Local equities are likely to stay cautious as investors will keenly await the index of industrial production and inflation data.
Inflation rate in the week ended 17 May 2008 will be released by noon today. Inflation has surged to 7.82% in the week ended 10 May 2008.
However the marketmen will keenly watch the revision in provisional rate for 22 March 2008 fromthe earlier stated 7%, after data for 15 March 2008 was last week revised sharply upwards to 8.02% from 6.68% in previous week, making it the highest inflation rate since September 2004.
GDP data for the January-March quarter and revised numbers for 2007-08 will also be watched.
Derivative contracts for May 2008 series expired yesterday. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 66% as compared to 71% in the April 2008 to May 2008 series. Marketwide rollovers were 82% as compared 81% in the previous series.
Global cues were mixed. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
However in June 2008, markemen would be looking at two triggers. One would be progress of monsoon and second would be the advance tax figures.
Meanwhile in a move that could boost sentiment, market regulator Sebi yesterday, 29 May 2008 has revised the registration guidelines for foreign instutional investors (FIIs). Institutions set up by non-resident Indians can now register as FIIs and invest in the Indian stock markets.
Sebi has amended regulations for easier registration of FIIs and sub-accounts. It has also made AMCs, Investment Managers or advisors owned by NRI eligible for FII registration.
Sebi has allowed FIIs to invest in collective investment schemes. It has said that NRIs can register as FIIs if they do not invest their proprietary funds
Asian markets were trading mixed today, 30 May 2008. Shanghai Composite (up 0.74% at 3,426.53), Japan's Nikkei (up 0.82% at 14,240.35), Hong Kong's Hang Seng (up 0.06% at 24,399.23), rose.
However, Taiwan's Taiwan Weighted (donw 1.21% at 8,579.90), South Korea's Seoul Composite (down 0.39% at 1,833.98|) and Singapore's Straits Times (down 0.03% to 3,159.68) declined.
US markets advanced for a third straight day yesterday, 29 May 2008. The rally was lead by strength in the financial sector and a big decline in oil prices.The Dow Jones industrial average advanced 52.19 points, or 0.41%, to 12,646.22. The Standard & Poor's 500 index rose 7.42 points, or 0.53%, to 1,398.26, and the Nasdaq composite index gained 21.62 points, or 0.87%, to 2,508.32.
Back home, the 30-share BSE Sensex lost 209.11 points or 1.27% to 16,316.26 and the broader based S&P CNX Nifty plunged 83.05 points or 1.69% at 4835.30, yesterday 29 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 1277.63 crore yesterday, 29 May 2008. Domestic funds bought shares worth a net Rs 698 crore on that day.
Friday, May 30, 2008
Thursday, May 29, 2008
Market opens higher; breadth strong
Positive global cues helped the key benchmark indices open higher today. However, the market exhibited some volatility as May 2008 series futures & options are set to expiry today. Auto and information technology stocks declined. Realty stocks were in demand.
At 10:20 IST, the 30-share BSE Sensex was up 31.38 points or 0.19% to 16,556.75. The index climbed 140.66 points at day’s high of 16,666.03, hit in the onset of trading session.
The broader based S&P CNX Nifty was up 3.4 points or 0.07% at 4921.75.
As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 57% as compared to 62% in the April 2008 to May 2008 series, as on 28 May 2008. The marketwide rollovers were healthy, at 62% as compared 61% in the previous series.
US crude fell 76 cents to $130.27 a barrel, while London Brent crude fell 83 cents to $130.10 a barrel today, 29 May 2008, as a strengthening dollar more than offset fears of supply disruptions in Nigeria.
Asian markets were trading higher today, 29 May 2008. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up by 0.21% at 3.05%. However, China’s Shanghai Composite was down 0.33%.
US markets ended higher yesterday, 28 May 2008, after a volatile session led by better-than-forecast durable goods orders and positive financial results from select retailers. The Dow Jones industrial average gained 46 points to 12,594. The Nasdaq Composite index rose 5 points to 2,487. The S&P 500 index garnered 5 points to 1,390.10.
The market breadth was strong on BSE with 1120 shares advancing as compared to 434 stocks that declined. 36 stocks remained unchanged.
The BSE Mid-Cap index rose 0.79% to 6,807.18 and BSE Small-Cap index rose 0.69% to 8,294.20.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.33% at Rs 2530.
India’s largest private sector bank by assets ICICI Bank fell 0.79% at Rs 826.70.
India’s largest engineering and construction firm by revenue Larsen & Toubro fell 0.75% to Rs 2729.50. The company will declare its Q4 March 2008-ended quarterly results on today, 29 May 2008. The stock has fallen 9.92% to Rs 2709.10 in one month to Wednesday, 28 May 2008.
The top Sensex gainers were, Housing Development Finance Corporation (up 2.72% at Rs 2583), Jaiprakash Associates (up 1.57% at Rs 232.95), Wipro (up 1.23% at Rs 512.40), Reliance Communication (up 1.39% at Rs 559.25), and Tata Steel (up 1.09% at Rs 912.50).
Top Sensex losers were, Tata Motors (down 3.92% at Rs 609.85), ITC (down 1.87% at Rs 217.40), Infosys Technologies (down 1.66% at Rs 1880.90), Ambuja Cements (down 1.59% at Rs 102.45), Maruti Suzuki (down 1.25% at Rs 768.10).
Chambal Fertilisers & Chemicals was the top traded counter on BSE in terms of turnover. The stock was up 1.53% at Rs 89.80 on a turnover of Rs 45.15 crore.
A sharp fall in crude oil prices, firm global cues and short covering in late trade, propelled the market higher yesterday, 28 May 2008. The 30-share BSE Sensex rose 249.78 points or 1.53% at 16,525.37 and the broader based S&P CNX Nifty was up 58.55 points or 1.20% at 4918.35, on that day.
At 10:20 IST, the 30-share BSE Sensex was up 31.38 points or 0.19% to 16,556.75. The index climbed 140.66 points at day’s high of 16,666.03, hit in the onset of trading session.
The broader based S&P CNX Nifty was up 3.4 points or 0.07% at 4921.75.
As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 57% as compared to 62% in the April 2008 to May 2008 series, as on 28 May 2008. The marketwide rollovers were healthy, at 62% as compared 61% in the previous series.
US crude fell 76 cents to $130.27 a barrel, while London Brent crude fell 83 cents to $130.10 a barrel today, 29 May 2008, as a strengthening dollar more than offset fears of supply disruptions in Nigeria.
Asian markets were trading higher today, 29 May 2008. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up by 0.21% at 3.05%. However, China’s Shanghai Composite was down 0.33%.
US markets ended higher yesterday, 28 May 2008, after a volatile session led by better-than-forecast durable goods orders and positive financial results from select retailers. The Dow Jones industrial average gained 46 points to 12,594. The Nasdaq Composite index rose 5 points to 2,487. The S&P 500 index garnered 5 points to 1,390.10.
The market breadth was strong on BSE with 1120 shares advancing as compared to 434 stocks that declined. 36 stocks remained unchanged.
The BSE Mid-Cap index rose 0.79% to 6,807.18 and BSE Small-Cap index rose 0.69% to 8,294.20.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.33% at Rs 2530.
India’s largest private sector bank by assets ICICI Bank fell 0.79% at Rs 826.70.
India’s largest engineering and construction firm by revenue Larsen & Toubro fell 0.75% to Rs 2729.50. The company will declare its Q4 March 2008-ended quarterly results on today, 29 May 2008. The stock has fallen 9.92% to Rs 2709.10 in one month to Wednesday, 28 May 2008.
The top Sensex gainers were, Housing Development Finance Corporation (up 2.72% at Rs 2583), Jaiprakash Associates (up 1.57% at Rs 232.95), Wipro (up 1.23% at Rs 512.40), Reliance Communication (up 1.39% at Rs 559.25), and Tata Steel (up 1.09% at Rs 912.50).
Top Sensex losers were, Tata Motors (down 3.92% at Rs 609.85), ITC (down 1.87% at Rs 217.40), Infosys Technologies (down 1.66% at Rs 1880.90), Ambuja Cements (down 1.59% at Rs 102.45), Maruti Suzuki (down 1.25% at Rs 768.10).
Chambal Fertilisers & Chemicals was the top traded counter on BSE in terms of turnover. The stock was up 1.53% at Rs 89.80 on a turnover of Rs 45.15 crore.
A sharp fall in crude oil prices, firm global cues and short covering in late trade, propelled the market higher yesterday, 28 May 2008. The 30-share BSE Sensex rose 249.78 points or 1.53% at 16,525.37 and the broader based S&P CNX Nifty was up 58.55 points or 1.20% at 4918.35, on that day.
Pre Market Report 29/05/2008
The market is likely to exhibit volatile movements today, 29 May 2008 as May 2008 series futures & options are set for expiry today. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 57% as compared to 62% in the April 2008 to May 2008 series, as on 28 May 2008. However marketwide rollovers were healthy, at 62% as compared 61% in the previous series.
Global cues were positive. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
However in June 2008, markemen would be looking at two triggers. One would be progress of monsoon and second would be the advance tax figures.
Asian markets were trading higher today, 29 May 2008. Shanghai Composite (up 0.22% at 3,466.78), Japan's Nikkei (up 2.80% at 14,092.72), Hang Seng (up 0.91% at 24,470.65), Taiwan Weighted (up 0.87% at 8,740.79), Singapore's Straits Times (up 0.89% at 3,160.62) and South Korea's Seoul Composite (up 1.75% at 1,837.32), edged higher.
US markets ended higher yesterday, 28 May 2008, after a volatile session lead by better-than-forecast durable goods orders and positive financial results from select retailers. The Dow Jones industrial average gained 46 points to 12,594. The Nasdaq Composite index rose 5 points to 2,487. The S&P 500 index garnered 5 points to 1,390.10
Back home, a sharp fall in crude oil prices firm global cues and short covering in late trade, propelled the market yesterday, 28 May 2008. The 30-share BSE Sensex rose 249.78 points or 1.53% at 16,525.37 and the broader based S&P CNX Nifty was up 58.55 points or 1.20% at 4918.35, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 883.23 crore yesterday, 28 May 2008. Domestic funds bought shares worth a net Rs 527.98 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 1503.25 crore in the futures & options segment yesterday, 27 May 2008. They were net buyers of index futures to the tune of Rs 522.92 crore and bought index options worth Rs 643.08 crore. They were net buyers of stock futures to the tune of Rs 236.44 crore and bought stock options worth Rs 100.81 crore.
U.S. crude fell 76 cents to $130.27 a barrel, while London Brent crude fell 83 cents to $130.10 a barrel today, 29 May 2008, as a strengthening dollar more than offset fears of supply disruptions in Nigeria.
Global cues were positive. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
However in June 2008, markemen would be looking at two triggers. One would be progress of monsoon and second would be the advance tax figures.
Asian markets were trading higher today, 29 May 2008. Shanghai Composite (up 0.22% at 3,466.78), Japan's Nikkei (up 2.80% at 14,092.72), Hang Seng (up 0.91% at 24,470.65), Taiwan Weighted (up 0.87% at 8,740.79), Singapore's Straits Times (up 0.89% at 3,160.62) and South Korea's Seoul Composite (up 1.75% at 1,837.32), edged higher.
US markets ended higher yesterday, 28 May 2008, after a volatile session lead by better-than-forecast durable goods orders and positive financial results from select retailers. The Dow Jones industrial average gained 46 points to 12,594. The Nasdaq Composite index rose 5 points to 2,487. The S&P 500 index garnered 5 points to 1,390.10
Back home, a sharp fall in crude oil prices firm global cues and short covering in late trade, propelled the market yesterday, 28 May 2008. The 30-share BSE Sensex rose 249.78 points or 1.53% at 16,525.37 and the broader based S&P CNX Nifty was up 58.55 points or 1.20% at 4918.35, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 883.23 crore yesterday, 28 May 2008. Domestic funds bought shares worth a net Rs 527.98 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 1503.25 crore in the futures & options segment yesterday, 27 May 2008. They were net buyers of index futures to the tune of Rs 522.92 crore and bought index options worth Rs 643.08 crore. They were net buyers of stock futures to the tune of Rs 236.44 crore and bought stock options worth Rs 100.81 crore.
U.S. crude fell 76 cents to $130.27 a barrel, while London Brent crude fell 83 cents to $130.10 a barrel today, 29 May 2008, as a strengthening dollar more than offset fears of supply disruptions in Nigeria.
Wednesday, May 28, 2008
RIL leads recovery; breadth remains weak
The market edged higher in the early afternoon trade as index heavyweight Reliance Industries firmed up. FMCG stocks extended gains, while banking shares recovered. Fertiliser stocks were in demand.
At 12:20 IST, the 30-share BSE Sensex was up 71 points or 0.44% at 16,346.59. The index climbed 94.64 points at day’s high of 16,370.23, hit in the onset of trading session. The Sensex lost 57.81 points at the day’s low of 16,217.78, hit in early trade
The broader based S&P CNX Nifty was up 4.35 points or 0.09% at 4864.15.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 kept the market volatile. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45.63% as on 27 May 2008. Rollover of individual stock futures has been lacklustre so far.
Asian markets were mixed today, 28 May 2008. Key indices in Hong Kong, Japan, South Korea and Taiwan were down by 0.33% to 1.28%. However, China’s Shanghai Composite (up 1.32%), and Singapore’s Straits Times (up 0.01%), rose.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
The market breadth was weak on BSE with 1051 shares advancing as compared to 1401 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index rose 0.09% to 6,684.60 and BSE Small-Cap index fell 0.26% to 8,188.99.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.07% at Rs 2520.
The top Sensex gainers were, Ambuja Cements (up 4.41% at Rs 101.90), Hindalco Industries (up 3.23% at Rs 191.50), Satyam Computer (up 2.30% at Rs 510.50), TCS (up 1.90% at Rs 985), Bharti Airtel (up 1.27% at Rs 874) and Ranbaxy Laboratories (up 1.32% at Rs 500).
