Turnover to spike in volatile trade as RPower debuts

The total marketwide turnover may surge in volatile trade as Reliance Power (RPower) debuts on the stock exchanges today, 11 February 2008. Reliance Power had, last month, completed India's largest initial public offer (IPO) of over Rs 11000 crore. Cues from the Asian markets were weak today, 11 February 2008. US markets settled on a mixed note on Friday, 8 February 2008.

All Asian markets were trading lower today, 11 February 2008. Hong Kong's Hang Seng (down 1.13% at 23,204.65), Singapore's Straits Times (down 1.10% at 2,899.58) and South Korea’s Seoul Composite (down 3.23% to 1,641.70) edged lower. Markets from Japan and China remained closed today, 11 February 2008.

US markets settled on a mixed note on Friday, 8 February 2008. The Dow Jones industrial average closed down 64.87 points, or 0.53%, at 12,182.13 on Friday. The Nasdaq Composite index rose 11.82 points to 2,304.85 and S&P 500 index slipped 5.62 points to 1,331.29

The RPower issue was heavily subscribed. The Anil Dhirubhai Ambani Group firm Reliance Power got an aggregate commitment of over Rs 7.50 lakh crore, as against the issue size of Rs 11,560 crore. It had offered shares at Rs 450 per share, valuing the firm at $30 billion.

However, as per latest reports, it is now attracting premium of Rs 100- 200 per share as equity markets across the globe have declined in volatile trade

Back home, the 30-share BSE Sensex declined 62.04 points or 0.35% to 17,464.89 on Friday, 8 February 2008. The broader CNX S&P Nifty was down 12.9 points or 0.25% at 5,120.35 on that day.

The BSE 30-shares Sensex lost 777.69 points or 4.26% to 17,464.89 in the week ended Friday, 8 February 2008. The S&P CNX Nifty lost 196.90 points or 3.70% to 5,120.35, in the week.

From its latest closing of 17,464.89 on Friday, 8 February 2008, the BSE Sensex is now down 3,741.88 points or 17.64% from a record high of 21,206.77 hit on 10 January 2008

As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 797.25 crore on Friday, 8 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 192.98 crore on that day.

FIIs were net buyers to the tune of Rs 617.07 crore in the futures & options segment on Friday, 8 February 2008. They were net sellers of index futures to the tune of Rs 170.28 crore and bought index options worth Rs 235.52 crore. They were net sellers of stock futures to the tune of Rs 553.24 crore and sold stock options worth Rs 1.40 crore.

Third quarter December 2007 results season has come to end. Most of the results were in line with market expectations. A total of 3360 companies reported 26.80% rise in net profit on 19.20% rise in net sales for Q3 December 2007 over Q3 December 2006. The net profit was boosted by 72.3% jump in other income.

Annual inflation based on the wholesale price index rose 4.11% in the week ended 26 January 2008 from 3.93% in the week ended 19 January 2008, government data released on Friday, 8 February 2008 showed.

Crude oil rose nearly $1 today, 11 February 2008 as Venezuela threatened to halt oil exports to the United States and bomb alerts shut down one of Britain's largest gas fields. US light crude for March delivery rose as high as $92.71 a barrel. London Brent crude rose 66 cents to $92.60.