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Friday, March 06, 2009
Market up on IT and oil & gas
Taking lead from overseas stock markets, the 30-stock index of BSE, Sensex, in lack of clear signals gyrated around 100 points in early trades.
However, frenzied selling pressure caused it dip below 8050-mark to touch an intra-day low of 8047. Though the market erased most of its loss by noon trades, the pull-back from lower levels came toward the close, after a fresh bout of buying in several frontline stocks saw Sensex touch an intra-day high of 8348. Sensex ended the session 128 points up at 8326, while Nifty moved up by 43 points to 2620.
Market breadth was negative however. Of the 2,500 stocks traded on the BSE 1,419 stocks declined, whereas 993 stocks advanced. 88 stocks ended unchanged. Of the 13 sectoral indices on BSE, only three (BSE FMCG, BSE Realty and BSE Auto) ended lower. Wiping its losses, BSE IT moved up by 3..05% topping the list while BSE Teck, occupying the second slot, was up by nearly 2.44%.
Several Sensex stocks registered decent gains. HDFC flared up 6..32% at Rs1223.35, Hindalco Industries jumped by 4.38% at Rs39.30 and JP Associates gained 4.27% at Rs69.55. Tata Consultancy Services, Wipro, ONGC, Tata Steel and Infosys were up by more than 3% each. Among laggards, Maruti Suzuki India shot up by 2.77% at Rs649.10, Hindustan Unilever added 2.65% at Rs223.95 and Ranbaxy Laboratories gained 2.15% at Rs141.30. ITC, DLF, Tata Motors, Tata Power and ICICI Bank were down by 0.11-1% each.
Satyam Computer Services attracted volumes of over 2.48 crore shares on BSE followed by ICICI Bank (1.52 crore shares), Cals Refineries (92 lakh shares) and Unitech (81 lakh shares).
Buying Pirated DVDs ? - Dawood benefits from it
A leading US non-profit research organisation partly funded by federal and state Government agencies has said the D-Company is one of three major global organized crime syndicates that channel profits from film piracy into international terrorism.
"Since the 1980s, (Dawood Ibrahim's) D-Company has been the major syndicate involved with film piracy in India," says a press note issued by the Santa Monica, California-based RAND Corporation on its report, Film Piracy, Organised Crime and Terrorism, out March 3.
"The group was transformed into a terrorist organization when it carried out the Black Friday bombings in Mumbai in 1993 that killed more than 257 people and injured hundreds more. It continues to advance a political agenda with its actions funded at least partly by the proceeds of crime."
The other two mafia groups using film piracy to fund terror, according to the note, are: the Irish Republican Army, ‘historically the best documented case’, and criminal gangs in the ‘tri-border area of Brazil, Argentina and Paraguay’.
The latter, says the report, is now the ‘most important financing centre for Islamic terrorism outside of the Middle East, channelling $20 million annually to Hezbollah’. At least one transfer of $3.5 million was made to Hezbollah by the DVD pirate Assad Ahmad Barakat who was declared a ‘specially designated global terrorist’ by the US in 2004.
According to the report, organised crime is getting increasingly involved in the piracy of feature films, adding to a criminal portfolio that already includes drugs, money laundering, extortion and human smuggling. The mafia, says the report, is involved in the ‘entire supply chain from manufacture to street sales of pirated movies’.
"If you buy pirated DVDs, there is a good chance that at least part of the money will go to organised crime and those proceeds fund more-dangerous criminal activities, possibly terrorism," said Greg Treverton, the report's lead author and director of the Center for Global Risk and Security at RAND.
"Given the enormous profit margins, it's no surprise that organized crime has moved into film piracy. The profits are high and penalties for being caught are relatively low," Treverton said.
According to the report, a pirated DVD made in Malaysia for 70 cents was sold on a London street for about $9, marked up over 1,000%, a profit margin more than three times that of Iranian heroin. Punishments are in inverse proportion: in France, for example, selling counterfeit products attracts two years in jail and a $190,000 fine, while selling drugs is punishable by 10 years and a fine of $9.5 million.
via Indian Express
PLEASE FORWARD THIS POST/CONTENT to as many people you know who buy Pirated DVDs!
