The market settled with small gains, amid mixed trend in index pivotals. The market started the day firm but slipped in the negative zone in mid-morning trade on profit booking. It staged recovery from lower level later. The market pared gains towards the close of the trading session. Some volatility was witnessed at higher levels. This is the eighth straight session of gains for the market. European and Asian markets were subdued today, 4 September 2007.
The BSE 30-share Sensex rose 43.35 points or 0.28% at 15,465.40. It opened higher at 15,482.13 and advanced further to hit a high of 15,521.48. The index also touched a low of 15,389.62. It moved in a band of 131.86 points for the day
The Sensex surged 1,301 points, or 9.18%, in eight trading sessions, from 14,163.98 on 23 August 2007 to 15,465.40 on 4 September 2007.
The S&P CNX Nifty was up 4.50 points or 0.10% at 4479.25. The Nifty September 2007 futures settled at 4434, a discount of 45.25 points as compared to spot closing
The market breadth was strong on BSE, with 1,738 shares advancing as compared to 998 that declined, while 67 remained unchanged.
The BSE Mid-Cap Index rose 0.68% to 6,765.92 while the BSE Small-Cap Index gained 0.93% to 8,270.95. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 4,999 crore as compared to Rs 4,743.66 crore on Monday, 3 September 2007. The NSE’s F&O turnover was Rs 39013.75 crore as compared to Rs 34491.99 crore on Monday, 3 September 2007.
Sectoral indices on BSE displayed mixed trend. The BSE Health Care Index (up 1.35% at 3,680.36), BSE Oil and Gas Index (up 0.40% at 8,187.54), BSE Realty index (up 1.87% to 7,462.48), BSE Capital Goods Index (up 0.32% at 13,632.61), and BSE IT Index (up 0.39% at 4,625.84) outperformed the Sensex.
However, BSE Bankex (up 0.20% at 8,006.58), BSE Consumer Durables index (down 0.24% to 4,401.53), BSE FMCG Index (down 0.44% at 1,994.24), BSE PSU index (down 0.42% to 7,194.66), BSE TecK index (down 0.11% to 3,634.83), BSE Auto Index (down 0.52% at 4,874.32) and BSE Metal Index (down 0.51% at 11,578.57), were underperformers.
From the 30-member Sensex pack, 17 declined while the rest advanced.
India’s largest private sector power utility in terms of net profit Reliance Energy soared 6.06% to Rs 824 on 23.42 lakh shares. It was the top gainer from the Sensex pack.
India’s third largest pharma company by sales Cipla advanced 4.68% to Rs 180 on 14.50 lakh shares. The stock has lost 33.46% in the past one year from Rs 258.40 on 4 September 2006 to Rs 171.95 on 3 September 2007.
India’s top private sector housing finance company in terms of net profit Housing Development Finance Corporation (HDFC) rose 2.60% to Rs 2052.25, on reports it does not plan to cut home loan rates as of now.
India’s largest engineering and construction firm by sales, Larsen & Toubro rose 1.42% to Rs 2623.75 after it received two contracts worth Rs 267 crore. The contracts have been bagged from Indian Oil Corporation (IOC) and China-based Liaoning Huajin Chemical Corporation for their expansion projects.
India’s largest private sector company and oil refiner Reliance Industries (RIL) was up 0.79% to Rs 1971 on 5.45 lakh shares. RIL has reportedly expressed its interest in acquiring a 50% stake in Kenya Petroleum Refinery (KPRL). KPRL is one of Kenya’s oldest refinery complexes with an annual capacity of four million tonnes.
IT pivotals were firm as rupee eased against the dollar. Infosys, India’s second largest IT services exporter by sales rose 1.51% to Rs 1890. From a recent low of Rs 1761 on 21 August 2007 the scrip climbed 5.73% to Rs 1861.95 on 3 September 2007.
India’s largest IT services provider by sales, Tata Consultancy Services (TCS) gained 0.48% to Rs 1063.85 on reports it had won a multi-year deal from Swiss drug maker Roche. TCS will provide services to Roche in areas including clinical data management, clinical programming, biostatistics and drug safety support. The size of the order is not known.
However India’s third largest software company in terms of sales, Wipro slumped 2.29% to Rs 464.50 on 1.98 lakh shares. It was the top loser from Sensex pack. Satyam Computers slipped 0.26% to Rs 448.75
Rupee was hovering at 40.96 against dollar, weaker than to Monday (3 September 2007)’s close of 40.885/895.
Diversified firm Grasim Industries gained 3.30% to Rs 3032. Aditya Birla Group said after trading hours on Monday, 3 September 2007, its cement shipments rose 12.3% in August 2007 over August 2006. Aditya Birla group includes flagship Grasim Industries and UltraTech Cement.
ACC, the country’s second largest cement manufacturer rose 2.51% to Rs 1097.95 after it reported 15% rise in cement dispatches in August 2007 over August 2006.
Other cement counters, India Cements (up 7.47% to Rs 269), UltraTech Cement Company (up 3.05% to Rs 975), Birla Corporation (up 2.33% to Rs 303.10) and Ambuja Cements (up 1.53% to Rs 136.20), surged.
India’s top bus and truck maker Tata Motors slipped 1.70% to Rs 691 after it reported a 0.4% fall in sales to 45,144 units in August 2007 over August 2006.
India’s top utility vehicle maker Mahindra & Mahindra (M&M) was down 1.03% to Rs 714.05. As per reports, it is in advanced stages of negotiations for forging a marketing tie-up with Nissan Motor Company for the latter’s small cars. Nissan would eventually make its small cars here and may decide to sell these through the widespread M&M’s dealer network.
Hindalco Industries (down 2.28% to Rs 156.75), NTPC (down 2.27% to Rs 181.15) and Bhel (down 1.90% to Rs 1904.05) were the other losers from the Sensex pack.
Take Solutions (Rs 422.65 crore), Reliance Energy (Rs 189.87 crore), IFCI (Rs 145.05 crore), Reliance Industries (Rs 107.20 crore), and Everonn Systems (Rs 97.33 crore) were among the turnover toppers on BSE.
Shares from mid-cap software sector surged on renewed buying. Take Solutions (up 10.76% to Rs 998.75), Nucleus Software Exports (up 7% to Rs 377), Mastek (up 7.70% to Rs 282.70), Polaris Software (up 0.30% to Rs 119.65), Prithvi Info (up 5.80% to Rs 290.90), and Subex System (up 2.57% to Rs 570), edged higher.
Among side counters, National Oxygen (up 20% to Rs 62.10), Alchemist (up 19.98% to Rs 124), Noida Toll Bridge (up 10% to Rs 29.70), Spentex Industries (up 19.98% to Rs 32.45), and Aksh Optifibres (up 19.90% to Rs 49.40) surged.
Superhouse Leather (down 7.28% to Rs 49), Monnet Sugar (down 6.82% to Rs 33.50), Dhunseri Tea (down 6.79% to Rs 70), Alfred Herbert (down 6.23% to Rs 182), and Vaibhav Gems (down 5.93% to Rs 212.65), declined.
Bharat Petroleum Corporation (BPCL) slipped 1.56% to Rs 306 after it turned ex-dividend, for a dividend of Rs 10 per share. Indraprastha Gas declined 1.33% to Rs 118.95 after it turned ex-dividend, for a dividend of Rs 3 per share from today. Both these shares have face value of Rs 10 each.
Hindoostan Spinning & Weaving Mills jumped 5% at Rs 53.45 on reports that the firm has sold 8 acres of its defunct mill located near the Siddhivinayak temple at Prabhadevi, Mumbai for Rs 350 crore to Mumbai-based builder Akruti Nirman. Akruti Nirman will develop a high-end residential project on this property.
Educomp Solutions slipped 1.09% to Rs 2870. It entered into a partnership with Microsoft to make available its graphical curriculum content on the Microsoft XBOX360 platform.
Kernex Microsystem (India) jumped 5% to Rs 326 on rumors that it may bag a 6-year long railways contract worth Rs 2,000 crore in joint venture with Konkan Railways.
Parenteral Drugs (India) surged 3.07% to Rs 194.55 after board its board recommended a 1:1 bonus issue. The company also said it proposes to issue equity shares on rights basis. Terms of the right issue will be finalized in due course.
Valecha Engineering rose 1.05% to Rs 289 after it fixed 5 October 2007 as the record date for the issue of bonus shares in the ratio 1:2.
Onward Technologies gained 5.06% to Rs 40.80 after signing agreement with John Deere India to set up dedicated engineering design services centre in Pune.
Shipping Corporation of India rose 1.77% to Rs 195. The Baltic Exchange’s Dry freight Index, which gauges the strength of seaborne dry commodities trade, set a record for a third consecutive week on Monday, 3 September 2007, on strong raw materials demand, buoyant economic growth and port congestion at key export centres
Textile firm Siyaram Silk Mills rose 4.12% to Rs 116.80 after it said during trading hours today, 4 September 2007, its board approved the sale of two properties near Mumbai.
Cable maker Paramount Communications rose 4.33% to Rs 34.90. The stock came off day’s high of Rs 37. The company before trading hours today, 4 September 2007, said it had acquired UK’s AEI Cable.
Godrej Consumer Products gained 1.06% to Rs 138.15 on reports that the company may acquire the consumer products business of South Africa-based Enaleni Pharmaceuticals. It has a market capitalisation of approximately 1.5 billion rands and is listed on Johannesburg Stock Exchange.
Biocon advanced 2.83% to Rs 459.95 after its shareholders approved divestment of the enzymes business of the company.
Siyaram Silk Mills jumped 5.22% to Rs 118 after its board approved the sale of two properties in Maharastra. One of the two properties is located at Raigad, Maharastra and the other one is at Thane, Mumbai.
West Coast Paper Mills rose 1.49% to Rs 440.50 after it fixed 2 November 2007 as the record date for the purpose of splitting of the equity shares of face value of Rs 10 each into five equity shares of Rs 2 each.
Dollex Industries dropped 2.50% to Rs 102 after the company said during trading hours on Tuesday, 4 September 2007, it has bought an integrated sugar complex from Maharashtra state government for Rs 14 crore and plans to invest Rs 10 crore in the unit over one year.
European markets which opened after Indian market, were trading mixed. Key benchmark indices in London (down 0.22% to 6,301.50) and France (down 0.29% to 5,635.19) slipped. However Germany’s DAX rose marginally by 0.03% to 7,650.98
Most of the Asian markets closed lower today, 4 September 2007. Japan’s Nikkei (down 0.63% at 16,420.47), Hang Seng (down 0.08% at 23,886.07) Shanghai Composite (down 0.51% to 5,294.90), Singapore’s Straits Times (down 0.30% to 3,376.06), South Korea’s Seoul Composite (down 0.36% to 1,875.05), and Taiwan Weighted (down 0.63% at 8,922.68) slipped.
US markets remained closed yesterday, 3 September 2007 for Labor Day holiday.
Crude oil paused near a four-week high in New York on signs a hurricane in the Caribbean may weaken and break up without disrupting production in the Gulf of Mexico. Crude oil for October 2007 delivery was at $74.13 a barrel, up 9 cents, in after-hours electronic trading on the New York Mercantile Exchange.

