Top Paying Google Key Words

Monday, July 7, 2008

Late sell-off in RIL weighs on market


The market lost most of its gains in late trade ending marginally
higher after reports filtered in that India's Defence Attache
Brigadier R D Mehta and three other Indians among forty-one people
were killed in a suicide attack on the Indian Embassy in Kabul
today. A sharp slump in prices of Reliance Industries (RIL),
Reliance Communications, Reliance Infrastructure, Larsen & Toubro,
and Bharat Heavy Electricals caused the late slide on the bourses.
The market had remained firm in most part of the day on firm global
cues and due to easing of political uncertainty.

IT, FMCG stocks gained whereas oil & gas and capital goods stocks
fell. The market breadth was strong with small-cap and mid-cap
shares staging a comeback after a sharp recent plunge.

Poitical worries receded with Samajwadi Party (SP), a regional
party, on making it clear during the week end that it will support
the Congress-led United Progressive Alliance (UPA), at a time when
Left parties are on the verge of withdrawing support. The Left
front has set 7 July 2008 as deadline for the government to let
them know whether it intends to approach the International Atomic
Energy Agency to seal the India-specific safeguards agreement.

European markets which opened after the Indian markets were in
green. Key benchmark indices in France, Germany and UK were up
between 0.46% to 0.61%.

The 30-share BSE Sensex rose 71.99 points or 0.54% at 13,525.99. At
the day's high of 13,793.39 hit in mid-morning trade, the Sensex
gained 339.29 points. Sensex was up 22.29 points at the day's low
of 13,476.29 hit in late trade.

As per the provisional figures on NSE, the foreign institutional
investors (FII)'s sold shares worth Rs 439.57 crore,while domestic
funds bought shares worth Rs 75.9 crore today, 7 July 2008.

The broader based S&P CNX Nifty gained 14 points or 0.35% at 4,030.
Nifty July 2008 futures were at 3979, at a discount of 51 points as
compared to spot closing of 4030.

From a record high of 21,206.77 hit on 10 January 2008, Sensex has
lost 7,680.78 points or 36.21%. It is down 6,761 points or 33.32%
in calendar year 2008 so far.

BSE clocked a turnover of Rs 6,697 crore today 7 July 2008 as
compared to a turnover of Rs 5,677.98 crore on Friday, 4 July 2008.
NSE's futures & options (F&O) segment turnover was Rs 44,634.29
crore, which was higher than Rs 44,222.20 crore on Friday, 4 July
2008.

The market breadth was strong on BSE, with 1853 gainers outpacing
788 losers. 65 stocks remained unchanged. From the 30-member Sensex
pack, 22 advanced while the rest declined.

The BSE Mid-Cap index was up 1.17% at 5,339.81, while the BSE
Small-Cap index was up 2.22% at 6,593.01. Both these indices
outperformed the Sensex.

BSE FMCG index (up 2.75% to 1,992.65), BSE IT index (up 2.64% to
4,175.72), BSE Auto (up 2.23% at 3,508.96), BSE Metal index (up
1.83% to 12,257.99), BSE TecK index (up 1.5% to 3,098.36), BSE
Bankex (up 1.24% at 5,892.79), BSE PSU index (up 1.22% to
5,677.11), BSE Consumer Durables index (up 0.85% to 3,602.45), BSE
Realty index (up 0.66% at 4,660.69), BSE Power (up 0.62% to
2,320.46), outperformed Sensex.

The BSE Capital Goods index (up 0.2% at 10,708.42), BSE Health Care
index (down 0.36% at 4,108.58), The BSE Oil & Gas index (down 2.03%
to 8,882.14), underperformed Sensex.

India's second largest power utility firm by sales Reliance
Infrastructure rose 0.65% to Rs 778.55. It came off from session's
high of Rs 838.75. India's second largest telecom services provider
by sales Reliance Communications fell 4.22% to Rs 419.80. It came
off from session's high of Rs 454.90. It was the top loser from
Sensex pack.

India's largest private sector bank by sales ICICI Bank rose 0.52%
to Rs 603.75. It came off from session's high of Rs 639.95.

India's largest private sector firm by market capitalization and
oil refiner Reliance Industries fell 3.38% at Rs 2,028.15. It was
the second biggest loser from the Sensex pack.

Cairn India (down 5.49% to Rs 237.70), Essar Oil (down 1.95% to Rs
176.20) and Reliance Petroleum (down 2.77% to Rs 166.55) edged
lower. Shares of state-run oil marketing companies rose. BPCL (up
5.52% to Rs 240.90), HPCL (up 4.2% to Rs 192.20) and Indian Oil
Corporation (up 1.96% to Rs 348) edged higher.

As per reports, private oil companies like Reliance Industries
(RIL), Essar and Cairn may have to forgo some of their profits to
share the huge subsidy burden in the oil sector. A proposal on
these lines, which was first mooted by the Left parties, is now
being considered seriously by the ruling party leadership,
following a similar demand by the Congress' latest political ally,
the Samajwadi Party. A windfall tax is normally levied on oil
exploration and production companies who reap huge profits when
global crude prices increase.

Capital goods stocks declined. India's largest engineering and
construction firm by sales Larsen & Toubro (L&T) lost 1.06% to Rs
2,408. The company today bagged an order worth Rs 446 crore from
JSW Power Transco for transmission lines. India's largest electric
equipment maker by sales Bharat Heavy Electricals fell 2.26% to Rs
1466.35. However Suzlon Energy rose 1.35% to Rs 194.80.

IT stocks gained. India's second largest software exporter by sales
Infosys Technologies rose 2.61% at Rs 1,801.20. The company will
announce its Q1 Result on 11 July 2008. Satyam Computer Services
(up 4.28% to Rs 481.95), Wipro (up 2.54% to Rs 440) and Tata
Consultancy Services (up 0.98% to Rs 852) edged higher.

FMCG stocks rose. ITC (up 3.98% to Rs 177.60), United Spirits (up
4.15% to Rs 1,128.50), Hindustan Unilever (up 3.89% to Rs 209.45)
edged higher.

Jaiprakash Associates (up 4.47% to Rs 160.15), Mahindra & Mahindra
(up 4.4% to Rs 496.35), Maruti Suzuki India (up 4.34% to Rs
574.35), State Bank of India (up 3.92% to Rs 1,171.75), ACC (up
3.82% to Rs 496.20) edged higher from Sensex pack.

Tata Motors (down 2.07% to Rs 392.55), HDFC (down 0.02% to Rs
2,055), Ranbaxy Laboratories (down 0.65% to Rs 534.90), Ambuja
Cements (down 1.07% to Rs 73.90) edged lower from Sensex pack.

Spice Communications clocked the highest volume of 28.59 crore
shares on BSE. Reliance Natural Resources (2.63 crore shares), IFCI
(2.05 crore shares), Reliance Petroleum (1.16 crore shares) and
Ispat Industries (1.01 crore shares) were the other volume toppers
in that order.

Spice Communications clocked the highest turnover of Rs 2,209.24
crore on BSE. Reliance Capital (Rs 346.52 crore), Reliance
Insustries (Rs 275.37 crore), Reliance Petroleum (Rs 196.48 crore)
and Reliance Natural Resources (Rs 182.99 crore) were the other
turnover toppers in that order.

Asian markets which opened before Indian market, edged higher. The
key benchmark indices in China, Hong Kong, Japan, Singapore, South
Korea and Taiwan were up by 0.11% to 4.59%. US stock markets were
closed for the Independence Day holiday on Friday, 4 July 2008.

US light crude fell 1.7% to $142.81 a barrel, having surged past
$145 last week to record highs.

No comments: