The market held firm in early afternoon tracking firm global markets. The Sensex had surged past 17,000 mark in opening trade. The market breadth was strong. Fall in crude oil prices from record high also lifted the sentiment. IT pivotals gained as rupee weakened to 13- month low against the dollar.
At 12:28 IST, the 30-share BSE Sensex was up 174.01 points or 1.04% at 17,036.36. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,065.95 in mid-morning trade. At the day’s high, Sensex gained 205.05 points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty was up 37.65 points or 0.77% at 5,051.20
The market breadth was strong on BSE with 1886 shares advancing as compared to 604 that declined. 57 remained unchanged.
The BSE Mid-Cap index rose 1.89% to 7,076.85 while the BSE Small-Cap index advanced 1.82% to 8,556.20. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2915 crore at 12:30 IST as compared to Rs 2015 crore by 11:30 IST
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4.97% to Rs 183.70 on 4.61 lakh shares. It was the top gainer from Sensex pack.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 2.67% to Rs 502.60), TCS (up 0.75% to Rs 934.30), Wipro (up 0.27% to Rs 507.95), and Infosys Technologies (up 1.27% to Rs 1795), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
DLF, the country’s largest real estate developer in terms of market capitalisation rose 1.95% to Rs 633.90 on reports that the company will file papers for $2 billion real estate investment trust (REIT) with the Singapore authorities next month.
Jaiprakash Associates (up 4.30% to Rs 257), Reliance Infrastructure (up 4.60% to Rs 1419.50), and Tata Steel (up 2.75% to Rs 865.55), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up 0.26% to Rs 2561.10 on 2.53 lakh shares. The stock moved in a range of Rs 2544 and Rs 2570 so far during the day.
Oil exploration heavyweights corrected today, as soaring crude oil prices took a pause after recent rally. Oil & Natural Gas Corporation, the country’s largest state run oil exploration company in terms of sales, slipped 1% to Rs 1018.50 on 1.64 lakh shares. It was the top loser from Sensex pack.
Cairn India, the country’s largest private sector oil exploration company lost 4.93% to Rs 288.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
Ranbaxy Laboratories (down 0.25% to Rs 492.65), and Hindustan Unilever (down 0.65% to Rs 245.50), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 6.71% to Rs 105.50 on huge volume of 3.70 crore shares.
Among the other side counters, Rallis India slipped 2.92% to Rs 436.95 after it went Rs 16 per share ex-dividend from today.
Everest Kanto Cylinder rose 1.15% to Rs 334 after the company said EKC Industries (Tianjin), a wholly owned subsidiary of the company in China, has successfully completed the trial production phase.
MphasiS jumped 9.45% to Rs 241.50 on reports Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems, which owns a majority stake in the Indian software firm. If the deal fructifies, it will trigger the mandatory open offer for 20% stake in Mphasis, as per the Securities & Exchange Board of India (Sebi) takeover regulation. EDS holds 60.89% stake in MphasiS.
Thermax gained 1.23% to Rs 469.95 on reports the company plans to invest over Rs 200 crore in this financial year for expansion purpose.
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.02% at 3,553.87 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.69% at 25,237.25), Nikkei 225 Average (up 1.53% at 13,953.73), Straits Times (up 0.98% at 3,211.24), Seoul Composite (up 1.05% at 1,842.80), Taiwan Weighted (up 1.81% at 8,989.15) advanced.
Tuesday, May 13, 2008
Sensex breaches 17,000
The market opened on a firm note on positive cues from global markets, with the Sensex surging past 17,000 mark in opening trade. Fall in crude oil prices from record high also lifted the sentiment.
At 10:28 IST, the 30-share BSE Sensex was up 157.50 points or 0.93% at 17,013.18. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,033.83 in early trade. At the day’s high, Sensex 172.93 gained points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty gained 36.75 points or 0.73% at 5,049.20
The market breadth was strong on BSE with 1302 shares advancing as compared to 315 that declined. 27 remained unchanged.
The total turnover on BSE amounted to Rs 912 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4% to Rs 182 on 1.50 lakh shares. It was the top gainer from Sensex pack.
Jaiprakash Associates (up 3.69% to Rs 255.50), Reliance Infrastructure (up 3.30% to Rs 1401.90), and DLF (up 2.27% to Rs 636), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up marginally by 0.06% to Rs 2556 on 81,402 shares.
India’s largest cigarette manufacturer in terms of sales ITC declined 1.35% to Rs 220.80 on 40,109 shares. It was the top loser from Sensex pack.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
ONGC (down 0.47% to Rs 1024), and Mahindra & Mahindra (down 0.22% to Rs 661), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 4.09% to Rs 103.10 on high volumes of 86.20 lakh shares.
Among the side counters, MphasiS (up 10% to Rs 242.75), Futura Polyester (up 9.98% to Rs 33.60), and UCO Bank (up 8.84% to Rs 48.15), surged
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.58% at 3,533.54 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.66% at 25,227.91), Nikkei 225 Average (up 1.36% at 13,930.77), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.52% at 1,833.21), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
At 10:28 IST, the 30-share BSE Sensex was up 157.50 points or 0.93% at 17,013.18. It opened 147.13 points higher at 17,008.03. The barometer index hit a high of 17,033.83 in early trade. At the day’s high, Sensex 172.93 gained points. Sensex rose 90.05 points at day’s low of 16,951.95 touched in early trade
The broader based S&P CNX Nifty gained 36.75 points or 0.73% at 5,049.20
The market breadth was strong on BSE with 1302 shares advancing as compared to 315 that declined. 27 remained unchanged.
The total turnover on BSE amounted to Rs 912 crore
Among the 30-member Sensex pack, 26 advanced while the rest slipped.
India's largest private sector aluminium manufacturer in terms of sales Hindalco Industries surged 4% to Rs 182 on 1.50 lakh shares. It was the top gainer from Sensex pack.
Jaiprakash Associates (up 3.69% to Rs 255.50), Reliance Infrastructure (up 3.30% to Rs 1401.90), and DLF (up 2.27% to Rs 636), edged higher from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was up marginally by 0.06% to Rs 2556 on 81,402 shares.
India’s largest cigarette manufacturer in terms of sales ITC declined 1.35% to Rs 220.80 on 40,109 shares. It was the top loser from Sensex pack.
Bharti Airtel, the country’s largest telecom services provider in terms of market capitalisation slipped 0.91% to Rs 830.60. UAE's Emirates Telecommunications Corp said on Monday, 12 May 2008, it was evaluating a bid for South African telecom firm MTN. This may compel Bharti Airtel to raise its indicative offer, which media reports said valued MTN at about $37 billion.
ONGC (down 0.47% to Rs 1024), and Mahindra & Mahindra (down 0.22% to Rs 661), edged lower from Sensex pack.
Recently listed Aishwarya Telecom jumped 4.09% to Rs 103.10 on high volumes of 86.20 lakh shares.
Among the side counters, MphasiS (up 10% to Rs 242.75), Futura Polyester (up 9.98% to Rs 33.60), and UCO Bank (up 8.84% to Rs 48.15), surged
Asian markets were trading higher barring China’s Shanghai Composite which fell 2.58% at 3,533.54 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.66% at 25,227.91), Nikkei 225 Average (up 1.36% at 13,930.77), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.52% at 1,833.21), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
Pre Market Report 13/05/2008
Indian equities are geared for higher opening today, 13 May 2008 following firm cues from global markets. Retreating crude oil prices from record high may also lift the sentiment.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1680 companies showed 18.40% rise in net profit on 22.80% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.60% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading higher barring China's Shanghai Composite which fell 49.42 points or 1.36% at 3,577.56 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.03% at 25,071.43), Nikkei 225 Average (up 0.64% at 13,831.85), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.05% at 1,824.60), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors` worries about inflation`s impact on consumer spending.
The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.
Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1680 companies showed 18.40% rise in net profit on 22.80% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.80% rise in net profit on 23.60% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading higher barring China's Shanghai Composite which fell 49.42 points or 1.36% at 3,577.56 led on uncertainty following a deadly earthquake in southwest China on Monday, 12 May 2008 and the central bank's announcement of the fourth bank reserve ratio hike this year.
Hang Seng (up 0.03% at 25,071.43), Nikkei 225 Average (up 0.64% at 13,831.85), Straits Times (up 0.28% at 3,189.10), Seoul Composite (up 0.05% at 1,824.60), Taiwan Weighted (up 1.43% at 8,955.96) advanced.
US markets rallied yesterday, 12 May 2008 led by financials and technology stocks after the world's largest bond insurer MBIA said it has enough cash to cover claims. Also the drop in oil prices helped ease investors` worries about inflation`s impact on consumer spending.
The Dow Jones industrial average rose 130.43 points, or 1.02%, to 12,876.31. The Nasdaq Composite index rose 42.97 points, or 1.76%, to 2,488.49.
Back home, frenzied buying in late trade helped market snap its five-day slide yesterday, 12 May 2008. The 30-share BSE Sensex rose 123.83 points or 0.74% to 16,860.90 and the broader based S&P CNX Nifty was up 30.05 points or 0.60% at 5,012.65, on that day.
Asian markets trading with marginal gain
After US markets closed on high node, Asian markets opens in green but not gaining significantly
Nikkei 225 13,831.85 +88.49 +0.64%
Hang Seng 25,044.91 -18.26 -0.07%
Straits Times 3,193.46 +13.30 +0.42%
Nikkei 225 13,831.85 +88.49 +0.64%
Hang Seng 25,044.91 -18.26 -0.07%
Straits Times 3,193.46 +13.30 +0.42%
US closes in Green
All us markets closed more than 1% up in green.
Dow 12,876.31 +130.43 +1.02%
Nasdaq 2,488.49 +42.97 +1.76%
S&P 500 1,403.58 +15.30 +1.10%
Dow 12,876.31 +130.43 +1.02%
Nasdaq 2,488.49 +42.97 +1.76%
S&P 500 1,403.58 +15.30 +1.10%
Monday, May 12, 2008
Post Market Report 12.08.2008
Frenzied buying in late trade helped market snap its five-day loosing streak. Firm European and Asian markets boosted the sentiment further. However the gains came on the back of series of gyrations in choppy trade. The market, which had opened lower tracking weak US markets on Friday, 9 May 2008, accentuated fall in afternoon trade triggered by dismal industrial production data. Both the niche indices – BSE Sensex and S&P CNX Nifty galloped past key levels of 16,800 and 5,000 respectively.
The 30-share BSE Sensex was up 139.85 points or 0.84% to 16,876.92, as per provisional closing. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 160.29 points at the day's high of 16,897.36 hit in late trade.
The broader based S&P CNX Nifty was up 38.70 points or 0.78% at 5,021.30, as per provisional closing.
The industrial production growth dropped sharply to 3% in March 2008. Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
Despite the rally, the market breadth remained weak indicating limited participation. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.
