NEW YORK (Reuters) - Stocks plunged more than 3 percent on Wednesday as a spike in inter-bank lending rates fanned fears about the health of global markets and the U.S. rescue of American International Group failed to reassure the market.
Anxious investors spent the morning wondering which company might be next to come under serious strain due to tight credit conditions, prompting them to dump financial shares across the board. The S&P 500 financial index (^GSPF - News) slid nearly 8 percent.
Morgan Stanley (NYSE:MS - News) shares tumbled 32.5 percent to $19.37 as investors worried whether it would survive as an independent investment bank in the current environment.
Shares of the other remaining U.S. investment bank, Goldman Sachs(NYSE:GS - News), plunged 21.5 percent to $104.39 after several brokerages cut their profit outlooks for the firm.
The S&P 500 sank 4.2 percent to 1,163.02, its lowest level since May 2005, while the Dow has shed 700 points since the start of the week.
"The fear is, 'Who is next?"' said John O'Brien, senior vice president at MKM Partners LLC in Cleveland. "It almost feels like people scour the books and say, 'Who is the next likely target that we can put a short on?' and that spreads continuous fear."
Strategists said the damage threatens to go beyond the financial services sector, hurting the corporate profit outlook and spreading panic among increasingly overstretched consumers.
"What does tomorrow bring? Will it start spilling over into consumers? Will there be runs on the banks? There's a million things going on," said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets.
"Hopefully, we'll see a capitulation soon when everybody throws in the towel," he added.
The Dow Jones industrial average (DJI:^DJI - News) was down 352.06 points, or 3.18 percent, at 10,706.96. The Standard & Poor's 500 Index (^SPX - News) was down 45.15 points, or 3.72 percent, at 1,168.44. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was down 80.16 points, or 3.63 percent, at 2,127.74.
Also worrying investors was news on Tuesday that the Reserve Primary Fund, a money-market mutual fund whose assets have fallen 65 percent in recent weeks, fell below $1 a share in net asset value because of losses on debt issued by the now bankrupt Lehman Brothers Holdings (NYSE:LEH - News; NYSE:LEH - News).
"Every investor is now questioning each and every investment they have anywhere on the planet," said John Schloegel, vice president of investment strategies at Capital Cities Asset Management in Austin, Texas.
"It's leading them to sell anything that has any type of risk -- to sell first. It's an unusual situation we are in right now."
A break below important technical support for both the Dow and S&P 500 accelerated the market's slide, traders said.
The bank-to-bank cost of borrowing overnight dollars fell more than a percentage point on Wednesday, but the premium paid for the greenback and sterling over three months swelled, fanning fears that the supply of credit might be drying up in the global financial system.
The drop in Morgan Stanley's shares came despite the bank's posting quarterly results after the bell on Tuesday that beat Wall Street's estimates.
The government agreed on Tuesday to rescue AIG (NYSE:AIG - News) through an emergency $85 billion loan. The insurance company's shares were off almost 46 percent at $2.04 on the NYSE.
Banks frantically seeking dollar funds have been stonewalled by others increasingly reluctant to lend amid uncertainty and nervousness following the collapse of Lehman Brothers and the bailout of AIG.
Wednesday, September 17, 2008
Oil prices rebound on AIG bailout, weaker dollar
Oil prices bounce higher after government bails out AIG, dollar gains vs euro
NEW YORK (AP) -- Oil prices rebounded Wednesday as a government rescue of American International Group Inc. soothed skittish investors who feared the insurer's collapse could have triggered a wholesale exodus from commodities.
ADVERTISEMENT
Light, sweet crude for October delivery rose $1.45 to $92.60 a barrel in early trading on the New York Mercantile Exchange.
Meanwhile at the pump, retail gas prices were virtually flat compared with the previous session as more Gulf Coast refineries began ramping up operations after the passage of Hurricane Ike. A gallon of regular inched up one-tenth of a penny to a new national average of $3.855, according to auto club AAA, the Oil Price Information Service and Wright Express.
Some recovery in crude was expected after the contract dropped $10 in the previous two sessions, bringing prices to their lowest level in seven months and down 8 percent for the year. At one point Tuesday, oil touched $90.51 a barrel, its lowest since Feb. 8, and down 39 percent from a record $147.27 on July 11.
Still, recent rallies often have been followed by sharp selloffs as oil market traders try to wring whatever money they can out of the quickly deflating oil bubble.
Wednesday's oil gain was energized by the bailout of AIG. The Federal Reserve on Tuesday agreed to pump $85 million in taxpayer money into the insurance giant in return for a 79.9 percent ownership stake. The lifeline was aimed at avoiding an AIG collapse due to massive losses tied to the subprime mortgage crisis and the credit crunch.
If AIG had been allowed to fail, investors feared the company would move to unwind positions in energy and other commodities to raise cash, setting in motion another big commodities liquidation. Oil's big two-day price drop this week was due in part to similar concerns that surfaced after Lehman Brothers Holdings Inc. filed for bankruptcy Monday.
"The fear was that if AIG was allowed to go down, we could be looking at a huge exit from financial instruments across the spectrum: equities, oil futures, everything," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
A slightly weaker dollar also gave oil prices a boost. A falling greenback encourages investors to shift funds into commodities, which are often bought as safe-haven assets used to hedge against inflation or weakness in the U.S. currency.
With so much uncertainty surrounding the U.S. financial system and fears that slowing economic growth will undermine crude demand, Wednesday's jump in oil prices probably has not broken the recent downward trend.
Events that would usually boost prices -- such as OPEC cutting output by 520,000 barrels a day last week, or damage to oil installations on the Texas coast by Ike last weekend -- haven't done so.
"The OPEC cut didn't have any impact," said Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney. "Then Ike didn't slow the market either."
Also Wednesday, the U.S. government reported a bigger-than-expected drop in crude supplies, reflecting the shutdown of virtually all Gulf Coast oil production because of Ike and Hurricane Gustav.
The Energy Information Administration said U.S. crude stocks fell by 6.3 million barrels for the week ending Sept. 12, much bigger than the 3.7 million barrel drop expected by analysts surveyed by energy research firm Platts expected.
Gasoline inventories fell by 3.3 million barrels to 184.6 million barrels. Analysts expected stockpiles of the motor fuel to fall by 3.6 million barrels.
Meanwhile, inventories of distillate fuel, which include diesel and heating oil, fell by 900,000 barrels to 129.6 million barrels for the week ended Sept. 12. Analysts expected distillate stocks to slip by 1.7 million barrels.
Violence continued Wednesday across Nigeria's restive Niger Delta oil region. Nigeria's main militant group said it destroyed an oil-pumping station and a pipeline that crosses southern Nigeria, extending a spate of violence into a fifth day. The Movement for the Emancipation of the Niger Delta also said it attacked an oil pumping station overnight, destroying the flow station run by the local unit of Royal Dutch Shell PLC after battling security forces protecting the site.
In other Nymex trading, heating oil futures fell about half a penny to $2.716 a gallon, while gasoline prices lost 2.3 cents to $2.3775 a gallon. Natural gas for October delivery added 38 cents to $7.939 per 1,000 cubic feet.
In London, November Brent crude rose $1.72 to $90.94 a barrel on the ICE Futures exchange.
Associated Press writers Louise Watt in London and Alex Kennedy contributed to this report from Singapore.
NEW YORK (AP) -- Oil prices rebounded Wednesday as a government rescue of American International Group Inc. soothed skittish investors who feared the insurer's collapse could have triggered a wholesale exodus from commodities.
ADVERTISEMENT
Light, sweet crude for October delivery rose $1.45 to $92.60 a barrel in early trading on the New York Mercantile Exchange.
Meanwhile at the pump, retail gas prices were virtually flat compared with the previous session as more Gulf Coast refineries began ramping up operations after the passage of Hurricane Ike. A gallon of regular inched up one-tenth of a penny to a new national average of $3.855, according to auto club AAA, the Oil Price Information Service and Wright Express.
Some recovery in crude was expected after the contract dropped $10 in the previous two sessions, bringing prices to their lowest level in seven months and down 8 percent for the year. At one point Tuesday, oil touched $90.51 a barrel, its lowest since Feb. 8, and down 39 percent from a record $147.27 on July 11.
Still, recent rallies often have been followed by sharp selloffs as oil market traders try to wring whatever money they can out of the quickly deflating oil bubble.
Wednesday's oil gain was energized by the bailout of AIG. The Federal Reserve on Tuesday agreed to pump $85 million in taxpayer money into the insurance giant in return for a 79.9 percent ownership stake. The lifeline was aimed at avoiding an AIG collapse due to massive losses tied to the subprime mortgage crisis and the credit crunch.
If AIG had been allowed to fail, investors feared the company would move to unwind positions in energy and other commodities to raise cash, setting in motion another big commodities liquidation. Oil's big two-day price drop this week was due in part to similar concerns that surfaced after Lehman Brothers Holdings Inc. filed for bankruptcy Monday.
"The fear was that if AIG was allowed to go down, we could be looking at a huge exit from financial instruments across the spectrum: equities, oil futures, everything," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
A slightly weaker dollar also gave oil prices a boost. A falling greenback encourages investors to shift funds into commodities, which are often bought as safe-haven assets used to hedge against inflation or weakness in the U.S. currency.
With so much uncertainty surrounding the U.S. financial system and fears that slowing economic growth will undermine crude demand, Wednesday's jump in oil prices probably has not broken the recent downward trend.
Events that would usually boost prices -- such as OPEC cutting output by 520,000 barrels a day last week, or damage to oil installations on the Texas coast by Ike last weekend -- haven't done so.
"The OPEC cut didn't have any impact," said Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney. "Then Ike didn't slow the market either."
Also Wednesday, the U.S. government reported a bigger-than-expected drop in crude supplies, reflecting the shutdown of virtually all Gulf Coast oil production because of Ike and Hurricane Gustav.
The Energy Information Administration said U.S. crude stocks fell by 6.3 million barrels for the week ending Sept. 12, much bigger than the 3.7 million barrel drop expected by analysts surveyed by energy research firm Platts expected.
Gasoline inventories fell by 3.3 million barrels to 184.6 million barrels. Analysts expected stockpiles of the motor fuel to fall by 3.6 million barrels.
Meanwhile, inventories of distillate fuel, which include diesel and heating oil, fell by 900,000 barrels to 129.6 million barrels for the week ended Sept. 12. Analysts expected distillate stocks to slip by 1.7 million barrels.
Violence continued Wednesday across Nigeria's restive Niger Delta oil region. Nigeria's main militant group said it destroyed an oil-pumping station and a pipeline that crosses southern Nigeria, extending a spate of violence into a fifth day. The Movement for the Emancipation of the Niger Delta also said it attacked an oil pumping station overnight, destroying the flow station run by the local unit of Royal Dutch Shell PLC after battling security forces protecting the site.
In other Nymex trading, heating oil futures fell about half a penny to $2.716 a gallon, while gasoline prices lost 2.3 cents to $2.3775 a gallon. Natural gas for October delivery added 38 cents to $7.939 per 1,000 cubic feet.
In London, November Brent crude rose $1.72 to $90.94 a barrel on the ICE Futures exchange.
Associated Press writers Louise Watt in London and Alex Kennedy contributed to this report from Singapore.
Stocks sink after government bailout of AIG
Wall Street tumbles again after government bails out AIG, Barclays buys Lehman businesses
NEW YORK (AP) -- Wall Street stumbled again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped about 300 points.
The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the insurer, after it lost billions in the risky business of insuring against bond defaults. Wall Street had feared that the conglomerate, which has its tentacles in various financial services industries around the world, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.
"People are scared to death," said Bill Stone, chief investment strategist for PNC Wealth Management. "Who would have imagined that AIG would have gotten into this position?"
He said the fear gripping the market reflects investors' concerns that AIG wasn't able to find a lifeline in the private sector and that Wall Street is now fretting about what other institutions could falter.
The two independent Wall Street investment banks left standing -- Goldman Sachs Group Inc. and Morgan Stanley -- remain under scrutiny, as does Washington Mutual Inc., the country's largest thrift bank. Morgan Stanley revealed its quarterly earnings early late Tuesday, posting a better-than-expected 7 percent slide in fiscal third-quarter profit. It insisted that it is surviving the credit crisis that has ravaged many of its peers.
Lehman filed for bankruptcy protection on Monday, and by late Tuesday had sold its North American investment banking and trading operations to Barclays, Britain's third-largest bank, for the bargain price of $250 million. Over the weekend, Merrill Lynch, the world's largest brokerage, sold itself in a last-ditch effort to avoid failure to Bank of America Corp.
The troubles in the financial sector could exacerbate the problems facing the weak U.S. economy, given that individuals and businesses rely on the nation's money centers.
The Commerce Department reported Wednesday that new home construction fell by 6.2 percent in August to 895,000 units, the slowest building pace since January 1991. Slumping demand for houses, sinking home prices and mortgage defaults have been the catalysts behind Wall Street's turmoil -- and the risky mortgage-backed assets held by the nation's banks are not apt to regain in value until the housing market turns around.
The Dow fell 298.00, or 2.69 percent, to 10,761.02 a day after Wall Street regained some of Monday's nosedive, in which the blue chips fell 504 points. The index is down more than 5 percent on the week, and has fallen more than 23 percent since reaching a record close of 14,164.53 on Oct. 9 last year.
Broader stock indicators also plunged. The Standard & Poor's 500 index dropped 42.68, or 3.52 percent, to 1,170.92, while the Nasdaq composite index fell 76.11, or 3.45 percent, to 2,131.79.
The stock market is likely to see heavy back-and-forth movement as traders continue to assess the flood of news that has poured in over the past several days.
On Monday, the Dow lost 504 points, the largest tumble since its drop following the September 2001 terror attacks. On Tuesday, it rose 141 points, after the Fed decided to leave interest rates unchanged.
"It's still uncertain ground we're treading. We just have to move on a daily basis," said Jack A. Ablin, chief investment officer at Harris Private Bank.
The government took other measures Tuesday to help alleviate the turmoil in the markets. The Treasury said it will start selling bonds for the Fed to aid it with its lending efforts, while the Securities and Exchange Commission said it will strictly prohibit naked short-selling starting Thursday.
Short-selling is when traders borrow shares of a stock they expect to fall and sell them -- if the stock does indeed fall, the traders buy the cheaper shares to cover the borrowed ones and profit from the difference. Naked short-selling occurs when sellers don't actually borrow the shares before selling them; it's a practice some say is partially responsible for the huge drop in the shares of investment banks like Lehman, Merrill Lynch and Bear Stearns Cos., which JPMorgan Chase & Co. bought earlier this year.
Bond prices wavered Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 3.39 percent from 3.43 percent late Tuesday. The dollar was lower against other major currencies, while gold prices rose.
Crude oil rebounded $2.27 to $93.42 a barrel on the New York Mercantile Exchange. Crude has dropped by about $10 a barrel over the past two days due to concerns that troubles in the financial sector will dampen the economy and cause big funds to unwind their commodities bets.
Declining issues outnumbered advancers by nearly 10 to 1 on the New York Stock Exchange, where volume came to 655.9 million shares.
Overseas, Japan's Nikkei stock average rose 1.2 percent after AIG's rescue, but Hong Kong's Hang Seng index lost 3.6 percent.
In afternoon trading in Europe, Britain's FTSE 100 fell 1.37 percent, Germany's DAX index fell 2.25 percent, and France's CAC-40 fell 2.27 percent.
NEW YORK (AP) -- Wall Street stumbled again Wednesday, with anxieties about the financial system still running high even after the government bailed out the insurer American International Group Inc. The Dow Jones industrial average dropped about 300 points.
The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the insurer, after it lost billions in the risky business of insuring against bond defaults. Wall Street had feared that the conglomerate, which has its tentacles in various financial services industries around the world, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy.
"People are scared to death," said Bill Stone, chief investment strategist for PNC Wealth Management. "Who would have imagined that AIG would have gotten into this position?"
He said the fear gripping the market reflects investors' concerns that AIG wasn't able to find a lifeline in the private sector and that Wall Street is now fretting about what other institutions could falter.
