The market may recover after last two days' steep fall tracking overnight recovery in US stocks and sharp fall in global crude oil prices. However, sustained selling by foreign funds, political uncertainty and expectation of a surge in inflation will cap upside.
The government will today release inflation data for the year through 7 June 2008. Market men expectation inflation to rise to about 10% in the year through 7 June 2008 as the data will capture effect of a rise in retail fuel prices announced by the Union government on 4 June 2008. Inflation based on the wholesale price index rose 8.75% in the 12 months to 31 May 2008, the highest reading in more than seven year.
The market's concerns are that the Reserve Bank of India (RBI) may further tighten the monetary policy to rein in inflation
Foreign funds have pressed heavy sales of Indian stocks this month. As per provisional data, they sold shares worth a net Rs 598.36 crore yesterday, 19 June 2008. Their outflow totaled Rs Rs 7125.20 crore this month, till 18 June 2008.
Sensex lost 608.91 points or 3.87% to 15,087.99 on 19 June 2008 from 15,696.90 on 17 June 2008 due to weak global markets and due to political uncertainty. As per reports, CPM, a key left party, may be working on a plan to pull out support to the Congress-led UPA government at the Centre. Left parties have threatened to pull support to the government if it took further steps on the Indo-US nuclear deal. Left parties are opposing the agreement, saying it undermines India's independent foreign policy and nuclear weapons program.
US stocks rose Thursday, 19 June 2008, as a drop in oil prices fueled investor optimism about consumer spending, driving shares of transportation and retailers sharply higher. The Dow Jones Industrial Average gained 34.03 points or 0.28% to 12,063.09. The tech-laden Nasdaq Composite Index rose 32.35 points or 1.33% to 2,462.06.
US crude for July delivery settled down $4.75, or 3.48%, at $131.93 per barrel on the New York Mercantile Exchange on Thursday. It lost further to $131.71 today as China's surprise move to increase fuel prices sparked worries about a curb in demand from the world's second largest consumer.
Friday, June 20, 2008
Thursday, June 19, 2008
Pre Market Report 19/06/2008
Weak global cues coupled with the possibility of a surge in crude oil prices may keep the market depressed in early trade.
Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17
US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.
The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.
Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.
The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.
As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.
Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.
Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.
Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country's crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.
Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17
US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.
The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.
Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.
The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.
As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.
Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.
Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.
Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country's crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.
Post Market Report 18/06/2008
Bears struck back with a vengeance on the bourses today after a
sharp rally in the past two days. Bears used the ploy of weak
European markets and deferral of a crucial UPA-Left coordination
committee meeting on Indo-US nuclear deal scheduled today, to bring
share prices down. The decline followed a range bound movement on
the bourses for a better part of the day till early afternoon
trade. News of deferral of the UPA-Left meet on nuclear deal hit
the market in afternoon trade.
Banking and IT stocks bore the major brunt of selling. FMCG stocks
rose on defensive buying.
Media reports had suggested that the government would try to
persuade the communists in today's meeting to at least allow it to
conclude negotiations with the International Atomic Energy Agency
(IAEA), a crucial step in putting the deal into effect. The nuclear
deal, if finalised, will meet some of India's energy needs.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31.
The index shed 306.68 points at the day's low of 15,390.22 hit at
the fag end of the trading session. At the day's high of 15,789.62,
Sensex gained 92.72 points in early trade.
The broader based S&P CNX Nifty was down 70.6 points or 1.52% at
4582.40. Nifty June 2008 futures were at 4561.40, a discount of 21
points compared with the spot closing.
Reports of good monsoon in the first half this month, higher
advance tax paid by key Indian corporates, and cooling off of oil
prices from record high had boosted the battered bourses in the
past two day. Sensex had risen 507.28 points or 3.33% to 15696.90
on Tuesday, 17 June 2008 from its close of 15189.62 on 13 June
2008.
The barometer index is down 5784.46 points or 27.27% from a record
high of 21206.77 it hit on 10 January 2008. Slowdown in corporate
earnings caused by moderation in economic growth and increase in
risk aversion globally due to credit crisis in the United States,
has triggered a massive fall on the Indian bourses this year.
Coming back to today's trade, the market breadth, which was strong
in early trade, turned weak later as mid-and small-cap stocks lost
ground later in the day. On BSE with 1254 shares advanced as
compared to 1402 that declined. 75 remained unchanged. The breadth.
The BSE Mid-Cap index down 0.63% to 6,359.79 and BSE Small-Cap
index was down 0.08% to 7,775.29.
BSE clocked a turnover of Rs 6160 crore as against Rs 5,337.45
crore on Tuesday, 17 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 47440.71 crore, which was higher than Rs
42624.38 crore on Tuesday, 17 June 2008.
India's biggest drugmaker by sales Ranbaxy Laboratories advanced
2.88% to Rs 598.20 on reports Japanese drug-maker Daiichi-Sankyo
may revise the open offer price for minority shareholders if US
drug major Pfizer launches a counter offer. The stock rose on heavy
volume of 40.8 lakh shares on BSE.
In a major development announced after trading hours today, 18 June
2008, Ranbaxy Laboratories said it has reached a comprehensive
settlement over disputes with Pfizer, clearing the way to launch
generic version of the US firm's cholesterol drug Lipitor. The
settlement covers the United States, Europe, Canada and Australia.
Banking stocks witnessed massive selling pressure after rise in
past two sessions. India's largest private sector bank by assets
ICICI Bank fell 4.25% at Rs 785.35. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
Axis Bank (down 5.16% at Rs 753.25), HDFC Bank (down 4.23% at Rs
650.25), and State Bank of India (down 2.61% at Rs 1,350.90),
slipped. The BSE Bankex underperformed the Sensex, falling 3.45% to
7,306.44.
The BSE IT index underperformed the Sensex, sliding 2.39% to
4,333.94. HCL Technologies (down 4.41% at Rs 279.40), Satyam
Computer (down 2.44% at Rs 472.50), TCS (down 2.27% at Rs 900.50),
Wipro (down 1.94% at Rs 484.85), declined.
India's second largest software exporter by sales Infosys
Technologies fell 2.49% at Rs 1,865.70. Infosys has a second
highest weightage of 8.80% in BSE Sensex.
Cement stocks were in demand. Ambuja Cements (up 4.80% at Rs
90.65), ACC (up 0.88% at Rs 643.20), and Grasim Industries (up
2.38% at Rs 2229.10), rose. Some cement makers have reportedly paid
higher advance taxes in the June 2008 quarter, hinting at the
possibility of brisk business in the current fiscal.
Realty stocks tumbled. The BSE Realty index underperformed the
Sensex, falling 3.50% to 5,885.78. Indiabulls Real Estate (down
6.07% at Rs 397.90), Sobha Developers (down 3.36% at Rs 395.45),
Unitech (down 3.31% at Rs 200.25), and DLF (down 2.68% at Rs
492.35), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.96% at Rs 2283.50. RIL
has a highest weightage of 15.76% in BSE Sensex.
India's second largest cellular services provider Reliance
Communication rose 0.42% to Rs 527.95. As per reports, Anil Ambani
is considering buying more than 40% in South Africa-based MTN. The
stock had lost 2.42% to Rs 530.20 on Tuesday, 17 June 2008 from Rs
543.35 on Friday, 13 June 2008, after RIL on Friday, 13 June 2008,
claimed first right of refusal to buy a controlling stake in
Reliance Communication (RCom).
RCom, controlled by Anil Ambani, is in exclusive talks with South
Africa's MTN for a tie-up that could create a top-10 global
telecoms firm.
Drug maker Plethico Pharmaceuticals rose 2.75% to Rs 384.80 on
reports the company plans to acquire a US-based nutraceutical
company for about $80 million to $100 million.
Auto lubricants maker Tide Water Oil was locked at upper limit of
5% at Rs 4040.40 on reports Reliance Industries, French oil giant
Total, US oil giant Chevron, Hinduja group and Keventer group have
evinced interest in bidding for Andrew Yule's stake in the firm.
IT soulutions provider Cambridge Solutions was locked at upper
limit of 20% at Rs 57.80 on reporting net profit of Rs 17.18 crore
in Q4 March 2008 as compared to net loss of Rs 1.65 crore in Q3
December 2007.
Anu's Laboratories clocked the highest turnover of Rs 643.25 crore
on BSE. Reliance Capital (Rs 286.03 crore), Ranbaxy Laboratories
(Rs 245.66 crore), Reliance Industries (Rs 211.08 crore), and
Reliance Petroleum (Rs 163.08 crore), were the other turnover
toppers on BSE in that order.
Anu's Laboratories reported a highest volume of 1.49 crore shares
on BSE. Ispat Industries (1.39 crore shares), Chambal Fertilizers
and Chemical (1.30 crore shares), Reliance Natural Resources (1.27
crore shares) and IFCI (1.14 crore shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian market, were trading
lower. Key indices in UK, France and Germany were down by 0.25% to
1.17%.
Asian markets, which opened before Indian market, were trading
higher. Key benchmark indices in China, Hong Kong, Japan,
Singapore, South Korea and Taiwan were up by 0.19% to 5.24%.
US market closed lower yesterday, 17 June 2008, following a warning
from Goldman Sachs that banks may need to raise another $ 65
billion to tide over the credit crisis. The news rippled through
the market, offsetting any positive impact from Goldman's earnings.
The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to
12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to
1,350.93, while the Nasdaq composite index lost 17.05 points, or
0.69%, to 2,457.
US crude oil futures fell further on Wednesday, 18 June 2008, after
settling lower for a third day in a row on Tuesday, 17 June 2008,
on expectations Saudi Arabia will soon boost output. Front-month US
crude for July delivery was down 65 cents, or 0.49%, at $133.36 a
barrel on the Globex electronic trading platform.
sharp rally in the past two days. Bears used the ploy of weak
European markets and deferral of a crucial UPA-Left coordination
committee meeting on Indo-US nuclear deal scheduled today, to bring
share prices down. The decline followed a range bound movement on
the bourses for a better part of the day till early afternoon
trade. News of deferral of the UPA-Left meet on nuclear deal hit
the market in afternoon trade.
Banking and IT stocks bore the major brunt of selling. FMCG stocks
rose on defensive buying.
Media reports had suggested that the government would try to
persuade the communists in today's meeting to at least allow it to
conclude negotiations with the International Atomic Energy Agency
(IAEA), a crucial step in putting the deal into effect. The nuclear
deal, if finalised, will meet some of India's energy needs.
The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31.
The index shed 306.68 points at the day's low of 15,390.22 hit at
the fag end of the trading session. At the day's high of 15,789.62,
Sensex gained 92.72 points in early trade.
The broader based S&P CNX Nifty was down 70.6 points or 1.52% at
4582.40. Nifty June 2008 futures were at 4561.40, a discount of 21
points compared with the spot closing.
Reports of good monsoon in the first half this month, higher
advance tax paid by key Indian corporates, and cooling off of oil
prices from record high had boosted the battered bourses in the
past two day. Sensex had risen 507.28 points or 3.33% to 15696.90
on Tuesday, 17 June 2008 from its close of 15189.62 on 13 June
2008.
The barometer index is down 5784.46 points or 27.27% from a record
high of 21206.77 it hit on 10 January 2008. Slowdown in corporate
earnings caused by moderation in economic growth and increase in
risk aversion globally due to credit crisis in the United States,
has triggered a massive fall on the Indian bourses this year.
Coming back to today's trade, the market breadth, which was strong
in early trade, turned weak later as mid-and small-cap stocks lost
ground later in the day. On BSE with 1254 shares advanced as
compared to 1402 that declined. 75 remained unchanged. The breadth.
The BSE Mid-Cap index down 0.63% to 6,359.79 and BSE Small-Cap
index was down 0.08% to 7,775.29.
BSE clocked a turnover of Rs 6160 crore as against Rs 5,337.45
crore on Tuesday, 17 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 47440.71 crore, which was higher than Rs
42624.38 crore on Tuesday, 17 June 2008.
India's biggest drugmaker by sales Ranbaxy Laboratories advanced
2.88% to Rs 598.20 on reports Japanese drug-maker Daiichi-Sankyo
may revise the open offer price for minority shareholders if US
drug major Pfizer launches a counter offer. The stock rose on heavy
volume of 40.8 lakh shares on BSE.
In a major development announced after trading hours today, 18 June
2008, Ranbaxy Laboratories said it has reached a comprehensive
settlement over disputes with Pfizer, clearing the way to launch
generic version of the US firm's cholesterol drug Lipitor. The
settlement covers the United States, Europe, Canada and Australia.
Banking stocks witnessed massive selling pressure after rise in
past two sessions. India's largest private sector bank by assets
ICICI Bank fell 4.25% at Rs 785.35. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
Axis Bank (down 5.16% at Rs 753.25), HDFC Bank (down 4.23% at Rs
650.25), and State Bank of India (down 2.61% at Rs 1,350.90),
slipped. The BSE Bankex underperformed the Sensex, falling 3.45% to
7,306.44.
The BSE IT index underperformed the Sensex, sliding 2.39% to
4,333.94. HCL Technologies (down 4.41% at Rs 279.40), Satyam
Computer (down 2.44% at Rs 472.50), TCS (down 2.27% at Rs 900.50),
Wipro (down 1.94% at Rs 484.85), declined.
India's second largest software exporter by sales Infosys
Technologies fell 2.49% at Rs 1,865.70. Infosys has a second
highest weightage of 8.80% in BSE Sensex.
Cement stocks were in demand. Ambuja Cements (up 4.80% at Rs
90.65), ACC (up 0.88% at Rs 643.20), and Grasim Industries (up
2.38% at Rs 2229.10), rose. Some cement makers have reportedly paid
higher advance taxes in the June 2008 quarter, hinting at the
possibility of brisk business in the current fiscal.
Realty stocks tumbled. The BSE Realty index underperformed the
Sensex, falling 3.50% to 5,885.78. Indiabulls Real Estate (down
6.07% at Rs 397.90), Sobha Developers (down 3.36% at Rs 395.45),
Unitech (down 3.31% at Rs 200.25), and DLF (down 2.68% at Rs
492.35), slumped.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) fell 1.96% at Rs 2283.50. RIL
has a highest weightage of 15.76% in BSE Sensex.
India's second largest cellular services provider Reliance
Communication rose 0.42% to Rs 527.95. As per reports, Anil Ambani
is considering buying more than 40% in South Africa-based MTN. The
stock had lost 2.42% to Rs 530.20 on Tuesday, 17 June 2008 from Rs
543.35 on Friday, 13 June 2008, after RIL on Friday, 13 June 2008,
claimed first right of refusal to buy a controlling stake in
Reliance Communication (RCom).
RCom, controlled by Anil Ambani, is in exclusive talks with South
Africa's MTN for a tie-up that could create a top-10 global
telecoms firm.
Drug maker Plethico Pharmaceuticals rose 2.75% to Rs 384.80 on
reports the company plans to acquire a US-based nutraceutical
company for about $80 million to $100 million.
Auto lubricants maker Tide Water Oil was locked at upper limit of
5% at Rs 4040.40 on reports Reliance Industries, French oil giant
Total, US oil giant Chevron, Hinduja group and Keventer group have
evinced interest in bidding for Andrew Yule's stake in the firm.
IT soulutions provider Cambridge Solutions was locked at upper
limit of 20% at Rs 57.80 on reporting net profit of Rs 17.18 crore
in Q4 March 2008 as compared to net loss of Rs 1.65 crore in Q3
December 2007.
Anu's Laboratories clocked the highest turnover of Rs 643.25 crore
on BSE. Reliance Capital (Rs 286.03 crore), Ranbaxy Laboratories
(Rs 245.66 crore), Reliance Industries (Rs 211.08 crore), and
Reliance Petroleum (Rs 163.08 crore), were the other turnover
toppers on BSE in that order.
Anu's Laboratories reported a highest volume of 1.49 crore shares
on BSE. Ispat Industries (1.39 crore shares), Chambal Fertilizers
and Chemical (1.30 crore shares), Reliance Natural Resources (1.27
crore shares) and IFCI (1.14 crore shares), were the other volume
toppers on BSE in that order.
European markets, which opened after Indian market, were trading
lower. Key indices in UK, France and Germany were down by 0.25% to
1.17%.
Asian markets, which opened before Indian market, were trading
higher. Key benchmark indices in China, Hong Kong, Japan,
Singapore, South Korea and Taiwan were up by 0.19% to 5.24%.
US market closed lower yesterday, 17 June 2008, following a warning
from Goldman Sachs that banks may need to raise another $ 65
billion to tide over the credit crisis. The news rippled through
the market, offsetting any positive impact from Goldman's earnings.
The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to
12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to
1,350.93, while the Nasdaq composite index lost 17.05 points, or
0.69%, to 2,457.
US crude oil futures fell further on Wednesday, 18 June 2008, after
settling lower for a third day in a row on Tuesday, 17 June 2008,
on expectations Saudi Arabia will soon boost output. Front-month US
crude for July delivery was down 65 cents, or 0.49%, at $133.36 a
barrel on the Globex electronic trading platform.