BSE Bulk Deals to Watch - March 6 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
6/3/2009 524412 AAREY DRUGS HIRABEN SOMABHAI PATEL B 29795 21.49
6/3/2009 533055 EDSERV SOFT EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 60802 62.76
6/3/2009 533055 EDSERV SOFT OPG SECURITIES P LTD B 543741 63.54
6/3/2009 533055 EDSERV SOFT EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 60802 62.42
6/3/2009 533055 EDSERV SOFT OPG SECURITIES P LTD S 523751 64.06
6/3/2009 531137 GEMSTONE INV RAJESHPRAVINBHANUSHALI S 40317 23.33
6/3/2009 506170 HIRAN ORGOCH KAILASH CHHAPARWAL S 73478 13.81
6/3/2009 500010 HOUSING DEVELOPMENT FINANCE CO CAPITAL GROUP AC THE GROWTH FUND OF AMERICA INC B 2569000 1158.63
6/3/2009 531025 INCA FINLEAS KUSUM PARESH SHAH S 15000 142.00
6/3/2009 505840 JAIPAN INDUS KAILASH CHHAPARWAL S 47300 43.10
6/3/2009 532967 KIRI DYES T K DUGAR AND CO B 250000 90.10
6/3/2009 511728 KZLEASING VISHAL VASANTBHAI HINSU B 17000 59.09
6/3/2009 511728 KZLEASING VISHAL V HINSU B 91916 60.17
6/3/2009 526045 LUMINAI TECH CHARU MULTITRADE PVT LTD S 190100 2.04
6/3/2009 501473 MALAB TRAD C RANJANA GANDHI S 425 33.60
6/3/2009 512048 SPLASH MEDIA JAIPRAKASHJUGALKISHORJAJOO B 13000 89.86
6/3/2009 512048 SPLASH MEDIA PUSHPENDRA SINGH THAKUR B 10000 87.76
6/3/2009 507753 SR RAYAL ALK PARAG GASES CHEM PVT. LTD. B 348235 10.50
6/3/2009 507753 SR RAYAL ALK PRAKASHMUTHA S 340000 10.50
6/3/2009 531866 SUBHKAM CAP SARSWATI VINCOM LTD S 34000 156.42
6/3/2009 511601 YASH MANA SA EXPLICIT FINANCE LTD B 49423 5.26
NSE Bulk Deals to Watch - March 6 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
06-MAR-2009,EDSERV,Edserv Softsystems Limite,AMBIT SECURITIES BROKING PVT. LTD.,BUY,66681,64.75,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,BP FINTRADE PRIVATE LIMITED,BUY,236953,62.39,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,CPR CAPITAL SERVICES LTD.,BUY,108148,63.12,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,DKG SECURITIES PVT. LTD.,BUY,98156,64.00,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,HARBUX SINGH SIDHU,BUY,61743,62.46,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,77824,65.57,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,MANIPUT INVESTMENTS PVT LTD,BUY,87280,63.96,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,MARWADI SHARES AND FINANCE LIMITED,BUY,66046,63.56,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,NIRMAN MANAGEMENT SERVICES,BUY,537617,60.62,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,R.M. SHARE TRADING PVT LTD,BUY,108568,63.34,-
06-MAR-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,BUY,93438,1521.12,-
06-MAR-2009,HDFC,HDFC Ltd.,CAPITAL GROUP AC THE GROWTH FUND OF AMERICA INC,BUY,2266000,1160.48,-
06-MAR-2009,KIRIDYES,Kiri Dyes and Chemicals L,RISHABH DUGAR,BUY,140000,90.84,-
06-MAR-2009,KIRIDYES,Kiri Dyes and Chemicals L,T K DUGAR & CO - PROP - TULSI KUMAR DUGAR,BUY,150000,90.10,-
06-MAR-2009,MPHASIS,MphasiS Limited,BARING INDIA PE FUND III LISTE,BUY,7592100,170.50,-
06-MAR-2009,SHREERAMA,Shree Rama Multi-Tech Ltd,ALIN AJAYKUMAR SHAH,BUY,381607,3.13,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,AMBIT SECURITIES BROKING PVT. LTD.,SELL,66681,65.09,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,BP FINTRADE PRIVATE LIMITED,SELL,256168,62.73,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,CPR CAPITAL SERVICES LTD.,SELL,108149,63.35,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,DKG SECURITIES PVT. LTD.,SELL,228156,60.55,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,HARBUX SINGH SIDHU,SELL,61743,62.82,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,HS FII INVESTMENTS LIMITED,SELL,200000,56.50,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,77824,65.21,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,MANIPUT INVESTMENTS PVT LTD,SELL,87280,64.30,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,MARWADI SHARES AND FINANCE LIMITED,SELL,66046,63.56,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,NIRMAN MANAGEMENT SERVICES,SELL,351058,60.56,-
06-MAR-2009,EDSERV,Edserv Softsystems Limite,R.M. SHARE TRADING PVT LTD,SELL,108568,63.73,-
06-MAR-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,SELL,93438,1522.12,-
06-MAR-2009,MPHASIS,MphasiS Limited,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,7592097,170.50,-
06-MAR-2009,ROLTA,Rolta India Ltd.,Fidelity Funds - Emerging Markets,SELL,830834,52.45,-
06-MAR-2009,SHREERAMA,Shree Rama Multi-Tech Ltd,AJAYBHAI MAHENDRABHAI SHAH,SELL,381607,3.13,-
06-MAR-2009,SUJANATOW,Sujana Tower Limited,CITIGROUP GLOBAL MKTS (M) PVT LTD,SELL,246118,8.32,-
Post Session Commentary - March 6 2009
Indian market reversed from its earlier losses to close in green terrain tracking firm cues form the European markets. Stocks reported smart rebound from its initial low on sustained buying over the counters as investors picked bargains in the battered market. Key stocks like Satyam Computers contributed to most of the buying as ended up with impressive gain of 19.94% on receiving approval form SEBI to sell 51% stake. Sharp rally prevailed since afternoon trade followed by a highly volatile trade amid downbeat attitude as General Motors'' bankruptcy warning raised concerns about the strength of the global economy.
The domestic market had a gap down opening today on the back of weak cues from the global markets. The US stock markets plunged on Thursday to new multiyear lows to close at its worst level since the fourth quarter of 1996. The growing pessimism about the economy and uncertainties about the survival of General Motors has led the investors to book profits. After lower opening, market pared some of its losses and was hovering close to the dotted line. Further, benchmark indices managed to gain ground subsequent to struggle since initial bell. Finally, market reported magnificent bounce back to end the day with handsome gains. BSE Sensex ended above 8,300 mark and NSE Nifty closed above 2,600 level. From the sectoral front, IT, Teck, Oil & Gas, Capital Goods, Power, Metal and Consumer Durable stocks mainly led the upturn. However, FMCG, Reality and Auto stocks observed most of the selling from these baskets. BSE Mid Cap and Small Cap stocks also observed selling pressure.
Among the Sensex pack 22 stocks ended in green territory and 8 in red. The market breadth indicating the overall health of the market remained negative as 1419 stocks closed in red while 993 stocks closed in green and 88 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 127.90 points at 8,325.82 and NSE Nifty ended up by 43.45 points at 2,620.15. BSE Mid Caps and BSE Small Caps ended with losses of 16.81 points and 24.28 points at 2,586.30 and 2,911.73 respectively. The BSE Sensex touched intraday high of 8,347.74 and intraday low of 8,047.17.
Gainers from the BSE Sensex pack are HDFC (6.40%), Hindalco (4.38%), JP Associates (4.27%), TCS Ltd (3.84%), Wipro Ltd (3.37%), ONGC Ltd (3.31%), Tata Steel (3.12%), Infosys Tech (3.08%) and Sun Pharma (2.40%).