The two independent Wall Street investment banks left standing -- Goldman Sachs Group Inc. and Morgan Stanley -- remain under scrutiny, as does Washington Mutual Inc., the country's largest thrift bank. Morgan Stanley revealed its quarterly earnings early late Tuesday, posting a better-than-expected 7 percent slide in fiscal third-quarter profit. It insisted that it is surviving the credit crisis that has ravaged many of its peers.
Lehman filed for bankruptcy protection on Monday, and by late Tuesday had sold its North American investment banking and trading operations to Barclays, Britain's third-largest bank, for the bargain price of $250 million. Over the weekend, Merrill Lynch, the world's largest brokerage, sold itself in a last-ditch effort to avoid failure to Bank of America Corp.
The troubles in the financial sector could exacerbate the problems facing the weak U.S. economy, given that individuals and businesses rely on the nation's money centers.
The Commerce Department reported Wednesday that new home construction fell by 6.2 percent in August to 895,000 units, the slowest building pace since January 1991. Slumping demand for houses, sinking home prices and mortgage defaults have been the catalysts behind Wall Street's turmoil -- and the risky mortgage-backed assets held by the nation's banks are not apt to regain in value until the housing market turns around.
The Dow fell 298.00, or 2.69 percent, to 10,761.02 a day after Wall Street regained some of Monday's nosedive, in which the blue chips fell 504 points. The index is down more than 5 percent on the week, and has fallen more than 23 percent since reaching a record close of 14,164.53 on Oct. 9 last year.
Broader stock indicators also plunged. The Standard & Poor's 500 index dropped 42.68, or 3.52 percent, to 1,170.92, while the Nasdaq composite index fell 76.11, or 3.45 percent, to 2,131.79.
The stock market is likely to see heavy back-and-forth movement as traders continue to assess the flood of news that has poured in over the past several days.
On Monday, the Dow lost 504 points, the largest tumble since its drop following the September 2001 terror attacks. On Tuesday, it rose 141 points, after the Fed decided to leave interest rates unchanged.
"It's still uncertain ground we're treading. We just have to move on a daily basis," said Jack A. Ablin, chief investment officer at Harris Private Bank.
The government took other measures Tuesday to help alleviate the turmoil in the markets. The Treasury said it will start selling bonds for the Fed to aid it with its lending efforts, while the Securities and Exchange Commission said it will strictly prohibit naked short-selling starting Thursday.
Short-selling is when traders borrow shares of a stock they expect to fall and sell them -- if the stock does indeed fall, the traders buy the cheaper shares to cover the borrowed ones and profit from the difference. Naked short-selling occurs when sellers don't actually borrow the shares before selling them; it's a practice some say is partially responsible for the huge drop in the shares of investment banks like Lehman, Merrill Lynch and Bear Stearns Cos., which JPMorgan Chase & Co. bought earlier this year.
Bond prices wavered Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, slipped to 3.39 percent from 3.43 percent late Tuesday. The dollar was lower against other major currencies, while gold prices rose.
Crude oil rebounded $2.27 to $93.42 a barrel on the New York Mercantile Exchange. Crude has dropped by about $10 a barrel over the past two days due to concerns that troubles in the financial sector will dampen the economy and cause big funds to unwind their commodities bets.
Declining issues outnumbered advancers by nearly 10 to 1 on the New York Stock Exchange, where volume came to 655.9 million shares.
Overseas, Japan's Nikkei stock average rose 1.2 percent after AIG's rescue, but Hong Kong's Hang Seng index lost 3.6 percent.
In afternoon trading in Europe, Britain's FTSE 100 fell 1.37 percent, Germany's DAX index fell 2.25 percent, and France's CAC-40 fell 2.27 percent.
US government announces $85 bn loan to save AIG
WASHINGTON: The US government has agreed to provide an $85 billion emergency loan to rescue the huge insurer AIG, the The Federal Reserve said on Tuesday. The Fed said the US Treasury Department was in full support of the decision.
The Fed determined that a "disorderly failure" of AIG could undermine already fragile financial markets.
The government will receive an 79.9 percent equity stake in AIG, the Fed said
The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae just over a week ago.
Earlier, US stocks clawed back from their biggest one-day drop in seven years, soothed by speculation about a government rescue of AIG, a likely sale of Lehman Brothers' investment bank to Britain's Barclays, and a better-than-expected quarterly profit from Goldman Sachs.
The Fed determined that a "disorderly failure" of AIG could undermine already fragile financial markets.
The government will receive an 79.9 percent equity stake in AIG, the Fed said
The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae just over a week ago.
Earlier, US stocks clawed back from their biggest one-day drop in seven years, soothed by speculation about a government rescue of AIG, a likely sale of Lehman Brothers' investment bank to Britain's Barclays, and a better-than-expected quarterly profit from Goldman Sachs.
Post Market Report:17/09/2008
Intense selling pressure in key index pivotals dragged the key
benchmark indices lower in volatile trade. The BSE 30-share Sensex,
extended losses for the seventh straight day today, 17 September
2008, declining 255.90 points. The S&P CNX Nifty settled just above
the psychological 4,000 level.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%.
Sterlite Industries tumbled a little under 9% and ITC lost over 5%.
The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced a $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16
September 2008, kept its target for the federal funds rate at 2%.
Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
European markets, which opened after Indian market, were mixed. Key
benchmark indices in Germany and France were up 0.32% and 0.63%
respectively. However UK's FTSE 100 lost 2.13%. Asian markets were
trading mixed today, 17 September 2008. Key benchmark indices in
China, Hong Kong and Singapore, were down by between 2.90% and
3.63%. However indices in Japan, Taiwan, and South Korea rose by
between 0.77% and 2.70%.
In US, Dow futures were down 31 points and the Nasdaq futures were
down 8 points, pointing to a lower start of the US markets on
Wednesday, 17 September 2008.
The BSE 30-share Sensex lost 255.90 points or 1.89% at 13,262.90.
The Sensex opened with a upward gap of 101.94 points at 13,620.74,
which is also its day's high so far, boosted by Fed's rescue plan
for AIG. At the day's low of 13,127.96 hit mid-afternoon trade, the
Sensex lost 390.84 points.
The S&P CNX Nifty lost 66.65 points or 1.64%, to settle at 4008.25.
At the day's low of 3,974.60, the Nifty lost 100.30 points in
afternoon trade. Nifty September 2008 futures were at a marginal
0.75 premium as compared to spot closing. NSE's futures & options
(F&O) segment turnover was Rs 58,546.48 crore, which was higher
than Rs 56,509.60 crore on Tuesday, 16 September 2008.
The BSE Sensex has lost 1682.07 points or 11.25% in seven
consecutive trading sessions from a recent high of 14,944.97 on 8
September 2008. The barometer index is down 7024.09 points or
34.63% in the calendar year 2008 so far from its close of 20,286.99
on 31 December 2007. It is 7943.87 points or 37.45% below its
all-time high of 21,206.77 struck on 10 January 2008.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said
there are no outstanding open positions/settlement obligations of
Lehman Brothers Securities currently in the cash market segment and
derivatives segment of NSE. Lehman Brothers Securities can operate
only in the cash market segment on pre-funding of their trades, NSE
said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008
stepped in with measures to support the rupee -- which has been
battered to almost 47 against the dollar -- and supply cash in the
money market. The move will increase dollar supply and lower banks'
borrowing cost in the overnight call money market. RBI has hiked
the maximum interest that banks can pay on NRI deposits by 50 basis
points for dollar as well as rupee deposits.
The market breadth was weak on BSE with 1760 shares declining as
compared to 881 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 5795 crore as compared to
Rs 5,208.35 crore yesterday, 16 September 2008.
The BSE Mid-Cap index fell 1.49% to 5,139.63 and the BSE Small-Cap
index slipped 1.19% to 6,214.75.
Among the 30-member Sensex pack, 24 slipped while the rest gained.
India's top copper producer by sales Sterlite Industries plunged
8.89% to Rs 435.25 on 11.02 lakh shares. It was the top loser from
Sensex pack.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 4.75% to Rs 563.25, off day's low of Rs 530. The
sell-off was on reports the bank will have to take a hit of $28
million on account of the additional provisioning that ICICI Bank's
UK subsidiary will have to make after Lehman Brothers Holdings, the
fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares
over the last few days.
Other banking shares were also weak ahead of the release of the
weekly inflation figures after trading hours on Thursday, 18
September 2008. HDFC Bank (down 3.83% to Rs 1183), and State Bank
of India (down 4.12% to Rs 1520.25), edged lower. The Bankex fell
3.79% to 6,592.96.
Ranbaxy Laboratories, India's top drug maker by sales slumped 4.41%
to Rs 388. The stock tumbled on reports the US government has
banned more than 30 generic drugs made by the company citing poor
quality in two of its Indian factories. The stock was already on a
sustained downtrend ever since the Japanese drug maker Daiichi
Sankyo's open offer to acquire an additional 20% stake at Rs 737 a
share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 3.31% to Rs
1864.70 on 14.05 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008. As per
reports, the company is expected to start pumping gas from November
2008 from its deep-water field off the east coast.
Real estate shares slipped. DLF (down 4.12% to Rs 405.20), Unitech
(down 9.32% to Rs 127), Indiabulls Real Estate (down 7.92% to Rs
205.70), and Ansal Infrastruture (down 2.10% to Rs 77), declined.
The BSE Realty index lost 4.13%, to 3,991.93.
India's largest private sector steel maker by sales, Tata Steel was
down 3.48% to Rs 470.60. It had touched a 52-week low of Rs 467.95
in intra-day trade. As per reports, the company paid lower advance
tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350
crore in Q2 September 2007. The BSE metal index plunged 3.55%, to
9,814.93.
ITC (down 5.48% to Rs 183.60), and Jaiprakash Associates (down
3.58% to Rs 134.80), edged lower from the Sensex pack.
India's top truck maker by sales Tata Motors advanced 4.46% to Rs
416.15 and was the top gainer from Sensex pack. The company
reportedly paid lower advance tax to Rs 75 crore in Q2 September
2008 as compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales
gained 0.14% to Rs 534. The company reportedly paid higher advance
tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore
in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.86% to Rs 979.90, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore. It was the top gainer from Sensex pack.
India's second largest software services firm Infosys Technologies
rose 1.01% to Rs 1580, off its day's high of Rs 1647.90. Its
American depositary receipt soared 4.60% in the US market
yesterday, 16 September 2008.
Other IT pivotals showed mixed trend. Satyam Computer Services
(down 1.87% to Rs 349.70), and TCS (down 2.88% to Rs 728), slipped.
The BSE IT index lost 0.58% to 3,524.32.
However India's third largest software services firm Wipro rose
1.15% to Rs 396.25 on reports the company's software business arm
Wipro Technologies and Copal Partners have expressed interest to
bid for the Indian back-office unit of Lehman Brothers.
State-run oil refiners slipped after crude oil price rebounded from
a 7-month low. Indian Oil Corporation (down 5.30% at Rs 396), BPCL
(down 7.02% at Rs 336.20), and HPCL (down 5.45% at Rs 235.25),
slipped. However Cairn India galloped 4.28% to Rs 207.
ICICI Bank was the top traded counter on BSE with a turnover of Rs
401.80 crore followed by United Spirits (Rs 341.76 crore), Reliance
Capital (Rs 307.75 crore), Reliance Industries (Rs 265.54 crore)
and Educomp Solutions(Rs 249.06 crore), in that order.
Reliance Natural Resources led the volumes chart on BSE clocking
volumes of 1.41 crore shares followed by IFCI (1.05 crore shares),
ICICI Bank (72.12 lakh shares), Austral Coke & Projects (62.27 lakh
shares) and Chambal Fertilisers (60.31 lakh shares) in that order.
Jaipan Industries was locked at upper limit of 5% of Rs 168.10, a
lifetime high, extending gains for the 24th trading session in a
row. The Jaipan stock has surged 220.49% in past 24 trading session
to Rs 168.10 today from Rs 52.45 on 12 August 2008.
benchmark indices lower in volatile trade. The BSE 30-share Sensex,
extended losses for the seventh straight day today, 17 September
2008, declining 255.90 points. The S&P CNX Nifty settled just above
the psychological 4,000 level.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%.
Sterlite Industries tumbled a little under 9% and ITC lost over 5%.
The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced a $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16
September 2008, kept its target for the federal funds rate at 2%.
Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
European markets, which opened after Indian market, were mixed. Key
benchmark indices in Germany and France were up 0.32% and 0.63%
respectively. However UK's FTSE 100 lost 2.13%. Asian markets were
trading mixed today, 17 September 2008. Key benchmark indices in
China, Hong Kong and Singapore, were down by between 2.90% and
3.63%. However indices in Japan, Taiwan, and South Korea rose by
between 0.77% and 2.70%.
In US, Dow futures were down 31 points and the Nasdaq futures were
down 8 points, pointing to a lower start of the US markets on
Wednesday, 17 September 2008.
The BSE 30-share Sensex lost 255.90 points or 1.89% at 13,262.90.
The Sensex opened with a upward gap of 101.94 points at 13,620.74,
which is also its day's high so far, boosted by Fed's rescue plan
for AIG. At the day's low of 13,127.96 hit mid-afternoon trade, the
Sensex lost 390.84 points.
The S&P CNX Nifty lost 66.65 points or 1.64%, to settle at 4008.25.
At the day's low of 3,974.60, the Nifty lost 100.30 points in
afternoon trade. Nifty September 2008 futures were at a marginal
0.75 premium as compared to spot closing. NSE's futures & options
(F&O) segment turnover was Rs 58,546.48 crore, which was higher
than Rs 56,509.60 crore on Tuesday, 16 September 2008.
The BSE Sensex has lost 1682.07 points or 11.25% in seven
consecutive trading sessions from a recent high of 14,944.97 on 8
September 2008. The barometer index is down 7024.09 points or
34.63% in the calendar year 2008 so far from its close of 20,286.99
on 31 December 2007. It is 7943.87 points or 37.45% below its
all-time high of 21,206.77 struck on 10 January 2008.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said
there are no outstanding open positions/settlement obligations of
Lehman Brothers Securities currently in the cash market segment and
derivatives segment of NSE. Lehman Brothers Securities can operate
only in the cash market segment on pre-funding of their trades, NSE
said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008
stepped in with measures to support the rupee -- which has been
battered to almost 47 against the dollar -- and supply cash in the
money market. The move will increase dollar supply and lower banks'
borrowing cost in the overnight call money market. RBI has hiked
the maximum interest that banks can pay on NRI deposits by 50 basis
points for dollar as well as rupee deposits.
The market breadth was weak on BSE with 1760 shares declining as
compared to 881 that advanced. 82 remained unchanged.
The total turnover on BSE amounted to Rs 5795 crore as compared to
Rs 5,208.35 crore yesterday, 16 September 2008.
The BSE Mid-Cap index fell 1.49% to 5,139.63 and the BSE Small-Cap
index slipped 1.19% to 6,214.75.
Among the 30-member Sensex pack, 24 slipped while the rest gained.
India's top copper producer by sales Sterlite Industries plunged
8.89% to Rs 435.25 on 11.02 lakh shares. It was the top loser from
Sensex pack.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 4.75% to Rs 563.25, off day's low of Rs 530. The
sell-off was on reports the bank will have to take a hit of $28
million on account of the additional provisioning that ICICI Bank's
UK subsidiary will have to make after Lehman Brothers Holdings, the
fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares
over the last few days.
Other banking shares were also weak ahead of the release of the
weekly inflation figures after trading hours on Thursday, 18
September 2008. HDFC Bank (down 3.83% to Rs 1183), and State Bank
of India (down 4.12% to Rs 1520.25), edged lower. The Bankex fell
3.79% to 6,592.96.
Ranbaxy Laboratories, India's top drug maker by sales slumped 4.41%
to Rs 388. The stock tumbled on reports the US government has
banned more than 30 generic drugs made by the company citing poor
quality in two of its Indian factories. The stock was already on a
sustained downtrend ever since the Japanese drug maker Daiichi
Sankyo's open offer to acquire an additional 20% stake at Rs 737 a
share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 3.31% to Rs
1864.70 on 14.05 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008. As per
reports, the company is expected to start pumping gas from November
2008 from its deep-water field off the east coast.