Tags: post market, sensex

The market was steady throughout the day, except an initial hiccup, on continued buying interest for index pivotals. Today is the seventh straight day of gains for the market. European and Asian markers were mixed today, 3 September 2007.
In opening trade, the market had pared gains after surging initially. It had opened on a firm note following the rally in US stocks on Friday (31 August 2007) after Federal Reserve’s chairman Ben Bernanke and US president George Bush assured that they would not let the economy to collapse.
The BSE 30-share Sensex rose 103.45 points or 0.68% at 15,422.05. It opened higher at 15,401.99 and advanced further to hit a high of 15,427.16. The index touched a low of 15,323.05. It oscillated in a narrow band of 104.11 points in the day.
The BSE Sensex has surged 1258 points, or 8.83%, in the past seven trading sessions, from 14,163.98 on 23 August 2007 to current 15,422.05
The S&P CNX Nifty was up 10.75 points or 0.24% at 4,474.75. The Nifty September 2007 futures settled at 4446, a discount of 28.75 points as compared to spot closing
Data released during trading hours on Friday (31 August 2007) showing strong economic growth in India in Q1 June 2007 and easing of inflation also aided upmove on the bourses today.
The market breadth was strong on BSE, with 1,971 shares advancing as compared to 760 that declined, while 53 remained unchanged.
The BSE Mid-Cap Index rose 1.69% to 6,720.07 while the BSE Small-Cap Index gained 1.66% to 8,194.45. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 4,715 crore as against Rs 5,070.78 crore on Friday, 31 August 2007. The NSE’s F&O turnover was Rs 34,491.99 crore as compared to Rs 45,012.59 crore on Friday, 31 August 2007
All the sectoral indices on BSE posted gains, except the BSE Oil and Gas Index.
The BSE Health Care Index (up 1.64% at 3,631.33), BSE Bankex (up 1.67% at 7,990.32), BSE Capital Goods Index (up 1.22% at 13,588.78), BSE Consumer Durables index (up 2.63% to 4,412.22), BSE Realty index (up 1.16% to 7,325.50), BSE FMCG Index (up 1.48% at 2,003.11), and BSE PSU index (up 1.83% to 7,225.03) outperformed the Sensex.
However BSE TecK index (up 0.34% to 3,638.87), BSE IT Index (up 0.48% at 4,607.82), BSE Auto Index (up 0.44% at 4,899.58), BSE Metal Index (up 0.62% at 11,637.94), and BSE Oil and Gas Index (down 0.06% at 8,155.11), were underperformers.
From the 30-member Sensex pack, 22 rose while the rest declined.
India’s largest power generation company NTPC galloped 6.49% to Rs 184.55 on 24.59 lakh shares. It hit an all time high of Rs 187.90 which is a record high for the counter. It was the top gainer from Sensex pack. As per recent reports, the government plans to divest 4.75% of its stake in NTPC through a public offer that could fetch it nearly Rs 6000 crore.
Domestic pharma companies advanced on renewed buying. India’s second largest drug maker by sales Dr Reddy’s Laboratories advanced 3.80% to Rs 665 on reports that it has made a non-binding bid to acquire US-based Bradley, which has a strong presence in the dermatology segment.
Cipla, the country’s third largest drug maker by sales, gained 2.75% to Rs 172, while Ranbaxy Laboratories, the country’s top drug maker, rose 0.97% to Rs 395.10
Banking pivotals gained on fresh buying. State Bank of India, the country’s largest bank by net profit, rose 0.16% to Rs 1602, off its day’s high of Rs 1621.90. As per reports, the government may give in-principle approval to the intermediate holding company proposed by State Bank of India (SBI). It plans to transfer its investments in its insurance and mutual funds businesses to a subsidiary within the next two to three months. The subsidiary in turn will act as a holding company for SBI’s insurance and mutual fund businesses. It may be listed in 2008-09.
ICICI Bank (up 2.70% to Rs 908.50) and HDFC Bank (up 0.49% to Rs 1177) also gained.
India’s largest power equipment manufacturer Bharat Heavy Electricals (Bhel) rose 3.01% to Rs 1946. It also hit an all time high of Rs 1950. On 29 August 2007, it had won Rs 1,990-crore order for the supply and installation of steam generator and turbine packages at the upcoming 1,000 mega watt Vallur Thermal Power Project in Tamil Nadu.
India’s top small car marker Maruti-Suzuki India rose 1.47% to Rs 881. It posted 25% rise in domestic sales to 60,229 units in August 2007 compared to 48,259 units in August 2006.
IT stocks saw mixed trend. Infosys (up 0.37% to Rs 1862) and Satyam Computers (up 0.59% to Rs 450) rose. However TCS (down 0.75% to Rs 1057), and Wipro (down 1.69% to Rs 474.10), declined. The rupee was hovering at 40.89 against the dollar, slightly weaker than Friday (31 August 2007)’s close of 40.875/885.
Hindustan Unilever (HUL) was up 0.43% to Rs 209.50 on high total volume of 33.09 lakh shares. A block deal of 10 lakh shares was struck on the Hindustan Unilever (HUL) counter at Rs 208 per share on BSE by 10:06 IST. Another block deal of 20 lakh shares was struck on the HUL counter at Rs 208.50 per share on BSE by 11:26 IST.
India’s largest company by market capitalisation and oil refiner Reliance Industries (RIL) slipped from an all time high of Rs 1981. It was down 0.57% to Rs 1948.25 on 6.45 lakh shares. It is reportedly in the process of setting up an optic fibre cable (OFC) network in Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra and Gujarat, which will run alongside its gas pipeline from Kakinada to Bharuch.
India’s top oil explorer Oil and Natural Gas Corporation (ONGC) lost 1.93% to Rs 841 on 99,939 shares. It was the top loser from the Sensex pack. It has reportedly entered into an agreement with global oil giant British Petroleum (BP) to jointly undertake oil and gas exploration and production projects in India and overseas.
Bharti Airtel (down 1.92% to Rs 863) and Wipro (down 1.69% to Rs 474.10) were the other losers from the Sensex pack.
India’s second largest bike maker Bajaj Auto lost 0.90% to Rs 2324. Its vehicle sales in August fell 6% to 195,707 units from 208,163 units a year earlier. It said sales of motorcycles declined 7% to 1,67,483 units from 1,80,570 and sales of all two-wheelers slipped 6% to 1,70,203 units from 1,82,013 units a year earlier. The company’s exports jumped 75% to 56,452 units from 32,283 units a year earlier.
Among side counters, Bhushan Steel (up 20% to Rs 911.60), JCT (up 20% to Rs 9.15), NIIT Technologies (up 13.90% to Rs 351.75), Adani Enterprises (up 12.21% to Rs 383.80), Sasken Communications (up 10.87% to Rs 379.80) and Gulf Oil Corporation (up 10% to Rs 1056.80) surged.
Cairn India was up 0.37% to Rs 150.55. As per reports it plans to invest around Rs 1,000 crore over three years in new discoveries at 15 blocks under its fold, including three each in Andhra Pradesh and Rajasthan, four in Gujarat and two in Uttar Pradesh.
Paramount Communications surged 17.40% to Rs 33.40 on reports that it plans to buy UK-based AEI Cables, an unit of TT Electronics, for about Rs 260 crore. AEI Cables is a provider of cabling solutions to the industries like construction, defence, industrial, fire protection, mining, oil and gas, power and rail.
Jammu & Kashmir Bank rose 3.25% to Rs 690 after the Reserve Bank of India said after trading hours on Friday (31 August 2007) foreign funds can now buy fresh shares up to 46.85% of its paid-up capital.
Auto parts maker Omax Autos rose 1.93% to Rs 65.85 after it said during trading hours on Monday, 3 September 2007, its board approved the issue of 2.5 million warrants at Rs 83 each.
Cholamandalam DBS Finance rose 9.90% to Rs 206 after the financial services firm approved the issue of three rights shares for every eight held at Rs 140 each.
Apollo Hospitals Enterprise rose 1.80% to Rs 492.80 after its board approved issuing seven million shares at Rs 605.10 per share to Apax Partners.
Drug maker Venus Remedies rose 5.5% to Rs 550 after it said during trading hours on Monday, 3 September 2007, that Sonata Investments had acquired 1.72% n the company to raise its stake to 11.17%.
TVS Motor Company was up 1% to Rs 66.40 after it strongly refuted charges that it stole technology from its competitor Bajaj Auto. Media reports on Saturday (1 September 2007) had suggested that Bajaj Auto plans to sue TVS Motor for stealing its patented digital twin spark ‘(DTSi) technology’ that made a motorcycle faster and fuel efficient.
Gitanjali Gems rose 1.22% to Rs 295 after it received in-principle approval from the Ministry of Commerce, Board of Approvals for establishing a 1,000-hectare SEZ at Nagpur in Maharashtra for multi products and a 50-hectare SEZ at Aurangabad in Maharashtra for gems and jewellery. The company made this announcement after market hours on Friday, 31 August 2007
JSW Steel rose 2% to Rs 655 after it posted highest ever crude steel production with 32% growth in August 2007. The company has also shown 21% growth in volumes sequentially in crude steel, 11% growth in hot rolled (HR) Coils and 19% growth in HR plate products in August 2007 over July 2007.
Patni Computers rose 0.80% to Rs 530.9 on reports that promoters of Patni Computers are looking to sell their stake for which 4 private equity firms have been short listed. The deal is rumored to be valued between Rs 675-Rs 710 per share.
Mahindra & Mahindra rose 1.90% to Rs 722.50 after its vehicle sales rose 30% to 18,269 units in August 2007 over August 2006. Mahindra said domestic auto sales, including utility vehicles, light commercial vehicles and three-wheelers, rose 34 % to 17,438 units from 12,981 units a year earlier. Exports fell 21% to 831 units from 1,051 units.
Apeejay Tea hit 20% upper circuit at Rs 108 after it scheduled a board meet on 4 September 2007 to consider a proposal from the founders of the company to delist shares from the BSE. Promoters currently hold 74.27% stake (as on 30 June 2007).
European markets which opened after Indian’ markets were trading mixed today, 3 September 2007. Key benchmark indices in London (up 0.21% to 6,316.80), Germany (up 0.14% to 7,648.6062) rose. However France’s CAC 40 index declined 0.27% to 5,647.57
Asian markets were mixed today, 3 September 2007. Japan’s Nikkei (down 0.27% at 16,524.93), Taiwan Weighted (down 0.02% at 8,979.96), Singapore’s Straits Times (down 0.20% at 3,386.22), and Hong Kong’s Hang Seng (down 0.33% at 23,904.09) slipped.
However, Shanghai Composite (up 1.96% to 5,321.05), and South Korea’s Seoul Composite (up 0.46% at 1,881.81) gained.
On Friday, 31 August 2007, the Dow Jones Industrial Average rose 119 points to 13,358. S&P 500 gained 16 points to settle at 1,474 and the Nasdaq Composite climbed up 31 points to close at 2,596.
Crude oil was little changed near a four-week high in New York today, 3 September 2007, on signs a hurricane approaching the Gulf of Mexico will miss US oil facilities. Crude oil for October delivery was at $74.05, up 1 cent, in after-hours electronic trading on the New York Mercantile Exchange.

