The market settled near the lowest point of the day, on fresh selling in late trade. The market had started the day on a firm note on buying interest in index pivotals. However it had lost ground in early afternoon trade with European markets which opened after Indian market, sliding in early trade.
Investors turned cautious ahead of the crucial US Federal Reserve’s meeting tomorrow 18 September, which will set the trend for the global markets. The Fed is expected to cut the interest rate by atleast 25 basis points.
The BSE 30-share Sensex lost 99.37 points or 0.64% at 15,504.43. It opened higher at 15,664.74 and advanced further to hit an intra-day high of 15,726.06. It slipped to a low of 15,467.46, at the fag end of the trading session
At the day’s high of 15,726.06, Sensex had risen 122.26 points for the day. At the day’s low of 15,467.46, it had lost 136.34 points for the day. Sensex oscillated 258.60 points in the day.
The S&P CNX Nifty was down 23.35 points or 0.52% at 4,494.65. The Nifty September 2007 futures settled at 4483.90, a discount of 10.75 points as compared to spot closing.
The market breadth was just about positive on BSE, with 1362 shares advancing as compared to 1355 that declined, while 66 remained unchanged. The breadth was much stronger in early trade. In morning trade, 1305 shares had risen, 728 had declined and 52 were unchanged.
The BSE Mid-Cap index rose 0.27% to 6,915.37 while the BSE Small-Cap index gained 0.79% to 8,640.23. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 4,661 crore as compared to Rs 6,506.10 crore on Friday, 14 September 2007. The NSE F&O turnover was Rs 35768.53 crore as compared to Rs 47177.37 crore on Friday, 14 September 2007.
Sectoral indices on BSE showed mixed trend. The BSE Consumer Durables index gained 3.21% to 4,713.97 and was the top gainer among the sectoral indices on BSE. It hit a high of 4,735.91 which is record high for the index.
Two heavyweights Rajesh Exports (up 6.76% to Rs 778.90) and Titan Industries (up 7.43% to Rs 1504.50), led rally in BSE Consumer Durables index. Rajesh Exports galloped on reports that the diamond industry giant De Beers and a US-based buyout firm have separately shown interest in acquiring 51% stake in the company.
BSE Health Care Index (up 0.09% at 3,668.98), BSE Bankex (down 0.57% at 8,089.46), BSE Realty index (down 0.56% to 7,928.01), BSE FMCG Index (up 0.87% at 2,090.79), BSE Oil and Gas Index (down 0.18% at 8,372.09), BSE Metal Index (up 0.26% at 12,011.58), BSE Capital Goods Index (up 0.02% at 13,704.85), BSE Auto Index (up 0.24% at 4,897.17), BSE PSU index (down 0.30% to 7,278.30), and were outperformed the Sensex.
BSE IT Index (down 1.39% at 4,387.26), and BSE TecK index (down 1.44% to 3,479.07) were underperformers.
Among the 30-member Sensex pack, 16 slipped while the rest gained
India’s largest private sector power utility company in terms of sales, Reliance Energy gained 2.71% to Rs 906.60 on 13.43 lakh shares. The stock surged 23% in the past month from Rs 717.50 on 16 August 2007 to Rs 882.65 on 14 September 2007. It was boosted by recent reports that the apex court has allowed the company to bid for Rs. 2,600 crore Mumbai sea link project.
Auto stocks gained on renewed buying interest in anticipation of robust sales growth in the coming months during festival season. Maruti Udyog (up 1.06% to Rs 875), Bajaj Auto (up 0.65% to Rs 2392), and Tata Motors (up 1.61% to Rs 705) edged higher
India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) slipped from day’s high of Rs 2058.90, and hit a low of Rs 2021.10. It settled 0.61% lower to Rs 2022 on 3.62 lakh shares. As per recent reports, RIL is foraying in shipbuilding and dredging business with two separate companies. It plans to invest around $1 billion each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business.
India’s largest cigarette manufacturer in terms of sales, ITC rose 0.28% to Rs 180.85 on reports it is gearing up for the launch of a mass brand in the home and personal care space. The company has already set up a separate strategic business unit (SBU) for this purpose
Housing Development Finance Corporation (HDFC), the nation’s top mortgage lender in terms of revenue, lost 3.31% to Rs 2143.50 on 72,982 shares. It was the top loser from the Sensex pack.
IT shares were subdued throughout the day due to lingering concerns of possible US recession. TCS (down 2.31% to Rs 999), Infosys Technologies (down 1.55% to Rs 1801.55), Satyam Computers (down 1.97% to Rs 422.20), and Wipro (down 0.06% to Rs 450), were the other losers from IT pack.
Telecom pivotals Bharti Airtel (down 2% to Rs 814.40) and Reliance Communications (down 2.40% to Rs 530.10) slipped on profit booking.
Among side counters, Hindustan Motors (up 20% to Rs 36.30), Reliance Industrial Infrastructures (up 20% to Rs 720.05), and Tata Investment Corporation (up 20% to Rs 540.10), surged
Subex Systems (down 12.68% to Rs 445), MIC Electronics (down 8.03% to Rs 503.70), and Bayer Cropscience (down 5.44% to Rs 325.15), slumped.