Wednesday, June 18, 2008
Niraj Cement Structurals Ltd IPO Listing Info
IPO Listing Date: Thursday, June 19, 2008
BSE Script Code: 532986
Listing in: ‘ B’ Group of Securities
ISIN: INE368I01016
Issue Price: Rs. 190/-
Face Value: Rs 10/- Per Equity Share
BSE Script Code: 532986
Listing in: ‘ B’ Group of Securities
ISIN: INE368I01016
Issue Price: Rs. 190/-
Face Value: Rs 10/- Per Equity Share
Pre Market Report 18/06/2008
The market is likely to stay range-bound on mixed global cues. However the sustained fall in crude oil prices and robust advance tax for Q1 June 2008 may boost the sentiment.
Asian markets were trading higher today, 18 June 2008. Shanghai Composite advanced 2.79% or 77.96 points at 2,872.71, Nikkei rose 0.66% or 94.03 points at 14,442.40, Hong Kong's Hang Seng gained 0.60% or 138.33 points at 23,196.32, Taiwan Weighted surged 0.49% or 39.83 points at 8,241.62 and South Korea's Seoul Composite was up 0.48% or 8.38 points at 1,759.09 and Singapore's Straits Times rose 0.02% or 2.3 points at 3,029.92
US market closed lower yesterday, 17 June 2008, on account of a warning from Goldman Sachs that banks may need to raise another $ 65 billion to tide over the credit crisis. The news rippled through the market, offsetting any positive impact from Goldman's earnings. The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to 12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to 1,350.93, while the Nasdaq composite index lost 17.05 points, or 0.69%, to 2,457.
Bulls had an upper hand over bears yesterday, 17 June 2008, boosted by reports of higher advance tax payment by top Indian firms in the first installment of 15 June 2008, reports of good monsoon in the initial phase and easing of oil prices from record high. Banking and realty shares led the rally.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90 and the broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653, on that day.
As per provisional data, foreign funds bought shares worth a net Rs 142.36 crore yesterday, 17 June 2008. Domestic funds bought shares worth a net Rs 420.08 crore.
As per reports, India's monsoon rains in the first half of June 2008 were more than 40% above the long-term average, raising hopes of strong crop output at a time when rising food prices have helped push inflation to 7-year highs.
Crude oil fell for a fourth day yesterday, 17 June 2008, on signs that fuel demand in the US, the world's largest consumer, is declining as record prices curb usage. US crude futures for July fell 66 cents to $133.35 a barrel, taking four-day losses to over $3.30 a barrel or 2.4%.
Asian markets were trading higher today, 18 June 2008. Shanghai Composite advanced 2.79% or 77.96 points at 2,872.71, Nikkei rose 0.66% or 94.03 points at 14,442.40, Hong Kong's Hang Seng gained 0.60% or 138.33 points at 23,196.32, Taiwan Weighted surged 0.49% or 39.83 points at 8,241.62 and South Korea's Seoul Composite was up 0.48% or 8.38 points at 1,759.09 and Singapore's Straits Times rose 0.02% or 2.3 points at 3,029.92
US market closed lower yesterday, 17 June 2008, on account of a warning from Goldman Sachs that banks may need to raise another $ 65 billion to tide over the credit crisis. The news rippled through the market, offsetting any positive impact from Goldman's earnings. The Dow Jones industrial average plunged 108.78 pints, or 0.89%, to 12,160.30. The S&P 500 index declined 9.21 points, or 0.68%, to 1,350.93, while the Nasdaq composite index lost 17.05 points, or 0.69%, to 2,457.
Bulls had an upper hand over bears yesterday, 17 June 2008, boosted by reports of higher advance tax payment by top Indian firms in the first installment of 15 June 2008, reports of good monsoon in the initial phase and easing of oil prices from record high. Banking and realty shares led the rally.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90 and the broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653, on that day.
As per provisional data, foreign funds bought shares worth a net Rs 142.36 crore yesterday, 17 June 2008. Domestic funds bought shares worth a net Rs 420.08 crore.
As per reports, India's monsoon rains in the first half of June 2008 were more than 40% above the long-term average, raising hopes of strong crop output at a time when rising food prices have helped push inflation to 7-year highs.
Crude oil fell for a fourth day yesterday, 17 June 2008, on signs that fuel demand in the US, the world's largest consumer, is declining as record prices curb usage. US crude futures for July fell 66 cents to $133.35 a barrel, taking four-day losses to over $3.30 a barrel or 2.4%.
Post Market Report::17/06/2008
Bulls had an upper hand over bears for a second day in a row today
with market sentiment boosted by reports of higher advance tax
payment by top Indian firms in the first installment of 15 June
2008, reports of good monsoon in the initial phase and easing of
oil prices from record high. Banking and realty shares led the
rally.
The rally gathered strength in the second half of the trading
session tracking firm European markets which opened after Indian
market. All the sectoral indices on BSE were in green indicating
that the rally was broad-based. Maruti Suzuki India, India's
biggest car maker in terms of market share, spurted in the late
trade.
As per provisional data, foreign funds bought shares worth a net Rs
142.36 crore today, 17 June 2008. Domestic funds bought shares
worth a net Rs 420.08 crore.
European markets edged higher as reports suggested that the
expectations of a US rate hike have been overplayed. Key indices in
UK, France and Germany were up by 0.87% to 1.57%.
Asian markets were trading on a mixed note. Key indices in China,
Japan, South Korea, and Singapore were down by 0.04% to 2.76%.
However, Taiwan's Taiwan Weighted index was up 0.39% and Hong
Kong's Hang Seng was up 0.12%.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90.
At the day's high of 15,732.75 Sensex gained 336.93 points at the
fag end of the trading session. The index shed 37.84 points at the
day's low of 15,357.98, hit in early trade.
The broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653.
Nifty June 2008 futures were at 4639.35, a discount of 13.65 points
compared with the spot closing.
The BSE Mid-Cap index rose 1.59% to 6,400.18. The BSE Small-Cap
index was up 1.46% to 7,781.30. Both these indices underperformed
the Sensex.
The market breadth was strong on BSE with 1802 shares advancing as
compared to 882 that declined. 80 remained unchanged.
BSE clocked a turnover of Rs 5312 crore as against Rs 4,537.92 on
Monday, 16 June 2008. NSE's futures & options (F&O) segment
turnover was Rs 42624.38 crore, which was higher than Rs 40166.83
crore on Monday, 16 June 2008.
As per reports, India's monsoon rains in the first half of June
2008 were more than 40% above the long-term average, raising hopes
of strong crop output at a time when rising food prices have helped
push inflation to 7-year highs.
Many companies have recorded a higher advance tax outgo in the
first installment of 15 June 2008 compared to the corresponding
period last year, raising expectations of good June 2008 results.
The finance minister expects direct tax collection for the current
year to cross Rs 4 lakh crore. Advance taxes are paid in four
instalments, in June, September, December and March. Usually, the
first instalment is 15% of the total tax estimated to be paid for
the whole fiscal.
Oil steadied today, 17 June 2008, after touching a record near $140
the previous day, with traders caught between a weaker dollar and
expectations that top exporter Saudi Arabia will ramp up output to
its highest rate in decades. US crude slipped 15 cents to $134.46 a
barrel after ending 25 cents lower on Monday, 16 June 2008, as
traders quickly took profit from a rally to a record $139.89
triggered by a falling dollar and the closure of a North Sea oil
platform.
India's largest dedicated housing finance firm by operating income
Housing Development Finance Corporation (HDFC) jumped 5.99% at Rs
2298.05. HDFC paid advance tax of Rs 140 crore in the first
installment of 15 June 2008, marking an over 40% increase over the
corresponding figure in the previous year.
India's largest passenger car maker in terms of market share Maruti
Suzuki soared 5.22% at Rs 755.60 on reports the company plans to
counter Ratan Tata's Nano with a stripped-down version of its
flagship model Maruti 800.
Battered bank stocks rose on reports of higher advance tax paid by
prominent banking/finance firms. The BSE Bankex outperformed the
Sensex, rising 4.29% to 7,567.17. Indian Overseas Bank (up 8.49% at
Rs 114.35), Axis Bank (up 7.89% at Rs 794.20), Kotak Mahindra Bank
(up 7.45% at Rs 679), and HDFC Bank (up 4.87% at Rs 1207.55),
spurted.
India's largest commercial bank State Bank of India rose 4.57% at
Rs 1387.05. The bank recorded a 32% increase in advance tax payment
to Rs 663 crore Q1 June 2008 over Q1 June 2007.
India's largest private sector bank by assets ICICI Bank rose 2.70%
at Rs 820.25. The stock had hit a low of Rs 785.55 earlier in the
day. ICICI Bank's tax outgo jumped 38% to Rs 340 crore in Q1 June
2008 over Q1 June 2007. ICICI Bank paid advance tax of Rs 1,108.6
crore in the whole of last fiscal. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
The BSE Realty index outperformed the Sensex, rising 3.89% to
6,099.19. Indiabulls Real Estate (up 6.34% at Rs 423.60), Unitech
(up 4.70% at Rs 207.10), and DLF (up 2.99% at Rs 505.90), soared.
India's second largest software exporter by sales Infosys
Technologies rose 0.32% at Rs 1913.30. Infosys has a second highest
weightage of 8.80% in BSE Sensex.
India's second largest listed cellular service provider by sales
Reliance Communication (RCOM) declined 0.92% to Rs 530.20. The
stock is southward bound since Monday, 16 June 2008, after Reliance
Industries, India's largest private sector firm by market
capitalisation and oil refiner, claimed first right of refusal to
buy a controlling stake in it. Reliance Communications, controlled
by Anil Ambani, is in exclusive talks with South Africa's MTN about
a tie-up that could create a top-10 global telecoms firm. As part
of a tie-up, Anil Ambani would likely swap his controlling stake in
Reliance Communications to become the largest shareholder in MTN.
On Monday, the RCOM stock had ended 1.52% lower at Rs 535.10.
Reliance Industries (RIL) rose 1.94% at Rs 2329.20. RIL has a
highest weightage of 15.76% in BSE Sensex.
Anil Dhirubhai Ambani group Reliance Power rose 3.41% at Rs 191 on
reports the firm will get a $500 million loan from the Asian
Development Bank for its 4,000 megawatt ultra mega power project
coming up in Andhra Pradesh.
Chemicals maker GHCL spurted 6.82% at Rs 77.55 on reports the Al
Rostmani Group of the United Arab Emirates is planning to pick up a
majority stake in the firm for an estimated Rs 700 crore.
Real estate developer Housing Development and Infrastructure (HDIL)
rose 2.75% at Rs 606.15 on reports the firm is eyeing the power
sector as part of its diversification strategy.
South Indian Bank surged 3.12% to Rs 127.15 after the private
sector bank said its board will meet on 28 June 2008 to consider
issue of bonus shares.
Commercial vehicles maker Ashok Leyland gained 0.92% to Rs 33.05
after the company said it has made a strategic investment in
Albonair GmbH, Germany for development of vehicle emission
treatment products.
Among side counters, Ravalgaon Sugar Farm (up 20% at Rs 5729.10),
Torrent Pharmaceuticals (up 20% at Rs 185), Vaibhav Gems (up 20% at
Rs 73.95), Essar Shipping (up 9.48% at Rs 129.90), UCO Bank (9.47%
at Rs 42.20), Indiabulls Financial Services (up 9.01% at Rs
368.50), spurted.
Anu's Laboratories clocked a highest turnover of Rs 449.52 crore on
BSE. Reliance Capital (Rs 194.12 crore), Reliance Industries (Rs
180.93 crore), Reliance Petroleum (Rs 162.72 crore) and Larsen &
Toubro (Rs 127.31 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilizers & Chemicals reported a highest volume of 1.22
crore shares on BSE. Anu's Laboratories (1.10 crore shares),
Reliance Natural Resources (98.96 lakh shares), Nagarjuna
Fertilizers & Chemicals (95.46 crore shares) and Reliance Petroleum
(88.52 lakh shares), were the other volume toppers on BSE in that
order.
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A
rally was sparked in banking stocks with Lehman Brothers declaring
results in line with market expectations. The Dow Jones industrial
average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500
index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq
Composite index added 20.28 points, or 0.83%, to 2,474.78.
Foreign institutional investors (FIIs) stepped up selling of Indian
equities on Monday, 16 June 2008. As per data released by the
Securities & Exchange Board of India (Sebi) today, 17 June 2008,
foreign funds sold shares worth a net Rs 532.80 crore on 16 June
2008, much higher than their outflow of Rs 51.80 crore on the
previous trading session on Friday, 13 June 2008. FIIs had pressed
heavy sales worth Rs 1141.70 crore on Thursday, 12 June 2008.
The BSE Sensex had risen 206.20 points or 1.36% at 15,395.82 on
Monday, 16 June 2008, on the back of firm global markets.
with market sentiment boosted by reports of higher advance tax
payment by top Indian firms in the first installment of 15 June
2008, reports of good monsoon in the initial phase and easing of
oil prices from record high. Banking and realty shares led the
rally.
The rally gathered strength in the second half of the trading
session tracking firm European markets which opened after Indian
market. All the sectoral indices on BSE were in green indicating
that the rally was broad-based. Maruti Suzuki India, India's
biggest car maker in terms of market share, spurted in the late
trade.
As per provisional data, foreign funds bought shares worth a net Rs
142.36 crore today, 17 June 2008. Domestic funds bought shares
worth a net Rs 420.08 crore.
European markets edged higher as reports suggested that the
expectations of a US rate hike have been overplayed. Key indices in
UK, France and Germany were up by 0.87% to 1.57%.
Asian markets were trading on a mixed note. Key indices in China,
Japan, South Korea, and Singapore were down by 0.04% to 2.76%.
However, Taiwan's Taiwan Weighted index was up 0.39% and Hong
Kong's Hang Seng was up 0.12%.
The 30-share BSE Sensex gained 301.08 points or 1.96% at 15,696.90.
At the day's high of 15,732.75 Sensex gained 336.93 points at the
fag end of the trading session. The index shed 37.84 points at the
day's low of 15,357.98, hit in early trade.
The broader based S&P CNX Nifty rose 80.5 points or 1.76% at 4653.
Nifty June 2008 futures were at 4639.35, a discount of 13.65 points
compared with the spot closing.
The BSE Mid-Cap index rose 1.59% to 6,400.18. The BSE Small-Cap
index was up 1.46% to 7,781.30. Both these indices underperformed
the Sensex.
The market breadth was strong on BSE with 1802 shares advancing as
compared to 882 that declined. 80 remained unchanged.
BSE clocked a turnover of Rs 5312 crore as against Rs 4,537.92 on
Monday, 16 June 2008. NSE's futures & options (F&O) segment
turnover was Rs 42624.38 crore, which was higher than Rs 40166.83
crore on Monday, 16 June 2008.
As per reports, India's monsoon rains in the first half of June
2008 were more than 40% above the long-term average, raising hopes
of strong crop output at a time when rising food prices have helped
push inflation to 7-year highs.
Many companies have recorded a higher advance tax outgo in the
first installment of 15 June 2008 compared to the corresponding
period last year, raising expectations of good June 2008 results.
The finance minister expects direct tax collection for the current
year to cross Rs 4 lakh crore. Advance taxes are paid in four
instalments, in June, September, December and March. Usually, the
first instalment is 15% of the total tax estimated to be paid for
the whole fiscal.
Oil steadied today, 17 June 2008, after touching a record near $140
the previous day, with traders caught between a weaker dollar and
expectations that top exporter Saudi Arabia will ramp up output to
its highest rate in decades. US crude slipped 15 cents to $134.46 a
barrel after ending 25 cents lower on Monday, 16 June 2008, as
traders quickly took profit from a rally to a record $139.89
triggered by a falling dollar and the closure of a North Sea oil
platform.
India's largest dedicated housing finance firm by operating income
Housing Development Finance Corporation (HDFC) jumped 5.99% at Rs
2298.05. HDFC paid advance tax of Rs 140 crore in the first
installment of 15 June 2008, marking an over 40% increase over the
corresponding figure in the previous year.
India's largest passenger car maker in terms of market share Maruti
Suzuki soared 5.22% at Rs 755.60 on reports the company plans to
counter Ratan Tata's Nano with a stripped-down version of its
flagship model Maruti 800.
Battered bank stocks rose on reports of higher advance tax paid by
prominent banking/finance firms. The BSE Bankex outperformed the
Sensex, rising 4.29% to 7,567.17. Indian Overseas Bank (up 8.49% at
Rs 114.35), Axis Bank (up 7.89% at Rs 794.20), Kotak Mahindra Bank
(up 7.45% at Rs 679), and HDFC Bank (up 4.87% at Rs 1207.55),
spurted.
India's largest commercial bank State Bank of India rose 4.57% at
Rs 1387.05. The bank recorded a 32% increase in advance tax payment
to Rs 663 crore Q1 June 2008 over Q1 June 2007.
India's largest private sector bank by assets ICICI Bank rose 2.70%
at Rs 820.25. The stock had hit a low of Rs 785.55 earlier in the
day. ICICI Bank's tax outgo jumped 38% to Rs 340 crore in Q1 June
2008 over Q1 June 2007. ICICI Bank paid advance tax of Rs 1,108.6
crore in the whole of last fiscal. ICICI Bank has a third highest
weightage of 8.18% in BSE Sensex.