The BSE Mid-Cap index was down 0.67% to 6,945.91 while the BSE Small-Cap index shed 1.20% to 8,403.56, as per provisional closing. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 5971 crore as compared to Rs 4414 crore by 14:30 IST
Among the 30-member Sensex pack, 22 gained while the rest slipped.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 5.44% to Rs 495 on 6.10 lakh shares. It was the top gainer from Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for U.S.-based Merck & Co Inc. As per the deal, Ranbaxy will carry out drug discovery and clinical development through Phase IIa clinical trials, while Merck will be responsible for the development and commercialisation.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2480 and settled 1.08% higher to Rs 2555 on 8.44 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India settled 1% lower at Rs 1659, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank rose 0.22% to Rs 876, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.72% to Rs 1476.90 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC gained 0.34% to Rs 192.50 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.76% to Rs 2252 on 44,431 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 1.77% to Rs 246.85, off day’s low of Rs 235), ACC (down 1.26% to Rs 703, off day’s low of Rs 690), and Hindustan Unilever (down 1.40% to Rs 246.95, off day’s low of Rs 242.25), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 4.51% to Rs 358), Hindustan Petroleum Corporation (down 2.08% to Rs 237.25), and Indian Oil Corporation (down 4.71% to Rs 421.80), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India galloped 11.63% to Rs 305.80, also its all time high buoyed by anticipation that higher crude oil prices will boost realisations.
Recently listed Aishwarya Telecom spurted 13.79% to Rs 98.20 on huge volumes of 6.07 crore shares on momentum buying.
The 30-share BSE Sensex was up 139.85 points or 0.84% to 16,876.92, as per provisional closing. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 160.29 points at the day's high of 16,897.36 hit in late trade.
The broader based S&P CNX Nifty was up 38.70 points or 0.78% at 5,021.30, as per provisional closing.
The industrial production growth dropped sharply to 3% in March 2008. Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
Despite the rally, the market breadth remained weak indicating limited participation. On BSE, 1746 shares declined as compared to 951 that advanced. 51 remained unchanged.
The BSE Mid-Cap index was down 0.67% to 6,945.91 while the BSE Small-Cap index shed 1.20% to 8,403.56, as per provisional closing. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 5971 crore as compared to Rs 4414 crore by 14:30 IST
Among the 30-member Sensex pack, 22 gained while the rest slipped.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 5.44% to Rs 495 on 6.10 lakh shares. It was the top gainer from Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for U.S.-based Merck & Co Inc. As per the deal, Ranbaxy will carry out drug discovery and clinical development through Phase IIa clinical trials, while Merck will be responsible for the development and commercialisation.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. Satyam Computer Services (up 3.72% to Rs 491), TCS (up 1.08% to Rs 927.40), Wipro (up 1.60% to Rs 509.20), and Infosys Technologies (up 1% to Rs 1768), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2480 and settled 1.08% higher to Rs 2555 on 8.44 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India settled 1% lower at Rs 1659, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank rose 0.22% to Rs 876, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.72% to Rs 1476.90 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC gained 0.34% to Rs 192.50 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.76% to Rs 2252 on 44,431 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 1.77% to Rs 246.85, off day’s low of Rs 235), ACC (down 1.26% to Rs 703, off day’s low of Rs 690), and Hindustan Unilever (down 1.40% to Rs 246.95, off day’s low of Rs 242.25), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 4.51% to Rs 358), Hindustan Petroleum Corporation (down 2.08% to Rs 237.25), and Indian Oil Corporation (down 4.71% to Rs 421.80), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India galloped 11.63% to Rs 305.80, also its all time high buoyed by anticipation that higher crude oil prices will boost realisations.
Recently listed Aishwarya Telecom spurted 13.79% to Rs 98.20 on huge volumes of 6.07 crore shares on momentum buying.
State run oil marketing companies bleed as crude hovers near record high
The market gyrated in a narrow range in mid-afternoon trade after suffering sharp losses in earlier part of the day triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008. Weak US markets on Friday, 9 May 2008 had dampened sentiment in early trade. However firm European and Asian markets, helped market reverse early losses
At 14:28 IST, the 30-share BSE Sensex was down 2.78 points or 0.02% to 16,734.29. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 45.55 points at the day's high of 16,782.62 struck in afternoon trade.
The broader based S&P CNX Nifty was down 13.90 points or 0.28% at 4,968.70.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1972 shares declining as compared to 661 that advanced. 48 remained unchanged.
The BSE Mid-Cap index was down 1.76% to 6,869.64 while the BSE Small-Cap index shed 1.84% to 8,349.22. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 4414 crore by 14:30 IST as compared to Rs 3418 crore by 13:30 IST
Among the 30-member Sensex pack, 17 declined while the rest gained.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 4.38% to Rs 490 on 2.88 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 0.95% to Rs 1767.10), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) retraced from day’s low of Rs 2480 and was now up 0.16% to Rs 2531.70 on 6.70 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.41% to Rs 1652, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.52% to Rs 1459.55 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC declined 0.34% to Rs 191.15 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.64% to Rs 2254.80 on 23,286 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.15% to Rs 243.40, off day’s low of Rs 235), ACC (down 2.36% to Rs 695.20, off day’s low of Rs 690), and DLF (down 2.10% to Rs 617.20, off day’s low of Rs 607.75), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.85% to Rs 353), Hindustan Petroleum Corporation (down 2.60% to Rs 236), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 9.03% to Rs 298.70 after striking an all time high of Rs 302.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Novartis India declined 1.40% to Rs 303 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.
JBM Auto surged 2.69% to Rs 45.80 after the company said it has signed a joint venture with Ashok Leyland to supply sheet metal components. The company made this announcement during trading hours today, 12 May 2008
At 14:28 IST, the 30-share BSE Sensex was down 2.78 points or 0.02% to 16,734.29. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 45.55 points at the day's high of 16,782.62 struck in afternoon trade.
The broader based S&P CNX Nifty was down 13.90 points or 0.28% at 4,968.70.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1972 shares declining as compared to 661 that advanced. 48 remained unchanged.
The BSE Mid-Cap index was down 1.76% to 6,869.64 while the BSE Small-Cap index shed 1.84% to 8,349.22. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 4414 crore by 14:30 IST as compared to Rs 3418 crore by 13:30 IST
Among the 30-member Sensex pack, 17 declined while the rest gained.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 4.38% to Rs 490 on 2.88 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 0.95% to Rs 1767.10), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) retraced from day’s low of Rs 2480 and was now up 0.16% to Rs 2531.70 on 6.70 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.41% to Rs 1652, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.52% to Rs 1459.55 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC declined 0.34% to Rs 191.15 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.64% to Rs 2254.80 on 23,286 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.15% to Rs 243.40, off day’s low of Rs 235), ACC (down 2.36% to Rs 695.20, off day’s low of Rs 690), and DLF (down 2.10% to Rs 617.20, off day’s low of Rs 607.75), though in the red were off their day’s low.
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.85% to Rs 353), Hindustan Petroleum Corporation (down 2.60% to Rs 236), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 9.03% to Rs 298.70 after striking an all time high of Rs 302.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Novartis India declined 1.40% to Rs 303 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.
JBM Auto surged 2.69% to Rs 45.80 after the company said it has signed a joint venture with Ashok Leyland to supply sheet metal components. The company made this announcement during trading hours today, 12 May 2008
Firm European markets trigger recovery
Firm opening of European markets, which opened after Indian market, lifted sentiment in afternoon trade. The market had suffered a sharp fall in early afternoon trade triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 13:28 IST, the 30-share BSE Sensex was almost unchanged at 16,737.51. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 10.70 points or 0.21% at 4,971.90.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1998 shares declining as compared to 555 that advanced. 44 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.17% to 8,321.08. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 3418 crore by 13:30 IST as compared to Rs 2746 crore by 12:30 IST
Among the 30-member Sensex pack, 18 declined while the rest gained.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 18,559 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 1.55% to Rs 1311.50, off day’s low of Rs 1275.10), and DLF (down 2.15% to Rs 616.90, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.74% to Rs 2509 on 5.10 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.12% to Rs 1657, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.20% to Rs 1455 recovering from session's low of Rs 1430.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories advanced 2.89% to Rs 482.55 on 1.79 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 1.97% to Rs 1784.90), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 290.01 crore followed by Reliance Petroleum (Rs 193.03 crore), Reliance Capital (Rs 169.93 crore), Reliance Industries (Rs 129.51 crore), and Cairn India (Rs 111.48 crore), in that order
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.14% to Rs 355.65), Hindustan Petroleum Corporation (down 3.65% to Rs 233.45), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 5.88% to Rs 290.05 after striking an all time high of Rs 292.10 buoyed by anticipation that higher crude oil prices will boost realisations.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 13:28 IST, the 30-share BSE Sensex was almost unchanged at 16,737.51. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 10.70 points or 0.21% at 4,971.90.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1998 shares declining as compared to 555 that advanced. 44 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.17% to 8,321.08. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 3418 crore by 13:30 IST as compared to Rs 2746 crore by 12:30 IST
Among the 30-member Sensex pack, 18 declined while the rest gained.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 18,559 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 1.55% to Rs 1311.50, off day’s low of Rs 1275.10), and DLF (down 2.15% to Rs 616.90, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.74% to Rs 2509 on 5.10 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.12% to Rs 1657, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.20% to Rs 1455 recovering from session's low of Rs 1430.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories advanced 2.89% to Rs 482.55 on 1.79 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 1.97% to Rs 1784.90), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 290.01 crore followed by Reliance Petroleum (Rs 193.03 crore), Reliance Capital (Rs 169.93 crore), Reliance Industries (Rs 129.51 crore), and Cairn India (Rs 111.48 crore), in that order
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.14% to Rs 355.65), Hindustan Petroleum Corporation (down 3.65% to Rs 233.45), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 5.88% to Rs 290.05 after striking an all time high of Rs 292.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Market slides after dismal industrial production data
The market which had recouped its earlier entire losses to post gains dropped once agian in early afternoon trade as industrial production data hit market at about 12:00 IST. The industrial production growth dropped sharply to 3% in March 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 12:28 IST, the 30-share BSE Sensex was down 132.45 points or 0.79% at 16,607.92. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 49.25 points or 0.99% at 4,933.25.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1977 shares declining as compared to 487 that advanced. 39 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.28% to 8,312.09. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 2746 crore by 12:30 IST as compared to Rs 1616 crore by 11:30 IST
Among the 30-member Sensex pack, 23 declined while the rest gained.
Banking stocks were trading lower. State bank of India (down 1.72% to Rs 1646.80), ICICI Bank (down 0.60% to Rs 868.80), and HDFC Bank (down 0.15% to Rs 1450.50), declined.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 11213 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and DLF (down 2.51% to Rs 614.55, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.05% to Rs 2501 on 4.26 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.08% to Rs 658.25. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.
IT stocks retraced after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.13% to Rs 483.50, off day’s high of Rs 490.70. 4.56 lakh shares changed hands on the counter on BSE. It was the top gainer from Sensex pack.
TCS (down 0.19% to Rs 915.70, off day’s high of Rs 934) and Wipro (down 0.05% to Rs 500.95, off day’s high of Rs 495.50) and Infosys Technologies (down 1.16% to Rs 1730.20, off day’s high of Rs 1779.70) declined.
Ranbaxy Laboratories (up 1.60% to Rs 476.95), and ITC (up 0.37% to Rs 219.10), edged higher from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 238.97 crore followed by Reliance Petroleum (Rs 163.36 crore), Reliance Capital (Rs 142.66 crore), Reliance Industries (Rs 111.67 crore), and Reliance Natural Resources (Rs 89.79 crore), in that order
Indiabulls Real Estate slumped 6.38% to Rs 506 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2-½ years.
