The market came sharply off higher level in late trade on a volatile day of trade. Earlier, the market had recovered from an initial slump to hit a record high in mid-afternoon trade. Capital goods, auto, metal, FMCG stocks declined. IT stocks rose. BSE Mid-Cap and Small-Cap indices underperformed Sensex. The market breadth was weak on BSE.
European markets which opened after Indian market were weak. Asian markets, which opened before Indian market, were higher.
The 30-share BSE Sensex provisionally declined 38.63 points or 0.19% to 20,834.70. It hit a record high of 21,113.13 in mid-afternoon trade. At day’s high, Sensex gained 239.80 points. Sensex hit a low of 20,701.49, in morning trade. At day’s low of 20,701.49, Sensex had lost 171.84 points.
The broader CNX S&P Nifty provisionally fell 22.1 points or 0.35% to 6,311.20.
BSE clocked a turnover of Rs 9610 crore, lower than Tuesday (8 January 2008)'s Rs 11870 crore.
The BSE Mid-Cap index was down 0.48% to 9,769.58. The BSE Small-Cap index was down 1.18% to 13,356.10. Both these indices underperformed Sensex.
The market breadth was weak on BSE with 758 shares advancing as compared to 2,138 that declined. 25 remained unchanged. 19 stocks from Sensex pack were in red.
Reliance Communications (up 3.02% to Rs 828.60), HDFC (up 5.83% to Rs 3,243) and Grasim Industries (up 2.33% to Rs 3,480) edged higher.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries declined 0.67% to Rs 3,030.
Capital goods stocks declined. Bharat Heavy Electricals (down 2.22% to Rs 2,439), Larsen & Toubro (down 0.24% to Rs 4,322.50) and Suzlon Energy (down 1.26% to Rs 2,245) edged lower.
Auto stocks declined. Tata Motors (down 0.54% to Rs 770), Bajaj Auto (down 0.36% to Rs 2,529), Maruti Suzuki India (down 2.52% to Rs 916), Hero Honda Motors (down 0.3% to Rs 688.05) edged lower.
Mahindra & Mahindra declined 2.67% to Rs 807.90 after the company said Mahindra Holidays & Resorts India (MHRIL), a leisure hospitality provider offering family holidays, has finalised a 2% private placement deal with the State Bank of India for a consideration of around Rs 80 crore.
FMCG majors declined. ITC (down 1.6% to Rs 227) and Hindustan Unilever (down 0.4% to 233.70) edged lower.
Metal stocks declined. Tata Steel (down 0.43% to Rs 888), Steel Authority of India (down 0.78% to Rs 261.25), National Alluminium Company (down 0.5% to Rs 498) edged lower. Hindalco Industries (up 1.22% to Rs 211.50) and Sterlite Industries (up 0.73% to Rs 1,042.35) edged higher.
India’s largest private sector bank by assets ICICI Bank declined 1.73% to Rs 1,310.45.
IT stocks rose. Wipro (up 0.6% to Rs 490.85) Satyam Computer Services (up 0.8% to Rs 427.90) and Tata Consultancy Services (up 0.36% to Rs 994.10) edged higher. India’s second largest IT exporter by sales Infosys Technologies declined 0.4% to Rs 1,655.55.
NTPC (up 4.49% to Rs 277.15), HDFC (up 3.59% to Rs 3,174.25), RelianceCommunications (up 2.05% to Rs 820.80) and HDFC Bank (up 1.68% to Rs 1,745.10) edged higher.
ONGC (down 1.76% to Rs 1,298.65), Ranbaxy Laboretories (down 1.65% to rs 411.60) edged lower.
Fears of a US recession and poor results from major retailer Marks & Spencer hit European stocks hard. UK’s FTSE 100 was down 1.21% to 6,279.30. Germany’s DAX was down 0.77% to 7,789.70.
Earlier, however, Asian stocks managed to shake off some of the fears, mainly on hopes that new US tax rebates may be in the works to boost consumers. Key benchmark indices in Hong Kong, Japan, Singapore, China, Taiwan and South Korea were up by between 0.41% to 1.53%.
The Dow Jones industrial average plunged 238.42 points, or 1.86%, at 12,589.07 on Tuesday, 8 January 2008. The Standard & Poor's 500 Index lost 25.99 points, or 1.84%, at 1,390.19. The Nasdaq Composite Index shed 58.95 points, or 2.36%, at 2,440.51.
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