Top Sensex losers were, Bharat Heavy Electricals (down 3.61% at Rs 1598), Larsen & Toubro (down 2% at Rs 2688), Tata Motors (down 1.45% at Rs 617.50), ONGC (down 1.51% at Rs 871) and Reliance Communication (down 1.51% at Rs 543.40).
Fertiliser shares galloped on reports that the government has provided fertiliser subsidy of Rs 95000 crore for 2008/09, much higher from earlier budget estimates of Rs 31000 crore. Tata Chemicals (up 4.41% to Rs 395.55), National Fertiliser (up 13.26% at Rs 53.80), Gujarat State Fertiliser Corporation (up 7.77% to Rs 179), Chambal Fertilisers and Chemicals (up 5.50% to Rs 80.60), Rashtriya Chemicals and Fertilisers (up 5% to Rs 71.25), Nagarjuna Fertilisers and Chemicals (up 3.95% to Rs 47.356.80), and Zuari Industries (up 3.44% to Rs 236), soared.
The BSE FMCG index was up 2.32% at 2,399.74. ITC (up 3.90% at Rs 217.25), United Spirits (up 2.16% at Rs 1,584), GlaxoSmithkline Consumer Healthcare (up 2.14% at Rs 715), and Hinduatan Unilever (up 1.36% at Rs 235.50), flared up.
The BSE Bankex was up 0.52% at 7,794.79. Axis Bank (up 4.34% at Rs 772.50), Canara Bank (up 1.25% at Rs 218.90), State Bank of India (up 0.55% at Rs 1,481.40) and HDFC Bank (up 0.11% at Rs 1,332.80), gained.
India’s largest private sector bank by assets ICICI Bank fell 0.31% at Rs 810.
Among the side counters, Jindal Steel & Power (down 3.69% at Rs 2,124.05), Century Textiles and Industries (down 3.61% at Rs 688.10), Alstom Projects (up 3.60% at Rs 546.40), Cairn India (down 3.60% at Rs 287.60), and Jai Corp (down 3.57% at Rs 611.90), slipped.
Auto component maker Minda Industries jumped 4.42% at Rs 308.05 after the firm said it bagged orders worth Rs 50 crore from Volkswagen to supply headlamps and rear combination lamps for its upcoming models.
Mechanical handling equipment maker Elecon Engineering Company gained 1.24% to Rs 126.95 on reports the Gujarat-based company is in talks with a European company for an acquisition in a bid to establish a global footprint.
Software developer Compucom Software rose 4.87% to Rs 32.30 on bagging an order worth Rs 142 crore from the secondary education department, Government of Rajasthan for executing ICT project in 2292 government schools in the state
At 12:20 IST, the 30-share BSE Sensex was up 71 points or 0.44% at 16,346.59. The index climbed 94.64 points at day’s high of 16,370.23, hit in the onset of trading session. The Sensex lost 57.81 points at the day’s low of 16,217.78, hit in early trade
The broader based S&P CNX Nifty was up 4.35 points or 0.09% at 4864.15.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 kept the market volatile. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45.63% as on 27 May 2008. Rollover of individual stock futures has been lacklustre so far.
Asian markets were mixed today, 28 May 2008. Key indices in Hong Kong, Japan, South Korea and Taiwan were down by 0.33% to 1.28%. However, China’s Shanghai Composite (up 1.32%), and Singapore’s Straits Times (up 0.01%), rose.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
The market breadth was weak on BSE with 1051 shares advancing as compared to 1401 stocks that declined. 77 stocks remained unchanged.
The BSE Mid-Cap index rose 0.09% to 6,684.60 and BSE Small-Cap index fell 0.26% to 8,188.99.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.07% at Rs 2520.
The top Sensex gainers were, Ambuja Cements (up 4.41% at Rs 101.90), Hindalco Industries (up 3.23% at Rs 191.50), Satyam Computer (up 2.30% at Rs 510.50), TCS (up 1.90% at Rs 985), Bharti Airtel (up 1.27% at Rs 874) and Ranbaxy Laboratories (up 1.32% at Rs 500).
Top Sensex losers were, Bharat Heavy Electricals (down 3.61% at Rs 1598), Larsen & Toubro (down 2% at Rs 2688), Tata Motors (down 1.45% at Rs 617.50), ONGC (down 1.51% at Rs 871) and Reliance Communication (down 1.51% at Rs 543.40).
Fertiliser shares galloped on reports that the government has provided fertiliser subsidy of Rs 95000 crore for 2008/09, much higher from earlier budget estimates of Rs 31000 crore. Tata Chemicals (up 4.41% to Rs 395.55), National Fertiliser (up 13.26% at Rs 53.80), Gujarat State Fertiliser Corporation (up 7.77% to Rs 179), Chambal Fertilisers and Chemicals (up 5.50% to Rs 80.60), Rashtriya Chemicals and Fertilisers (up 5% to Rs 71.25), Nagarjuna Fertilisers and Chemicals (up 3.95% to Rs 47.356.80), and Zuari Industries (up 3.44% to Rs 236), soared.
The BSE FMCG index was up 2.32% at 2,399.74. ITC (up 3.90% at Rs 217.25), United Spirits (up 2.16% at Rs 1,584), GlaxoSmithkline Consumer Healthcare (up 2.14% at Rs 715), and Hinduatan Unilever (up 1.36% at Rs 235.50), flared up.
The BSE Bankex was up 0.52% at 7,794.79. Axis Bank (up 4.34% at Rs 772.50), Canara Bank (up 1.25% at Rs 218.90), State Bank of India (up 0.55% at Rs 1,481.40) and HDFC Bank (up 0.11% at Rs 1,332.80), gained.
India’s largest private sector bank by assets ICICI Bank fell 0.31% at Rs 810.
Among the side counters, Jindal Steel & Power (down 3.69% at Rs 2,124.05), Century Textiles and Industries (down 3.61% at Rs 688.10), Alstom Projects (up 3.60% at Rs 546.40), Cairn India (down 3.60% at Rs 287.60), and Jai Corp (down 3.57% at Rs 611.90), slipped.
Auto component maker Minda Industries jumped 4.42% at Rs 308.05 after the firm said it bagged orders worth Rs 50 crore from Volkswagen to supply headlamps and rear combination lamps for its upcoming models.
Mechanical handling equipment maker Elecon Engineering Company gained 1.24% to Rs 126.95 on reports the Gujarat-based company is in talks with a European company for an acquisition in a bid to establish a global footprint.
Software developer Compucom Software rose 4.87% to Rs 32.30 on bagging an order worth Rs 142 crore from the secondary education department, Government of Rajasthan for executing ICT project in 2292 government schools in the state
Pre Market Report 28/05/2008
The market is likely to open higher tracking positive global cues. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45% and marketwide positions were 34%, as on 27 May 2008.
Meanwhile in a move which may dampen sentiment, market regulator Securities and Exchange Board of India (Sebi) has asked foreign instutional investors (FIIs) to give an undertaking that these investment tools are not issued to non-resident (NRIs) and resident Indians, who otherwise do not need the FII route. These was done to tighten the disclosure norms on offshore derivative instruments (ODIs).
Asian markets were trading mixed today, 28 May 2008. Hang Seng (down 0.11% at 24,256.22), Nikkei 225 Average (down 0.41% at 13,836.53), Seoul Composite (down 0.57% at 1,814.82), Taiwan Weighted (down 0.28% at 8,753.76) edged lower.
However, Shanghai Composite (up 0.43% at 3,389.78), and Straits Times (up 0.35% at 3,126.10) advanced.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
Back home, weakness in the second half of the trading session dragged the market lower yesterday, 27 May 2008. The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59 and the broader based S&P CNX Nifty was down 15.25 points or 0.31% at 4859.80, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 496.61 crore yesterday, 27 May 2008. Domestic funds bought shares worth a net Rs 529.69 crore on that day.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 45% and marketwide positions were 34%, as on 27 May 2008.
Meanwhile in a move which may dampen sentiment, market regulator Securities and Exchange Board of India (Sebi) has asked foreign instutional investors (FIIs) to give an undertaking that these investment tools are not issued to non-resident (NRIs) and resident Indians, who otherwise do not need the FII route. These was done to tighten the disclosure norms on offshore derivative instruments (ODIs).
Asian markets were trading mixed today, 28 May 2008. Hang Seng (down 0.11% at 24,256.22), Nikkei 225 Average (down 0.41% at 13,836.53), Seoul Composite (down 0.57% at 1,814.82), Taiwan Weighted (down 0.28% at 8,753.76) edged lower.
However, Shanghai Composite (up 0.43% at 3,389.78), and Straits Times (up 0.35% at 3,126.10) advanced.
US markets advanced yesterday, 28 May 2008, led by technology companies and further drop in crude oil prices. The Dow Jones industrial average advanced 68.72 points, or 0.55%, to 12,548.35. The S&P 500 index gained 9.42 points, or 0.68%, to 1,385.35, and the Nasdaq Composite index surged 36.57 points, or 1.50%, to 2,481.24.
Back home, weakness in the second half of the trading session dragged the market lower yesterday, 27 May 2008. The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59 and the broader based S&P CNX Nifty was down 15.25 points or 0.31% at 4859.80, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 496.61 crore yesterday, 27 May 2008. Domestic funds bought shares worth a net Rs 529.69 crore on that day.
US crude fell 5 cents to $128.80 a barrel today, 28 May 2008, on weakening demand from Asia. Oil has been falling steadily every since it hit a record high $135.09 last week.
Asian markets trading mixed
Nikkei 225 13,836.53 -56.78 -0.41%
Hang Seng 24,260.96 -21.08 -0.09%
Straits Times 3,126.38 +11.03 +0.35%
Hang Seng 24,260.96 -21.08 -0.09%
Straits Times 3,126.38 +11.03 +0.35%
US Stocks higher after home sales data, lower oil
Wall Street advanced in uneven trading Tuesday after a drop in oil prices and an unexpected gain in new home sales encouraged investors to put money back into the market.
Dow 12,548.35 +68.72 +0.55%
Nasdaq 2,481.24 +36.57 +1.50%
S&P 500 1,385.35 +9.42 +0.68%
Dow 12,548.35 +68.72 +0.55%
Nasdaq 2,481.24 +36.57 +1.50%
S&P 500 1,385.35 +9.42 +0.68%
Tuesday, May 27, 2008
IPO Allotment Status for Gokul Refoils and Solvent Ltd IPO.
IPO Allotment Status is now available online for Gokul Refoils and Solvent Ltd IPO.
Gokul Refoils and Solvent Ltd IPO was open on May 08, 2008 and closed on May 13, 2008. IPO was oversubscribed by 4.27 times (5.5931 times in retail).
Click here for Status
Gokul Refoils and Solvent Ltd IPO was open on May 08, 2008 and closed on May 13, 2008. IPO was oversubscribed by 4.27 times (5.5931 times in retail).
Click here for Status
Post Market Report 27.05.2008
Weakness in the second half of the trading session dragged the
market lower today. The market sentiment was hit by reports which
trickled in the market in afternoon trade that one of the options
that the government may consider to bail out oil firms which are
bleeding due to a surge in crude oil prices, was levying of a cess
or surcharge on income tax and corporate tax.
Banking stocks were the worst sufferers in today's fall. State Bank
of India slumped. Information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters
scoured the market after five days of losses. Key indices in China,
Japan, Hong Kong, Taiwan, South Korea and Singapore were up by
0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly
in the red. Key indices in France and Germany were down 0.42% to
0.53%. UK's FTSE 100 was up 0.11%. US markets were closed on
Monday, 26 May 2008, for Memorial Day holiday.
The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59.
The Sensex lost 110.58 at the day's low of 16,237.92, hit in the
mid-afternoon trade. The market opened on an upbeat note tracking
firm Asian stocks. Sensex climbed 157.85 points at day's high of
16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.25 points or 0.31% at
4859.80. Nifty May 2008 futures were at 4851.90, a discount of 7.9
points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs
49,968.5 crore, higher than Rs 44103.52 crore on Monday, 26 May
2008. BSE clocked a turnover of Rs 5074 crore in the cash segment
as against Rs 4,426.96 on Monday, 26 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs
496.61 crore today. Domestic funds bought shares worth a net Rs
529.69 crore.
The market breadth, which was firmly positive earlier in the day,
turned negative as the session proceeded, with 922 shares advancing
on BSE as compared to 1760 stocks that declined. 81 stocks remained
unchanged.
The BSE Mid-Cap index fell 1.21% to 6,678.91 and BSE Small-Cap
index lost 1.30% to 8,210.08. Both the indices underperformed the
Sensex.
Major Sensex losers were, Housing Development Finance Corporation
(down 2.08% at Rs 2519.75), ONGC (down 1.34% at Rs 884.35), HDFC
Bank (down 1.20% at Rs 1331.30) and DLF (down 0.80% at Rs 596.45).
Major Sensex gainers were, Cipla (up 3.04% at Rs 205.05), ITC (up
1.65% at Rs 209.10), Ambuja Cements (up 0.98% at Rs 97.60), NTPC
(up 0.97% at Rs 177.40) and Reliance Infrastructure (up 0.86% at Rs
1259.30).
India's second largest listed telecom services provider by sales
Reliance Communication (RCom) rose 1.57% at Rs 551.75 on reports
the proposed deal between Reliance Communications and South
Africa's MTN Group may involve an open offer by the South African
telecom firm to the shareholders of Reliance Communications. The
deal may result in a transfer of Anil Ambani's two-third equity
stake in Reliance Communications to MTN shareholders, the reports
added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May
2008, after the company said it was in merger talks with MTN.
India's largest private sector firm by market capitalization & oil
refiner Reliance Industries fell 1.25% at Rs 2493.20.
