.
India's second largest software exporter by sales Infosys
Technologies rose 3.02% at Rs 1775.30.
India's largest commercial vehicle maker by sales Tata Motors fell
1.82% at Rs 429.85. Tata Motors, today, announced the terms of the
proposed two rights issues aggregating around Rs 4200 crore.
Shareholders would get one ordinary share for every six shares
held. These shares will be issued at a price of Rs 340 each
aggregating to Rs 2,186 crore.
Banking shares soared as sliding oil prices calmed inflation
concerns. The BSE Bankex outperformed the Sensex, rising 6.06% to
7,446.52. Kotak Mahindra Bank (up 9.57% at Rs 649.95), State Bank
of India (up 7.44% at Rs 1,521.35), and HDFC Bank (up 3.50% at Rs
1,341.45), soared. India's largest private sector bank by market
capitalisation ICICI Bank rose 7.34% at Rs 713.30. The stock had
earlier hit a low of Rs 668.80.
Realty shares spurted. The BSE Realty index outperformed the
Sensex, rising 7.35% to 5,367.27. Orbit Corporation (up 16.80% at
Rs 304.55), Housing Development & Infrastructure (up 16.27% at Rs
325.85), Indiabulls Real Estate (up 9.64% at Rs 322.35), Unitech
(up 7.14% at Rs 169.60), and DLF (up 7.14% at Rs 529.85), spurted.
Airline stocks surged as crude oil prices declined sharply. Jet
Airways (up 9.55% at Rs 532.90), Deccan Aviation (up 7.60% at Rs
89.20), and SpiceJet (up 6.63% at Rs 29.75), surged.
Healthcare stocks slipped. The BSE Healthcare index underperformed
the Sensex, rising 0.64% to 4,338.23. Fortis Healthcare (down 1.83%
at Rs 74.95), Ipca Laboratories (down 1.20% at Rs 565.15),
Aurobindo Pharmaceuticals (down 0.90% at Rs 318.05), and Pfizer
(down 0.87% at Rs 575.55), slipped.
India's leading drug maker by sales Ranbaxy Laboratories fell 1.89%
at Rs 490.35. The stock recovered from a low of Rs 447.90, it hit
in early trade. The company lost a patent challenge against Pfizer
over selling cholesterol drug, Lipitor in Denmark. The Ranbaxy
stock declined 3.61% to Rs 499.80 yesterday, 1 September 2008, hit
by the news.
Private sector oil explorer Cairn India slumped 5.76% at Rs 233.75.
The firm benefits from high crude oil prices.
Newspaper publisher Deccan Chronicle Holdings extended gains for
fifth consecutive session in a row. The stock rose 1.85% at Rs
129.50. It advanced 12.22% to Rs 127.15 on 1 September 2008 from Rs
113.30 on 26 August 2008.
Oilfield services provider Great Offshore soared 7.69% to Rs 561.55
after the company said it has forayed into port management and
single point mooring operations through acquisition of 100% stake
in two domestic companies for a consideration of Rs 160 crore.
State-run Union Bank of India rose 6.13% at Rs 154. The bank
reportedly plans to raise Rs 1000 crore via debt in a month's time.
The bank has headroom to raise up to Rs 3500 crore and it would try
to raise the amount by the end of 2008, the reports added.
Scooter maker Kinetic Motor Company rose 3.98% at Rs 19.60. The
company said on Monday, 1 September 2008, its board approved an
investment of Rs 29.50 crore in Mahindra Two Wheelers, its joint
venture with Mahindra & Mahindra. The company will also sub-license
the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it
added.
Resurgere Mines & Minerals India clocked the highest turnover of Rs
928.52 crore on BSE. Reliance Capital (Rs 292.40 crore), Reliance
Industries (Rs 218.34 crore), ICICI Bank (Rs 209.24 crore), and
Reliance Natural Resources (Rs 198.39 crore), were the other
turnover toppers on BSE in that order.
Reliance Natural Resources reported the highest volume of 2.05
crore shares on BSE. Resurgere Mines & Minerals India (1.62 crore
shares), IFCI (1.05 crore shares), Infrastructure Development
Finance Company (90.39 lakh shares), and Marksans Pharma (85.23
lakh shares), were the other volume toppers on BSE in that order.
Tuesday, September 2, 2008
Software stocks may see action
Software stocks may see action as the Indian rupee opened weaker today, taking the appointment of a new central bank chief in its stride, as it focused on concerns about a widening trade deficit. At 9:03 IST, the rupee was trading at 44.22/23 per dollar, compared with previous close of 44.17/18.
Cement makers ACC, Ambuja Cements, JK Lakshmi Cement and Ultratech have reportedly raised cement prices in Mumbai by Rs 3 per 50 kilogram bag.
Reliance Industries has reportedly dropped plans to acquire the polyester manufacturing unit of US-based polyester maker Unifi, in which it planned to invest about $250 million.
ICICI Venture-controlled Ranbaxy Fine Chemicals is close to buying US speciality chemicals maker Mallinckrodt Baker, a unit of healthcare group Covidien, for $340 million. ICICI Venture may put in $100 million as equity contribution, while the balance will be provided as debt by ICICI Bank. ICICI Venture is a wholly-owned unit of ICICI Bank.
Kinetic Motor Company said on Monday, 1 September 2008 its board approved an investment of Rs 29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.
State-run Union Bank of India reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.
Cement makers ACC, Ambuja Cements, JK Lakshmi Cement and Ultratech have reportedly raised cement prices in Mumbai by Rs 3 per 50 kilogram bag.
Reliance Industries has reportedly dropped plans to acquire the polyester manufacturing unit of US-based polyester maker Unifi, in which it planned to invest about $250 million.
ICICI Venture-controlled Ranbaxy Fine Chemicals is close to buying US speciality chemicals maker Mallinckrodt Baker, a unit of healthcare group Covidien, for $340 million. ICICI Venture may put in $100 million as equity contribution, while the balance will be provided as debt by ICICI Bank. ICICI Venture is a wholly-owned unit of ICICI Bank.
Kinetic Motor Company said on Monday, 1 September 2008 its board approved an investment of Rs 29.5 crore in Mahindra Two Wheelers, its joint venture with Mahindra & Mahindra. The company will also sub-license the 'Kinetic' brand to Mahindra Two Wheelers for 25 years, it added.
State-run Union Bank of India reportedly plans to raise Rs 1000 crore via debt in a month's time. The bank has headroom to raise up to Rs 3500 crore and it would try to raise the amount by the end of 2008, the reports added.
Tips for 02.09.2008
ACC LTD CMP 563.75 Sup : 554/550 Res 571/577
Bharati CMP 816.20 Sup 803/796 Res 834/850
IFCI CMP: 44.20 Sup: 43.5/43 Res 45/45.5
Bharati CMP 816.20 Sup 803/796 Res 834/850
IFCI CMP: 44.20 Sup: 43.5/43 Res 45/45.5
Pre Market Report 02/09/2008
The market may edge higher following a sharp fall in oil prices. However, subdued trend in Asian stocks may cap gains. Traders may refrain from building large positions ahead of a market holiday tomorrow, 3 September 2008. The market remains closed tomorrow on account of Ganesh Chaturthi.
Oil extended losses toward $111 a barrel on Tuesday, 2 September 2008, after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell-off of commodities.
Asian stocks were mostly in the red today, 2 September 2008. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were down by between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets were closed on Monday, 1 September 2008, for Labour Day holiday.
As per provisional data released by the stock exchanges, foreign funds on Monday, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.
Equity mutual funds are sitting on large cash pile and the market may find support once mutual funds start deploying the idle cash. Equity funds are having 11% of assets in cash.
The market ended with small losses on Monday, 1 September 2008, staging a smart comeback from an intra-day fall. BSE Sensex lost 66.02 points or 0.45% at 14,498.51, recovering from an intra-day fall of 283.43 points.
Two biggest concerns which are weighing heavily on the stock markets are slowing economic growth and high inflation. Concerns on the inflation front had eased a bit last week when data showed inflation had softened for the first time in 28 weeks. The inflation trajectory suggested one more round of rate hikes before the central bank halts its current cycle of tightening, Kotak Securities said in a recent report. Inflation remains far above central bank's target level of 7% towards the year ending March 2009.
In Annual Report for 2007-08 released after trading hours on Friday, 29 August 2008, the Reserve Bank of India (RBI) said inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
RBI sees several risks to growth prospects of the economy in the short term, stemming from both global and local factors. India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening, data released by the government during trading hours on Friday, 29 August 2008, showed.
As per a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.
Meanwhile, the market will closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Oil extended losses toward $111 a barrel on Tuesday, 2 September 2008, after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell-off of commodities.
Asian stocks were mostly in the red today, 2 September 2008. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were down by between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets were closed on Monday, 1 September 2008, for Labour Day holiday.
As per provisional data released by the stock exchanges, foreign funds on Monday, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.
Equity mutual funds are sitting on large cash pile and the market may find support once mutual funds start deploying the idle cash. Equity funds are having 11% of assets in cash.
The market ended with small losses on Monday, 1 September 2008, staging a smart comeback from an intra-day fall. BSE Sensex lost 66.02 points or 0.45% at 14,498.51, recovering from an intra-day fall of 283.43 points.