Real estate shares slipped. DLF (down 4.12% to Rs 405.20), Unitech
(down 9.32% to Rs 127), Indiabulls Real Estate (down 7.92% to Rs
205.70), and Ansal Infrastruture (down 2.10% to Rs 77), declined.
The BSE Realty index lost 4.13%, to 3,991.93.
India's largest private sector steel maker by sales, Tata Steel was
down 3.48% to Rs 470.60. It had touched a 52-week low of Rs 467.95
in intra-day trade. As per reports, the company paid lower advance
tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350
crore in Q2 September 2007. The BSE metal index plunged 3.55%, to
9,814.93.
ITC (down 5.48% to Rs 183.60), and Jaiprakash Associates (down
3.58% to Rs 134.80), edged lower from the Sensex pack.
India's top truck maker by sales Tata Motors advanced 4.46% to Rs
416.15 and was the top gainer from Sensex pack. The company
reportedly paid lower advance tax to Rs 75 crore in Q2 September
2008 as compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales
gained 0.14% to Rs 534. The company reportedly paid higher advance
tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore
in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.86% to Rs 979.90, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore. It was the top gainer from Sensex pack.
India's second largest software services firm Infosys Technologies
rose 1.01% to Rs 1580, off its day's high of Rs 1647.90. Its
American depositary receipt soared 4.60% in the US market
yesterday, 16 September 2008.
Other IT pivotals showed mixed trend. Satyam Computer Services
(down 1.87% to Rs 349.70), and TCS (down 2.88% to Rs 728), slipped.
The BSE IT index lost 0.58% to 3,524.32.
However India's third largest software services firm Wipro rose
1.15% to Rs 396.25 on reports the company's software business arm
Wipro Technologies and Copal Partners have expressed interest to
bid for the Indian back-office unit of Lehman Brothers.
State-run oil refiners slipped after crude oil price rebounded from
a 7-month low. Indian Oil Corporation (down 5.30% at Rs 396), BPCL
(down 7.02% at Rs 336.20), and HPCL (down 5.45% at Rs 235.25),
slipped. However Cairn India galloped 4.28% to Rs 207.
ICICI Bank was the top traded counter on BSE with a turnover of Rs
401.80 crore followed by United Spirits (Rs 341.76 crore), Reliance
Capital (Rs 307.75 crore), Reliance Industries (Rs 265.54 crore)
and Educomp Solutions(Rs 249.06 crore), in that order.
Reliance Natural Resources led the volumes chart on BSE clocking
volumes of 1.41 crore shares followed by IFCI (1.05 crore shares),
ICICI Bank (72.12 lakh shares), Austral Coke & Projects (62.27 lakh
shares) and Chambal Fertilisers (60.31 lakh shares) in that order.
Jaipan Industries was locked at upper limit of 5% of Rs 168.10, a
lifetime high, extending gains for the 24th trading session in a
row. The Jaipan stock has surged 220.49% in past 24 trading session
to Rs 168.10 today from Rs 52.45 on 12 August 2008.
Breadth turns negative
Fresh selling pulled key benchmark indices to day's low in early
afternoon trade. But the market soon cut losses. The BSE 30-share
Sensex was down 123.95 points. The market breadth turned negative
after firm start. Refinery shares slipped after crude oil rebounded
from a 7-month low. However auto pivotals gained. Tata Steel staged
a smart recovery from early low.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16
September 2008, kept its target for the federal funds rate at 2%.
Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
At 12:25 IST, the BSE 30-share Sensex was down 123.95 points or
0.92% to 13,394.85. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far, boosted
by Fed's rescue plan for AIG. At the day's low of 13,309.67 hit in
early afternoon trade, the Sensex lost 209.13 points.
The S&P CNX Nifty lost 34.70 points or 0.68% to 4,040.20.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said
there are no outstanding open positions/settlement obligations of
Lehman Brothers Securities currently in the cash market segment and
derivatives segment of NSE. Lehman Brothers Securities can operate
only in the cash market segment on pre-funding of their trades, NSE
said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008
stepped in with measures to support the rupee -- which has been
battered to almost 47 against the dollar -- and supply cash in the
money market. The move will increase dollar supply and lower banks'
borrowing cost in the overnight call money market. RBI has hiked
the maximum interest that banks can pay on NRI deposits by 50 basis
points for dollar as well as rupee deposits.
The market breadth turned negative on BSE with 1234 shares
declining as compared to 1076 that advanced. 78 remained unchanged.
The BSE Mid-Cap index fell 0.25% to 5,204.39 and the BSE Small-Cap
index rose 0.11% to 6,296.47
The total turnover on BSE amounted to Rs 2406 crore by 12:30 IST as
compared to Rs 1631 crore by 11:30 IST
Among the 30-member Sensex pack, 23 slipped while the rest gained.
State-run oil refiners slipped after crude oil price rebounded from
a 7-month low. Indian Oil Corporation (down 2.97% at Rs 405.75),
BPCL (down 5.97% at Rs 340), and HPCL (down 3.58% at Rs 239.90),
slipped. However Cairn India galloped 3.63% to Rs 205.70
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008, following a $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Auto shares gained on fresh buying. India's top truck maker by
sales Tata Motors rose 0.78% to Rs 401.50. The company reportedly
paid lower advance tax to Rs 75 crore in Q2 September 2008 as
compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales
gained 0.70% to Rs 573. The company reportedly paid higher advance
tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore
in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 3.18% to Rs 983, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore. It was the top gainer from Sensex pack.
Most IT pivotals held firm. Infosys (up 2.57% to Rs 1598.05), Wipro
(up 0.29% to Rs 392.90), and Satyam Computer Services (up 1.72% to
Rs 362.45) gained.
However India's largest software services exporter TCS slipped
0.87% to Rs 743 despite reports of the company paying higher
advance tax to Rs 120 crore in Q2 September 2008 as compared to Rs
20 crore in Q2 September 2007.
Ranbaxy Laboratories, India's top drug maker by sales plunged 6.86%
to Rs 378.25 and was the top loser from Sensex pack. The stock
tumbled on reports the US government has banned more than 30
generic drugs made by the company citing poor quality in two of its
Indian factories. The stock was already on a sustained downtrend
ever since the Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended on 4 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 5.78% to Rs 557.15 on reports the bank will have to
take a hit of $28 million on account of the additional provisioning
that ICICI Bank's UK subsidiary will have to make after Lehman
Brothers Holdings, the fourth-largest investment bank filing for
bankruptcy.
Other banking pivotals also edged lower. India's largest state run
bank in terms of net assets State Bank of India fell 2.40% to Rs
1547.40. As per recent reports, the bank paid 48% higher advance
tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
India's second largest private sector bank in terms of net profit
HDFC Bank fell 1.79% to Rs 1208.05
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 2.05% to Rs
1888.90 on 5.94 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008. As per
reports, the company is expected to start pumping gas from November
2008 from its deep-water field off the east coast.
India's largest private sector steel maker by sales, Tata Steel
recovered sharply from day's low of Rs 467.95. It was now down
0.48% to Rs 485.30. As per reports, the company paid lower advance
tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350
crore in Q2 September 2007.
Sterlite Industries (down 4% to Rs 458.60), ITC (down 3.63% to Rs
187.20), and Grasim (down 1.65% to Rs 1895.10), edged lower from
the Sensex pack.
Aurobindo Pharma rose 0.49% to Rs 310.05 after the company said it
has received tentative approval from US Food & Drug Administration
for Abacavir sulphate tablets in the strength of 60 miligram. The
company made this announcement during trading hours today, 17
September 2008.
JSW Steel rose 1.40% to Rs 655.95 on reports the company expects
prices and demand for the metal to revive soon as companies lower
production.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.86% and 1.85%. However indices in Japan, Taiwan, and
South Korea rose by between 0.77% and 2.84%.
afternoon trade. But the market soon cut losses. The BSE 30-share
Sensex was down 123.95 points. The market breadth turned negative
after firm start. Refinery shares slipped after crude oil rebounded
from a 7-month low. However auto pivotals gained. Tata Steel staged
a smart recovery from early low.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16
September 2008, kept its target for the federal funds rate at 2%.
Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
At 12:25 IST, the BSE 30-share Sensex was down 123.95 points or
0.92% to 13,394.85. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far, boosted
by Fed's rescue plan for AIG. At the day's low of 13,309.67 hit in
early afternoon trade, the Sensex lost 209.13 points.
The S&P CNX Nifty lost 34.70 points or 0.68% to 4,040.20.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said
there are no outstanding open positions/settlement obligations of
Lehman Brothers Securities currently in the cash market segment and
derivatives segment of NSE. Lehman Brothers Securities can operate
only in the cash market segment on pre-funding of their trades, NSE
said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008
stepped in with measures to support the rupee -- which has been
battered to almost 47 against the dollar -- and supply cash in the
money market. The move will increase dollar supply and lower banks'
borrowing cost in the overnight call money market. RBI has hiked
the maximum interest that banks can pay on NRI deposits by 50 basis
points for dollar as well as rupee deposits.
The market breadth turned negative on BSE with 1234 shares
declining as compared to 1076 that advanced. 78 remained unchanged.
The BSE Mid-Cap index fell 0.25% to 5,204.39 and the BSE Small-Cap
index rose 0.11% to 6,296.47
The total turnover on BSE amounted to Rs 2406 crore by 12:30 IST as
compared to Rs 1631 crore by 11:30 IST
Among the 30-member Sensex pack, 23 slipped while the rest gained.
State-run oil refiners slipped after crude oil price rebounded from
a 7-month low. Indian Oil Corporation (down 2.97% at Rs 405.75),
BPCL (down 5.97% at Rs 340), and HPCL (down 3.58% at Rs 239.90),
slipped. However Cairn India galloped 3.63% to Rs 205.70
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008, following a $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Auto shares gained on fresh buying. India's top truck maker by
sales Tata Motors rose 0.78% to Rs 401.50. The company reportedly
paid lower advance tax to Rs 75 crore in Q2 September 2008 as
compared to Rs 190 crore in Q2 September 2007.
Mahindra & Mahindra, the country's top tractor maker by sales
gained 0.70% to Rs 573. The company reportedly paid higher advance
tax of Rs 116 crore in Q2 September 2008 as compared to Rs 83 crore
in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 3.18% to Rs 983, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore. It was the top gainer from Sensex pack.
Most IT pivotals held firm. Infosys (up 2.57% to Rs 1598.05), Wipro
(up 0.29% to Rs 392.90), and Satyam Computer Services (up 1.72% to
Rs 362.45) gained.
However India's largest software services exporter TCS slipped
0.87% to Rs 743 despite reports of the company paying higher
advance tax to Rs 120 crore in Q2 September 2008 as compared to Rs
20 crore in Q2 September 2007.
Ranbaxy Laboratories, India's top drug maker by sales plunged 6.86%
to Rs 378.25 and was the top loser from Sensex pack. The stock
tumbled on reports the US government has banned more than 30
generic drugs made by the company citing poor quality in two of its
Indian factories. The stock was already on a sustained downtrend
ever since the Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended on 4 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 5.78% to Rs 557.15 on reports the bank will have to
take a hit of $28 million on account of the additional provisioning
that ICICI Bank's UK subsidiary will have to make after Lehman
Brothers Holdings, the fourth-largest investment bank filing for
bankruptcy.
Other banking pivotals also edged lower. India's largest state run
bank in terms of net assets State Bank of India fell 2.40% to Rs
1547.40. As per recent reports, the bank paid 48% higher advance
tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
India's second largest private sector bank in terms of net profit
HDFC Bank fell 1.79% to Rs 1208.05
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 2.05% to Rs
1888.90 on 5.94 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008. As per
reports, the company is expected to start pumping gas from November
2008 from its deep-water field off the east coast.
India's largest private sector steel maker by sales, Tata Steel
recovered sharply from day's low of Rs 467.95. It was now down
0.48% to Rs 485.30. As per reports, the company paid lower advance
tax to Rs 300 crore in Q2 September 2008 as compared to Rs 350
crore in Q2 September 2007.
Sterlite Industries (down 4% to Rs 458.60), ITC (down 3.63% to Rs
187.20), and Grasim (down 1.65% to Rs 1895.10), edged lower from
the Sensex pack.
Aurobindo Pharma rose 0.49% to Rs 310.05 after the company said it
has received tentative approval from US Food & Drug Administration
for Abacavir sulphate tablets in the strength of 60 miligram. The
company made this announcement during trading hours today, 17
September 2008.
JSW Steel rose 1.40% to Rs 655.95 on reports the company expects
prices and demand for the metal to revive soon as companies lower
production.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.86% and 1.85%. However indices in Japan, Taiwan, and
South Korea rose by between 0.77% and 2.84%.
IT pivotals gain
Key benchmark indices stayed subdued weighed by index heavyweights
Reliance Industries and ICICI Bank. Fresh selling had pulled
bourses lower despite firm start which was boosted by the US
Federal Reserve's bailout package for the beleaguered US insurer
American International Group (AIG). Meanwhile, the US Federal
Reserve kept its target for the federal funds rate at 2%.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Most IT pivotals were in demand. Banking shares showed mixed trend.
However Ranbaxy Laboratories slumped over 8% and ICICI Bank shed
over 4%. The market breadth was positive.
At 11:21 IST, the BSE 30-share Sensex was down 102.26 points or
0.76% to 13,416.59. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far. At the
day's low of 13,329.98 hit in mid-morning trade, the Sensex lost
188.82 points.
The S&P CNX Nifty lost 29.75 points or 0.73% to 4,045.15.
The market breadth was positive on BSE with 1063 shares advancing
as compared to 994 that declined. 76 remained unchanged.
The total turnover on BSE amounted to Rs 1631 crore by 11:30 IST as
compared to Rs 517 crore by 10:30 IST
The Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
Meanwhile, Barclays has agreed to acquire US fourth largest
investment banking firm Lehman Brothers' North American investment
banking and capital markets businesses. Barclays said it would
acquire trading assets with an estimated value of 40 billion pounds
and trading liabilities worth 38 billion pounds. It will also
acquire Lehman's New York headquarters.
Among the 30-member Sensex pack, 18 slipped while the rest gained.
Ranbaxy Laboratories, India's top drug maker by sales plunged 7.48%
to Rs 375.70 and was the top loser from Sensex pack. The stock
tumbled on reports the US government has banned more than 30
generic drugs made by the company citing poor quality in two of its
Indian factories. The stock was already on a sustained downtrend
ever since the Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended on 4 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 3.71% to Rs 569.55 on reports the bank will have to
take a hit of $28 million on account of the additional provisioning
that ICICI Bank's UK subsidiary will have to make after Lehman
Brothers Holdings, the fourth-largest investment bank filing for
bankruptcy.
Other banking pivotals saw divergent trend. India's largest state
run bank in terms of net assets State Bank of India fell 1.44% to
Rs 1563. As per recent reports, the bank paid 48% higher advance
tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
India's second largest private sector bank in terms of net profit
HDFC Bank rose 0.12% to Rs 1231.50
India's largest private sector steel maker by sales, Tata Steel
fell 3.19% to Rs 472. As per reports, the company paid lower
advance tax to Rs 300 crore in Q2 September 2008 as compared to Rs
350 crore in Q2 September 2007.
Sterlite Industries (down 4% to Rs 458.60), Hindustan Unilever
(down 1.68% to Rs 236.70), and Grasim (down 1.90% to Rs 1890),
edged lower from the Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 2.05% to Rs
1888.90 on 4.48 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008.
Most IT pivotals gained on fresh buying. India's second largest
software services exporter Infosys surged 3.73% to Rs 1622.60 and
was the top gainer among the Sensex pack.
Wipro (up 1.57% to Rs 397.70), Satyam Computer Services (up 2.71%
to Rs 366) and gained.