The BSE Bankex underperformed the Sensex, falling 2.33% at
7,754.64. Oriental Bank of Commerce (down 5.69% at Rs 183.20), Bank
of India (down 4.90% at Rs 304.50), Bank of Baroda (down 4.80% at
Rs 261.75) and Axis Bank (down 2.96% at Rs 740.40), dropped.
India's largest commercial bank State Bank of India slumped 4.19%
at Rs 1473.30, on concerns the bank's surprise hike of 25-50 basis
points in deposit rates could put pressure on its operating profit
margin in the short term. In an announcement made after market
hours yesterday, 26 May 2008, State Bank of India said that two to
three year term deposit rate will be raised to 8.75% from 8.5%, and
five to ten year deposits would fetch 9% from 8.5%, effective from
1 June 2008. The hike in deposit rates is aimed at attracting more
funds to meet aggressive growth targets
India's largest private sector bank by assets ICICI Bank declined
1.71% at Rs 812.55.
The BSE IT index outperformed the Sensex, gaining 0.73% at
4,450.40. Satyam Computer (up 3.29% at Rs 499), Wipro (up 2.71% at
Rs 491.60), HCL Technologies (up 1.08% at Rs 299.05), TCS (up 0.81%
at Rs 966.60), rose. However, India's second largest software
exporter by sales Infosys Technologies fell 0.42% at 1878.55.
Among the mid-caps, Jyoti Structures (down 6.90% at Rs 132.15), BGR
Energy (down 6.89% at Rs 379.80), Brigade Enterprise (down 6.88% at
Rs 191.45), and Elecon Engineering Company (down 6.70% at Rs
125.40), slipped.
Among the small-caps, Confidence Petroleum (down 10% at Rs 17.65),
Kirloskar Pneumatic Company (down 7.34% at Rs 394), Elantas Beck
(down 6.97% at Rs 263.05), Emkay Share And Stock Brokers (down
6.89% at Rs 125) and Eicher Motors (down 6.79% at Rs 358.20),
tumbled.
Bajaj Finserve clocked the highest turnover of Rs 208.92 crore on
BSE. Reliance Capital (Rs 195.04 crore), Reliance Industries (Rs
159.70 crore), Aishwarya Telecom (Rs 150.44 crore) and Reliance
Power (Rs 143.90 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilisers and Chemicals registered the highest volume of
1.67 crore shares on BSE. IFCI (1.45 crore shares), Aishwarya
Telecom (1.41 crore shares), Ispat Industries (1.36 crore shares)
and Reliance Natural Resources (1.16 crore shares), were the other
volume toppers on BSE in that order.
Cooking appliances maker Hawkins Cookers jumped 8.85% to Rs 183.95
after the company's board of directors recommended a liberal
dividend of Rs 10 per share in a board meeting held on Monday, 26
May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at
Rs 1185.65 on sustained buying after the company's management
guided a whopping 10-fold jump in net profit for the year ending
March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs
191 on reports the founders of the company have decided to form a
holding corporation that will take under its wing five group
companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 0.11% to Rs 360 on reports the
firm is planning to acquire a mortgage-specific company in the UK.
The business process outsourcing (BPO) and IT services provider may
invest more than $150 million for the buyout. HTMT has internal
accruals of $110 million which will be used for the acquisition,
the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs
188.05 on reports the firm has mounted a bid to acquire Germany's
Lloyd Dynamowerke based on an estimated enterprise valuation of
about $100 million.
Food products supplier Sita Shree Food Products advanced 2.25% to
Rs 43.25 after the company said it had received orders from
Reliance Fresh for 400 metric tonnes of wheat flour and pulses,
higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.92% to Rs 438.30 after
the company said its boiler & heater business unit has received an
export order worth 14.2 million euro for supply of heat recovery
steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained
2.22% to Rs 83 after the company said it expects revenue of Rs 125
crore and rental income of Rs 12 crore a year, from redevelopment
of a mill property in Bangalore.
market lower today. The market sentiment was hit by reports which
trickled in the market in afternoon trade that one of the options
that the government may consider to bail out oil firms which are
bleeding due to a surge in crude oil prices, was levying of a cess
or surcharge on income tax and corporate tax.
Banking stocks were the worst sufferers in today's fall. State Bank
of India slumped. Information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters
scoured the market after five days of losses. Key indices in China,
Japan, Hong Kong, Taiwan, South Korea and Singapore were up by
0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly
in the red. Key indices in France and Germany were down 0.42% to
0.53%. UK's FTSE 100 was up 0.11%. US markets were closed on
Monday, 26 May 2008, for Memorial Day holiday.
The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59.
The Sensex lost 110.58 at the day's low of 16,237.92, hit in the
mid-afternoon trade. The market opened on an upbeat note tracking
firm Asian stocks. Sensex climbed 157.85 points at day's high of
16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.25 points or 0.31% at
4859.80. Nifty May 2008 futures were at 4851.90, a discount of 7.9
points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs
49,968.5 crore, higher than Rs 44103.52 crore on Monday, 26 May
2008. BSE clocked a turnover of Rs 5074 crore in the cash segment
as against Rs 4,426.96 on Monday, 26 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs
496.61 crore today. Domestic funds bought shares worth a net Rs
529.69 crore.
The market breadth, which was firmly positive earlier in the day,
turned negative as the session proceeded, with 922 shares advancing
on BSE as compared to 1760 stocks that declined. 81 stocks remained
unchanged.
The BSE Mid-Cap index fell 1.21% to 6,678.91 and BSE Small-Cap
index lost 1.30% to 8,210.08. Both the indices underperformed the
Sensex.
Major Sensex losers were, Housing Development Finance Corporation
(down 2.08% at Rs 2519.75), ONGC (down 1.34% at Rs 884.35), HDFC
Bank (down 1.20% at Rs 1331.30) and DLF (down 0.80% at Rs 596.45).
Major Sensex gainers were, Cipla (up 3.04% at Rs 205.05), ITC (up
1.65% at Rs 209.10), Ambuja Cements (up 0.98% at Rs 97.60), NTPC
(up 0.97% at Rs 177.40) and Reliance Infrastructure (up 0.86% at Rs
1259.30).
India's second largest listed telecom services provider by sales
Reliance Communication (RCom) rose 1.57% at Rs 551.75 on reports
the proposed deal between Reliance Communications and South
Africa's MTN Group may involve an open offer by the South African
telecom firm to the shareholders of Reliance Communications. The
deal may result in a transfer of Anil Ambani's two-third equity
stake in Reliance Communications to MTN shareholders, the reports
added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May
2008, after the company said it was in merger talks with MTN.
India's largest private sector firm by market capitalization & oil
refiner Reliance Industries fell 1.25% at Rs 2493.20.
The BSE Bankex underperformed the Sensex, falling 2.33% at
7,754.64. Oriental Bank of Commerce (down 5.69% at Rs 183.20), Bank
of India (down 4.90% at Rs 304.50), Bank of Baroda (down 4.80% at
Rs 261.75) and Axis Bank (down 2.96% at Rs 740.40), dropped.
India's largest commercial bank State Bank of India slumped 4.19%
at Rs 1473.30, on concerns the bank's surprise hike of 25-50 basis
points in deposit rates could put pressure on its operating profit
margin in the short term. In an announcement made after market
hours yesterday, 26 May 2008, State Bank of India said that two to
three year term deposit rate will be raised to 8.75% from 8.5%, and
five to ten year deposits would fetch 9% from 8.5%, effective from
1 June 2008. The hike in deposit rates is aimed at attracting more
funds to meet aggressive growth targets
India's largest private sector bank by assets ICICI Bank declined
1.71% at Rs 812.55.
The BSE IT index outperformed the Sensex, gaining 0.73% at
4,450.40. Satyam Computer (up 3.29% at Rs 499), Wipro (up 2.71% at
Rs 491.60), HCL Technologies (up 1.08% at Rs 299.05), TCS (up 0.81%
at Rs 966.60), rose. However, India's second largest software
exporter by sales Infosys Technologies fell 0.42% at 1878.55.
Among the mid-caps, Jyoti Structures (down 6.90% at Rs 132.15), BGR
Energy (down 6.89% at Rs 379.80), Brigade Enterprise (down 6.88% at
Rs 191.45), and Elecon Engineering Company (down 6.70% at Rs
125.40), slipped.
Among the small-caps, Confidence Petroleum (down 10% at Rs 17.65),
Kirloskar Pneumatic Company (down 7.34% at Rs 394), Elantas Beck
(down 6.97% at Rs 263.05), Emkay Share And Stock Brokers (down
6.89% at Rs 125) and Eicher Motors (down 6.79% at Rs 358.20),
tumbled.
Bajaj Finserve clocked the highest turnover of Rs 208.92 crore on
BSE. Reliance Capital (Rs 195.04 crore), Reliance Industries (Rs
159.70 crore), Aishwarya Telecom (Rs 150.44 crore) and Reliance
Power (Rs 143.90 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilisers and Chemicals registered the highest volume of
1.67 crore shares on BSE. IFCI (1.45 crore shares), Aishwarya
Telecom (1.41 crore shares), Ispat Industries (1.36 crore shares)
and Reliance Natural Resources (1.16 crore shares), were the other
volume toppers on BSE in that order.
Cooking appliances maker Hawkins Cookers jumped 8.85% to Rs 183.95
after the company's board of directors recommended a liberal
dividend of Rs 10 per share in a board meeting held on Monday, 26
May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at
Rs 1185.65 on sustained buying after the company's management
guided a whopping 10-fold jump in net profit for the year ending
March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs
191 on reports the founders of the company have decided to form a
holding corporation that will take under its wing five group
companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 0.11% to Rs 360 on reports the
firm is planning to acquire a mortgage-specific company in the UK.
The business process outsourcing (BPO) and IT services provider may
invest more than $150 million for the buyout. HTMT has internal
accruals of $110 million which will be used for the acquisition,
the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs
188.05 on reports the firm has mounted a bid to acquire Germany's
Lloyd Dynamowerke based on an estimated enterprise valuation of
about $100 million.
Food products supplier Sita Shree Food Products advanced 2.25% to
Rs 43.25 after the company said it had received orders from
Reliance Fresh for 400 metric tonnes of wheat flour and pulses,
higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.92% to Rs 438.30 after
the company said its boiler & heater business unit has received an
export order worth 14.2 million euro for supply of heat recovery
steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained
2.22% to Rs 83 after the company said it expects revenue of Rs 125
crore and rental income of Rs 12 crore a year, from redevelopment
of a mill property in Bangalore.
Firm opening on positive cues from Asian markets
The key benchmark indices opened higher tracking a recovery in Asian markets. All the sectoral indices on BSE, except information technology index, were in green.
Asian markets were trading firm today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.36% to 1.14%. China's Shanghai Composite was flat. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.
At 10:20 IST, the 30-share BSE Sensex was up 106.93 points or 0.65% at 16,455.43. The index climbed 157.85 points at day’s high of 16,506.35, hit in early trade.
The broader based S&P CNX Nifty was up 44.8 points or 0.92% at 4919.85.
The market breadth was strong on BSE with 1253 shares advancing as compared to 495 stocks that declined. 39 stocks remained unchanged.
The BSE Mid-Cap index rose 0.88% to 6,820.57 and BSE Small-Cap index rose 1.13% to 8,411.81.
India’s second largest listed telecom services provider by sales Reliance Communication rose 2.08% at Rs 554.50 on reports the proposed deal between Reliance Communications and South Africa's MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani's two-third equity stake in Reliance Communications to MTN shareholders, the reports added.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.80% at Rs 2546.
India’s largest private sector bank by assets ICICI Bank was unchanged at Rs 826.90.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.65% to Rs 2795.05. The company unveils Q4 March 2008 results today, 27 May 2008.
The top Sensex gainers were, Bharat Heavy Electricals (up 3.86% at Rs 1720.05), Jaiprakash Associates (up 2.41% at Rs 229.80), ITC (up 1.5% at Rs 209.50), Reliance Infrastructure (up 1.87% at Rs 1272), and Hindalco Industries (up 1.07% at Rs 188.45).
Top Sensex losers were, Hindustan Unilever (down 1.54% at Rs 227.70), HDFC Bank (down 1.07% at Rs 1333), Infosys Technologies (down 0.45% at Rs 1878), and Grasim Industries (down 0.84% at Rs 2190).
Reliance Natural Resources was top traded counter on BSE in terms of turnover. The stock was up 2.97% at Rs 107.40 on a turnover of Rs 28.42 crore.
Asian markets were trading firm today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.36% to 1.14%. China's Shanghai Composite was flat. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.
At 10:20 IST, the 30-share BSE Sensex was up 106.93 points or 0.65% at 16,455.43. The index climbed 157.85 points at day’s high of 16,506.35, hit in early trade.
The broader based S&P CNX Nifty was up 44.8 points or 0.92% at 4919.85.
The market breadth was strong on BSE with 1253 shares advancing as compared to 495 stocks that declined. 39 stocks remained unchanged.
The BSE Mid-Cap index rose 0.88% to 6,820.57 and BSE Small-Cap index rose 1.13% to 8,411.81.
India’s second largest listed telecom services provider by sales Reliance Communication rose 2.08% at Rs 554.50 on reports the proposed deal between Reliance Communications and South Africa's MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani's two-third equity stake in Reliance Communications to MTN shareholders, the reports added.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 0.80% at Rs 2546.
India’s largest private sector bank by assets ICICI Bank was unchanged at Rs 826.90.
India’s largest engineering and construction firm by revenue Larsen & Toubro rose 1.65% to Rs 2795.05. The company unveils Q4 March 2008 results today, 27 May 2008.
The top Sensex gainers were, Bharat Heavy Electricals (up 3.86% at Rs 1720.05), Jaiprakash Associates (up 2.41% at Rs 229.80), ITC (up 1.5% at Rs 209.50), Reliance Infrastructure (up 1.87% at Rs 1272), and Hindalco Industries (up 1.07% at Rs 188.45).