The BSE Realty index outperformed the Sensex, rising 3.89% to
6,099.19. Indiabulls Real Estate (up 6.34% at Rs 423.60), Unitech
(up 4.70% at Rs 207.10), and DLF (up 2.99% at Rs 505.90), soared.
India's second largest software exporter by sales Infosys
Technologies rose 0.32% at Rs 1913.30. Infosys has a second highest
weightage of 8.80% in BSE Sensex.
India's second largest listed cellular service provider by sales
Reliance Communication (RCOM) declined 0.92% to Rs 530.20. The
stock is southward bound since Monday, 16 June 2008, after Reliance
Industries, India's largest private sector firm by market
capitalisation and oil refiner, claimed first right of refusal to
buy a controlling stake in it. Reliance Communications, controlled
by Anil Ambani, is in exclusive talks with South Africa's MTN about
a tie-up that could create a top-10 global telecoms firm. As part
of a tie-up, Anil Ambani would likely swap his controlling stake in
Reliance Communications to become the largest shareholder in MTN.
On Monday, the RCOM stock had ended 1.52% lower at Rs 535.10.
Reliance Industries (RIL) rose 1.94% at Rs 2329.20. RIL has a
highest weightage of 15.76% in BSE Sensex.
Anil Dhirubhai Ambani group Reliance Power rose 3.41% at Rs 191 on
reports the firm will get a $500 million loan from the Asian
Development Bank for its 4,000 megawatt ultra mega power project
coming up in Andhra Pradesh.
Chemicals maker GHCL spurted 6.82% at Rs 77.55 on reports the Al
Rostmani Group of the United Arab Emirates is planning to pick up a
majority stake in the firm for an estimated Rs 700 crore.
Real estate developer Housing Development and Infrastructure (HDIL)
rose 2.75% at Rs 606.15 on reports the firm is eyeing the power
sector as part of its diversification strategy.
South Indian Bank surged 3.12% to Rs 127.15 after the private
sector bank said its board will meet on 28 June 2008 to consider
issue of bonus shares.
Commercial vehicles maker Ashok Leyland gained 0.92% to Rs 33.05
after the company said it has made a strategic investment in
Albonair GmbH, Germany for development of vehicle emission
treatment products.
Among side counters, Ravalgaon Sugar Farm (up 20% at Rs 5729.10),
Torrent Pharmaceuticals (up 20% at Rs 185), Vaibhav Gems (up 20% at
Rs 73.95), Essar Shipping (up 9.48% at Rs 129.90), UCO Bank (9.47%
at Rs 42.20), Indiabulls Financial Services (up 9.01% at Rs
368.50), spurted.
Anu's Laboratories clocked a highest turnover of Rs 449.52 crore on
BSE. Reliance Capital (Rs 194.12 crore), Reliance Industries (Rs
180.93 crore), Reliance Petroleum (Rs 162.72 crore) and Larsen &
Toubro (Rs 127.31 crore), were the other turnover toppers on BSE in
that order.
Chambal Fertilizers & Chemicals reported a highest volume of 1.22
crore shares on BSE. Anu's Laboratories (1.10 crore shares),
Reliance Natural Resources (98.96 lakh shares), Nagarjuna
Fertilizers & Chemicals (95.46 crore shares) and Reliance Petroleum
(88.52 lakh shares), were the other volume toppers on BSE in that
order.
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A
rally was sparked in banking stocks with Lehman Brothers declaring
results in line with market expectations. The Dow Jones industrial
average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500
index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq
Composite index added 20.28 points, or 0.83%, to 2,474.78.
Foreign institutional investors (FIIs) stepped up selling of Indian
equities on Monday, 16 June 2008. As per data released by the
Securities & Exchange Board of India (Sebi) today, 17 June 2008,
foreign funds sold shares worth a net Rs 532.80 crore on 16 June
2008, much higher than their outflow of Rs 51.80 crore on the
previous trading session on Friday, 13 June 2008. FIIs had pressed
heavy sales worth Rs 1141.70 crore on Thursday, 12 June 2008.
The BSE Sensex had risen 206.20 points or 1.36% at 15,395.82 on
Monday, 16 June 2008, on the back of firm global markets.
Tuesday, June 17, 2008
Pre Market Report 17/06/2008
Local equities are likely to stay range-bound tracking mixed global cues. The advance tax figures of some leading banks and a few corporates for the April-June quarter of this fiscal provide some room for comfort. State Bank of India recorded a 32% increase in advance tax payment to Rs 663 crore for the Q1 2008 over Q1 2007. Reliance Industries (RIL), reported 15% rise in advance tax paid to Rs 340 crore in Q1 2008 over Q1 2007.
Advance taxes are paid in four instalments, in June, September, December and March. Usually, the first instalment is 15% of the total tax estimated to be paid for the whole fiscal.
However crude oil striking record high just under $140 a barrel may dampen sentiment. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel yesterday, on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89.
Also caution will prevail in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Asian markets were trading mixed today, 17 June 2008. Shanghai Composite was up 0.31% or 8.99 points at 2,883.09, Nikkei gained 0.13% or 18.51 points at 14,372.88, Hong Kong's Hang Seng rose 0.19% or 44.39 points at 23,074.08.
However, Taiwan's Taiwan Weighted fell 0.76% or 62.40 points at 8,107.37, Singapore's Straits Times slipped 0.39% or 11.80 points at 3,025.12 and South Korea's Seoul Composite declined 0.87% or 15.31 points at 1,745.51
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A rally was sparked in banking stocks with Lehman Brothers declaring results in line with market expectations.
The Dow Jones industrial average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500 index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq Composite index added 20.28 points, or 0.83%, to 2,474.78.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
Back home, the market ended on a firm note yesterday, 16 June 2008, on the back of firm global markets. The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82 and the broader based S&P CNX Nifty gained 55.4 points or 1.23% at 4572.50, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 547.84 crore yesterday, 16 June 2008. Domestic funds bought shares worth a net Rs 293.05 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 59.33 crore in the futures & options segment yesterday, 16 June 2008. They were net buyers of index futures to the tune of Rs 180.49 crore and sold index options worth Rs 257.05 crore. They were net buyers of stock futures to the tune of Rs 131.73 crore and bought stock options worth Rs 4.16 crore.
Advance taxes are paid in four instalments, in June, September, December and March. Usually, the first instalment is 15% of the total tax estimated to be paid for the whole fiscal.
However crude oil striking record high just under $140 a barrel may dampen sentiment. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel yesterday, on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89.
Also caution will prevail in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Asian markets were trading mixed today, 17 June 2008. Shanghai Composite was up 0.31% or 8.99 points at 2,883.09, Nikkei gained 0.13% or 18.51 points at 14,372.88, Hong Kong's Hang Seng rose 0.19% or 44.39 points at 23,074.08.
However, Taiwan's Taiwan Weighted fell 0.76% or 62.40 points at 8,107.37, Singapore's Straits Times slipped 0.39% or 11.80 points at 3,025.12 and South Korea's Seoul Composite declined 0.87% or 15.31 points at 1,745.51
US markets ended mixed in see-saw trade yesterday, 16 June 2008. A rally was sparked in banking stocks with Lehman Brothers declaring results in line with market expectations.
The Dow Jones industrial average lost 38.27 points, or 0.31%, to 12,269.08. The S&P 500 index gained 0.11 points, or 0.01%, to 1,360.14. The Nasdaq Composite index added 20.28 points, or 0.83%, to 2,474.78.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
Back home, the market ended on a firm note yesterday, 16 June 2008, on the back of firm global markets. The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82 and the broader based S&P CNX Nifty gained 55.4 points or 1.23% at 4572.50, on that day.
As per provisional data, foreign funds sold shares worth a net Rs 547.84 crore yesterday, 16 June 2008. Domestic funds bought shares worth a net Rs 293.05 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 59.33 crore in the futures & options segment yesterday, 16 June 2008. They were net buyers of index futures to the tune of Rs 180.49 crore and sold index options worth Rs 257.05 crore. They were net buyers of stock futures to the tune of Rs 131.73 crore and bought stock options worth Rs 4.16 crore.
Asia trading volatile
Nikkei 225 14,372.88 +18.51 +0.13%
Hang Seng 23,074.50 +44.81 +0.19%
Straits Times 3,024.95 -11.97 -0.39%
Hang Seng 23,074.50 +44.81 +0.19%
Straits Times 3,024.95 -11.97 -0.39%
US closes flat
Dow 12,269.08 -38.27 -0.31%
Nasdaq 2,474.78 +20.28 +0.83%
S&P 500 1,360.14 +0.11 +0.01%
Nasdaq 2,474.78 +20.28 +0.83%
S&P 500 1,360.14 +0.11 +0.01%
Post Market Report::16/06/2008
The market ended on a firm note on the back of firm global markets.
However, a rebound in global crude oil prices pared strong
intra-day gains on the domestic bourses. Banking and information
technology stocks rallied. However, automobile stocks declined
after the Union government raised excise duty on large cars,
multi-utility vehicles and sports utility vehicles with an engine
cubic capacity exceeding 1500.
Crude rebounded to $134.90 a barrel after falling in response to
plans by Saudi Arabia to push output to its highest rate in decade.
A solid surge in global crude oil prices has hit equities across
the globe in the past few days as it has raised fears of global
inflation.
Asian stocks, which opened before Indian market, rallied on Monday,
16 June 2008, as the US dollar rebounded and oil fell below $134 a
barrel, boosting confidence in the region's exporters. Key indices
in Japan, China, South Korea, Singapore, Taiwan, and Hong Kong were
up by 0.18% to 2.72%. Oil later rebouded from lower level.
The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82.
At the day's high of 15,553.37, Sensex gained 363.75 points in
early trade. Sensex gained 143.45 points at day's low of 15,333.07,
hit in late trade.
The broader based S&P CNX Nifty gained 55.4 points or 1.23% at
4572.50. Nifty June 2008 futures were at 4570, at a discount of 2.5
points as compared to spot closing.
The BSE clocked a turnover of Rs 4512 crore as compared to Rs
5847.40 crore on Friday 13 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 40166.83 crore, which was lower than Rs
41003.4 crore on Friday, 13 June 2008.
The market breadth was strong on BSE with 1776 shares advancing as
compared to 872 that declined. 76 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 6,299.72 and BSE Small-Cap
index up 1.15% to 7,669.11. Both these indices underperformed the
Sensex.
The BSE Bankex outperformed the Sensex, rising 2.83% to 7,255.63.
Axis Bank (up 4.51% at Rs 736.15), Bank of Baroda (up 4.01% at Rs
241.05), Kotak Mahindra Bank (up 2.97% at Rs 631.90), and HDFC Bank
(up 2.50% at Rs 1,151.45), spurted.
India's largest private sector lender by assets ICICI Bank rose
4.43% to Rs 798.70.
State Bank of India fell 0.61% to Rs 1326.40 after the country's
largest lender, on Saturday, 14 June 2008, decided not to raise its
prime-lending rate. The decision was taken at a meeting of the
assets-liability committee (Alco) of State Bank of India (SBI) on
Saturday, 14 June 2008. The Alco met to deal with the issue of
interest rates in the wake of the Reserve Bank of India's (RBI)
move to raise repo rates, or the rate at which it lends to banks,
by 25 basis points to 8%, on 11 June 2008, to contain inflation.
The BSE IT index outperformed the Sensex, gaining 1.78% to
4,413.35. Infosys Technologies (up 2.34% at Rs 1,907.25), HCL
Technnologies (up 1.92% at Rs 293.90), Wipro (up 1.76% at Rs
486.25), and Satyam Computer (up 1.58% at Rs 488.45) and TCS (up
0.32% at Rs 910.55), flared up.
The BSE Auto index underperformed the Sensex, sliding 0.14% at
4123.88. Hero Honda Motors (down 1.83% at Rs 762.80), Maruti Suzuki
(down 0.52% at Rs 718.10), and Mahindra & Mahindra (down 0.23% at
Rs 569.10), slipped.
TVS Motor Company (up 1.16% at Rs 34.90), Tata Motors (up 0.11% at
Rs 516.75), rose.
India's largest aluminium manufacturer by sales Hindalco Industries
fell 2.31% at Rs 171.35 after the company said on Friday, 13 June
2008, it may consider a comprehensive plan including an equity
rights issuance to finance the loan taken to acquire leading
aluminium-rolling company Novelis
India's second largest telecom services provider by sales Reliance
Communication fell 1.52% at Rs 535.10 after Reliance Industries,
India's largest private sector firm by market capitalisation and
oil refiner, claimed first right of refusal to buy a controlling
stake in it. Reliance Communications, controlled by Anil Ambani, is
in exclusive talks with South Africa's MTN about a tie-up that
could create a top-10 global telecoms firm. As part of a tie-up,
Anil Ambani would likely swap his controlling stake in Reliance
Communications to become the largest shareholder in MTN. Shares of
Reliance Industries rose 0.73% at Rs 2284.85.
Steel makers JSW Steel (up 5.10% to Rs 994.85), Tata Steel (up
0.83% to Rs 848.35), Steel Authority of India (up 1.50% to Rs
162.25), and Bhushan Steel (up 1.30% to Rs 854.05), advanced after
the Union government withdrew export duty on flat rolled products
of iron and steel, including galvanised products, pipes and tubes.
Engineering equipments maker Atlas Copco India was locked at 20%
upper limit at Rs 1077.90 after the company said its board will
meet on 25 June 2008 to consider buy back of equity shares.
Internet broadband services provider Gemini Communication surged 5%
to Rs 203.50 after the company said it has acquired a 51% stake in
Chennai based Veeras Infotek for Rs 7 crore.
Drug maker Lupin gained 2.99% to Rs 725.05 after its unit Lupin
Pharmaceuticals Inc received a tentative approval from US Food &
Drug Administration for its escitalopram oxalate tablets in 10 & 20
milligram strengths.
New age lender Yes Bank rose 2.50% at Rs 143.25 after the bank said
it has raised its prime lending rate by 50 basis points to 16% with
immediate effect.
Drug maker Cadila Healthcare rose 0.67% at Rs 313.75 after the firm
said on Friday, 13 June 2008, its board will meet on June 17 to
consider restructuring of the group's consumer products business.
State-run natural natural gas distributer GAIL India spurted 4.50%
at Rs 398.05 after the company said its board will meet on 23 June
2008 to consider issue of bonus shares.
Shipping and logistics services provider Shreyas Shipping &
Logistics rose 3.03% to Rs 64.70 after the company said it has sold
its vessel M V OEL Express for a consideration of $11.5 million.
Anu's Laboratories clocked a highest turnover of Rs 400 crore on
BSE. Chambal Fertilizers and Chemicals (Rs 242.77 crore), Reliance
Industries (Rs 195.40 crore), Reliance Capital (Rs 149.38 crore)
and Reliance Petroleum (Rs 117.91 crore), were the other turnover
toppers on BSE in that order.
Chambal Fertilizers and Chemicals reported a highest volume of 2.58
crore shares on BSE. Nagarjune Fertilizers & Chemicals (1.88 crore
shares), Anu's Laboratories (1.10 crore shares), IFCI (94.35 lakh
shares) and Reliance natural Resources (88.87 lakh shares), were
the other volume toppers on BSE in that order.
European markets, which were mostly trading lower earlier in the
day, recovered as the day proceeded. Key indices in UK, France and
Germany were up by 0.03% to 0.16%.
US markets rallied on Friday, 13 June 2008, led by financial and
technology stocks, as a tame core-inflation reading and lower crude
prices boosted market. The Dow Jones industrial average jumped 166
points at 12,307. The Nasdaq Composite index surged 50 points up at
2,454.50. The S&P 500 index advanced 20.16 points to 1360.03.
However, a rebound in global crude oil prices pared strong
intra-day gains on the domestic bourses. Banking and information
technology stocks rallied. However, automobile stocks declined
after the Union government raised excise duty on large cars,
multi-utility vehicles and sports utility vehicles with an engine
cubic capacity exceeding 1500.
Crude rebounded to $134.90 a barrel after falling in response to
plans by Saudi Arabia to push output to its highest rate in decade.
A solid surge in global crude oil prices has hit equities across
the globe in the past few days as it has raised fears of global
inflation.
Asian stocks, which opened before Indian market, rallied on Monday,
16 June 2008, as the US dollar rebounded and oil fell below $134 a
barrel, boosting confidence in the region's exporters. Key indices
in Japan, China, South Korea, Singapore, Taiwan, and Hong Kong were
up by 0.18% to 2.72%. Oil later rebouded from lower level.
The 30-share BSE Sensex rose 206.20 points or 1.36% at 15,395.82.
At the day's high of 15,553.37, Sensex gained 363.75 points in
early trade. Sensex gained 143.45 points at day's low of 15,333.07,
hit in late trade.
The broader based S&P CNX Nifty gained 55.4 points or 1.23% at
4572.50. Nifty June 2008 futures were at 4570, at a discount of 2.5
points as compared to spot closing.
