Monday, May 26, 2008

Market extends losses

The market today extended last week`s steep looses on weak cues from Asian markets. Banking, metal and capital goods stocks suffered the most in today`s slide. Information technology and healthcare stocks were star performers of the session.

Asian stocks fell on Monday, 26 May 2008, as investors feared rising inflation and sluggish US economic growth would seriously dent consumer demand in the region`s biggest export market. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were down by 0.60% to 3.13%.

But European markets, which opened after the Indian markets, were positive. Key indices in France and Germany were up by 0.01% to 0.26%. UK market is closed today on account of Spring Bank holiday.

On Friday, 23 May 2008, the US markets declined on concerns about a worsening housing recession and rising crude oil prices. The Dow Jones industrial average plunged 145.99 points, or 1.16%, to 12,479.63. The S&P 500 index declined 18.42 points, or 1.32%, to 1,375.93, and the Nasdaq Composite index fell 19.91 points, or 0.81%, to 2,444.67.

As per provisional closing, the 30-share BSE Sensex was down 246.30 points or 1.48% at 16,403.34. The index lost 348.76 points at day`s low of 16,300.88, hit at the fag end of the session.

The broader based S&P CNX Nifty was down 60.6 points or 1.23% at 4885.95.

The market breadth was poor on BSE with 669 shares advancing as compared to 2038 stocks that declined. 50 stocks remained unchanged.

The BSE Mid-Cap index fell 2.43% to 6,768.82 and BSE Small-Cap index fell 2.29% to 8,322.80.

BSE clocked a turnover of Rs 4134 crore as against Rs 5,389.63 on Friday, 23 May 2008.

India`s biggest listed cellular services provider by market share Bharti Airtel advanced 3.18% at Rs 863.40 after the company decided to disengage from the ongoing talks with the South African telecom major, MTN, to explore the possibility of a merger between the two emerging markets telecom giants

India`s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.83% at Rs 2533.70. The stock recovered from the day`s low of Rs 2490.

India`s largest private sector bank by assets ICICI Bank fell 3.79% at Rs 831.05.

Top Sensex losers were, Jaiprakash Associates (down 5.70% at Rs 224.10), Reliance Communication (down 5.08% at Rs 543), Bharat Heavy Electricals (down 4.88% at Rs 1662), Ambuja Cements (down 3.57% at Rs 98.50), and Grasim Industries (down 3.45% at Rs 2210).

Top Sensex gainers were, Infosys Technologies (up 3.48% at Rs 1890), TCS (up 3.14% at Rs 963), and Satyam Computer (up 0.85% at Rs 486).

Commercial vehicles maker Eicher Motors rose 20% to Rs 384.30 on reports truck maker Volvo had inked a final agreement to set up a new truck and bus joint venture with the company. Some other reports suggested that Eicher Goodearth, part of the promoter group, was considering buying back 13.12% of the company`s shares at Rs 691.68 each.

Private sector lender Bank of Rajasthan surged 13.53% to Rs 115.80 after it scheduled a board meet on 31 May 2008 to consider issue of bonus shares.

Engineering firm Crompton Greaves gained 2.28% to Rs 237.30 after posting 47.4% surge in net profit to Rs 103.07 crore on 17.1% increase in net sales to Rs 1159.53 crore in Q4 March 2008 over Q4 March 2007.

Auto parts maker Federal-Mogul Goetze (India) rose 1.49% at Rs 75.15 after it said its board will meet on 3 June 2008 to consider a rights issue.

As per provisional data, foreign funds sold shares worth a net Rs 654.31 crore on Friday, 23 May 2008. Domestic funds bought shares worth a net Rs 750.03 crore on that day.

Foreign institutional investors (FIIs) were net sellers of Rs 1118.77 crore in the futures & options segment on Friday, 23 May 2008. They were net sellers of index futures to the tune of Rs 1006.88 crore and sold index options worth Rs 59.74 crore. They were net sellers of stock futures to the tune of Rs 62.53 crore and bought stock options worth Rs 10.38 crore.

Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.

Relentless selling in realty, oil & gas and metal stocks spooked sell-off in late trade on Friday, 23 May 2008. The 30-share BSE Sensex settled 257.47 points or 1.52% lower at 16,649.64 and the broader based S&P CNX Nifty was down 78.9 points or 1.57% at 4,946.55, on that day.

The key benchmark indices suffered losses in the week ended Friday, 3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to 16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to 4,946.55 .

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