Weak global markets weighed heavily on the domestic bourse pulling the BSE Sensex down 238.15 points. Nevertheless, the key benchmark indices cut losses in late trade led by recovery in banking stocks. Volatility was high
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 10 September 2008, sold shares worth a net Rs 1,037.28 crore. Domestic funds bought shares worth a net Rs 492.56 crore.
Metal shares were the chief casualty of the day with Sterlite Industries plunging over 11% and Tata Steel sliding 5%. Index heavyweight Reliance Industries dropped little under 3%. The market breadth was extremely weak.
US stocks slumped on Tuesday, 9 September 2008 as financial shares sold off on worries about Lehman Brothers' ability to raise much-needed cash. The Dow Jones industrial average plunged 280.01 points, or 2.43%, to 11,230.73. The S&P 500 index fell 43.28 points, or 3.41%, to 1,224.51, and the Nasdaq Composite index declined 59.95 points, or 2.64%, to 2,209.81.
European markets which opened after Indian market were subdued. Key benchmark indices in UK, Germany and France were down by between 0.50% and 1.17%.
Asian markets which opened before Indian market were mixed today, 10 September 2008. Key benchmark indices in Japan, Hong Kong, Singapore were down by between 0.44% and 2.40%. Indices in China, South Korea, and Taiwan rose between 0.23% and 0.72%.
The BSE 30-share Sensex slipped 238.15 points or 1.6%, to settle at 14,662.61. It opened 188.23 points lower at 14,717.53. At the day's low of 14,609.83 hit in late trade, the Sensex lost 290.93 points. At the day's high of 14,866.32 hit in mid-morning trade, the Sensex fell 34.44 points.
The S&P CNX Nifty slipped 68.45 points or 1.53% at 4400.25. Nifty September 2008 futures were at 4415.30, at a premium of 15.05 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 52,717.79 crore, which was higher than Rs 43,958.71 crore on Tuesday, 9 September 2008.
The BSE Sensex is down 5624.38 points or 27.72% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6554.16 points or 30.85% away from its all-time high of 21,206.77 struck on 10 January 2008.
Reliance Power was down 0.03% to Rs 169.35. The stock replaced Dr Reddy's Labs in Nifty index from today. Dr Reddy's Labs slipped 1.97% to Rs 567.05.
The market breadth was weak on BSE with 1716 shares declining as compared to 944 that advanced. 77 remained unchanged.
The total turnover on BSE amounted to Rs 5152 crore on BSE as compared to Rs 4,587.35 crore on Tuesday, 9 September 2008.
The BSE Mid-cap index fell 1.20% at 5,708.93 and the BSE Small-cap index slipped 0.88% to 6,903.42
Among the 30-member Sensex pack, 21 declined while the rest advanced.
The BSE Metal index lost the most among the sectoral indices on BSE, sliding 5.48% to 11,154 weighed by steep fall in Sterlite Industries. Aluminium and copper maker Sterlite Industries tanked 11.76% to Rs 508 after plunging 7.50% to Rs 575.70 yesterday, 9 September 2008. It was the top loser from the Sensex pack. The Sterlite ADR tumbled 16.23% yesterday, 9 September 2008 on the New York Stock Exchange (NYSE) after the Vedanta group on Tuesday, 9 September 2008 announced a restructuring to simplify its corporate structure into three commodity-focused groups: copper and zinc-lead, aluminium-energy and iron ore.
As per the restructuring scheme, which will be effective from April 2009, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium Company (Malco) to be simultaneously renamed Sterlite Aluminium. Vedanta will transfer its 79.4% equity interest in Konkola Copper Mines Plc (KCM) to Sterlite.
Malco will issue seven shares of Rs 2 each to the shareholders of Sterlite for every four shares of Rs 2 each held by them. Sterlite will issue one share of Rs 2 each to Malco shareholders for every 51 shares of Rs 2 each held by them.
Madras Aluminium Company (Malco) was down 5.72% to Rs 201.95 on 26.87 lakh shares
Worlds sixth largest steel producer by capacity Tata Steel plunged 5.10% to Rs 535.60.
Other metal stocks JSW Steel (down 7.43% to Rs 662), Jindal Steel & Power (down 7.97% to Rs 1656.70), Sesa Goa (down 3.73% to Rs 142), Hindustan Zinc (down 3.57% to Rs 529.75), and Steel Authority of India (down 6.40% to Rs 140.30), slumped.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) lost 2.93% to Rs 2080 on 9.70 lakh shares. The stock came off its day's high of Rs 2135 hit in early trade. As per reports, the Prime Minister's Office (PMO) may recommend levy of export tax or even ban petroleum product exports from Reliance's export oriented refineries in Jamnagar. The BSE Oil & Gas index slipped 2.18% to 9,667.38.