However India's largest software services exporter TCS slipped
0.21% to Rs 747.95 despite reports of the company paying higher
advance tax to Rs 120 crore in Q2 September 2008 as compared to Rs
20 crore in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.76% to Rs 978.80, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore.
Among the side counters, Mather & Platt Pumps (up 20% to Rs
168.60), Videocon (up 15.35% to Rs 38.70), and Prithvi Information
Systems (up 14.38% to Rs 98.80), surged.
Hydro S&S Industries galloped 7.93% to Rs 44.25 after the company
said its board has approved buyback of equity shares of the company
for an amount not exceeding Rs 2.63 crore. The company made this
announcement before trading hours today, 17 September 2008.
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008 as an $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.86% and 1.85%. However indices in Japan, Taiwan, and
South Korea rose by between 0.77% and 2.84%.
US markets rallied on Tuesday, 16 September 2008, on growing
optimism that US authorities may finance a rescue of insurer
American International Group (AIG). The Dow Jones Industrial
Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard
& Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the
Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
The US government announced rescue plan for AIG after trading
hours.
Back home, buying in index pivotals coupled with short covering
after five straight days of fall helped key benchmark indices erase
sharp early losses on Tuesday, 16 September 2008 in highly choppy
session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at
13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90,
on that day.
Reliance Industries and ICICI Bank. Fresh selling had pulled
bourses lower despite firm start which was boosted by the US
Federal Reserve's bailout package for the beleaguered US insurer
American International Group (AIG). Meanwhile, the US Federal
Reserve kept its target for the federal funds rate at 2%.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Most IT pivotals were in demand. Banking shares showed mixed trend.
However Ranbaxy Laboratories slumped over 8% and ICICI Bank shed
over 4%. The market breadth was positive.
At 11:21 IST, the BSE 30-share Sensex was down 102.26 points or
0.76% to 13,416.59. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far. At the
day's low of 13,329.98 hit in mid-morning trade, the Sensex lost
188.82 points.
The S&P CNX Nifty lost 29.75 points or 0.73% to 4,045.15.
The market breadth was positive on BSE with 1063 shares advancing
as compared to 994 that declined. 76 remained unchanged.
The total turnover on BSE amounted to Rs 1631 crore by 11:30 IST as
compared to Rs 517 crore by 10:30 IST
The Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
Meanwhile, Barclays has agreed to acquire US fourth largest
investment banking firm Lehman Brothers' North American investment
banking and capital markets businesses. Barclays said it would
acquire trading assets with an estimated value of 40 billion pounds
and trading liabilities worth 38 billion pounds. It will also
acquire Lehman's New York headquarters.
Among the 30-member Sensex pack, 18 slipped while the rest gained.
Ranbaxy Laboratories, India's top drug maker by sales plunged 7.48%
to Rs 375.70 and was the top loser from Sensex pack. The stock
tumbled on reports the US government has banned more than 30
generic drugs made by the company citing poor quality in two of its
Indian factories. The stock was already on a sustained downtrend
ever since the Japanese drug maker Daiichi Sankyo's open offer to
acquire an additional 20% stake at Rs 737 a share in the company
ended on 4 September 2008.
India's largest private sector bank in terms of net profit ICICI
Bank plunged 3.71% to Rs 569.55 on reports the bank will have to
take a hit of $28 million on account of the additional provisioning
that ICICI Bank's UK subsidiary will have to make after Lehman
Brothers Holdings, the fourth-largest investment bank filing for
bankruptcy.
Other banking pivotals saw divergent trend. India's largest state
run bank in terms of net assets State Bank of India fell 1.44% to
Rs 1563. As per recent reports, the bank paid 48% higher advance
tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
India's second largest private sector bank in terms of net profit
HDFC Bank rose 0.12% to Rs 1231.50
India's largest private sector steel maker by sales, Tata Steel
fell 3.19% to Rs 472. As per reports, the company paid lower
advance tax to Rs 300 crore in Q2 September 2008 as compared to Rs
350 crore in Q2 September 2007.
Sterlite Industries (down 4% to Rs 458.60), Hindustan Unilever
(down 1.68% to Rs 236.70), and Grasim (down 1.90% to Rs 1890),
edged lower from the Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 2.05% to Rs
1888.90 on 4.48 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008.
Most IT pivotals gained on fresh buying. India's second largest
software services exporter Infosys surged 3.73% to Rs 1622.60 and
was the top gainer among the Sensex pack.
Wipro (up 1.57% to Rs 397.70), Satyam Computer Services (up 2.71%
to Rs 366) and gained.
However India's largest software services exporter TCS slipped
0.21% to Rs 747.95 despite reports of the company paying higher
advance tax to Rs 120 crore in Q2 September 2008 as compared to Rs
20 crore in Q2 September 2007.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.76% to Rs 978.80, after the
company said it has agreed to give Rocksource ASA, a Norwegian
company, 10% participating interest in deep water block in the
eastern offshore.
Among the side counters, Mather & Platt Pumps (up 20% to Rs
168.60), Videocon (up 15.35% to Rs 38.70), and Prithvi Information
Systems (up 14.38% to Rs 98.80), surged.
Hydro S&S Industries galloped 7.93% to Rs 44.25 after the company
said its board has approved buyback of equity shares of the company
for an amount not exceeding Rs 2.63 crore. The company made this
announcement before trading hours today, 17 September 2008.
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008 as an $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.86% and 1.85%. However indices in Japan, Taiwan, and
South Korea rose by between 0.77% and 2.84%.
US markets rallied on Tuesday, 16 September 2008, on growing
optimism that US authorities may finance a rescue of insurer
American International Group (AIG). The Dow Jones Industrial
Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard
& Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the
Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
The US government announced rescue plan for AIG after trading
hours.
Back home, buying in index pivotals coupled with short covering
after five straight days of fall helped key benchmark indices erase
sharp early losses on Tuesday, 16 September 2008 in highly choppy
session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at
13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90,
on that day.
Market trips after firm star
Key benchmark indices opened higher today, 17 September 2008
boosted by the US Federal Reserve's bailout package for the
beleaguered American International Group (AIG). The Federal Open
Market Committee decided to keep its target for the federal funds
rate at 2%. However fresh selling pulled the bourses in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
IT pivotals were in demand. However Ranbaxy Laboratories slumped
over 8% and ICICI Bank shed over 4%. The market breadth was
positive.
At 10:21 IST, the BSE 30-share Sensex was down 147.94 points or
1.11% to 13,369.06. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far. At the
day's low of 13,357.60 hit in early trade, the Sensex lost 161.20
points.
The S&P CNX Nifty lost 38.90 points or 0.95% to 4,036.
The market breadth was positive on BSE with 856 shares advancing as
compared to 582 that rose. 42 remained unchanged.
The total turnover on BSE amounted to Rs 517 crore by 10:30 IST
The Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
Meanwhile, Barclays has agreed to acquire US fourth largest
investment banking firm Lehman Brothers' North American investment
banking and capital markets businesses. Barclays said it would
acquire trading assets with an estimated value of 40 billion pounds
and trading liabilities worth 38 billion pounds. It will also
acquire Lehman's New York headquarters.
Among the 30-member Sensex pack, 18 slipped while the rest gained.
Ranbaxy Laboratories, India's top drug maker by sales plunged 8.23%
to Rs 372.50 and was the top loser from Sensex pack. The stock
tumbled after the US health officials banned dozens of drugs made
by the Indian firm after it failed to fix numerous record-keeping
and other operational problems. The stock has been on sustained
downtrend ever since the Japanese drug maker Daiichi Sankyo's open
offer to acquire an additional 20% stake at Rs 737 a share in the
company ended on 4 September 2008.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 4.58% to Rs 564.25 on concerns it may incur
losses tied to the US credit market turmoil. ICICI Bank said on
Tuesday, 16 September 2008, it had exposure to 57 million euros
($81 million) of Lehman Brothers senior bonds, adding the potential
losses were not material.
Sterlite Industries (down 2.62% to Rs 465.20), State Bank of India
(down 2.74% to Rs 1542), and ITC (down 3.37% to Rs 187.70), edged
lower from the Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.58% to Rs
1898 on 1.60 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008.
IT pivotals surged on fresh buying. India's second largest software
services exporter Infosys surged 3.95% to Rs 1626 and was the top
gainer among the Sensex pack.
Wipro (up 1.57% to Rs 397.70), Satyam Computer Services (up 2.71%
to Rs 366) and TCS (up 0.20% to Rs 751), gained.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.13% to Rs 973. The company
is reportedly close to striking oil in its Cauvery basin deepwater
block with the first well expected to reach the target depth by the
end of the month.
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008 as an $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.57% and 1.62%. However indices in Japan, Taiwan, and
South Korea rose by between 0.68% and 2.48%.
US markets rallied on Tuesday, 16 September 2008 as markets
digested the news of the Fed holding rates with the point that the
Fed had hedged its options for the future. The Dow Jones Industrial
Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard
& Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the
Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
Back home, buying in index pivotals coupled with short covering
after five straight days of fall helped key benchmark indices erase
sharp early losses on Tuesday, 16 September 2008 in highly choppy
session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at
13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90,
on that day.
boosted by the US Federal Reserve's bailout package for the
beleaguered American International Group (AIG). The Federal Open
Market Committee decided to keep its target for the federal funds
rate at 2%. However fresh selling pulled the bourses in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008
announced an $85 billion rescue plan to help American International
Group in exchange for a 79.9% stake. The deal would avoid the
biggest corporate bankruptcy ever and follows a government bailout
of mortgage lenders Freddie Mac and Fannie Mae earlier this month
IT pivotals were in demand. However Ranbaxy Laboratories slumped
over 8% and ICICI Bank shed over 4%. The market breadth was
positive.
At 10:21 IST, the BSE 30-share Sensex was down 147.94 points or
1.11% to 13,369.06. The Sensex opened with a upward gap of 101.94
points at 13,620.74, which is also its day's high so far. At the
day's low of 13,357.60 hit in early trade, the Sensex lost 161.20
points.
The S&P CNX Nifty lost 38.90 points or 0.95% to 4,036.
The market breadth was positive on BSE with 856 shares advancing as
compared to 582 that rose. 42 remained unchanged.
The total turnover on BSE amounted to Rs 517 crore by 10:30 IST
The Fed said that the strains in financial markets have increased
significantly and labour markets have weakened further. Economic
growth appears to have slowed recently, partly reflecting a
softening of household spending.
Meanwhile, Barclays has agreed to acquire US fourth largest
investment banking firm Lehman Brothers' North American investment
banking and capital markets businesses. Barclays said it would
acquire trading assets with an estimated value of 40 billion pounds
and trading liabilities worth 38 billion pounds. It will also
acquire Lehman's New York headquarters.
Among the 30-member Sensex pack, 18 slipped while the rest gained.
Ranbaxy Laboratories, India's top drug maker by sales plunged 8.23%
to Rs 372.50 and was the top loser from Sensex pack. The stock
tumbled after the US health officials banned dozens of drugs made
by the Indian firm after it failed to fix numerous record-keeping
and other operational problems. The stock has been on sustained
downtrend ever since the Japanese drug maker Daiichi Sankyo's open
offer to acquire an additional 20% stake at Rs 737 a share in the
company ended on 4 September 2008.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 4.58% to Rs 564.25 on concerns it may incur
losses tied to the US credit market turmoil. ICICI Bank said on
Tuesday, 16 September 2008, it had exposure to 57 million euros
($81 million) of Lehman Brothers senior bonds, adding the potential
losses were not material.
Sterlite Industries (down 2.62% to Rs 465.20), State Bank of India
(down 2.74% to Rs 1542), and ITC (down 3.37% to Rs 187.70), edged
lower from the Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.58% to Rs
1898 on 1.60 lakh shares. The stock had hit a 52-week low of Rs
1800 in intra-day trade on Tuesday, 16 September 2008.
IT pivotals surged on fresh buying. India's second largest software
services exporter Infosys surged 3.95% to Rs 1626 and was the top
gainer among the Sensex pack.
Wipro (up 1.57% to Rs 397.70), Satyam Computer Services (up 2.71%
to Rs 366) and TCS (up 0.20% to Rs 751), gained.
India's top oil exploration firm by market capitalisation Oil and
Natural Gas Corporation (ONGC) gained 2.13% to Rs 973. The company
is reportedly close to striking oil in its Cauvery basin deepwater
block with the first well expected to reach the target depth by the
end of the month.
US light crude for October 2008 delivery gained $3.15 to $94.30 a
barrel today, 17 September 2008 as an $85 billion bailout of
American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Key
benchmark indices in China, Hong Kong and Singapore, were down by
between 0.57% and 1.62%. However indices in Japan, Taiwan, and
South Korea rose by between 0.68% and 2.48%.
US markets rallied on Tuesday, 16 September 2008 as markets
digested the news of the Fed holding rates with the point that the
Fed had hedged its options for the future. The Dow Jones Industrial
Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard
& Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the
Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
Back home, buying in index pivotals coupled with short covering
after five straight days of fall helped key benchmark indices erase
sharp early losses on Tuesday, 16 September 2008 in highly choppy
session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at
13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90,
on that day.
Pre Market Report 17/09/2008
Key benchmark indices are likely to open higher today, 17 September 2008 tracking positive global markets boosted by the US Federal Reserve's bailout package for the beleaguered American International Group (AIG). The Federal Open Market Committee decided to keep its target for the federal funds rate at 2%.
The Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced an $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, Barclays has agreed to acquire US fourth largest investment banking firm Lehman Brothers' North American investment banking and capital markets businesses. Barclays said it would acquire trading assets with an estimated value of 40 billion pounds and trading liabilities worth 38 billion pounds. It will also acquire Lehman's New York headquarters.
US light crude for October 2008 delivery gained $3.15 to $94.30 a barrel today, 17 September 2008 as an $85 billion bailout of American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Japan's Nikkei rose 2.08% or 241.06 points at 11,850.78, Hong Kong's Hang Seng was up 1.55% or 282.87 points at 18,583.48, Taiwan's Taiwan Weighted gained 2.09% or 120.59 points at 5,877.18, and South Korea's Seoul Composite surged 3.05% or 42.34 points at 1,430.09. However, China's Shanghai Composite declined 0.13% 2.50 points at 1,984.13 and Singapore's Straits Times was down 0.92% or 22.88 points at 2,463.67
US markets rallied on Tuesday, 16 September 2008 as markets digested the news of the Fed holding rates with the point that the Fed had hedged its options for the future. The Dow Jones Industrial Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard & Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
Back home, buying in index pivotals coupled with short covering after five straight days of fall helped key benchmark indices erase sharp early losses on Tuesday, 16 September 2008 in highly choppy session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at 13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90, on that day.
The BSE Sensex is down 6768.19 points or 33.36% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7687.97 points or 36.25% below its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 1303.41 crore while mutual funds bought shares worth Rs 612.36 crore on Tuesday, 16 September 2008, according to provisional data on NSE. FIIs were net buyers of Rs 1053.14 crore in the futures & options segment on that day.
Meanwhile, the Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee -- which has been battered to almost 47 against the dollar -- and supply cash in the money market. The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
The Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced an $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, Barclays has agreed to acquire US fourth largest investment banking firm Lehman Brothers' North American investment banking and capital markets businesses. Barclays said it would acquire trading assets with an estimated value of 40 billion pounds and trading liabilities worth 38 billion pounds. It will also acquire Lehman's New York headquarters.
US light crude for October 2008 delivery gained $3.15 to $94.30 a barrel today, 17 September 2008 as an $85 billion bailout of American International Group sparked a relief rally on Wall Street.
Asian markets were trading mixed today, 17 September 2008. Japan's Nikkei rose 2.08% or 241.06 points at 11,850.78, Hong Kong's Hang Seng was up 1.55% or 282.87 points at 18,583.48, Taiwan's Taiwan Weighted gained 2.09% or 120.59 points at 5,877.18, and South Korea's Seoul Composite surged 3.05% or 42.34 points at 1,430.09. However, China's Shanghai Composite declined 0.13% 2.50 points at 1,984.13 and Singapore's Straits Times was down 0.92% or 22.88 points at 2,463.67
US markets rallied on Tuesday, 16 September 2008 as markets digested the news of the Fed holding rates with the point that the Fed had hedged its options for the future. The Dow Jones Industrial Average surged 141.51 points, or 1.30%, to 11,059.02, the Standard & Poor's 500 Index rose 20.87 points, or 1.75%, to 1,213.57 and the Nasdaq Composite index climbed 22.45 points, or 1.03%, to 2,202.36.