Tags: post market, sensex

The market staged solid rebound from day’s low touched in early trade, on value buying coupled with short covering in derivatives market. With today’s gains, the market have now posted gains for fourth conseutive session.
The market had tumbled in early trade today following drop in US stocks overnight driven by credit concerns, US housing data and doubts about the sustainability of global economic growth. A recovery in European markets from an early slide, aided rebound on the domestic bourses.
The BSE 30-share Sensex advanced 73.85 points or 0.50% at 14,993.04. It had opened lower at 14,651.49 and slipped further to hit a low of 14,592.11. At the day’s low of 14,592.11, Sensex had declined 327.08 points for the day.
Sensex rebounded sharply from lower levels to hit a high of 15,029.53 at 14:58 IST. At 15,029.53, Sensex had gained 110.34 points for the day. Sensex oscillated 437.42 points between the high and low.
From the recent low of 13,989.11 on 21 August 2007, the Sensex has recovered 1004 points to current 14,993.04.
The S&P CNX Nifty rose 38.60 points or 0.89% at 4,359.30. The Nifty August 2007 futures settled at 4363, a premium of 3.70 points as compared to spot closing.
The market breadth was strong as buying resumed for small-cap and mid-cap stocks. On BSE, with 1568 shares advanced as compared to 1102 that declined, while 66 remained unchanged. This is in contrast to 943 shares declining and 378 advancing, in opening session.
The BSE Mid-Cap index was up 0.64% to 6,450.39, while the BSE Small-Cap index rose 0.84% to 7,874.22. Both these indices, outperformed the Sensex. They recovered from their low of 6,321.33 and 7,730.18 respectively
The total turnover on BSE amounted to Rs 4797 crore as against Rs 4,206.97 crore on Tuesday, 28 August 2007. The NSE’s F&O turnover was Rs 76,510.22 crore as compared to Rs 57340.78 crore on Tuesday, 28 August 2007.
Volatility is expected to remain high in the tomorrow derivatives contracts for August 2007 series expire on Thursday, 30 August 2007.
Among the 30-member Sensex pack, 19 advanced while the rest slipped. In the opening session, all the 30-members of Sensex pack were in red.
India’s largest private sector steel maker, Tata Steel galloped 9.33% to Rs 661.90 on high volumes 34.33 lakh shares. It was the top gainer from Sensex pack. The stock advanced from its low of Rs 591, hit in early trade.
Tata Steel recorded a consolidated net turnover of Rs 31,155 crore for Q1 June 2007, an increase of 442% over the same period last year, on the back of Corus acquisition. Its consolidated operating profit surged 186% to Rs 4,904 crore. The results also include an extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in yield rates on bonds held by various pension funds of Corus.
The BSE Metal Index surged 4.24% to 11,203.77, and was the top gainer among the sectoral indices on BSE. Sterlite Industries (up 3.30% to Rs 619), Jindal Steel & power (up 1.97% to Rs 3770.05), Sesa Goa (up 2.61% to Rs 1922), and Hindustan Zinc (up 0.56% to Rs 700), advanced.
Oil & Natural Gas Corporation, India’s largest oil explorer in terms of revenue, soared 2.56% to Rs 830, on reports that oil ministry has sought scrapping of service tax on exploration activities due to spike in global rates for hiring rigs and other services.
State Bank of India (SBI), the country’s largest bank in terms of net profit advanced 2.21% to Rs 1583, after slipping to a low of Rs 1510.55. A block deal was executed on the counter in the FII segment on BSE on Tuesday, 28 August 2007 at Rs 1,867.95, a 20.61% premium over ruling market price.
India’s biggest power equipment maker in terms revenue, Bhel rose 2.53% to Rs 1853. Recently it won contracts worth over Rs 6,500 crore for setting up two power projects of 500 MW each at Koderma Thermal Power Station in Jharkand and Durgapur Steel Thermal Power Station in West Bengal on a turnkey basis.
Other gainers from the Sensex pack were Hindalco Industries (up 2.12% to Rs 156.55), Reliance Energy (up 2.28% to Rs 784), and ACC (up 1.69% to Rs 1043.90).
India’s top truck maker Tata Motors gained 1.80% to Rs 675 on high volumes of 14.04 lakh shares. A block deal of 5 lakh shares was struck on the counter on BSE at Rs 662.90 per share at 13:28 IST. Earlier, a block deal of 5 lakh shares was struck on the counter on BSE at Rs 667.50 per share at 10:38 IST
India’s second largest software services exporter Infosys Technologies lost 2.86% to Rs 1828.15 on 2.15 lakh shares. It was the top loser from Sensex pack. It slipped sharply from day’s high of Rs 1866.85. As per reports, Infosys BPO has lost a prime client Green-Point Mortgage. Green Point Mortgage, a mortgage arm of Capital One (a financial services company) declared its bankruptcy on 20 August 2007 in the US.
The BSE IT Index lost 1.19% at 4,504.40, and was the top loser among the sectoral indices on BSE. Among other IT pivotals, Satyam Computers declined down 1.30% to Rs 443.90. However Wipro (up 0.76% to Rs 471), and TCS (up 0.66% to Rs 1035) gained.
NTPC (down 1.46% to Rs 164.85), and HDFC (down 1.10% to Rs 1958.90), were the other losers from Sensex pack.
India’s largest private sector entity by market capitalistaion and oil refiner Reliance Industries recovered from early low of Rs 1848.25, to hit a high of Rs 1900. It ended 0.85% higher at Rs 1896 on 9.32 lakh shares. As per reports, the stalemate over the pricing of gas from its KG basin may come to an end soon. Reports say that pricing formula put forward by RIL is likely to be broadly approved by the empowered group of ministers (EGoM) within the next couple of days.
Among side counters, Lakshmi Mills (up 20% to Rs 1607.15), Ispat Industries (up 17.83% to Rs 18.37), Triveni Engineering (up 16.07% to Rs 73.30), Kesar Enterprises (up 15.51% to Rs 60.70), and Uttam Menon Pistons (up 14.40% to Rs 82.60), surged
Ankit Metals (down 7.18% to Rs 48.50), RT exports (down 7% to Rs 26), Gitanjali Gems (down 4.70% to Rs 269.75), Nucleus Software Exports (down 4.31% to Rs 343.90), and Indiabulls Financial Services (down 4% to Rs 488.10), declined.
Sugar shares surged on reports that a group of ministers had recommended mandatory blending of 10% ethanol with petrol to deal with the massive oversupply of sugar. Upper Ganges Sugar & Industries (up 13.80% to Rs 72.55), Oudh Sugar Mills (up 10% to Rs 51.45), Balrampur Chini Mills (up 9.85% to Rs 60.80), Shree Renuka Sugars (up 10.31% to Rs 537.75), Dhampur Sugar Mills (up 7.71% to Rs 52.40) and Bajaj Hindustan (up 6.89% to Rs 136.50) surged.
