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Sensex down 113 points
Tuesday, May 8, 2007
Information technology shares continued to be subdued due to rupee woes, consumer durables also were weighed down. Banking stocks also took a drubbing. Metals, which were firm throughout the day, came off the day's highs to close in the negative terrain.
The benchmark Bombay Stock Exchange's 30-share Sensex ended the day with a loss of 113 points or 0.8% at 13,765.
The benchmark Bombay Stock Exchange's 30-share Sensex ended the day with a loss of 113 points or 0.8% at 13,765.
The National Stock Exchange's 50-stock Nifty settled at 4,077, down 0.83%.
The top Sensex gainers of the day were ACC, up 2.9%, Larsen & Toubro, up 0.5% and Grasim 0.4% higher.
The major losers comprised State Bank of India, HDFC, Reliance Communication and Bharti Airtel.
The BSE IT Index was beaten by the rising rupee. The rupee was hovering around 40.81 as against the dollar. Heavyweights Infosys, Wipro, Satyam and TCS traded in the negative terrain all day.
Banks also witnessed a similar fate, with BSE Bankex closing 68 points lower. State Bank of India and HDFC were among the biggest losers on the Sensex. Oil & gas shares saw a sell-off, with Reliance Industries losing 0.7%.
Of the 2631 shares traded on the BSE, 889 advanced, 1672 declined and 70 remained unchanged.
In the FMCG space, Dabur India posted a net profit of Rs 65.7 crore for the quarter ended March 31, 2007, whereas the same was at Rs 50.22 crore for the quarter ended March 31, 2006.
The company's total income was Rs 446.27 crore for the quarter ended March 31, 2007 whereas the same was at Rs 334.84 crore for the quarter ended March 31, 2006. But the stock was down 1.8% at Rs 94.70.
The company's total income was Rs 446.27 crore for the quarter ended March 31, 2007 whereas the same was at Rs 334.84 crore for the quarter ended March 31, 2006. But the stock was down 1.8% at Rs 94.70.
The global cues were also negative as the European markets are following Asian markets. FTSE was down 27.50 points at 6576.20 . The M&A news of Reuters and Thomson could not prevent the markets from shedding gains.
In Asia, stocks ended the day mostly lower with Japan's Nikkei 225 closing down 12.99 points at 17656.84 and Hong Kong's Hang Seng index slid down 95.39 points at 20,801,25.
Anil Ambani controlled Reliance Capital's scrip touched an all-time high of Rs 772.9 on the BSE, surging 4% on Tuesday. This was due to market speculations following the news that global financial giants have shown interest in buying a stake in the company's mutual fund business.
Air Deccan, India's largest low-fare carrier, on Tuesday ruled out a sale to billionaire Vijay Mallya, saying a combination of the two airlines would make no cultural or business sense. "He may want to buy the moon but the moon may not be available for sale," Air Deccan chief G R Gopinath told the media in Bangalore, a day after Mallya said his Kingfisher Airlines was interested in buying the no-frills airline. The scrip closed 3.82% lower at Rs 104.45.
Swiss cement maker Holcim bought more 3% stake in Indian cement firm ACC on Tuesday from a clutch of investors, a market source said. Holcim already owned nearly 38 per cent of ACC. The stock was the top gainer on the Sensex, gaining 2.7%.
All round weakness
All sectoral indices ended in negative turf by the close of trading session. The BSE IT index was the top loser, which slipped 1.6 per cent or 81 points.
HCL Infosystems, i-flex Solutions, Patni Computer, Infosys Technologies, HCL Technologies, Wipro, Hexaware Technologies, Satyam Computer, TCS and Moser Baer ended weak.
Cummins India at Rs 293 levels shed 3.6 per cent or Rs 10. It was the biggest loser in the auto pack.
Mahindra & Mahindra (down 1.9 per cent), Ashok Leyland (down 1.8 per cent), Escorts Ltd (down 1.8 per cent), Exide Industries (down 1.6 per cent), Hindustan Motors (down 1.5 per cent), Sundaram Clayton (down 1.4 per cent) and Bajaj Auto (down 1.3 per cent) also closed in the red besides Hero Honda.
Among pharma counters, Glenmark Pharmaceuticals, Divis Laboratories, GSK Pharma, Orchid Chemicals, Aventis Pharma, Dr Reddy's, Wockhardt, Cipla Ltd, Lupin Ltd, Novartis India and Sun Pharmaceutical lost ground.
Banking scrips slip
Banking stocks also witnessed some amount of selling pressure by close. SBI (down 3.4 per cent), Bank of India (down 2.2 per cent), Vijaya Bank (down 2.1 per cent), Canara Bank (down 1.6 per cent), Oriental bank of Commerce (down 1.5 per cent) and Kotak Mahindra Bank (down 1.5 per cent) closed in the red.
GAIL India, HPCL, BPCL, IOC, Petronet LNG, Reliance Industries, ONGC and Chennai Petroleum also succumbed to selling pressure among oil and gas counters.
Akruti Nirman (down 4.2 per cent), Ansal API (down 3.5 per cent), Shree Ram Mills (down 1.2 per cent), Parsvnath Developers (down 1.2 per cent), Sobha Developers (down 1.1 per cent) and Ansal Housing and Mahindra Gesco shed 0.2 per cent each on profit booking in the realty space.
All round weakness
All sectoral indices ended in negative turf by the close of trading session. The BSE IT index was the top loser, which slipped 1.6 per cent or 81 points.
HCL Infosystems, i-flex Solutions, Patni Computer, Infosys Technologies, HCL Technologies, Wipro, Hexaware Technologies, Satyam Computer, TCS and Moser Baer ended weak.
Cummins India at Rs 293 levels shed 3.6 per cent or Rs 10. It was the biggest loser in the auto pack.
Mahindra & Mahindra (down 1.9 per cent), Ashok Leyland (down 1.8 per cent), Escorts Ltd (down 1.8 per cent), Exide Industries (down 1.6 per cent), Hindustan Motors (down 1.5 per cent), Sundaram Clayton (down 1.4 per cent) and Bajaj Auto (down 1.3 per cent) also closed in the red besides Hero Honda.
Among pharma counters, Glenmark Pharmaceuticals, Divis Laboratories, GSK Pharma, Orchid Chemicals, Aventis Pharma, Dr Reddy's, Wockhardt, Cipla Ltd, Lupin Ltd, Novartis India and Sun Pharmaceutical lost ground.
Banking scrips slip
Banking stocks also witnessed some amount of selling pressure by close. SBI (down 3.4 per cent), Bank of India (down 2.2 per cent), Vijaya Bank (down 2.1 per cent), Canara Bank (down 1.6 per cent), Oriental bank of Commerce (down 1.5 per cent) and Kotak Mahindra Bank (down 1.5 per cent) closed in the red.
GAIL India, HPCL, BPCL, IOC, Petronet LNG, Reliance Industries, ONGC and Chennai Petroleum also succumbed to selling pressure among oil and gas counters.
Akruti Nirman (down 4.2 per cent), Ansal API (down 3.5 per cent), Shree Ram Mills (down 1.2 per cent), Parsvnath Developers (down 1.2 per cent), Sobha Developers (down 1.1 per cent) and Ansal Housing and Mahindra Gesco shed 0.2 per cent each on profit booking in the realty space.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
