A recovery on the bourses from lower level in early afternoon trade proved short lived thanks to news that crude oil has hit a fresh record high of $141.71 a barrel just a while ago. European markets, which opened after Indian market, slipped in early volatile trade.
Earlier today, the Sensex tumbled to 13-month lows following a setback in stocks in Asia and US, sharp spurt in crude oil prices and political uncertainty due to Indo-US nuclear deal. BSE Mid-Cap index, ICICI Bank and Tata Motors touched 52-week lows today.
Inflation based on the whoolesale price index stood at 11.42% for the week ended 14 June 2008. It was 11.05% in the previous week. The rise has been primarily on account of higher prices of food items like tea, milk and cereals. The other commodities, whose prices went up during the week were lubricants and manufactured items.
The market breadth was weak. Realty, auto and banking stocks declined sharply. Shares of oil marketing and air carriers were hit hard following surge in crude oil prices.
Political uncertainty continued to dog bourses. As per reports in a section of the media, Congress president Sonia Gandhi has given the green signal to Prime Minister Manmohan Singh to go ahead with the Indo-US nuclear deal even if it leads to the collapse of the government at the Centre. Left parties are opposing the deal and they have threatened to withdraw their support to the government if it went ahead with operationalisation of the deal.
US stocks plunged on Thursday, 26 June 2008, with the Dow Jones Industrial Average sliding about 360 points to a 21-month low as oil hit a record and Goldman Sachs urged investors to sell bank and automaker shares, escalating concern about the outlook for profits.
At 13:28 IST, the 30-share BSE Sensex was down 538.83 points or 3.73% at 13,884.57. The Sensex opened with a sharp downward gap of 294.06 points at 14,127.76 and declined further to touch a low of 13,784.37 in mid-morning trade, its lowest level in more than 13 months. At the day’s low, the Sensex plunged 637.45 points.
The broader based S&P CNX Nifty tanked 166.40 points or 3.86% at 4,149.45, and was trading at a 10-month low.
Standard and Poor’s (S&P) and its Indian subsidiary Crisil have lowered their India growth forecast for the current year to 7.8% from 8.1-8.6% earlier. The agencies said that the Indian economy would be hit by the surge in inflation fuelled by energy and commodity prices.
The market breadth was weak on BSE with 1962 shares declining as compared to 500 that advanced. 53 remained unchanged.
The BSE Mid-Cap index was down 2.79% to 5,581.79 after touching a 52-week low of 5,577.35. The BSE Small-Cap index shed 2.29% to 6,965.86. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3487 crore by 13:30 IST as compared to Rs 2554 crore by 12:30 IST. The turnover was boosted by 3 large block deals of 20.12 lakh shares each on ACC counter on BSE struck at an average price of Rs 596 per share in opening trade. It was the top traded counter on BSE with turnover of Rs 727.95 crore. The stock slipped 3.11% to Rs 581.
Reliance Industries (Rs 347.68 crore), Reliance Capital (Rs 199.09 crore), Reliance Petroleum (Rs 198.46 crore), Niraj Cement & Structurals (Rs 146.24 crore), and were the other turnover toppers on BSE.
29 shares from the 30-member Sensex pack were trading with losses.
Tata Steel, the world's sixth-largest steelmaker in terms of sales, gained 0.36% to Rs 759.80 after striking day’s high of Rs 783.90. Earlier, the stock recovered sharply from day’s low of Rs 733. The counter saw high volumes of 18.21 lakh shares. On Thursday 26 June 2008, the company reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 (FY 2008) over the year ended March 2007. The results are non-comparable due to merger Corus Group with Tata Steel in FY 2008.
At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. 25% of Tata Steel's total sales were through annual contracts, he said.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2137. It was now down 2.51% to Rs 2182 on 16.22 lakh shares. The stock struck a high of Rs 2247. RIL will start pumping 25 million standard cubic metres a day (mmscmd) of natural gas by September from its D-6 field in the Krishna Godavari basin, the oil ministry said on Wednesday, 25 June 2008. It said the output would be raised to 40 mmscmd by March 2009.
Software stocks dropped on concerns about the impact of a slowing US economy, their key market. India’s third largest software services exporter Wipro plunged 7.49% to Rs 444 on 1.59 lakh shares. It was the top loser from Sensex pack.
Other software pivotals, Infosys (down 4.02% to Rs 1710.20), and TCS (down 2.51% to Rs 845.80), were not spared either.
Satyam Computer Services, the country’s fourth largest software services exporter slumped 2.89% to Rs 446.50 even as the company said it has formed an alliance with US based Sciformix Corporation to provide end to end management services in 'Pharmacovigilance'. The company made this announcement after trading hours yesterday, 26 June 2007.