Ashok Leyland was up 4.15% to Rs 37.65 after it said it would jointly make light commercial vehicles in India along with Nissan Motor Co, Japan. Ashok Leyland will own a majority stake in the vehicle manufacturing venture.
Escorts soared 5.75% to Rs 86.50, despite National Stock Exchange banning fresh positions in the company’s derivatives contracts as the open interest crossed 95% of the position limit.
Abbott India jumped 8.31% to Rs 570 after it announced that the board will consider a proposal for buyback of shares in a meeting to be held on 5 September 2007. The buyback price to be determined by the board will not exceed Rs 650 per equity share.
DLF gained 1.57% to Rs 596. As per reports, it plans to ramp up the current annual delivery volume of about 20 million square feet (sq ft) to an annual delivery volume of 50 million sq ft in its office, retail, and residential businesses, over the next three to five years.
Esab India was up 0.65% to Rs 494 after its parent revised its open offer. It will now acquire 58.01 lakh shares (37.7%) from 30.78 lakh shares (20%) from the earlier open offer. Its also raised the price to Rs 505 per share from Rs 406 per share earlier.
Lanco Infratech spurted 5.42% to Rs 299.40. Earlier on 21 August 2007, Lanco Infratech secured an Rs 82.39 crore order from airports authority of India to construct a new terminal building at Varanasi Air Port.
Steel Authority of India (SAIL) jumped 5.15% to Rs 161.20. As per recent reports, the company has earmarked Rs 2,500 crore to raise its iron ore capacity to 29.5 million tonne (mt) by 2011-12 from 17 mt currently. This is in line with its ambitious plans to boost hot metal capacity to 23 mt.
Pritish Nandy Communications jumped 5% to Rs 83.85 on reports it had bagged $100 million franchisee to remake blockbuster hindi movie ‘Sholay’ from Sholay Media and Entertainment. PNC will not only remake Sholay, but also do an animated version of the original film, and then a prequel and a sequel.
India Foils surged 5% to Rs 10.60 on reports that Ess Dee Aluminium was in the final stages of negotiations to acquire it. Ess Dee would use the Rs 81.08 crore that it raised by selling a 5% stake to Morgan Stanley for the acquisition.
Firstsource Solutions vaulted 9.62% to Rs 79.20 after it acquired US based MedAssist Holding Inc, a leading provider of revenue cycle management in the healthcare industry in the US. The acquisition is valued at $330 million. MedAssist had revenue of $99 million for year ended December 2006
Elder Pharmaceuticals rose 0.35% to Rs 386.10 on reports it had acquired 51% stake in Bulgaria’s Biomeda group for euro 5 million in an all-cash deal. Biomeda Group is a leading pharma group in Bulgaria with a turnover of about 10-12 million euros.
Nagarjuna Construction Company was up 0.86% to Rs 199.25, after hitting a high of Rs 205.95. The stock surged on reports that Blackstone Group, the global private equity firm will buy 14.5% stake in Hyderabad-based Nagarjuna Construction Company (NCCL) for $150 million (about Rs 615 crore).
Jet Airways gained 0.89% to Rs 756. As per reports, Jet would increase the fare of domestic tickets within a month in the domestic segment. The increase in the ticket prices would be in the range of Rs 200 to Rs 500 per seat, reports suggest.
Rei Agro surged 13.03% to Rs 307 after company’s board approved spinning off its retail business.
Essar Oil was up 2.35% to Rs 52.20 on reports that the firm may delist without an open offer.
The Communist Party of India (CPI) on Tuesday, 28 August 2007, said it had no intention of destabilising the government and force an immediate election on the contentious Indo-US nuclear deal issue. The party, however, wanted its concerns on the deal to be addressed by the ruling coalition by a mechanism, like a committee at the political level, to clarify all doubts on 123 agreement and allied matters like the Hyde Act.
The UPA government and the Left parties, on Monday 27 August 2007, agreed to formalise a joint mechanism to address the latter’s objections on the civil nuclear deal with the US. But the Left’s main demand of not proceeding with International Atomic Energy Agency (IAEA) negotiations remained unresolved, even after a series of high-profile meetings between the two sides, reports suggest. In a meeting of government with the Left party leaders held on Monday, 27 August 2007, Left parties reiterated their that they would agree to participate in the mechanism, but the government shouldn’t go ahead with next round of IAEA negotiations.
The proposed mechanism in the form of a committee will also decide how long the government will stall IAEA negotiations. However, the government has refused to give any time frame for the committee to finish its work
The Left Front’s opposition to the nuclear deal with US had stoked concerns over the past few days that if the Communist allies of the ruling coalition government at the Centre decide to pull their support, the government will be reduced to a minority, triggering fresh elections.
Most of the European markets were trading higher today, 29 August 2007. United Kingdom’s FTSE 100 rose 0.31% to 6,121.10 and France’s CAC 40 gained 0.19% to 5,484.73. Germany’s DAX was down 0.18% to 7,416.91
In Asia, Hang Seng (down 1.47% at 23,020.60), Japan’s Nikkei (down 1.69% at 16,012.83), Taiwan Weighted (down 0.97% at 8,643.22), Singapore’s Straits Times (down 0.25% at 3,334.36), Shanghai Composite (down 1.64% to 5,109.27), and South Korea’s Seoul Composite (down 0.17% at 1,826.19), all slipped.
US shares slumped yesterday, 28 August 2007 as investors grew more uneasy about the economy and whether the Federal Reserve will take the steps needed to prevent credit market problems from spreading further. The Dow Jones Industrial Average fell 280.28 points, or 2.10%, to 13,041.85. Broader stock indicators were also lower. The Standard & Poor’s 500 index was down 34.43 points, or 2.35%, at 1,432.36, and the Nasdaq Composite index shed 60.61 points, or 2.37%, to 2,500.64.
Crude oil prices were steady on Wednesday, 29 August 2007 as mounting concerns over the health of the US economy overshadowed worries that US refinery outages could drag down fuel inventories in the world’s top consumer. US crude eased 7 cents to $71.66 a barrel while London Brent crude was unchanged at $70.55

