Win as if you were used to it, lose as if you enjoyed it for a change.
On Wall Street, credit market fears once again wreaked havoc, while a surge in oil prices helped pressure stocks. The Dow Jones Industrial Average plunged further on Friday, falling more than 200 points, marking its worst week in over four years.
The Dow Jones slumped 208 points, or 1.5% to close at 13,265, leaving the 30-stock index up 6.4% for the year. Last week's sharp sell-off, which was the biggest percentage drop for the Dow since March 2003, comes just days after the blue chip barometer finished above 14,000 for the first time ever. The broader S&P 500 lost 1.6% to end at 1458 while the tech-fueled Nasdaq Composite index was down 37 points or 1.4% to 2,562.24.
Wall Street found some comfort though in a better-than expected second quarter GDP reading and comments by Treasury Secretary Henry Paulson that the US economy is the strongest he has seen in several decades.
Treasury bonds kept climbing after a big run-up in the previous session, as investors again sought shelter from falling stock prices. The 10-year note yield rose to 4.76%, down from 4.78% in the previous session.
The dollar gained versus the euro and was lower against the yen. COMEX gold for December fell $2.80 to $672.30 an ounce.
European stocks closed lower on Friday. The FTSE 100 in London lost 0.6% to 6,215.20. The German DAX 30 gave up 0.8% to finish at 7,451.68 while the French CAC-40 shed 0.6% to 5,643.96. The pan-European Dow Jones Stoxx 600 ended 0.5% lower at 372.69 and 5% lower for the week.
In Latin America, Brazil's Bovespa ended down 436 points, or 0.8%, at 53,457.39. Mexico's IPC, meanwhile, reversed a decline and ended 239 points, or 0.8%, higher at 30,235.17. Chile's IPSA ticked up 15 points, or 0.4%, to end at 3,292.29, but posted a 2.2% drop for the week. In Russia, the RTS index dropped 1.5% to close at 1967.
Asian markets were trading mixed this morning. The Nikkei in Tokyo was down 172 points, while the Hang Seng in Hong Kong was up 26 points at 22,596. The Kospi in Seoul was flat at 1882 and the Straits Times in Singapore was up 5 points at 3497.
The Morgan Stanley Capital International Asia Pacific Index lost 0.4% to 153.82 as of 10:48 a.m. in Tokyo, set for its lowest close since June 29. The regional stock benchmark dropped 3% on July 27, the most since March 5.
The Philippine Stock Exchange Index slumped 1.4%, the region's biggest decline. Benchmarks fell elsewhere, except in China. Thailand's stock market is closed for a holiday.
Horrific session ended terribly as bears were back with vengeance. BSE benchmark Sensex witnessed its fourth biggest single day absolute fall as global sell off dragged the markets from its peaks. Markets witnessed intense selling as both the indices fell sharply. Both the Sensex and NSE Nifty lost over 3.5% each.
All the key sectoral indices ended in negative territory. The Real Estate stocks crashed as the Realty index was down by over 5%. Others like Metal and PSU index also fell heavily. Even the Mid-Cap and the Small Cap indexes lost over 2.5% each dragging the benchmark Sensex to hit a low of 15159.
Sugar stocks which traded smartly throughout the day also pared its gains in last hour of the session. Even the FMCG index marginally lost ground towards the fag end. Finally, BSE 30-share Sensex lost 542 points to close at 15235. NSE-50 Nifty dropped 175 points to close at 4445.
RIL, ICICI Bank, L&T, HDFC and R Com were the top five lagging movers. On the other hand ITC, Ranbaxy, Ambuja Cement and Maruti were the top five leading movers.
MTNL declined nearly by 6% to Rs150 after the company announced disappointing Q1 result The company’s net profit was at Rs1.11bn (down 6%) and revenue (down 5.2%) at Rs12.8bn. The scrip touched an intra-day high of Rs158 and a low of Rs150 and recorded volumes of over 13,00,000 shares on NSE.
Titan dropped 5% to Rs1128. The company posted 209% growth in its Q1 profit. The company Q1 net profit was at Rs126.4mn (up 209%) and net sales at Rs6.67bn (up 48%). The scrip touched an intra-day high of Rs1187 and a low of Rs1116 and recorded volumes of over 4,00,000 shares on NSE.
NTPC declined by over 4% to Rs162. The company declared that it planned to set up 150MW Power Plant in Joint Venture with Rashtriya Ispat Nigam. The scrip touched an intra-day high of Rs167 and a low of Rs160 and recorded volumes of over 27,00,000 shares on NSE.
STAR edged lower by 0.7% to Rs299. The company announced its Q2 result with Group Profit at Rs115.8mn (up 108%) and Group net sales at Rs1.8bn (up 6%). The scrip touched an intra-day high of Rs308 and a low of Rs294 and recorded volumes of over 40,000 shares on NSE.