The BSE clocked a turnover of Rs 4512 crore as compared to Rs
5847.40 crore on Friday 13 June 2008. NSE's futures & options (F&O)
segment turnover was Rs 40166.83 crore, which was lower than Rs
41003.4 crore on Friday, 13 June 2008.
The market breadth was strong on BSE with 1776 shares advancing as
compared to 872 that declined. 76 remained unchanged.
The BSE Mid-Cap index rose 1.15% to 6,299.72 and BSE Small-Cap
index up 1.15% to 7,669.11. Both these indices underperformed the
Sensex.
The BSE Bankex outperformed the Sensex, rising 2.83% to 7,255.63.
Axis Bank (up 4.51% at Rs 736.15), Bank of Baroda (up 4.01% at Rs
241.05), Kotak Mahindra Bank (up 2.97% at Rs 631.90), and HDFC Bank
(up 2.50% at Rs 1,151.45), spurted.
India's largest private sector lender by assets ICICI Bank rose
4.43% to Rs 798.70.
State Bank of India fell 0.61% to Rs 1326.40 after the country's
largest lender, on Saturday, 14 June 2008, decided not to raise its
prime-lending rate. The decision was taken at a meeting of the
assets-liability committee (Alco) of State Bank of India (SBI) on
Saturday, 14 June 2008. The Alco met to deal with the issue of
interest rates in the wake of the Reserve Bank of India's (RBI)
move to raise repo rates, or the rate at which it lends to banks,
by 25 basis points to 8%, on 11 June 2008, to contain inflation.
The BSE IT index outperformed the Sensex, gaining 1.78% to
4,413.35. Infosys Technologies (up 2.34% at Rs 1,907.25), HCL
Technnologies (up 1.92% at Rs 293.90), Wipro (up 1.76% at Rs
486.25), and Satyam Computer (up 1.58% at Rs 488.45) and TCS (up
0.32% at Rs 910.55), flared up.
The BSE Auto index underperformed the Sensex, sliding 0.14% at
4123.88. Hero Honda Motors (down 1.83% at Rs 762.80), Maruti Suzuki
(down 0.52% at Rs 718.10), and Mahindra & Mahindra (down 0.23% at
Rs 569.10), slipped.
TVS Motor Company (up 1.16% at Rs 34.90), Tata Motors (up 0.11% at
Rs 516.75), rose.
India's largest aluminium manufacturer by sales Hindalco Industries
fell 2.31% at Rs 171.35 after the company said on Friday, 13 June
2008, it may consider a comprehensive plan including an equity
rights issuance to finance the loan taken to acquire leading
aluminium-rolling company Novelis
India's second largest telecom services provider by sales Reliance
Communication fell 1.52% at Rs 535.10 after Reliance Industries,
India's largest private sector firm by market capitalisation and
oil refiner, claimed first right of refusal to buy a controlling
stake in it. Reliance Communications, controlled by Anil Ambani, is
in exclusive talks with South Africa's MTN about a tie-up that
could create a top-10 global telecoms firm. As part of a tie-up,
Anil Ambani would likely swap his controlling stake in Reliance
Communications to become the largest shareholder in MTN. Shares of
Reliance Industries rose 0.73% at Rs 2284.85.
Steel makers JSW Steel (up 5.10% to Rs 994.85), Tata Steel (up
0.83% to Rs 848.35), Steel Authority of India (up 1.50% to Rs
162.25), and Bhushan Steel (up 1.30% to Rs 854.05), advanced after
the Union government withdrew export duty on flat rolled products
of iron and steel, including galvanised products, pipes and tubes.
Engineering equipments maker Atlas Copco India was locked at 20%
upper limit at Rs 1077.90 after the company said its board will
meet on 25 June 2008 to consider buy back of equity shares.
Internet broadband services provider Gemini Communication surged 5%
to Rs 203.50 after the company said it has acquired a 51% stake in
Chennai based Veeras Infotek for Rs 7 crore.
Drug maker Lupin gained 2.99% to Rs 725.05 after its unit Lupin
Pharmaceuticals Inc received a tentative approval from US Food &
Drug Administration for its escitalopram oxalate tablets in 10 & 20
milligram strengths.
New age lender Yes Bank rose 2.50% at Rs 143.25 after the bank said
it has raised its prime lending rate by 50 basis points to 16% with
immediate effect.
Drug maker Cadila Healthcare rose 0.67% at Rs 313.75 after the firm
said on Friday, 13 June 2008, its board will meet on June 17 to
consider restructuring of the group's consumer products business.
State-run natural natural gas distributer GAIL India spurted 4.50%
at Rs 398.05 after the company said its board will meet on 23 June
2008 to consider issue of bonus shares.
Shipping and logistics services provider Shreyas Shipping &
Logistics rose 3.03% to Rs 64.70 after the company said it has sold
its vessel M V OEL Express for a consideration of $11.5 million.
Anu's Laboratories clocked a highest turnover of Rs 400 crore on
BSE. Chambal Fertilizers and Chemicals (Rs 242.77 crore), Reliance
Industries (Rs 195.40 crore), Reliance Capital (Rs 149.38 crore)
and Reliance Petroleum (Rs 117.91 crore), were the other turnover
toppers on BSE in that order.
Chambal Fertilizers and Chemicals reported a highest volume of 2.58
crore shares on BSE. Nagarjune Fertilizers & Chemicals (1.88 crore
shares), Anu's Laboratories (1.10 crore shares), IFCI (94.35 lakh
shares) and Reliance natural Resources (88.87 lakh shares), were
the other volume toppers on BSE in that order.
European markets, which were mostly trading lower earlier in the
day, recovered as the day proceeded. Key indices in UK, France and
Germany were up by 0.03% to 0.16%.
US markets rallied on Friday, 13 June 2008, led by financial and
technology stocks, as a tame core-inflation reading and lower crude
prices boosted market. The Dow Jones industrial average jumped 166
points at 12,307. The Nasdaq Composite index surged 50 points up at
2,454.50. The S&P 500 index advanced 20.16 points to 1360.03.
Monday, June 16, 2008
Market spurts in opening trade
The market opened on a firm note on positive global cues. Fall in crude oil prices from record high and firm global markets boosted the sentiments. All the sectoral indices on the BSE were in green.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008, on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Asian markets were trading higher today, 16 June 2008, on speculation demand for the region's exports will be sustained as the yen weakened against the dollar and crude oil prices retreated. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), China (1.06% at 2,899.153), edged higher.
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
At 10:25 IST, the 30-share BSE Sensex was up 313.56 points or 2.06% at 15,503.18. At the day’s high of 15,553.37 Sensex gained 363.75 points in early trade.
The broader based S&P CNX Nifty was up 84.25 points or 1.87% at 4601.35.
The market breadth was strong on BSE with 1495 shares advancing as compared to 364 that declined. 33 remained unchanged. All 30 Sensex stocks were in green
The BSE Mid-Cap index rose 1.66% to 6,331.30 and BSE Small-Cap index up 1.65% to 7,706.99.
Banking shares were in demand after a sharp sell-off in the past few trading sessions. ICICI Bank (up 4.37% at Rs 798.25), HDFC Bank (up 2.98% at Rs 1,156.80), Bank of India (up 2.75% at Rs 276.15), and Axis Bank (up 2.36% at Rs 721), moved up. The BSE Bankex was up 2.91% at 7261.69.
India's top state-run commercial bank State Bank of India (SBI) rose 1.90% to Rs 1359.95. After a review of interest rates on Friday, 13 June 2008, SBI said it will not to raise its prime lending rate even though the Reserve Bank of India (RBI) had raised its key short term lending rate earlier this week.
The top Sensex gainers were, Infosys Technologies (up 3.27% at Rs 1924.55), HDFC Bank (up 3.36% at Rs 1161.10), Housing Development Finance Corporation (up 2.90% at Rs 2195), Bharti Airtel (up 2.98% at Rs 838.25), and Reliance Infrastructure (up 2.27% at Rs 1043.50).
India’s second largest telecom services provider by sales Reliance Communication was up 0.40% at Rs 545.50 after Reliance Industries claimed first right of refusal to buy a controlling stake in it. Reliance Communications, controlled by Anil Ambani, is in exclusive talks with South Africa's MTN about a tie-up that could create a top-10 global telecoms firm. As part of a tie-up, Anil Ambani would likely swap his controlling stake in Reliance Communications to become the largest shareholder in MTN.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.82% at Rs 2309.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008, on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Asian markets were trading higher today, 16 June 2008, on speculation demand for the region's exports will be sustained as the yen weakened against the dollar and crude oil prices retreated. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), China (1.06% at 2,899.153), edged higher.
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
At 10:25 IST, the 30-share BSE Sensex was up 313.56 points or 2.06% at 15,503.18. At the day’s high of 15,553.37 Sensex gained 363.75 points in early trade.
The broader based S&P CNX Nifty was up 84.25 points or 1.87% at 4601.35.
The market breadth was strong on BSE with 1495 shares advancing as compared to 364 that declined. 33 remained unchanged. All 30 Sensex stocks were in green
The BSE Mid-Cap index rose 1.66% to 6,331.30 and BSE Small-Cap index up 1.65% to 7,706.99.
Banking shares were in demand after a sharp sell-off in the past few trading sessions. ICICI Bank (up 4.37% at Rs 798.25), HDFC Bank (up 2.98% at Rs 1,156.80), Bank of India (up 2.75% at Rs 276.15), and Axis Bank (up 2.36% at Rs 721), moved up. The BSE Bankex was up 2.91% at 7261.69.
India's top state-run commercial bank State Bank of India (SBI) rose 1.90% to Rs 1359.95. After a review of interest rates on Friday, 13 June 2008, SBI said it will not to raise its prime lending rate even though the Reserve Bank of India (RBI) had raised its key short term lending rate earlier this week.
The top Sensex gainers were, Infosys Technologies (up 3.27% at Rs 1924.55), HDFC Bank (up 3.36% at Rs 1161.10), Housing Development Finance Corporation (up 2.90% at Rs 2195), Bharti Airtel (up 2.98% at Rs 838.25), and Reliance Infrastructure (up 2.27% at Rs 1043.50).
India’s second largest telecom services provider by sales Reliance Communication was up 0.40% at Rs 545.50 after Reliance Industries claimed first right of refusal to buy a controlling stake in it. Reliance Communications, controlled by Anil Ambani, is in exclusive talks with South Africa's MTN about a tie-up that could create a top-10 global telecoms firm. As part of a tie-up, Anil Ambani would likely swap his controlling stake in Reliance Communications to become the largest shareholder in MTN.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was up 1.82% at Rs 2309.
Pre Market Report 16/06/2008
The market is likely to open higher tracking positive global cues. However sentiment may remain cautious in the coming day's on fears that the Reserve Bank of India (RBI), as part of its efforts to contain rising inflation, would resort to more measures to make banks' lending rates dearer.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Most Asian markets were trading higher today, 16 June 2008. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), edged higher.
However, China's Shanghai Composite fell 0.88% or 25.18 points at 2,843.62
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
On the positive side, the Indian Meteorological Department (IMD)'s second monsoon forecast for the crucial annual south-west monsoon (June-September) due this month which may indicate spatial rainfall distribution in the main sowing month of July 2008, will be keenly watched by market men. The IMD has forecast the 2008 monsoon rains would be near-normal and 99% of the average between 1941 and 1990.
Market men will also watch corporate advance tax payments for the first installment which are due since 15 June 2008, which will a give a cue on expected Q1 June 2008 numbers from top Indian corporates. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
Back home, the market slipped on Friday, 13 June 2008, as data showed a surge in inflation to a seven-year high and weak European markets. The 30-share BSE Sensex lost 60.58 points or 0.4% at 15,189.62 and the broader based S&P CNX Nifty was down 22.25 points or 0.49% at 4,517.10, on that day.
The BSE Sensex shed 382.56 points or 2.45% to 15,189.62 and the S&P CNX Nifty fell 110.70 points or 2.39% to 4,517.10 in the week ended 13 June 2008.
The Sensex is now down 6,017.15 points or 28.37% from its all-time high of 21,206.77 hit on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 116.51 crore on Friday, 13 June 2008. Domestic funds bought shares worth a net Rs 457.33 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 625.28 crore in the futures & options segment on Friday, 13 June 2008. They were net buyers of index futures to the tune of Rs 167.32 crore and bought index options worth Rs 173.58 crore. They were net buyers of stock futures to the tune of Rs 224.58 crore and bought stock options worth Rs 59.80 crore.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008 on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Inflation, measured by wholesale price index (WPI), jumped to a 7-year high of 8.75% in the week to 31 May 2008, after rising 8.24% in the previous week. The negative impact of higher lending rates would rub off on the entire economy. Such concerns over slowdown in economic growth are expected to keep the market choppy in the near term.
Also high interest rates may delay expansion plans of corporates, which in turn may impact future earnings growth.
Most Asian markets were trading higher today, 16 June 2008. Japan's Nikkei (up 1.47% at 14,179.62), Hang Seng (up 1.66% at 22,966.30), Taiwan's Taiwan Weighted (up 1.36% at 8,215.54), Singapore's Straits Times (up 1.59% at 3,027.07), South Korea's Seoul Composite (up 0.92% at 1,763.38), edged higher.
However, China's Shanghai Composite fell 0.88% or 25.18 points at 2,843.62
US markets rallied on Friday, 13 June 2008, led by financial and technology stocks, as a tame core-inflation reading and lower crude prices boosted market. The Dow Jones industrial average jumped 166 points at 12,307. The Nasdaq Composite index surged 50 points up at 2,454.50. The S&P 500 500 index advanced 20.16 points to 1360.03.
Earnings downgrades by brokerages amid rising input and interest costs for India Inc and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. A further hike in rates would impact bottomline of Indian companies.
On the positive side, the Indian Meteorological Department (IMD)'s second monsoon forecast for the crucial annual south-west monsoon (June-September) due this month which may indicate spatial rainfall distribution in the main sowing month of July 2008, will be keenly watched by market men. The IMD has forecast the 2008 monsoon rains would be near-normal and 99% of the average between 1941 and 1990.
Market men will also watch corporate advance tax payments for the first installment which are due since 15 June 2008, which will a give a cue on expected Q1 June 2008 numbers from top Indian corporates. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
Back home, the market slipped on Friday, 13 June 2008, as data showed a surge in inflation to a seven-year high and weak European markets. The 30-share BSE Sensex lost 60.58 points or 0.4% at 15,189.62 and the broader based S&P CNX Nifty was down 22.25 points or 0.49% at 4,517.10, on that day.
The BSE Sensex shed 382.56 points or 2.45% to 15,189.62 and the S&P CNX Nifty fell 110.70 points or 2.39% to 4,517.10 in the week ended 13 June 2008.
The Sensex is now down 6,017.15 points or 28.37% from its all-time high of 21,206.77 hit on 10 January 2008.
As per provisional data, foreign funds sold shares worth a net Rs 116.51 crore on Friday, 13 June 2008. Domestic funds bought shares worth a net Rs 457.33 crore on that day.
Foreign institutional investors (FIIs) were net buyers of Rs 625.28 crore in the futures & options segment on Friday, 13 June 2008. They were net buyers of index futures to the tune of Rs 167.32 crore and bought index options worth Rs 173.58 crore. They were net buyers of stock futures to the tune of Rs 224.58 crore and bought stock options worth Rs 59.80 crore.
Crude oil for July delivery fell as much as 86 cents to $134 a barrel in after-hours electronic trading on the New York Mercantile Exchange today, 16 June 2008 on speculation Saudi Arabia will increase production, reducing risks to global growth from near-record energy prices.
Tips for 16th June
Sensex may remain in positive range.
Today's levels: 15260_ 15300_ 15370
Above that market will be bullish for short
term and may go to15420
support1: 15135
support2: 14750
below that market will be weak
Buy RCOM above 544 target 548/552/555/580
buy RNRL above 90.50 target 91/92.5/95
Buy MRPL above 71 target 72/73.2/74/77
Buy HINDALCO above 177 target 180/182/188
buy VOLTAS above 145 target 148/149/152/160
Today's levels: 15260_ 15300_ 15370
Above that market will be bullish for short
term and may go to15420
support1: 15135
support2: 14750
below that market will be weak
Buy RCOM above 544 target 548/552/555/580
buy RNRL above 90.50 target 91/92.5/95
Buy MRPL above 71 target 72/73.2/74/77
Buy HINDALCO above 177 target 180/182/188
buy VOLTAS above 145 target 148/149/152/160
Asian markets trading in Positive range
After us closed high, asian markets trading in positive direction
Nikkei 225 14,179.62 +205.89 +1.47%
Hang Seng 22,944.53 +352.23 +1.56%
Straits Times 3,026.93 +47.37 +1.59%
Nikkei 225 14,179.62 +205.89 +1.47%
Hang Seng 22,944.53 +352.23 +1.56%
Straits Times 3,026.93 +47.37 +1.59%
US markets ended on a high node
US markets ended hign on friday
Dow 12,307.35 +165.77 +1.37%
Nasdaq 2,454.50 +50.15 +2.09%
S&P 500 1,360.03 +20.16 +1.50%
Dow 12,307.35 +165.77 +1.37%
Nasdaq 2,454.50 +50.15 +2.09%
S&P 500 1,360.03 +20.16 +1.50%
Niraj Cement Structurals IPO -IPO Allotment Status
IPO Allotment Status is now available online for Niraj Cement Structurals Ltd IPO.
