Weakness in the second half of the trading session dragged the market lower today. Banking stocks were the worst sufferers. State Bank of India slumped. FMCG and information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in China, Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly in the red. Key indices in France and Germany were down 0.42% to 0.53%. UK`s FTSE 100 was up 0.11%. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.
As per provisional closing, the 30-share BSE Sensex was down 83.71 points or 0.51% at 16,264.79. The Sensex lost 110.58 at the day`s low of 16,237.92, hit in the mid-afternoon trade. The market opened on an upbeat note tracking firm Asian stocks. Sensex climbed 157.85 points at day`s high of 16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.2 points or 0.31% at 4859.85.
The market breadth, which was firmly positive earlier, turned negative later, with 946 shares advancing on BSE as compared to 1734 stocks that declined. 78 stocks remained unchanged.
The BSE Mid-Cap index fell 1.19% to 6,680.14 and BSE Small-Cap index lost 1.35% to 8,205.84.
BSE clocked a turnover of Rs 5074 crore as against Rs 4,426.96 on Monday, 26 May 2008
The top Sensex losers were, Housing Development Finance Corporation (down 2.26% at Rs 2515.05), ONGC (down 1.31% at Rs 884.70), Tata Steel (down 1.08% at Rs 865.50), and HDFC Bank (down 0.93% at Rs 1334.95).
India`s largest commercial bank State Bank of India slumped 4.21% at Rs 1473.
India`s largest private sector firm by market capitalization & oil refiner Reliance Industries fell 1.10% at Rs 2497.20.
India`s largest private sector bank by assets ICICI Bank declined 1.78% at Rs 812.
The top Sensex gainers were, Satyam Computer (up 3.44% at Rs 499.70), Cipla (up 3.12% at Rs 205.20), Wipro (up 2.77% at Rs 491.90), ITC (up 2.04% at Rs 209.90) and Reliance Infrastructure (up 1.29% at Rs 1264.70).
India`s second largest listed telecom services provider by sales Reliance Communication (RCom) rose 1.80% at Rs 553 on reports the proposed deal between Reliance Communications and South Africa`s MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani`s two-third equity stake in Reliance Communications to MTN shareholders, the reports added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May 2008, after the company said it was in merger talks with MTN.
Cooking appliances maker Hawkins Cookers jumped 9.47% to Rs 185 after the company`s board of directors recommended a liberal dividend of Rs 10 per share in a board meeting held on Monday, 26 May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at Rs 1185.65 on sustained buying after the company`s management guided a whopping 10-fold jump in net profit for the year ending March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs 191 on reports the founders of the company have decided to form a holding corporation that will take under its wing five group companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 1.50% to Rs 365 on reports the firm is planning to acquire a mortgage-specific company in the UK. The business process outsourcing (BPO) and IT services provider may invest more than $150 million for the buyout. HTMT has internal accruals of $110 million which will be used for the acquisition, the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs 188.05 on reports the firm has mounted a bid to acquire Germany`s Lloyd Dynamowerke based on an estimated enterprise valuation of about $100 million.
Food products supplier Sita Shree Food Products advanced 2.13% to Rs 43.20 after the company said it had received orders from Reliance Fresh for 400 metric tonnes of wheat flour and pulses, higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.42% to Rs 436.15 after the company said its boiler & heater business unit has received an export order worth 14.2 million euro for supply of heat recovery steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained 2.22% to Rs 83 after the company said it expects revenue of Rs 125 crore and rental income of Rs 12 crore a year, from redevelopment of a mill property in Bangalore.