Auto stocks suffered severe setback on fears that surge in oil may impact their sales. Mahindra & Mahindra (M&M) (down 7.31% to Rs 512.25), Ashok Leyland (down 2.85% to Rs 30.70), Hero Honda Motors (down 4.52% to Rs 681), and Maruti Suzuki India (down 3.75% to Rs 651.50), were the other losers from auto pack.
India’s top truck manufacturer in terms of sales, Tata Motors slumped 6.22% to Rs 459. The stock touched a 52-week low of Rs 454.10 on BSE.
Banking shares were weak after inflation data was released, with India’s largest private sector bank in terms of net profit ICICI Bank striking 52-week low of Rs 647 on BSE. The stock crashed 7.59% to Rs 645.80.
State Bank of India (down 3.47% to Rs 1174), Kotak Mahindra Bank (down 3.76% to Rs 499), Axis Bank (down 6.54% to Rs 632), Bank of India (down 5.72% to Rs 231.75), and HDFC Bank (down 4.81% to Rs 1007.50), were the other losers from banking sector.
Real estate stocks slipped on selling pressure, with the BSE Realty index touching 52-week low of 4,841.49. Akruti City (down 3.65% to Rs 694.40), DLF (down 3.98% to Rs 432.35), Ansal Infrastructure (down 5.01% to Rs 74.90), Phoenix Mills (down 12.82% to Rs 164.25), and Unitech (down 1.61% to Rs 182.80), also declined.
Ambuja Cement (down 4.75% to Rs 83.35), Bharti Airtel (down 3.96% to Rs 736), and Reliance Infrastructure (down 4.97% to Rs 913), edged lower from Sensex pack.
Oil marketing companies declined as surge in crude oil prices to record high will increase their under recoveries. Hindustan Petroleum Corporation (down 3.30% to Rs 190.50), Bharat Petroleum Corporation (down 4.81% to Rs 256.45), and Indian Oil Corporation (down 4.87% to Rs 337), declined.
Shares of air carriers also declined on selling pressure in the wake of surging oil prices. Jet Airways (down 3.67% to Rs 498.90), SpiceJet (down 1.82% to Rs 27), and Deccan Aviation (down 3.30% to Rs 73.35), slipped.
Anant Raj Industries jumped 7.51% to Rs 146 after the company said a Bahrain realty fund acquired a minority stake in its subsidiary Anant Raj Projects for Rs 216.38 crore. The company made this announcement during trading hours today, 27 June 2007.
Hatsun Agro Product declined 3.56% to Rs 433 after fixing 24 July 2008 as the record date for 5-for-1 stock split. The company announced this during trading hours today, 27 June 2007.
California Software Company surged 4.94% to Rs 89.25 after posting 64.64% growth in net profit to Rs 27.33 crore on 11% increase in net sales to Rs 3.33 crore in Q4 March 2008 over Q3 December 2007. The company announced the results after trading hours yesterday, 26 June 2007.
European markets, which opened after Indian markets, were lower in opening trade. Key benchmark indices in United Kingdom, Germany and France were down by between 0.43% and 1.58%.
Asian markets, which opened before Indian markets, were trading weak today, 27 June 2008. Shanghai Composite (down 4.47% at 2,772.15), Japan's Nikkei (down 2.22% at 13,515.12), Hang Seng (down 1.78% at 22,054.84), Taiwan's Taiwan Weighted (down 3.44% at 7,542.69), Singapore's Straits Times (down 1.41% at 2,938.93) and South Korea's Seoul Composite (down 2.10% at 1,681.65) edged lower.
US markets tumbled yesterday, 26 June 2008 as higher oil, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump. The Dow Jones industrial average plunged 358.41 points, more than 3%, to close at 11,453.42 on Thursday. The Standard & Poor's 500 fell 38.82 points, about 3 percent, to 1,283.15, and the Nasdaq composite lost 79.89 points, or 3.3%, to 2,321.37.
Back home, short covering ahead of expiry of June 2008 derivatives contracts helped market move higher for the second straight session yesterday, 26 June 2008. The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82 and the broader based S&P CNX Nifty was up 63.20 points or 1.49% at 4,315.85, on that day.
As per reports, the marketwide rollover of positions from June 2008 contracts to July 2008 contracts in the derivatives segment stood at 82% while that of Nifty was 70%. June 2008 derivaties contracts expired yesterday, 26 June 2008.
Foreign institutional investors (FIIs) were net buyers of Rs 918.59 crore in the futures & options segment yesterday, 26 June 2008. They were net buyers of index futures to the tune of Rs 1023.89 crore and sold index options worth Rs 368.21 crore. They were net buyers of stock futures to the tune of Rs 33.80 crore and bought stock options worth Rs 33.80 crore.
In the cash market, as per provisional data, foreign funds sold shares worth a net Rs 667.19 crore on Thursday, 26 June 2008. Domestic funds bought shares worth a net Rs 395.64 crore.