Two biggest concerns which are weighing heavily on the stock markets are slowing economic growth and high inflation. Concerns on the inflation front had eased a bit last week when data showed inflation had softened for the first time in 28 weeks. The inflation trajectory suggested one more round of rate hikes before the central bank halts its current cycle of tightening, Kotak Securities said in a recent report. Inflation remains far above central bank's target level of 7% towards the year ending March 2009.
In Annual Report for 2007-08 released after trading hours on Friday, 29 August 2008, the Reserve Bank of India (RBI) said inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
RBI sees several risks to growth prospects of the economy in the short term, stemming from both global and local factors. India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening, data released by the government during trading hours on Friday, 29 August 2008, showed.
As per a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.
Meanwhile, the market will closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Monday, September 1, 2008
Post Market Report:01/09/2008
The key benchmark indices staged a sharp recovery from lower level
in the fag end of the trading session led by rebound in bank shares
and select pivotals. The 30-share BSE sensex recoupled 253 points
from the day's low it had hit in afternoon trade.
As per provisional closing, the BSE 30-share Sensex was down 29.63
points or 0.20% to 14,534.90. At day's low of 14,281.10, the index
fell 283.43 in early afternoon trade. At day's high of 14,547.41,
the Sensex shed 17.12 points at the fag end of the trading session.
The S&P CNX Nifty was up 0.55 points or 0.01% to 4360.55. It came
off session's low of 4281.35
The BSE Mid-Cap index was up 0.05% at 5,745.27 and the BSE
Small-Cap index was up 0.01% at 6,892.60.
The market breadth was weak on BSE with 1338 shares advancing as
compared to 1245 that declined. 93 shares remained unchanged.
BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84
crore on 29 August 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.34% to Rs 2144. The
stock moved in the range of Rs 2165 to Rs 2106. The company has
abandoned a plan to transfer an 80% stake in a deepwater block to
its subsidiaries as it has raised the money it needs for the block,
the company said in a statement today, 1 September 2008. RIL, which
owns 90% in the gas-rich D-6 block in the Krishna Godavari basin
off India's east coast, said last week it had sent a proposal for
the transfer of the stake to four fully-owned subsidiaries and was
awaiting government approval.
India's second largest software exporter by sales Infosys
Technnologies was down 1.06% to Rs 1730.
India's largest passenger car maker by sales Maruti Suzuki India
declined 2.21% to Rs 636 after the company posted 9.2% fall in
sales to 59,908 units in August 2008 over August 2007. The stock
had risen 3.83% in two trading sessions to Rs 650.40 on 29 August
2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of
Rs 618.35 earlier.
Banking shares showed a sharp recovery. The BSE Bankex was up 0.75%
at 7,062.40. The index had earlier hit a low of 6,823.41. India's
second largest private sector bank in terms of net profit HDFC Bank
rose 2.11% at Rs 1304.20. It came off from the day's low of Rs
1245.60. India's largest commercial lender State Bank of India rose
2.36% at Rs 1436.70. It came of from the day's low of Rs 1360.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90
earlier.
India's largest power equipment maker by sales Bharat Heavy
Electricals rose 1.01% at Rs 1723.80. It came off from the day's
low of Rs 1650.10.
India's largest realty developer by market capitalisation DLF rose
0.34% at R s495. It came off from the day's low of Rs 480.
India's third biggest motorcycle maker by sales TVS Motors rose
1.53% at Rs 33.15 after the company said its two-wheeler sales rose
11% to 114,321 units in August 2008 over August 2007.
Construction firm Gammon Infrastructure Projects rose 3.95% to Rs
98.70 after the company said it has won rights to build a 261
megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510
crore.
State-run miner NMDC gained 2.62% to Rs 311 after the company said
it plans to set up an integrated steel plant at Nagarnar in
Chhattisgarh.
Engineering firm Shriram EPC rose 2.72% to Rs 256.80 after the
company said it has acquired 55% stake in Chennai based Blackstone
Group Technologies for an undisclosed sum.
European market were trading lower. Key benchmark indices in UK,
France and Germany were down 0.51% to 0.89%. Asian stocks dropped
today, 1 September 2008, amid concerns about the impact of weaker
global demand on the region's economies. Key benchmark indices in
Hong Kong, Japan, South Koera, Singapore, Taiwan and China were
down by between 0.95% to 4.06%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
in the fag end of the trading session led by rebound in bank shares
and select pivotals. The 30-share BSE sensex recoupled 253 points
from the day's low it had hit in afternoon trade.
As per provisional closing, the BSE 30-share Sensex was down 29.63
points or 0.20% to 14,534.90. At day's low of 14,281.10, the index
fell 283.43 in early afternoon trade. At day's high of 14,547.41,
the Sensex shed 17.12 points at the fag end of the trading session.
The S&P CNX Nifty was up 0.55 points or 0.01% to 4360.55. It came
off session's low of 4281.35
The BSE Mid-Cap index was up 0.05% at 5,745.27 and the BSE
Small-Cap index was up 0.01% at 6,892.60.
The market breadth was weak on BSE with 1338 shares advancing as
compared to 1245 that declined. 93 shares remained unchanged.
BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84
crore on 29 August 2008.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.34% to Rs 2144. The
stock moved in the range of Rs 2165 to Rs 2106. The company has
abandoned a plan to transfer an 80% stake in a deepwater block to
its subsidiaries as it has raised the money it needs for the block,
the company said in a statement today, 1 September 2008. RIL, which
owns 90% in the gas-rich D-6 block in the Krishna Godavari basin
off India's east coast, said last week it had sent a proposal for
the transfer of the stake to four fully-owned subsidiaries and was
awaiting government approval.
India's second largest software exporter by sales Infosys
Technnologies was down 1.06% to Rs 1730.
India's largest passenger car maker by sales Maruti Suzuki India
declined 2.21% to Rs 636 after the company posted 9.2% fall in
sales to 59,908 units in August 2008 over August 2007. The stock
had risen 3.83% in two trading sessions to Rs 650.40 on 29 August
2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of
Rs 618.35 earlier.
Banking shares showed a sharp recovery. The BSE Bankex was up 0.75%
at 7,062.40. The index had earlier hit a low of 6,823.41. India's
second largest private sector bank in terms of net profit HDFC Bank
rose 2.11% at Rs 1304.20. It came off from the day's low of Rs
1245.60. India's largest commercial lender State Bank of India rose
2.36% at Rs 1436.70. It came of from the day's low of Rs 1360.
India's largest private sector bank by market capitalisation ICICI
Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90
earlier.
India's largest power equipment maker by sales Bharat Heavy
Electricals rose 1.01% at Rs 1723.80. It came off from the day's
low of Rs 1650.10.
India's largest realty developer by market capitalisation DLF rose
0.34% at R s495. It came off from the day's low of Rs 480.
India's third biggest motorcycle maker by sales TVS Motors rose
1.53% at Rs 33.15 after the company said its two-wheeler sales rose
11% to 114,321 units in August 2008 over August 2007.
Construction firm Gammon Infrastructure Projects rose 3.95% to Rs
98.70 after the company said it has won rights to build a 261
megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510
crore.
State-run miner NMDC gained 2.62% to Rs 311 after the company said
it plans to set up an integrated steel plant at Nagarnar in
Chhattisgarh.
Engineering firm Shriram EPC rose 2.72% to Rs 256.80 after the
company said it has acquired 55% stake in Chennai based Blackstone
Group Technologies for an undisclosed sum.
European market were trading lower. Key benchmark indices in UK,
France and Germany were down 0.51% to 0.89%. Asian stocks dropped
today, 1 September 2008, amid concerns about the impact of weaker
global demand on the region's economies. Key benchmark indices in
Hong Kong, Japan, South Koera, Singapore, Taiwan and China were
down by between 0.95% to 4.06%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Resurgere Mines & Minerals India Ltd IPO Shares listing Day Trading Information at BSE:
Issue Price: Rs. 270/-
Open: Rs. 272.05/-
Low: Rs. 272.05/-
High: Rs. 562.80/-
Last Trade: Rs. 524.35/-
Volume: 33,197,409
Resurgere Mines & Minerals India Ltd listed at amazing premium of around 95%. Vishal Information Technologies IPO Shares, which were listed on Aug 11, are now traded at around 100% premium. These are few good signs for primary stock market to pick up real fast, where around 50 more companies are now waiting for raising money through IPO's.
Open: Rs. 272.05/-
Low: Rs. 272.05/-
High: Rs. 562.80/-
Last Trade: Rs. 524.35/-
Volume: 33,197,409
Resurgere Mines & Minerals India Ltd listed at amazing premium of around 95%. Vishal Information Technologies IPO Shares, which were listed on Aug 11, are now traded at around 100% premium. These are few good signs for primary stock market to pick up real fast, where around 50 more companies are now waiting for raising money through IPO's.
IPO Listing - Austral Coke & Projects Ltd
Austral Coke & Projects Ltd IPO Shares Listing Info:
IPO Listing Date: Thursday, September 4, 2008
BSE Script Code: 533016
NSE Symbol: AUSTRAL
Listing in: B Group of Securities
ISIN: INE455J01019
Issue Price: Rs. 196/-
Face Value: Rs 10/- Per Equity Share
IPO Listing Date: Thursday, September 4, 2008
BSE Script Code: 533016
NSE Symbol: AUSTRAL
Listing in: B Group of Securities
ISIN: INE455J01019
Issue Price: Rs. 196/-
Face Value: Rs 10/- Per Equity Share
Market slides on weak global cues
The market opened lower on weak cues from global equities and
uptick in oil price. The BSE 30-share Sensex was down 123.99
points. All the sectoral indices on BSE were in red. Realty and
banking shares witnessed major selling pressure. Aviation stocks
rallied on reports of 16% cut in aviation turbine fuel prices by
state-ril oil firms. Mid-cap and small-cap counters declined.