Tata Metaliks declined 2.65% to Rs 170.65 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.
Mysore Cements rose 4.35% to Rs 38.20 after the company’s board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.
Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 12:28 IST, the 30-share BSE Sensex was down 132.45 points or 0.79% at 16,607.92. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 49.25 points or 0.99% at 4,933.25.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1977 shares declining as compared to 487 that advanced. 39 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.28% to 8,312.09. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 2746 crore by 12:30 IST as compared to Rs 1616 crore by 11:30 IST
Among the 30-member Sensex pack, 23 declined while the rest gained.
Banking stocks were trading lower. State bank of India (down 1.72% to Rs 1646.80), ICICI Bank (down 0.60% to Rs 868.80), and HDFC Bank (down 0.15% to Rs 1450.50), declined.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 11213 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and DLF (down 2.51% to Rs 614.55, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.05% to Rs 2501 on 4.26 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.08% to Rs 658.25. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.
IT stocks retraced after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.13% to Rs 483.50, off day’s high of Rs 490.70. 4.56 lakh shares changed hands on the counter on BSE. It was the top gainer from Sensex pack.
TCS (down 0.19% to Rs 915.70, off day’s high of Rs 934) and Wipro (down 0.05% to Rs 500.95, off day’s high of Rs 495.50) and Infosys Technologies (down 1.16% to Rs 1730.20, off day’s high of Rs 1779.70) declined.
Ranbaxy Laboratories (up 1.60% to Rs 476.95), and ITC (up 0.37% to Rs 219.10), edged higher from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 238.97 crore followed by Reliance Petroleum (Rs 163.36 crore), Reliance Capital (Rs 142.66 crore), Reliance Industries (Rs 111.67 crore), and Reliance Natural Resources (Rs 89.79 crore), in that order
Indiabulls Real Estate slumped 6.38% to Rs 506 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2-½ years.
Tata Metaliks declined 2.65% to Rs 170.65 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.
Mysore Cements rose 4.35% to Rs 38.20 after the company’s board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.
Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.
Market recovers ahead of industrial production data
The market rebounded from early lows as pivotals staged a comeback ahead of the industrial production data which will be released by noon today, 12 May 2008. The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 11:28 IST, the 30-share BSE Sensex was down 45.27 points or 0.27% at 16,691.80. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 18.20 points or 0.37% at 4,964.40.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1889 shares declining as compared to 419 that advanced. 37 remained unchanged.
The BSE Mid-Cap index was down 2.32% to 6,830.52 while the BSE Small-Cap index shed 2.47% to 8,295.18. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 1616 crore by 11:30 IST as compared to Rs 869 crore by 10:30 IST
Among the 30-member Sensex pack, 19 declined while the rest gained.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.86% to Rs 653.05 on 14,789 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.10% to Rs 243.50, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and ACC (down 2.53% to Rs 694, off day’s low of Rs 690.15), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.75% to Rs 2508.80 on 1.94 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
IT stocks turned mixed after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.78% to Rs 486.75 on 3.65 lakh shares. It was the top gainer from Sensex pack.
TCS (up 0.74% to Rs 924.25) and Wipro (up 0.56% to Rs 504), also logged gains
However India’s second largest software services exporter Infosys Technologies shed 0.80% to Rs 1736.90, off day’s high of Rs 1779.70.
IT pivotals advanced after Indian rupee fell to the lowest level in almost 13 months. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 0.43% to Rs 1732 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories (up 1.41% to Rs 476.05), and ITC (up 1.37% to Rs 221.30), edged higher from Sensex pack.
Power Finance Corporation declined 2.11% to Rs 160.40 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.
Arvind Mills fell 4.7% to Rs 47.60 on posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008
At 11:28 IST, the 30-share BSE Sensex was down 45.27 points or 0.27% at 16,691.80. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 18.20 points or 0.37% at 4,964.40.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1889 shares declining as compared to 419 that advanced. 37 remained unchanged.
The BSE Mid-Cap index was down 2.32% to 6,830.52 while the BSE Small-Cap index shed 2.47% to 8,295.18. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 1616 crore by 11:30 IST as compared to Rs 869 crore by 10:30 IST
Among the 30-member Sensex pack, 19 declined while the rest gained.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.86% to Rs 653.05 on 14,789 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.10% to Rs 243.50, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and ACC (down 2.53% to Rs 694, off day’s low of Rs 690.15), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.75% to Rs 2508.80 on 1.94 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
IT stocks turned mixed after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.78% to Rs 486.75 on 3.65 lakh shares. It was the top gainer from Sensex pack.
TCS (up 0.74% to Rs 924.25) and Wipro (up 0.56% to Rs 504), also logged gains
However India’s second largest software services exporter Infosys Technologies shed 0.80% to Rs 1736.90, off day’s high of Rs 1779.70.
IT pivotals advanced after Indian rupee fell to the lowest level in almost 13 months. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 0.43% to Rs 1732 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories (up 1.41% to Rs 476.05), and ITC (up 1.37% to Rs 221.30), edged higher from Sensex pack.
Power Finance Corporation declined 2.11% to Rs 160.40 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.
Arvind Mills fell 4.7% to Rs 47.60 on posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008
Market drops in early trade
The market opened lower tracking fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green. IT stocks gained as the rupee weakened against the dollar. The market breadth was extremely weak.
At 10:28 IST, the 30-share BSE Sensex was down 112.44 points or 0.67% at 16,624.63. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 51.65 points or 0.92% at 4,936.70.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1448 shares declining as compared to 349 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 869 crore
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates tumbled 5.57% to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.
Reliance Energy (down 3.68% to Rs 1283), DLF (down 3% to Rs 611.50), and State Bank of India (down 2.20% to Rs 1638.90), were the other losers from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.72% to Rs 2484.10 on 98,827 shares.
IT stocks gained as the rupee weakened against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.14% to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, TCS (up 1.38% to Rs 930), Wipro (up 0.83% to Rs 505.60), and Infosys Technologies (up 0.14% to Rs 1753), also logged gains
Maruti Suzuki India (up 0.67% to Rs 770), and HDFC (up 1.52% to Rs 2685), edged higher from Sensex pack.
At 10:28 IST, the 30-share BSE Sensex was down 112.44 points or 0.67% at 16,624.63. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 51.65 points or 0.92% at 4,936.70.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1448 shares declining as compared to 349 that advanced. 25 remained unchanged.
The total turnover on BSE amounted to Rs 869 crore
Among the 30-member Sensex pack, 22 declined while the rest gained.
India’s largest dam builder Jaiprakash Associates tumbled 5.57% to Rs 237.30 on 6.21 lakh shares. It was the top loser from Sensex pack.
Reliance Energy (down 3.68% to Rs 1283), DLF (down 3% to Rs 611.50), and State Bank of India (down 2.20% to Rs 1638.90), were the other losers from Sensex pack.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 1.72% to Rs 2484.10 on 98,827 shares.
IT stocks gained as the rupee weakened against the dollar. India’s fourth largest software services exporter Satyam Computer Services advanced 2.14% to Rs 483.55 on 1.41 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals, TCS (up 1.38% to Rs 930), Wipro (up 0.83% to Rs 505.60), and Infosys Technologies (up 0.14% to Rs 1753), also logged gains
Maruti Suzuki India (up 0.67% to Rs 770), and HDFC (up 1.52% to Rs 2685), edged higher from Sensex pack.
Markets open weak
The markets have opened weak following negative global cues and selling pressure in metal and banking space.
Anu’s Laboratories Limited IPO
Issue Summary
BID/ISSUE Opens On: MONDAY, MAY 12, 2008
BID/ISSUE Closes On: THURSDAY, MAY 15, 2008
Price Band - Upper Band: Rs 210
Price Band - Lower Band: Rs 200
Face Value: Rs 10 per equity share
Issue Size: 3,820,000 Equity Shares
Issue Size in at Upper Band: Rs 80.22 Cr.
Issue Size in at lower band: Rs 76.40 Cr.
Issue as % of post issue share capital: 27.14
Equity Shares outstanding prior to the Issue: 8,256,000 Equity Shares
Equity Shares outstanding post the issue: 12,076,000 Equity Shares
Listing on: BSE
Market Capitalization at upper band: Rs 253.60 Cr.
Company Background
Anu Laboratory was incorporated in the year 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules.
Group Companies
Anu's Laboratories Limited has three Group companies: Nitya Laboratories Limited (NLL), Zen Chemi Consultech Private Limited (ZCPL), and Zen Absorptions Private Limited (ZAPL). NLL is a contract manufacturer for Anu's, while ZCPL and ZAPL are unrelated to Anu's. All the three Group companies have incurred losses during the last three financial years.
Company Business
The company started its own manufacturing facilities in the year 1998 from Chilakamarri Village, Shadnagar, Mahboobnagar, District, Andhra Pradesh with manufacturing of 2,4 Dichloro 5 Fluoro Acetophenone (DCFA).
Further with a view to add more products in its product profile Anu entered into contracts in 2004 with Nitya Laboratories Limited for conversion jobs for manufacture of Sodium Methoxide and CIS (+) Hydroxide Lactam.
The Products of Anu's can be divided in three categories
a) Basic Intermediates
b) Advanced Intermediates
c) Fine Chemicals
Anu's supplies these to various drug manufacturers.
Anu's had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, exports comprise of 19.97% of its total turnover.
The Company has a team of 25 chemists who are engaged in research and development.
IPO Grading / Rating
ICRA has assigned an IPO Grade 2 on a scale of 5, indicating below average fundamentals.
we recommend to avoid the issue
BID/ISSUE Opens On: MONDAY, MAY 12, 2008
BID/ISSUE Closes On: THURSDAY, MAY 15, 2008
Price Band - Upper Band: Rs 210
Price Band - Lower Band: Rs 200
Face Value: Rs 10 per equity share
Issue Size: 3,820,000 Equity Shares
Issue Size in at Upper Band: Rs 80.22 Cr.
Issue Size in at lower band: Rs 76.40 Cr.
Issue as % of post issue share capital: 27.14
Equity Shares outstanding prior to the Issue: 8,256,000 Equity Shares
Equity Shares outstanding post the issue: 12,076,000 Equity Shares
Listing on: BSE
Market Capitalization at upper band: Rs 253.60 Cr.
Company Background
Anu Laboratory was incorporated in the year 1996 for manufacture of Bulk Active Pharma Ingredients and Intermediates for drug molecules.
Group Companies
Anu's Laboratories Limited has three Group companies: Nitya Laboratories Limited (NLL), Zen Chemi Consultech Private Limited (ZCPL), and Zen Absorptions Private Limited (ZAPL). NLL is a contract manufacturer for Anu's, while ZCPL and ZAPL are unrelated to Anu's. All the three Group companies have incurred losses during the last three financial years.
Company Business
The company started its own manufacturing facilities in the year 1998 from Chilakamarri Village, Shadnagar, Mahboobnagar, District, Andhra Pradesh with manufacturing of 2,4 Dichloro 5 Fluoro Acetophenone (DCFA).
Further with a view to add more products in its product profile Anu entered into contracts in 2004 with Nitya Laboratories Limited for conversion jobs for manufacture of Sodium Methoxide and CIS (+) Hydroxide Lactam.