Back home, buying in index pivotals coupled with short covering after five straight days of fall helped key benchmark indices erase sharp early losses on Tuesday, 16 September 2008 in highly choppy session. The BSE 30-share Sensex slipped 12.47 points or 0.09% at 13,518.80 and the S&P CNX Nifty rose 2 points or 0.05%, to 4074.90, on that day.
The BSE Sensex is down 6768.19 points or 33.36% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7687.97 points or 36.25% below its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 1303.41 crore while mutual funds bought shares worth Rs 612.36 crore on Tuesday, 16 September 2008, according to provisional data on NSE. FIIs were net buyers of Rs 1053.14 crore in the futures & options segment on that day.
Meanwhile, the Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee -- which has been battered to almost 47 against the dollar -- and supply cash in the money market. The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
Tuesday, September 16, 2008
Post Market 16/09/2008
Frenzied buying in index pivotals coupled with short covering after
five straight days of fall helped key benchmark indices erase sharp
early losses and post marginal gains in highly choppy session.
Higher Dow & Nasdaq futures and crude oil at 7-month low boosted
the sentiment.
Index heavyweight Reliance Industries rebounded sharply from
52-week low. State Bank of India (SBI) advanced over 7%. However
ICICI bank cracked over 5% on high volumes.
Crude oil prices plunged to a seven-month low as turmoil in the US
financial system heightened concerns energy demand may slow. US
light crude for October 2008 delivery fell $3.02 to $92.69 a barrel
yesterday, 15 September 2008.
Financial turmoil in global markets triggered by fears of the state
of the US financial system kept Indian bourses depressed for prior
five straight trading sessions. US investment bank Lehman Brothers
filed for bankruptcy, American insurer AIG struggled for survival
and Merrill Lynch was sold to Bank of America.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
European markets which opened after Indian markets were subdued.
Key benchmark indices in UK, Germany and France were down by
between 0.37% and 1.54%. Asian markets were trading weak today, 16
September 2008 as fears of a global financial crisis gripped
investors across Asia. Key benchmark indices in China, Japan, Hong
Kong, Taiwan, Singapore, and South Korea were down by between 1.01%
and 6.10%.
The BSE 30-share Sensex rose 19.40 points or 0.14% to 13,550.67 as
per provisional closing. The Sensex opened with a downward gap of
479.54 at 13,051.73, also its day's low. At the day's high of
13,556.03 hit in late trade, the Sensex rose 24.31 points.
The S&P CNX Nifty rose 11.60 points or 0.28% to 4,084.50 as per
provisional closing. Nifty recovered from a low of 3919.35. At the
day's low, Nifty had lost 153.55.
The market breadth was weak on BSE with 1725 shares declining as
compared to 928 that rose. 71 remained unchanged.
The total turnover on BSE amounted to Rs 5919 crore
19 shares from the 30-member Sensex pack declined.
India's largest state run bank in terms of net assets State Bank of
India galloped 7.44% to Rs 1599.60 on 13.94 lakh shares and was the
top gainer from Sensex pack. The stock staged a massive recovery
from early low of Rs 1432.60. As per reports, the bank paid 48%
higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2
September 2007.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on
reports the bank may have about $200 million in losses tied to the
credit market turmoil. The stock though recovered from day's low of
Rs 565. It was the top loser from Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries gained 2.50% to
Rs 1931.20 on 13.43 lakh shares. The stock rebounded sharply from a
52-week low of Rs 1800 in intra-day trade. Reliance Industries
reportedly paid 5% higher advance tax at Rs 680 crore in Q2
September 2008 over Q2 September 2007.
Sterlite Industries (up 4.48% to Rs 486.15), HDFC Bank (up 2.16% to
Rs 1230), and Bharat Heavy Electricals (up 1.95% to Rs 1660) edged
higher from Sensex pack.
Telecom pivotals saw divergent trend in volatile trade. India's
largest cellular services provider by market capitalisation Bharti
Airtel rose 0.71% to Rs 770.90. The stock oscillated in a band of
Rs 728.55 and Rs 785.50
India's second largest cellular services provider by market
capitalisation Reliance Communications fell 0.26% to Rs 368. The
stock oscillated in a band of Rs 350 and Rs 369.45
Most IT pivotals were under pressure. India's fourth largest
software services exporter Satyam Computer Services slumped 1.56%
to Rs 362.40. The company said it has bagged a SAP implementation
contract from Oman-based Khimji Ramdas LLC. The company made this
announcement during trading hours on Monday, 15 September 2008.
Wipro (down 1.57% to Rs 396), and TCS (down 1.68% to Rs 749),
slipped.
However India's second largest software services exporter Infosys
rose 0.35% to Rs 1579.90, after striking an intra-day low of Rs
1500.
Ranbaxy Laboratories, India's top drug maker by sales fell 2.73% to
Rs 408. The stock has been on sustained downtrend ever since the
Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
Maruti Suzuki India (down 3.92% to Rs 695.05), DLF (down 1.76% to
Rs 425), and Jaiprakash Associates (down 4.96% to Rs 140), edged
lower from the Sensex pack.
Among the side counters, KSK Energy (up 21.68% to Rs 209.90),
Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs
31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka
(up 11.41% to Rs 103.95), surged.
five straight days of fall helped key benchmark indices erase sharp
early losses and post marginal gains in highly choppy session.
Higher Dow & Nasdaq futures and crude oil at 7-month low boosted
the sentiment.
Index heavyweight Reliance Industries rebounded sharply from
52-week low. State Bank of India (SBI) advanced over 7%. However
ICICI bank cracked over 5% on high volumes.
Crude oil prices plunged to a seven-month low as turmoil in the US
financial system heightened concerns energy demand may slow. US
light crude for October 2008 delivery fell $3.02 to $92.69 a barrel
yesterday, 15 September 2008.
Financial turmoil in global markets triggered by fears of the state
of the US financial system kept Indian bourses depressed for prior
five straight trading sessions. US investment bank Lehman Brothers
filed for bankruptcy, American insurer AIG struggled for survival
and Merrill Lynch was sold to Bank of America.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
European markets which opened after Indian markets were subdued.
Key benchmark indices in UK, Germany and France were down by
between 0.37% and 1.54%. Asian markets were trading weak today, 16
September 2008 as fears of a global financial crisis gripped
investors across Asia. Key benchmark indices in China, Japan, Hong
Kong, Taiwan, Singapore, and South Korea were down by between 1.01%
and 6.10%.
The BSE 30-share Sensex rose 19.40 points or 0.14% to 13,550.67 as
per provisional closing. The Sensex opened with a downward gap of
479.54 at 13,051.73, also its day's low. At the day's high of
13,556.03 hit in late trade, the Sensex rose 24.31 points.
The S&P CNX Nifty rose 11.60 points or 0.28% to 4,084.50 as per
provisional closing. Nifty recovered from a low of 3919.35. At the
day's low, Nifty had lost 153.55.
The market breadth was weak on BSE with 1725 shares declining as
compared to 928 that rose. 71 remained unchanged.
The total turnover on BSE amounted to Rs 5919 crore
19 shares from the 30-member Sensex pack declined.
India's largest state run bank in terms of net assets State Bank of
India galloped 7.44% to Rs 1599.60 on 13.94 lakh shares and was the
top gainer from Sensex pack. The stock staged a massive recovery
from early low of Rs 1432.60. As per reports, the bank paid 48%
higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2
September 2007.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on
reports the bank may have about $200 million in losses tied to the
credit market turmoil. The stock though recovered from day's low of
Rs 565. It was the top loser from Sensex pack.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries gained 2.50% to
Rs 1931.20 on 13.43 lakh shares. The stock rebounded sharply from a
52-week low of Rs 1800 in intra-day trade. Reliance Industries
reportedly paid 5% higher advance tax at Rs 680 crore in Q2
September 2008 over Q2 September 2007.
Sterlite Industries (up 4.48% to Rs 486.15), HDFC Bank (up 2.16% to
Rs 1230), and Bharat Heavy Electricals (up 1.95% to Rs 1660) edged
higher from Sensex pack.
Telecom pivotals saw divergent trend in volatile trade. India's
largest cellular services provider by market capitalisation Bharti
Airtel rose 0.71% to Rs 770.90. The stock oscillated in a band of
Rs 728.55 and Rs 785.50
India's second largest cellular services provider by market
capitalisation Reliance Communications fell 0.26% to Rs 368. The
stock oscillated in a band of Rs 350 and Rs 369.45
Most IT pivotals were under pressure. India's fourth largest
software services exporter Satyam Computer Services slumped 1.56%
to Rs 362.40. The company said it has bagged a SAP implementation
contract from Oman-based Khimji Ramdas LLC. The company made this
announcement during trading hours on Monday, 15 September 2008.
Wipro (down 1.57% to Rs 396), and TCS (down 1.68% to Rs 749),
slipped.
However India's second largest software services exporter Infosys
rose 0.35% to Rs 1579.90, after striking an intra-day low of Rs
1500.
Ranbaxy Laboratories, India's top drug maker by sales fell 2.73% to
Rs 408. The stock has been on sustained downtrend ever since the
Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
Maruti Suzuki India (down 3.92% to Rs 695.05), DLF (down 1.76% to
Rs 425), and Jaiprakash Associates (down 4.96% to Rs 140), edged
lower from the Sensex pack.
Among the side counters, KSK Energy (up 21.68% to Rs 209.90),
Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs
31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka
(up 11.41% to Rs 103.95), surged.
Nifty regains 4,000 level
Steady buying demand coupled with short covering after five
straight days of fall triggered a solid intra-day rebound in key
benchmark indices. The BSE 30-share Sensex was down 224.95 points.
Index heavyweight Reliance Industries bounced back from 52-week
low. State Bank of India (SBI) advanced over 2%. The S&P CNX Nifty
regained 4,000 level. However ICICI bank cracked over 9% on high
volumes. Telecom shares slipped in choppy trade.
Mayhem in global markets triggered by fears of the state of the US
financial system weighed on the Indian bourses for the second day
in a row today, 16 September 2008. US investment bank Lehman
Brothers filed for bankruptcy, American insurer AIG struggled for
survival and Merrill Lynch was sold to Bank of America.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
European markets which opened after Indian markets were subdued.
Key benchmark indices in UK, Germany and France were down by
between 1.04% and 1.78%. Asian markets were trading weak today, 16
September 2008 as fears of a global financial crisis gripped
investors across Asia. Key benchmark indices in China, Japan, Hong
Kong, Taiwan, Singapore, and South Korea were down by between 1.20%
and 6.10%.
At 14:21 IST, the BSE 30-share Sensex was down 224.95 points or
1.66% to 13,304.47. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,330.99 hit in early afternoon trade, the Sensex lost 200.28
points.
The S&P CNX Nifty was down 57.40 points or 1.42% to 4,015.20. Nifty
recovered from a low of 3919.35. At the day's low, Nifty had lost
153.55.
The market breadth was weak on BSE with 2014 shares declining as
compared to just 484 that rose. 59 remained unchanged.
The total turnover on BSE amounted to Rs 2855 crore by 13:30 IST as
compared to Rs 1788 crore by 12:30 IST
27 shares from the 30-member Sensex pack declined.
Mid-cap banking shares spurted on fresh buying. Allahabad Bank (up
3.91% to Rs 62.45), Bank of Baroda (up 3.63% to Rs 313), Bank of
India (up 4.27% to Rs 286.65), Canara Bank (up 5.29% to Rs 214),
Axis Bank (up 3.46% to Rs 680), surged.
India's largest state run bank in terms of net assets State Bank of
India advanced 2.68% to Rs 1528.80 and was the top gainer from
Sensex pack. As per reports, the bank paid 48% higher advance tax
to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 9.40% to Rs 568.90 on 37.53 lakh shares on
reports the bank may have about $200 million in losses tied to the
credit market turmoil. It was the top loser from Sensex pack.
Tata Motors (up 0.36% to Rs 392), and HDFC Bank (up 0.51% to Rs
1210.50), were the other gainers from Sensex pack.
Telecom pivotals slipped in volatile trade. India's largest
cellular services provider by market capitalisation Bharti Airtel
fell 1.46% to Rs 754.25. The stock oscillated in a band of Rs
728.55 and Rs 773.70
India's second largest cellular services provider by market
capitalisation Reliance Communications fell 2.29% to Rs 360.45. The
stock oscillated in a band of Rs 350 and Rs 363.40
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 0.21% to Rs
1882.80 on 7.94 lakh shares. The stock rebounded sharply from a
52-week low of Rs 1800 in intra-day trade. Reliance Industries
reportedly paid 5% higher advance tax at Rs 680 crore in Q2
September 2008 over Q2 September 2007.
India's fourth largest software services exporter Satyam Computer
Services slumped 6.44% to Rs 344.20 and was the worst hit among the
IT pivotals. The company said it has bagged a SAP implementation
contract from Oman-based Khimji Ramdas LLC. The company made this
announcement during trading hours on Monday, 15 September 2008.
India's second largest software services exporter Infosys lost
2.88% to Rs 1529, after striking high of Rs 1576 in early trade.
Ranbaxy Laboratories (down 4.14% to Rs 402.10), DLF (down 5.50% to
Rs 408.80), and Jaiprakash Associates (down 6.31% to Rs 138), edged
lower from the Sensex pack.
Among the side counters, Shri Lakshmi Cotsyn (down 20% to Rs
78.30), Phrithvi Information Solutions (down 19.95% to Rs 86.05),
Shalimar Paints (down 17.67% to Rs 286.10), Anant Raj Industries
(down 14.58% to Rs 104), and Epic Energy (down 13.49% to Rs 59),
slumped.
straight days of fall triggered a solid intra-day rebound in key
benchmark indices. The BSE 30-share Sensex was down 224.95 points.
Index heavyweight Reliance Industries bounced back from 52-week
low. State Bank of India (SBI) advanced over 2%. The S&P CNX Nifty
regained 4,000 level. However ICICI bank cracked over 9% on high
volumes. Telecom shares slipped in choppy trade.
Mayhem in global markets triggered by fears of the state of the US
financial system weighed on the Indian bourses for the second day
in a row today, 16 September 2008. US investment bank Lehman
Brothers filed for bankruptcy, American insurer AIG struggled for
survival and Merrill Lynch was sold to Bank of America.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
European markets which opened after Indian markets were subdued.
Key benchmark indices in UK, Germany and France were down by
between 1.04% and 1.78%. Asian markets were trading weak today, 16
September 2008 as fears of a global financial crisis gripped
investors across Asia. Key benchmark indices in China, Japan, Hong
Kong, Taiwan, Singapore, and South Korea were down by between 1.20%
and 6.10%.
At 14:21 IST, the BSE 30-share Sensex was down 224.95 points or
1.66% to 13,304.47. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,330.99 hit in early afternoon trade, the Sensex lost 200.28
points.
The S&P CNX Nifty was down 57.40 points or 1.42% to 4,015.20. Nifty
recovered from a low of 3919.35. At the day's low, Nifty had lost
153.55.
The market breadth was weak on BSE with 2014 shares declining as
compared to just 484 that rose. 59 remained unchanged.
The total turnover on BSE amounted to Rs 2855 crore by 13:30 IST as
compared to Rs 1788 crore by 12:30 IST
27 shares from the 30-member Sensex pack declined.
Mid-cap banking shares spurted on fresh buying. Allahabad Bank (up
3.91% to Rs 62.45), Bank of Baroda (up 3.63% to Rs 313), Bank of
India (up 4.27% to Rs 286.65), Canara Bank (up 5.29% to Rs 214),
Axis Bank (up 3.46% to Rs 680), surged.