Top Sensex losers were, Hindustan Unilever (down 1.54% at Rs 227.70), HDFC Bank (down 1.07% at Rs 1333), Infosys Technologies (down 0.45% at Rs 1878), and Grasim Industries (down 0.84% at Rs 2190).
Reliance Natural Resources was top traded counter on BSE in terms of turnover. The stock was up 2.97% at Rs 107.40 on a turnover of Rs 28.42 crore.
Pre Market Report 27/05/2008
The market is likely to open higher tracking positive Asian markets. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 39% and marketwide positions were 30%, as on 26 May 2008.
Asian markets were trading firm today, 27 May 2008. Japan's Nikkei (up 0.82% at 13,802.62), Hong Kong's Hang Seng (up 0.56% at 24,263.52), Taiwan's Taiwan Weighted (up 0.56% at 8,756.69), South Korea's Seoul Composite (up 0.94% at 1,817.56) and Singapore's Straits Times (up 0.05% 3,105.24), edged higher. However China's Shanghai Composite fell 3.13% at 3,364.54.
US markets were closed on Monday, 26 May 2008 for Memorial Day.
Back home, relentless selling in banking, and capital goods stocks led the fall on Monday, 26 May 2008. The 30-share BSE Sensex was down 301.14 points or 1.81% at 16,348.50 and the broader based S&P CNX Nifty was down 71.5 points or 1.45% at 4875.05, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 1337.33 crore on Monday, 26 May 2008. Domestic funds bought shares worth a net Rs 842.05 crore on that day.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 39% and marketwide positions were 30%, as on 26 May 2008.
Asian markets were trading firm today, 27 May 2008. Japan's Nikkei (up 0.82% at 13,802.62), Hong Kong's Hang Seng (up 0.56% at 24,263.52), Taiwan's Taiwan Weighted (up 0.56% at 8,756.69), South Korea's Seoul Composite (up 0.94% at 1,817.56) and Singapore's Straits Times (up 0.05% 3,105.24), edged higher. However China's Shanghai Composite fell 3.13% at 3,364.54.
US markets were closed on Monday, 26 May 2008 for Memorial Day.
Back home, relentless selling in banking, and capital goods stocks led the fall on Monday, 26 May 2008. The 30-share BSE Sensex was down 301.14 points or 1.81% at 16,348.50 and the broader based S&P CNX Nifty was down 71.5 points or 1.45% at 4875.05, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 1337.33 crore on Monday, 26 May 2008. Domestic funds bought shares worth a net Rs 842.05 crore on that day.
Anu's Laboratories Limited IPO Allotment Status
IPO Allotment Status is now available online for Anu's Laboratories Limited IPO.
Anu's Laboratories Limited IPO was open on May 12, 2008 and closed on May 15, 2008. IPO was oversubscribed by 8.43 times (9.6417 times in retail).
Allotment Status
Anu's Laboratories Limited IPO was open on May 12, 2008 and closed on May 15, 2008. IPO was oversubscribed by 8.43 times (9.6417 times in retail).
Allotment Status
Asian markets in green
US markets where closed yesterday. Today Asian markets open in green.
At 8 AM
Nikkei 225 13,802.62 +112.43 +0.82%
Hang Seng 24,295.11 +167.80 +0.70%
Straits Times 3,110.38 +7.08 +0.23%
At 8 AM
Nikkei 225 13,802.62 +112.43 +0.82%
Hang Seng 24,295.11 +167.80 +0.70%
Straits Times 3,110.38 +7.08 +0.23%
Post Market Report 26.05.2008
The market today extended last week's steep losses on weak cues
from Asian markets. Banking, and capital goods stocks suffered the
most in today's slide. Information technology stocks were star
performers of the session.
As per provisional data, foreign funds sold shares worth a net Rs
1337.33 crore today. Domestic funds bought shares worth a net Rs
842.05 crore.
Asian stocks fell on Monday, 26 May 2008, as investors feared
rising inflation and sluggish US economic growth would seriously
dent consumer demand in the region's biggest export market. Key
indices in China, Japan, Hong Kong, Taiwan, Singapore and South
Korea were down by 0.60% to 3.13%.
But European markets, which opened after the Indian markets, were
positive. Key indices in France and Germany were up by 0.08% to
0.25%. UK market is closed today on account of Spring Bank holiday.
On Friday, 23 May 2008, the US markets declined on concerns about a
worsening housing recession and rising crude oil prices. The Dow
Jones industrial average plunged 145.99 points, or 1.16%, to
12,479.63. The S&P 500 index declined 18.42 points, or 1.32%, to
1,375.93, and the Nasdaq Composite index fell 19.91 points, or
0.81%, to 2,444.67.
The 30-share BSE Sensex was down 301.14 points or 1.81% at
16,348.50. The index lost 348.76 points at day's low of 16,300.88,
hit at the fag end of the session.
The broader based S&P CNX Nifty was down 71.5 points or 1.45% at
4875.05. Nifty futures were at 4878.35, a premium of 3.3 points
against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs
44103.52 crore, higher than Rs 41317.97 crore on Friday, 23 May
2008. BSE clocked a turnover of Rs 4134 crore in the cash segment
as against Rs 5,389.63 on Friday, 23 May 2008.
The market breadth was poor on BSE with 667 shares advancing as
compared to 2043 stocks that declined. 48 stocks remained
unchanged.
The BSE Mid-Cap index fell 2.54% to 6,760.77 and BSE Small-Cap
index fell 2.34% to 8,318.20. Both the indices underperformed the
Sensex.
India's biggest listed cellular services provider by market share
Bharti Airtel advanced 3.15% at Rs 863.15 after the company decided
to disengage from the ongoing talks with the South African telecom
major, MTN, to explore the possibility of a merger between the two
emerging markets telecom giants
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.17% at Rs 2524.85. The stock
recovered from the day's low of Rs 2490.
India's second largest listed telecom services provider by sales
Reliance Communication shed 5.08% to Rs 543.20 after the company
entered into negotiations with South Africa's MTN Group for a
possible merger after MTN's merger deal with Bharti Airtel
collapsed.
Other major Sensex losers were, Jaiprakash Associates (down 5.58%
at Rs 224.40), Ambuja Cements (down 5.38% and Maruti Suzuki (down
3.83% at Rs 759.85).
The BSE Bankex underperformed the Sensex, falling 3.56% to
7,939.25. Federal Bank (down 6.09% at Rs 221.95), Kotak Mahindra
Bank (down 6% at Rs 658.05), Indian Overseas Bank (down 4.75% at Rs
130.20), Axis Bank (down 4.61% at Rs 762.95), HDFC Bank (down 2.60%
at Rs 1,347.45) and State Bank of India (down 2.26% at Rs
1,537.70), slipped.
India's largest private sector bank by assets ICICI Bank fell 4.29%
at Rs 826.70.
The BSE Capital Goods index underperformed the Sensex, falling
2.72% at 12,833.68. Bharat Heavy Electricals (down 5.21% at Rs
1,656.10), Punj Lloyd (down 3.81% at Rs 320.90) and Larsen & Toubro
(down 3.34% at Rs 2,749.65), tumbled.
Information technology (IT) stocks rose after the Indian rupee had
fellen 0.14% to 42.755 against the dollar in morning deals.
However, the domestic curency recovered to trade at 42.55 per
dollar in afternoon trade. The BSE IT index outperformed the
Sensex, gaining 1.77% at 4,418. Infosys Technologies (up 3.29% at
Rs 1,886.40), TCS (up 2.69% at Rs 958.80), HCL Technologies (up
1.28% at Rs 295.85) and Satyam Computer (up 0.25% at Rs 483.10),
rose.
However, India's third largest software exporter by sales Wipro
fell 0.43% at Rs 478.65.
Cairn India clocked the highest turover of Rs 180.52 crore on BSE.
Reliance Industries (Rs 148.18 crore), Reliance Capital (Rs 145.46
crore), Bajaj Auto (Rs 144.40 crore) and Reliance Power (Rs 142.14
crore), were the other turnover toppers on BSE in that order.
Ispat Industries registered a highest volume of 1.69 crore shares
on BSE. IFCI (1.11 crore shares), Aishwarya Telecom (86.54 lakh
shares), Spice Communication (80.18 lakh shares) and Reliance
Natural Resources (65.51 lakh shares), were the other volume
toppers on BSE in that order.
Commercial vehicles maker Eicher Motors rose 20% to Rs 384.30 on
reports truck maker Volvo had inked a final agreement to set up a
new truck and bus joint venture with the company. Some other
reports suggested that Eicher Goodearth, part of the promoter
group, was considering buying back 13.12% of the company's shares
at Rs 691.68 each.
Private sector lender Bank of Rajasthan surged 13.77% to Rs 116.05
after it scheduled a board meet on 31 May 2008 to consider issue of
bonus shares.
Engineering firm Crompton Greaves gained 2.31% to Rs 237.35 after
posting 47.4% surge in net profit to Rs 103.07 crore on 17.1%
increase in net sales to Rs 1159.53 crore in Q4 March 2008 over Q4
March 2007.
Auto parts maker Federal-Mogul Goetze (India) rose 1.76% at Rs
75.35 after it said its board will meet on 3 June 2008 to consider
a rights issue.
Relentless selling in realty, oil & gas and metal stocks spooked
sell-off in late trade on Friday, 23 May 2008. The 30-share BSE
Sensex settled 257.47 points or 1.52% lower at 16,649.64 and the
broader based S&P CNX Nifty was down 78.9 points or 1.57% at
4,946.55, on that day.
The key benchmark indices suffered losses in the week ended Friday,
3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to
16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to
4,946.55 .
from Asian markets. Banking, and capital goods stocks suffered the
most in today's slide. Information technology stocks were star
performers of the session.
As per provisional data, foreign funds sold shares worth a net Rs
1337.33 crore today. Domestic funds bought shares worth a net Rs
842.05 crore.
Asian stocks fell on Monday, 26 May 2008, as investors feared
rising inflation and sluggish US economic growth would seriously
dent consumer demand in the region's biggest export market. Key
indices in China, Japan, Hong Kong, Taiwan, Singapore and South
Korea were down by 0.60% to 3.13%.
But European markets, which opened after the Indian markets, were
positive. Key indices in France and Germany were up by 0.08% to
0.25%. UK market is closed today on account of Spring Bank holiday.
On Friday, 23 May 2008, the US markets declined on concerns about a
worsening housing recession and rising crude oil prices. The Dow
Jones industrial average plunged 145.99 points, or 1.16%, to
12,479.63. The S&P 500 index declined 18.42 points, or 1.32%, to
1,375.93, and the Nasdaq Composite index fell 19.91 points, or
0.81%, to 2,444.67.
The 30-share BSE Sensex was down 301.14 points or 1.81% at
16,348.50. The index lost 348.76 points at day's low of 16,300.88,
hit at the fag end of the session.
The broader based S&P CNX Nifty was down 71.5 points or 1.45% at
4875.05. Nifty futures were at 4878.35, a premium of 3.3 points
against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs
44103.52 crore, higher than Rs 41317.97 crore on Friday, 23 May
2008. BSE clocked a turnover of Rs 4134 crore in the cash segment
as against Rs 5,389.63 on Friday, 23 May 2008.
The market breadth was poor on BSE with 667 shares advancing as
compared to 2043 stocks that declined. 48 stocks remained
unchanged.
The BSE Mid-Cap index fell 2.54% to 6,760.77 and BSE Small-Cap
index fell 2.34% to 8,318.20. Both the indices underperformed the
Sensex.
India's biggest listed cellular services provider by market share
Bharti Airtel advanced 3.15% at Rs 863.15 after the company decided
to disengage from the ongoing talks with the South African telecom
major, MTN, to explore the possibility of a merger between the two
emerging markets telecom giants
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries fell 1.17% at Rs 2524.85. The stock
recovered from the day's low of Rs 2490.
India's second largest listed telecom services provider by sales
Reliance Communication shed 5.08% to Rs 543.20 after the company
entered into negotiations with South Africa's MTN Group for a
possible merger after MTN's merger deal with Bharti Airtel
collapsed.
Other major Sensex losers were, Jaiprakash Associates (down 5.58%
at Rs 224.40), Ambuja Cements (down 5.38% and Maruti Suzuki (down
3.83% at Rs 759.85).
The BSE Bankex underperformed the Sensex, falling 3.56% to
7,939.25. Federal Bank (down 6.09% at Rs 221.95), Kotak Mahindra
Bank (down 6% at Rs 658.05), Indian Overseas Bank (down 4.75% at Rs
130.20), Axis Bank (down 4.61% at Rs 762.95), HDFC Bank (down 2.60%
at Rs 1,347.45) and State Bank of India (down 2.26% at Rs
1,537.70), slipped.
India's largest private sector bank by assets ICICI Bank fell 4.29%
at Rs 826.70.
The BSE Capital Goods index underperformed the Sensex, falling
2.72% at 12,833.68. Bharat Heavy Electricals (down 5.21% at Rs
1,656.10), Punj Lloyd (down 3.81% at Rs 320.90) and Larsen & Toubro
(down 3.34% at Rs 2,749.65), tumbled.
Information technology (IT) stocks rose after the Indian rupee had
fellen 0.14% to 42.755 against the dollar in morning deals.
However, the domestic curency recovered to trade at 42.55 per
dollar in afternoon trade. The BSE IT index outperformed the
Sensex, gaining 1.77% at 4,418. Infosys Technologies (up 3.29% at
Rs 1,886.40), TCS (up 2.69% at Rs 958.80), HCL Technologies (up
1.28% at Rs 295.85) and Satyam Computer (up 0.25% at Rs 483.10),
rose.
However, India's third largest software exporter by sales Wipro
fell 0.43% at Rs 478.65.