The Products of Anu's can be divided in three categories
a) Basic Intermediates
b) Advanced Intermediates
c) Fine Chemicals
Anu's supplies these to various drug manufacturers.
Anu's had started export of its products in the year 2002 to Israel followed by exports to other countries like Italy, Japan, France, USA and Singapore. Currently, exports comprise of 19.97% of its total turnover.
The Company has a team of 25 chemists who are engaged in research and development.
IPO Grading / Rating
ICRA has assigned an IPO Grade 2 on a scale of 5, indicating below average fundamentals.
we recommend to avoid the issue
Pre Market Report 12/05/2008
Indian equities are braced for weak opening today, following negative global market cues. The record-breaking rally in crude oil may also continue to weigh on investor sentiment. However the key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The spiraling inflation has been a major cause of concern for Indian equities market. The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.57%, government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of 7.68% on 13 November 2004. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
Meanwhile, the Left parties may reportedly issue another warning soon to the ruling United Progressive Alliance (UPA) following the failure of the government to stem burgeoning prices and its efforts to operationalise the Indo-US nuclear deal. The Left parties are slated to meet on 23 May 2008, six days ahead of their ninth round of deliberations with the UPA on the nuclear issue.
The recent rally in crude oil may also continue to weigh on investor sentiment as higher crude prices would result in economy slowing down a bit. U.S. light crude for June delivery rose 18 cents to $126.14 a barrel today, 12 May 2008, as violence in the Middle East heightened worries of supply disruptions in the world's largest crude producing region. It had struck a record high of $126.27 in late trade on Friday, 9 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1642 companies showed 18.20% rise in net profit on 22.70% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.40% rise in net profit on 23.50% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 12 May 2008. Sanghai Composite index (down 0.63% at 3,590.68), Nikkei 225 Average (down 0.17% at 13,632.04), Straits Times index (down 0.03% at 3,161.14), and Taiwan Weighted index (down 0.27% at 8,768.56) declined.
US markets slumped on Friday, 9 May 2008, as American International Group Inc (AIG), the world's largest insurer, reported huge losses while crude oil surged to a new high. The Dow Jones industrial average slipped 120.90 points at 12745.88 and the Nasdaq Composite declined 5.72 points at 2445.52. The S&P 500 index shed 9.40 points to 1,388.28.
Back home, the market tumbled on Friday, 9 May 2008, hit by a series of bad news on the domestic and global front. The 30-share BSE Sensex lost 343.58 points or 2.01% at 16,737.07 while the broader based S&P CNX Nifty lost 99.10 points or 1.95% at 4982.60, on that day.
After four successive weeks of gains, the market went tumbling down on all five sessions of the week ended 9 May 2008, as the bears kept hammering down stocks cutting across sectors almost right through the week. The BSE Sensex plunged 863.05 points or 4.9% to 16,737.07 and the S&P CNX Nifty fell 245.6 points or 4.69% to 4,982.60 in the week ended 9 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore on Friday 9 May 2008. Domestic funds bought shares worth a net Rs 180.16 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 122.49 crore in the futures & options segment on Friday, 9 May 2008. They were net sellers of index futures to the tune of Rs 484.85 crore and bought index options worth Rs 725.67 crore. They were net sellers of stock futures to the tune of Rs 85.18 crore and sold stock options worth Rs 33.15 crore.
The spiraling inflation has been a major cause of concern for Indian equities market. The wholesale price index rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.57%, government data showed on Friday, 9 May 2008. The rate was the highest since an annual reading of 7.68% on 13 November 2004. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
Meanwhile, the Left parties may reportedly issue another warning soon to the ruling United Progressive Alliance (UPA) following the failure of the government to stem burgeoning prices and its efforts to operationalise the Indo-US nuclear deal. The Left parties are slated to meet on 23 May 2008, six days ahead of their ninth round of deliberations with the UPA on the nuclear issue.
The recent rally in crude oil may also continue to weigh on investor sentiment as higher crude prices would result in economy slowing down a bit. U.S. light crude for June delivery rose 18 cents to $126.14 a barrel today, 12 May 2008, as violence in the Middle East heightened worries of supply disruptions in the world's largest crude producing region. It had struck a record high of $126.27 in late trade on Friday, 9 May 2008.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1642 companies showed 18.20% rise in net profit on 22.70% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.40% rise in net profit on 23.50% rise in net sales in the year ended March 2008 over year ended March 2007.
Asian markets were trading lower today, 12 May 2008. Sanghai Composite index (down 0.63% at 3,590.68), Nikkei 225 Average (down 0.17% at 13,632.04), Straits Times index (down 0.03% at 3,161.14), and Taiwan Weighted index (down 0.27% at 8,768.56) declined.
US markets slumped on Friday, 9 May 2008, as American International Group Inc (AIG), the world's largest insurer, reported huge losses while crude oil surged to a new high. The Dow Jones industrial average slipped 120.90 points at 12745.88 and the Nasdaq Composite declined 5.72 points at 2445.52. The S&P 500 index shed 9.40 points to 1,388.28.
Back home, the market tumbled on Friday, 9 May 2008, hit by a series of bad news on the domestic and global front. The 30-share BSE Sensex lost 343.58 points or 2.01% at 16,737.07 while the broader based S&P CNX Nifty lost 99.10 points or 1.95% at 4982.60, on that day.
After four successive weeks of gains, the market went tumbling down on all five sessions of the week ended 9 May 2008, as the bears kept hammering down stocks cutting across sectors almost right through the week. The BSE Sensex plunged 863.05 points or 4.9% to 16,737.07 and the S&P CNX Nifty fell 245.6 points or 4.69% to 4,982.60 in the week ended 9 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 619.34 crore on Friday 9 May 2008. Domestic funds bought shares worth a net Rs 180.16 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 122.49 crore in the futures & options segment on Friday, 9 May 2008. They were net sellers of index futures to the tune of Rs 484.85 crore and bought index options worth Rs 725.67 crore. They were net sellers of stock futures to the tune of Rs 85.18 crore and sold stock options worth Rs 33.15 crore.
Friday, May 9, 2008
Market extends losses on weak global cues
The market extended losses in the mid-afternoon trade. Weak global cues and a surge in inflation to more than three year high dampened the investor sentiments today. Consumer durables and FMCG stocks bucked the weak market trend. Bharti Airtel held firm.
European markets, which open after Indian markets, were trading lower. Key indices in UK, France and Germay were down by 1.13% to 2.04%. Asian markets, which opened before Indian market, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.36% to 2.06%.
At 14:20 IST, the 30-share BSE Sensex was down 198.65 points or 1.16% at 16,882.01. The index lost 236.56 points at day’s low of 16,844.09, hit in the mid-afternoon trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 63.75 points or 1.25% at 5017.95.
The market breadth was weak on BSE with 928 shares advancing as compared to 1704 stocks that declined. 61 stocks remained unchanged.
The BSE Mid-Cap index fell 0.92% to 7,087.48 and BSE Small-Cap index fell 0.68% to 8,629.84.
India’s biggest cellular service provider by market share Bharti Airtel spurted 3.55% to Rs 856.75. Some reports suggested Bharti Airtel may make an offer to acquire MTN Group next week.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 3.34% to Rs 2577.
India’s largest private sector bank by assets ICICI Bank slipped 2.03% to Rs 873.20. State Bank of India (down 1.49% to Rs 1704.85) and HDFC Bank (down 3.67% at Rs 1451.60), declined.
The BSE Consumer Durables index was up 0.66% at 4,439.22. Rajesh Exports (2.46% at Rs 99.90), Blue Star (down 2.43% at Rs 454), Gitanjali Gems (down 1.46% at Rs 274) and Videocon Industries (down 0.55% at Rs 368.25), moved higher.
The BSE FMCG index was up 0.17% to 2,449.18. Nestle (up 2.33% at Rs 1,795), Godrej Consumer Products (up 0.70% at Rs 137.05), ITC (up 0.70% at Rs 216.55), Tata Tea (up 0.52% at Rs 915) and Britannia Industries (up 0.37% at Rs 1,370.05), gained.
Electronic display units maker MIC Electronics jumped 2.02% to Rs 920.85 after the firm said its board will meet on 19 May 2008 to consider splitting each share into five.
India’s largest dry cell battery manufacturer by sales Eveready Industries India jumped 3.92% to Rs 46.40 after the company reported lower net loss of Rs 8.16 crore in Q4 March 2008 compared to net loss of Rs 26.45 crore in Q4 March 2007. Sales rose 10.40% to Rs 193.20 crore in Q4 March 2008 over Q4 March 2007.
Moser Baer (down 5.70% at Rs 180.40), Reliance Petroleum (down 5.46% at Rs 186.10), Reliance Capital (down 5.42% at Rs 1,309.90), MRPL (down 4.45% at Rs 93.30), Chennai Petroleum (down 4.32% at Rs 364), and Essar Oil (down 272), fell.
European markets, which open after Indian markets, were trading lower. Key indices in UK, France and Germay were down by 1.13% to 2.04%. Asian markets, which opened before Indian market, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.36% to 2.06%.
At 14:20 IST, the 30-share BSE Sensex was down 198.65 points or 1.16% at 16,882.01. The index lost 236.56 points at day’s low of 16,844.09, hit in the mid-afternoon trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 63.75 points or 1.25% at 5017.95.
The market breadth was weak on BSE with 928 shares advancing as compared to 1704 stocks that declined. 61 stocks remained unchanged.
The BSE Mid-Cap index fell 0.92% to 7,087.48 and BSE Small-Cap index fell 0.68% to 8,629.84.
India’s biggest cellular service provider by market share Bharti Airtel spurted 3.55% to Rs 856.75. Some reports suggested Bharti Airtel may make an offer to acquire MTN Group next week.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 3.34% to Rs 2577.
India’s largest private sector bank by assets ICICI Bank slipped 2.03% to Rs 873.20. State Bank of India (down 1.49% to Rs 1704.85) and HDFC Bank (down 3.67% at Rs 1451.60), declined.
The BSE Consumer Durables index was up 0.66% at 4,439.22. Rajesh Exports (2.46% at Rs 99.90), Blue Star (down 2.43% at Rs 454), Gitanjali Gems (down 1.46% at Rs 274) and Videocon Industries (down 0.55% at Rs 368.25), moved higher.
The BSE FMCG index was up 0.17% to 2,449.18. Nestle (up 2.33% at Rs 1,795), Godrej Consumer Products (up 0.70% at Rs 137.05), ITC (up 0.70% at Rs 216.55), Tata Tea (up 0.52% at Rs 915) and Britannia Industries (up 0.37% at Rs 1,370.05), gained.
Electronic display units maker MIC Electronics jumped 2.02% to Rs 920.85 after the firm said its board will meet on 19 May 2008 to consider splitting each share into five.
India’s largest dry cell battery manufacturer by sales Eveready Industries India jumped 3.92% to Rs 46.40 after the company reported lower net loss of Rs 8.16 crore in Q4 March 2008 compared to net loss of Rs 26.45 crore in Q4 March 2007. Sales rose 10.40% to Rs 193.20 crore in Q4 March 2008 over Q4 March 2007.
Moser Baer (down 5.70% at Rs 180.40), Reliance Petroleum (down 5.46% at Rs 186.10), Reliance Capital (down 5.42% at Rs 1,309.90), MRPL (down 4.45% at Rs 93.30), Chennai Petroleum (down 4.32% at Rs 364), and Essar Oil (down 272), fell.