India's largest state run bank in terms of net assets State Bank of
India advanced 2.68% to Rs 1528.80 and was the top gainer from
Sensex pack. As per reports, the bank paid 48% higher advance tax
to Rs 1560 crore in Q2 September 2008 over Q2 September 2007.
However India's largest private sector bank in terms of net profit
ICICI Bank plunged 9.40% to Rs 568.90 on 37.53 lakh shares on
reports the bank may have about $200 million in losses tied to the
credit market turmoil. It was the top loser from Sensex pack.
Tata Motors (up 0.36% to Rs 392), and HDFC Bank (up 0.51% to Rs
1210.50), were the other gainers from Sensex pack.
Telecom pivotals slipped in volatile trade. India's largest
cellular services provider by market capitalisation Bharti Airtel
fell 1.46% to Rs 754.25. The stock oscillated in a band of Rs
728.55 and Rs 773.70
India's second largest cellular services provider by market
capitalisation Reliance Communications fell 2.29% to Rs 360.45. The
stock oscillated in a band of Rs 350 and Rs 363.40
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 0.21% to Rs
1882.80 on 7.94 lakh shares. The stock rebounded sharply from a
52-week low of Rs 1800 in intra-day trade. Reliance Industries
reportedly paid 5% higher advance tax at Rs 680 crore in Q2
September 2008 over Q2 September 2007.
India's fourth largest software services exporter Satyam Computer
Services slumped 6.44% to Rs 344.20 and was the worst hit among the
IT pivotals. The company said it has bagged a SAP implementation
contract from Oman-based Khimji Ramdas LLC. The company made this
announcement during trading hours on Monday, 15 September 2008.
India's second largest software services exporter Infosys lost
2.88% to Rs 1529, after striking high of Rs 1576 in early trade.
Ranbaxy Laboratories (down 4.14% to Rs 402.10), DLF (down 5.50% to
Rs 408.80), and Jaiprakash Associates (down 6.31% to Rs 138), edged
lower from the Sensex pack.
Among the side counters, Shri Lakshmi Cotsyn (down 20% to Rs
78.30), Phrithvi Information Solutions (down 19.95% to Rs 86.05),
Shalimar Paints (down 17.67% to Rs 286.10), Anant Raj Industries
(down 14.58% to Rs 104), and Epic Energy (down 13.49% to Rs 59),
slumped.
Market extends fall; ICICI Bank tumbles
Fresh selling derailed recovery from lower level in highly choppy
mid-morning trade. The BSE 30-share Sensex was down 407.70 points.
The market tumbled for the sixth day in a row today, 16 September
2008, mirroring mayhem in global markets triggered by fears of the
state of the US financial system after Lehman Brothers filed for
bankruptcy, insurer AIG struggled for survival and Merrill Lynch
was sold to Bank of America. Nifty cracked below 4,000 in opening
trade.
Banking and financial sector pivotals slumped on global financial
turmoil, with ICICI Bank plunging over 7%. However state run
refinery shares rose after crude hit 7-month low. Index heavyweight
Reliance Industries hit a 52-week low of Rs 1800. The market
breadth was extremely weak.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Asian markets were trading weak today, 16 September 2008 as fears
of a global financial crisis gripped investors across Asia. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 2.17% and 6.48%.
At 11:21 IST, the BSE 30-share Sensex was down 407.70 points or
3.01% to 13,119.02. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,297.10 hit in mid-morning trade, the Sensex lost 233.85
points.
The S&P CNX Nifty tumbled 122 points or 3% to 3,950.90.
The market breadth was weak on BSE with 1903 shares declining as
compared to just 339 that rose. 51 remained unchanged.
The total turnover on BSE amounted to Rs 1227 crore by 11:30 IST as
compared to Rs 506 crore by 10:30 IST
Tata Motors was the lone gainer from the 30-member Sensex pack.
India's top truck maker by sales rose 0.38% to Rs 392.10, off day's
low of Rs 377.
Banking and financial pivotals were under pressure on global
financial turmoil. India's largest private sector bank in terms of
net profit ICICI Bank plunged 7.31% to Rs 579 on 10.78 lajh shares
and was the top loser from Sensex pack. India's second largest
private sector bank in terms of net profit HDFC Bank slipped 2.21%
to Rs 1177.50.
India's largest state run bank in terms of net assets State Bank of
India slipped 0.87% to Rs 1476. As per reports, the bank paid 50%
higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2
September 2007. It was the top gainer from Sensex pack.
India's largest dedicated housing finance company by total revenue,
Housing Development Finance Corporation lost 3.34% to Rs 2133.
Ranbaxy Laboratories, India's top drug maker by sales slumped 5.46%
to Rs 396.25. The stock has been on sustained downtrend ever since
the Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.86% to Rs
1849 on 3.53 lakh shares. The stock hit a 52-week low of Rs 1800 in
intra-day trade. Reliance Industries reportedly paid 5% higher
advance tax at Rs 680 crore in Q2 September 2008 over Q2 September
2007.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 6.85% to Rs
342.95 and was the worst hit among the IT pivotals. The company
said it has bagged a SAP implementation contract from Oman-based
Khimji Ramdas LLC. The company made this announcement during
trading hours on Monday, 15 September 2008.
India's second largest software services exporter Infosys lost
2.12% to Rs 1541, after striking high of Rs 1576 in early trade.
Wipro (down 4.82% to Rs 382.90), DLF (down 6.82% to Rs 403.10), and
Jaiprakash Associates (down 6.55% to Rs 137.65), edged lower from
the Sensex pack.
State-run oil refiners surged after crude oil price declined
further to a 7-month low. Indian Oil Corporation (up 1.57% at Rs
420), BPCL (up 4.23% at Rs 362.15), and HPCL (up 3.89% at Rs
249.60), rose.
mid-morning trade. The BSE 30-share Sensex was down 407.70 points.
The market tumbled for the sixth day in a row today, 16 September
2008, mirroring mayhem in global markets triggered by fears of the
state of the US financial system after Lehman Brothers filed for
bankruptcy, insurer AIG struggled for survival and Merrill Lynch
was sold to Bank of America. Nifty cracked below 4,000 in opening
trade.
Banking and financial sector pivotals slumped on global financial
turmoil, with ICICI Bank plunging over 7%. However state run
refinery shares rose after crude hit 7-month low. Index heavyweight
Reliance Industries hit a 52-week low of Rs 1800. The market
breadth was extremely weak.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Asian markets were trading weak today, 16 September 2008 as fears
of a global financial crisis gripped investors across Asia. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 2.17% and 6.48%.
At 11:21 IST, the BSE 30-share Sensex was down 407.70 points or
3.01% to 13,119.02. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,297.10 hit in mid-morning trade, the Sensex lost 233.85
points.
The S&P CNX Nifty tumbled 122 points or 3% to 3,950.90.
The market breadth was weak on BSE with 1903 shares declining as
compared to just 339 that rose. 51 remained unchanged.
The total turnover on BSE amounted to Rs 1227 crore by 11:30 IST as
compared to Rs 506 crore by 10:30 IST
Tata Motors was the lone gainer from the 30-member Sensex pack.
India's top truck maker by sales rose 0.38% to Rs 392.10, off day's
low of Rs 377.
Banking and financial pivotals were under pressure on global
financial turmoil. India's largest private sector bank in terms of
net profit ICICI Bank plunged 7.31% to Rs 579 on 10.78 lajh shares
and was the top loser from Sensex pack. India's second largest
private sector bank in terms of net profit HDFC Bank slipped 2.21%
to Rs 1177.50.
India's largest state run bank in terms of net assets State Bank of
India slipped 0.87% to Rs 1476. As per reports, the bank paid 50%
higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2
September 2007. It was the top gainer from Sensex pack.
India's largest dedicated housing finance company by total revenue,
Housing Development Finance Corporation lost 3.34% to Rs 2133.
Ranbaxy Laboratories, India's top drug maker by sales slumped 5.46%
to Rs 396.25. The stock has been on sustained downtrend ever since
the Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.86% to Rs
1849 on 3.53 lakh shares. The stock hit a 52-week low of Rs 1800 in
intra-day trade. Reliance Industries reportedly paid 5% higher
advance tax at Rs 680 crore in Q2 September 2008 over Q2 September
2007.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 6.85% to Rs
342.95 and was the worst hit among the IT pivotals. The company
said it has bagged a SAP implementation contract from Oman-based
Khimji Ramdas LLC. The company made this announcement during
trading hours on Monday, 15 September 2008.
India's second largest software services exporter Infosys lost
2.12% to Rs 1541, after striking high of Rs 1576 in early trade.
Wipro (down 4.82% to Rs 382.90), DLF (down 6.82% to Rs 403.10), and
Jaiprakash Associates (down 6.55% to Rs 137.65), edged lower from
the Sensex pack.
State-run oil refiners surged after crude oil price declined
further to a 7-month low. Indian Oil Corporation (up 1.57% at Rs
420), BPCL (up 4.23% at Rs 362.15), and HPCL (up 3.89% at Rs
249.60), rose.
Nifty cracks below 4,000 on global financial turmoil
Key benchmark indices slumped for the sixth day in a row today, 16
September 2008, mirroring mayhem in global markets triggered by
fears of the state of the US financial system after Lehman Brothers
filed for bankruptcy, insurer AIG struggled for survival and
Merrill Lynch was sold to Bank of America. Nifty cracked below
4,000 in opening trade.
Ranbaxy Laboratories slumped over 5%. Index heavyweight Reliance
Industries hit a 52-week low of Rs 1800 in early trade. Banking
pivotals saw divergent trend.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Asian markets were trading weak today, 16 September 2008 as fears
of a global financial crisis gripped investors across Asia. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 2.07% and 5.95%.
At 10:21 IST, the BSE 30-share Sensex was down 254.13 points or
1.85% to 13,280.34. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,291.10 hit in early trade, the Sensex lost 240.17 points.
The S&P CNX Nifty tumbled 76.55 points or 1.88% to 3,996.35.
The market breadth was weak on BSE with 1273 shares declining as
compared to just 246 that rose. 27 remained unchanged.
The total turnover on BSE amounted to Rs 506 crore by 10:30 IST
Among the 30-member Sensex pack, 28 suffered losses.
Ranbaxy Laboratories, India's top drug maker by sales slumped 5.46%
to Rs 396.25 and was the top loser from Sensex pack. The stock has
been on sustained downtrend ever since the Japanese drug maker
Daiichi Sankyo's open offer to acquire an additional 20% stake at
Rs 737 a share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.12% to Rs
1863 on 1.74 lakh shares. The stock hit a 52-week low of Rs 1800 in
intra-day trade. Reliance Industries reportedly paid 5% higher
advance tax at Rs 680 crore in Q2 September 2008 over Q2 September
2007.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 4.66% to Rs 351
and was the worst hit among the IT pivotals.
Banking pivotals saw divergent trned. India's largest private
sector bank in terms of net profit ICICI Bank slipped 3.19% to Rs
606.90. India's second largest private sector bank in terms of net
profit HDFC Bank slipped 1.42% to Rs 1190.
However India's largest state run bank in terms of net assets State
Bank of India rose 0.33% to Rs 1493.80, on reports the bank paid
50% higher advance tax to Rs 1560 crore in Q2 September 2008 over
Q2 September 2007. It was the top gainer from Sensex pack.
Bharti Airtel (down 4.51% to Rs 730.90), DLF (down 4.90% to Rs
411), and Jaiprakash Associates (down 3.63% to Rs 141.95), edged
lower from the Sensex pack.
Infosys (up 0.04% to Rs 1575), and Mahindra & Mahindra (up 0.29% to
Rs 538.50), edged higher from Sensex pack.
Meanwhile, crude oil prices plunged to a seven-month low as turmoil
in the US financial system heightened concerns energy demand may
slow. US light crude for October 2008 delivery fell $3.02 to $92.69
a barrel yesterday, 15 September 2008.
Back home, bears ruled the roost on the bourses for the fifth
consecutive day yesterday, 15 September 2008 as key benchmark
indices posted substantial losses after US investment bank Lehman
Brothers filed for bankruptcy protection. The BSE 30-share Sensex
lost 469.54 or 3.35% at 13,531.27 and the S&P CNX Nifty lost 155.55
points or 3.68%, to settle at 4072.90 on that day.
Foreign institutional investors (FIIs) were net equity sellers
worth Rs 763.02 crore while mutual funds bought shares worth Rs
1328.14 crore on Monday, 15 September 2008, according to
provisional data on NSE. FIIs were net buyers of Rs 1156.23 crore
in the futures & options segment on that day.
September 2008, mirroring mayhem in global markets triggered by
fears of the state of the US financial system after Lehman Brothers
filed for bankruptcy, insurer AIG struggled for survival and
Merrill Lynch was sold to Bank of America. Nifty cracked below
4,000 in opening trade.
Ranbaxy Laboratories slumped over 5%. Index heavyweight Reliance
Industries hit a 52-week low of Rs 1800 in early trade. Banking
pivotals saw divergent trend.
US markets collapsed on Monday, 15 September 2008 falling the most
since 11 September 2001 as investors worried about the impact of
the latest twists in the credit crisis on the economy and the
outlook for profits. The Dow Jones Industrial Average plunged
504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index
dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard &
Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Asian markets were trading weak today, 16 September 2008 as fears
of a global financial crisis gripped investors across Asia. Key
benchmark indices in China, Japan, Hong Kong, Taiwan, Singapore,
and South Korea were down by between 2.07% and 5.95%.
At 10:21 IST, the BSE 30-share Sensex was down 254.13 points or
1.85% to 13,280.34. The Sensex opened with a downward gap of 479.54
at 13,051.73, which is also its day's low so far. At the day's high
of 13,291.10 hit in early trade, the Sensex lost 240.17 points.
The S&P CNX Nifty tumbled 76.55 points or 1.88% to 3,996.35.
The market breadth was weak on BSE with 1273 shares declining as
compared to just 246 that rose. 27 remained unchanged.
The total turnover on BSE amounted to Rs 506 crore by 10:30 IST
Among the 30-member Sensex pack, 28 suffered losses.
Ranbaxy Laboratories, India's top drug maker by sales slumped 5.46%
to Rs 396.25 and was the top loser from Sensex pack. The stock has
been on sustained downtrend ever since the Japanese drug maker
Daiichi Sankyo's open offer to acquire an additional 20% stake at
Rs 737 a share in the company ended on 4 September 2008.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries fell 1.12% to Rs
1863 on 1.74 lakh shares. The stock hit a 52-week low of Rs 1800 in
intra-day trade. Reliance Industries reportedly paid 5% higher
advance tax at Rs 680 crore in Q2 September 2008 over Q2 September
2007.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 4.66% to Rs 351
and was the worst hit among the IT pivotals.
Banking pivotals saw divergent trned. India's largest private
sector bank in terms of net profit ICICI Bank slipped 3.19% to Rs
606.90. India's second largest private sector bank in terms of net
profit HDFC Bank slipped 1.42% to Rs 1190.
However India's largest state run bank in terms of net assets State
Bank of India rose 0.33% to Rs 1493.80, on reports the bank paid
50% higher advance tax to Rs 1560 crore in Q2 September 2008 over
Q2 September 2007. It was the top gainer from Sensex pack.
Bharti Airtel (down 4.51% to Rs 730.90), DLF (down 4.90% to Rs
411), and Jaiprakash Associates (down 3.63% to Rs 141.95), edged
lower from the Sensex pack.
Infosys (up 0.04% to Rs 1575), and Mahindra & Mahindra (up 0.29% to
Rs 538.50), edged higher from Sensex pack.
Meanwhile, crude oil prices plunged to a seven-month low as turmoil
in the US financial system heightened concerns energy demand may
slow. US light crude for October 2008 delivery fell $3.02 to $92.69
a barrel yesterday, 15 September 2008.
Back home, bears ruled the roost on the bourses for the fifth
consecutive day yesterday, 15 September 2008 as key benchmark
indices posted substantial losses after US investment bank Lehman
Brothers filed for bankruptcy protection. The BSE 30-share Sensex
lost 469.54 or 3.35% at 13,531.27 and the S&P CNX Nifty lost 155.55
points or 3.68%, to settle at 4072.90 on that day.