Losers from the BSE Sensex pack are Maruti Suzuki (2.77%), HUL (2.65%), Ranbaxy Lab (2.15%), ITC Ltd (1.61%), DLF Ltd (1.12%) and Tata Motors (0.57%).
India''s exports fell by 13% in the month of February for the fifth straight month. On the other hand, the imports also fell for second consecutive month by about 18% during the period, according to the quick estimates of the government.
The direct tax collections fell more than 18% at Rs 11,506 crore in February as compared to the year-ago period. The collections of direct tax in February 2008 stood at Rs 14,138 crore, according to the figures released by the Central Board of Direct Taxes (CBDT).
India’s infrastructure sector output in January 2009 registered a growth of 1.4% compared to growth of 3.6% in January 2008. During April-January 2008-09, 6 core-infrastructure industries registered a growth of 3.2% as against 5.7% during the corresponding period of previous year. The infrastructure sector accounts for 26.68% of the country’s industrial output.
On the global markets front the Asian markets which opened before the Indian market, ended lower following Wall Street losses overnight. Stocks took beating on fears about global downturn. Shanghai Composite, Hang Seng, Nikkei 225, Straits Times index and Seoul Composite ended lower by 28.07, 289.72, 260.39, 5.52 and 3.15 points at 2,193.01, 11,921.52, 7,173.1, 1,513.12 and 1,055.03 respectively.
European markets which opened after the Indian market recovered from its earlier losses and are trading in green. In London FTSE 100 is trading higher by 28.01 points at 3,557.87 and in Frankfurt the DAX index is trading up by 14.36 points at 3,3709.85.
The BSE IT index gained (3.05%) or 61.28 points at 2,072.32 on steep drop in rupee value. Gainers are Patni Computers (9.83%), Mphasis Ltd (8.78%), TCS Ltd (3.84%), Wipro Ltd (3.37%) and Infosys Tech (3.08%).
The BSE Teck index also went up (2.44%) or 40 points to close at 1,678.81. Patni Computers (9.83%), Mphasis Ltd (8.78%), TCS Ltd (3.84%), Jagran Prak (3.33%) and Zee Ent (3.32%) ended in green.
The BSE Oil & Gas index closed with increase of (1.76%) or 68.80 points at 5,724.06. Scrips that gained are ONGC Ltd (3.31%), Reliance (1.87%), Reliance Pet (1.85%), Reliance Nat Res (1.38%) and Cairn Ind (1.29%).
The BSE Capital Goods index ended up by (1.54%) or 84.60 at 5,561.35. Gainers are ABB Ltd (4.05%), Praj Indus (3.22%), BHEL (2.20%), L&T Ltd (2.04%) and Jyoti Struct (1.06%).
The BSE FMCG index ended lower by (1.73%) or 32.62 points to close at 1,854.11. Nestle Ltd (5.12%), Ruchi Soya (4.91%), HUL (2.65%), Colgate Palm (2.05%) and ITC Ltd (1.61%) ended in negative territory.
The BSE Reality stocks lost (0.89%) or 12.10 points to close at 1,6346.83 on reports that falling rates have failed to motivate housing demand. Losers are Anant Raj (5.62%), Indiabull Real (4.86%), Orbit Co (3.50%), Omaxe Ltd (3.07%) and Parsvnath (2.16%).
Satyam Computer Services advanced by 19.94% after company received approval from Securities and Exchange Board of India to kick start a process to sell a 51% stake, in a move likely to attract more bidders.
ONGC gained 3.31% as approves investment proposal for renewal and development projects. The board approves the renewal of Lakwa and Lakhmani Surface Facilities in Assam aims to re-engineer as well as to revamp the Surface facilities, which are more than 30-40 years old. In line with this, the company''s board also approved the development of PK & South West Panna Areas under Panna Mukta Joint Venture for $131.60 mn. The board gave a green signal for the development of un-drained area "PL" in Southern part of main field.