Bank shares down after inflation data
The market witnessed a bout of volatility after the latest data showed a surge in inflation to highest level in more than three years. Banking and oil & gas stocks edged lower. The market breadth was positive.
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.60% to 2.06%.
At 12:20 IST, the 30-share BSE Sensex was down 31.87 points or 0.19% at 17,048.78. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 12.85 points or 0.25% at 5068.85.
The market breadth was positive on BSE with 1275 shares advancing as compared to 1177 stocks that declined. 69 stocks remained unchanged.
The BSE Mid-Cap index rose 0.01% to 7,153.80 and BSE Small-Cap index rose 0.39% to 8,723.30.
The top Sensex gainers were, Bharti Airtel (up 3.12% at Rs 853.10), Reliance Communication (up 1.91% at Rs 553.30), Wipro (up 1.38% at Rs 504), Satyam Computer (up 1.15% at Rs 476.50), and Ranbaxy Laboratories (up 1.05% at Rs 475).
Top Sensex losers were, ACC (down 1.94% at Rs 728.50), Bharat Heavy Electricals (down 1.72% at Rs 1729.90), Housing Development Finance Corporation (down 1.57% at Rs 2679.90), Hindalco Industries (down 1.64% at Rs 177.10) and TCS (down 1.24% at Rs 932).
The BSE Bankex was down 0.41% to 8,720.01. HDFC Bank (down 2.12% at Rs 1,476.45), Centurion Bank of Punjab (down 2.01% at Rs 48.80), Axis Bank (down 0.50% at Rs 859), and State Bank of India (down 0.10% at Rs 1,728.15), slipped.
India's largest private sector bank by assets ICICI Bank rose 0.99% to Rs 900.15.
The BSE Oil & Gas index was down 0.83% to 11,531.42. Reliance Petroleum (down 3.73% at Rs 189.50), Gail India (down 2.41% at Rs 412.40), BPCL (down 0.91% at Rs 381.05), ONGC (down 0.80% at Rs 1,020.10), Indian Oil Corporation (down 0.74% at Rs 446.45), slipped. However, HPCL rose 0.26% to Rs 246.80.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.65% at Rs 2647.
Among the side counters, Reliance Industrial Infrastructure (down 5% at Rs 1,392.65), Reliance Capital (down 3.24% at Rs 1,340), Nagarjuna Construction Company (down 2.86% at Rs 212.55), Chennai Petroleum (down 2.75% at Rs 370) and Indiabulls Financial Services (down 2.67% at Rs 477.90), dropped.
Side counter stocks that gained were, Max India (up 10% at Rs 163.50), Godrej Industries (up 8.70% at Rs 309.70), United Breweries Holdings (up 7.84% at Rs 755), Rajesh Exports (up .62% at Rs 102), and Videocon Industries (up 4.05% at Rs 381.10).
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.60% to 2.06%.
At 12:20 IST, the 30-share BSE Sensex was down 31.87 points or 0.19% at 17,048.78. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 12.85 points or 0.25% at 5068.85.
The market breadth was positive on BSE with 1275 shares advancing as compared to 1177 stocks that declined. 69 stocks remained unchanged.
The BSE Mid-Cap index rose 0.01% to 7,153.80 and BSE Small-Cap index rose 0.39% to 8,723.30.
The top Sensex gainers were, Bharti Airtel (up 3.12% at Rs 853.10), Reliance Communication (up 1.91% at Rs 553.30), Wipro (up 1.38% at Rs 504), Satyam Computer (up 1.15% at Rs 476.50), and Ranbaxy Laboratories (up 1.05% at Rs 475).
Top Sensex losers were, ACC (down 1.94% at Rs 728.50), Bharat Heavy Electricals (down 1.72% at Rs 1729.90), Housing Development Finance Corporation (down 1.57% at Rs 2679.90), Hindalco Industries (down 1.64% at Rs 177.10) and TCS (down 1.24% at Rs 932).
The BSE Bankex was down 0.41% to 8,720.01. HDFC Bank (down 2.12% at Rs 1,476.45), Centurion Bank of Punjab (down 2.01% at Rs 48.80), Axis Bank (down 0.50% at Rs 859), and State Bank of India (down 0.10% at Rs 1,728.15), slipped.
India's largest private sector bank by assets ICICI Bank rose 0.99% to Rs 900.15.
The BSE Oil & Gas index was down 0.83% to 11,531.42. Reliance Petroleum (down 3.73% at Rs 189.50), Gail India (down 2.41% at Rs 412.40), BPCL (down 0.91% at Rs 381.05), ONGC (down 0.80% at Rs 1,020.10), Indian Oil Corporation (down 0.74% at Rs 446.45), slipped. However, HPCL rose 0.26% to Rs 246.80.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.65% at Rs 2647.
Among the side counters, Reliance Industrial Infrastructure (down 5% at Rs 1,392.65), Reliance Capital (down 3.24% at Rs 1,340), Nagarjuna Construction Company (down 2.86% at Rs 212.55), Chennai Petroleum (down 2.75% at Rs 370) and Indiabulls Financial Services (down 2.67% at Rs 477.90), dropped.
Side counter stocks that gained were, Max India (up 10% at Rs 163.50), Godrej Industries (up 8.70% at Rs 309.70), United Breweries Holdings (up 7.84% at Rs 755), Rajesh Exports (up .62% at Rs 102), and Videocon Industries (up 4.05% at Rs 381.10).
inflation rate 7.61%
Inflation based on wholesale prices rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week's annual rise of 7.5%, government data released in early afternoon trade showed.
Subdued trend prevails ahead of inflation data
The key benchmark indices were trading weak in the mid-morning trade. Investors were cautious ahead of the inflation data for the year through 26 April 2008 which is expected by 12:00 IST. IT and capital good stocks moved into positive territory. Consumer durables shares extended gains.
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.33% to 1.73%.
India’s inflation data for the year through 26 April 2008 is expected by 12:00 IST.
At 11:20 IST, the 30-share BSE Sensex was down 34.36 points or 0.20% at 17,046.29. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 20.15 points or 0.40% at 5061.55.
The market breadth was positive on BSE with 1175 shares advancing as compared to 1053 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index fell 0.10% to 7,146.11 and BSE Small-Cap index rose 0.38% to 8,721.67.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.12% at Rs 2663.05.
The BSE IT index was up 0.08% at 4,297.90. Aptech (up 1.34% at Rs 248.95), Financial Technologies (up 1.01% at Rs 1,845), Wipro (up 0.73% at Rs 500.80), and Satyam Computer (up 0.41% at Rs 473.05), rose.
India's largest software exporter by sales TCS fell 0.19% to Rs 941.95. India's second largest software exporter by sales Infosys Technologies was down 0.33% at Rs 1,774.
The BSE Capital Goods index was up 0.10% at 13,389. Bharat Electronics (up 0.92% at Rs 1,235), Larsen & Toubro (up 0.91% at Rs 2,912.55), and Suzlon Energy (up 0.27% at Rs 280), rose.
India’s largest electrical equipment maker by sales Bharat Heavy Electicals fell 1.15% at Rs 1740.
The BSE Bankex was down 0.45% at 8,715.84. Karnataka Bank (down 1.57% at Rs 204), HDFC Bank (down 1.52% at Rs 1,485.50), State Bank of India (down 0.07% at Rs 1,728.65) and ICICI Bank (down 0.06% at Rs 890.75), declined.
Anil Dhirubhai Ambani group firm Reliance Power rose 0.85% to Rs 423.35. The stock is in action ahead of its record date for 3-for-5 bonus issue of shares. The company has set 2 June 2008 as the record date for bonus issue. The stock rose nearly 5.80% in past five sessions to Rs 419.80 on Thursday, 8 May 2008 from Rs 396.75 on Friday, 2 May 2008.
Ethanol maker Dollex Industries spurted 5.76% to Rs 50.50. The stock is in demand since Wednesday, 7 May 2008 when it declared 20 May 2008 as the record date for a 2-for-1 stock split. The stock had galloped 15.33% to Rs 47.75 on Thursday, 8 May 2008 from Rs 41.40 on 6 May 2008.
Private sector lender Kotak Mahindra Bank rose 0.20% to Rs 784. Global investment firm Credit Suisse has cut its rating on the stock by 20% to Rs 708 a share.
IT firm 3i Infotech rose 2.13% to Rs 129.70 after the firm said on Thursday it has acquired 26% stake in Hyderabad-based IT infrastructure services firm Locuz Enterprise Solutions, for an undisclosed sum.
Non-banking financial firm TVS Finance and Services rose 2.89% to Rs 24.90 on reports the Tata group’s financial services arm, Tata Capital, is in talks to acquire or become a strategic partner of the former
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.33% to 1.73%.
India’s inflation data for the year through 26 April 2008 is expected by 12:00 IST.
At 11:20 IST, the 30-share BSE Sensex was down 34.36 points or 0.20% at 17,046.29. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.
The broader based S&P CNX Nifty was down 20.15 points or 0.40% at 5061.55.
The market breadth was positive on BSE with 1175 shares advancing as compared to 1053 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index fell 0.10% to 7,146.11 and BSE Small-Cap index rose 0.38% to 8,721.67.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.12% at Rs 2663.05.
The BSE IT index was up 0.08% at 4,297.90. Aptech (up 1.34% at Rs 248.95), Financial Technologies (up 1.01% at Rs 1,845), Wipro (up 0.73% at Rs 500.80), and Satyam Computer (up 0.41% at Rs 473.05), rose.
India's largest software exporter by sales TCS fell 0.19% to Rs 941.95. India's second largest software exporter by sales Infosys Technologies was down 0.33% at Rs 1,774.
The BSE Capital Goods index was up 0.10% at 13,389. Bharat Electronics (up 0.92% at Rs 1,235), Larsen & Toubro (up 0.91% at Rs 2,912.55), and Suzlon Energy (up 0.27% at Rs 280), rose.
India’s largest electrical equipment maker by sales Bharat Heavy Electicals fell 1.15% at Rs 1740.
The BSE Bankex was down 0.45% at 8,715.84. Karnataka Bank (down 1.57% at Rs 204), HDFC Bank (down 1.52% at Rs 1,485.50), State Bank of India (down 0.07% at Rs 1,728.65) and ICICI Bank (down 0.06% at Rs 890.75), declined.
Anil Dhirubhai Ambani group firm Reliance Power rose 0.85% to Rs 423.35. The stock is in action ahead of its record date for 3-for-5 bonus issue of shares. The company has set 2 June 2008 as the record date for bonus issue. The stock rose nearly 5.80% in past five sessions to Rs 419.80 on Thursday, 8 May 2008 from Rs 396.75 on Friday, 2 May 2008.
Ethanol maker Dollex Industries spurted 5.76% to Rs 50.50. The stock is in demand since Wednesday, 7 May 2008 when it declared 20 May 2008 as the record date for a 2-for-1 stock split. The stock had galloped 15.33% to Rs 47.75 on Thursday, 8 May 2008 from Rs 41.40 on 6 May 2008.
Private sector lender Kotak Mahindra Bank rose 0.20% to Rs 784. Global investment firm Credit Suisse has cut its rating on the stock by 20% to Rs 708 a share.