Cairn India clocked the highest turover of Rs 180.52 crore on BSE.
Reliance Industries (Rs 148.18 crore), Reliance Capital (Rs 145.46
crore), Bajaj Auto (Rs 144.40 crore) and Reliance Power (Rs 142.14
crore), were the other turnover toppers on BSE in that order.
Ispat Industries registered a highest volume of 1.69 crore shares
on BSE. IFCI (1.11 crore shares), Aishwarya Telecom (86.54 lakh
shares), Spice Communication (80.18 lakh shares) and Reliance
Natural Resources (65.51 lakh shares), were the other volume
toppers on BSE in that order.
Commercial vehicles maker Eicher Motors rose 20% to Rs 384.30 on
reports truck maker Volvo had inked a final agreement to set up a
new truck and bus joint venture with the company. Some other
reports suggested that Eicher Goodearth, part of the promoter
group, was considering buying back 13.12% of the company's shares
at Rs 691.68 each.
Private sector lender Bank of Rajasthan surged 13.77% to Rs 116.05
after it scheduled a board meet on 31 May 2008 to consider issue of
bonus shares.
Engineering firm Crompton Greaves gained 2.31% to Rs 237.35 after
posting 47.4% surge in net profit to Rs 103.07 crore on 17.1%
increase in net sales to Rs 1159.53 crore in Q4 March 2008 over Q4
March 2007.
Auto parts maker Federal-Mogul Goetze (India) rose 1.76% at Rs
75.35 after it said its board will meet on 3 June 2008 to consider
a rights issue.
Relentless selling in realty, oil & gas and metal stocks spooked
sell-off in late trade on Friday, 23 May 2008. The 30-share BSE
Sensex settled 257.47 points or 1.52% lower at 16,649.64 and the
broader based S&P CNX Nifty was down 78.9 points or 1.57% at
4,946.55, on that day.
The key benchmark indices suffered losses in the week ended Friday,
3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to
16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to
4,946.55 .
Monday, May 26, 2008
Pre Market Report 26/05/2008
The market is geared for weak opening tracking negative global cues. In absence of any near term major domestic trigger with Q4 March 2008 results almost over, market is likely to dance in line with global cues.
Aggregate results of 1886 companies showed 18.70% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 28.10% rise in net profit on 22% rise in net sales in the year ended March 2008 over year ended March 2007.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 32% and marketwide positions were 18%, as on 23 May 2008.
Asian markets were trading weak today, 26 May 2008. China's Shanghai Composite (down 1.69% at 3,414.32), Japan's Nikkei (down 2.23% at 13,699.85), Hang Seng (down 2.31% at 24,144.18), Taiwan Weighted (down 1.32% at 8,717.79), Singapore's Straits Times (down 1.06% at 3,088.98), and South Korea's Seoul Composite (down 1.73% at 1,796.23) edged lower
On Friday, 23 May 2008 US markets declined on concerns about a worsening housing recession and rising crude oil prices put renewed pressure on a market marred by worries that inflation will crimp consumption and further weaken the economy. The Dow Jones industrial average plunged 145.99 points, or 1.16%, to 12,479.63. The S&P 500 index declined 18.42 points, or 1.32%, to 1,375.93, and the Nasdaq Composite index fell 19.91 points, or 0.81%, to 2,444.67.
Back home, relentless selling in realty, oil & gas and metal stocks spooked sell-off in late trade on Friday, 23 May 2008. The 30-share BSE Sensex settled 257.47 points or 1.52% lower at 16,649.64 and the broader based S&P CNX Nifty was down 78.9 points or 1.57% at 4,946.55, on that day.
The key benchmark indices suffered losses in the week ended Friday, 3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to 16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to 4,946.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 654.31 crore on Friday, 23 May 2008. Domestic funds bought shares worth a net Rs 750.03 crore on that day.
Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
Meanwhile, not satisfied with the United Progressive Alliance (UPA's) replies to their queries on the nuclear issue,the Left parties are likely to ask the government to finalise an India-specific safeguards agreement with International Atomic Energy Agency (IAEA) only after the 123 agreement with the US lapses.
The Left opposition to the 123 agreement is because they feel it was bound by the Hyde Act which was detrimental to India's sovereignty and its pursuance of an independent foreign policy. Further talks will be held in the UPA-Left Committee meeting to be held on 28 May 2008 to discuss the Indo-US nuclear deal.
Meanwhile as per results announced for second round of elections on 26 May 2008, the Bharatiya Janata Party (BJP) won 110 seats out of 224, just short of a simple majority. The Congress has won 80 seats and the Janata Dal (Secular) claimed 28. Independents won six seats. In the 28 constituencies of Bangalore, the BJP has won 17 seats, the Congress won nine, and the JD(S) picked up one.
Aggregate results of 1886 companies showed 18.70% rise in net profit on 22.60% rise in net sales in Q4 March 2008 over Q4 March 2007, so far. There was 28.10% rise in net profit on 22% rise in net sales in the year ended March 2008 over year ended March 2007.
Expiry of May 2008 futures & options series on Thursday, 29 May 2008 will keep the market volatile in the coming days. As per reports, rollover of Nifty positions from May 2008 series to June 2008 series stood at 32% and marketwide positions were 18%, as on 23 May 2008.
Asian markets were trading weak today, 26 May 2008. China's Shanghai Composite (down 1.69% at 3,414.32), Japan's Nikkei (down 2.23% at 13,699.85), Hang Seng (down 2.31% at 24,144.18), Taiwan Weighted (down 1.32% at 8,717.79), Singapore's Straits Times (down 1.06% at 3,088.98), and South Korea's Seoul Composite (down 1.73% at 1,796.23) edged lower
On Friday, 23 May 2008 US markets declined on concerns about a worsening housing recession and rising crude oil prices put renewed pressure on a market marred by worries that inflation will crimp consumption and further weaken the economy. The Dow Jones industrial average plunged 145.99 points, or 1.16%, to 12,479.63. The S&P 500 index declined 18.42 points, or 1.32%, to 1,375.93, and the Nasdaq Composite index fell 19.91 points, or 0.81%, to 2,444.67.
Back home, relentless selling in realty, oil & gas and metal stocks spooked sell-off in late trade on Friday, 23 May 2008. The 30-share BSE Sensex settled 257.47 points or 1.52% lower at 16,649.64 and the broader based S&P CNX Nifty was down 78.9 points or 1.57% at 4,946.55, on that day.
The key benchmark indices suffered losses in the week ended Friday, 3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to 16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to 4,946.55 in the week.
As per provisional data, foreign funds sold shares worth a net Rs 654.31 crore on Friday, 23 May 2008. Domestic funds bought shares worth a net Rs 750.03 crore on that day.
Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
Meanwhile, not satisfied with the United Progressive Alliance (UPA's) replies to their queries on the nuclear issue,the Left parties are likely to ask the government to finalise an India-specific safeguards agreement with International Atomic Energy Agency (IAEA) only after the 123 agreement with the US lapses.
The Left opposition to the 123 agreement is because they feel it was bound by the Hyde Act which was detrimental to India's sovereignty and its pursuance of an independent foreign policy. Further talks will be held in the UPA-Left Committee meeting to be held on 28 May 2008 to discuss the Indo-US nuclear deal.
Meanwhile as per results announced for second round of elections on 26 May 2008, the Bharatiya Janata Party (BJP) won 110 seats out of 224, just short of a simple majority. The Congress has won 80 seats and the Janata Dal (Secular) claimed 28. Independents won six seats. In the 28 constituencies of Bangalore, the BJP has won 17 seats, the Congress won nine, and the JD(S) picked up one.
Market to open lower
Cash market will open lower, sensex may reach 16K levels.
TOAYS TARGET LEVELS:16500_ 16350
AND IF GO BELOW THIS LEVEL
16134 OR EVEN 15997
BEST SUPPORT AT 16153
TOAYS TARGET LEVELS:16500_ 16350
AND IF GO BELOW THIS LEVEL
16134 OR EVEN 15997
BEST SUPPORT AT 16153
Friday, May 23, 2008
Post Market Report 23.05.2008
Relentless selling in realty, oil & gas and metal stocks spooked
sell-off in late trade, erasing early gains. Weak Asian and
European markets also played the spoilsport. The S&P CNX Nifty
settled below the physcological 5,000 mark, after closing above
that level for six consecutive sessions. The market breadth was
weak on BSE.
The 30-share BSE Sensex settled 257.47 points or 1.52% lower at
16,649.64 after registering 147.23 point gain at day's high of
17,054.34 and 281 point loss at day's low of 16,626.11. The day's
high and low were hit during early and late trade respectively.
The broader based S&P CNX Nifty was down 78.9 points or 1.57% at
4,946.55. Nifty May 2008 futures were at 4945.20, a marginal
discount of 1.35 points as compared to spot closing. Nifty May 2008
futures are set for expiry on Thursday, 29 May 2008.
The NSE's futures & options (F&O) segment turnover slipped to Rs
41,317.97 crore, as compared to Rs 45076.17 crore on Thursday, 22
May 2008.
The BSE Mid-Cap index declined 1.59% to 6,937.11 and BSE Small-Cap
index declined 1.69% to 8,517.43. Both these indices underperformed
Sensex.
The BSE clocked a turnover of Rs 5,358 crore today as compared to
Rs 6,106.27 crore on 22 May 2008.
Securities Exchange Board of India (Sebi)'s plan to keep in
abeyance the imposition of upfront margins for institutional trades
in the cash market. Securities & Exchange Board of India (Sebi) had
earlier asked institutional investors to pay upfront margins from
16 June 2008. In the light of difficulties expressed by the market
participants regarding implementation of upfront margining of
institutional trades in the cash market, it has been decided to
keep the same in abeyance, Sebi said in a circular issued to stock
exchanges.
Inflation based on the whole price index rose 7.82% in the year
through 10 May 2008, marginally lower than 7.83% rise in the
previous week, government data released today, 23 May 2008, showed.
Meanwhile, inflation for the year through 15 March 2008 was revised
upwards to 8.02% compared to provisional figure of 6.68%.
The market breadth, which was strong during first half of the day,
settled weak. On BSE, 795 shares advanced as compared to 1,924 that
declined and 71 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest
advanced.
Among the sectoral indices, the BSE Realty index (down 2.38% at
7,510.14), BSE FMCG index (down 2.15% at 2,387.47), BSE Oil & Gas
index (down 2.15% to 10,975.26), BSE Metal index (down 2.08% to
16,795.80), BSE IT index (down 1.75% to 4,340.98), BSE Bankex (down
1.72% at 8,232.16), BSE PSU index (down 1.69% to 7,524.44)
underperformed Sensex.
While the BSE Auto index (down 1.39% at 4,619.90), BSE Capital
Goods index (down 1.12% at 13,192.42), BSE Consumer Durables index
(down 1.04% to 4,584.46), BSE TecK index (down 0.98% to 3,454.97),
BSE Power (down 0.93% to 3,202.79), BSE Health Care index (up 0.02%
at 4,229.03) outperformed Sensex.
Interest rate sensitive realty stocks declined, while banking
shares were mixed. Indiabulls Real Estate (down 4.3% to Rs 490.45),
DLF (down 1.76% to Rs 609.75) and Unitech (down 2.04% to Rs 268.25)
edged lower from real estate pack.
Banking stocks fell after inflation data. India's largest private
sector bank by net profit ICICI Bank (down 1.89% to Rs 863.75) and
State Bank of India (down 2.1% to Rs 1,573.25) edged lower. However
HDFC Bank rose 0.25% to Rs 1,383.35.
Oil & Gas stocks declined on profit booking after steady rally in
past few days. Cairn India (down 4.05% to Rs 306.45), ONGC (down
2.41% to Rs 902.05) and Reliance Industries (down 2.39% to Rs
2,554.80) edged lower.
Metal stocks were weak. Sterlite Industries (down 4.96% to Rs
903.20), Hindalco Industries (down 2.38% to Rs 192.95), Tata Steel
(down 1.32% to Rs 896.50) and Steel Authority of India (down 1.57%
to Rs 172.95) , National Aluminium Company (down 0.45% to Rs 528)
edged lower.
FMCG stocks fell. ITC declined 4.48% to Rs 213.05. The company
posted 13.05% rise in net profit to Rs 735.64 crore on 17.95% rise
in total income to Rs 4,098.07 crore in Q4 March 2008 over Q4 March
2007. Tata Tea (down 1.91% to Rs 899.95), Dabur India (down 1.61%
to Rs 94.75) edged lower.
Bharti Airtel (up 2.35% to Rs 836.80), HDFC (up 1.96% to Rs
2,678.30), Cipla (up 0.2% to Rs 203.50), Hindustan Unilever (up
0.32% to Rs 235.75) edged higher from the Sensex pack.
Tata Motors (down 3.57% to Rs 637.85), Jaiprakash Associates (down
3.43% to Rs 237.65), Reliance Infrastructure (down 2.42% to Rs
1,291), Reliance Communicatios (down 2.11% to Rs 572.30), edged
lower from Sensex pack.
India's largest IT exporter by sales Tata Consultancy Services
(TCS) declined 2.4% to Rs 933.70. It has reportedly won a contract,
estimated to be worth more than Rs 1000 crore, for processing
Indian passport applications.
India's largest tractor maker by sales Mahindra & Mahindra was down
0.07% to Rs 651.90. Private equity ICICI Venture is reportedly
partnering Mahindra & Mahindra in its bid to acquire Belgian gear
maker VCST Industrial Products in a deal valued around 250 million
euros.
Ispat Industries clocked the highest volume of 3.57 crore shares on
BSE. IFCI (1.67 crore shares), Aishwarya Telecom (1.11 crore
shares), Idea Cellular (92.15 lakh shares) and Reliance Natural
Resources (81.43 lakh shares) were other volume toppers in that
order.