Earlier today, the Sensex tumbled to 13-month lows following a setback in stocks in Asia and US, sharp spurt in crude oil prices and political uncertainty due to Indo-US nuclear deal. BSE Mid-Cap index, ICICI Bank and Tata Motors touched 52-week lows today.
Inflation based on the whoolesale price index stood at 11.42% for the week ended 14 June 2008. It was 11.05% in the previous week. The rise has been primarily on account of higher prices of food items like tea, milk and cereals. The other commodities, whose prices went up during the week were lubricants and manufactured items.
The market breadth was weak. Realty, auto and banking stocks declined sharply. Shares of oil marketing and air carriers were hit hard following surge in crude oil prices.
Political uncertainty continued to dog bourses. As per reports in a section of the media, Congress president Sonia Gandhi has given the green signal to Prime Minister Manmohan Singh to go ahead with the Indo-US nuclear deal even if it leads to the collapse of the government at the Centre. Left parties are opposing the deal and they have threatened to withdraw their support to the government if it went ahead with operationalisation of the deal.
US stocks plunged on Thursday, 26 June 2008, with the Dow Jones Industrial Average sliding about 360 points to a 21-month low as oil hit a record and Goldman Sachs urged investors to sell bank and automaker shares, escalating concern about the outlook for profits.
At 13:28 IST, the 30-share BSE Sensex was down 538.83 points or 3.73% at 13,884.57. The Sensex opened with a sharp downward gap of 294.06 points at 14,127.76 and declined further to touch a low of 13,784.37 in mid-morning trade, its lowest level in more than 13 months. At the day’s low, the Sensex plunged 637.45 points.
The broader based S&P CNX Nifty tanked 166.40 points or 3.86% at 4,149.45, and was trading at a 10-month low.
Standard and Poor’s (S&P) and its Indian subsidiary Crisil have lowered their India growth forecast for the current year to 7.8% from 8.1-8.6% earlier. The agencies said that the Indian economy would be hit by the surge in inflation fuelled by energy and commodity prices.
The market breadth was weak on BSE with 1962 shares declining as compared to 500 that advanced. 53 remained unchanged.
The BSE Mid-Cap index was down 2.79% to 5,581.79 after touching a 52-week low of 5,577.35. The BSE Small-Cap index shed 2.29% to 6,965.86. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 3487 crore by 13:30 IST as compared to Rs 2554 crore by 12:30 IST. The turnover was boosted by 3 large block deals of 20.12 lakh shares each on ACC counter on BSE struck at an average price of Rs 596 per share in opening trade. It was the top traded counter on BSE with turnover of Rs 727.95 crore. The stock slipped 3.11% to Rs 581.
Reliance Industries (Rs 347.68 crore), Reliance Capital (Rs 199.09 crore), Reliance Petroleum (Rs 198.46 crore), Niraj Cement & Structurals (Rs 146.24 crore), and were the other turnover toppers on BSE.
29 shares from the 30-member Sensex pack were trading with losses.
Tata Steel, the world's sixth-largest steelmaker in terms of sales, gained 0.36% to Rs 759.80 after striking day’s high of Rs 783.90. Earlier, the stock recovered sharply from day’s low of Rs 733. The counter saw high volumes of 18.21 lakh shares. On Thursday 26 June 2008, the company reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 (FY 2008) over the year ended March 2007. The results are non-comparable due to merger Corus Group with Tata Steel in FY 2008.
At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. 25% of Tata Steel's total sales were through annual contracts, he said.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2137. It was now down 2.51% to Rs 2182 on 16.22 lakh shares. The stock struck a high of Rs 2247. RIL will start pumping 25 million standard cubic metres a day (mmscmd) of natural gas by September from its D-6 field in the Krishna Godavari basin, the oil ministry said on Wednesday, 25 June 2008. It said the output would be raised to 40 mmscmd by March 2009.
Software stocks dropped on concerns about the impact of a slowing US economy, their key market. India’s third largest software services exporter Wipro plunged 7.49% to Rs 444 on 1.59 lakh shares. It was the top loser from Sensex pack.
Other software pivotals, Infosys (down 4.02% to Rs 1710.20), and TCS (down 2.51% to Rs 845.80), were not spared either.
Satyam Computer Services, the country’s fourth largest software services exporter slumped 2.89% to Rs 446.50 even as the company said it has formed an alliance with US based Sciformix Corporation to provide end to end management services in 'Pharmacovigilance'. The company made this announcement after trading hours yesterday, 26 June 2007.
Auto stocks suffered severe setback on fears that surge in oil may impact their sales. Mahindra & Mahindra (M&M) (down 7.31% to Rs 512.25), Ashok Leyland (down 2.85% to Rs 30.70), Hero Honda Motors (down 4.52% to Rs 681), and Maruti Suzuki India (down 3.75% to Rs 651.50), were the other losers from auto pack.