Tags: post market, sensex

Market extends gains

The market settled with decent gains as buying emerged for index pivotals. IT pivotals led the rally along with index heavyweight Reliance Industries (RIL). Yet, weak global markets capped upside. On the flip side, value buying coupled with short covering provided support at lower level.
Asian markets settled on mixed note today, 28 August 2007. Some of these markets recovered from initial weakness. However, all European markets were trading lower. US markets closed lower on Monday, 27 August 2007.
The BSE 30-share Sensex gained 76.81 points or 0.52% at 14,919.19. It had opened slightly lower at 14,841.61 and slipped further to hit a low of 14,751.68, in early trade. However it rebounded from lower levels to hit a high of 14,952.04 at 15:12 IST.
From the recent low of 13,989.11 on 21 August 2007, the Sensex has recovered 930 points or 6.65% at current 14,919.19
The S&P CNX Nifty rose 18.10 points or 0.42% at 4320.70. The Nifty August 2007 futures settled at 4298.80, a discount of 21.90 points as compared to spot closing
The total turnover on BSE amounted to Rs 4096 crore as against Rs 4,017.17 crore on Monday, 27 August 2007. The NSE F&O turnover was Rs 57,340.78 crore as compared to Rs 52749.11 crore on Monday, 27 August 2007.
The market breadth was strong on BSE, with 1593 shares advancing as compared to 1061 that declined, while 75 remained unchanged.
The BSE Mid-Cap index rose 0.77% to 6,409.64 while the BSE Small-Cap index settled with gain of 1.07% to 7,808.44. Both these indices outperformed the Sensex.
Volatility is expected to remain high in the next three days ahead of the expiry of derivatives contracts for August 2007 series on Thursday, 30 August 2007.
Among the 30-member Sensex pack, 19 rose while the rest declined.
India’s largest aluminium manufacturer Hindalco Industries advanced 3.10% to Rs 153 on 12.08 lakh shares. It was the top gainer from the Sensex pack. As per recent reports it plans to make inroads into supplies for the car market which has so far been dominated by steel manufacturers. Hindalco will soon make high-grade aluminium products for the body-in-white segment for cars.
Other metal counters, Tata Steel (up 0.50% to Rs 606), Hindustan Zinc (up 1.68% to Rs 697), and Sail (up 2.61% to Rs 153.35), also edged higher. The BSE Metal Index rose 1.04% to 10,748.27
IT pivotals made a comeback today, as rupee weakened against the dollar. Satyam Computers (up 2.10% to Rs 448) and Infosys (up 1.72% to Rs 1880), gained from IT pack. The BSE IT Index gained 1.91% at 4,558.76, and was the top gainer among the sectoral indices on BSE
TCS, the country’s largest software services exporter rose 0.13% to Rs 1027, on reports it had signed a multi-year contract with Hawaiian Airlines to provide IT, business process outsourcing and infrastructure services. Reports suggest that the deal may be worth about $40 million.
India’s third largest software services exporter Wipro gained 0.11% to Rs 465.05 on reports that it plans to open a software development center in the US city of Atlanta that will employ mostly graduates from colleges and universities in the state of Georgia. The Atlanta facility will hire more than 200 people in the first year, and is expected to employ over 500 by the third year of operations.
Financial Technologies (up 10% to Rs 2300), HCL Technologies (up 2.88% to Rs 293) and Tech Mahindra (up 1.57% to Rs 120.50), gained from mid-cap IT pack.
Rupee was hovering at 41.17 as against yesterday’s close of 41.01/41.02.
India’s largest private sector entity in terms of market capitalisation and oil refiner Reliance Industries soared to a high of Rs 1890. It settled 2.80% higher to Rs 1884.25 on 8.15 lakh shares. Reliance Industries (RIL) is reportedly entering into an alliance with Container Corporation of India (Concor), the country’s largest container train operator. Under the partnership, RIL will have access to several infrastructural facilities of Concor, including almost 60 terminals across the country. RIL intends to utilise these facilities as key warehousing points for Reliance Retail.
BSE Oil and Gas Index gained 1.5% at 7,839.17
FMCG stocks were in demand on fresh buying. The BSE FMCG Index gained 0.98% at 1,930.93. ITC (up 1.40% to Rs 167.35), Marico (up 3.11% to Rs 59.70), Britannia (up 0.30% to Rs 1590), and Nirma (up 1.46% to Rs 160), gained from FMCG pack.
Larsen & Toubro (L&T) rose 0.30% to Rs 2543 after L&T Capital Company, its group company invested around Rs 100 crore for a stake in Mysore based Rangsons Electronics, an electronic manufacturing services (EMS) provider.
India’s third largest pharma company in terms of net sales, Cipla was up 0.15% to Rs 170.55 on reports that company will replace all products with chlorofluorocarbons ahead of Montreal Protocol ban deadline.
ICICI Bank, the country’s largest private sector bank in terms of net profit, extended early fall. It lost 2.89% to Rs 858.20 on 11.72 lakh shares. It was the top loser from Sensex pack. The bank got a setback today, after the Reserve Bank of India made a strong case against intermediate holding companies to float holding companies for their insurance and mutual fund business. The regulator said any clearance for foreign investment in such a holding company by other regulators could be subject to “legal review”.
State Bank of India, the country’s largest bank in terms of net profit slipped to a low of Rs 1527 in early trade. However it recovered from lower levels and ended 0.10% lower at Rs 1555.50.
Led by ICICI Bank and SBI, Bankex fell 0.25% to 7,636.21, and was the top loser among the sectoral indices on BSE.
India’s largest listed cellular services provider Bharti Airtel declined 0.34% to Rs 874. As per reports, the Telecom Regulatory and Development Authority (Trai) has alleged that the company had violated the national numbering plan that designates short codes and numbers for value-added services. It has asked the company to immediately discontinue some services.
Ranbaxy laboratories (down 1.51% to Rs 365.25), ACC (down 1.40% to Rs 1022.40), and ONGC (down 1.13% to Rs 808.90) were the other losers from Sensex pack.
Sugar shares advanced in volatile market on renewed buying interest. Shree Renuka Sugars (up 2.82% to Rs 486.20), Bajaj Hindustan (up 2.90% to Rs 127.70), Sakthi Sugar (up 3% to Rs 64.40), and Mawana Sugar (up 5.80% to Rs 26.45), advanced. Bajaj Hindustan got a boost from reports that it will clinch an export deal for 60 lakh litres of rectified spirit from Japan.