CESC declined by 4% to Rs492.The company announced its Q1 result with net profit at Rs820mn (up 49%) and net sales at Rs7.17bn (up 6.3%). The scrip touched an intra-day high of Rs503 and a low of Rs483 and recorded volumes of over 11,00,000 shares on NSE.
Sugar stocks were in action as reports stated that Government is likely to lift restriction on Sugar exports. Renuka Sugar advanced by 1.8% to Rs628, Bajaj Hindusthan was up by 1.2% to Rs156 and Balrampur Chini added 1.8% to Rs69.
Pharma stocks were also on the receiving end led by fall in frontline stock Dr Reddy’s Lab dropped by over 3.5% to Rs640, Cipla was down by 3.4% to Rs188, Wockhardt slipped by 3% to Rs382 and Sun Pharma declined 2.8% to Rs933.
FMCG index also pared its gains towards the end led by fall in heavyweight Hindustan Unilever lost by over 4.5% to Rs195, McDowell declined by over 4% to Rs1246, Dabur was down 4% to Rs100 and Colgate dropped 0.7% to Rs373. However, ITC surged by over 3%to Rs172 after the company’s result recorded better than market expectations The company’s Q1 profit was at Rs7.83bn (up 20%) and sales at Rs33.25bn (up 16.6%).
Realty stocks were the top losers as the index was down by over 5%. DLF lost by over 5% to Rs599, Unitech was down by over 6% to Rs559, Parsvnath dropped by over 6.5% to Rs359 and Sobha declined 2.3% to Rs890.
Metal stocks lost its shine led by fall in frontline stocks Tata Steel as the scrip dropped by over 7% to Rs651, Hindalco slipped by 5% to Rs173 and Sterlite Industries dropped by 4.8% to Rs623.
Results Today:
Aditya Birla Nuvo, Akruti Nirman, Andhra Bank, Asian Electronics, Asian Paints, BEML, Bharati Shipyard, BHEL, Cairn India, DCB, Divi's Labs, Dredging Corporation, Glenmark, Hinduja TMT, Hotel Leelaventure, HTMT Global, i-flex, India Cement, IOC, INOX, Jet Airways, Jindal Steel, NALCO, NIIT, NTPC, OBC.
Fund Activity:
FIIs were net sellers of Rs14.75bn (provisional) in the cash segment on Friday. On the other hand, local institutions were net buyers at Rs7.27bn. In the F&O segment, FIIs were net sellers at Rs53.44bn.
On Thursday, FIIs poured in Rs2.48bn in the cash segment. Mutual Funds were net buyers of Rs150mn.
Major bulk Deals:
There are no major bulk deals.
Insider Trades:
Action Construction Equipment Limited: JM Financial Mutual Fund through its various schemes has purchased from open market 33800 equity shares of the company on 25th July, 2007.
GlaxoSmithKline Pharmaceuticals Limited: Life Insurance Corporation of India has purchased from open market 36478 equity shares of the company on 24th July, 2007.
Lower Circuit:
Kothari Products, Zuari Industries, Prism Cement, Tanla, Aarti Industries, Marksons, Karuturi Network, Swan Mills.
Upper Circuit:
Ganesh Forgings, Jai Corp and Jaybharat Textile.
Delivery Delight (Rising Price & Rising Delivery):
Crompton Greaves, Federal Bank, ITC and Triveni Engineering.
Abnormal Delivery:
Dabur Pharma, Abhishek Industries, Bharti Airtel, Everest Kanto, Glenmark, Indiabulls, VSNL, RIIL, Punj Lloyd, Sadbhav Engineering and Tata Steel.
Major News & Announcement:
Inflation rate was 4.41% in week ended July 14 against expectation of 4.36%
Titan Q1 net profit at Rs126.4mn (up 209%) and net sales at Rs6.67bn (up 48%)
MTNL Q1 profit at Rs1.11bn (down 6%), revenue (down 5.2%) at Rs12.8bn
Colgate Q1 profit at Rs608.8mn (up 63.6%), net sales at Rs3.51bn (up 13.2%)
CESC Q1 net profit at Rs820mn (up 49%), net sales at Rs7.17bn (up 6.3%)
Tata Chemical Q1 net profit at Rs1.21bn (up 61%), net sales at Rs6.69bn (down 11%)
NTPC plans to set up 150MW Power Plant in Joint Venture with Rashtriya Ispat Nigam
Punj Lloyd gets order worth Rs4.98bn
HCC Q1 net profit at Rs349.8mn (up 39.2%), net sales atRs7.29bn (up 27%)
Moser Baer unit secures $880mn order from REC group
ITC Q1 profit at Rs7.83bn (up 20%) and sales at Rs33.25bn (up 16.6%)
Peninsula Land to split each share into five