Reliance Capital clocked the highest turnover of Rs 283.43 crore on
BSE. Cairn India (Rs 175.73 crore), Reliance Industries (Rs 151.06
crore), Reliance Power (Rs 138.29 crore) and Ispat Industries (Rs
126.68 crore) were other turnover toppers in that order.
European markets were weak. Key benchmark indices from France,
Germany and UK were down between 0.48% to 1.05%.
Most of the Asian markets were in red. Key benchmark indices in
Japan, rose by 0.24%. Key benchmark indices in Singapore, Hongkong,
Taiwan China and South Korea were down by between 0.36% to 1.92%.
US stocks rose modestly on Thursday, 22 May 2008, after two days of
steep declines as energy prices pulled back from record highs and a
proposed acquisition in the utilities sector buoyed optimism. The
Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard
& Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35,
while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at
2,464.58.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. In a bid to rein
in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008,
raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to
suck out excess liquidity in the banking system, in its annual
monetary policy review.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
sell-off in late trade, erasing early gains. Weak Asian and
European markets also played the spoilsport. The S&P CNX Nifty
settled below the physcological 5,000 mark, after closing above
that level for six consecutive sessions. The market breadth was
weak on BSE.
The 30-share BSE Sensex settled 257.47 points or 1.52% lower at
16,649.64 after registering 147.23 point gain at day's high of
17,054.34 and 281 point loss at day's low of 16,626.11. The day's
high and low were hit during early and late trade respectively.
The broader based S&P CNX Nifty was down 78.9 points or 1.57% at
4,946.55. Nifty May 2008 futures were at 4945.20, a marginal
discount of 1.35 points as compared to spot closing. Nifty May 2008
futures are set for expiry on Thursday, 29 May 2008.
The NSE's futures & options (F&O) segment turnover slipped to Rs
41,317.97 crore, as compared to Rs 45076.17 crore on Thursday, 22
May 2008.
The BSE Mid-Cap index declined 1.59% to 6,937.11 and BSE Small-Cap
index declined 1.69% to 8,517.43. Both these indices underperformed
Sensex.
The BSE clocked a turnover of Rs 5,358 crore today as compared to
Rs 6,106.27 crore on 22 May 2008.
Securities Exchange Board of India (Sebi)'s plan to keep in
abeyance the imposition of upfront margins for institutional trades
in the cash market. Securities & Exchange Board of India (Sebi) had
earlier asked institutional investors to pay upfront margins from
16 June 2008. In the light of difficulties expressed by the market
participants regarding implementation of upfront margining of
institutional trades in the cash market, it has been decided to
keep the same in abeyance, Sebi said in a circular issued to stock
exchanges.
Inflation based on the whole price index rose 7.82% in the year
through 10 May 2008, marginally lower than 7.83% rise in the
previous week, government data released today, 23 May 2008, showed.
Meanwhile, inflation for the year through 15 March 2008 was revised
upwards to 8.02% compared to provisional figure of 6.68%.
The market breadth, which was strong during first half of the day,
settled weak. On BSE, 795 shares advanced as compared to 1,924 that
declined and 71 remained unchanged.
Among the 30-member Sensex pack, 25 declined while the rest
advanced.
Among the sectoral indices, the BSE Realty index (down 2.38% at
7,510.14), BSE FMCG index (down 2.15% at 2,387.47), BSE Oil & Gas
index (down 2.15% to 10,975.26), BSE Metal index (down 2.08% to
16,795.80), BSE IT index (down 1.75% to 4,340.98), BSE Bankex (down
1.72% at 8,232.16), BSE PSU index (down 1.69% to 7,524.44)
underperformed Sensex.
While the BSE Auto index (down 1.39% at 4,619.90), BSE Capital
Goods index (down 1.12% at 13,192.42), BSE Consumer Durables index
(down 1.04% to 4,584.46), BSE TecK index (down 0.98% to 3,454.97),
BSE Power (down 0.93% to 3,202.79), BSE Health Care index (up 0.02%
at 4,229.03) outperformed Sensex.
Interest rate sensitive realty stocks declined, while banking
shares were mixed. Indiabulls Real Estate (down 4.3% to Rs 490.45),
DLF (down 1.76% to Rs 609.75) and Unitech (down 2.04% to Rs 268.25)
edged lower from real estate pack.
Banking stocks fell after inflation data. India's largest private
sector bank by net profit ICICI Bank (down 1.89% to Rs 863.75) and
State Bank of India (down 2.1% to Rs 1,573.25) edged lower. However
HDFC Bank rose 0.25% to Rs 1,383.35.
Oil & Gas stocks declined on profit booking after steady rally in
past few days. Cairn India (down 4.05% to Rs 306.45), ONGC (down
2.41% to Rs 902.05) and Reliance Industries (down 2.39% to Rs
2,554.80) edged lower.
Metal stocks were weak. Sterlite Industries (down 4.96% to Rs
903.20), Hindalco Industries (down 2.38% to Rs 192.95), Tata Steel
(down 1.32% to Rs 896.50) and Steel Authority of India (down 1.57%
to Rs 172.95) , National Aluminium Company (down 0.45% to Rs 528)
edged lower.
FMCG stocks fell. ITC declined 4.48% to Rs 213.05. The company
posted 13.05% rise in net profit to Rs 735.64 crore on 17.95% rise
in total income to Rs 4,098.07 crore in Q4 March 2008 over Q4 March
2007. Tata Tea (down 1.91% to Rs 899.95), Dabur India (down 1.61%
to Rs 94.75) edged lower.
Bharti Airtel (up 2.35% to Rs 836.80), HDFC (up 1.96% to Rs
2,678.30), Cipla (up 0.2% to Rs 203.50), Hindustan Unilever (up
0.32% to Rs 235.75) edged higher from the Sensex pack.
Tata Motors (down 3.57% to Rs 637.85), Jaiprakash Associates (down
3.43% to Rs 237.65), Reliance Infrastructure (down 2.42% to Rs
1,291), Reliance Communicatios (down 2.11% to Rs 572.30), edged
lower from Sensex pack.
India's largest IT exporter by sales Tata Consultancy Services
(TCS) declined 2.4% to Rs 933.70. It has reportedly won a contract,
estimated to be worth more than Rs 1000 crore, for processing
Indian passport applications.
India's largest tractor maker by sales Mahindra & Mahindra was down
0.07% to Rs 651.90. Private equity ICICI Venture is reportedly
partnering Mahindra & Mahindra in its bid to acquire Belgian gear
maker VCST Industrial Products in a deal valued around 250 million
euros.
Ispat Industries clocked the highest volume of 3.57 crore shares on
BSE. IFCI (1.67 crore shares), Aishwarya Telecom (1.11 crore
shares), Idea Cellular (92.15 lakh shares) and Reliance Natural
Resources (81.43 lakh shares) were other volume toppers in that
order.
Reliance Capital clocked the highest turnover of Rs 283.43 crore on
BSE. Cairn India (Rs 175.73 crore), Reliance Industries (Rs 151.06
crore), Reliance Power (Rs 138.29 crore) and Ispat Industries (Rs
126.68 crore) were other turnover toppers in that order.
European markets were weak. Key benchmark indices from France,
Germany and UK were down between 0.48% to 1.05%.
Most of the Asian markets were in red. Key benchmark indices in
Japan, rose by 0.24%. Key benchmark indices in Singapore, Hongkong,
Taiwan China and South Korea were down by between 0.36% to 1.92%.
US stocks rose modestly on Thursday, 22 May 2008, after two days of
steep declines as energy prices pulled back from record highs and a
proposed acquisition in the utilities sector buoyed optimism. The
Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard
& Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35,
while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at
2,464.58.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. In a bid to rein
in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008,
raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to
suck out excess liquidity in the banking system, in its annual
monetary policy review.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
Market pares gains
The market pared gains in mid-morning trade as investors turned cautious ahead of inflation data. Market had surged in early trade after Securities Exchange Board of India, on Thursday, 22 May 2008, kept in abeyance a plan to impose upfront margins for institutional trades in the cash market.
Auto and metal stock declined while capital goods and consumer durables stocks rose. The market breadth was strong. Asian markets which opened before Indian markets were mixed.
Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
At 11:27 IST, the 30-share BSE Sensex was up 50.68 points or 0.3% at 16,957.79. Sensex gained 147.23 points at day’s high of 17,054.34 touched in early trade.
The broader based S&P CNX Nifty was up 8.35 points or 0.17% at 5,033.88.
The market breadth was strong on BSE with 1,364 shares advancing as compared to 948 that declined. 80 remained unchanged.
Among the 30-member Sensex pack, 18 advanced while the rest declined.
The BSE Mid-Cap index rose 0.13% to 7,058.16 and BSE Small-Cap index gained 0.55% to 8,711.07.
Metal stocks declined. Sterlite Industries (down 2.25% to Rs 929), Hindalco Industries (down 2.1% to Rs 193.50), Tata Steel (down 0.65% to Rs 902.55) and Steel Authority of India (down 0.14% to Rs 175.45) edged lower. India's second largest aluminium maker by sales National Aluminium Company rose 2.14% to Rs 541.75.
Auto stocks declined. Maruti Suzuki India (down 2.19% to Rs 787), Tata Motors (down 1.88% to Rs 650), Hero Honda Motor (down 01.8% to Rs 787.05) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra was down 1.13% to Rs 645. Private equity ICICI Venture is reportedly partnering Mahindra & Mahindra in its bid to acquire Belgian gear maker VCST Industrial Products in a deal valued around 250 million euros.
Capital goods stocks rose. Larsen & Toubro (up 0.42% to Rs 2,927.70) and Suzlon Energy (up 0.86% to Rs 294.10) edged higher. However Bharat Heavy Electricals declined 0.16% to Rs 1,746.85.
Consumer Durables stocks rose. Videocon Industries (up 1.48% to Rs 407.40), Titan Industries (up 1.43% to Rs 1,215.05), Lloyd Electric (up 5.28% to Rs 120.70) edged higher.
Bharti Airtel (up 2.5% to Rs 838), HDFC (up 1.95% to Rs 2,678), HDFC Bank (up 1.17% to Rs 1,396), Jaiprakash Asssociates (up 0.71% to Rs 247.85), Reliance Infrastrucutre (up 1.06% to Rs 1,337) edged higher from the Sensex pack.
NTPC (down 1.06% to Rs 176.80), ICICI Bank (down 0.8% to Rs 873.35) edged lower from Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services (TCS) rose 0.64% to Rs 962.80. It has reportedly won a contract, estimated to be worth more than Rs 1000 crore, for processing Indian passport applications.
Asian markets were trading mixed. Key benchmark indices in Japan, China and South Korea were up between 0.24% to 0.44%. Key benchmark indices in Singapore, Hongkong and Taiwan were down by between 0.17% to 1.92%.
Auto and metal stock declined while capital goods and consumer durables stocks rose. The market breadth was strong. Asian markets which opened before Indian markets were mixed.
Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
At 11:27 IST, the 30-share BSE Sensex was up 50.68 points or 0.3% at 16,957.79. Sensex gained 147.23 points at day’s high of 17,054.34 touched in early trade.
The broader based S&P CNX Nifty was up 8.35 points or 0.17% at 5,033.88.
The market breadth was strong on BSE with 1,364 shares advancing as compared to 948 that declined. 80 remained unchanged.
Among the 30-member Sensex pack, 18 advanced while the rest declined.
The BSE Mid-Cap index rose 0.13% to 7,058.16 and BSE Small-Cap index gained 0.55% to 8,711.07.
Metal stocks declined. Sterlite Industries (down 2.25% to Rs 929), Hindalco Industries (down 2.1% to Rs 193.50), Tata Steel (down 0.65% to Rs 902.55) and Steel Authority of India (down 0.14% to Rs 175.45) edged lower. India's second largest aluminium maker by sales National Aluminium Company rose 2.14% to Rs 541.75.
Auto stocks declined. Maruti Suzuki India (down 2.19% to Rs 787), Tata Motors (down 1.88% to Rs 650), Hero Honda Motor (down 01.8% to Rs 787.05) edged lower.
India’s largest tractor maker by sales Mahindra & Mahindra was down 1.13% to Rs 645. Private equity ICICI Venture is reportedly partnering Mahindra & Mahindra in its bid to acquire Belgian gear maker VCST Industrial Products in a deal valued around 250 million euros.
Capital goods stocks rose. Larsen & Toubro (up 0.42% to Rs 2,927.70) and Suzlon Energy (up 0.86% to Rs 294.10) edged higher. However Bharat Heavy Electricals declined 0.16% to Rs 1,746.85.
Consumer Durables stocks rose. Videocon Industries (up 1.48% to Rs 407.40), Titan Industries (up 1.43% to Rs 1,215.05), Lloyd Electric (up 5.28% to Rs 120.70) edged higher.
Bharti Airtel (up 2.5% to Rs 838), HDFC (up 1.95% to Rs 2,678), HDFC Bank (up 1.17% to Rs 1,396), Jaiprakash Asssociates (up 0.71% to Rs 247.85), Reliance Infrastrucutre (up 1.06% to Rs 1,337) edged higher from the Sensex pack.
NTPC (down 1.06% to Rs 176.80), ICICI Bank (down 0.8% to Rs 873.35) edged lower from Sensex pack.
India’s largest IT exporter by sales Tata Consultancy Services (TCS) rose 0.64% to Rs 962.80. It has reportedly won a contract, estimated to be worth more than Rs 1000 crore, for processing Indian passport applications.
Asian markets were trading mixed. Key benchmark indices in Japan, China and South Korea were up between 0.24% to 0.44%. Key benchmark indices in Singapore, Hongkong and Taiwan were down by between 0.17% to 1.92%.