Banking shares staged a comeback in late trade. The Bankex slipped 0.58% to 7,325.35. India's largest private sector bank in terms of net profit ICICI Bank was down 1.52% to Rs 702, off day's low of Rs 686.60. HDFC Bank, India's second largest private sector bank in terms of net profit was down 0.62% to Rs 1285.05, off day's low of Rs 1250.10. India's largest state run bank in terms of net assets State Bank of India rose 0.35% to Rs 1566 after sliding to a low of Rs 1534.35.
Capital goods heavyweights slipped, leading a 1.07% fall to 12,233.80 in BSE Capital Goods index. India's largest power equipment maker by sales, Bharat Heavy Electricals declined 1.95% to Rs 1712.90. The company on Tuesday, 9 September 2008, said it won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.
India's largest engineering & construction firm by outstanding order book position Larsen & Toubro fell 0.97% to Rs 2710. Larsen & Tobro today, 10 September 2008, said it had received an order worth $160 million from Brazil's Petrobras
Telecom pivotals were also subdued. India's second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) slipped 0.68% to Rs 402.50. As per recent reports, RCom's subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.
Bharti Airtel, the country's largest cellular services provider in terms of market capitalisation declined 3.04% to Rs 811
Reliance Infrastructure (down 3.17% to Rs 1037), Tata Power (down 3.54% to Rs 1048), and Jaiprakash Associates (down 2.44% to Rs 167.60), edged lower from Sensex pack.
North India's largest cement maker by sales ACC gained 1.30% to Rs 604.45 and was the top gainer from Sensex pack.
Real estate heavyweights slipped with the BSE Realty index sliding 1.52% to 4,999.99. DLF, the country's largest realty company by market capitalisation slipped 0.19% to Rs 502.90. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.
Unitech, the country's second largest realty company by market capitalisation, fell 2.55% to Rs 158.45.
Ranbaxy Laboratories, India's top drug maker by sales fell 0.32% to Rs 455. The Japanese drug maker Daiichi Sankyo's open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
IT pivotals were mixed despite the rupee sliding past the 45 mark per dollar today, 10 September 2008. India's second largest software services exporter Infosys Technologies rose 0.68% to Rs 1758.95. The stock came off day's low of Rs 1726.
Other IT pivotals Satyam Computer Services (down 0.79% to Rs 421.65), Wipro (down 0.24% to Rs 433.10), and TCS (down 1.98% to Rs 849.05), edged lower. IT firms derive a lion's share of revenue by way of exports and therefore fall in the domestic currency benefits the IT sector.
Austral Coke & Projects topped the turnover chart on BSE with a turnover of Rs 275.65 crore followed by Sterlite Industries (Rs 212.85 crore), Reliance Industries (Rs 204.30 crore), Reliance Capital (Rs 184.30 crore) and ICICI Bank (Rs 159.60 crore), in that order.
IFCI led the volumes chart on BSE clocking volumes of 2.12 crore shares followed by Reliance Natural Resources (93.55 lakh shares), Tata Teleservices (Maharashtra) (72.60 lakh shares), Reliance Power (46.75 lakh shares) and Sterlite Industries (40.65 lakh shares), in that order.
SEL Manufacturing Company plunged 8.35% to Rs 215.65. The company said it would set up a technical textile park in Himachal Pradesh. The company made this announcement during trading hours today, 10 September 2008.
Usher Agro surged 12.05% to Rs 192 after company entered into a memorandum of understanding with Satake Corporation, Japan for expansion of rice milling capacity by another 1 million tonne. The company announced the expansion plans during market hours today, 10 September 2008.
Hydro S&S Industries galloped 20% to Rs 41.45 after the company said its board will meet on 16 September 2008 to consider buyback of equity shares. The company made this announcement after trading hours on Tuesday, 9 September 2008.
Madras Cements gained 4.16% to Rs 2620.10 after the company's board fixed 10 October 2008 as the record date for 1:1 bonus issue and 10-for-1 stock split. The company fixed the record date after trading hours on Tuesday, 9 September 2008.
The central bank governor Duvvuri Subbarao said on Tuesday, 9 September 2008 that India's inflation is showing signs of moderating but it is too early to conclude whether this is a trend and signaled that he would wait and see before taking any fresh steps.
US crude for October 2008 delivery rose 52 cents at $103.78 a barrel today, 10 September 2008, after the Organisation of Petroleum Exporting Countries (Opec) surprised traders with a deal to effectively cut production by just over 500,000 barrels per day (bpd). US crude for October 2008 delivery had touched a 5-month low of $103.72 yesterday, 9 September 2008.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 10 September 2008, sold shares worth a net Rs 1,037.28 crore. Domestic funds bought shares worth a net Rs 492.56 crore.
Metal shares were the chief casualty of the day with Sterlite Industries plunging over 11% and Tata Steel sliding 5%. Index heavyweight Reliance Industries dropped little under 3%. The market breadth was extremely weak.
