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Markets end with marginal loss
Friday, June 8, 2007
The benchmark index, BSE Sensex saw high degree of volatility today, swinging sharply between positive and negative territory. Weakness stemmed on the bourses in late trading ahead of the Bank of England (BOE)'s meeting today on interest rate.
The 30-share BSE Sensex was down 62.20 points to 14,193.73, as per provisional closing. It opened lower at 14,195.84, tracking weak global markets. It recovered later to strike a high of 14,360.82 in morning trade. However it again declined and slipped to touch a low of 14,139.09 in afternoon trade. It recovered from lower level later, before sliding again in late trade.
The S&P CNX Nifty was down 15.05 points to 4,183.20, as per provisional closing
The total turnover on BSE amounted to Rs 4269 crore compared to Rs 3311 crore by 14:30 IST.
The market breadth was negative with 1436 shares declining on BSE as compared to 1123 that advanced. 76 remained unchanged.
Among the Sensex pack, 21 declined while the rest advanced.
IT pivotals posted gains, as buying continued. The Indian rupee hovered near one-week low on Thursday, 7 June 2007, as investors unwound short positions in the dollar on concerns that local stocks would extend losses and spark a wave of capital outflows.
Four of the top six gainers in Sensex were from the IT sector. TCS (up 0.82% to Rs 1209), Satyam Computers (up 3.96% to Rs 483.80), Infosys Technologies (up 0.83% to Rs 1955) and Wipro (up 2.86% to Rs 547.20) advanced.
IT stock have not performed in the market's recent surge due to the strong rupee. A rise in the rupee directly impacts revenue and profit of IT firms, which derive a lion’s share of revenue from exports to the US.
Aluminium and copper major Hindalco Industries advanced 3.46% to Rs 153.90 on 20.97 lakh shares. The market has been rife with speculation, this week that Alcan may team up with Sterlite Industries to bid for Hindalco.
Reliance Communications (RCOM) was up 1.25% to Rs 523. It added 1.4 million subscribers in May 2007, taking its total mobile user base to 30.5 million. The firm had added 1 million mobile subscribers in April 2007.
RCOM is said to be awaiting allocation of spectrum from the government for national roll-out of its GSM service. The company had earlier applied for additional spectrum allocation to the government. It also launched a special lifetime validity offer of Rs 222 for its GSM subscribers.
Two-wheeler maker Bajaj Auto declined 2.85% to Rs 2155, and was the top loser from the Sensex pack. Hero Honda shed 2.36% to Rs 697. As per reports, bike sales have hit the slow lane, forcing bike makers to rationalise production and reduce dealer inventories.
Other auto stocks Tata Motors (down 1.16% to Rs 679) and Maruti Udyog (down 2.25% to Rs 759.50) were not spared either.
Index heavyweight Reliance Industries (RIL) slipped 1.34% to Rs 1664.80, on 9.33 lakh shares. It moved in a range of Rs 1661 - Rs 1705.95.
State Bank of India (SBI) declined 2.10% to Rs 1359.05 and Oil & Natural Gas Corporation (ONGC) lost 0.72% to Rs 858.
Larsen & Toubro declined 0.87% to Rs 1902.80 despite bagging a contract in United Arab Emirates from ENOC Processing Company (EPCL), Dubai, UAE, for the mechanical erection work of the new process plants of ENOC's naphtha hydro-treated reformer project. The estimated value of the contract is $ 51million.
The 30-share BSE Sensex was down 62.20 points to 14,193.73, as per provisional closing. It opened lower at 14,195.84, tracking weak global markets. It recovered later to strike a high of 14,360.82 in morning trade. However it again declined and slipped to touch a low of 14,139.09 in afternoon trade. It recovered from lower level later, before sliding again in late trade.
The S&P CNX Nifty was down 15.05 points to 4,183.20, as per provisional closing
The total turnover on BSE amounted to Rs 4269 crore compared to Rs 3311 crore by 14:30 IST.
The market breadth was negative with 1436 shares declining on BSE as compared to 1123 that advanced. 76 remained unchanged.
Among the Sensex pack, 21 declined while the rest advanced.
IT pivotals posted gains, as buying continued. The Indian rupee hovered near one-week low on Thursday, 7 June 2007, as investors unwound short positions in the dollar on concerns that local stocks would extend losses and spark a wave of capital outflows.
Four of the top six gainers in Sensex were from the IT sector. TCS (up 0.82% to Rs 1209), Satyam Computers (up 3.96% to Rs 483.80), Infosys Technologies (up 0.83% to Rs 1955) and Wipro (up 2.86% to Rs 547.20) advanced.
IT stock have not performed in the market's recent surge due to the strong rupee. A rise in the rupee directly impacts revenue and profit of IT firms, which derive a lion’s share of revenue from exports to the US.
Aluminium and copper major Hindalco Industries advanced 3.46% to Rs 153.90 on 20.97 lakh shares. The market has been rife with speculation, this week that Alcan may team up with Sterlite Industries to bid for Hindalco.
Reliance Communications (RCOM) was up 1.25% to Rs 523. It added 1.4 million subscribers in May 2007, taking its total mobile user base to 30.5 million. The firm had added 1 million mobile subscribers in April 2007.
RCOM is said to be awaiting allocation of spectrum from the government for national roll-out of its GSM service. The company had earlier applied for additional spectrum allocation to the government. It also launched a special lifetime validity offer of Rs 222 for its GSM subscribers.
Two-wheeler maker Bajaj Auto declined 2.85% to Rs 2155, and was the top loser from the Sensex pack. Hero Honda shed 2.36% to Rs 697. As per reports, bike sales have hit the slow lane, forcing bike makers to rationalise production and reduce dealer inventories.
Other auto stocks Tata Motors (down 1.16% to Rs 679) and Maruti Udyog (down 2.25% to Rs 759.50) were not spared either.
Index heavyweight Reliance Industries (RIL) slipped 1.34% to Rs 1664.80, on 9.33 lakh shares. It moved in a range of Rs 1661 - Rs 1705.95.
State Bank of India (SBI) declined 2.10% to Rs 1359.05 and Oil & Natural Gas Corporation (ONGC) lost 0.72% to Rs 858.
Larsen & Toubro declined 0.87% to Rs 1902.80 despite bagging a contract in United Arab Emirates from ENOC Processing Company (EPCL), Dubai, UAE, for the mechanical erection work of the new process plants of ENOC's naphtha hydro-treated reformer project. The estimated value of the contract is $ 51million.
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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.