Pre Market Report 23/05/2008
The market may edge higher after the market regulator Securities & Exchange Board of India (Sebi) on Thursday, 22 May 2008, said it has kept in abeyance a decision to impose upfront margins for institutional trades in the cash market. Sebi had earlier said that institutional investors will be required to pay upfront margins from 16 June 2008. In the light of difficulties expressed by the market participants regarding implementation of upfront margining of institutional trades in the cash market, it has been decided to keep the same in abeyance, Sebi said in a circular issued to stock exchanges.
US stocks rose modestly on Thursday, 22 May 2008, after two days of steep declines as energy prices pulled back from record highs and a proposed acquisition in the utilities sector buoyed optimism. The Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard & Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35, while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at 2,464.58.
Data on India's inflation for the year through 10 May 2008 will be released by the government at 12:00 IST today. Inflation had surged 7.83% in the year through 3 May 2008, its highest level more than three years. Analysts will also be watching the revision of the provisional inflation rate of 6.68% for the year through 15 March 2008, after sharp upward revisions to previous provisional readings. The upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, had come as a rude shock to marketmen.
According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation
A rise in retail fuel price, if any, will also raise the inflation rate further. RBI often says pass-through of high global oil prices is incomplete in India, complicating policy making. The government has not allowed oil firms to raise retail fuel prices despite a surge in crude oil prices in the past few weeks. Prime Minister Manmohan Singh on Thursday, 22 May 2008, denied reports that the government planned to raise retail fuel prices in the wake of a surge in global crude oil prices. Earlier this week, the Reserve Bank of India said inflation was unacceptable and pointed out that official data underestimated actual rate of inflation.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures. The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
With the rupee tumbling against the dollar in the last few days, the government may ease restrictions on overseas corporate borrowing when it, together with the RBI, reviews the external commercial borrowing (ECB) policy later this month, reports suggest. Last year, the government had imposed restrictions on ECBs in a bid to check in surge in rupee against the dollar. There are many Indian corporates who will eagerly seek cheap overseas funds if the RBI re-opens the ECB tap, analysts reckon.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
US stocks rose modestly on Thursday, 22 May 2008, after two days of steep declines as energy prices pulled back from record highs and a proposed acquisition in the utilities sector buoyed optimism. The Dow rose 24.43 points, or 0.19% to close at 12,625.62. The Standard & Poor's 500 Index climbed 3.64 points, or 0.26%, to 1,394.35, while the Nasdaq Composite Index was up 16.31 points, or 0.67%, at 2,464.58.
Data on India's inflation for the year through 10 May 2008 will be released by the government at 12:00 IST today. Inflation had surged 7.83% in the year through 3 May 2008, its highest level more than three years. Analysts will also be watching the revision of the provisional inflation rate of 6.68% for the year through 15 March 2008, after sharp upward revisions to previous provisional readings. The upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, had come as a rude shock to marketmen.
According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation
A rise in retail fuel price, if any, will also raise the inflation rate further. RBI often says pass-through of high global oil prices is incomplete in India, complicating policy making. The government has not allowed oil firms to raise retail fuel prices despite a surge in crude oil prices in the past few weeks. Prime Minister Manmohan Singh on Thursday, 22 May 2008, denied reports that the government planned to raise retail fuel prices in the wake of a surge in global crude oil prices. Earlier this week, the Reserve Bank of India said inflation was unacceptable and pointed out that official data underestimated actual rate of inflation.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures. The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
With the rupee tumbling against the dollar in the last few days, the government may ease restrictions on overseas corporate borrowing when it, together with the RBI, reviews the external commercial borrowing (ECB) policy later this month, reports suggest. Last year, the government had imposed restrictions on ECBs in a bid to check in surge in rupee against the dollar. There are many Indian corporates who will eagerly seek cheap overseas funds if the RBI re-opens the ECB tap, analysts reckon.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Stock tips
Market wil open in green
Keep eye.. in after noon market may turn around.
Buy RPOWER 440 target 443/445/449
buy RPL 188 target 189.5/191/192
buy RCOM 586 target 590/596/602
Keep eye.. in after noon market may turn around.
Buy RPOWER 440 target 443/445/449
buy RPL 188 target 189.5/191/192
buy RCOM 586 target 590/596/602
Asian market too in Green
Asian market @8 AM
Nikkei 225 14,080.96 +102.50 +0.73%
Hang Seng 24,954.80 -88.32 -0.35%
Straits Times 3,161.33 +0.47 +0.01%
Nikkei 225 14,080.96 +102.50 +0.73%
Hang Seng 24,954.80 -88.32 -0.35%
Straits Times 3,161.33 +0.47 +0.01%
US Stocks advance after 2-day plunge; oil declines-
US closing
Dow 12,625.62 +24.43 +0.19%
Nasdaq 2,464.58 +16.31 +0.67%
S&P 500 1,394.35 +3.64 +0.26%
Dow 12,625.62 +24.43 +0.19%
Nasdaq 2,464.58 +16.31 +0.67%
S&P 500 1,394.35 +3.64 +0.26%
Post Market Report 22.05.2008
Sharp fall in US stocks overnight and surging crude oil prices
weighed on the market sentiment today, triggering a broad based
decline in blue chips. Asian markets which opened before Indian
markets were weak. European markets which opened after Indian
market were in red
Banking, capital goods, realty and auto stocks fell. All the
sectoral indices on BSE were in red. The market breadth was weak.
On Wednesday, 21 May 2008, the US Federal Reserve cut its 2008 US
economic growth forecast and signaled that mounting concerns over
inflation would make further interest rate cuts unlikely, driving
the three major US indexes down over 1.5%. Oil prices surged to a
record high above $135 per barrel on Thursday, 22 May 2008, stoking
fears of global inflation.
The 30-share BSE Sensex lost 336.05 points or 1.95% at 16,907.11.
Sensex lost 379.78 points at day's low of 16,863.38 touched in late
trade.
The broader based S&P CNX Nifty was down 92.2 points or 1.8% at
5,025.45. Nifty May 2008 futures were at 5024, at a discount of
1.45 points as compared to spot closing of 5025.45.
The BSE clocked a turnover of Rs 5,742 crore, lower than a turnover
of Rs 7,126.12 crore on Wednesday, 21 May 2008. NSE's futures &
options (F&O) segment turnover was Rs 45,076.17 crore, which was
higher than Rs 39,481.17 crore on Wednesday, 21 May 2008.
The market breadth was weak on BSE with 1,040 shares advancing as
compared to 1,684 that declined. 67 remained unchanged.
Among the 30-member Sensex pack, 29 declined while 1 advanced.
The BSE Mid-Cap index declined 98.80 points or 1.38% to 7,049.25
and BSE Small-Cap index declined 125.14 points or 1.42% to
8,663.84.
BSE Bankex (down 3.06% at 8,375.89), BSE Realty index (down 2.68%
at 7,693.34), BSE Capital Goods index (down 2.4% at 13,341.91), BSE
Power (down 2.12% to 3,232.82), BSE Auto index (down 2.05% at
4,684.83) underperformed Sensex.
BSE Oil & Gas index (down 1.89% to 11,216.54), BSE FMCG index (down
1.74% at 2,440.04), BSE Metal index (down 1.36% to 17,152.95), BSE
TecK index (down 1.23% to 3,489.01), BSE Consumer Durables index
(down 1.04% to 4,632.70), BSE PSU index (down 0.94% to 7,653.82),
BSE IT index (down 0.79% to 4,418.23), BSE Health Care index (down
0.41% at 4,228.08), outperformed Sensex.
Banking stocks declined. ICICI Bank (down 3.39% to Rs 880.40), HDFC
Bank (down 2.4% to Rs 1,379.90) and State Bank of India (down 3.28%
to Rs 1,607) edged lower.
Realty stocks fell. Indiabulls Real Estate (down 3.43% to Rs
512.50), Unitech (down 3.1% to Rs 273.85) and DLF (down 2.17% to Rs
620.70) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 2.57% to Rs
2,916.80), Bharat Heavy Electricals (down 1.33% to Rs 1,748.05) and
Suzlon Energy (down 5.62% to Rs 291.60) edged lower.
Auto stocks declined. Tata Motors (down 3.98% to Rs 661.45), Maruti
Suzuki India (down 1.79% to Rs 800.50), Hero Honda Motors (down
0.03% to Rs 788.50) edged lower.
India's largest tractor maker by sales Mahindra & Mahindra (M&M)
declined 2.2% to Rs 652.35. It has reportedly signed a term sheet
with Kinetic Motors to acquire a majority stake in the company.
According to reports, M&M is looking to acquire 76% stake in
Kinetic Motors valued at about Rs 120 crore. A deal could fructify
in the next two months if the due diligence proceeds smoothly, the
reports added.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.89% to Rs 2,617.35.
India's largest state-run oil exploration firm in terms of revenue
Oil and Natural Gas Corporation (ONGC) declined 1.53% to Rs 924.35.
It is reportedly planning to sell 30% to 40% each in two blocks in
Vietnam to share the risks and drilling costs. ONGC owns 100% in
the two deepwater exploration blocks. The buyer has not yet been
finalised, the reports added.
India's largest drug maker by sales Ranbaxy Laboratories declined
1.14% to Rs 498.25. It has reportedly struck two deals with group
companies. Ranbaxy has sold some land and building for Rs 90 crore
to a group company. It has also picked up 24.91% stake in Shimal
Laboratories, another promoter family company, for Rs 93.4 crore,
the reports added.
Reliance Infrastructure (down 3.97% to Rs 1,322.95), Reliance
Communications (down 3.16% to Rs 584.65), Ambuja Cements (down
2.61% to Rs 104.30), Jaiprakash Associates (down 2.65% to Rs
246.10), ITC (down 2.36% to Rs 223.05), HDFC (down 2.29% to Rs
2,626.70) edged lower from the Sensex pack.
India's largest aluminium maker by sales Hindalco Industries rose
0.2% to Rs 197.65.
Ispat Industries clocked the highest volume of 4.32 crore shares on
BSE. IFCI (3.13 crore shares), Nagarjuna Fertilisers and Chemicals
(1.11 crore shsres), Reliance Natural Resources (1.09 crore shares)
and Cybermate Infotek (99.73 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 225.63 crore on
BSE. IFCI (Rs 201.77 crore), Cairn India (Rs 189.47 crore),
Reliance Power (Rs 180.57 crore) and Reliance Industries (Rs 176
crore) were the other turnover toppers in that order.
In Asia, key benchmark indices in Hong Kong, China, South Korea,
Singapore and Taiwan were down by between 0.08% to 1.89%. However
Japan's Nikkei was up 0.37%.
European markets were weak. Key benchmark indices in Frnace andd
Germany and UK were down between 0.04% to 0.49%.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. Inflation based
on the wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on 16 May 2008, showed. It was the highest since an annual
reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for
the week ended 8 March 2008, to 7.78% from the provisional 5.92%,
came as a rude shock to marketmen. According to retail brokerage
Sharekhan, the steep upward revision in inflation rate is a cause
for concern, as prices of many commodities have not been updated
for varied periods. Moreover, a sharp fall in the rupee against the
dollar in the past few days has heightened concerns about
inflation. This is because the fall in rupee will raise cost of
imports which in turn will result in further rise in inflation.
In a bid to rein in inflation, the Reserve Bank of India, on
Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis
points to 8.25%, to suck out excess liquidity in the banking
system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
The structural growth drivers of the Indian economy remain intact -
India's economy is expected to witness a decent-to-strong growth
for a long period of time due to favourable demographics.
Acceleration in infrastructure creation will be another driver of
strong growth in India's economy. A CLSA report says India's
infrastructure development is set to accelerate, backed by greater
private sector participation and improved finances of government
and public sector enterprises. Rating agency Crisil in its outlook
for Indian economy for the year through March 2009 has stated that
the overall growth scenario is expected to remain strong with
investment as the main driver.
Given the continued inflow to unit linked insurance plans (Ulips)
and equity linked savings schemes (ELSS) of mutual funds,
stock-specific buying will continue depending on fundamentals of
individual stocks. Insurance firms are now a major player in the
Indian stock market given the huge mop up in Ulips in recent years.
It was buying support from domestic funds which had aided the
recent recovery on the bourses.
weighed on the market sentiment today, triggering a broad based
decline in blue chips. Asian markets which opened before Indian
markets were weak. European markets which opened after Indian
market were in red
Banking, capital goods, realty and auto stocks fell. All the
sectoral indices on BSE were in red. The market breadth was weak.
On Wednesday, 21 May 2008, the US Federal Reserve cut its 2008 US
economic growth forecast and signaled that mounting concerns over
inflation would make further interest rate cuts unlikely, driving
the three major US indexes down over 1.5%. Oil prices surged to a
record high above $135 per barrel on Thursday, 22 May 2008, stoking
fears of global inflation.
The 30-share BSE Sensex lost 336.05 points or 1.95% at 16,907.11.
Sensex lost 379.78 points at day's low of 16,863.38 touched in late
trade.
The broader based S&P CNX Nifty was down 92.2 points or 1.8% at
5,025.45. Nifty May 2008 futures were at 5024, at a discount of
1.45 points as compared to spot closing of 5025.45.
The BSE clocked a turnover of Rs 5,742 crore, lower than a turnover
of Rs 7,126.12 crore on Wednesday, 21 May 2008. NSE's futures &
options (F&O) segment turnover was Rs 45,076.17 crore, which was
higher than Rs 39,481.17 crore on Wednesday, 21 May 2008.
The market breadth was weak on BSE with 1,040 shares advancing as
compared to 1,684 that declined. 67 remained unchanged.
Among the 30-member Sensex pack, 29 declined while 1 advanced.
The BSE Mid-Cap index declined 98.80 points or 1.38% to 7,049.25
and BSE Small-Cap index declined 125.14 points or 1.42% to
8,663.84.
BSE Bankex (down 3.06% at 8,375.89), BSE Realty index (down 2.68%
at 7,693.34), BSE Capital Goods index (down 2.4% at 13,341.91), BSE
Power (down 2.12% to 3,232.82), BSE Auto index (down 2.05% at
4,684.83) underperformed Sensex.