Asian stocks dropped today, 1 September 2008, amid concerns about
the impact of weaker global demand on the region's economies. Key
benchmark indices in Hong Kong, Japan, South Koera, Singapore,
Taiwan and China were down by between 1.33% to 3.21%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Oil rose above $116 a barrel on Monday, 1 September 2008, as a
quarter of US crude production was shuttered because of Hurricane
Gustav, the biggest threat since 2005's destructive Hurricane
Katrina.
At 10:20 IST, the BSE 30-share Sensex was down 123.99 points or
0.85% to 14,440.54. At the day's low of 14,394.19, the Sensex lost
170.34 in early trades. At day's high of 14,461.93, the Sensex shed
102.60 points in early trade
The S&P CNX Nifty was down 34.70 points or 0.80% to 4325.30.
The BSE Mid-Cap index was almost unchanged at 5,742.78 and the BSE
Small-Cap index was down 0.04% at 6,888.91.
The market breadth was negative on BSE with 741 shares advancing as
compared to 785 that declined. 53 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.43% at Rs 2146. RIL
has reportedly scrapped a plan to transfer an 80% stake in a
deepwater block to four fully-owned units. Reliance, which owns 90%
in the gas-rich D-6 block in the Krishna Godavari basin off India's
east coast, had said last week it sent a proposal for the transfer
to the government and was awaiting approval.
India's largest private sector bank by market capitalisation ICICI
Bank slipped 1.91% at Rs 658.70.
India's second largest software exporter by sales Infosys
Technologies fell 0.37% at Rs 1742.10.
Top Sensex losers were, Tata Motors (down 2.11% at Rs 431.05),
Huosing Development Finance Corporation (down 1.99% at Rs 2297),
NTPC (down 1.83% at Rs 171.95), Ranbaxy Laboratories (down 1.83% at
Rs 509), and DLF (down 1.80% at Rs 484.40).
Major Sensex gainers were, Satyam Computer (up 1.11% at Rs 424.50),
TCS (up 0.55% at Rs 816.90), Hindalco Industries (up 0.41% at Rs
123), ACC (up 0.42% at Rs 564).
Aviation stocks gained on reports the state-run oil companies have
cut aviation turbine fuel prices by 16%, or Rs 11,784 a kilolitre,
with effect from Sunday, 31 August 2008 midnight, due to softening
international crude prices. Jet Airways (up 5.85% at Rs 500.05),
SpiceJet (up 5.13% at Rs 28.70), Deccan Aviation (up 6.49% at Rs
84.50), surged. However, major domestic airlines have ruled out
cutting fares at the moment, added reports.
Natural gas distributer Reliance Natural Resources (RNRL) fell
0.48% at Rs 94.15. The hearing for RIL-RNRL case is scheduled
today, 1 September 2008. RNRL moved the court in November 2006
seeking a firm supply of 28 million metric standard cubic meters
per day (mmscmd) of gas and additional 12 mmscmd of gas in case
RIL-NTPC gas supply agreement does not firm up at $2.34 per mmbtu.
RNRL also sought 40% gas from other fields of RIL at market
determined prices.
As per provisional data released by the stock exchanges, foreign
funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61
crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586
crore in the futures & options segment on Friday, 29 August 2008.
According to the data released by the National Stock Exchange, FIIs
were net buyers of index futures to the tune of Rs 1,015.19 crore
and bought index options worth Rs 907.43 crore. They were net
sellers of stock futures to the tune of Rs 447.61 crore and bought
stock options worth Rs 110.53 crore.
The Indian stock market surged on Friday, 29 August 2008, as data
showing a slower-than-expected GDP growth in Q1 June 2008 and
softening of inflation raised hopes for a pause in monetary
tightening by the central bank. The BSE Sensex jumped 516.19 points
or 3.67% at 14,564.53.
India's gross domestic product (GDP) grew 7.9% in the June 2008
quarter from a year earlier, easing from the previous quarter's
8.8% rise as industrial activity slowed due to monetary tightening,
data released by the government during trading hours on Friday, 29
August 2008, showed. The GDP growth in the first quarter of the
current fiscal year was lower than market expectations of a rise of
a little above 8%
uptick in oil price. The BSE 30-share Sensex was down 123.99
points. All the sectoral indices on BSE were in red. Realty and
banking shares witnessed major selling pressure. Aviation stocks
rallied on reports of 16% cut in aviation turbine fuel prices by
state-ril oil firms. Mid-cap and small-cap counters declined.
Asian stocks dropped today, 1 September 2008, amid concerns about
the impact of weaker global demand on the region's economies. Key
benchmark indices in Hong Kong, Japan, South Koera, Singapore,
Taiwan and China were down by between 1.33% to 3.21%
US stocks tumbled on Friday, 29 August 2008, led lower by tech
shares after computer maker Dell warned that companies worldwide
are cutting back on technology spending. The Dow Jones industrial
average lost 171.47 points, or 1.46%, at 11,543.71. The Standard &
Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The
Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.
Economic data added to the market's jitters ahead of the long Labor
Day weekend. US market remains closed on Monday, 1 September 2008,
for Labor Day holiday.
Oil rose above $116 a barrel on Monday, 1 September 2008, as a
quarter of US crude production was shuttered because of Hurricane
Gustav, the biggest threat since 2005's destructive Hurricane
Katrina.
At 10:20 IST, the BSE 30-share Sensex was down 123.99 points or
0.85% to 14,440.54. At the day's low of 14,394.19, the Sensex lost
170.34 in early trades. At day's high of 14,461.93, the Sensex shed
102.60 points in early trade
The S&P CNX Nifty was down 34.70 points or 0.80% to 4325.30.
The BSE Mid-Cap index was almost unchanged at 5,742.78 and the BSE
Small-Cap index was down 0.04% at 6,888.91.
The market breadth was negative on BSE with 741 shares advancing as
compared to 785 that declined. 53 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.43% at Rs 2146. RIL
has reportedly scrapped a plan to transfer an 80% stake in a
deepwater block to four fully-owned units. Reliance, which owns 90%
in the gas-rich D-6 block in the Krishna Godavari basin off India's
east coast, had said last week it sent a proposal for the transfer
to the government and was awaiting approval.
India's largest private sector bank by market capitalisation ICICI
Bank slipped 1.91% at Rs 658.70.
India's second largest software exporter by sales Infosys
Technologies fell 0.37% at Rs 1742.10.
Top Sensex losers were, Tata Motors (down 2.11% at Rs 431.05),
Huosing Development Finance Corporation (down 1.99% at Rs 2297),
NTPC (down 1.83% at Rs 171.95), Ranbaxy Laboratories (down 1.83% at
Rs 509), and DLF (down 1.80% at Rs 484.40).
Major Sensex gainers were, Satyam Computer (up 1.11% at Rs 424.50),
TCS (up 0.55% at Rs 816.90), Hindalco Industries (up 0.41% at Rs
123), ACC (up 0.42% at Rs 564).
Aviation stocks gained on reports the state-run oil companies have
cut aviation turbine fuel prices by 16%, or Rs 11,784 a kilolitre,
with effect from Sunday, 31 August 2008 midnight, due to softening
international crude prices. Jet Airways (up 5.85% at Rs 500.05),
SpiceJet (up 5.13% at Rs 28.70), Deccan Aviation (up 6.49% at Rs
84.50), surged. However, major domestic airlines have ruled out
cutting fares at the moment, added reports.
Natural gas distributer Reliance Natural Resources (RNRL) fell
0.48% at Rs 94.15. The hearing for RIL-RNRL case is scheduled
today, 1 September 2008. RNRL moved the court in November 2006
seeking a firm supply of 28 million metric standard cubic meters
per day (mmscmd) of gas and additional 12 mmscmd of gas in case
RIL-NTPC gas supply agreement does not firm up at $2.34 per mmbtu.
RNRL also sought 40% gas from other fields of RIL at market
determined prices.
As per provisional data released by the stock exchanges, foreign
funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61
crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586
crore in the futures & options segment on Friday, 29 August 2008.
According to the data released by the National Stock Exchange, FIIs
were net buyers of index futures to the tune of Rs 1,015.19 crore
and bought index options worth Rs 907.43 crore. They were net
sellers of stock futures to the tune of Rs 447.61 crore and bought
stock options worth Rs 110.53 crore.
The Indian stock market surged on Friday, 29 August 2008, as data
showing a slower-than-expected GDP growth in Q1 June 2008 and
softening of inflation raised hopes for a pause in monetary
tightening by the central bank. The BSE Sensex jumped 516.19 points
or 3.67% at 14,564.53.
India's gross domestic product (GDP) grew 7.9% in the June 2008
quarter from a year earlier, easing from the previous quarter's
8.8% rise as industrial activity slowed due to monetary tightening,
data released by the government during trading hours on Friday, 29
August 2008, showed. The GDP growth in the first quarter of the
current fiscal year was lower than market expectations of a rise of
a little above 8%
Nifty and Sensex View for today
SENSEX (14564)
Sensex has resistance at 14634 and 14699. If moves above, it may test 14758. Support for the Sensex is at
14457 and 14411. If moves below, it may find support at 14337 and 14278 and below, free fall can be expected.
NIFTY (4356)
Nifty has resistance at 4367 and 4418. Support is at 4330 and 4318. If moves below, it may test 4300 and 4290. Further if falls, it is expected to test 4272 and 4211.
Sensex has resistance at 14634 and 14699. If moves above, it may test 14758. Support for the Sensex is at
14457 and 14411. If moves below, it may find support at 14337 and 14278 and below, free fall can be expected.
NIFTY (4356)
Nifty has resistance at 4367 and 4418. Support is at 4330 and 4318. If moves below, it may test 4300 and 4290. Further if falls, it is expected to test 4272 and 4211.
Stock Tips
DR REDDY (579)
The stock has support at 571 and 563. Resistance at 585, above, it can test 593 and 609.
TISCO (600)
Support at 591 and 582. Buy at declines. Resistance at 605, above it may test 618 and 635.
Buy RELIANCE CAPITAL - (BSE CODE : 500111) : CMP : 1374.70 - Expected Rs.45 to Rs.70 upside movement from CMP level.
Buy BHARTI AIRTEL - (BSE CODE : 532454) : CMP : 837.20 - Expected Rs.18 to Rs.36 upside movement from CMP level
JAI CORP (324.30)
The stock has resistance at 327, if breaks with volumes, it may test 331 and 339. Support at 321 and 316.75.
PUNJAB CHEMICALS (284.15)
Resistance at 288, above it can test 293 and 299. Support at 279 and 273.75.
L&T (2589)
The stock has support at 2569 and 2539. Buy at declines. Resistance at 2599 and 2605. If moves up, it can test
2635 and 2675.
The stock has support at 571 and 563. Resistance at 585, above, it can test 593 and 609.
TISCO (600)
Support at 591 and 582. Buy at declines. Resistance at 605, above it may test 618 and 635.
Buy RELIANCE CAPITAL - (BSE CODE : 500111) : CMP : 1374.70 - Expected Rs.45 to Rs.70 upside movement from CMP level.
Buy BHARTI AIRTEL - (BSE CODE : 532454) : CMP : 837.20 - Expected Rs.18 to Rs.36 upside movement from CMP level
JAI CORP (324.30)
The stock has resistance at 327, if breaks with volumes, it may test 331 and 339. Support at 321 and 316.75.
PUNJAB CHEMICALS (284.15)
Resistance at 288, above it can test 293 and 299. Support at 279 and 273.75.
L&T (2589)
The stock has support at 2569 and 2539. Buy at declines. Resistance at 2599 and 2605. If moves up, it can test
2635 and 2675.
Nifty and Sensex View for today
SENSEX (14564)
Sensex has resistance at 14634 and 14699. If moves above, it may test 14758. Support for the Sensex is at
14457 and 14411. If moves below, it may find support at 14337 and 14278 and below, free fall can be expected.
NIFTY (4356)
Nifty has resistance at 4367 and 4418. Support is at 4330 and 4318. If moves below, it may test 4300 and 4290. Further if falls, it is expected to test 4272 and 4211.
Sensex has resistance at 14634 and 14699. If moves above, it may test 14758. Support for the Sensex is at
14457 and 14411. If moves below, it may find support at 14337 and 14278 and below, free fall can be expected.
NIFTY (4356)
Nifty has resistance at 4367 and 4418. Support is at 4330 and 4318. If moves below, it may test 4300 and 4290. Further if falls, it is expected to test 4272 and 4211.
Pre Market Report 01/09/2008
According to a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.
Annual wholesale price inflation rose 12.40% in 12 months to 16 August 2008, below the previous week's 12.63% but remained stuck at 13-year highs, data released by the government after trading hours on Thursday, 28 August 2008 showed. No conclusion can be drawn from one week's inflation number, Finance Minister P Chidambaram said. Inflation has nearly tripled from 4.39% a year ago and now is riding around the highest levels since the current inflation series began being compiled 13 years ago. It remains far above central bank's target of 7%
Reserve Bank of India (RBI) after trading hours on Friday, 29 August 2008, said the inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
There were several risks to growth prospects of the economy in the short term, stemming from both global and local factors, the central bank said in its review of the year ended 30 June, 2008.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
Meanwhile, equity mutual funds are sitting on large cash pile and deployment of cash by them may lend support to the stock market at declines. Equity funds are having 11% of assets in cash.
As per provisional data released by the stock exchanges, foreign funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61 crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586 crore in the futures & options segment on Friday, 29 August 2008. According to the data released by the National Stock Exchange, FIIs were net buyers of index futures to the tune of Rs 1,015.19 crore and bought index options worth Rs 907.43 crore. They were net sellers of stock futures to the tune of Rs 447.61 crore and bought stock options worth Rs 110.53 crore.
In the next few days, the market will also closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Annual wholesale price inflation rose 12.40% in 12 months to 16 August 2008, below the previous week's 12.63% but remained stuck at 13-year highs, data released by the government after trading hours on Thursday, 28 August 2008 showed. No conclusion can be drawn from one week's inflation number, Finance Minister P Chidambaram said. Inflation has nearly tripled from 4.39% a year ago and now is riding around the highest levels since the current inflation series began being compiled 13 years ago. It remains far above central bank's target of 7%
Reserve Bank of India (RBI) after trading hours on Friday, 29 August 2008, said the inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.
There were several risks to growth prospects of the economy in the short term, stemming from both global and local factors, the central bank said in its review of the year ended 30 June, 2008.
Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.
Meanwhile, equity mutual funds are sitting on large cash pile and deployment of cash by them may lend support to the stock market at declines. Equity funds are having 11% of assets in cash.
As per provisional data released by the stock exchanges, foreign funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61 crore. Domestic funds bought shares worth a net Rs 281.07 crore.
Foreign institutional investors (FIIs) were net buyers of Rs 1,586 crore in the futures & options segment on Friday, 29 August 2008. According to the data released by the National Stock Exchange, FIIs were net buyers of index futures to the tune of Rs 1,015.19 crore and bought index options worth Rs 907.43 crore. They were net sellers of stock futures to the tune of Rs 447.61 crore and bought stock options worth Rs 110.53 crore.
In the next few days, the market will also closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.
All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.
Friday, August 22, 2008
Pre Market Report 22/08/2008
Local benchmark indices are headed for a weak start today, 22 August 2008 weighed by fears of further monetary tightening by the Reserve Bank of India after inflation hit a fresh 16-year high. A rally in crude oil prices may weigh on the sentiment further. Global cues were mixed.
Inflation data, announced after market hours yesterday, 21 August 2008, showed wholesale prices index rose 12.63% in the week ended 9 August 2008, up from the previous week's 12.44%.
Light, sweet crude for September delivery surged $5.62 to $121.18 a barrel yesterday, 21 August 2008 on the New York Mercantile Exchange (NYMEX) on weaker US dollar and worries about tightening output from OPEC countries.
Asian markets slipped to a two-year low today, 22 August 2008. China's Shanghai Composite slipped 1.37% or 33.31 points at 2,398.39, Japan's Nikkei was down 0.67% or 85.50 points at 12,666.71, Taiwan's Taiwan Weighted fell 0.86% or 59.33 points at 6,859.15, and South Korea's Seoul Composite plunged 2.19% or 33.16 points at 1,479.43.
US stocks finished mixed on Thursday, 21 August 2008, after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings that eased worries about the financial sector. The Dow Jones industrial average gained 12.78 points, or 0.11%, to 11,430.21. The S&P 500 index advanced 3.18 points, or 0.25%, to 1,277.72, and the Nasdaq Composite index slipped 8.70 points, or 0.36%, to 2,380.38.
Back home, the BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73 and the S&P CNX Nifty fell 131.90 points or 2.99% to 4,283.85, yesterday 21 August 2008.
The barometer index is down 6,043.26 points or 29.78% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,963.04 points or 32.83% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 545.71 crore while mutual funds purchased shares worth Rs 344.89 crore on Thursday, 21 August 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 561.73 crore in the futures & options segment on Thursday, 21 August 2008. They were net buyers of index futures to the tune of Rs 1176.72 crore and purchased index options worth Rs 631.35 crore. They were net sellers of stock futures to the tune of Rs 9.37 crore and bought stock options worth Rs 6.99 crore.
Inflation data, announced after market hours yesterday, 21 August 2008, showed wholesale prices index rose 12.63% in the week ended 9 August 2008, up from the previous week's 12.44%.
Light, sweet crude for September delivery surged $5.62 to $121.18 a barrel yesterday, 21 August 2008 on the New York Mercantile Exchange (NYMEX) on weaker US dollar and worries about tightening output from OPEC countries.
Asian markets slipped to a two-year low today, 22 August 2008. China's Shanghai Composite slipped 1.37% or 33.31 points at 2,398.39, Japan's Nikkei was down 0.67% or 85.50 points at 12,666.71, Taiwan's Taiwan Weighted fell 0.86% or 59.33 points at 6,859.15, and South Korea's Seoul Composite plunged 2.19% or 33.16 points at 1,479.43.
US stocks finished mixed on Thursday, 21 August 2008, after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings that eased worries about the financial sector. The Dow Jones industrial average gained 12.78 points, or 0.11%, to 11,430.21. The S&P 500 index advanced 3.18 points, or 0.25%, to 1,277.72, and the Nasdaq Composite index slipped 8.70 points, or 0.36%, to 2,380.38.