US stocks slumped on Tuesday, 9 September 2008 as financial shares sold off on worries about Lehman Brothers' ability to raise much-needed cash. The Dow Jones industrial average plunged 280.01 points, or 2.43%, to 11,230.73. The S&P 500 index fell 43.28 points, or 3.41%, to 1,224.51, and the Nasdaq Composite index declined 59.95 points, or 2.64%, to 2,209.81.
European markets which opened after Indian market were subdued. Key benchmark indices in UK, Germany and France were down by between 0.50% and 1.17%.
Asian markets which opened before Indian market were mixed today, 10 September 2008. Key benchmark indices in Japan, Hong Kong, Singapore were down by between 0.44% and 2.40%. Indices in China, South Korea, and Taiwan rose between 0.23% and 0.72%.
The BSE 30-share Sensex slipped 238.15 points or 1.6%, to settle at 14,662.61. It opened 188.23 points lower at 14,717.53. At the day's low of 14,609.83 hit in late trade, the Sensex lost 290.93 points. At the day's high of 14,866.32 hit in mid-morning trade, the Sensex fell 34.44 points.
The S&P CNX Nifty slipped 68.45 points or 1.53% at 4400.25. Nifty September 2008 futures were at 4415.30, at a premium of 15.05 points as compared to spot closing. NSE's futures & options (F&O) segment turnover was Rs 52,717.79 crore, which was higher than Rs 43,958.71 crore on Tuesday, 9 September 2008.
The BSE Sensex is down 5624.38 points or 27.72% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6554.16 points or 30.85% away from its all-time high of 21,206.77 struck on 10 January 2008.
Reliance Power was down 0.03% to Rs 169.35. The stock replaced Dr Reddy's Labs in Nifty index from today. Dr Reddy's Labs slipped 1.97% to Rs 567.05.
The market breadth was weak on BSE with 1716 shares declining as compared to 944 that advanced. 77 remained unchanged.
The total turnover on BSE amounted to Rs 5152 crore on BSE as compared to Rs 4,587.35 crore on Tuesday, 9 September 2008.
The BSE Mid-cap index fell 1.20% at 5,708.93 and the BSE Small-cap index slipped 0.88% to 6,903.42
Among the 30-member Sensex pack, 21 declined while the rest advanced.
The BSE Metal index lost the most among the sectoral indices on BSE, sliding 5.48% to 11,154 weighed by steep fall in Sterlite Industries. Aluminium and copper maker Sterlite Industries tanked 11.76% to Rs 508 after plunging 7.50% to Rs 575.70 yesterday, 9 September 2008. It was the top loser from the Sensex pack. The Sterlite ADR tumbled 16.23% yesterday, 9 September 2008 on the New York Stock Exchange (NYSE) after the Vedanta group on Tuesday, 9 September 2008 announced a restructuring to simplify its corporate structure into three commodity-focused groups: copper and zinc-lead, aluminium-energy and iron ore.
As per the restructuring scheme, which will be effective from April 2009, Sterlite will demerge its aluminium and energy businesses to Madras Aluminium Company (Malco) to be simultaneously renamed Sterlite Aluminium. Vedanta will transfer its 79.4% equity interest in Konkola Copper Mines Plc (KCM) to Sterlite.
Malco will issue seven shares of Rs 2 each to the shareholders of Sterlite for every four shares of Rs 2 each held by them. Sterlite will issue one share of Rs 2 each to Malco shareholders for every 51 shares of Rs 2 each held by them.
Madras Aluminium Company (Malco) was down 5.72% to Rs 201.95 on 26.87 lakh shares
Worlds sixth largest steel producer by capacity Tata Steel plunged 5.10% to Rs 535.60.
Other metal stocks JSW Steel (down 7.43% to Rs 662), Jindal Steel & Power (down 7.97% to Rs 1656.70), Sesa Goa (down 3.73% to Rs 142), Hindustan Zinc (down 3.57% to Rs 529.75), and Steel Authority of India (down 6.40% to Rs 140.30), slumped.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) lost 2.93% to Rs 2080 on 9.70 lakh shares. The stock came off its day's high of Rs 2135 hit in early trade. As per reports, the Prime Minister's Office (PMO) may recommend levy of export tax or even ban petroleum product exports from Reliance's export oriented refineries in Jamnagar. The BSE Oil & Gas index slipped 2.18% to 9,667.38.
Banking shares staged a comeback in late trade. The Bankex slipped 0.58% to 7,325.35. India's largest private sector bank in terms of net profit ICICI Bank was down 1.52% to Rs 702, off day's low of Rs 686.60. HDFC Bank, India's second largest private sector bank in terms of net profit was down 0.62% to Rs 1285.05, off day's low of Rs 1250.10. India's largest state run bank in terms of net assets State Bank of India rose 0.35% to Rs 1566 after sliding to a low of Rs 1534.35.