BSE Oil & Gas index (down 1.89% to 11,216.54), BSE FMCG index (down
1.74% at 2,440.04), BSE Metal index (down 1.36% to 17,152.95), BSE
TecK index (down 1.23% to 3,489.01), BSE Consumer Durables index
(down 1.04% to 4,632.70), BSE PSU index (down 0.94% to 7,653.82),
BSE IT index (down 0.79% to 4,418.23), BSE Health Care index (down
0.41% at 4,228.08), outperformed Sensex.
Banking stocks declined. ICICI Bank (down 3.39% to Rs 880.40), HDFC
Bank (down 2.4% to Rs 1,379.90) and State Bank of India (down 3.28%
to Rs 1,607) edged lower.
Realty stocks fell. Indiabulls Real Estate (down 3.43% to Rs
512.50), Unitech (down 3.1% to Rs 273.85) and DLF (down 2.17% to Rs
620.70) edged lower.
Capital goods stocks declined. Larsen & Toubro (down 2.57% to Rs
2,916.80), Bharat Heavy Electricals (down 1.33% to Rs 1,748.05) and
Suzlon Energy (down 5.62% to Rs 291.60) edged lower.
Auto stocks declined. Tata Motors (down 3.98% to Rs 661.45), Maruti
Suzuki India (down 1.79% to Rs 800.50), Hero Honda Motors (down
0.03% to Rs 788.50) edged lower.
India's largest tractor maker by sales Mahindra & Mahindra (M&M)
declined 2.2% to Rs 652.35. It has reportedly signed a term sheet
with Kinetic Motors to acquire a majority stake in the company.
According to reports, M&M is looking to acquire 76% stake in
Kinetic Motors valued at about Rs 120 crore. A deal could fructify
in the next two months if the due diligence proceeds smoothly, the
reports added.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 1.89% to Rs 2,617.35.
India's largest state-run oil exploration firm in terms of revenue
Oil and Natural Gas Corporation (ONGC) declined 1.53% to Rs 924.35.
It is reportedly planning to sell 30% to 40% each in two blocks in
Vietnam to share the risks and drilling costs. ONGC owns 100% in
the two deepwater exploration blocks. The buyer has not yet been
finalised, the reports added.
India's largest drug maker by sales Ranbaxy Laboratories declined
1.14% to Rs 498.25. It has reportedly struck two deals with group
companies. Ranbaxy has sold some land and building for Rs 90 crore
to a group company. It has also picked up 24.91% stake in Shimal
Laboratories, another promoter family company, for Rs 93.4 crore,
the reports added.
Reliance Infrastructure (down 3.97% to Rs 1,322.95), Reliance
Communications (down 3.16% to Rs 584.65), Ambuja Cements (down
2.61% to Rs 104.30), Jaiprakash Associates (down 2.65% to Rs
246.10), ITC (down 2.36% to Rs 223.05), HDFC (down 2.29% to Rs
2,626.70) edged lower from the Sensex pack.
India's largest aluminium maker by sales Hindalco Industries rose
0.2% to Rs 197.65.
Ispat Industries clocked the highest volume of 4.32 crore shares on
BSE. IFCI (3.13 crore shares), Nagarjuna Fertilisers and Chemicals
(1.11 crore shsres), Reliance Natural Resources (1.09 crore shares)
and Cybermate Infotek (99.73 lakh shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 225.63 crore on
BSE. IFCI (Rs 201.77 crore), Cairn India (Rs 189.47 crore),
Reliance Power (Rs 180.57 crore) and Reliance Industries (Rs 176
crore) were the other turnover toppers in that order.
In Asia, key benchmark indices in Hong Kong, China, South Korea,
Singapore and Taiwan were down by between 0.08% to 1.89%. However
Japan's Nikkei was up 0.37%.
European markets were weak. Key benchmark indices in Frnace andd
Germany and UK were down between 0.04% to 0.49%.
Earnings downgrade amid rising input and interest costs, high
inflation and drying up of global liquidity due to credit crisis
remain major concern for the Indian stock market. Inflation based
on the wholesale price index rose 7.83% in 12 months to 3 May 2008,
higher than previous week's annual rise of 7.61%, government data
released on 16 May 2008, showed. It was the highest since an annual
reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for
the week ended 8 March 2008, to 7.78% from the provisional 5.92%,
came as a rude shock to marketmen. According to retail brokerage
Sharekhan, the steep upward revision in inflation rate is a cause
for concern, as prices of many commodities have not been updated
for varied periods. Moreover, a sharp fall in the rupee against the
dollar in the past few days has heightened concerns about
inflation. This is because the fall in rupee will raise cost of
imports which in turn will result in further rise in inflation.
In a bid to rein in inflation, the Reserve Bank of India, on
Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis
points to 8.25%, to suck out excess liquidity in the banking
system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the
government may leave no stone unturned in its attempt to tame
inflation. This is bad news for commodity scrips such as cement and
steel. Cement maker ACC said earlier this months that its margins
will be hurt by a decision to hold its prices for 2 to 3 months
that was taken after the government asked cement firms to help
contain price pressures. The government recently imposed export tax
on basmati rice and some steel products, and cut import duties on
key inputs like ferro alloys and metallurgical coke. The government
had earlier banned export of cement and non-basmati rice. On 7 May
2008, the government ordered suspension in futures trading in
channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign
currency convertible bonds (FCCBs) issued by Indian companies are
coming up for redemption in the next 18-24 months. After recent
stock market volatility many FCCBs are at risk of not converting
i.e. if the stock market remains subdued, it will stop the bond
holders from opting for an equity conversion as it will be easier
for them to buy the stock from the open market instead of paying
the agreed premium.
When the FCCBs come for redemption, some of these companies may
have to take on more debt to redeem the FCCB, thereby raising
interest outgo. In the event FCCBs don't get converted, companies
have the option to lower the conversion price in line with the
market, leading to higher equity dilution. If companies decide to
issue fresh FCCBs to finance redemption of FCCBs, it will be at
lower premium than earlier.
With the rupee tumbling against the dollar in the last few days,
the government may ease restrictions on overseas corporate
borrowing when it, together with the RBI, reviews the external
commercial borrowing (ECB) policy later this month, reports
suggest. Last year, the government had imposed restrictions on ECBs
in a bid to check in surge in rupee against the dollar. There are
many Indian corporates who will eagerly seek cheap overseas funds
if the RBI re-opens the ECB tap, analysts reckon.
The structural growth drivers of the Indian economy remain intact -
India's economy is expected to witness a decent-to-strong growth
for a long period of time due to favourable demographics.
Acceleration in infrastructure creation will be another driver of
strong growth in India's economy. A CLSA report says India's
infrastructure development is set to accelerate, backed by greater
private sector participation and improved finances of government
and public sector enterprises. Rating agency Crisil in its outlook
for Indian economy for the year through March 2009 has stated that
the overall growth scenario is expected to remain strong with
investment as the main driver.
Given the continued inflow to unit linked insurance plans (Ulips)
and equity linked savings schemes (ELSS) of mutual funds,
stock-specific buying will continue depending on fundamentals of
individual stocks. Insurance firms are now a major player in the
Indian stock market given the huge mop up in Ulips in recent years.
It was buying support from domestic funds which had aided the
recent recovery on the bourses.
Thursday, May 22, 2008
Pre Market Report 22/05/2008
The market is expected to drift lower tracking weakness in global equities. On Wednesday, the US Federal Reserve cut its 2008 US economic growth forecast and signaled that mounting concerns over inflation would make further interest rate cuts unlikely, driving the three major US indexes down over 1.5%. Oil prices surged to a record high above $135 per barrel on Thursday, 22 May 2008, stoking fears of global inflation.
In Asia, key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.72% to 2.26%.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. Inflation based on the wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
In Asia, key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.72% to 2.26%.
Earnings downgrade amid rising input and interest costs, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. Inflation based on the wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.
Further, a steep increase in upward revision in inflation rate for the week ended 8 March 2008, to 7.78% from the provisional 5.92%, came as a rude shock to marketmen. According to retail brokerage Sharekhan, the steep upward revision in inflation rate is a cause for concern, as prices of many commodities have not been updated for varied periods. Moreover, a sharp fall in the rupee against the dollar in the past few days has heightened concerns about inflation. This is because the fall in rupee will raise cost of imports which in turn will result in further rise in inflation.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review.
With parliamentary elections scheduled next year (May 2009), the government may leave no stone unturned in its attempt to tame inflation. This is bad news for commodity scrips such as cement and steel. Cement maker ACC said earlier this months that its margins will be hurt by a decision to hold its prices for 2 to 3 months that was taken after the government asked cement firms to help contain price pressures.
The government recently imposed export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. The government had earlier banned export of cement and non-basmati rice. On 7 May 2008, the government ordered suspension in futures trading in channa, refined soyoil, potato and rubber for four months.
Meanwhile, as per a recent study by CLSA, large amount of foreign currency convertible bonds (FCCBs) issued by Indian companies are coming up for redemption in the next 18-24 months. After recent stock market volatility many FCCBs are at risk of not converting i.e. if the stock market remains subdued, it will stop the bond holders from opting for an equity conversion as it will be easier for them to buy the stock from the open market instead of paying the agreed premium.
When the FCCBs come for redemption, some of these companies may have to take on more debt to redeem the FCCB, thereby raising interest outgo. In the event FCCBs don't get converted, companies have the option to lower the conversion price in line with the market, leading to higher equity dilution. If companies decide to issue fresh FCCBs to finance redemption of FCCBs, it will be at lower premium than earlier.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Acceleration in infrastructure creation will be another driver of strong growth in India's economy. A CLSA report says India's infrastructure development is set to accelerate, backed by greater private sector participation and improved finances of government and public sector enterprises. Rating agency Crisil in its outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Wednesday, May 21, 2008
Tata Teleservices (Mah), Q4 net loss at Rs 20.6 cr
Tata Teleservices (Maharashtra), TTML has declared its results for the quarter ended March 2008 (Q4). The company's net sales were at Rs 455.72 crore versus Rs 439.76 crore on QoQ basis.
The company's other income was at Rs 35.47 crore versus Rs 19.74 crore on QoQ basis. Its operating profit was at Rs 114.86 crore versus Rs 108.59 crore.
The company incurred a net loss of Rs 20.6 crore versus net loss of Rs 27.4 crore on QoQ basis. Its depreciation costs stood at Rs 117.8 crore versus Rs 113.7 crore on QoQ basis. Its interest costs were Rs 52.79 crore versus Rs 41.92 crore on QoQ basis.
The company's other income was at Rs 35.47 crore versus Rs 19.74 crore on QoQ basis. Its operating profit was at Rs 114.86 crore versus Rs 108.59 crore.
The company incurred a net loss of Rs 20.6 crore versus net loss of Rs 27.4 crore on QoQ basis. Its depreciation costs stood at Rs 117.8 crore versus Rs 113.7 crore on QoQ basis. Its interest costs were Rs 52.79 crore versus Rs 41.92 crore on QoQ basis.
JK Cement Q4 PAT at Rs 59.8 cr
JK Cement has declared its results for the quarter ended March 2008 (Q4). The company's net sales were up by 5% at Rs 385.6 crore versus Rs 366.6 crore. Its OPM were at 26.6% versus 30.5%.
During the same quarter the company's PAT was down by 2.6% at Rs 59.8 crore versus Rs 61.4 crore.
The company's FY08 net sales were at Rs 1458.3 crore versus Rs 1233.3 crore. FY08 OPM were at 28.5% versus 26.7%.
Its FY08 PAT was at Rs 265 crore versus Rs 178 crore.
During the same quarter the company's PAT was down by 2.6% at Rs 59.8 crore versus Rs 61.4 crore.
The company's FY08 net sales were at Rs 1458.3 crore versus Rs 1233.3 crore. FY08 OPM were at 28.5% versus 26.7%.
Its FY08 PAT was at Rs 265 crore versus Rs 178 crore.
GMR Infra Q4 cons net profit up at Rs 50 cr
GMR Infrastructure has announced its fourth quarter results. The company's net profit was up at Rs 50 crore versus Rs 21.9 crore.
Its net sales were up at 885.3 crore from Rs 620 crore.
Its other income Rs 19.9 crore.
Its net sales were up at 885.3 crore from Rs 620 crore.
Its other income Rs 19.9 crore.
HDIL FY08 cons net profit at Rs 1383 cr
HDIL has announced its FY08 and fourth quarter results. The company's Q4 standalone net profit at Rs 708 crore versus Rs 270 crore.
Its standalone net sales were at Rs 975 crore.
FY08
Its FY08 consolidated net profit was at Rs 1383 crore.
Its FY08 nets sales were at Rs 2 380 crore.
Its standalone net sales were at Rs 975 crore.
FY08
Its FY08 consolidated net profit was at Rs 1383 crore.
Its FY08 nets sales were at Rs 2 380 crore.
Bajaj Auto Fin Q4 net profit at Rs 4.6 cr
Bajaj Auto Finance has announced its fourth quarter results. The company's net profit was down at Rs 4.6 crore from Rs 21.2 crore.
Its income was at Rs 111 crore.
Its income was at Rs 111 crore.
US Stocks Fall as Oil Tops $132
Wall Street extended its sharp decline Wednesday as oil prices stubbornly climbed to new record levels, keeping investors' inflation jitters alive. The Dow Jones industrial average was down nearly 100 points.
@9.15PM
Dow 12,751.82 -76.86 -0.60%
Nasdaq 2,484.23 -8.03 -0.32%
S&P 500 1,410.02 -3.38 -0.24%
@9.15PM
Dow 12,751.82 -76.86 -0.60%
Nasdaq 2,484.23 -8.03 -0.32%
S&P 500 1,410.02 -3.38 -0.24%
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