Niraj Cement Structurals Ltd IPO was open on May 26, 2008 and closed on May 30, 2008. IPO was oversubscribed by 1.74 times (3.8053 times in retail).
Click here for the status of your application
Niraj Cement Structurals Ltd IPO was open on May 26, 2008 and closed on May 30, 2008. IPO was oversubscribed by 1.74 times (3.8053 times in retail).
Click here for the status of your application
Saturday, June 14, 2008
Post Market Report 13/06/2008
The market today snapped last two days' winning streak as data
showing a surge in inflation to a seven-year high and weak European
markets kept bulls in check. Sensex had gained 360.95 points in
last two trading sessions supported by strong global cues and
robust April 2008 industrial production data announced by the
Indian government during trading hours on 12 June 2008.
After holding in green for a better part of the day, banking
declined in late trade. FMCG, power, realty and metal stocks fell.
Investors took shelter in small-cap and mid-cap stocks causing
sharply rally in some of the stocks in this segment.
A near term trigger for the market will be corporate advance tax
payments for the first installment which falls due on 15 June 2008.
The income tax law requires a company to 15% the estimated tax
liability for the year as advance tax in the first installment. The
advance tax payment by the corporate sector will give a cue on Q1
June 2008 results.
Inflation based on the the wholesale price index rose 8.75% in the
12 months to 31 May 2008, above the previous week's annual rise of
8.24%, government data released today, 13 June 2008, afternoon
showed. The reading is highest since 10 February 2001, when it was
8.77%.
European stocks drifted lower, trimming some of the previous
session's gains as inflation worries remained high on investors'
minds ahead of US consumer price data. Key benchmark indices in
France, Germany and UK were down by between 0.41% to 0.89%.
In a relatively range bound trade, the 30-share BSE Sensex lost
60.58 points or 0.4% at 15,189.62. At the day's low of 15,135.81,
Sensex lost 114.39 points in mid-afternoon trade. At the day's high
of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 22.25 points or 0.49% at
4,517.10. Nifty June 2008 futures were at 4482.10, at a discount of
35 points as compared to spot closing of 4517.10.
The BSE clocked a turnover of Rs 5,827 crore today as compared to a
turnover of Rs 6,233.42 crore on 12 June 2008.
NSE's futures & options (F&O) segment turnover was Rs 41,003.40
crore, which was lower than Rs 52,333.46 crore on Thursday, 12 June
2008.
The market breadth was positive on BSE with 1,445 shares advancing
as compared to 1156 that declined. 77 remained unchanged. Among the
30 stocks from Sensex pack, 21 were trading in red.
The BSE Mid-Cap index rose 0.08% to 6,228.17 and BSE Small-Cap
index was up 0.74% to 7,581.72. Both these indices outperformed
Sensex.
BSE Consumer Durables index (up 1.74% to 3,981.55), BSE HealthCare
index (up 1.19% at 4,494.02), BSE Bankex (up 0.26% at 7,056.24),
BSE Capital Goods (up 0.25% at 12,019.16), BSE PSU index (up 0.11%
to 6,528.94), BSE TecK index (down 0.18% to 3,381.05), BSE IT index
(down 0.22% to 4,336.06) outperformed Sensex.
The BSE Realty index (down 2.59% at 5,670.23), BSE Metal index
(down 2.08% to 15,185.92), BSE FMCG index (down 1.2% to 2,241.53),
BSE Power index (down 1.08% to 2,627.73), The BSE Auto (down 0.45%
at 4,129.79), BSE Oil & Gas index (down 0.58% to 9,917.01)
underperformed Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 0.59% to Rs 2,268.30.
Healthcare stocks rose. India's biggest drugmaker by sales Ranbaxy
Laboratories rose 4.31% to Rs 566.90. The stock rose on heavy
volume of 22.34 lakh shares on BSE. Drug maker Pfizer Inc may
reportedly make a hostile bid for the 65% stake in Ranbaxy not held
by its founders. Daiichi Sankyo Co., Japan's third-largest drug
maker, had agreed on 11 June 2008 to buy a controlling stake in
Ranbaxy for as much as $4.6 billion.
Pfizer's Indian arm surged 4.76% to Rs 620. Dr Reddy's Laboratories
(up 3.96% to Rs 728.55) and Biocon (up 1.34% to Rs 483.15) edged
higher.
Rate sensitive realty stocks fell after last two days' gains.
Indiabulls Real Estate (down 5.52% to Rs 373.15), DLF (down 3.61%
to Rs 479.75) and Unitech (down 1% to Rs 187.25) edged lower.
Metal stocks declined. Steel Authority of India (down 1.81% to Rs
159.80), Sterlite Industries (down 4.27% to Rs 770.40), Hindalco
Industries (down 1.27% to Rs 175.40) and Tata Steel (down 1.81% to
Rs 841.35) edged lower. However India's second largest aluminium
producer by sales National Aluminium Company rose 1.89% to Rs
489.40.
Power stocks edged lower. Tata Power Company (down 4.87% to Rs
1,252.45), Reliance Infrastructure (down 2.5% to Rs 1,020.30), NTPC
(down 1.23% to Rs 161.10) edged lower.
FMCG stocks declined. Hindustan Unilever (down 2.54% to Rs 226.55),
ITC (down 1.25% to Rs 197.45) and Nestle India (down 1.12% to Rs
1,700) edged lower.
Bank stocks declined after data released today afternoon showed a
surge in inflation to highest level in more than seven years.
India's largest commercial bank State Bank of India declined 0.38%
to Rs 1,334.55. The asset-liability committee of State Bank of
India (SBI), will be reviewing interest rates today following the
latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo
rate by 25 basis points to 8% with immediate effect in an effort to
contain rising inflation.
India's second largest private sector bank by net profit HDFC Bank
declined 3.45% to Rs 1,123.35. India's largest private sector bank
by net profit ICICI Bank rose 3.03% to Rs 764.80.
India's largest dedicated housing finance firm by operating income
HDFC declined 1.78% to Rs 2,133.30. HDFC chairman Deepak Parekh
said on Thursday, 12 June 2008, HDFC will take a decision on
raising interest rates on home loans by end of this month. He said
there was upward pressure on interest rates.
Tata Consultancy Services (up 2.16% to Rs 907.65), Tata Motors (up
1.74% to Rs 516.20), ONGC (up 1.21% to Rs 841.25), Bharat Heavy
Electricals (up 2.79% to Rs 1,561.10), and ACC (up 0.31% to Rs
634.10), edged higher from Sensex pack.
Jaiprakash Associates (down 4.03% to Rs 178.70), Cipla (down 2.63%
to Rs 211.30), Maruti Suzuki India (down 1.97% to Rs 721.85),
Grasim Industries (down 1.27% to Rs 2,182.30), ITC (down 1.25% to
Rs 197.45) edged lower from Sensex pack.
India's third largest IT exporter by sales Wipro declined 1.09% to
Rs 477.85. It is reportedly bidding for 12 contracts worth at least
$100 million each as it seeks bigger clients.
India' largest engineering and construction firm by sales Larsen &
Toubro was up 0.25% to Rs 2,710.15. Due to unfavourable market
condition, L&T has reportedly decided to delay the listing of its
software business unit L&T Infotech to 2009-10. The firm had
earlier decided to go for L&T Infotech's initial public offer in
the second half of this fiscal.
Chambal Fertiliser and Chemicals clocked the highest volume of 2.8
crore shares on BSE. Nagarjuna Fertiliser and Chemicals (1.78 crore
shares), Reliance Petroleum (1.37 crore shares), Reliance Natural
Resources (1.29 crore shares) and IFCI (1.26 crore shares) were
other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 269.58 crore on
BSE. Anu's Laboratories (Rs 261.64 crore), Chambal Fertiliser and
Chemicals (Rs 248.3 crore), Reliance Petroleum (Rs 246.7 crore) and
Reliance Industries (Rs 220.7 crore) were the other turnover
toppers in that order.
Asian markets were trading mixed. Key benchmark indices in Hong
Kong, China, South Korea, were down by between 0.99% to 3%. Key
benchmark indices in Japan, Singapore and Taiwan were up by between
0.46% to 0.54%.
US stocks rose on Thursday after a stronger-than-expected May 2008
retail sales report and a $46 billion takeover bid for
Anheuser-Busch from an overseas rival helped the market recover
from a string of deep losses. The Dow Jones Industrial Average
gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq
Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12
hit last Friday, 6 June 2008.
Short covering by traders following improved industrial production
data for April 2008 triggered a strong intra-day rebound on the
bourses yesterday, 12 June 2008. The barometer index BSE Sensex
gained 64.88 points or 0.43% to settle at 15,250.20, bouncing back
from an intra-day 437.33-points fall.
The market's concerns are that higher interest rates will raise
borrowing costs and hit bottom line of corporates. Banks are likely
to raise interest following a strong signal from the Reserve Bank
of India (RBI) that banks' cost of funds is headed north when the
central bank raised repo rate, a short term rate, by 25 basis
points on Wednesday, 11 June 2008. The repo rate is the rate at
which RBI lends money to banks under its liquidity adjustment
facility.
The stock market's another concern is that high interest rates may
delay expansion plans of corporates which in turn may impact future
earnings growth. A latest research report released by Lehman
Brothers pointed out that the cost of borrowing is likely to
increase further. According to Lehman inflation is unlikely to
tread below 8% in 2008. Lehman expects another 25 basis points hike
in repo rate in third quarter and a 100 basis points hike in banks'
cash reserve ratio (CRR) later this year.
A surge in global commodity prices led by crude oil spooked stocks
across the globe in the past few days. In India, foreign funds have
pressed heavy sales. FIIs sold shares worth a net Rs 5321.50 crore
in the first few days of this month, till 11 June 2008. They had
dumped stocks worth a net Rs 5011.50 crore in May 2008. Their
outflow in calendar 2008 reached Rs 20690.90 crore, till 11 June
2008. There has been heavy buying by domestic funds led by
insurance firms in the past few days, but that has failed to stop
the slide on the bourses.
India's economic growth has slowed down as fall in consumer demand
caused by rise in interest rates. Industrial output rose 8.1% in
2007/08 (April-March) compared with 11.6% growth in 2006/07.
According to a report on the Indian economy made at the beginning
of this month by Morgan Stanley, weak consumption growth and
slowing business investment will slow India's gross domestic growth
(GDP) growth to 6.7% in the quarter ending March 2009 from 8.8%
growth in the quarter ended March 2008. It, however, states that,
on a long-term basis, an interplay of three key macro factors viz.
favourable demographics, continuation of economic reform process by
the government, and globalization, justify a gradual speeding up in
India's pace of growth.
According to a recent monthly June 2008 strategy report by HSBC
Global Research, a possibility of Left parties withdrawing support
to the government at the centre over the fuel price hike issue,
cannot be ruled out. In such an environment with prospects of
mid-term polls, the stock market is likely to remain nervous, HSBC
says. Parliamentary elections are due in India in May 2009. The
Union government on Wednesday, 4 June 2008, raised retail petrol
and diesel prices by about 10%, more than expected, to help curb
losses at its state-owned refiners arising from surging global
crude oil prices.
showing a surge in inflation to a seven-year high and weak European
markets kept bulls in check. Sensex had gained 360.95 points in
last two trading sessions supported by strong global cues and
robust April 2008 industrial production data announced by the
Indian government during trading hours on 12 June 2008.
After holding in green for a better part of the day, banking
declined in late trade. FMCG, power, realty and metal stocks fell.
Investors took shelter in small-cap and mid-cap stocks causing
sharply rally in some of the stocks in this segment.
A near term trigger for the market will be corporate advance tax
payments for the first installment which falls due on 15 June 2008.
The income tax law requires a company to 15% the estimated tax
liability for the year as advance tax in the first installment. The
advance tax payment by the corporate sector will give a cue on Q1
June 2008 results.
Inflation based on the the wholesale price index rose 8.75% in the
12 months to 31 May 2008, above the previous week's annual rise of
8.24%, government data released today, 13 June 2008, afternoon
showed. The reading is highest since 10 February 2001, when it was
8.77%.
European stocks drifted lower, trimming some of the previous
session's gains as inflation worries remained high on investors'
minds ahead of US consumer price data. Key benchmark indices in
France, Germany and UK were down by between 0.41% to 0.89%.
In a relatively range bound trade, the 30-share BSE Sensex lost
60.58 points or 0.4% at 15,189.62. At the day's low of 15,135.81,
Sensex lost 114.39 points in mid-afternoon trade. At the day's high
of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 22.25 points or 0.49% at
4,517.10. Nifty June 2008 futures were at 4482.10, at a discount of
35 points as compared to spot closing of 4517.10.
The BSE clocked a turnover of Rs 5,827 crore today as compared to a
turnover of Rs 6,233.42 crore on 12 June 2008.
NSE's futures & options (F&O) segment turnover was Rs 41,003.40
crore, which was lower than Rs 52,333.46 crore on Thursday, 12 June
2008.
The market breadth was positive on BSE with 1,445 shares advancing
as compared to 1156 that declined. 77 remained unchanged. Among the
30 stocks from Sensex pack, 21 were trading in red.
The BSE Mid-Cap index rose 0.08% to 6,228.17 and BSE Small-Cap
index was up 0.74% to 7,581.72. Both these indices outperformed
Sensex.
BSE Consumer Durables index (up 1.74% to 3,981.55), BSE HealthCare
index (up 1.19% at 4,494.02), BSE Bankex (up 0.26% at 7,056.24),
BSE Capital Goods (up 0.25% at 12,019.16), BSE PSU index (up 0.11%
to 6,528.94), BSE TecK index (down 0.18% to 3,381.05), BSE IT index
(down 0.22% to 4,336.06) outperformed Sensex.
The BSE Realty index (down 2.59% at 5,670.23), BSE Metal index
(down 2.08% to 15,185.92), BSE FMCG index (down 1.2% to 2,241.53),
BSE Power index (down 1.08% to 2,627.73), The BSE Auto (down 0.45%
at 4,129.79), BSE Oil & Gas index (down 0.58% to 9,917.01)
underperformed Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries declined 0.59% to Rs 2,268.30.
Healthcare stocks rose. India's biggest drugmaker by sales Ranbaxy
Laboratories rose 4.31% to Rs 566.90. The stock rose on heavy
volume of 22.34 lakh shares on BSE. Drug maker Pfizer Inc may
reportedly make a hostile bid for the 65% stake in Ranbaxy not held
by its founders. Daiichi Sankyo Co., Japan's third-largest drug
maker, had agreed on 11 June 2008 to buy a controlling stake in
Ranbaxy for as much as $4.6 billion.
Pfizer's Indian arm surged 4.76% to Rs 620. Dr Reddy's Laboratories
(up 3.96% to Rs 728.55) and Biocon (up 1.34% to Rs 483.15) edged
higher.
Rate sensitive realty stocks fell after last two days' gains.
Indiabulls Real Estate (down 5.52% to Rs 373.15), DLF (down 3.61%
to Rs 479.75) and Unitech (down 1% to Rs 187.25) edged lower.
Metal stocks declined. Steel Authority of India (down 1.81% to Rs
159.80), Sterlite Industries (down 4.27% to Rs 770.40), Hindalco
Industries (down 1.27% to Rs 175.40) and Tata Steel (down 1.81% to
Rs 841.35) edged lower. However India's second largest aluminium
producer by sales National Aluminium Company rose 1.89% to Rs
489.40.
Power stocks edged lower. Tata Power Company (down 4.87% to Rs
1,252.45), Reliance Infrastructure (down 2.5% to Rs 1,020.30), NTPC
(down 1.23% to Rs 161.10) edged lower.
FMCG stocks declined. Hindustan Unilever (down 2.54% to Rs 226.55),
ITC (down 1.25% to Rs 197.45) and Nestle India (down 1.12% to Rs
1,700) edged lower.
Bank stocks declined after data released today afternoon showed a
surge in inflation to highest level in more than seven years.
India's largest commercial bank State Bank of India declined 0.38%
to Rs 1,334.55. The asset-liability committee of State Bank of
India (SBI), will be reviewing interest rates today following the
latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo
rate by 25 basis points to 8% with immediate effect in an effort to
contain rising inflation.
India's second largest private sector bank by net profit HDFC Bank
declined 3.45% to Rs 1,123.35. India's largest private sector bank
by net profit ICICI Bank rose 3.03% to Rs 764.80.
India's largest dedicated housing finance firm by operating income
HDFC declined 1.78% to Rs 2,133.30. HDFC chairman Deepak Parekh
said on Thursday, 12 June 2008, HDFC will take a decision on
raising interest rates on home loans by end of this month. He said
there was upward pressure on interest rates.
Tata Consultancy Services (up 2.16% to Rs 907.65), Tata Motors (up
1.74% to Rs 516.20), ONGC (up 1.21% to Rs 841.25), Bharat Heavy
Electricals (up 2.79% to Rs 1,561.10), and ACC (up 0.31% to Rs
634.10), edged higher from Sensex pack.