Capital goods heavyweights slipped, leading a 1.07% fall to 12,233.80 in BSE Capital Goods index. India's largest power equipment maker by sales, Bharat Heavy Electricals declined 1.95% to Rs 1712.90. The company on Tuesday, 9 September 2008, said it won a contract worth Rs 2,200 crore for setting up a combined cycle power plant in Tripura on turnkey basis.
India's largest engineering & construction firm by outstanding order book position Larsen & Toubro fell 0.97% to Rs 2710. Larsen & Tobro today, 10 September 2008, said it had received an order worth $160 million from Brazil's Petrobras
Telecom pivotals were also subdued. India's second largest cellular services provider in terms of market capitalisation Reliance Communications (RCom) slipped 0.68% to Rs 402.50. As per recent reports, RCom's subsidiary Reliance Big Entertainment has acquired a majority stake in the US-based cricket webcasting portal, Willow TV, for an undisclosed amount.
Bharti Airtel, the country's largest cellular services provider in terms of market capitalisation declined 3.04% to Rs 811
Reliance Infrastructure (down 3.17% to Rs 1037), Tata Power (down 3.54% to Rs 1048), and Jaiprakash Associates (down 2.44% to Rs 167.60), edged lower from Sensex pack.
North India's largest cement maker by sales ACC gained 1.30% to Rs 604.45 and was the top gainer from Sensex pack.
Real estate heavyweights slipped with the BSE Realty index sliding 1.52% to 4,999.99. DLF, the country's largest realty company by market capitalisation slipped 0.19% to Rs 502.90. On Monday, 8 September 2008, the company received a clearance from the Securities and Exchange Board of India (Sebi) to go ahead with a buyback plan. In July 2008, DLF had announced its Rs 1,100-crore plan to buy back shares from existing shareholders at a price not exceeding Rs 600 a share.
Unitech, the country's second largest realty company by market capitalisation, fell 2.55% to Rs 158.45.
Ranbaxy Laboratories, India's top drug maker by sales fell 0.32% to Rs 455. The Japanese drug maker Daiichi Sankyo's open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
IT pivotals were mixed despite the rupee sliding past the 45 mark per dollar today, 10 September 2008. India's second largest software services exporter Infosys Technologies rose 0.68% to Rs 1758.95. The stock came off day's low of Rs 1726.
Other IT pivotals Satyam Computer Services (down 0.79% to Rs 421.65), Wipro (down 0.24% to Rs 433.10), and TCS (down 1.98% to Rs 849.05), edged lower. IT firms derive a lion's share of revenue by way of exports and therefore fall in the domestic currency benefits the IT sector.
Austral Coke & Projects topped the turnover chart on BSE with a turnover of Rs 275.65 crore followed by Sterlite Industries (Rs 212.85 crore), Reliance Industries (Rs 204.30 crore), Reliance Capital (Rs 184.30 crore) and ICICI Bank (Rs 159.60 crore), in that order.
IFCI led the volumes chart on BSE clocking volumes of 2.12 crore shares followed by Reliance Natural Resources (93.55 lakh shares), Tata Teleservices (Maharashtra) (72.60 lakh shares), Reliance Power (46.75 lakh shares) and Sterlite Industries (40.65 lakh shares), in that order.
SEL Manufacturing Company plunged 8.35% to Rs 215.65. The company said it would set up a technical textile park in Himachal Pradesh. The company made this announcement during trading hours today, 10 September 2008.
Usher Agro surged 12.05% to Rs 192 after company entered into a memorandum of understanding with Satake Corporation, Japan for expansion of rice milling capacity by another 1 million tonne. The company announced the expansion plans during market hours today, 10 September 2008.
Hydro S&S Industries galloped 20% to Rs 41.45 after the company said its board will meet on 16 September 2008 to consider buyback of equity shares. The company made this announcement after trading hours on Tuesday, 9 September 2008.
Madras Cements gained 4.16% to Rs 2620.10 after the company's board fixed 10 October 2008 as the record date for 1:1 bonus issue and 10-for-1 stock split. The company fixed the record date after trading hours on Tuesday, 9 September 2008.
The central bank governor Duvvuri Subbarao said on Tuesday, 9 September 2008 that India's inflation is showing signs of moderating but it is too early to conclude whether this is a trend and signaled that he would wait and see before taking any fresh steps.
US crude for October 2008 delivery rose 52 cents at $103.78 a barrel today, 10 September 2008, after the Organisation of Petroleum Exporting Countries (Opec) surprised traders with a deal to effectively cut production by just over 500,000 barrels per day (bpd). US crude for October 2008 delivery had touched a 5-month low of $103.72 yesterday, 9 September 2008.
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