Back home, the BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73 and the S&P CNX Nifty fell 131.90 points or 2.99% to 4,283.85, yesterday 21 August 2008.
The barometer index is down 6,043.26 points or 29.78% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,963.04 points or 32.83% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 545.71 crore while mutual funds purchased shares worth Rs 344.89 crore on Thursday, 21 August 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 561.73 crore in the futures & options segment on Thursday, 21 August 2008. They were net buyers of index futures to the tune of Rs 1176.72 crore and purchased index options worth Rs 631.35 crore. They were net sellers of stock futures to the tune of Rs 9.37 crore and bought stock options worth Rs 6.99 crore.
Post Market Report:21/08/2008
Bears were in command on the bourses as caution prevailed ahead of
the weekly inflation data to be released by the government after
the trading hours today, 21 August 2008. Rate sensitive realty and
banking stocks were clobbered. Weak Asian markets also weighed on
the sentiment. Chinese market declined after yesterday's steep
rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell
more than 5.5% each. Reliance Infrastructure and ICICI Bank fell
more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in
Vienna. The United States is set to push the 45-nation Nuclear
Suppliers Group (NSG) to agree on a landmark nuclear deal with
India despite objections at home and reservations abroad.
The BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73.
At the day's low of 14,201.18, the Sensex lost 477.05 points in
late trade. At day's high of 14,646.98, the index lost 31.25 points
in early trade.
The S&P CNX Nifty was down 131.90 points or 2.99% to 4,283.85.
BSE clocked a turnover of Rs 4,081 crore today as compared to a
turnover of Rs 4,254.87 crore on 20 August 2008.
Sensex has lost 1,260.19 points or 8.1% from a recent high of
15503.92 hit on 11 August 2008. The barometer index is down
6,043.26 points or 29.78% in the calendar year 2008 so far from its
close of 20,286.99 on 31 December 2007. It is 6,963.04 points or
32.83% away from its all-time high of 21,206.77 struck on 10
January 2008.
Nifty August 2008 futures were at 4,287.20, a premium of 3.35
points over spot closing of 4,283.85. NSE's futures & options (F&O)
segment turnover rose to Rs 52,004.66 crore from Rs 38567.70 crore
on Tuesday, 19 August 2008.
The BSE Mid-Cap index was down 2.04% to 5,707.46 and the BSE
Small-Cap index was down 1.83% at 6,937.02.
BSE Bankex (down 5.16% to 6,577.91), BSE Realty index (down 5.05%
to 4,944.82), BSE PSU index (down 3.71% to 6,717.09), BSE Power
index (down 3.27% to 2,573.27) underperformed Sensex.
BSE FMCG index (down 0.99% to 2,140.30), BSE Consumer Durables
index (down 1.02% to 3,756.15), BSE Auto index (down 1.51% to
3,800.18), BSE HealthCare index (down 1.51% to 4,271.14), BSE Oil &
Gas index (down 1.94% to 9,838.12), BSE IT index (down 2.07% to
3,822.46), BSE Teck index (down 2.29% to 2,978.53), BSE Metal index
(down 2.47% to 12,166.91) and BSE Capital Goods index (down 2.95%
to 11,907.73) outperformed Sensex.
The market breadth was weak on BSE with 733 shares advancing as
compared to 1,915 that declined. 65 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.42% to Rs 2,212.35.
Realty stocks slumped in the late trade. BSE Realty index was the
biggest loser among the sectoral indices on BSE, falling 5.05% to
4,944.82. Indiabulls Real Estate (down 7.36% to Rs 292.60), DLF
(down 5.55% to Rs 481.60) and Unitech (down 5.35% to Rs 160.10)
edged lower.
Banking stocks were clobbered ahead of the inflation data. State
Bank of India (down 7.1% to Rs 1,342.25), ICICI Bank (down 5.19% to
Rs 643.10), HDFC Bank (down 5.82% to Rs 1,165.80) edged lower.
Inflation as measured by wholesale price index rose 12.44% in the
week to 2 August 2008, a 16-year high propelled by rise in the cost
of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime
Minister Manmohan Singh's cabinet on 14 August 2008 approved an
average 21% salary increase for about 50 lakh government employees.
The higher wages will cost the government Rs 3.38 lakh crore this
year.
Power stocks fell. NTPC (down 5.68% to Rs 173.50), Reliance
Infrastructure (down 5.45% to Rs 954.70), Reliance Power (down
3.21% to Rs 155.45), PowerGrid Corporation of India (down 1.02% to
Rs 92.40) and Tata Power Company (down 0.07% to Rs 1,023.65) edged
lower.
Capital goods stocks declined. Bharat Heavy Electricals (down 3.75%
to Rs 1,669.85), Suzlon Energy (down 4.62% to Rs 225.15) and Larsen
& Toubro (down 3.19% to Rs 2,628.15) edged lower.
Jaiprakash Associates (down 4.78% to Rs 163.20), HDFC (down 4.41%
to Rs 2,209.55), Reliance Communications (down 3.98% to Rs 398.35),
Hindalco Industries (down 3.33% to Rs 129.05), edged lower from the
Sensex pack.
India's largest drug maker by sales Ranbaxy Laboratories rose 1.53%
to Rs 513.40 and was the lone gainer from the Sensex pack.
World's sixth largest steel maker Tata Steel fell 2.63% to Rs
589.30. Anglo-Dutch steelmaker Corus said on Wednesday that it
entered into exclusive negotiations with Klesch & Company to sell
its two aluminium smelters in the Netherlands and Germany. It
follows an unsuccessful attempt in December 2007 to sell the
smelters. Corus is controlled by Tata Steel.
India's largest commercial vehicle maker by sales Tata Motors fell
1.44% to Rs 417.95. It came off from the session's high of Rs 444.
The company said on Wednesday, 20 August 2008, it will scrap a
planned Rs 3000 crore convertible preference share issue due to
weak stock markets and instead raise funds by selling some
investments. However, the plan to sell rights shares worth Rs 4200
crore stands, said the company.
Tata Motors is raising money to fund its $2.3 billion acquisition
of Jaguar and Land Rover from Ford Motor Company. The company said
it plans to sell its investments in a phased manner, preferably to
group firms, at prevailing market prices over the next 6-8 months.
Reliance Natural Resources clocked the highest volume of 1.52 crore
shares on BSE. Chambal Fertilisers and Chemicals (1.32 crore
shares), Dish TV India (1.02 crore shares), Ispat Industries (78.59
lakh shares) and Nagarjuna Fertilisers and Chemicals (69.63 lakh
shares) were the other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 226.45 crore on
BSE. Vishal Information Technologies (Rs 201.40 crore), Reliance
Industries (Rs 172.56 crore), Reliance Natural Resources (Rs 146.13
crore) and State Bank of India (Rs 125.87 crore) were the other
turnover toppers in that order.
In Europe, in key benchmark indices in France, Germany and UK were
were down by between 0.01% to 1.01%.
Asian markets were trading lower today, 21 August 2008. China's
Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng plunged,
Taiwan's Taiwan Weighted, Singapore's Straits Times , and South
Korea's Seoul Composite were down by between 0.77% to 3.63%.
US stocks gained on Wednesday, August 20, in a volatile session on
the seesawing price of oil and mixed feelings about the financial
sector. The Dow Jones industrial average rose 68.88 points, or
0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points,
or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up
7.94 points, or 0.63%, at 1,274.63.
the weekly inflation data to be released by the government after
the trading hours today, 21 August 2008. Rate sensitive realty and
banking stocks were clobbered. Weak Asian markets also weighed on
the sentiment. Chinese market declined after yesterday's steep
rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell
more than 5.5% each. Reliance Infrastructure and ICICI Bank fell
more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in
Vienna. The United States is set to push the 45-nation Nuclear
Suppliers Group (NSG) to agree on a landmark nuclear deal with
India despite objections at home and reservations abroad.
The BSE 30-share Sensex lost 434.50 points or 2.96% to 14,243.73.
At the day's low of 14,201.18, the Sensex lost 477.05 points in
late trade. At day's high of 14,646.98, the index lost 31.25 points
in early trade.
The S&P CNX Nifty was down 131.90 points or 2.99% to 4,283.85.
BSE clocked a turnover of Rs 4,081 crore today as compared to a
turnover of Rs 4,254.87 crore on 20 August 2008.
Sensex has lost 1,260.19 points or 8.1% from a recent high of
15503.92 hit on 11 August 2008. The barometer index is down
6,043.26 points or 29.78% in the calendar year 2008 so far from its
close of 20,286.99 on 31 December 2007. It is 6,963.04 points or
32.83% away from its all-time high of 21,206.77 struck on 10
January 2008.
Nifty August 2008 futures were at 4,287.20, a premium of 3.35
points over spot closing of 4,283.85. NSE's futures & options (F&O)
segment turnover rose to Rs 52,004.66 crore from Rs 38567.70 crore
on Tuesday, 19 August 2008.
The BSE Mid-Cap index was down 2.04% to 5,707.46 and the BSE
Small-Cap index was down 1.83% at 6,937.02.
BSE Bankex (down 5.16% to 6,577.91), BSE Realty index (down 5.05%
to 4,944.82), BSE PSU index (down 3.71% to 6,717.09), BSE Power
index (down 3.27% to 2,573.27) underperformed Sensex.
BSE FMCG index (down 0.99% to 2,140.30), BSE Consumer Durables
index (down 1.02% to 3,756.15), BSE Auto index (down 1.51% to
3,800.18), BSE HealthCare index (down 1.51% to 4,271.14), BSE Oil &
Gas index (down 1.94% to 9,838.12), BSE IT index (down 2.07% to
3,822.46), BSE Teck index (down 2.29% to 2,978.53), BSE Metal index
(down 2.47% to 12,166.91) and BSE Capital Goods index (down 2.95%
to 11,907.73) outperformed Sensex.
The market breadth was weak on BSE with 733 shares advancing as
compared to 1,915 that declined. 65 shares remained unchanged.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.42% to Rs 2,212.35.
Realty stocks slumped in the late trade. BSE Realty index was the
biggest loser among the sectoral indices on BSE, falling 5.05% to
4,944.82. Indiabulls Real Estate (down 7.36% to Rs 292.60), DLF
(down 5.55% to Rs 481.60) and Unitech (down 5.35% to Rs 160.10)
edged lower.
Banking stocks were clobbered ahead of the inflation data. State
Bank of India (down 7.1% to Rs 1,342.25), ICICI Bank (down 5.19% to
Rs 643.10), HDFC Bank (down 5.82% to Rs 1,165.80) edged lower.
Inflation as measured by wholesale price index rose 12.44% in the
week to 2 August 2008, a 16-year high propelled by rise in the cost
of pulses, fruits, spices and aviation turbine fuel.
Inflation is expected to accelerate further after the Prime
Minister Manmohan Singh's cabinet on 14 August 2008 approved an
average 21% salary increase for about 50 lakh government employees.
The higher wages will cost the government Rs 3.38 lakh crore this
year.
Power stocks fell. NTPC (down 5.68% to Rs 173.50), Reliance
Infrastructure (down 5.45% to Rs 954.70), Reliance Power (down
3.21% to Rs 155.45), PowerGrid Corporation of India (down 1.02% to
Rs 92.40) and Tata Power Company (down 0.07% to Rs 1,023.65) edged
lower.
Capital goods stocks declined. Bharat Heavy Electricals (down 3.75%
to Rs 1,669.85), Suzlon Energy (down 4.62% to Rs 225.15) and Larsen
& Toubro (down 3.19% to Rs 2,628.15) edged lower.
Jaiprakash Associates (down 4.78% to Rs 163.20), HDFC (down 4.41%
to Rs 2,209.55), Reliance Communications (down 3.98% to Rs 398.35),
Hindalco Industries (down 3.33% to Rs 129.05), edged lower from the
Sensex pack.
India's largest drug maker by sales Ranbaxy Laboratories rose 1.53%
to Rs 513.40 and was the lone gainer from the Sensex pack.
World's sixth largest steel maker Tata Steel fell 2.63% to Rs
589.30. Anglo-Dutch steelmaker Corus said on Wednesday that it
entered into exclusive negotiations with Klesch & Company to sell
its two aluminium smelters in the Netherlands and Germany. It
follows an unsuccessful attempt in December 2007 to sell the
smelters. Corus is controlled by Tata Steel.
India's largest commercial vehicle maker by sales Tata Motors fell
1.44% to Rs 417.95. It came off from the session's high of Rs 444.
The company said on Wednesday, 20 August 2008, it will scrap a
planned Rs 3000 crore convertible preference share issue due to
weak stock markets and instead raise funds by selling some
investments. However, the plan to sell rights shares worth Rs 4200
crore stands, said the company.
Tata Motors is raising money to fund its $2.3 billion acquisition
of Jaguar and Land Rover from Ford Motor Company. The company said
it plans to sell its investments in a phased manner, preferably to
group firms, at prevailing market prices over the next 6-8 months.
Reliance Natural Resources clocked the highest volume of 1.52 crore
shares on BSE. Chambal Fertilisers and Chemicals (1.32 crore
shares), Dish TV India (1.02 crore shares), Ispat Industries (78.59
lakh shares) and Nagarjuna Fertilisers and Chemicals (69.63 lakh
shares) were the other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 226.45 crore on
BSE. Vishal Information Technologies (Rs 201.40 crore), Reliance
Industries (Rs 172.56 crore), Reliance Natural Resources (Rs 146.13
crore) and State Bank of India (Rs 125.87 crore) were the other
turnover toppers in that order.
In Europe, in key benchmark indices in France, Germany and UK were
were down by between 0.01% to 1.01%.
Asian markets were trading lower today, 21 August 2008. China's
Shanghai Composite, Japan's Nikkei, Hong Kong's Hang Seng plunged,
Taiwan's Taiwan Weighted, Singapore's Straits Times , and South
Korea's Seoul Composite were down by between 0.77% to 3.63%.
US stocks gained on Wednesday, August 20, in a volatile session on
the seesawing price of oil and mixed feelings about the financial
sector. The Dow Jones industrial average rose 68.88 points, or
0.61%, to 11,417.43. The Nasdaq Composite index rose 4.72 points,
or 0.20%, to 2,389.08 and the Standard & Poor's 500 Index was up
7.94 points, or 0.63%, at 1,274.63.
Thursday, August 14, 2008
Pre Market Report 14/08/2008
The market may extend last two days' fall with Sebi taking no decision on participatory notes (PNs) at its board meeting on Wednesday, 13 August 2008. But traders may refrain from taking large positions ahead of a long weekend. The market remains closed on Friday, 15 August 2008, on account of Independence Day.
Some expectations were that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%.
The government will today, 14 August 2008, release inflation data for the year through 2 August 2008, after trading hours. Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%. It was the highest reading in 13 years.
US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.
Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Hong Kong, South Korea and Taiwan were up by between 0.02% to0.1%. Key benchmark indices in China, Japan and Singapore were down by between 0.03% to 0.8%.
US crude oil for September 2008 delivery gained $2.99 to settle at $116 a barrel on Wednesday, 13 August 2008, after the latest US inventory report showed declines in oil and gasoline stockpiles.
Sebi on Wednesday, 13 August 2008, slashed the time period of rights issues to 43 days from current 109 days. Sebi has also changed the pricing rules with issue of shares by companies to qualified institutional buyers (QIB) in light of volatile markets. A QIB issue will now be based on the average share price of the previous two weeks, rather than a choice of an average of two weeks or six months, whichever is higher.
The market regulator has also extended the deadline for companies reporting consolidated results to two months from the quarter-end from one month now
Profit taking after a recent solid surge pulled the barometer index BSE Sensex down 410.80 points or 2.64% to 15,093.12 on Wednesday, 13 August 2008, from a recent high of 15503.92 hit on 11 August 2008.
As per provisional data released by the stock exchanges, foreign funds on Wednesday, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
Some expectations were that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%.
The government will today, 14 August 2008, release inflation data for the year through 2 August 2008, after trading hours. Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%. It was the highest reading in 13 years.
US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.
Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Hong Kong, South Korea and Taiwan were up by between 0.02% to0.1%. Key benchmark indices in China, Japan and Singapore were down by between 0.03% to 0.8%.
US crude oil for September 2008 delivery gained $2.99 to settle at $116 a barrel on Wednesday, 13 August 2008, after the latest US inventory report showed declines in oil and gasoline stockpiles.
Sebi on Wednesday, 13 August 2008, slashed the time period of rights issues to 43 days from current 109 days. Sebi has also changed the pricing rules with issue of shares by companies to qualified institutional buyers (QIB) in light of volatile markets. A QIB issue will now be based on the average share price of the previous two weeks, rather than a choice of an average of two weeks or six months, whichever is higher.
The market regulator has also extended the deadline for companies reporting consolidated results to two months from the quarter-end from one month now
Profit taking after a recent solid surge pulled the barometer index BSE Sensex down 410.80 points or 2.64% to 15,093.12 on Wednesday, 13 August 2008, from a recent high of 15503.92 hit on 11 August 2008.
As per provisional data released by the stock exchanges, foreign funds on Wednesday, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
Final subscription detail - Austral Coke / Resurgere Mines
Austral Coke & Projects Limited IPO oversubscribed by 1.65 times. Non Institutional category oversubscribed around 7.3197 times while Qualified Institutional Buyers (QIBs) quota subscribed 0.6230 times. Retail Individual Investors (RIIs) category oversubscribed 0.6866 times.
Resurgere Mines & Minerals India Limited IPO oversubscribed by 1.16 times. Non Institutional category oversubscribed around 2.4129 times while Qualified Institutional Buyers (QIBs) quota subscribed 1.3401 times. Retail Individual Investors (RIIs) category oversubscribed 0.3967 times and Employees category oversubscribed 1.0004 times.
Resurgere Mines & Minerals India Limited IPO oversubscribed by 1.16 times. Non Institutional category oversubscribed around 2.4129 times while Qualified Institutional Buyers (QIBs) quota subscribed 1.3401 times. Retail Individual Investors (RIIs) category oversubscribed 0.3967 times and Employees category oversubscribed 1.0004 times.
Post Market 13/08/2008
The market slipped for the second session in a row on weak global
cues. The key benchmark indices were highly volatile throughout the
session ahead of the outcome of the Securities and Exchange Board
of India's board meet to review the rules regarding the issuance of
participatory notes.
Banking and realty shares witnessed selling pressure, while IT
stocks flared up on weak domestic currency. Index pivotal ICICI
Bank was the biggest loser in the Sensex pack.