IT firm 3i Infotech rose 2.13% to Rs 129.70 after the firm said on Thursday it has acquired 26% stake in Hyderabad-based IT infrastructure services firm Locuz Enterprise Solutions, for an undisclosed sum.
Non-banking financial firm TVS Finance and Services rose 2.89% to Rs 24.90 on reports the Tata group’s financial services arm, Tata Capital, is in talks to acquire or become a strategic partner of the former
Market opens lower
The market edged lower in opening trade, extending the decline for the fifth straight session. Weak Asian markets and soaring crude oil prices dampened the sentiments. Investors were also cautious ahead of the inflation data for the year through 26 April 2008 which is expected by 12:00 IST.
IT and banking shares were hammered. Realty stocks were in positive territory. The market breadth was positive.
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.24% to 1.93%.
At 10:20 IST, the 30-share BSE Sensex was down 18.43 points or 0.11% at 17,062.22. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade.
The broader based S&P CNX Nifty was down 6.65 points or 0.13% at 5075.05.
The market breadth was positive on BSE with 898 shares advancing as compared to 720 stocks that declined. 42 stocks remained unchanged.
The BSE Mid-Cap index rose 0.09% to 7,159.65 and BSE Small-Cap index rose 0.23% to 8,709.04.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.16% at Rs 2662.
India’s largest private sector bank by assets ICICI Bank fell 0.43% to Rs 887.50.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.69% to Rs 2935.
The top Sensex gainers were, Bharti Airtel (up 2.43% at Rs 847), DLF (up 1.68% at Rs 654.60), Grasim Industries (up 1.12% at Rs 2356.10), Reliance Communication (up 0.41% at Rs 545.15), Cipla (up 0.45% at Rs 212.50), and ITC (up 0.21% at Rs 215.50).
Top Sensex losers were Housing Development Finance Corporation (down 1.21% at Rs 2687.70), ACC (down 1.18% at Rs 735), Bharat Heavy Electricals (up 1.06% at Rs 1741.50), Infosys Technologies (down 0.44% at Rs 1773), and Hindustan Unilever (down 0.60% at Rs 249.45).
Aishwarya Telecom was the top traded counter in terms of turnover. The stock was up 2.31% at Rs 99.70 on a turnover of Rs 93.12 crore.
IT and banking shares were hammered. Realty stocks were in positive territory. The market breadth was positive.
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.24% to 1.93%.
At 10:20 IST, the 30-share BSE Sensex was down 18.43 points or 0.11% at 17,062.22. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade.
The broader based S&P CNX Nifty was down 6.65 points or 0.13% at 5075.05.
The market breadth was positive on BSE with 898 shares advancing as compared to 720 stocks that declined. 42 stocks remained unchanged.
The BSE Mid-Cap index rose 0.09% to 7,159.65 and BSE Small-Cap index rose 0.23% to 8,709.04.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.16% at Rs 2662.
India’s largest private sector bank by assets ICICI Bank fell 0.43% to Rs 887.50.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.69% to Rs 2935.
The top Sensex gainers were, Bharti Airtel (up 2.43% at Rs 847), DLF (up 1.68% at Rs 654.60), Grasim Industries (up 1.12% at Rs 2356.10), Reliance Communication (up 0.41% at Rs 545.15), Cipla (up 0.45% at Rs 212.50), and ITC (up 0.21% at Rs 215.50).
Top Sensex losers were Housing Development Finance Corporation (down 1.21% at Rs 2687.70), ACC (down 1.18% at Rs 735), Bharat Heavy Electricals (up 1.06% at Rs 1741.50), Infosys Technologies (down 0.44% at Rs 1773), and Hindustan Unilever (down 0.60% at Rs 249.45).
Aishwarya Telecom was the top traded counter in terms of turnover. The stock was up 2.31% at Rs 99.70 on a turnover of Rs 93.12 crore.
Pre Market Report 09/05/2008
The market is likely to turn cautious ahead of inflation data to be released for the week ended 26 April 2008 by noon today. Soaring crude oil prices and no visible cooling in the prices of primary articles, inflation is likely to be more or less near previous week's levels.
The spiralling inflation has been the biggest cause of concern for Indian equities market. The wholesale price index (WPI) in the week ended 19 April 2008 had galloped to a fresh three-and-a-half-year high of 7.57% from 7.33%. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
The recent rally in crude oil may also continue to weigh on investor sentiment. Oil rallied to strike a fresh record to an all-peak of $124.61 a barrel, after settling up 16 cents at $123.69 yesterday, 9 May 2008 as strong diesel demand outweighed signs of rising OPEC supplies.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1601 companies showed 17.90% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.50% rise in net profit on 23.30% rise in net sales in the year ended March 2008 over year ended March 2007.
Meanwhile in a meeting held yesterday, 8 May 2008, the Bank of England and the European Central Bank have both kept interest rates unchanged at 5% and 4% respectively, as expected. Most experts now predict that both central banks are likely to cut rates by the end of the year to shore up stumbling economies.
Asian markets were mixed today, 9 May 2008. Nikkei (down 0.91% at 13,815.68), Hong Kong's Hang Seng (down 0.16% at 25,409.01), Taiwan's Taiwan Weighted (down 0.27% at 8,842.47), South Korea's Seoul Composite (down 0.98% at 1,829.86) declined.
However, Singapore's Straits Times (up 0.13% at 3,175.89) and Shanghai Composite (up 0.73% at 3,683.70) advanced.
US markets rebounded from the early lows on Thursday, 8 May 2008, led by technology stocks. Retailers' monthly sales reports also helped ease concerns about an economic downturn.
The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor's 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.
Back home, the market succumbed to selling pressure for the forth straight session yesterday, 8 May 2008, as weak global equities and soaring crude oil prices worried investors. The 30-share BSE Sensex fell 258.66 points or 1.49% at 17,080.65 whereas the broader based S&P CNX Nifty slipped 53.8 points or 1.05% at 5081.70 on that day.
As per provisional data, foreign funds sold shares worth a net Rs 724.49 crore yesterday, 8 May 2008. Domestic funds bought shares worth a net Rs 609.51 crore on that day.
The spiralling inflation has been the biggest cause of concern for Indian equities market. The wholesale price index (WPI) in the week ended 19 April 2008 had galloped to a fresh three-and-a-half-year high of 7.57% from 7.33%. The WPI remained above the 7%-mark (significantly above RBI's revised target of 5.5% for the year) for the past four weeks.
The recent rally in crude oil may also continue to weigh on investor sentiment. Oil rallied to strike a fresh record to an all-peak of $124.61 a barrel, after settling up 16 cents at $123.69 yesterday, 9 May 2008 as strong diesel demand outweighed signs of rising OPEC supplies.
With results already declared from majority of the frontline corporates, the result season has almost come to an end. The near term trend is likely to be dictated by global cues.
Aggregate results of 1601 companies showed 17.90% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 29.50% rise in net profit on 23.30% rise in net sales in the year ended March 2008 over year ended March 2007.
Meanwhile in a meeting held yesterday, 8 May 2008, the Bank of England and the European Central Bank have both kept interest rates unchanged at 5% and 4% respectively, as expected. Most experts now predict that both central banks are likely to cut rates by the end of the year to shore up stumbling economies.
Asian markets were mixed today, 9 May 2008. Nikkei (down 0.91% at 13,815.68), Hong Kong's Hang Seng (down 0.16% at 25,409.01), Taiwan's Taiwan Weighted (down 0.27% at 8,842.47), South Korea's Seoul Composite (down 0.98% at 1,829.86) declined.
However, Singapore's Straits Times (up 0.13% at 3,175.89) and Shanghai Composite (up 0.73% at 3,683.70) advanced.
US markets rebounded from the early lows on Thursday, 8 May 2008, led by technology stocks. Retailers' monthly sales reports also helped ease concerns about an economic downturn.
The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor's 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.
Back home, the market succumbed to selling pressure for the forth straight session yesterday, 8 May 2008, as weak global equities and soaring crude oil prices worried investors. The 30-share BSE Sensex fell 258.66 points or 1.49% at 17,080.65 whereas the broader based S&P CNX Nifty slipped 53.8 points or 1.05% at 5081.70 on that day.
As per provisional data, foreign funds sold shares worth a net Rs 724.49 crore yesterday, 8 May 2008. Domestic funds bought shares worth a net Rs 609.51 crore on that day.
List of Book Closures and dates.
Company Name Start Date End Date Agenda
Goodyear 01-May-08 16-May-08 60% Dividend
Multifarious Tr 03-May-08 10-May-08 Annual Closure
Essel Propack 06-May-08 12-May-08 60% Dividend
IOB 07-May-08 13-May-08 32% Dividend
Shilp Gravures 10-May-08 17-May-08 21% Dividend
Reliance 10-May-08 17-May-08 130% Dividend
Temptation Food 12-May-08 19-May-08
Bosch 16-May-08 30-May-08 250% Dividend
Motilal Oswal F 16-May-08 31-May-08 80% Dividend
Elantas Beck 19-May-08 26-May-08 40% Dividend (AGM Revised)
White Diamond 19-May-08 24-May-08
BOC India 20-May-08 29-May-08 20% Dividend
Vishal Cotsp 21-May-08 22-May-08
Zuari Inds 22-May-08 29-May-08 Dividend
Ranbaxy Labs 23-May-08 30-May-08 120% Final Dividend
JSW Steel 23-May-08 27-May-08 140% Dividend
Deep Industries 23-May-08 30-May-08
Sulzer 24-May-08 07-Jun-08 100% Dividend
Indian Bank 24-May-08 26-May-08 30% Dividend
Sterling Bio 26-May-08 02-Jun-08 50% Dividend
Axis Bank 26-May-08 06-Jun-08 60% Dividend
Petronet LNG 26-May-08 04-Jun-08 15% Dividend
Nelcast 26-May-08 31-May-08 30% Dividend
Sudal Industrie 27-May-08 02-Jun-08 (Revised)
ABB 28-May-08 03-Jun-08 110% Dividend
Uni Legwears 29-May-08 31-May-08
SE Investments 29-May-08 03-Jun-08
Bharat Seats 29-May-08 04-Jun-08 25% Dividend
Hind Constr 30-May-08 13-Jun-08 80% Dividend
VTM 30-May-08 09-Jun-08 10% Dividend (Revised)
Stovec Ind 30-May-08 05-Jun-08 32% Dividend
Bank of Mah 31-May-08 09-Jun-08 20% Dividend
Allahabad Bank 31-May-08 16-Jun-08 30% Dividend
Infosys 31-May-08 14-Jun-08 545% Dividend (Final Dividend 145% + Special Dividend 400%)
Bata India 31-May-08 19-Jun-08 20% Dividend (Revised)
SBI 02-Jun-08 11-Jun-08 215% Dividend
Goodyear 01-May-08 16-May-08 60% Dividend
Multifarious Tr 03-May-08 10-May-08 Annual Closure
Essel Propack 06-May-08 12-May-08 60% Dividend
IOB 07-May-08 13-May-08 32% Dividend
Shilp Gravures 10-May-08 17-May-08 21% Dividend
Reliance 10-May-08 17-May-08 130% Dividend
Temptation Food 12-May-08 19-May-08
Bosch 16-May-08 30-May-08 250% Dividend
Motilal Oswal F 16-May-08 31-May-08 80% Dividend
Elantas Beck 19-May-08 26-May-08 40% Dividend (AGM Revised)
White Diamond 19-May-08 24-May-08
BOC India 20-May-08 29-May-08 20% Dividend
Vishal Cotsp 21-May-08 22-May-08
Zuari Inds 22-May-08 29-May-08 Dividend
Ranbaxy Labs 23-May-08 30-May-08 120% Final Dividend
JSW Steel 23-May-08 27-May-08 140% Dividend
Deep Industries 23-May-08 30-May-08
Sulzer 24-May-08 07-Jun-08 100% Dividend
Indian Bank 24-May-08 26-May-08 30% Dividend
Sterling Bio 26-May-08 02-Jun-08 50% Dividend
Axis Bank 26-May-08 06-Jun-08 60% Dividend
Petronet LNG 26-May-08 04-Jun-08 15% Dividend
Nelcast 26-May-08 31-May-08 30% Dividend
Sudal Industrie 27-May-08 02-Jun-08 (Revised)
ABB 28-May-08 03-Jun-08 110% Dividend
Uni Legwears 29-May-08 31-May-08
SE Investments 29-May-08 03-Jun-08
Bharat Seats 29-May-08 04-Jun-08 25% Dividend
Hind Constr 30-May-08 13-Jun-08 80% Dividend
VTM 30-May-08 09-Jun-08 10% Dividend (Revised)
Stovec Ind 30-May-08 05-Jun-08 32% Dividend
Bank of Mah 31-May-08 09-Jun-08 20% Dividend
Allahabad Bank 31-May-08 16-Jun-08 30% Dividend
Infosys 31-May-08 14-Jun-08 545% Dividend (Final Dividend 145% + Special Dividend 400%)
Bata India 31-May-08 19-Jun-08 20% Dividend (Revised)
SBI 02-Jun-08 11-Jun-08 215% Dividend
Results Today
Kotak Mahindra, Asian Paints, Apollo Tyres, Bharat Bijlee, Everonn Systems, Mahindra Forg, TIL, Su-Raj Diamonds, PTL Enterprises
Ashok Leyland Q4 net profit up at Rs 180.5 cr
Ashok Leyland has announced its fourth quarter results. The company's net profit was up at Rs 180.5 crore versus Rs 171 crore.