K P R Mill settled at Rs 173.50 on the BSE, a discount of 22.89% as compared to IPO price of Rs 225. On BSE, 49.21 lakh shares of the scrip were traded. The stock had debuted at Rs 201.20 on BSE, a discount of 10.57% over the IPO price. It had hit a high of Rs 209.80 and a low of Rs 169.10.
Hindustan Motors surged 20% to Rs 29.75 on reports it plans to launch premium sports utility vehicles from the Mitsubishi stable in the price range of Rs 15-25 lakh within six months. The decision follows a surge in sales of Mitsubishi’s Pajero and Montero models during 2006-07. The SUVs will be manufactured at the company’s Chennai plant.
Karnataka Bank was up 1.64% to Rs 179.50. As per reports, the bank has put its asset management joint venture on hold. The bank would need capital to fund its projected business growth of 20-22% and also for the non-life insurance joint venture. Reports also suggest that the bank is planning to enter into online broking in a tie-up with an established broking firm.
Vikas WSP, which was relisted yesterday, 27 August 2007, jumped 5% to Rs 38.03 today. It was suspended from trading on the BSE on 1 October 2001. As per reports, it has lined up Rs 735 crore for capital expenditure.
Federal-Mogul Goetze (India) surged 7.70% to Rs 171.25 after company approved rights issue aggregating Rs 106.33 crore. Its board of directors approved rights issue of 73.33 lakh equity shares of Rs 10 each at an issue price of Rs 145 per equity share (including a premium of Rs 135 per equity share) aggregating Rs 106.33 crore. The rights issue will be in the ratio of 29:100 (29 equity shares for every 100 equity shares held).
Automobile batteries-maker Exide Industries jumped 6.65% to Rs 60.15. The company’s board has approved a rights issue of up to 5 crore equity shares in the ratio of 1:15 (that is, one share for every 15 shares held), priced at Rs at Rs 30 per equity share.
GMR Infrastructure, which develops various infrastructure projects, moved up 6.46% to Rs 797.25. On Monday, 27 August 2007, the company’s subsidiary GMR Energy secured a major hydropower project in Himachal Pradesh, after it paid the state government Rs 82 crore as premium upfront money.
IT solutions provider i-flex Solutions spurted 5.13% to Rs 2014.45. Recently, its Dutch unit, i-flex Solutions BV, had raised its stake in Greek unit i-flex Solutions SA to 90%. The Greek unit was incorporated in May 2007 with an investment of 35% by i-flex Solutions BV.
Nicholas Piramal India surged 3.93% to Rs 257.70 after it announced that its board will consider proposal for restructuring the company’s research & development division by demerging its new chemical entity (NCE) research unit into a separate entity. The board meeting will be held on 31 August 2007.
Modern Dairies hit 5% upper circuit of Rs 95.05 on BSE after it fixed 1 October 2007 as record date for issue the 1:1 bonus shares.
UTV jumped 4.92% to Rs 485.95 on reports that it is in talks to rope in a strategic investor for its broadcasting business, which entails an investment of Rs 600 crore for nine channels. The broadcasting initiatives are under UTV Global Broadcasting which is privately held. UTV Global Broadcasting has three subsidiary companies which run the different lines of businesses.
Nagarjuna Fertilisers slipped 1.47% to Rs 33.60 after the National Stock Exchange (NSE) barred further F&O positions in the stock as 95% marketwide position limit was crossed on Monday, 27 August 2007.
Centurion Bank of Punjab rose 0.91% to Rs 38.80 after the private sector bank got Reserve Bank of India’s approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.
Mold-Tek Technologies was locked at upper limit of 5% at Rs 131.90 after its board approved to de-merge plastic business and merge Teck Men Tools with itself.
Auto ancillary maker Perfect Circle India jumped 5% to Rs 26.70 after it said during market hours on Monday, 27 August 2007, that acquirer Asia Investments has accepted delisting price of Rs 35 per share for acquiring balance stake of 15.70% from the public, as discovered in the reverse book building process which closed on 24 August 2007.
All European markets were trading weak today, 28 August 2007. Key benchmark indices in France (down 0.98% to 5,535.51), Germany (down 0.38% to 7,457.54) and United Kingdom (down 0.71% to 6,176) declined.
Asian markets settled on a mixed note today, 28 August 2007. South Korea’s Seoul Composite (up 1.46% at 1,829.31), Taiwan Weighted (up 0.11% at 8,727.55) and Shanghai Composite (up 0.87% to 5,194.68) rose.
Hang Seng (down 0.91% at 23,363.76), Singapore’s Straits Times (down 1.34% at 3,343) and Japan’s Nikkei (down 0.09% at 16,287.49) slipped.
US shares slipped yesterday, 27 August 2007 after news that sales of existing homes slipped in July 2007 for a fifth straight month stirred concerns about the strength of the economy. The Dow Jones industrial Average fell 56.74 points, or 0.42%, to 13,322.13. Broader stock indicators also declined. The Standard & Poor’s 500 index fell 12.58 points, or 0.85%, to 1,466.79, and the Nasdaq Composite index fell 15.44 points, or 0.60%, to 2,561.25.
Crude oil prices were steady at above $72 on Tuesday, 28 August 2007, with US refinery shutdowns reviving supply concerns. US crude rose 6 cents to $72.03 a barrel. London Brent gained 7 cents to $71.02 a barrel.
The UPA government and the Left parties, on Monday 27 August 2007, agreed to formalise a joint mechanism to address the latter’s objections on the civil nuclear deal with the US. But the Left’s main demand of not proceeding with International Atomic Energy Agency (IAEA) negotiations remained unresolved, even after a series of high-profile meetings between the two sides, reports suggest. In a meeting of government with the Left party leaders held on Monday, 27 August 2007, Left parties reiterated their that they would agree to participate in the mechanism, but the government shouldn’t go ahead with next round of IAEA negotiations.
The proposed mechanism in the form of a committee will also decide how long the government will stall IAEA negotiations. However, the government has refused to give any time frame for the committee to finish its work
The Left Front’s opposition to the nuclear deal with US had stoked concerns over the past few days that if the Communist allies of the ruling coalition government at the Centre decide to pull their support, the government will be reduced to a minority, triggering fresh elections.