Jaiprakash Associates (down 4.03% to Rs 178.70), Cipla (down 2.63%
to Rs 211.30), Maruti Suzuki India (down 1.97% to Rs 721.85),
Grasim Industries (down 1.27% to Rs 2,182.30), ITC (down 1.25% to
Rs 197.45) edged lower from Sensex pack.
India's third largest IT exporter by sales Wipro declined 1.09% to
Rs 477.85. It is reportedly bidding for 12 contracts worth at least
$100 million each as it seeks bigger clients.
India' largest engineering and construction firm by sales Larsen &
Toubro was up 0.25% to Rs 2,710.15. Due to unfavourable market
condition, L&T has reportedly decided to delay the listing of its
software business unit L&T Infotech to 2009-10. The firm had
earlier decided to go for L&T Infotech's initial public offer in
the second half of this fiscal.
Chambal Fertiliser and Chemicals clocked the highest volume of 2.8
crore shares on BSE. Nagarjuna Fertiliser and Chemicals (1.78 crore
shares), Reliance Petroleum (1.37 crore shares), Reliance Natural
Resources (1.29 crore shares) and IFCI (1.26 crore shares) were
other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 269.58 crore on
BSE. Anu's Laboratories (Rs 261.64 crore), Chambal Fertiliser and
Chemicals (Rs 248.3 crore), Reliance Petroleum (Rs 246.7 crore) and
Reliance Industries (Rs 220.7 crore) were the other turnover
toppers in that order.
Asian markets were trading mixed. Key benchmark indices in Hong
Kong, China, South Korea, were down by between 0.99% to 3%. Key
benchmark indices in Japan, Singapore and Taiwan were up by between
0.46% to 0.54%.
US stocks rose on Thursday after a stronger-than-expected May 2008
retail sales report and a $46 billion takeover bid for
Anheuser-Busch from an overseas rival helped the market recover
from a string of deep losses. The Dow Jones Industrial Average
gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq
Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12
hit last Friday, 6 June 2008.
Short covering by traders following improved industrial production
data for April 2008 triggered a strong intra-day rebound on the
bourses yesterday, 12 June 2008. The barometer index BSE Sensex
gained 64.88 points or 0.43% to settle at 15,250.20, bouncing back
from an intra-day 437.33-points fall.
The market's concerns are that higher interest rates will raise
borrowing costs and hit bottom line of corporates. Banks are likely
to raise interest following a strong signal from the Reserve Bank
of India (RBI) that banks' cost of funds is headed north when the
central bank raised repo rate, a short term rate, by 25 basis
points on Wednesday, 11 June 2008. The repo rate is the rate at
which RBI lends money to banks under its liquidity adjustment
facility.
The stock market's another concern is that high interest rates may
delay expansion plans of corporates which in turn may impact future
earnings growth. A latest research report released by Lehman
Brothers pointed out that the cost of borrowing is likely to
increase further. According to Lehman inflation is unlikely to
tread below 8% in 2008. Lehman expects another 25 basis points hike
in repo rate in third quarter and a 100 basis points hike in banks'
cash reserve ratio (CRR) later this year.
A surge in global commodity prices led by crude oil spooked stocks
across the globe in the past few days. In India, foreign funds have
pressed heavy sales. FIIs sold shares worth a net Rs 5321.50 crore
in the first few days of this month, till 11 June 2008. They had
dumped stocks worth a net Rs 5011.50 crore in May 2008. Their
outflow in calendar 2008 reached Rs 20690.90 crore, till 11 June
2008. There has been heavy buying by domestic funds led by
insurance firms in the past few days, but that has failed to stop
the slide on the bourses.
India's economic growth has slowed down as fall in consumer demand
caused by rise in interest rates. Industrial output rose 8.1% in
2007/08 (April-March) compared with 11.6% growth in 2006/07.
According to a report on the Indian economy made at the beginning
of this month by Morgan Stanley, weak consumption growth and
slowing business investment will slow India's gross domestic growth
(GDP) growth to 6.7% in the quarter ending March 2009 from 8.8%
growth in the quarter ended March 2008. It, however, states that,
on a long-term basis, an interplay of three key macro factors viz.
favourable demographics, continuation of economic reform process by
the government, and globalization, justify a gradual speeding up in
India's pace of growth.
According to a recent monthly June 2008 strategy report by HSBC
Global Research, a possibility of Left parties withdrawing support
to the government at the centre over the fuel price hike issue,
cannot be ruled out. In such an environment with prospects of
mid-term polls, the stock market is likely to remain nervous, HSBC
says. Parliamentary elections are due in India in May 2009. The
Union government on Wednesday, 4 June 2008, raised retail petrol
and diesel prices by about 10%, more than expected, to help curb
losses at its state-owned refiners arising from surging global
crude oil prices.
Friday, June 13, 2008
Market volatile after inflation data
The key benchmark indices were volatile after inflation data which hit the market in early afternoon trade. Banking, IT stocks rose while realty and metal stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
Inflation based on the the wholesale price index rose 8.75% in the 12 months to 31 May 2008, above the previous week's annual rise of 8.24%, government data released today, 13 June 2008, afternoon showed. The reading is highest since 10 February 2001, when it was 8.77%.
At 12:20 IST, the 30-share BSE Sensex was down 61.45 points or 0.4% at 15,190.14. At the day’s low of 15,149.98, Sensex lost 100.20 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 33.35 points or 0.73% at 4,506.
The market breadth was positive on BSE with 1,264 shares advancing as compared to 1,026 that declined. 73 remained unchanged. Among the 30 stocks from Sensex pack, 20 were trading in red.
The BSE Mid-Cap index rose 0.03% to 6,225.55 and BSE Small-Cap index up 0.59% to 7,570.26. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.3% to Rs 2,275.
Bank stocks shrugged off higher inflation data announced today. India’s largest commercial bank State Bank of India rose 0.32% to Rs 1,344. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 2.13% to Rs 758.10. India’s second largest private sector bank by net profit HDFC Bank declined 2.15% to Rs 1,139.
India’s largest dedicated housing finance firm by operating income HDFC declined 1.1% to Rs 2,147.90. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
IT stocks rose. Tata Consultancy Services (up 2.43% to Rs 911), Infosys (up 0.66% to Rs 1,890) and Satyam Computer Services (up 0.32% to Rs 485.85) edged higher.
India’s third largest IT exporter by sales Wipro declined 1.36% to Rs 476.55. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
Metal stocks declined. Steel Authority of India (down 2.98% to Rs 157.95), Sterlite Industries (down 2.21% to Rs 778), National Aluminium Company (down 2.35% to Rs 469), Hindalco Industries (down 0.93% to Rs 176) and Tata Steel (down 0.62% to Rs 851.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.48% to Rs 377.30), DLF (down 1.95% to Rs 488) and Unitech (down 1.98% to Rs 185.40) edged lower.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 4.32% to Rs 566.50. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion. Pfizer's Indian arm surged 5.99% to Rs 627.30.
Ambuja Cements (up 0.81% to Rs 86.65), Bharat Heavy Electricals (up 0.54% to Rs 1,527.95), and ACC (up 0.47% to Rs 635.25) edged higher from Sensex pack.
Hindustan Unilever (down 2.34% to Rs 227), Maruti Suzuki India (down 2.29% to Rs 719.50), NTPC (down 1.84% to Rs 160.20), Cipla (down 2.05% to Rs 212.55), ITC (down 1.75% to Rs 196), Reliance Infrastrucutre (down 1.77% to Rs 1,029), and Jaiprakash Associates (down 1.91% to Rs 182.65) edged lower from Sensex pack.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.09% to Rs 2,704. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Inflation based on the the wholesale price index rose 8.75% in the 12 months to 31 May 2008, above the previous week's annual rise of 8.24%, government data released today, 13 June 2008, afternoon showed. The reading is highest since 10 February 2001, when it was 8.77%.
At 12:20 IST, the 30-share BSE Sensex was down 61.45 points or 0.4% at 15,190.14. At the day’s low of 15,149.98, Sensex lost 100.20 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 33.35 points or 0.73% at 4,506.
The market breadth was positive on BSE with 1,264 shares advancing as compared to 1,026 that declined. 73 remained unchanged. Among the 30 stocks from Sensex pack, 20 were trading in red.
The BSE Mid-Cap index rose 0.03% to 6,225.55 and BSE Small-Cap index up 0.59% to 7,570.26. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.3% to Rs 2,275.
Bank stocks shrugged off higher inflation data announced today. India’s largest commercial bank State Bank of India rose 0.32% to Rs 1,344. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 2.13% to Rs 758.10. India’s second largest private sector bank by net profit HDFC Bank declined 2.15% to Rs 1,139.
India’s largest dedicated housing finance firm by operating income HDFC declined 1.1% to Rs 2,147.90. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
IT stocks rose. Tata Consultancy Services (up 2.43% to Rs 911), Infosys (up 0.66% to Rs 1,890) and Satyam Computer Services (up 0.32% to Rs 485.85) edged higher.
India’s third largest IT exporter by sales Wipro declined 1.36% to Rs 476.55. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
Metal stocks declined. Steel Authority of India (down 2.98% to Rs 157.95), Sterlite Industries (down 2.21% to Rs 778), National Aluminium Company (down 2.35% to Rs 469), Hindalco Industries (down 0.93% to Rs 176) and Tata Steel (down 0.62% to Rs 851.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.48% to Rs 377.30), DLF (down 1.95% to Rs 488) and Unitech (down 1.98% to Rs 185.40) edged lower.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 4.32% to Rs 566.50. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion. Pfizer's Indian arm surged 5.99% to Rs 627.30.
Ambuja Cements (up 0.81% to Rs 86.65), Bharat Heavy Electricals (up 0.54% to Rs 1,527.95), and ACC (up 0.47% to Rs 635.25) edged higher from Sensex pack.
Hindustan Unilever (down 2.34% to Rs 227), Maruti Suzuki India (down 2.29% to Rs 719.50), NTPC (down 1.84% to Rs 160.20), Cipla (down 2.05% to Rs 212.55), ITC (down 1.75% to Rs 196), Reliance Infrastrucutre (down 1.77% to Rs 1,029), and Jaiprakash Associates (down 1.91% to Rs 182.65) edged lower from Sensex pack.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.09% to Rs 2,704. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Subdued trend prevails ahead of inflation data
The key benchmark indices were trading lower in the mid-morning trade. Market had seen a bout of volatility in early trade. The market is awaiting weekly inflation data which will be announced by the government at about 12:00 IST today. Banking and healthcare stocks rose while realty and metal stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
At 11:23 IST, the 30-share BSE Sensex was down 53.04 points or 0.35% at 15,194.56. At the day’s low of 15,162.48, Sensex lost 87.72 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 27.5 points or 0.61% at 4,511.85.
The market breadth was strong on BSE with 1,221 shares advancing as compared to 886 that declined. 63 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.32% to 6,243.18 and BSE Small-Cap index up 0.72% to 7,580.44. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.31% to Rs 2,274.90.
Metal stocks declined. Steel Authority of India (down 2.58% to Rs 158.60), Sterlite Industries (down 2.38% to Rs 786), National Aluminium Company (down 1.96% to Rs 470.90), Hindalco Industries (down 1.21% to Rs 175.50) and Tata Steel (down 1.17% to Rs 846.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.05% to Rs 378.95), DLF (down 2.39% to Rs 485.80) and Unitech (down 1.56% to Rs 186.05) edged lower.
Healthcare stocks rose. India’s biggest drugmaker by sales Ranbaxy Laboratories rose 3.05% to Rs 560.05. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
Pfizer's Indian arm surged 7.88% to Rs 638.50. Wockhardt (up 2.85% to Rs 251) and Dr Reddy’s Laboratories (up 0.34% to Rs 703.20) edged higher.
Banking stocks rose. India’s largest commercial bank State Bank of India rose 0.73% to Rs 1,349.45. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 1.63% to Rs 754.40.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.64% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Tata Motors (up 0.85% to Rs 511.65), Tata Consultancy Services (up 0.73% to Rs 895), Bharat Heavy Electricals (up 0.41% to Rs 1,525), Infosys (up 0.29% to Rs 1,883) and ACC (up 0.28% to Rs 634.45) edged higher from Sensex pack.
Hindustan Unilever (down 2.17% to Rs 227.40), Maruti Suzuki India (down 1.99% to Rs 721.70), NTPC (down 1.81% to Rs 160.20), Reliance Infrastrucutre (down 1.67% to Rs 1,029), and Jaiprakash Associates (down 1.53% to Rs 183.35) edged lower from Sensex pack.
India’s third largest IT exporter by sales Wipro declined 1.74% to Rs 474.70. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.16% to Rs 2,701. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Jammu & Kashmir Bank rose 1.26% to Rs 621.85 after it raised its prime lending rate (PLR) by 100 basis points to 14%, with effect from 12 June 2008.
Financial Technologies rose 0.26% to Rs 1,529. The company’s net profit declined 7.7% to Rs 24.85 on 27.3% rise in sales to Rs 39.28 crore in Q4 March 2008 over Q4 March 2007.The company announced result after market hours on 12 June 2008.
IFCI declined 1.77% to Rs 58.30. The board has approved the initiation of the legal process for aligning the stake of LIC to 8.39% as requested by LIC from its current stake of 11.35% in the company.
At 11:23 IST, the 30-share BSE Sensex was down 53.04 points or 0.35% at 15,194.56. At the day’s low of 15,162.48, Sensex lost 87.72 points in mid-morning trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 27.5 points or 0.61% at 4,511.85.
The market breadth was strong on BSE with 1,221 shares advancing as compared to 886 that declined. 63 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.32% to 6,243.18 and BSE Small-Cap index up 0.72% to 7,580.44. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.31% to Rs 2,274.90.
Metal stocks declined. Steel Authority of India (down 2.58% to Rs 158.60), Sterlite Industries (down 2.38% to Rs 786), National Aluminium Company (down 1.96% to Rs 470.90), Hindalco Industries (down 1.21% to Rs 175.50) and Tata Steel (down 1.17% to Rs 846.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.05% to Rs 378.95), DLF (down 2.39% to Rs 485.80) and Unitech (down 1.56% to Rs 186.05) edged lower.
Healthcare stocks rose. India’s biggest drugmaker by sales Ranbaxy Laboratories rose 3.05% to Rs 560.05. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
Pfizer's Indian arm surged 7.88% to Rs 638.50. Wockhardt (up 2.85% to Rs 251) and Dr Reddy’s Laboratories (up 0.34% to Rs 703.20) edged higher.
Banking stocks rose. India’s largest commercial bank State Bank of India rose 0.73% to Rs 1,349.45. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
India’s largest private sector bank by net profit ICICI Bank rose 1.63% to Rs 754.40.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.64% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Tata Motors (up 0.85% to Rs 511.65), Tata Consultancy Services (up 0.73% to Rs 895), Bharat Heavy Electricals (up 0.41% to Rs 1,525), Infosys (up 0.29% to Rs 1,883) and ACC (up 0.28% to Rs 634.45) edged higher from Sensex pack.
Hindustan Unilever (down 2.17% to Rs 227.40), Maruti Suzuki India (down 1.99% to Rs 721.70), NTPC (down 1.81% to Rs 160.20), Reliance Infrastrucutre (down 1.67% to Rs 1,029), and Jaiprakash Associates (down 1.53% to Rs 183.35) edged lower from Sensex pack.
India’s third largest IT exporter by sales Wipro declined 1.74% to Rs 474.70. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro was down 0.16% to Rs 2,701. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Jammu & Kashmir Bank rose 1.26% to Rs 621.85 after it raised its prime lending rate (PLR) by 100 basis points to 14%, with effect from 12 June 2008.
Financial Technologies rose 0.26% to Rs 1,529. The company’s net profit declined 7.7% to Rs 24.85 on 27.3% rise in sales to Rs 39.28 crore in Q4 March 2008 over Q4 March 2007.The company announced result after market hours on 12 June 2008.
IFCI declined 1.77% to Rs 58.30. The board has approved the initiation of the legal process for aligning the stake of LIC to 8.39% as requested by LIC from its current stake of 11.35% in the company.
Market drifts lower amid volatility
The key benchmark indices opened positive but soon slipped in red in amid volatility ahead of inflation data to be announced by the government at about 12:00 IST today. Banking stocks rose while realty stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
At 10:30 IST, the 30-share BSE Sensex was down 43.62 points or 0.29% at 15,206.79. At the day’s low of 15,201.21, Sensex lost 48.99 points in early trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 23 points or 0.51% at 4,516.35.
The market breadth was strong on BSE with 1,011 shares advancing as compared to 694 that declined. 52 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.26% to 6,239.89 and BSE Small-Cap index up 0.69% to 7,577.98. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was flat at Rs 2,284.50.
Banking stocks rose. India’s largest commercial bank State Bank of India was flat at Rs 1,339.50. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
HDFC Bank (up 0.12% to Rs 1164.85) and ICICI Bank (up 1.95% to Rs 756.80) edged higher.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.69% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Realty sector which had seen some buying in last two days fell today. Indiabulls Real Estate (down 2.77% to Rs 384), DLF (down 1.1% to Rs 492.25) and Unitech (down 0.98% to Rs 186.95) edged lower.
Bharat Heavy Electricals (up 0.74% to Rs 1,530), Infosys (up 0.66% to Rs 1,890), Tata Consultancy Services (up 0.56% to Rs 893.50), Tata Motors (up 0.68% to Rs 510.80) and Larsen & Toubro (up 0.24% to Rs 2,708) edged higher from Sensex pack.
Maruti Suzuki India (down 1.61% to Rs 724.50), Reliance Infrastrucutre (down 1.53% to Rs 1,030.50), NTPC (down 1.29% to Rs 161), Hindustan Unilever (down 1.4% to Rs 229.20) and Tata Steel (down 0.86% to Rs 849.50) edged lower from Sensex pack.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 2.75% to Rs 558.40. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
India’s third largest IT exporte by sales Wipro rose 0.4% to Rs 485.05. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro rose 1.21% to Rs 2,736. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
Sun Pharmaceutical Industries declined 0.8% to Rs 1,465. Sanofi-Aventis SA, France's largest drugmaker, has reportedly sued Sun Pharmaceutical Industries, alleging infringement of a US patent for Uroxatral, used to treat an enlarged prostate gland.
Jet Airways rose 1.26% to Rs 550. It has reportedly decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. SpiceJet has a market capitalisation of around Rs 801.36 crore (as on 12 June 2008). However, the key shareholders of Spicejet have valued the company at Rs 1,200 crore to Rs 1,320 crore and are not ready to sell it below this price, the reports added.
Essar Steel Holdings was flat at Rs 51.80. US-based steel firm Esmark Inc has reportedly rejected a $1.24 billion takeover offer by Russia's Severstal. The decision came a day after Essar Steel Holdings said it intends to increase its own offer for Esmark to $19 per share -- $2 per share more than Severstal's offer.
Asian markets were trading mixed. Key benchmark indices in Hong Kong, South Korea, were down by between 0.47% to 0.76%. Key benchmark indices in Japan, Singapore and Taiwan were up by between 0.32% to 1.13%.
US stocks rose on Thursday after a stronger-than-expected May 2008 retail sales report and a $46 billion takeover bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. The Dow Jones Industrial Average gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, 6 June 2008.
At 10:30 IST, the 30-share BSE Sensex was down 43.62 points or 0.29% at 15,206.79. At the day’s low of 15,201.21, Sensex lost 48.99 points in early trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 23 points or 0.51% at 4,516.35.
The market breadth was strong on BSE with 1,011 shares advancing as compared to 694 that declined. 52 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.26% to 6,239.89 and BSE Small-Cap index up 0.69% to 7,577.98. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was flat at Rs 2,284.50.
Banking stocks rose. India’s largest commercial bank State Bank of India was flat at Rs 1,339.50. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
HDFC Bank (up 0.12% to Rs 1164.85) and ICICI Bank (up 1.95% to Rs 756.80) edged higher.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.69% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Realty sector which had seen some buying in last two days fell today. Indiabulls Real Estate (down 2.77% to Rs 384), DLF (down 1.1% to Rs 492.25) and Unitech (down 0.98% to Rs 186.95) edged lower.
Bharat Heavy Electricals (up 0.74% to Rs 1,530), Infosys (up 0.66% to Rs 1,890), Tata Consultancy Services (up 0.56% to Rs 893.50), Tata Motors (up 0.68% to Rs 510.80) and Larsen & Toubro (up 0.24% to Rs 2,708) edged higher from Sensex pack.
Maruti Suzuki India (down 1.61% to Rs 724.50), Reliance Infrastrucutre (down 1.53% to Rs 1,030.50), NTPC (down 1.29% to Rs 161), Hindustan Unilever (down 1.4% to Rs 229.20) and Tata Steel (down 0.86% to Rs 849.50) edged lower from Sensex pack.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 2.75% to Rs 558.40. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
India’s third largest IT exporte by sales Wipro rose 0.4% to Rs 485.05. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro rose 1.21% to Rs 2,736. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
Sun Pharmaceutical Industries declined 0.8% to Rs 1,465. Sanofi-Aventis SA, France's largest drugmaker, has reportedly sued Sun Pharmaceutical Industries, alleging infringement of a US patent for Uroxatral, used to treat an enlarged prostate gland.
Jet Airways rose 1.26% to Rs 550. It has reportedly decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. SpiceJet has a market capitalisation of around Rs 801.36 crore (as on 12 June 2008). However, the key shareholders of Spicejet have valued the company at Rs 1,200 crore to Rs 1,320 crore and are not ready to sell it below this price, the reports added.
Essar Steel Holdings was flat at Rs 51.80. US-based steel firm Esmark Inc has reportedly rejected a $1.24 billion takeover offer by Russia's Severstal. The decision came a day after Essar Steel Holdings said it intends to increase its own offer for Esmark to $19 per share -- $2 per share more than Severstal's offer.
Asian markets were trading mixed. Key benchmark indices in Hong Kong, South Korea, were down by between 0.47% to 0.76%. Key benchmark indices in Japan, Singapore and Taiwan were up by between 0.32% to 1.13%.
US stocks rose on Thursday after a stronger-than-expected May 2008 retail sales report and a $46 billion takeover bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. The Dow Jones Industrial Average gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, 6 June 2008.
Market drifts lower amid volatility
The key benchmark indices opened positive but soon slipped in red in amid volatility ahead of inflation data to be announced by the government at about 12:00 IST today. Banking stocks rose while realty stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
At 10:30 IST, the 30-share BSE Sensex was down 43.62 points or 0.29% at 15,206.79. At the day’s low of 15,201.21, Sensex lost 48.99 points in early trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 23 points or 0.51% at 4,516.35.
The market breadth was strong on BSE with 1,011 shares advancing as compared to 694 that declined. 52 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.26% to 6,239.89 and BSE Small-Cap index up 0.69% to 7,577.98. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was flat at Rs 2,284.50.
Banking stocks rose. India’s largest commercial bank State Bank of India was flat at Rs 1,339.50. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
HDFC Bank (up 0.12% to Rs 1164.85) and ICICI Bank (up 1.95% to Rs 756.80) edged higher.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.69% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Realty sector which had seen some buying in last two days fell today. Indiabulls Real Estate (down 2.77% to Rs 384), DLF (down 1.1% to Rs 492.25) and Unitech (down 0.98% to Rs 186.95) edged lower.
Bharat Heavy Electricals (up 0.74% to Rs 1,530), Infosys (up 0.66% to Rs 1,890), Tata Consultancy Services (up 0.56% to Rs 893.50), Tata Motors (up 0.68% to Rs 510.80) and Larsen & Toubro (up 0.24% to Rs 2,708) edged higher from Sensex pack.
Maruti Suzuki India (down 1.61% to Rs 724.50), Reliance Infrastrucutre (down 1.53% to Rs 1,030.50), NTPC (down 1.29% to Rs 161), Hindustan Unilever (down 1.4% to Rs 229.20) and Tata Steel (down 0.86% to Rs 849.50) edged lower from Sensex pack.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 2.75% to Rs 558.40. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
India’s third largest IT exporte by sales Wipro rose 0.4% to Rs 485.05. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro rose 1.21% to Rs 2,736. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
Sun Pharmaceutical Industries declined 0.8% to Rs 1,465. Sanofi-Aventis SA, France's largest drugmaker, has reportedly sued Sun Pharmaceutical Industries, alleging infringement of a US patent for Uroxatral, used to treat an enlarged prostate gland.
Jet Airways rose 1.26% to Rs 550. It has reportedly decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. SpiceJet has a market capitalisation of around Rs 801.36 crore (as on 12 June 2008). However, the key shareholders of Spicejet have valued the company at Rs 1,200 crore to Rs 1,320 crore and are not ready to sell it below this price, the reports added.
Essar Steel Holdings was flat at Rs 51.80. US-based steel firm Esmark Inc has reportedly rejected a $1.24 billion takeover offer by Russia's Severstal. The decision came a day after Essar Steel Holdings said it intends to increase its own offer for Esmark to $19 per share -- $2 per share more than Severstal's offer.
Asian markets were trading mixed. Key benchmark indices in Hong Kong, South Korea, were down by between 0.47% to 0.76%. Key benchmark indices in Japan, Singapore and Taiwan were up by between 0.32% to 1.13%.
US stocks rose on Thursday after a stronger-than-expected May 2008 retail sales report and a $46 billion takeover bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. The Dow Jones Industrial Average gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, 6 June 2008.
At 10:30 IST, the 30-share BSE Sensex was down 43.62 points or 0.29% at 15,206.79. At the day’s low of 15,201.21, Sensex lost 48.99 points in early trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 23 points or 0.51% at 4,516.35.
The market breadth was strong on BSE with 1,011 shares advancing as compared to 694 that declined. 52 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.26% to 6,239.89 and BSE Small-Cap index up 0.69% to 7,577.98. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was flat at Rs 2,284.50.
Banking stocks rose. India’s largest commercial bank State Bank of India was flat at Rs 1,339.50. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
HDFC Bank (up 0.12% to Rs 1164.85) and ICICI Bank (up 1.95% to Rs 756.80) edged higher.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.69% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Realty sector which had seen some buying in last two days fell today. Indiabulls Real Estate (down 2.77% to Rs 384), DLF (down 1.1% to Rs 492.25) and Unitech (down 0.98% to Rs 186.95) edged lower.
Bharat Heavy Electricals (up 0.74% to Rs 1,530), Infosys (up 0.66% to Rs 1,890), Tata Consultancy Services (up 0.56% to Rs 893.50), Tata Motors (up 0.68% to Rs 510.80) and Larsen & Toubro (up 0.24% to Rs 2,708) edged higher from Sensex pack.
Maruti Suzuki India (down 1.61% to Rs 724.50), Reliance Infrastrucutre (down 1.53% to Rs 1,030.50), NTPC (down 1.29% to Rs 161), Hindustan Unilever (down 1.4% to Rs 229.20) and Tata Steel (down 0.86% to Rs 849.50) edged lower from Sensex pack.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 2.75% to Rs 558.40. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
India’s third largest IT exporte by sales Wipro rose 0.4% to Rs 485.05. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro rose 1.21% to Rs 2,736. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
Sun Pharmaceutical Industries declined 0.8% to Rs 1,465. Sanofi-Aventis SA, France's largest drugmaker, has reportedly sued Sun Pharmaceutical Industries, alleging infringement of a US patent for Uroxatral, used to treat an enlarged prostate gland.
Jet Airways rose 1.26% to Rs 550. It has reportedly decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. SpiceJet has a market capitalisation of around Rs 801.36 crore (as on 12 June 2008). However, the key shareholders of Spicejet have valued the company at Rs 1,200 crore to Rs 1,320 crore and are not ready to sell it below this price, the reports added.
Essar Steel Holdings was flat at Rs 51.80. US-based steel firm Esmark Inc has reportedly rejected a $1.24 billion takeover offer by Russia's Severstal. The decision came a day after Essar Steel Holdings said it intends to increase its own offer for Esmark to $19 per share -- $2 per share more than Severstal's offer.
Asian markets were trading mixed. Key benchmark indices in Hong Kong, South Korea, were down by between 0.47% to 0.76%. Key benchmark indices in Japan, Singapore and Taiwan were up by between 0.32% to 1.13%.
US stocks rose on Thursday after a stronger-than-expected May 2008 retail sales report and a $46 billion takeover bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. The Dow Jones Industrial Average gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, 6 June 2008.
Pre Market Report 13/06/2008
The market may remain range bound with negative bias tracking subdued trend in Asian stocks. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and China were down by between 0.02% to 1.28%.
Short covering by traders following improved industrial production data for April 2008 triggered a strong intra-day rebound on the bourses yesterday, 12 June 2008. The barometer index BSE Sensex gained 64.88 points or 0.43% to settle at 15,250.20, bouncing back from an intra-day 437.33-points fall.
The market's concerns are that higher interest rates will raise borrowing costs and hit bottom line of corporates. Banks are likely to raise interest following a strong signal from the Reserve Bank of India (RBI) that banks' cost of funds is headed north when the central bank raised repo rate, a short term rate, by 25 basis points on Wednesday, 11 June 2008. The repo rate is the rate at which RBI lends money to banks under its liquidity adjustment facility.
The stock market's another concern is that high interest rates may delay expansion plans of corporates which in turn may impact future earnings growth. The market will now be guessing RBI's next move. The next quarterly monetary policy review of RBI is scheduled on 29 July 2008.
The asset-liability committee of State Bank of India (SBI), India's largest commercial, will be reviewing interest rates today following the latest RBI move. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates
A surge in global commodity prices led by crude oil spooked stocks across the globe in the past few days. In India, foreign funds have pressed heavy sales. FIIs sold shares worth a net Rs 5321.50 crore in the first few days of this month, till 11 June 2008. They had dumped stocks worth a net Rs 5011.50 crore in May 2008. Their outflow in calendar 2008 reached Rs 20690.90 crore, till 11 June 2008. There has been heavy buying by domestic funds led by insurance firms in the past few days, but that has failed to stop the slide on the bourses.
India's economic growth has slowed down as fall in consumer demand caused by rise in interest rates. Industrial output rose 8.1% in 2007/08 (April-March) compared with 11.6% growth in 2006/07.
According to a report on the Indian economy made at the beginning of this month by Morgan Stanley, weak consumption growth and slowing business investment will slow India's gross domestic growth (GDP) growth to 6.7% in the quarter ending March 2009 from 8.8% growth in the quarter ended March 2008. It, however, states that, on a long-term basis, an interplay of three key macro factors viz. favourable demographics, continuation of economic reform process by the government, and globalization, justify a gradual speeding up in India's pace of growth.
According to a recent monthly June 2008 strategy report by HSBC Global Research, a possibility of Left parties withdrawing support to the government at the centre over the fuel price hike issue, cannot be ruled out. In such an environment with prospects of mid-term polls, the stock market is likely to remain nervous, HSBC says. Parliamentary elections are due in India in May 2009. The Union government on Wednesday, 4 June 2008, raised retail petrol and diesel prices by about 10%, more than expected, to help curb losses at its state-owned refiners arising from surging global crude oil prices.
A near term trigger for the market will be corporate advance tax payments for the first installment which falls due on 15 June 2008. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
The government will today unveil inflation data for the year through 31 May 2008. Inflation based on the whole price index had climbed to 8.24% in year through 24 May 2008, the highest reading in nearly four years.
Short covering by traders following improved industrial production data for April 2008 triggered a strong intra-day rebound on the bourses yesterday, 12 June 2008. The barometer index BSE Sensex gained 64.88 points or 0.43% to settle at 15,250.20, bouncing back from an intra-day 437.33-points fall.
The market's concerns are that higher interest rates will raise borrowing costs and hit bottom line of corporates. Banks are likely to raise interest following a strong signal from the Reserve Bank of India (RBI) that banks' cost of funds is headed north when the central bank raised repo rate, a short term rate, by 25 basis points on Wednesday, 11 June 2008. The repo rate is the rate at which RBI lends money to banks under its liquidity adjustment facility.
The stock market's another concern is that high interest rates may delay expansion plans of corporates which in turn may impact future earnings growth. The market will now be guessing RBI's next move. The next quarterly monetary policy review of RBI is scheduled on 29 July 2008.
The asset-liability committee of State Bank of India (SBI), India's largest commercial, will be reviewing interest rates today following the latest RBI move. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates
A surge in global commodity prices led by crude oil spooked stocks across the globe in the past few days. In India, foreign funds have pressed heavy sales. FIIs sold shares worth a net Rs 5321.50 crore in the first few days of this month, till 11 June 2008. They had dumped stocks worth a net Rs 5011.50 crore in May 2008. Their outflow in calendar 2008 reached Rs 20690.90 crore, till 11 June 2008. There has been heavy buying by domestic funds led by insurance firms in the past few days, but that has failed to stop the slide on the bourses.
India's economic growth has slowed down as fall in consumer demand caused by rise in interest rates. Industrial output rose 8.1% in 2007/08 (April-March) compared with 11.6% growth in 2006/07.
According to a report on the Indian economy made at the beginning of this month by Morgan Stanley, weak consumption growth and slowing business investment will slow India's gross domestic growth (GDP) growth to 6.7% in the quarter ending March 2009 from 8.8% growth in the quarter ended March 2008. It, however, states that, on a long-term basis, an interplay of three key macro factors viz. favourable demographics, continuation of economic reform process by the government, and globalization, justify a gradual speeding up in India's pace of growth.
According to a recent monthly June 2008 strategy report by HSBC Global Research, a possibility of Left parties withdrawing support to the government at the centre over the fuel price hike issue, cannot be ruled out. In such an environment with prospects of mid-term polls, the stock market is likely to remain nervous, HSBC says. Parliamentary elections are due in India in May 2009. The Union government on Wednesday, 4 June 2008, raised retail petrol and diesel prices by about 10%, more than expected, to help curb losses at its state-owned refiners arising from surging global crude oil prices.
A near term trigger for the market will be corporate advance tax payments for the first installment which falls due on 15 June 2008. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.