Its net sales were up at Rs 2562 crore versus Rs 2291 crore.
It operating profit is seen up 3% at Rs 270 crore versus Rs 262 crore,YoY.
Its net profit is expected to go down 4% at Rs 165 crore versus Rs 171 crore, YoY.
FY08
The company's FY08 sales are expected to go up 7% at Rs 7700 crore from Rs 7168 crore.
Its net profit is seen up 3% at Rs 456 crore from Rs 441 crore.
Its net sales were up at Rs 2562 crore versus Rs 2291 crore.
It operating profit is seen up 3% at Rs 270 crore versus Rs 262 crore,YoY.
Its net profit is expected to go down 4% at Rs 165 crore versus Rs 171 crore, YoY.
FY08
The company's FY08 sales are expected to go up 7% at Rs 7700 crore from Rs 7168 crore.
Its net profit is seen up 3% at Rs 456 crore from Rs 441 crore.
Hind Motors FY08 net profit at Rs 30.8 cr
Hindustan Motors has announced its FY08 numbers. It has reported net profit of Rs 30.8 crore and net sales of Rs 662 crore for FY08.
Asian market trading in red
Even though US closed in green, Asian markets slowly loosing ground
Nikkei 225 13,815.68 -127.58 -0.91%
Hang Seng 25,366.52 -83.27 -0.33%
Straits Times 3,174.13 +2.25 +0.07%
Nikkei 225 13,815.68 -127.58 -0.91%
Hang Seng 25,366.52 -83.27 -0.33%
Straits Times 3,174.13 +2.25 +0.07%
US closes in Green
Us market ended in green on thursday
Dow 12,866.78 +52.43 +0.41%
Nasdaq 2,451.24 +12.75 +0.52%
S&P 500 1,397.68 +5.11 +0.37%
Dow 12,866.78 +52.43 +0.41%
Nasdaq 2,451.24 +12.75 +0.52%
S&P 500 1,397.68 +5.11 +0.37%
Thursday, May 8, 2008
Post-Market Report dated May 08, 2008
Bearish global market trend triggered widespread selling in domestic indices, with the Sensex sliding sharply to close at 17,081.
Weak international market trend weighed on domestic indices. The Sensex dropped 259 points during intra-day trades and nearly slipped below 17,081 on relentless
selling pressure. Even as oil prices in the global markets preceded from their recent highs, investors across the globe tracked concerns of inflationary pressures in the US and hence dumped their respective indices. After resuming 126 points lower at 17,213, the Sensex languished in negative in the first half and plunged deep in red in noon trades to touch the day's low of 17,038 on selling in Bankex, IT and FMCG select heavyweights. The Sensex finally ended the session with losses of 259 points at 17,081, while the Nifty tumbled 54 points to close at 5,082.
The market breadth was weak. Of the 2,746 stocks traded on the BSE, 1,593 stocks declined, 1,102 stocks advanced and 51 stocks ended unchanged. Other than BSE Metal index, rest of the sectoral indices lost ground. BSE Bankex index dropped 2.90% at 8,755, BSE IT index shed 2.69% at 4,294 and BSE FMCG index was down 2.60% at 2,445.
Bankex stocks came under sharp hammering. KMFL shed 6.41% at Rs782.40, BoB fell 5.51% at Rs300.05, Axis Bank declined 4.83% at Rs863.35 and Bank of India was down nearly 4.38% at Rs324. Among the other Sensex losers, ITC dipped 5.24% at Rs215.05, Satyam Computer Services slipped 3.72% at Rs471.10, Infosys dropped 3.44% at Rs1,779.80, L&T slumped 3.36% at Rs2,886 and ICICI Bank shed 3% at Rs891.30. Tata Steel, however, rose 2.51% at Rs845.65, Bharti Airtel advanced 1.45% at Rs827.60 and ACC moved up 0.82% at Rs743.25.
IT stocks witnessed selling pressure. Mphasis declined 3.96% at Rs219.65, TCS lost 2.33% at Rs943.70, Tech Mahindra shed 2.11% at Rs932.15 and I-Flex slipped by 2.10% at Rs1,316.55.
Over 7.71 crore Aishwarya Tele shares changed hands on the BSE followed by IFCI (1.42 crore shares), Ispat Industries (1.14 crore shares), Kasyap (87.10 lakh shares) and RNRL (83.40 lakh shares).
Weak international market trend weighed on domestic indices. The Sensex dropped 259 points during intra-day trades and nearly slipped below 17,081 on relentless
selling pressure. Even as oil prices in the global markets preceded from their recent highs, investors across the globe tracked concerns of inflationary pressures in the US and hence dumped their respective indices. After resuming 126 points lower at 17,213, the Sensex languished in negative in the first half and plunged deep in red in noon trades to touch the day's low of 17,038 on selling in Bankex, IT and FMCG select heavyweights. The Sensex finally ended the session with losses of 259 points at 17,081, while the Nifty tumbled 54 points to close at 5,082.
The market breadth was weak. Of the 2,746 stocks traded on the BSE, 1,593 stocks declined, 1,102 stocks advanced and 51 stocks ended unchanged. Other than BSE Metal index, rest of the sectoral indices lost ground. BSE Bankex index dropped 2.90% at 8,755, BSE IT index shed 2.69% at 4,294 and BSE FMCG index was down 2.60% at 2,445.
Bankex stocks came under sharp hammering. KMFL shed 6.41% at Rs782.40, BoB fell 5.51% at Rs300.05, Axis Bank declined 4.83% at Rs863.35 and Bank of India was down nearly 4.38% at Rs324. Among the other Sensex losers, ITC dipped 5.24% at Rs215.05, Satyam Computer Services slipped 3.72% at Rs471.10, Infosys dropped 3.44% at Rs1,779.80, L&T slumped 3.36% at Rs2,886 and ICICI Bank shed 3% at Rs891.30. Tata Steel, however, rose 2.51% at Rs845.65, Bharti Airtel advanced 1.45% at Rs827.60 and ACC moved up 0.82% at Rs743.25.
IT stocks witnessed selling pressure. Mphasis declined 3.96% at Rs219.65, TCS lost 2.33% at Rs943.70, Tech Mahindra shed 2.11% at Rs932.15 and I-Flex slipped by 2.10% at Rs1,316.55.
Over 7.71 crore Aishwarya Tele shares changed hands on the BSE followed by IFCI (1.42 crore shares), Ispat Industries (1.14 crore shares), Kasyap (87.10 lakh shares) and RNRL (83.40 lakh shares).
Market loses further ground
Weakness prevailed in the early afternoon trade. All the sectoral indices on BSE were in the red, with IT and banking indices sliding sharply. The market breadth was poor.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.32% to 1.71%. However, China’s Shanghai Composite was up 0.58%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
At 12:20 IST, the 30-share BSE Sensex was down 267.53 points or 1.54% at 17,071.78. The index lost 301.28 points at day’s low of 17,038.03, hit in the early afternoon trade.
The broader based S&P CNX Nifty was down 67.9 points or 1.32% at 5067.60.
The market breadth was poor on BSE with 810 shares advancing as compared to 1644 stocks that declined. 56 stocks remained unchanged.
The BSE Mid-Cap index was down 1.07% at 7,124.33 and the BSE Small-Cap index was down 0.93% at 8,645.98.
Top Sensex losers were, Satyam Computer (down 3.82% at Rs 470.60), TCS (down 3.74% at Rs 930.05), Infosys Technologies (down 3.68% at Rs 1775.50) and ICICI Bank (down 3.47% at Rs 885.90).
Top Sensex gainers were, Reliance Communication (up 1.18% at Rs 546.65), Ranbaxy Laboratories (up 0.36% at Rs 468), and Tata Steel (up 0.30% at Rs 827.40).
Bharti Airtel staged a rebound today after sliding nearly 8% in past two sessions. India’s biggest listed cellular services provider by market share Bharti Airtel rose 1.07% at Rs 824.50. The stock had declined 8.73% to Rs 815.80 on Wednesday, 7 May 2008 from Rs 893.85 on Monday, 5 May 2008 on reports the firm may acquire 51% of South African telecommunications group MTN.
The BSE FMCG index was down 2.16% at 2,456.05. ITC (down 4.76% at Rs 216.15), United Breweries (down 3.97% at Rs 235.95), Dabur India (down 1.78% at Rs 104.55), and Hindustan Unilever (down 0.84% at Rs 249), slipped.
The BSE Capital Goods index was down 1.27% at 13,467.95. Jyoti Structures (down 3.11% at Rs 157.40), Kalpataru Power Transmission (down 2.79% at Rs 1040), Larsen & Toubro (down 2.53% at Rs 2,911), BEML (down 2.03% at Rs 1,114), Punj Lloyd (down 1.55% at Rs 348.95), Thermax (down 1.18% at Rs 491.95) and Bharat Heavy Electricals (down 0.91% at Rs 1,767.50), decline,
India's third largest listed cellular services provider by sales Idea Cellular rose 1.54% to Rs 105.50. The firm slashed its long-distance call rates and roaming charges. As per the new tariffs, subscriber trunk dialling (STD) call charges have been reduced to Rs 1.30 per minute effective from Friday, 9 May 2008.