India’s top truck manufacturer in terms of sales, Tata Motors slumped 6.22% to Rs 459. The stock touched a 52-week low of Rs 454.10 on BSE.
Banking shares were weak after inflation data was released, with India’s largest private sector bank in terms of net profit ICICI Bank striking 52-week low of Rs 647 on BSE. The stock crashed 7.59% to Rs 645.80.
State Bank of India (down 3.47% to Rs 1174), Kotak Mahindra Bank (down 3.76% to Rs 499), Axis Bank (down 6.54% to Rs 632), Bank of India (down 5.72% to Rs 231.75), and HDFC Bank (down 4.81% to Rs 1007.50), were the other losers from banking sector.
Real estate stocks slipped on selling pressure, with the BSE Realty index touching 52-week low of 4,841.49. Akruti City (down 3.65% to Rs 694.40), DLF (down 3.98% to Rs 432.35), Ansal Infrastructure (down 5.01% to Rs 74.90), Phoenix Mills (down 12.82% to Rs 164.25), and Unitech (down 1.61% to Rs 182.80), also declined.
Ambuja Cement (down 4.75% to Rs 83.35), Bharti Airtel (down 3.96% to Rs 736), and Reliance Infrastructure (down 4.97% to Rs 913), edged lower from Sensex pack.
Oil marketing companies declined as surge in crude oil prices to record high will increase their under recoveries. Hindustan Petroleum Corporation (down 3.30% to Rs 190.50), Bharat Petroleum Corporation (down 4.81% to Rs 256.45), and Indian Oil Corporation (down 4.87% to Rs 337), declined.
Shares of air carriers also declined on selling pressure in the wake of surging oil prices. Jet Airways (down 3.67% to Rs 498.90), SpiceJet (down 1.82% to Rs 27), and Deccan Aviation (down 3.30% to Rs 73.35), slipped.
Anant Raj Industries jumped 7.51% to Rs 146 after the company said a Bahrain realty fund acquired a minority stake in its subsidiary Anant Raj Projects for Rs 216.38 crore. The company made this announcement during trading hours today, 27 June 2007.
Hatsun Agro Product declined 3.56% to Rs 433 after fixing 24 July 2008 as the record date for 5-for-1 stock split. The company announced this during trading hours today, 27 June 2007.
California Software Company surged 4.94% to Rs 89.25 after posting 64.64% growth in net profit to Rs 27.33 crore on 11% increase in net sales to Rs 3.33 crore in Q4 March 2008 over Q3 December 2007. The company announced the results after trading hours yesterday, 26 June 2007.
European markets, which opened after Indian markets, were lower in opening trade. Key benchmark indices in United Kingdom, Germany and France were down by between 0.43% and 1.58%.
Asian markets, which opened before Indian markets, were trading weak today, 27 June 2008. Shanghai Composite (down 4.47% at 2,772.15), Japan's Nikkei (down 2.22% at 13,515.12), Hang Seng (down 1.78% at 22,054.84), Taiwan's Taiwan Weighted (down 3.44% at 7,542.69), Singapore's Straits Times (down 1.41% at 2,938.93) and South Korea's Seoul Composite (down 2.10% at 1,681.65) edged lower.
US markets tumbled yesterday, 26 June 2008 as higher oil, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump. The Dow Jones industrial average plunged 358.41 points, more than 3%, to close at 11,453.42 on Thursday. The Standard & Poor's 500 fell 38.82 points, about 3 percent, to 1,283.15, and the Nasdaq composite lost 79.89 points, or 3.3%, to 2,321.37.
Back home, short covering ahead of expiry of June 2008 derivatives contracts helped market move higher for the second straight session yesterday, 26 June 2008. The 30-share BSE Sensex gained 201.75 points or 1.42% at 14,421.82 and the broader based S&P CNX Nifty was up 63.20 points or 1.49% at 4,315.85, on that day.
As per reports, the marketwide rollover of positions from June 2008 contracts to July 2008 contracts in the derivatives segment stood at 82% while that of Nifty was 70%. June 2008 derivaties contracts expired yesterday, 26 June 2008.
Foreign institutional investors (FIIs) were net buyers of Rs 918.59 crore in the futures & options segment yesterday, 26 June 2008. They were net buyers of index futures to the tune of Rs 1023.89 crore and sold index options worth Rs 368.21 crore. They were net buyers of stock futures to the tune of Rs 33.80 crore and bought stock options worth Rs 33.80 crore.
In the cash market, as per provisional data, foreign funds sold shares worth a net Rs 667.19 crore on Thursday, 26 June 2008. Domestic funds bought shares worth a net Rs 395.64 crore.
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