Tags: post market

The market suffered losses for the third straight day today, 17 August 2007. Domestic markets were dancing to world market tunes. Markets across the globe were inflicted with intense volatility. The benchmark BSE Sensex, however, gained substantial ground from an intra-day steep fall on back of recover in world markets. Turnover was quite high today.
The Sensex lost 216.69 points, or 1.51%, to 14,141.52. At the day’s low, the Sensex had tumbled 578.33 points for the day. The Sensex oscillated 538.68 points between 13,779.88 and 14,318.56 during the day.
From 15,017.21 on 13 August 2007, the Sensex has lost 875.69 points in three trading sessions at the current 14,141.52.
The S&P CNX Nifty shed 70.55 points, or 1.69%, to 4,108.05 today. The Nifty August 2007 futures settled at 4082, a discount of 26.05 points as compared to spot closing.
Most of the European markets opened on positive note, but later succumbed to selling pressure. Key benchmark indices in London, Germany and France were down by between 0.1% to 0.3%
Meanwhile, India’s wholesale price index rose 4.05% in the 12 months to 4 August 2007, lower than the previous week’s 4.45% due to a fall in food and manufactured product prices, government data showed on Friday, 17 August 2007.
Global markets have seen sell-off in the past few days on fears of liquidity crunch arising from mortgage defaults in the US housing’s sub-prime sector coupled with yen carry trade unwinding. Investors have been borrowing in low interest-rate carrying yen and investing in high-yielding emerging markets.
FIIs sold shares worth Rs 2,548.50 crore in August 2007, till 14 August.
The market breadth was weak on BSE with 1,833 shares declining as compared to 888 that advanced, while 40 remained unchanged.

Tags: post market

Domestic markets suffered sever setback today, 16 August 2007, and settled near day’s low on intense selling pressure throughout the day. Earlier today, the market opened on a extremely bearish note following weak global cues. The turnover was high today.
The Japanese yen appreciated sharply against the US dollar today, and was hovering at 114 level, due to unwinding of yen carry trade.
All the sectoral indices on BSE settled with losses. All the Asian and European markets were gripped by intense selling pressure.
Back home, the BSE 30-share Sensex slumped 642.70 points or 4.28% at 14,358.21, the second biggest point fall in a day. The Sensex opened with a sharp 416-point downward gap at 14,584.92 and slipped to touch a low of 14,345.03 at 15:22 IST.
Sensex oscillated 203.89 points between the day’s low of 14,345.03 and high of 14,584.92
The S&P CNX Nifty lost 191.60 points or 4.38% at 4,178.60. The Nifty August 2007 futures were at 4144.95, a discount of 33.65 point as compared to spot closing
The Sensex’s biggest single day fall of 826 points had occurred on 18 May 2006. Fears that a possible change in taxation laws on sale of shares would raise tax-liability for FIIs had triggered sharp fall on that day when margin calls had accentuated the decline.
All the sectoral indices on BSE were trading lower. The BSE Auto index (down 3.11% to 4,662.17), BSE Oil & Gas index (down 4.37% to 7,504.59), BSE PSU index (down 3.93% to 6,729.50), BSE Capital Goods index (down 4.43% to 12,214.56), BSE Healthcare index (down 2.83% to 3,526.95) and BSE TECk index (down 3.80% to 3,535.42), all edged lower.
The total turnover on BSE amounted to Rs 5,291 crore as against Rs 4,232 crore on Tuesday, 14 August 2007. The NSE F&O turnover was Rs 46447.41 crore as compared to Rs 28493.98 crore on Tuesday, 14 August 2007

The market breadth indicating the overall health of the market was weak as small-cap and mid-cap stocks came under selling pressure. However, the breadth had improved from opening trade. On BSE, 1866 shares declined as compared to 861 that advanced, while 42 remained unchanged.

The BSE Small-Cap Index slipped 2.95 to 7,797.26 while the BSE Mid-Cap Index declined 3.21% to 6,352.44

All the shares from the 30-member Sensex pack declined.

BSE metal index bore the highest brunt amongst the sectoral indices in the market mayhem today. It fell 6.51% or 717 points to 10,299. It touched a high of 10,690 and low of 10,273 during the day.

Tata Steel, the country’s largest private sector steel maker, plunged 10.24% to Rs 576 on 26.01 lakh shares. It was the top loser from the Sensex pack.

Other metal shares Sterlite Industries (down 8.21% to Rs 558.45), JSW Steel (down 5% to Rs 614) and Sail (down 2.41% to Rs 143.85) were not spared either.

Hindalco Industries, the country’s largest aluminium company, lost 5.60% to Rs 145.35. As per reports, it plans to become supplier to the car market. The Aditya Birla flagship, which also makes copper and owns mines, will soon make high-grade aluminium products for the body-in-white segment of cars as part of an integration process following its recent acquisition of Novelis.

Tata steel, Sterlite Industries and Hindalco Industries have weightages of 27.51%, 17.73% and 13.99% respectively in BSE Metal index. BSE Metal Index had declined 8.89% over the last one month to 14 August 2007.

IT pivotals recovered from their lows as the Indian rupee fell to its weakest in two months as global funds sold emerging-market assets as losses from subprime loans in the US deepened. The Indian rupee was quoted at 41.17 per unit of US dollar. It had closed at 40.76 on Tuesday, 14 August 2007. The BSE IT index declined the least among the sectoral indices on BSE. It lost 2.61% to 4,637.13

Though Satyam Computers (down 1.47% to Rs 469), Infosys Technologies (down 1.65% to Rs 1922) and Wipro (down 2.73% to Rs 468), were trading lower, they had recovered sharply from their low. A rise in the rupee adversely affects the margin of IT companies. Hence, any signs of the rupee weakening boosts IT stocks.

Telecom shares were off-loaded. Mahanagar Telephone Nigam (MTNL) lost 5.20% to Rs 134.95 on reports that it has joined the race to pick up a 51% stake in Telkom Kenya. The other Indian listed players who are learnt to be bidding for a majority stake in the Kenyan government controlled company include Bharti Airtel and Reliance Communications

Bharti Airtel plunged 6.97% to Rs 798 and Reliance Communications lost 5.75% to Rs 494.35

India’s biggest power generation firm by sales National Thermal Power Corporation shed 3.21% to Rs 167.20. The Union Ministry of Coal has granted in-principle approval for allocation of a new coal block, Chhati Bariatu South, to NTPC. This will help the company’s efforts to secure long-term supplies of coal.