In Europe, key indices in UK, France and Germany were down 0.65% to
0.79%. Asian markets were weak. Key benchmark indices in Hong Kong,
Japan, South Korea, Singapore, China and Taiwan were down by
between 0.02% to 2.11%.
As per provisional closing, the BSE 30-share Sensex was down 101.10
points or 0.66% to 15,111.03. Sensex rose 60.43 points at the day's
high of 15,272.56 hit in early afternoon deals. At the day's low of
15,013.06, the Sensex lost 199.07 at the onset of trading session.
The S&P CNX Nifty provisionally ended 15.65 points or 0.34% lower
at 4536.60.
The BSE Mid-Cap index fell 0.14% at 5,927.39 and the BSE Small-Cap
index rose 0.14% at 7,230.40.
The market breadth, which was strong earlier, turned negative by
mid-afternoon trade. On BSE, 1246 shares advanced as compared to
1413 that declined. 88 shares remained unchanged.
BSE clocked a turnover of Rs 5052 crore as against Rs 5,874.74
crore on Tuesday, 12 August 2008
India's largest private sector bank by market capitalisation ICICI
Bank slipped 3.60% at Rs 711.80.
HDFC Bank (down 3.55% at Rs 1219), DLF (down 3.22% at Rs 549),
Reliance Infrastructure (down 2.78% at Rs 1064.25), and HDFC (down
2.05% at Rs 2416), were the other prominent losers from the Sensex
pack.
Major Sensex gainers were, Sterlite Industries (up 2.84% at Rs
614), TCS (up 1.43% at Rs 829.90), Bharti Airtel (up 0.86% at Rs
830), Grasim Industries (up 0.86% at Rs 2090.90), and Satyam
Computer (up 0.83% at Rs 406.10).
India's second largest software exporter by sales Infosys
Technologies rose 1.32% at Rs 1624.90.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries rose 0.11% at Rs 2344.80. As per
reports, the Bombay High Court on Tuesday, 12 August 2008, once
again adjourned the hearing of a dispute between the company and
Reliance Natural Resources (RNRL) till 21 Aug 2008. The dispute is
about, which firm has the rights over gas supplies and at what
price. Reliance Natural Resources rose 1.47% at Rs 103.60.
Worlds sixth largest steel maker Tata Steel rose 0.64% at Rs 611.85
after the company said its Singapore unit signed a joint venture
agreement with Vietnam Steel Corp and Vietnam Cement Industries to
build a steel complex in the Southeast Asian country.
India's largest aluminium manufacturer in terms of sales Hindalco
Industries was down 2.04% to Rs 139.50. The company said its board
will meet on 14 August 2008 to determine the price and other terms
and conditions of the proposed rights offering. As per reports,
Hindalco will set rights issue price at Rs 96 per share.
Infrastructure developer BSEL Infrastructure Realty surged 5.12% to
Rs 39 after the company said its board will meet on 20 August 2008
to consider the funding of $100 million for ongoing and future
projects of the company.
Cable TV network distributor Wire & Wireless India gained 2.68% to
Rs 26.85 after the company said its board will meet on 20 August
2008 to consider issue of equity shares on a rights basis.
Real estate firm Puravankara Projects rose 1.03% at Rs 200.70 after
the company said it will set up a unit for low-cost housing and
invest Rs 8000 crore over five years to develop 60 million square
feet of land.
Auto parts maker JBM Auto rose 4.08% to Rs 35.70 after the company
said it will invest Rs 245 crore in a plant in Pune to supply skin
panels for the joint venture between Tata Motors and Fiat.
US stocks fell on Tuesday, 12 August 2008, as bank shares tumbled
on fresh worries about the economy and further losses stemming from
the mortgage crisis. The Dow Jones industrial average fell 139.88
points, or 1.19%, to 11,642.47, while the Standard & Poor's 500
Index slid 15.73 points, or 1.21%, to 1,289.59. The Nasdaq
Composite Index dropped 9.34 points, or 0.38%, to 2,430.61.
Oil extended its sharp decline witnessed over the past few days. US
crude oil for September delivery fell $1.44 to settle at $113.01 a
barrel on Tuesday, 12 August 2008, on the New York Mercantile
Exchange on concerns about a slowing economy and a drop in demand.
India's industrial output rose 5.4% in June 2008 from a year
earlier, above the previous month's upwardly revised 4.1%, data
released by the government on Tuesday, 12 August 2008, showed. The
growth was much lower than double-digit growth seen in 2006 and
early 2007.
The board of market regulator Securities & Exchange Board of India
will review the regulatory framework governing participatory notes
(PNs), at its meeting today, 13 August 2008. As per reports, Sebi
may extend the period for unwinding participatory notes, or
P-notes, on underlying derivatives from 18 months to 24 months.
P-notes are issued by foreign institutional investors registered in
India to unregistered overseas investors.
The market regulator put curbs on PNs last year to help the
government keep track of foreign flows into the country. Sebi had
restricted issuance of P-notes in the spot segment to 40% of assets
under custody and reports sugest it might raise the cap to 45% from
40%.
cues. The key benchmark indices were highly volatile throughout the
session ahead of the outcome of the Securities and Exchange Board
of India's board meet to review the rules regarding the issuance of
participatory notes.
Banking and realty shares witnessed selling pressure, while IT
stocks flared up on weak domestic currency. Index pivotal ICICI
Bank was the biggest loser in the Sensex pack.
In Europe, key indices in UK, France and Germany were down 0.65% to
0.79%. Asian markets were weak. Key benchmark indices in Hong Kong,
Japan, South Korea, Singapore, China and Taiwan were down by
between 0.02% to 2.11%.
As per provisional closing, the BSE 30-share Sensex was down 101.10
points or 0.66% to 15,111.03. Sensex rose 60.43 points at the day's
high of 15,272.56 hit in early afternoon deals. At the day's low of
15,013.06, the Sensex lost 199.07 at the onset of trading session.
The S&P CNX Nifty provisionally ended 15.65 points or 0.34% lower
at 4536.60.
The BSE Mid-Cap index fell 0.14% at 5,927.39 and the BSE Small-Cap
index rose 0.14% at 7,230.40.
The market breadth, which was strong earlier, turned negative by
mid-afternoon trade. On BSE, 1246 shares advanced as compared to
1413 that declined. 88 shares remained unchanged.
BSE clocked a turnover of Rs 5052 crore as against Rs 5,874.74
crore on Tuesday, 12 August 2008
India's largest private sector bank by market capitalisation ICICI
Bank slipped 3.60% at Rs 711.80.
HDFC Bank (down 3.55% at Rs 1219), DLF (down 3.22% at Rs 549),
Reliance Infrastructure (down 2.78% at Rs 1064.25), and HDFC (down
2.05% at Rs 2416), were the other prominent losers from the Sensex
pack.
Major Sensex gainers were, Sterlite Industries (up 2.84% at Rs
614), TCS (up 1.43% at Rs 829.90), Bharti Airtel (up 0.86% at Rs
830), Grasim Industries (up 0.86% at Rs 2090.90), and Satyam
Computer (up 0.83% at Rs 406.10).
India's second largest software exporter by sales Infosys
Technologies rose 1.32% at Rs 1624.90.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries rose 0.11% at Rs 2344.80. As per
reports, the Bombay High Court on Tuesday, 12 August 2008, once
again adjourned the hearing of a dispute between the company and
Reliance Natural Resources (RNRL) till 21 Aug 2008. The dispute is
about, which firm has the rights over gas supplies and at what
price. Reliance Natural Resources rose 1.47% at Rs 103.60.
Worlds sixth largest steel maker Tata Steel rose 0.64% at Rs 611.85
after the company said its Singapore unit signed a joint venture
agreement with Vietnam Steel Corp and Vietnam Cement Industries to
build a steel complex in the Southeast Asian country.
India's largest aluminium manufacturer in terms of sales Hindalco
Industries was down 2.04% to Rs 139.50. The company said its board
will meet on 14 August 2008 to determine the price and other terms
and conditions of the proposed rights offering. As per reports,
Hindalco will set rights issue price at Rs 96 per share.
Infrastructure developer BSEL Infrastructure Realty surged 5.12% to
Rs 39 after the company said its board will meet on 20 August 2008
to consider the funding of $100 million for ongoing and future
projects of the company.
Cable TV network distributor Wire & Wireless India gained 2.68% to
Rs 26.85 after the company said its board will meet on 20 August
2008 to consider issue of equity shares on a rights basis.
Real estate firm Puravankara Projects rose 1.03% at Rs 200.70 after
the company said it will set up a unit for low-cost housing and
invest Rs 8000 crore over five years to develop 60 million square
feet of land.
Auto parts maker JBM Auto rose 4.08% to Rs 35.70 after the company
said it will invest Rs 245 crore in a plant in Pune to supply skin
panels for the joint venture between Tata Motors and Fiat.
US stocks fell on Tuesday, 12 August 2008, as bank shares tumbled
on fresh worries about the economy and further losses stemming from
the mortgage crisis. The Dow Jones industrial average fell 139.88
points, or 1.19%, to 11,642.47, while the Standard & Poor's 500
Index slid 15.73 points, or 1.21%, to 1,289.59. The Nasdaq
Composite Index dropped 9.34 points, or 0.38%, to 2,430.61.
Oil extended its sharp decline witnessed over the past few days. US
crude oil for September delivery fell $1.44 to settle at $113.01 a
barrel on Tuesday, 12 August 2008, on the New York Mercantile
Exchange on concerns about a slowing economy and a drop in demand.