Foreign institutional investors (FIIs) were net equity sellers
worth Rs 763.02 crore while mutual funds bought shares worth Rs
1328.14 crore on Monday, 15 September 2008, according to
provisional data on NSE. FIIs were net buyers of Rs 1156.23 crore
in the futures & options segment on that day.
Pre Market Report 16/09/2008
Key benchmark indices are likely to edge lower for sixth running day today, 16 September 2008 mirroring mayhem in global markets triggered by fears of the state of the US financial system after Lehman Brothers filed for bankruptcy, insurer AIG struggled for survival and Merrill Lynch was sold to Bank of America.
Meanwhile, crude oil prices plunged to a seven-month low as turmoil in the US financial system heightened concerns energy demand may slow. US light crude for October 2008 delivery fell $3.02 to $92.69 a barrel yesterday, 15 September 2008.
As per reports, State Bank of India paid 50% higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007. Reliance Industries paid 5% higher advance tax to Rs 680 crore in Q2 September 2008 over Q2 September 2007.
Asian markets were trading weak today, 16 September 2008 as fears of a global financial crisis gripped investors across Asia. China's Shanghai Composite fell 3.67% or 76.37 points at 2,003.29, Japan's Nikkei lost 5.06% or 618.67 points 11,596.09, Hong Kong's Hang Seng plunged 6.52% or 1261.57 points at 18,091.33, Taiwan's Taiwan Weighted slipped 5.04% or 304.89 points at 5,747.56, Singapore's Straits Times declined 2.39% or 59.46 points at 2,427.09 and South Korea's Seoul Composite tumbled 5.70% or 84.26 points at 1,393.66
US markets collapsed on Monday, 15 September 2008 as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. The Dow Jones Industrial Average plunged 504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard & Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Back home, bears ruled the roost on the bourses for the fifth consecutive day yesterday, 15 September 2008 as key benchmark indices posted substantial losses after US investment bank Lehman Brothers filed for bankruptcy protection. The BSE 30-share Sensex lost 469.54 or 3.35% at 13,531.27 and the S&P CNX Nifty lost 155.55 points or 3.68%, to settle at 4072.90 on that day.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 763.02 crore while mutual funds bought shares worth Rs 1328.14 crore on Monday, 15 September 2008, according to provisional data on NSE. FIIs were net buyers of Rs 1156.23 crore in the futures & options segment on that day.
Meanwhile, Rajya Sabha member and former head of the PM's economic panel C Rangarajan yesterday, 15 September 2008 said inflation may come down to 10% by December 2008. The former RBI governor said inflation last year was moderate towards the end of December, so base effect will heighten inflation in the current year. The base effect relates to the impact on inflation because of its level in the year-ago period.
Meanwhile, crude oil prices plunged to a seven-month low as turmoil in the US financial system heightened concerns energy demand may slow. US light crude for October 2008 delivery fell $3.02 to $92.69 a barrel yesterday, 15 September 2008.
As per reports, State Bank of India paid 50% higher advance tax to Rs 1560 crore in Q2 September 2008 over Q2 September 2007. Reliance Industries paid 5% higher advance tax to Rs 680 crore in Q2 September 2008 over Q2 September 2007.
Asian markets were trading weak today, 16 September 2008 as fears of a global financial crisis gripped investors across Asia. China's Shanghai Composite fell 3.67% or 76.37 points at 2,003.29, Japan's Nikkei lost 5.06% or 618.67 points 11,596.09, Hong Kong's Hang Seng plunged 6.52% or 1261.57 points at 18,091.33, Taiwan's Taiwan Weighted slipped 5.04% or 304.89 points at 5,747.56, Singapore's Straits Times declined 2.39% or 59.46 points at 2,427.09 and South Korea's Seoul Composite tumbled 5.70% or 84.26 points at 1,393.66
US markets collapsed on Monday, 15 September 2008 as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. The Dow Jones Industrial Average plunged 504.48 points, or 4.42%, to 10,917.51, the Nasdaq Composite index dropped 81.36 points, or 3.60%, to 2,179.91 and the Standard & Poor's 500 index fell 59 points, or 4.71% to 1,192.70.
Back home, bears ruled the roost on the bourses for the fifth consecutive day yesterday, 15 September 2008 as key benchmark indices posted substantial losses after US investment bank Lehman Brothers filed for bankruptcy protection. The BSE 30-share Sensex lost 469.54 or 3.35% at 13,531.27 and the S&P CNX Nifty lost 155.55 points or 3.68%, to settle at 4072.90 on that day.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 763.02 crore while mutual funds bought shares worth Rs 1328.14 crore on Monday, 15 September 2008, according to provisional data on NSE. FIIs were net buyers of Rs 1156.23 crore in the futures & options segment on that day.
Meanwhile, Rajya Sabha member and former head of the PM's economic panel C Rangarajan yesterday, 15 September 2008 said inflation may come down to 10% by December 2008. The former RBI governor said inflation last year was moderate towards the end of December, so base effect will heighten inflation in the current year. The base effect relates to the impact on inflation because of its level in the year-ago period.
Intraday Tips for 16th September 08
Nifty: Resistance 3993/4114/4137/4150
Supports 3900/3985/3965/3939/3865/3825
Investors may utilise there 30-40% of cash to invest in front liners ( Index-Based ) stocks today near to days low.
RPOWER ( Reliance Power Limited ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 158 156 162 170
S.SELL BELOW 155 157 150 145
NTPC ( NTPC Limited ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 171 168 173 177
S.SELL BELOW 167 169 165 160
SBIN ( State Bank of India ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 1495 1467 1520 1550
S.SELL BELOW 1460 1470 1430 1390
Supports 3900/3985/3965/3939/3865/3825
Investors may utilise there 30-40% of cash to invest in front liners ( Index-Based ) stocks today near to days low.
RPOWER ( Reliance Power Limited ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 158 156 162 170
S.SELL BELOW 155 157 150 145
NTPC ( NTPC Limited ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 171 168 173 177
S.SELL BELOW 167 169 165 160
SBIN ( State Bank of India ) Action Trigger Price Stop Loss Target 1 Target 2
BUY ABOVE 1495 1467 1520 1550
S.SELL BELOW 1460 1470 1430 1390
Monday, September 15, 2008
Post Market 15/09/2008
News that China's central bank has cut interest rates helped the
domestic bourses cut steep intra-day losses. Despite the recovery,
the market ended the day with heavy losses. The BSE 30-share Sensex
was down 517.46 points as per provisional closing. Fears of more
foreign fund withdrawals weighed heavily on the Indian bourses
today, 15 September 2008, after US investment bank Lehman Brothers
filed for bankruptcy protection.
The financial upheaval also involved other US institutions. Bank of
America has agreed to acquire Merrill Lynch & Co for $50 billion in
an all-stock deal that will give the US bank the world's largest
brokerage.
Index heavyweight Reliance Industries (RIL) rebounded after
touching 52-week low. Maruti Suzuki India staged a sharp recovery
from day's low. Banking pivotals also rebounded from early lows
after China's central bank today, 15 September 2008, cut benchmark
lending rates by 0.27%. All the BSE sectoral indices declined with
stocks from IT and real estate worst hit.
US stock index futures were down sharply, pointing to a steep fall
at the opening on Wall Street. European markets which opened after
Indian markets were weak. Key benchmark indices in UK, Germany and
France were down by between 3.67% and 4.29%. Asian markets were
trading lower today, 15 September 2008. Key benchmark indices in
Taiwan and Singapore fell 4.09% and 3.27% respectively. Most major
Asian equity markets were closed for public holidays.
The BSE 30-share Sensex was down 517.46 points or 3.70% to
13,483.35, as per provisional closing. The Sensex opened with a
huge downward gap of 408.76 at 13,592.05. At the day's low of
13,150.81 hit in mid-morning trade, the Sensex lost 850 points.
The S&P CNX Nifty was down 167.45 points or 3.96% to 4,061 as per
provisional. It had touched an intra-day low of 3,955.40
The market breadth was extremely weak on BSE with 2258 shares
declining as compared to just 375 that rose. 38 remained unchanged.
The total turnover on BSE amounted to Rs 4468 crore.
27 from the 30-member Sensex pack suffered losses.
India's largest private sector power generation company in terms of
sales, Reliance Infrastructure tumbled 9.93% to Rs 837 on 17.35
lakh shares. It was the top loser from Sensex pack.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 9.61% to Rs
367.50 and was the worst hit among the IT pivotals.
Other IT stocks Wipro (down 4.47% to Rs 401), Infosys (down 4.08%
to Rs 1577), TCS (down 5.94% to Rs 760.15), edged lower.
Banking pivotals rebounded from early lows. India's largest private
sector bank in terms of net profit ICICI Bank slipped 4.11% to Rs
626, off day's low of Rs 595.15. India's largest state run bank in
terms of net assets State Bank of India fell 1.68% to Rs 1486.95 ,
off day's low of Rs 1405.25
China's central bank, acting against a background of extreme stress
in global financial markets, cut benchmark lending rates by 27
basis points to 7.20% today, 15 September 2008. The People's Bank
of China (PBOC) also cut the reserve requirement for all except the
country's five biggest banks and the Postal Savings Bank by 1%. The
PBOC said the aim of the easing was to maintain fast and stable
economic growth.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries slumped 2.98% to
Rs 1873.80 on 19.05 lakh shares. The stock hit a 52-week low of Rs
1824.10 in intra-day trade. The stock slumped on reports the
government may impose a special oil tax on the domestic crude oil
production under the New Exploration Licensing Policy.
Other oil & gas stock, Essar Oil (down 9.33% at Rs 168.05), Cairn
India (down 7.47% at Rs 205.10), and Oil & Natural Gas Corporation
(down 6.74% at Rs 959.90), slumped.
Realty shares cracked on intense selling pressure. DLF (down 7.72%
to Rs 431.80), Unitech (down 7.67% to Rs 143.25), Indiabulls Real
Estate (down 6.05% to Rs 237.50), Ansal Infrastructure (down 11.81%
to Rs 78), Housing Development Infrastructure (down 12.11% to Rs
241), slumped.
Metal shares slipped. Ispat Industries (down 6.99% to Rs 21.30),
Jindal Steel & Power (down 5.62% to Rs 1497), Hindalco (down 5% to
Rs 115), Sesa Goa (down 4.71% to Rs 129.50), and Tata Steel (down
4.77% to Rs 498.50), slipped.
Ranbaxy Laboratories, India's top drug maker by sales fell 8.78% to
Rs 414.10. The stock has been on sustained downtrend ever since the
Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
Reliance Communications (down 6.23% to Rs 366.80), Jaiprakash
Associates (down 6.51% to Rs 147.30), and Tata Motors (down 5.26%
to Rs 390.20), edged lower from Sensex pack.
India's top small car maker by sales Maruti Suzuki India staged a
smart recovery from day's low of Rs 666. It rose 2.03% to Rs 718
and was the top gainer from Sensex pack.
HDFC (up 1.33% to Rs 2208), and ACC (up 0.41% to Rs 593), were the
other gainers from Sensex pack.
US light crude for October 2008 delivery fell $1.52 to $99.66 a
barrel today, 15 September 2008 on early signs that Hurricane Ike
may have spared key Gulf Coast infrastructure, although traders
were cautious on Monday as they awaited status reports on more
Texas refineries.
domestic bourses cut steep intra-day losses. Despite the recovery,
the market ended the day with heavy losses. The BSE 30-share Sensex
was down 517.46 points as per provisional closing. Fears of more
foreign fund withdrawals weighed heavily on the Indian bourses
today, 15 September 2008, after US investment bank Lehman Brothers
filed for bankruptcy protection.
The financial upheaval also involved other US institutions. Bank of
America has agreed to acquire Merrill Lynch & Co for $50 billion in
an all-stock deal that will give the US bank the world's largest
brokerage.
Index heavyweight Reliance Industries (RIL) rebounded after
touching 52-week low. Maruti Suzuki India staged a sharp recovery
from day's low. Banking pivotals also rebounded from early lows
after China's central bank today, 15 September 2008, cut benchmark
lending rates by 0.27%. All the BSE sectoral indices declined with
stocks from IT and real estate worst hit.
US stock index futures were down sharply, pointing to a steep fall
at the opening on Wall Street. European markets which opened after
Indian markets were weak. Key benchmark indices in UK, Germany and
France were down by between 3.67% and 4.29%. Asian markets were
trading lower today, 15 September 2008. Key benchmark indices in
Taiwan and Singapore fell 4.09% and 3.27% respectively. Most major
Asian equity markets were closed for public holidays.
The BSE 30-share Sensex was down 517.46 points or 3.70% to
13,483.35, as per provisional closing. The Sensex opened with a
huge downward gap of 408.76 at 13,592.05. At the day's low of
13,150.81 hit in mid-morning trade, the Sensex lost 850 points.
The S&P CNX Nifty was down 167.45 points or 3.96% to 4,061 as per
provisional. It had touched an intra-day low of 3,955.40
The market breadth was extremely weak on BSE with 2258 shares
declining as compared to just 375 that rose. 38 remained unchanged.
The total turnover on BSE amounted to Rs 4468 crore.
27 from the 30-member Sensex pack suffered losses.
India's largest private sector power generation company in terms of
sales, Reliance Infrastructure tumbled 9.93% to Rs 837 on 17.35
lakh shares. It was the top loser from Sensex pack.
IT pivotals tumbled due to heavy selling on reports that hedging
positions taken by the companies are improper with rupee falling to
two-year low against the dollar. India's fourth largest software
services exporter Satyam Computer Services slumped 9.61% to Rs
367.50 and was the worst hit among the IT pivotals.
Other IT stocks Wipro (down 4.47% to Rs 401), Infosys (down 4.08%
to Rs 1577), TCS (down 5.94% to Rs 760.15), edged lower.
Banking pivotals rebounded from early lows. India's largest private
sector bank in terms of net profit ICICI Bank slipped 4.11% to Rs
626, off day's low of Rs 595.15. India's largest state run bank in
terms of net assets State Bank of India fell 1.68% to Rs 1486.95 ,
off day's low of Rs 1405.25
China's central bank, acting against a background of extreme stress
in global financial markets, cut benchmark lending rates by 27
basis points to 7.20% today, 15 September 2008. The People's Bank
of China (PBOC) also cut the reserve requirement for all except the
country's five biggest banks and the Postal Savings Bank by 1%. The
PBOC said the aim of the easing was to maintain fast and stable
economic growth.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries slumped 2.98% to
Rs 1873.80 on 19.05 lakh shares. The stock hit a 52-week low of Rs
1824.10 in intra-day trade. The stock slumped on reports the
government may impose a special oil tax on the domestic crude oil
production under the New Exploration Licensing Policy.
Other oil & gas stock, Essar Oil (down 9.33% at Rs 168.05), Cairn
India (down 7.47% at Rs 205.10), and Oil & Natural Gas Corporation
(down 6.74% at Rs 959.90), slumped.
Realty shares cracked on intense selling pressure. DLF (down 7.72%
to Rs 431.80), Unitech (down 7.67% to Rs 143.25), Indiabulls Real
Estate (down 6.05% to Rs 237.50), Ansal Infrastructure (down 11.81%
to Rs 78), Housing Development Infrastructure (down 12.11% to Rs
241), slumped.
Metal shares slipped. Ispat Industries (down 6.99% to Rs 21.30),
Jindal Steel & Power (down 5.62% to Rs 1497), Hindalco (down 5% to
Rs 115), Sesa Goa (down 4.71% to Rs 129.50), and Tata Steel (down
4.77% to Rs 498.50), slipped.
Ranbaxy Laboratories, India's top drug maker by sales fell 8.78% to
Rs 414.10. The stock has been on sustained downtrend ever since the
Japanese drug maker Daiichi Sankyo's open offer to acquire an
additional 20% stake at Rs 737 a share in the company ended on 4
September 2008.
Reliance Communications (down 6.23% to Rs 366.80), Jaiprakash
Associates (down 6.51% to Rs 147.30), and Tata Motors (down 5.26%
to Rs 390.20), edged lower from Sensex pack.