The government will today unveil inflation data for the year through 31 May 2008. Inflation based on the whole price index had climbed to 8.24% in year through 24 May 2008, the highest reading in nearly four years.
Thursday, June 12, 2008
Post Market Report::12/06/2008
The stock market today managed to extend yesterday's gains as
improved April 2008 industrial production data, firm European
markets and higher US futures markets triggered rebound on domestic
bourses after an earlier steep intra-day fall. Consumer durables
stocks rose.
US futures markets were in green indicating positive start of US
markets later in the day. Dow Jones Industrial Average futures were
up 46 points and Nasdaq 100 futures were up 7.50 points.
The 30-share BSE Sensex gained 64.88 points or 0.43% at 15,250.20.
Sensex gained 85.53 points at day's high of 15,270.85 hit in late
trade. The market had slumped earlier in the day hit by Reserve
Bank of India (RBI)'s announcement of a repo rate rise, the first
hike in repo rate since March 2007, after trading hours on
Wednesday, 11 June 2008. Weak Asian markets further marred the
sentiment. At the day's low of 14,748.07, Sensex lost 437.32 points
in early trade.
The broader based S&P CNX Nifty rose 15.75 points or 0.35% at
4,539.35.
Nifty June 2008 futures were at 4500.55, at a discount of 38.80
points as compared to spot closing of 4539.35.
The BSE clocked a turnover of Rs 6209 crore today as compared to a
turnover of Rs 5,317.70 crore on 11 June 2008. NSE futures &
options (F&O) segment turnover was Rs 52,333.46 crore, which was
higher than Rs 45,775.86 crore on Wednesday, 11 June 2008.
Industrial production rose 7% in April 2008 from a year earlier,
rebounding strongly from the previous month's provisional 3% rise,
data released by the government today, 12 June 2008, afternoon
showed. Manufacturing production rose 7.5% in April 2008 from a
year earlier, compared with a provisional 2.9% growth in March
2008.
The Reserve Bank of India (RBI) on Wednesday, 11 June 2008, raised
short-term lending rate viz. the repo rate, by 25 basis points to
8% to contain inflation expectations. Banks are likely to raise
interest following a strong signal from RBI that banks' cost of
funds is headed north. Higher interest rates will raise borrowing
costs and hit bottom line of corporates.
The market breadth turned positive compared to weak breadth earlier
in the day. 1,481 shares advanced as compared to 1,109 that
declined on BSE. 84 remained unchanged. Among the 30 stocks from
Sensex pack, 18 were trading in green.
The Indian stock market which had hit its lowest level in 2008 on
Tuesday 10 June 2008, had recovered on Wednesday, 11 June 2008 with
Sensex rising 296.07 points or 1.99% at 15,185.32 as investors
resorted to bargain buying after recent steep fall in share prices,
taking cue from firm Asian markets.
Back to today's trade, the BSE Mid-Cap index rose 0.53% to 6,223.50
and BSE Small-Cap index climbed 0.78% to 7,525.90. Both these
indices outperformed Sensex.
BSE Consumer Durables index (up 1.73% to 3,913.40), BSE Oil & Gas
index (up 1.45% to 9,974.94), BSE Capital Goods (up 0.74% at
11,989.71), BSE Metal index (up 0.7% to 15,508.64), outperformed
Sensex.
BSE TecK index (up 0.42% to 3,387.15), The BSE Realty index (up
0.3% at 5,820.90), BSE PSU index (up 0.28% to 6,521.69), BSE Bankex
(up 0.28% at 7,037.89), BSE Power index (up 0.13% to 2,656.46), BSE
FMCG index (up 0.01% to 2,268.86), The BSE Auto (down 0.09% at
4,148.55), BSE HealthCare index (down 0.14% at 4,441.15), BSE IT
index (down 0.27% to 4,345.82), underperformed Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.96% to Rs 2,281.75.
The stock recovered from intraday low of Rs 2185. RIL Chairman
Mukesh Ambani today said the company's annual general meeting that
RIL will pursue greenfield investment in polyester.
Consumer durables stocks rose in late trade. Rajesh Exports (up
13.12% to Rs 79.30), Videocon Industries (up 2.66% to Rs 302.60),
Titan Industries (up 0.81% to Rs 1,075) edged higher.
Power stocks edged higher. Reliance Power (up 2.06% to Rs 186.15),
Reliance Infrastructure (up 2.4% to Rs 1,046.50), Tata Power
Company (up 1.05% to Rs 1,316.50), Power Grid Corporation of India
(up 1% to Rs 86.15) edged higher.
Interest rate sensitive auto stocks were mixed. Mahindra & Mahindra
(up 0.24% to Rs 575.40), Tata Motors (up 0.35% to Rs 507.35),
Maruti Suzuki India (up 0.37% to Rs 736.35) edged higher. India's
largest motorbike maker by sales Hero Honda Motor declined 0.29% to
Rs 806.70.
Realty stocks were mixed. DLF (down 2.64% to Rs 497.70), Housing
Development and Infrastructure (down 1.48% to Rs 568.30) edged
lower. However Indiabulls Real Estate (up 3.69 % to Rs 394.95) and
Unitch (up 2.6% to Rs 189.15) edged higher.
Banking stocks recovered after initial sharp fall caused by RBI's
repo rate hike. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.09% to Rs 742.30. The stock
recovered from session's low of Rs 702.15. State Bank of India,
India's biggest commercial bank, rose 2.31% to Rs 1,339.70. The
stock came off session's low of Rs 1252.30.
Banks are set to raise interest rates following the repo rate hike
by RBI. State Bank of India chairman O.P. Bhatt said on Thursday,
the bank will review its interest rates on Friday, 13 June 2008.
India's largest dedicated housing finance firm by operating income
HDFC declined 0.69% to Rs 2,171.95. The stock recovered from
session's low of Rs 2,001. HDFC chairman Deepak Parekh today said
HDFC will take a decision on raising interest rates on home loans
by end of this month. He said there was upward pressure on interest
rates.
Tata Steel (up 2.35% to Rs 856.85), Wipro (up 2.11% to Rs 483.10),
Jaiprakash Associates (up 1.67% to Rs 186.20), Bharti Airtel (up
1.61% to Rs 819.90), Grasim Industries (up 0.83% to Rs 2,210.35)
edged higher from the Sensex pack.
Ranbaxy Laboratories (down 3.08% to Rs 543.50), Ambuja Cements
(down 2.61% to Rs 85.90) Infosys (down 0.89% to Rs 1,877.55), Cipla
(down 0.57% to Rs 217) edged lower from Sensex pack.
IFCI clocked the highest volume of 3.15 crore shares on BSE.
Reliance Petroleum (2.12 crore shares), Reliance Natural Resources
(1.84 crore shares), Spice Communications (1.31 crore shares) and
Suzlon Energy (1.15 crore shares) were other volume toppers in that
order.
Reliance Industries clocked the highest turnover of Rs 417.14 crore
on BSE. Reliance Petroleum (Rs 372.83 crore), Suzlon Energy (Rs
292.39 crore) and DLF (Rs 218.02 crore) were other turnover toppers
in that order.
European markets were in green. Key benchmark indices in France,
Germany and UK were up by between 0.5% to 0.8 %.
US stocks sank on Wednesday, 11 June 2008, with all the three
indices viz. the Dow Jones Industrial Average, S&P 500 and Nasdaq
Composite index - losing around 2%, after oil prices shot back near
their record high, stoking fears about inflation and its toll on
consumers. More signs of trouble in the financial sector further
soured the mood on Wall Street. The Financial Times said on
Wednesday that Lehman Brothers may look to raise more capital,
hammering shares of the investment bank.
Asian stocks fell on Thursday, 12 June 2008, hit by the steep oil
price rise. Key benchmark indices in Hong Kong, Japan, South Korea,
Singapore and Taiwan were down by between 1.44% to 3.39%.
Oil futures jumped almost $7 to an intraday high above $138 a
barrel on Wednesday, and settled at $136.38 a barrel on that day.
A surge in global commodity prices led by crude oil spooked stocks
across the globe in the past few days. In India, foreign funds have
pressed heavy sales. FIIs sold shares worth a net Rs 5170 crore in
the first few days of this month, till 10 June 2008. They had
dumped stocks worth a net Rs 5011.50 crore in May 2008. Their
outflow in calendar 2008 reached Rs 20539.40 crore, till 10 June
2008. There has been heavy buying by domestic funds led by
insurance firms in the past few days, but that has failed to stop
the slide on the bourses.
A near term trigger for the market will be corporate advance tax
payments for the first installment which falls due on 15 June 2008.
The income tax law requires a company to 15% the estimated tax
liability for the year as advance tax in the first installment. The
advance tax payment by the corporate sector will give a cue on Q1
June 2008 results.
improved April 2008 industrial production data, firm European
markets and higher US futures markets triggered rebound on domestic
bourses after an earlier steep intra-day fall. Consumer durables
stocks rose.
US futures markets were in green indicating positive start of US
markets later in the day. Dow Jones Industrial Average futures were
up 46 points and Nasdaq 100 futures were up 7.50 points.
The 30-share BSE Sensex gained 64.88 points or 0.43% at 15,250.20.
Sensex gained 85.53 points at day's high of 15,270.85 hit in late
trade. The market had slumped earlier in the day hit by Reserve
Bank of India (RBI)'s announcement of a repo rate rise, the first
hike in repo rate since March 2007, after trading hours on
Wednesday, 11 June 2008. Weak Asian markets further marred the
sentiment. At the day's low of 14,748.07, Sensex lost 437.32 points
in early trade.
The broader based S&P CNX Nifty rose 15.75 points or 0.35% at
4,539.35.
Nifty June 2008 futures were at 4500.55, at a discount of 38.80
points as compared to spot closing of 4539.35.
The BSE clocked a turnover of Rs 6209 crore today as compared to a
turnover of Rs 5,317.70 crore on 11 June 2008. NSE futures &
options (F&O) segment turnover was Rs 52,333.46 crore, which was
higher than Rs 45,775.86 crore on Wednesday, 11 June 2008.
Industrial production rose 7% in April 2008 from a year earlier,
rebounding strongly from the previous month's provisional 3% rise,
data released by the government today, 12 June 2008, afternoon
showed. Manufacturing production rose 7.5% in April 2008 from a
year earlier, compared with a provisional 2.9% growth in March
2008.
The Reserve Bank of India (RBI) on Wednesday, 11 June 2008, raised
short-term lending rate viz. the repo rate, by 25 basis points to
8% to contain inflation expectations. Banks are likely to raise
interest following a strong signal from RBI that banks' cost of
funds is headed north. Higher interest rates will raise borrowing
costs and hit bottom line of corporates.
The market breadth turned positive compared to weak breadth earlier
in the day. 1,481 shares advanced as compared to 1,109 that
declined on BSE. 84 remained unchanged. Among the 30 stocks from
Sensex pack, 18 were trading in green.
The Indian stock market which had hit its lowest level in 2008 on
Tuesday 10 June 2008, had recovered on Wednesday, 11 June 2008 with
Sensex rising 296.07 points or 1.99% at 15,185.32 as investors
resorted to bargain buying after recent steep fall in share prices,
taking cue from firm Asian markets.
Back to today's trade, the BSE Mid-Cap index rose 0.53% to 6,223.50
and BSE Small-Cap index climbed 0.78% to 7,525.90. Both these
indices outperformed Sensex.
BSE Consumer Durables index (up 1.73% to 3,913.40), BSE Oil & Gas
index (up 1.45% to 9,974.94), BSE Capital Goods (up 0.74% at
11,989.71), BSE Metal index (up 0.7% to 15,508.64), outperformed
Sensex.
BSE TecK index (up 0.42% to 3,387.15), The BSE Realty index (up
0.3% at 5,820.90), BSE PSU index (up 0.28% to 6,521.69), BSE Bankex
(up 0.28% at 7,037.89), BSE Power index (up 0.13% to 2,656.46), BSE
FMCG index (up 0.01% to 2,268.86), The BSE Auto (down 0.09% at
4,148.55), BSE HealthCare index (down 0.14% at 4,441.15), BSE IT
index (down 0.27% to 4,345.82), underperformed Sensex.
India's largest private sector firm by market capitalisation and
oil refiner Reliance Industries (RIL) rose 0.96% to Rs 2,281.75.
The stock recovered from intraday low of Rs 2185. RIL Chairman
Mukesh Ambani today said the company's annual general meeting that
RIL will pursue greenfield investment in polyester.
Consumer durables stocks rose in late trade. Rajesh Exports (up
13.12% to Rs 79.30), Videocon Industries (up 2.66% to Rs 302.60),
Titan Industries (up 0.81% to Rs 1,075) edged higher.
Power stocks edged higher. Reliance Power (up 2.06% to Rs 186.15),
Reliance Infrastructure (up 2.4% to Rs 1,046.50), Tata Power
Company (up 1.05% to Rs 1,316.50), Power Grid Corporation of India
(up 1% to Rs 86.15) edged higher.
Interest rate sensitive auto stocks were mixed. Mahindra & Mahindra
(up 0.24% to Rs 575.40), Tata Motors (up 0.35% to Rs 507.35),
Maruti Suzuki India (up 0.37% to Rs 736.35) edged higher. India's
largest motorbike maker by sales Hero Honda Motor declined 0.29% to
Rs 806.70.
Realty stocks were mixed. DLF (down 2.64% to Rs 497.70), Housing
Development and Infrastructure (down 1.48% to Rs 568.30) edged
lower. However Indiabulls Real Estate (up 3.69 % to Rs 394.95) and
Unitch (up 2.6% to Rs 189.15) edged higher.
Banking stocks recovered after initial sharp fall caused by RBI's
repo rate hike. India's largest private sector bank by market
capitalisation ICICI Bank rose 0.09% to Rs 742.30. The stock
recovered from session's low of Rs 702.15. State Bank of India,
India's biggest commercial bank, rose 2.31% to Rs 1,339.70. The
stock came off session's low of Rs 1252.30.
Banks are set to raise interest rates following the repo rate hike
by RBI. State Bank of India chairman O.P. Bhatt said on Thursday,
the bank will review its interest rates on Friday, 13 June 2008.
India's largest dedicated housing finance firm by operating income
HDFC declined 0.69% to Rs 2,171.95. The stock recovered from
session's low of Rs 2,001. HDFC chairman Deepak Parekh today said
HDFC will take a decision on raising interest rates on home loans
by end of this month. He said there was upward pressure on interest
rates.
Tata Steel (up 2.35% to Rs 856.85), Wipro (up 2.11% to Rs 483.10),
Jaiprakash Associates (up 1.67% to Rs 186.20), Bharti Airtel (up
1.61% to Rs 819.90), Grasim Industries (up 0.83% to Rs 2,210.35)
edged higher from the Sensex pack.
Ranbaxy Laboratories (down 3.08% to Rs 543.50), Ambuja Cements
(down 2.61% to Rs 85.90) Infosys (down 0.89% to Rs 1,877.55), Cipla
(down 0.57% to Rs 217) edged lower from Sensex pack.
IFCI clocked the highest volume of 3.15 crore shares on BSE.
Reliance Petroleum (2.12 crore shares), Reliance Natural Resources
(1.84 crore shares), Spice Communications (1.31 crore shares) and
Suzlon Energy (1.15 crore shares) were other volume toppers in that
order.
Reliance Industries clocked the highest turnover of Rs 417.14 crore
on BSE. Reliance Petroleum (Rs 372.83 crore), Suzlon Energy (Rs
292.39 crore) and DLF (Rs 218.02 crore) were other turnover toppers
in that order.
European markets were in green. Key benchmark indices in France,
Germany and UK were up by between 0.5% to 0.8 %.
US stocks sank on Wednesday, 11 June 2008, with all the three
indices viz. the Dow Jones Industrial Average, S&P 500 and Nasdaq
Composite index - losing around 2%, after oil prices shot back near
their record high, stoking fears about inflation and its toll on
consumers. More signs of trouble in the financial sector further
soured the mood on Wall Street. The Financial Times said on
Wednesday that Lehman Brothers may look to raise more capital,
hammering shares of the investment bank.
Asian stocks fell on Thursday, 12 June 2008, hit by the steep oil
price rise. Key benchmark indices in Hong Kong, Japan, South Korea,
Singapore and Taiwan were down by between 1.44% to 3.39%.
Oil futures jumped almost $7 to an intraday high above $138 a
barrel on Wednesday, and settled at $136.38 a barrel on that day.
A surge in global commodity prices led by crude oil spooked stocks
across the globe in the past few days. In India, foreign funds have
pressed heavy sales. FIIs sold shares worth a net Rs 5170 crore in
the first few days of this month, till 10 June 2008. They had
dumped stocks worth a net Rs 5011.50 crore in May 2008. Their
outflow in calendar 2008 reached Rs 20539.40 crore, till 10 June
2008. There has been heavy buying by domestic funds led by
insurance firms in the past few days, but that has failed to stop
the slide on the bourses.
A near term trigger for the market will be corporate advance tax
payments for the first installment which falls due on 15 June 2008.
The income tax law requires a company to 15% the estimated tax
liability for the year as advance tax in the first installment. The
advance tax payment by the corporate sector will give a cue on Q1
June 2008 results.
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