Shree Cement dropped 1.69% to Rs 945. The firm posted 71.9% surge in net profit to Rs 41.07 crore on 71.9% increase in net sales to Rs 650.07 crore Q4 March 2008 over Q4 March 2007.
Mid-day Multimedia, which published tabloid, gained 1.50% to Rs 33.80. The firm reported net profit of Rs 0.23 crore in the Q4 March 2008 as compared to net loss of Rs 2.88 crore in Q4 March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.32% to 1.71%. However, China’s Shanghai Composite was up 0.58%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
At 12:20 IST, the 30-share BSE Sensex was down 267.53 points or 1.54% at 17,071.78. The index lost 301.28 points at day’s low of 17,038.03, hit in the early afternoon trade.
The broader based S&P CNX Nifty was down 67.9 points or 1.32% at 5067.60.
The market breadth was poor on BSE with 810 shares advancing as compared to 1644 stocks that declined. 56 stocks remained unchanged.
The BSE Mid-Cap index was down 1.07% at 7,124.33 and the BSE Small-Cap index was down 0.93% at 8,645.98.
Top Sensex losers were, Satyam Computer (down 3.82% at Rs 470.60), TCS (down 3.74% at Rs 930.05), Infosys Technologies (down 3.68% at Rs 1775.50) and ICICI Bank (down 3.47% at Rs 885.90).
Top Sensex gainers were, Reliance Communication (up 1.18% at Rs 546.65), Ranbaxy Laboratories (up 0.36% at Rs 468), and Tata Steel (up 0.30% at Rs 827.40).
Bharti Airtel staged a rebound today after sliding nearly 8% in past two sessions. India’s biggest listed cellular services provider by market share Bharti Airtel rose 1.07% at Rs 824.50. The stock had declined 8.73% to Rs 815.80 on Wednesday, 7 May 2008 from Rs 893.85 on Monday, 5 May 2008 on reports the firm may acquire 51% of South African telecommunications group MTN.
The BSE FMCG index was down 2.16% at 2,456.05. ITC (down 4.76% at Rs 216.15), United Breweries (down 3.97% at Rs 235.95), Dabur India (down 1.78% at Rs 104.55), and Hindustan Unilever (down 0.84% at Rs 249), slipped.
The BSE Capital Goods index was down 1.27% at 13,467.95. Jyoti Structures (down 3.11% at Rs 157.40), Kalpataru Power Transmission (down 2.79% at Rs 1040), Larsen & Toubro (down 2.53% at Rs 2,911), BEML (down 2.03% at Rs 1,114), Punj Lloyd (down 1.55% at Rs 348.95), Thermax (down 1.18% at Rs 491.95) and Bharat Heavy Electricals (down 0.91% at Rs 1,767.50), decline,
India's third largest listed cellular services provider by sales Idea Cellular rose 1.54% to Rs 105.50. The firm slashed its long-distance call rates and roaming charges. As per the new tariffs, subscriber trunk dialling (STD) call charges have been reduced to Rs 1.30 per minute effective from Friday, 9 May 2008.
Shree Cement dropped 1.69% to Rs 945. The firm posted 71.9% surge in net profit to Rs 41.07 crore on 71.9% increase in net sales to Rs 650.07 crore Q4 March 2008 over Q4 March 2007.
Mid-day Multimedia, which published tabloid, gained 1.50% to Rs 33.80. The firm reported net profit of Rs 0.23 crore in the Q4 March 2008 as compared to net loss of Rs 2.88 crore in Q4 March 2007. Sales declined 2.19% to Rs 27.24 crore in Q4 March 2008 over Q4 March 2007.
IT, banking stocks drop in weak market
Across-the-board selling pressure dragged the key benchmark indices down further in the mid-morning trade. IT and banking stocks extended losses. Weakness in Asian markets and spiraling crude oil prices spoiled investor sentiments today.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.23% to 2.24%. However, China’s Shanghai Composite was up 0.06%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
At 11:20 IST, the 30-share BSE Sensex was down 234.67 points or 1.35% at 17,104.64. The index lost 288.48 points at day’s low of17,050.83, hit in mid-morning trade.
The broader based S&P CNX Nifty was down 51.75 points or 1.01% at 5083.75.
The market breadth was poor on BSE with 710 shares advancing as compared to 1537 stocks that declined. 57 stocks remained unchanged.
The BSE Mid-Cap index was down 0.80% at 7,144.12 and the BSE Small-Cap index was down 0.85% at 8,652.62.
The BSE IT index was down 3.86% at 4,242.75. Satyam Computer (down 4.76% at Rs 466), TCS (down 4.48% at Rs 922.95), Infosys Technologies (down 4.11% at Rs 1,767.50), Wipro (down 3.74% at Rs 480.50), and HCL Technologies (down 1.77% at Rs 288.20), tumbled.
The BSE Bankex was down 2.38% at 8,802.14. Bank of India (down 3.72% at Rs 326.25), Kotak Mahindra Bank (down 2.63% at Rs 814), HDFC Bank (down 2.54% at Rs 1,503.75), Bank of Baroda (down 2.38% at Rs 310), Axis Bank (down 1.79% at Rs 890.90) and State Bank of India (down 1.31% at Rs 1,745), slipped.
India's largest private sector bank by assets ICICI Bank fell 2.74% at Rs 893.70.
The BSE Oil & Gas index was down 0.64% at 11,648.43. Reliance Natural Resources (down 2.84% at Rs 114.45), Indian Oil Corporation (down 2.21% at Rs 449), BPCL (down 1.79% at Rs 376), GAIL India (down 1.69% at Rs 428.10), HPCL (down 1.11% at Rs 241.35) and ONGC (0.64% at Rs 1,033), declined.
India's biggest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.27% at Rs 2,675.10.
Steel makers declined after they agreed 5-10% price reductions on Wednesday, 7 May 2008, following government pressure to cut prices. Steel Authority of India (down 2.54% at Rs 169.15), Jindal Steel & Power (down 2.18% at Rs 2227), Jindal Stainless (down 1.18% at Rs 146), JSW Steel (down 0.13% at Rs 876.10), Bhushan Steel (down 0.28% at Rs 780.50), and Uttam Galva (down 2.25% at Rs 39.15), , slipped.
India's largest steel maker by output Tata Steel rose 0.37% at Rs 827.80 after the firm said it raised Rs 2000 crore, including a greenshoe option, through a private placement of bonds.
Oil refiner Mangalore Refinery And Petrochemicals fell 3.85% to Rs 98.70. The firm reported 23.9% rise in net profit to Rs 225.34 crore on 40.7% increase in net sales to Rs 9465.13 crore in Q4 March 2008 over Q4 March 2007.
Tata Communications rose 3.78% to Rs 506 on reports the government is planning to divest its residual 26.12% stake in the company
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.23% to 2.24%. However, China’s Shanghai Composite was up 0.06%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
At 11:20 IST, the 30-share BSE Sensex was down 234.67 points or 1.35% at 17,104.64. The index lost 288.48 points at day’s low of17,050.83, hit in mid-morning trade.
The broader based S&P CNX Nifty was down 51.75 points or 1.01% at 5083.75.
The market breadth was poor on BSE with 710 shares advancing as compared to 1537 stocks that declined. 57 stocks remained unchanged.
The BSE Mid-Cap index was down 0.80% at 7,144.12 and the BSE Small-Cap index was down 0.85% at 8,652.62.
The BSE IT index was down 3.86% at 4,242.75. Satyam Computer (down 4.76% at Rs 466), TCS (down 4.48% at Rs 922.95), Infosys Technologies (down 4.11% at Rs 1,767.50), Wipro (down 3.74% at Rs 480.50), and HCL Technologies (down 1.77% at Rs 288.20), tumbled.
The BSE Bankex was down 2.38% at 8,802.14. Bank of India (down 3.72% at Rs 326.25), Kotak Mahindra Bank (down 2.63% at Rs 814), HDFC Bank (down 2.54% at Rs 1,503.75), Bank of Baroda (down 2.38% at Rs 310), Axis Bank (down 1.79% at Rs 890.90) and State Bank of India (down 1.31% at Rs 1,745), slipped.
India's largest private sector bank by assets ICICI Bank fell 2.74% at Rs 893.70.
The BSE Oil & Gas index was down 0.64% at 11,648.43. Reliance Natural Resources (down 2.84% at Rs 114.45), Indian Oil Corporation (down 2.21% at Rs 449), BPCL (down 1.79% at Rs 376), GAIL India (down 1.69% at Rs 428.10), HPCL (down 1.11% at Rs 241.35) and ONGC (0.64% at Rs 1,033), declined.
India's biggest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.27% at Rs 2,675.10.
Steel makers declined after they agreed 5-10% price reductions on Wednesday, 7 May 2008, following government pressure to cut prices. Steel Authority of India (down 2.54% at Rs 169.15), Jindal Steel & Power (down 2.18% at Rs 2227), Jindal Stainless (down 1.18% at Rs 146), JSW Steel (down 0.13% at Rs 876.10), Bhushan Steel (down 0.28% at Rs 780.50), and Uttam Galva (down 2.25% at Rs 39.15), , slipped.
India's largest steel maker by output Tata Steel rose 0.37% at Rs 827.80 after the firm said it raised Rs 2000 crore, including a greenshoe option, through a private placement of bonds.
Oil refiner Mangalore Refinery And Petrochemicals fell 3.85% to Rs 98.70. The firm reported 23.9% rise in net profit to Rs 225.34 crore on 40.7% increase in net sales to Rs 9465.13 crore in Q4 March 2008 over Q4 March 2007.
Tata Communications rose 3.78% to Rs 506 on reports the government is planning to divest its residual 26.12% stake in the company
Shree Cements' Q4 PAT at Rs 41 cr
Shree Cements has declared its results for the quarter ended March 2008 (Q4). The company's net sales were up at Rs 650 crore versus Rs 378 crore on YoY basis.
The company reported PAT at Rs 41 crore versus Rs 24.50 crore on YoY basis. The adjusted PAT stood at Rs 41 crore versus Rs 40 crore on YoY basis. Its OPM were at 39% versus 45.3% on YoY basis.
The company's FY08 EPS was at Rs 74.
The company is evaluating setting up of capacity in Madhya Pradesh. The company is also considering a manufacturing presence in foreign markets.
Q4 highlights
Sales up in line with expectations
OPM has come slightly lower, possibly on account of higher pet coke prices
Higher realizations mitigated by higher cost (energy and freight)
PAT way below estimates on account of higher depreciation (Depreciation as a % of PBDT is 76%)
The company reported PAT at Rs 41 crore versus Rs 24.50 crore on YoY basis. The adjusted PAT stood at Rs 41 crore versus Rs 40 crore on YoY basis. Its OPM were at 39% versus 45.3% on YoY basis.
The company's FY08 EPS was at Rs 74.
The company is evaluating setting up of capacity in Madhya Pradesh. The company is also considering a manufacturing presence in foreign markets.
Q4 highlights
Sales up in line with expectations
OPM has come slightly lower, possibly on account of higher pet coke prices
Higher realizations mitigated by higher cost (energy and freight)
PAT way below estimates on account of higher depreciation (Depreciation as a % of PBDT is 76%)
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