Bangalore blasts further spooks bourses in late trade

The market extended early losses to end sharply lower after reports filtered of seven blasts in Bangalore in afternoon. The market traded weak throughout the the trading session amid negative cues from the global markets. Additionally, traders booking profits after a 20% rise in market recently in a short while. Index pivotals ICICI Bank and Reliance Industries plunged.
One person was killed and several persons have been injured in seven blasts in the outskirts of Bangalore today afternoon. Although the police have not yet been able to ascertain the cause of the blast, reports suggest that it may be an act of terror.
Oil rose above $126 a barrel on Friday, 25 July 2008, extending a rebound a day earlier that helped stem a nearly two-week dive as buyers crept back into the market before the weekend, superceding lingering demand worries. Crude oil for September delivery was at $125.96 a barrel, up 47 cents, on the New York Mercantile Exchange (NYMEX) at 15:29 IST.
European markets which opened after Indian market were in red. Key benchmark indices in UK, France and Germany were down 0.90% to 1.48%. Asian markets, which opened before Indian market, dropped. Key benchmark indices in Hong Kong, Japan, South Korea, China and Singapore were down by between 1.50% to 1.97%.
As per provisional closing, the 30-share BSE Sensex fell 493.48 points or 3.34% at 14,283.53. The index lost 566.38 points at the day's low of 14,210.63, hit in late trade. Sensex lost 292.62 points at the day's high of 14,484.39, hit in early trade.
The broader based S&P CNX Nifty slipped 112.9 points or 2.55% at 4320.65.
The BSE Mid-Cap index was almost unchanged at 5,582.36 and the BSE Small-Cap index was down 0.11% to 6,788.37.
The market breadth was negative on BSE with 1172 shares advancing as compared to 1435 that declined. 84 remained unchanged.
India’s largest private sector bank by assets ICICI Bank slumped 9.73% to Rs 656.10 after its American depository receipt (ADR) fell more than 10% in the US market yesterday. The stock is witnessing a major selling pressure since Thursday, 24 July 2008 after it rose nearly 42% to Rs 738.25 in just five trading session to Wednesday, 23 July 2008 from Rs 519.60 on 16 July 2008. The stock lost 1.55% on Thursday, 24 July 2008.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 7.09% to Rs 2143 after the company met forecasts with a 13% rise in quarterly profit, but analysts were still disappointed after four quarters of 20%-plus earnings growth. The firm posted 13.2% growth in net profit to Rs 4,110 crore on a 41% growth in turnover to Rs 41,805 crore in Q1 June 2008 over Q1 June 2007. Nearly 95% of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company.
Other major Sensex losers were, HDFC Bank (down 7.35% at Rs 1125), Housing Development Finance Corporation (down 4.96% at Rs 2238), Jaiprakash Associates (down 4.44% at Rs 163.55), ONGC (down 4.11% at Rs 985), and Bharat Heavy Electricals (down 4% at Rs 1655).
Top Sensex gainers were, Ranbaxy Laboratories (up 3.17% at Rs 481.50), ACC (up 2.54% at Rs 575), Hindustan Unilever (up 2.26% at Rs 233), Grasim Industries (up 1.90% at Rs 1865), and Satyam Computer (up 1.25% at Rs 373.95).
Mangalore Refinery & Petrochemicals jumped 18.08% to Rs 68.25 after its net profit surged 129.4% to Rs 845.39 crore on a 42.9% increase in sales to Rs 10662.46 in Q1 June 2008 over Q1 June 2007. The firm declared the results during market hours today.
Container handler Gateway Distriparks rose 0.94% to Rs 85.50 after its board approved buyback of shares at a price not exceeding Rs 110 per share for an aggregate amount of Rs 64 crore.
Media firm TV Today Network surged 12.64% to Rs 107.80 after the company said its board will meet on 31 July 2008 to consider buyback of equity shares.
Chemicals maker Balaji Amines was locked at 20% upper limit at Rs 120.20 after the company posted 67.2% rise in net profit to Rs 5.15 crore on 48.6% increase in net sales to Rs 73.08 crore in Q1 June 2008 over Q1 June 2007.
Inflation based on the wholesale price index rose 11.89% in 12 months to 12 July 2008, a tad lower than previous week's annual rise of 11.91%, government data released. Although, the annual inflation rate held just below previous week’s level the rate has not cooled enough to banish expectations of monetary tightening next week, reports suggest. The Reserve Bank of India (RBI) holds a review on Tuesday, 29 July 2008 and market expects it to raise the key lending rates to cool effects of higher fuel prices.
US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week. The Dow Jones industrial average fell 283.10 points, or 2.43%, to close at 11,349.28. The Standard & Poor's 500 Index slid 29.65 points, or 2.31%, to 1,252.54, while the Nasdaq Composite Index shed 45.77 points, or 1.97%, to 2,280.11.