India's industrial output rose 5.4% in June 2008 from a year
earlier, above the previous month's upwardly revised 4.1%, data
released by the government on Tuesday, 12 August 2008, showed. The
growth was much lower than double-digit growth seen in 2006 and
early 2007.
The board of market regulator Securities & Exchange Board of India
will review the regulatory framework governing participatory notes
(PNs), at its meeting today, 13 August 2008. As per reports, Sebi
may extend the period for unwinding participatory notes, or
P-notes, on underlying derivatives from 18 months to 24 months.
P-notes are issued by foreign institutional investors registered in
India to unregistered overseas investors.
The market regulator put curbs on PNs last year to help the
government keep track of foreign flows into the country. Sebi had
restricted issuance of P-notes in the spot segment to 40% of assets
under custody and reports sugest it might raise the cap to 45% from
40%.
Tuesday, August 12, 2008
12th August 2008 - Tips
Sell ANSALINFRA below 100 stoploss 101 target 99/97
Buy Gujrat Alkali Buy above 179, Target : 190 - 192 Stop Loss : 172
Buy Educomp Soluions Buy above 3535 , Target : 3596-3636, Stop Loss : 3510
Buy AUROBINDO PHARMA Target : 321 - 324
Buy Gujrat Alkali Buy above 179, Target : 190 - 192 Stop Loss : 172
Buy Educomp Soluions Buy above 3535 , Target : 3596-3636, Stop Loss : 3510
Buy AUROBINDO PHARMA Target : 321 - 324
Monday, August 11, 2008
Indices surge in opening trade
he market opened higher as investors rejoiced further decline in
crude oil prices. All the sectoral indces on BSE were in green led
by banking shares. Mid-caps and small-caps, too, witnessed demand.
US front-month crude oil settled on Friday, 8 August 2008, at
$115.20 a barrel, down $4.82 for the day on the New York Mercantile
Exchange. In post-settlement trading, crude tumbled more than $5 to
$114.62 a barrel -- more than 20% below its NYMEX record high above
$147 set in July 2008.
The slide in oil prices to their lowest level in three months
powered a rally in US stocks on Friday, 8 August 2008. The Dow
Jones industrial average rose 302.89 points, or 2.65%, to
11,734.32, while the Standard & Poor's 500 Index jumped 30.25
points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained
58.37 points, or 2.48%, to 2,414.10.
Asian market, which opened before Indian market, were in green. The
key benchmark indices in Hong Kong, Japan, Singapore, South Korea
and Taiwan were up by between 1.09% to 2.15%.
At 10:25 IST, the BSE 30-share Sensex was up 280.36 points or 1.85%
to 15,448.18. The index rose 314.33 points at day's high of
15,482.15 at the onset of trading session. At the day's low of
15,418.18, the Sensex rose 250.36 in early trade.
The S&P CNX Nifty was up 70 points or 1.55% to 4599.50.
The BSE Mid-Cap index was up 1.43% to 5,971.44 and the BSE
Small-Cap index was up 1.39% to 7,281.60.
The market breadth was strong on BSE with 1417 shares advancing as
compared to 328 that declined. 26 shares remained unchanged.
Top gainers from the Sensex pack were, State Bank of India (up
3.49% at Rs 1,575), Jaiprakash Associates (up 3.19% at Rs 189.35),
Maruti Suzuki (up 2.40% at Rs 695.95), Bharat Heavy Electricals (up
2.38% at Rs 1,825.65), and Reliance Communication (up 2.29% at Rs
448.50).
India's largest private sector bank by market capitalisation ICICI
Bank rose 3.17% at Rs 752.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries rose 1.93% at Rs 2,293.80.
India's second largest software exporter by sales Infosys
Technologies rose 2.03% at Rs 1,714.
Natural gas distributor Reliance Natural Resources was the top
traded counter on BSE. The stock rose 1.88% at Rs 105.65 on a
turnover of Rs 29.76 crore on BSE.
The Securities & Exchange Board of India (Sebi) will hold a board
meeting on Wednesday, 13 August 2008 to review FII regulations,
where it may revisit the norms relating to participatory notes and
securities lending and borrowing mechanism.
crude oil prices. All the sectoral indces on BSE were in green led
by banking shares. Mid-caps and small-caps, too, witnessed demand.
US front-month crude oil settled on Friday, 8 August 2008, at
$115.20 a barrel, down $4.82 for the day on the New York Mercantile
Exchange. In post-settlement trading, crude tumbled more than $5 to
$114.62 a barrel -- more than 20% below its NYMEX record high above
$147 set in July 2008.
The slide in oil prices to their lowest level in three months
powered a rally in US stocks on Friday, 8 August 2008. The Dow
Jones industrial average rose 302.89 points, or 2.65%, to
11,734.32, while the Standard & Poor's 500 Index jumped 30.25
points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained
58.37 points, or 2.48%, to 2,414.10.
Asian market, which opened before Indian market, were in green. The
key benchmark indices in Hong Kong, Japan, Singapore, South Korea
and Taiwan were up by between 1.09% to 2.15%.
At 10:25 IST, the BSE 30-share Sensex was up 280.36 points or 1.85%
to 15,448.18. The index rose 314.33 points at day's high of
15,482.15 at the onset of trading session. At the day's low of
15,418.18, the Sensex rose 250.36 in early trade.
The S&P CNX Nifty was up 70 points or 1.55% to 4599.50.
The BSE Mid-Cap index was up 1.43% to 5,971.44 and the BSE
Small-Cap index was up 1.39% to 7,281.60.
The market breadth was strong on BSE with 1417 shares advancing as
compared to 328 that declined. 26 shares remained unchanged.
Top gainers from the Sensex pack were, State Bank of India (up
3.49% at Rs 1,575), Jaiprakash Associates (up 3.19% at Rs 189.35),
Maruti Suzuki (up 2.40% at Rs 695.95), Bharat Heavy Electricals (up
2.38% at Rs 1,825.65), and Reliance Communication (up 2.29% at Rs
448.50).
India's largest private sector bank by market capitalisation ICICI
Bank rose 3.17% at Rs 752.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries rose 1.93% at Rs 2,293.80.
India's second largest software exporter by sales Infosys
Technologies rose 2.03% at Rs 1,714.
Natural gas distributor Reliance Natural Resources was the top
traded counter on BSE. The stock rose 1.88% at Rs 105.65 on a
turnover of Rs 29.76 crore on BSE.
The Securities & Exchange Board of India (Sebi) will hold a board
meeting on Wednesday, 13 August 2008 to review FII regulations,
where it may revisit the norms relating to participatory notes and
securities lending and borrowing mechanism.
Pre Market Report 11/08/2008
A rally in global equities triggered by a further fall in oil prices will extend gains on the domestic bourses. Concerns about slowing European and Asian economies boosted the dollar and fed worries about lower demand for oil. US front-month crude dropped more than $5 in post-settlement trading to $114.62 a barrel on Friday, 8 August 2008 -- more than 20% below its July 2008 record high.
The slide in oil prices to their lowest level in three months powered a rally in US stocks on Friday, 8 August 2008. The Dow Jones industrial average rose 302.89 points, or 2.65%, to 11,734.32, while the Standard & Poor's 500 Index jumped 30.25 points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained 58.37 points, or 2.48%, to 2,414.10.
In Asia, key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 0.17% to 1.5%.
The Indian stock market has staged solid rebound from lower level tracking recovery in global markets triggered by a sharp fall in commodity prices led by oil price which had struck a record high above $147 a barrel on 11 July 2008. From a low of 12,575.80 on 16 July 2008, the barometer index BSE Sensex jumped 2,592.02 points or 20.6% to 15,167.82 on 8 August 2008.
Inflation which hit a fresh 13-year high of 12.01% in the year through 26 July 2008, remains a concern. High inflation will mean that tight monetary policy stance by the central bank may continue. The Reserve Bank of India, at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
As per provisional data released by the stock exchanges, foreign funds on Friday, 8 August 2008, sold shares worth a net Rs 142.22 crore. Domestic funds bought shares worth a net Rs 16.29 crore.
The slide in oil prices to their lowest level in three months powered a rally in US stocks on Friday, 8 August 2008. The Dow Jones industrial average rose 302.89 points, or 2.65%, to 11,734.32, while the Standard & Poor's 500 Index jumped 30.25 points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained 58.37 points, or 2.48%, to 2,414.10.
In Asia, key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 0.17% to 1.5%.
The Indian stock market has staged solid rebound from lower level tracking recovery in global markets triggered by a sharp fall in commodity prices led by oil price which had struck a record high above $147 a barrel on 11 July 2008. From a low of 12,575.80 on 16 July 2008, the barometer index BSE Sensex jumped 2,592.02 points or 20.6% to 15,167.82 on 8 August 2008.
Inflation which hit a fresh 13-year high of 12.01% in the year through 26 July 2008, remains a concern. High inflation will mean that tight monetary policy stance by the central bank may continue. The Reserve Bank of India, at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
As per provisional data released by the stock exchanges, foreign funds on Friday, 8 August 2008, sold shares worth a net Rs 142.22 crore. Domestic funds bought shares worth a net Rs 16.29 crore.
Tips for 11th Aug
DLF CMP: 549.75 TARGET:749 in 1 month STOP: 502
Jai Hind Projects CMP:103.55 target: 119 Stop:98
Jai Hind Projects CMP:103.55 target: 119 Stop:98
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