GMR Infrastructures topped the turnover charts with a turnover of Rs 136.29 crore followed by Indowind Energy (Rs 124.95 crore), Reliance Energy (Rs 121.60 crore) and IFCI (Rs 115.36 crore)
Indowind Energy galloped 16.10% to Rs 132.40. On 14 September 2007 Citigroup Global Markets Mauritius bought 5 lakh shares of the company at Rs 90 per share in a block deal on BSE.
IVRCL Infrastructures & Projects rose 2.41% to Rs 382.40 after it bagged various water supply and sewage projects worth Rs 368.14 crore in Chennai.
Tata Investment Corporation surged 20% to Rs 540.10 after Tata Sons announced open offer at a 33% premium to Friday's closing price of Rs 450. Tata Sons, made an open offer at Rs 600 a share to buy up to 28.39% stake from other shareholders of the firm who presently hold 39.39%. Tata Sons and other Tata group companies hold 60.61% in Tata Investment.
Omnitech InfoSolutions surged 6.31% to Rs 168.45 on its plans to set up a joint venture with Japan's Sanwell Co to provide technology services like software development services, consulting services and outsourcing services with a total investment of 100 million yen ($866,800). The name of the proposed joint venture company will be Arham echnologies Co (ATCL).
CCL Products soared 7.28% to Rs 296.95. Reliance Mutual Fund bought close to 9 lakh shares of the company in a bulk deal at Rs 250 each on the BSE on 13 September 2007.
United Phosphorous rose 1.56% to Rs 358 on its plans to raise funds through various routes. The company announced during the market hours today, 17 September 2007 that it has decided to make preferential issue of 3.11 crore warrants exercisable into equal number of equity shares of Rs 2 each of to promoters.
Electrosteel Castings settled at Rs 52.95 after it went ex-split from today from Rs 10 to Re 1. It was last traded at Rs 490.15 on Friday, 14 September 2007.
Aban Offshore gained 1.59% to Rs 3082 on winning three contracts for deployment of rigs worth about Rs 2000 crore from Oil & Natural Gas Corporation. The rigs will be on contract with state-run explorer Oil & Natural Gas Corporation (ONGC) at a daily rate of $1,56,600.
IFCI rose 3.11% to Rs 79.60 after it announced the names of ten bidders lined up for 26% stake in the company.
McNally Bharat Engineering Company rose 2.93% to Rs 196.50 after it bagged order for setting up of by-product plant for IISCO steel plant, Burnpur from Steel Authority of India (Sail) valued at Rs 258.68 crore. The project will be completed in 29 months from the effective date of contract.
Spanco Telesystems & Solutions gained 4% to Rs 234 on reports the firm is consolidating its business process outsourcing (BPO) ventures under a 100% subsidiary, Spanco BPO Ventures.
United Spirits soared 8% to Rs 1840 after it acquired a majority stake in Liquidity Inc, a Delaware Corporation engaged in the business of alcoholic beverages. The acquisition is for a consideration of $3 million. The company made this announcement after market hours on Friday 14 September 2007
Balmer Lawrie & Company slipped 5.20% to Rs 415 after it went ex-dividend for a dividend of Rs 13.50 per share from today. It has face value of Rs 10 per share
Ispat Industries jumped 9.75% to Rs 21.95. Recent reports suggest that the company is planning to invest about Rs 10,000 crore within five years to ramp up domestic production, and is also planning to expand overseas through capacity expansion and backward integration.
Adani Enterprises rose 4.77% to Rs 411.05. As per recent reports, the Adani group would invest over Rs 10,000 crore to set up a 2,640-mega watts (MW) coal-fired power plant in Ahmedabad. The project is being handled by Adani Power (APL), a wholly-owned subsidiary of Adani Enterprises.
Swaraj Mazda declined 2.52% to Rs 303.95 on reports that it received a notice from the Punjab Tractors (PTL) for using Swaraj brand name in its products as well as the proposed rights issue.
European markets declined today, 17 September 2007. Key benchmark indices in United Kingdom (down 1.63% to 6,186.80), Germany (down 0.52% to 7,458.90) and France (down 1.44% to 5,458.90), slipped
Asian markets were mixed. Taiwan's Taiwan Weighted (down 1.46% or at 8,899.91), Singapore's Straits Times (down 1.70% at 3,476.31), and Hang Seng (down 1.20% at 24,599.34) slipped
However South Korea's Seoul Composite (up 0.09% at 1,871.66) and Shanghai Composite (up 2.06% to 5,421.39) rose.
Wall Street shares finished on flat note on Friday, 14 September 2007 after investors looked past weaker-than-expected economic readings and focused on the ramifications of the Federal Reserve's decision on interest rates next week. The Dow Jones industrial average rose 17.64 points, or 0.13%, at 13,442.52. Broader stock indicators likewise showed modest gains Friday. The Standard & Poor's 500 index rose 0.30 points, or 0.02%, to 1,484.25, and the Nasdaq Composite index edged up 1.12 points, or 0.04%, to 2,602.18.
Crude oil prices continued a retreat from record highs on Monday, 17 September 2007 after tropical storm Ingrid faded in the Atlantic over the weekend, soothing fears it could hit Gulf of Mexico crude production and refining. US crude for October fell 51 cents to $78.59 a barrel. London Brent crude for November traded 27 cents lower at $75.95 a barrel.
For the week ended 14 September 2007, the BSE Sensex rose 13.38 points or 0.09% to settle at 15,603.80. The S&P CNX Nifty rose 8.5 points or 0.18% to 4,518 in the week.