India's top small car maker by sales Maruti Suzuki India staged a
smart recovery from day's low of Rs 666. It rose 2.03% to Rs 718
and was the top gainer from Sensex pack.
HDFC (up 1.33% to Rs 2208), and ACC (up 0.41% to Rs 593), were the
other gainers from Sensex pack.
US light crude for October 2008 delivery fell $1.52 to $99.66 a
barrel today, 15 September 2008 on early signs that Hurricane Ike
may have spared key Gulf Coast infrastructure, although traders
were cautious on Monday as they awaited status reports on more
Texas refineries.
Market tanks as Lehman Brothers files for bankruptcy
Key benchmark indices witnessed a disastrous opening spooked by
reports that the Bank of America struck a $50 billion deal to buy
US's investment banking major Merrill Lynch. The BSE 30-share
Sensex was down 643.32 points. Meanwhile, reports just filtered in
that US investment bank Lehman Brothers is filing for Chapter 11
bankruptcy.
Index heavyweight Reliance Industries (RIL) plunged to 52-week low
below Rs 1900. IT pivotals were the worst hit in the early slide,
with Satyam Computer Services plunging over 10%. All the 30-members
from the Sensex pack suffered losses.
Asian markets were trading lower today, 15 September 2008. Key
benchmark indices in Taiwan and Singapore fell 4.32% and 3.18%.
Most major Asian equity markets were closed for public holidays.
At 10:21 IST, the BSE 30-share Sensex was down 643.32 points or
4.63% to 13,351.91. The Sensex opened with a downward gap of 408.76
at 13,592.05. At the day's low of 13,272.86 hit in early trade
Sensex lost 727.95 points.
The S&P CNX Nifty tumbled 192.70 points or 4.56% to 4,035.75.
The market breadth was weak on BSE with 1397 shares declining as
compared to just 188 that rose. 21 remained unchanged.
All the 30-members from the Sensex pack suffered losses.
IT pivotals tumbled. India's fourth largest software services
exporter Satyam Computer Services plunged 10.37% to Rs 364.60. It
was the top loser from Sensex pack.
Other IT stocks Wipro (down 6.67% to Rs 391.75), Infosys (down
4.01% to Rs 1578), TCS (down 7.07% to Rs 751.50), edged lower.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries slumped 4.02% to
Rs 1852.90. The stock hit a 52-week low of Rs 1833.25 in early
trade.
India's largest private sector bank in terms of net profit ICICI
Bank slipped 6.72% to Rs 609. India's largest state run bank in
terms of net assets State Bank of India fell 4.36% to Rs 1446.60
Reliance Infrastructure (down 7.80% to Rs 856.80), Jaiprakash
Associates (down 7.14% to Rs 146.30), and Sterlite Industries (down
6.80% to Rs 454), edged lower from Sensex pack.
US light crude for October 2008 delivery fell $1.52 to $99.66 a
barrel today, 15 September 2008 on early signs that Hurricane Ike
may have spared key Gulf Coast infrastructure, although traders
were cautious on Monday as they awaited status reports on more
Texas refineries.
US markets ended mixed on Friday, 12 September 2008, amid
uncertainty over the fate of troubled investment bank Lehman
Brothers. But shares of natural resource companies and utilities
gained as commodity prices rose, offsetting losses among financial
and bank shares. The Dow Jones industrial average slipped 11.72
points, or 0.10%, to 11,421.99. The S&P 500 index gained 2.65
points, or 0.21%, to 1,251.70, and the Nasdaq Composite index
advanced 3.05 points, or 0.14%, 2,261.27.
Back home, heavy selling pressure in pivotals pulled the market
sharply lower on Friday, 12 September 2008. The BSE 30-share Sensex
lost 323.48 points or 2.26% to 14,000.81. and the S&P CNX Nifty was
down 61.85 points or 1.44% to 4,228.45, on that day.
Weak global cues pulled the market sharply lower in the week ended
Friday, 12 September 2008. The 30-share BSE Sensex shed 483.02
points or 3.33% to 14,000.81 and the S&P CNX Nifty fell 123.85
points or 2.84% to 4228.45, on that day.
Foreign institutional investors (FIIs) were net equity sellers
worth Rs 1497.67 crore while mutual funds bought shares worth Rs
695.41 crore on Friday, 12 September 2008, according to provisional
data on NSE. FIIs were net sellers of Rs 777.40 crore in the
futures & options segment on Friday, 12 September 2008
reports that the Bank of America struck a $50 billion deal to buy
US's investment banking major Merrill Lynch. The BSE 30-share
Sensex was down 643.32 points. Meanwhile, reports just filtered in
that US investment bank Lehman Brothers is filing for Chapter 11
bankruptcy.
Index heavyweight Reliance Industries (RIL) plunged to 52-week low
below Rs 1900. IT pivotals were the worst hit in the early slide,
with Satyam Computer Services plunging over 10%. All the 30-members
from the Sensex pack suffered losses.
Asian markets were trading lower today, 15 September 2008. Key
benchmark indices in Taiwan and Singapore fell 4.32% and 3.18%.
Most major Asian equity markets were closed for public holidays.
At 10:21 IST, the BSE 30-share Sensex was down 643.32 points or
4.63% to 13,351.91. The Sensex opened with a downward gap of 408.76
at 13,592.05. At the day's low of 13,272.86 hit in early trade
Sensex lost 727.95 points.
The S&P CNX Nifty tumbled 192.70 points or 4.56% to 4,035.75.
The market breadth was weak on BSE with 1397 shares declining as
compared to just 188 that rose. 21 remained unchanged.
All the 30-members from the Sensex pack suffered losses.
IT pivotals tumbled. India's fourth largest software services
exporter Satyam Computer Services plunged 10.37% to Rs 364.60. It
was the top loser from Sensex pack.
Other IT stocks Wipro (down 6.67% to Rs 391.75), Infosys (down
4.01% to Rs 1578), TCS (down 7.07% to Rs 751.50), edged lower.
India's largest private sector firm in terms of market
capitalization and oil refiner Reliance Industries slumped 4.02% to
Rs 1852.90. The stock hit a 52-week low of Rs 1833.25 in early
trade.
India's largest private sector bank in terms of net profit ICICI
Bank slipped 6.72% to Rs 609. India's largest state run bank in
terms of net assets State Bank of India fell 4.36% to Rs 1446.60
Reliance Infrastructure (down 7.80% to Rs 856.80), Jaiprakash
Associates (down 7.14% to Rs 146.30), and Sterlite Industries (down
6.80% to Rs 454), edged lower from Sensex pack.
US light crude for October 2008 delivery fell $1.52 to $99.66 a
barrel today, 15 September 2008 on early signs that Hurricane Ike
may have spared key Gulf Coast infrastructure, although traders
were cautious on Monday as they awaited status reports on more
Texas refineries.
US markets ended mixed on Friday, 12 September 2008, amid
uncertainty over the fate of troubled investment bank Lehman
Brothers. But shares of natural resource companies and utilities
gained as commodity prices rose, offsetting losses among financial
and bank shares. The Dow Jones industrial average slipped 11.72
points, or 0.10%, to 11,421.99. The S&P 500 index gained 2.65
points, or 0.21%, to 1,251.70, and the Nasdaq Composite index
advanced 3.05 points, or 0.14%, 2,261.27.
Back home, heavy selling pressure in pivotals pulled the market
sharply lower on Friday, 12 September 2008. The BSE 30-share Sensex
lost 323.48 points or 2.26% to 14,000.81. and the S&P CNX Nifty was
down 61.85 points or 1.44% to 4,228.45, on that day.
Weak global cues pulled the market sharply lower in the week ended
Friday, 12 September 2008. The 30-share BSE Sensex shed 483.02
points or 3.33% to 14,000.81 and the S&P CNX Nifty fell 123.85
points or 2.84% to 4228.45, on that day.
Foreign institutional investors (FIIs) were net equity sellers
worth Rs 1497.67 crore while mutual funds bought shares worth Rs
695.41 crore on Friday, 12 September 2008, according to provisional
data on NSE. FIIs were net sellers of Rs 777.40 crore in the
futures & options segment on Friday, 12 September 2008
Pre Market Report 15/09/2008
Key benchmark indices are braced for a subdued start today, 15 September 2008 tracking negative global cues as sentiment remains edgy with the US investment bank Lehman Brothers Holdings prepared to file for bankruptcy as potential buyers abandoned talks. However crude oil prices at 6-month low below the $100 a barrel mark may lift the sentiment.
Asian markets were trading lower today, 15 September 2008. Taiwan's Taiwan Weighted plunged 3.01% or 190.05 points at 6,120.63 and Singapore's Straits Times fell 2.02% or 52.03 points at 2,518.64. Japanese markets were closed for Respect for the Aged Day and Hong Kong markets were shut for the mid-Autumn festival holiday.
US light crude for October 2008 delivery fell $1.52 to $99.66 a barrel today, 15 September 2008 on early signs that Hurricane Ike may have spared key Gulf Coast infrastructure, although traders were cautious on Monday as they awaited status reports on more Texas refineries.
US markets ended mixed on Friday, 12 September 2008, amid volatility as uncertainty over the fate of troubled investment bank Lehman Brothers. But shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares. The Dow Jones industrial average slipped 11.72 points, or 0.10%, to 11,421.99. The S&P 500 index gained 2.65 points, or 0.21%, to 1,251.70, and the Nasdaq Composite index advanced 3.05 points, or 0.14%, 2,261.27.
Back home, heavy selling pressure in pivotals pulled the market sharply lower on Friday, 12 September 2008. The BSE 30-share Sensex lost 323.48 points or 2.26% to 14,000.81. and the S&P CNX Nifty was down 61.85 points or 1.44% to 4,228.45, on that day.
Weak global cues pulled the market sharply lower in the week ended Friday, 12 September 2008. The 30-share BSE Sensex shed 483.02 points or 3.33% to 14,000.81 and the S&P CNX Nifty fell 123.85 points or 2.84% to 4228.45, on that day.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 1497.67 crore while mutual funds bought shares worth Rs 695.41 crore on Friday, 12 September 2008, according to provisional data on NSE. FIIs were net sellers of Rs 777.40 crore in the futures & options segment on Friday, 12 September 2008.
Asian markets were trading lower today, 15 September 2008. Taiwan's Taiwan Weighted plunged 3.01% or 190.05 points at 6,120.63 and Singapore's Straits Times fell 2.02% or 52.03 points at 2,518.64. Japanese markets were closed for Respect for the Aged Day and Hong Kong markets were shut for the mid-Autumn festival holiday.
US light crude for October 2008 delivery fell $1.52 to $99.66 a barrel today, 15 September 2008 on early signs that Hurricane Ike may have spared key Gulf Coast infrastructure, although traders were cautious on Monday as they awaited status reports on more Texas refineries.
US markets ended mixed on Friday, 12 September 2008, amid volatility as uncertainty over the fate of troubled investment bank Lehman Brothers. But shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares. The Dow Jones industrial average slipped 11.72 points, or 0.10%, to 11,421.99. The S&P 500 index gained 2.65 points, or 0.21%, to 1,251.70, and the Nasdaq Composite index advanced 3.05 points, or 0.14%, 2,261.27.
Back home, heavy selling pressure in pivotals pulled the market sharply lower on Friday, 12 September 2008. The BSE 30-share Sensex lost 323.48 points or 2.26% to 14,000.81. and the S&P CNX Nifty was down 61.85 points or 1.44% to 4,228.45, on that day.
Weak global cues pulled the market sharply lower in the week ended Friday, 12 September 2008. The 30-share BSE Sensex shed 483.02 points or 3.33% to 14,000.81 and the S&P CNX Nifty fell 123.85 points or 2.84% to 4228.45, on that day.
Foreign institutional investors (FIIs) were net equity sellers worth Rs 1497.67 crore while mutual funds bought shares worth Rs 695.41 crore on Friday, 12 September 2008, according to provisional data on NSE. FIIs were net sellers of Rs 777.40 crore in the futures & options segment on Friday, 12 September 2008.
tips for 15th Sep
HTMEDIA Buy Above 129.15 128.00 130.45 132.20
Sell Below 126.60 127.75 125.35 123.65
IVRCLINFRA Buy Above 218.25 278.70 284.05 287.90
Sell Below 275.70 278.15 272.95 269.25
AUSTRAL ( Austral Coke & Projects Limited )
BUY ABOVE 254 240 265 280
S.SELL BELOW 236 244 225 200
RELINFRA ( Reliance Infrastructure Limited )
BUY ABOVE 935 924 955 985
S.SELL BELOW 920 930 900 880
HINDUNILVR ( Hindustan Unilever Limited )
BUY ABOVE 249 247.5 251 255
S.SELL BELOW 247 248 245 242
Sell Below 126.60 127.75 125.35 123.65
IVRCLINFRA Buy Above 218.25 278.70 284.05 287.90
Sell Below 275.70 278.15 272.95 269.25
AUSTRAL ( Austral Coke & Projects Limited )
BUY ABOVE 254 240 265 280
S.SELL BELOW 236 244 225 200
RELINFRA ( Reliance Infrastructure Limited )
BUY ABOVE 935 924 955 985
S.SELL BELOW 920 930 900 880
HINDUNILVR ( Hindustan Unilever Limited )
BUY ABOVE 249 247.5 251 255
S.SELL BELOW 247 248 245 242
Sunday, September 14, 2008
Indian steel giant Bhushan to acquire 64 percent stake in Queensland's Bowen Energy
Brisbane, Sept.13 (ANI): Indian steel giant Bhushan is to acquire a 64 percent stake in Queensland's Bowen Energy.
The Australian reported that Bhushan had paid 560,000 dollars to take its holding to 19.91 per cent and that the two companies had also entered into an agreement for Bhushan to subscribe to 100 million of Bowen shares for 32 million dollars.
The first 50 million share purchase, which will take Bhushan's interest to 50.5 per cent, will be voted on at Bowen's AGM in November.
Managing director Kevin Nichol said the remaining 50 million shares, valued at 16 million dollars, would be sought over the next 18 months and the funds paid in four tranches during that period, taking Bhushan's final stake to around 64 per cent at the end of the process.
"It is the best option any small company in our space could have. Bhushan will control the company and the board at shareholder level, closing the door to other end users, but opening the door for other institutional investors," Nichol was quoted, as saying.
Bhushan, India's third largest speciality steel products producer, does not need approval from the Foreign Investment Review Board because the junior player has a market cap of less than 50 million dollars.
Queensland Premier Anna Bligh is open to foreign interest in her state and visited the Indian steel makers this year to encourage further investment in Queensland's minerals and exploration and mining industries.
Bhushan has just spent three billion American dollars on two new steel mills in India and in the next six months would need up to one billion dollars worth of coal to feed its mills. (ANI)
The Australian reported that Bhushan had paid 560,000 dollars to take its holding to 19.91 per cent and that the two companies had also entered into an agreement for Bhushan to subscribe to 100 million of Bowen shares for 32 million dollars.
The first 50 million share purchase, which will take Bhushan's interest to 50.5 per cent, will be voted on at Bowen's AGM in November.
Managing director Kevin Nichol said the remaining 50 million shares, valued at 16 million dollars, would be sought over the next 18 months and the funds paid in four tranches during that period, taking Bhushan's final stake to around 64 per cent at the end of the process.
"It is the best option any small company in our space could have. Bhushan will control the company and the board at shareholder level, closing the door to other end users, but opening the door for other institutional investors," Nichol was quoted, as saying.
Bhushan, India's third largest speciality steel products producer, does not need approval from the Foreign Investment Review Board because the junior player has a market cap of less than 50 million dollars.
Queensland Premier Anna Bligh is open to foreign interest in her state and visited the Indian steel makers this year to encourage further investment in Queensland's minerals and exploration and mining industries.
Bhushan has just spent three billion American dollars on two new steel mills in India and in the next six months would need up to one billion dollars worth of coal to feed its mills. (ANI)
Subscribe to:
Posts (Atom)
