Wednesday, May 7, 2008

Market ends on a weak note

The key indices ended in the negative territory. Weakness in Asian markets and a surge in crude oil prices spoiled the investor sentiments today. IT and oil & gas stocks were the front-runners. Capital goods stocks and shares of PSU firms suffered the most.

European markets, which open after Indian markets, were trading higher. In Europe, key indices in UK, France and Germany were up 0.64% to 0.88%.

Asian markets were trading lower today, 7 May 2008. Key indices in China, Hong Kong, Japan, Singapore and South Korea were down by 0.27% to 4.13%. However, Taiwan`s Taiwan Weighted Index was up 0.78%.

US crude was steady at $121.79 a barrel, just off a record high at $122.73 in New York with prices doubling in the past year. Foreign brokerage house Goldman Sachs, which had predicted that oil would hit $100 a barrel now forecasts a potential spike to $200 a barrel.

As per provisional closing, the 30-share BSE Sensex fell 31.86 points or 0.18% at 17,341.15. The index lost 143.03 points at day`s low of 17,229.98, hit in the afternoon trade. Sensex gained 40.80 points at day`s high of 17,413.81, hit in the early afternooon.

The broader based S&P CNX Nifty was down 8.15 points or 0.16% at 5136.50.

The market breadth was weak on BSE with 1170 shares advancing as compared to 1522 stocks that declined. 69 stocks remained unchanged.

The BSE Mid-Cap index fell 0.27% to 7,210.89 and BSE Small-Cap index rose 0.26% to 8,726.51.

Top Sensex gainers were, TCS (up 2.63% at Rs 963.85), Mahindra & Mahindra (up 1.73% at Rs 675.50), Tata Steel (up 1.64% at Rs 829.80), Infosys Technologies (up 1.30% at Rs 1843), Hindustan Unilever (up 1.13% at Rs 251) and Jaiprakash Associates (up 1.10% at Rs 274.90).

Top Sensex losers were, Bharat Heavy Electricals (down 4.49% at Rs 4.49% at Rs 1777), Bharti Airtel (down 3.39% at Rs 817.90), DLF (down 2.39% at Rs 652), Larsen & Toubro (down 2.32% at Rs 2981.55), Satyam Computer (down 1.82% at Rs 489) and Ranbaxy Laboratories (down 1.64% at Rs 467.15).

Plastic materials maker Uflex jumped 1.60% to Rs 149.55 after posting 60.6% surge in net profit to Rs 24.84 crore on 13.9% rise in net sales to Rs 362.42 crore in Q4 March 2008 over Q4 March 2007.

Information technology firm Mastek soared 8.58% to Rs 369 on reports that the company is betting on transport and healthcare sectors for fuelling its future revenue.

Marine transportation services provider Mercator Lines vaulted 3.91% to Rs 107.75 after its wholly owned subsidiary Mercator Lines (Singapore) reported three-fold jump in net profit to $52.2 million in the year ended March 2008 over the year ended March 2007.

Ethanol maker Dollex Industries was locked at upper limit of 5% at Rs 43.45 on setting 20 May 2008 as the record date for a 2-for-1 stock split.

Apparel maker and exporter Gokaldas Exports surged 14.30% at Rs 237 on reports that major stakeholder Blackstone Group was considering delisting the company this year.

Film maker Pritish Nandy Communications was locked at upper limit of 10% at Rs 64.20 after it said on Tuesday, 6 May 2008 it has signed a three-film deal with US-based Sony Pictures.

Ethanol maker Praj Industries gained 1.69% to Rs 198.60 after the company reported 77.44% surge in net profit to Rs 153.54 crore on 20.10% increase in total income to Rs 740.31 crore in the year ended March 2008 over the year ended March 2007.

US markets rose to a four month high yesterday, 6 May 2008 as Financial and energy shares sparked the positive moves on the US indices. US largest mortgage financing company Fannie Mae surged after its officials said they were cautiously optimistic that the worst of the credit crisis had passed even after posting a $2.5 billion quarterly loss. The Dow Jones industrial average rose 51.29 points or 0.40% to 13,020.83. The Nasdaq Composite index rose 19.19 points, or 0.78%, to 2,483.31. The S&P 500 advanced 11 points to 1,418.

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