India’s biggest private sector entity and oil refiner Reliance Industries lost 5.40% to Rs 1732.90 on 11.52 lakh shares. As per reports, the Prime Minister’s Economic Advisory Council (EAC) has endorsed the gas price discovered by RIL by inviting bids from large consumers in the domestic market. RIL will also benefit from the government’s recent decision to impose anti-dumping duty of $545.22 (about Rs 22,000) per tonne on import of partially oriented yarn (POY) from China.

Ranbaxy Laboratories lost 3.56% to Rs 30.50 on reports that Europe’s third-biggest drugmaker Novartis has sued the company to block sale of a blood-pressure medicine Diovan, in the United States.

ACC (down 0.57% to Rs 984.70), Dr Reddy’s Laboratories (down 1.49% to Rs 628), and Hindustan Unilever (down 2% to Rs 196) outperformed the market.

BSE Realty index was the second worst performer among sectoral indices on BSE today. It slumped 5.56% or 410 points to 6980.08. Realty majors Unitech (down 8.06% to Rs 466.40), Indiabulls Real Estate (down 6.23% to Rs 458.95) and Sobha Developers (down 6.13% to Rs 741), edged lower.

Housing Development and Infrastructure declined 7.50% to Rs 504. As per reports, it has tied up with Lehman Brothers to bid for the redevelopment of Asia’s largest slum, Dharavi. The project is expected to generate close to Rs 25000 crore in revenue for the Maharashtra government.

Parsvnath Developers slumped 9.36% to Rs 299.80. Its board approved private placement of non-convertible debentures worth Rs 300 crore.

The third biggest fall was seen in Bankex which lost 5.42% or 424 points to 7,421, due to credit related problems globally. Banking heavyweights ICICI bank (down 5.17% to Rs 832.30), State Bank Of India (down 5.78% to Rs 1521.60) and HDFC Bank (4.62% to Rs 1094) declined.

Gabriel India (up 21.25% to Rs 31.10), English India Clays (up 20% to Rs 576), Jindal Hotels (up 19.91% to Rs 53.90), Titagarh Industries (up 14.92% to Rs 41.20), LML (up 9.93% to Rs 14.28), and DIL (up 7.96% to Rs 297) were the top gainers from the small-cap and mid-cap basket.
IVRCL Infrastructures (down 11.96% to Rs 333), Shakti Pumps (down 11.17% to Rs 132.40), Omnitech Solutions (down 10.30% to Rs 147.60), Petron Engineering (down 9.68% to Rs 199.20), and Orbit Corporation (down 9.89% to Rs 443.65) were the top losers from the small-cap and mid-cap basket.
IVR Prime Urban Developers settled at Rs 418.15 on BSE, a discount of 23.97% over the IPO price of Rs 550. The IVR scrip debuted at Rs 500. It touched a high of Rs 500 and a low of Rs 388. On BSE, 76.38 lakh shares of the scrip were traded. The IVR Prime Urban Developers IPO ended on 26 July 2007 with 5.75 times subscription. The stock also debuted in the NSE futures & options (F&O) segment today with lot size of 400 shares.
Kernex Microsystems India jumped 5% to Rs 312.20. On 10 August 2007, the company said it had executed a service contract with Konkan Railway Corporation, Mumbai, for providing operational maintenance and annual maintenance contract services for the anti-collision systems. The estimated amount of contract for operation and maintenance of ACD systems will be about Rs 28.50 crore.
Sical Logistics lost 6.85% to Rs 225.15. It acquired a cutter section dredger for $24.92 million to expand operations in the global offshore market. The dredger will be deployed in the Chinese dredging market, and is estimated to earn revenue of about $9.8 million annually.
Engineers India declined 2% to Rs 453 despite winning an order worth $27 million from Abu Dhabi Polymers Company, Abu Dhabi, to manage construction of petrochemical complex in Abu Dhabi. The company made this announcement after market hours on Tuesday 14 August 2007.
Realty major DLF was down 2.70% to Rs 587 in spite of reports of its imminent purchase of DCM Shriram Consolidated’s mill land in Delhi for Rs 1600 crore. As per reports, DLF is set to buy about 38 acres of land in New Delhi for more than Rs 1600 crore. The deal to buy Swatantra Bharat Mills from DCM Shriram Consolidated, about 4-5 km from Delhi’s central business district will be the largest private sector land deal in the country.
DCM Shriram Consolidated slipped 1.92% to Rs 84.20, after hitting a high of Rs 90.10
Ispat Industries gained 5.48% to Rs 14.82 on media reports that it plans to invest about Rs 10,000 crore within five years to ramp up domestic production. Ispat Industries is also planning to expand overseas through capacity expansion and backward integration.
Bongaigaon Refinery and Petrochemicals advanced 4.17% to Rs 57.50 as investors mopped up the stock due to attractive dividend yield. The company has declared dividend of Rs 3.50 per share and the stock continues to trade cum-dividend. At the current market price of Rs 57.50, the dividend yield works out to 6%. The stock becomes ex-dividend from 21 August 2007.
Industrial Development Bank of India was down 5.07% to Rs 118. As per reports, the bank aims to raise Rs 300 crore in debt in the current fiscal year.
Hindustan Copper jumped 5% to Rs 145.85. After market hours on Tuesday, 14 August 2007, the government sanctioned the financial restructuring proposal of the company approving conversion of non-plan loan of Rs 50 crore into equity and waiver of 7.5% non-cumulative redeemable preference shares amounting to Rs 180.73 crore. The company also approved reduction of face value of equity shares from existing Rs 10 to Rs 5 per share.
Birla Kennametal advanced 5% to Rs 273.60 after it scheduled a meeting of the board of directors on 22 August 2007 to consider 5-for 1 stock-split.

Federal-Mogul Goetze (India) plunged 7% to Rs 148 after the company revised downward the price band for its rights issue. Federal-Mogul Goetze (India) said on Tuesday, 14 August 2007, its board had revised the pricing of its rights issue to Rs 145-Rs 170 per share, from the earlier band of Rs 180-Rs 215.

Domestic stock markets remained closed on 15 August 2007 on account of Independence day.All Asian indices declined today, 16 August 207, as investors concerned over the health of global credit markets continued to sell stocks across the board.
Hong Kong’s Hang Seng (down 3.29% at 20,672.39), Japan’s Nikkei (down 1.99% at 16,149.49), Taiwan’s Taiwan Weighted (down 4.56% to 8,201.37), Shanghai Composite (down 2.14% to 4,765.48), Singapore’s Straits Times (down 3.70% to 3,152.16) and South Korea’s Seoul Composite (down 6.93% to 1,691.98) edged lower.
US shares had tumbled yesterday, 15 August 2007, after the Federal Reserve added more cash to the banking system but failed to quash investors’ jitters about problems in lending. The Dow Jones Industrial Average fell 167.45 points, or 1.29%, to 12,861.47. Broader stock indicators also declined. The S&P 500 index dropped 19.84 points, or 1.39%, to 1,406.70. The Nasdaq Composite index lost 40.29 points, or 1.61%, to 2,458.83.
Meanwhile as per reports, the Income Tax Department is likely to scrutinise tax returns of over 700 top companies, which include A-group category companies listed on the Bombay Stock Exchange and NSE-500, to detect possible tax evasion. For the returns filed till 31 July 2007, the Income tax officers can serve the scrutiny notice any time on or before 31 July 2008. Reports further said that all stock brokers and commodity brokers as well as their sub-brokers earning Rs 1 crore or more in brokerage will also be brought under the scrutiny net.
India’s indirect tax receipts rose 11.6% to Rs 66417 crore in April-July 2007 on robust customs collections, the finance ministry said on Tuesday, 14 August 2007.
US oil prices slipped below $73 a barrel on Thursday, 16 August 2007, on signs a major storm brewing in the Atlantic might not endanger Gulf of Mexico oil platforms. US crude oil prices fell 52 cents to $72.81 a barrel. London Brent crude lost 56 cents to $71.08 a barrel.
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