Maruti Suzuki dropped by 2.77 % as the company is likely to lower down the price of Alto, as it looks to take on the Nano, the world''s cheapest car being rolled out by Tata Motors. The Alto''s entry model which costs Rs 2.3 lakh, will not be priced as low as the Nano, but will see a significant markdown.
Ranbaxy Laboratories fell 2.15% on reports the Australian drug regulator is investigating allegations by US drug regulators that one of Ranbaxy''s plants falsified data for drug approvals.
FII activity, global equities to dictate trend
Stock prices
likely to be influenced by movements in global equities
and foreign institutional investor activity in the near term. Turnover may take a hit next week which has only three trading sessions. The market remains shut on Tuesday, 10 March 2009 for Id-E-Milad and Wednesday 11 March 2009 for the Holi festival.
World stocks
tumbled in the week ended 6 March 2009 to hit six-year low on grim global economic data. Mortgage delinquencies in the US climbed to the highest level on record, the Mortgage Bankers Association said on Thursday, 5 March 2009. More than 600,000 Americans filed claims for jobless benefits for the fifth-straight week, the worst performance since 1982, Labor Department figures showed on Thursday.
The European Central Bank (ECB) on Thursday, 5 March 2009, cut its main interest rate by a half point to 1.50%, and ECB chief Jean-Claude Trichet said it could well go even lower. On the same day, the Bank of England (BOE) cut its main lending rate by half a point to 0.50%, an all-time low for the 315-year-old institution, and said it would create fresh funds to spur activity, a method known as quantitative easing.
ECB cautioned that global demand is likely to remain very weak this year adding that the world economy has weakened substantially in recent months due to financial market turmoil.
Meanwhile, investors will closely watch the US jobs data to be unveiled on Friday, 6 March 2009. Economists predict job losses in the United States to accelerate from last month and the unemployment rate is likely to surge to a 25-year high as recession-hit companies took drastic steps to cut costs.
Closer home, foreign institutional investors (FIIs) have pressed heavy sales this year. Their outflow in February 2009 totaled Rs 2707 crore. FII outflow in calendar year 2009 stood at Rs 8519.30 crore (till 4 March 2009).
Globally, investors are pulling out money from hedge funds, forcing hedge fund managers to dump assets. At the same time, global banks and insurers are selling assets after amassing $1.2 trillion of credit losses and writedowns since the start of 2007. More recently, fears have intensified about the exposure of Western European banks and companies to deteriorating economic conditions in Eastern Europe.
A section of the market expects further rate cuts by the Reserve Bank of India. Foreign securities firm Nomura expects another 100 basis points cut in both the repo and reverse repo rates each from the Reserve Bank of India (RBI) by mid-2009. RBI after market hours on 4 March 2009, cut the repo rate and reverse repo rate by 50 basis points each, with immediate effect. Repo rate is the rate at which RBI lends to commercial banks and reverse repo rate is the rate at which RBI accepts deposits from banks.
Sensex tumbles to 3-year low on global rout in equities
Key benchmark indices slumped in the week ended 6 March 2009 with the BSE Sensex sliding to 3-year low as grim economic data pulled world stocks to six-year low. Heavy selling by foreign institutional investors (FIIs) also weighed on the sentiment. Market declined in 3 out of 5 trading sessions in the week.
World stocks tumbled to six-year lows on grim global economic data. Mortgage delinquencies in the US climbed to the highest level on record, the Mortgage Bankers Association said on Thursday, 5 March 2009. More than 600,000 Americans filed claims for jobless benefits for the fifth-straight week, the worst performance since 1982, Labor Department figures showed on Thursday.
The European Central Bank (ECB) on Thursday, 5 March 2009, cut its main interest rate by a half point to 1.50%, and ECB chief Jean-Claude Trichet said it could well go even lower. On the same day, the Bank of England (BOE) cut its main lending rate by half a point to 0.50%, an all-time low for the 315-year-old institution, and said it would create fresh funds to spur activity, a method known as quantitative easing.
ECB cautioned that global demand is likely to remain very weak this year adding that the world economy has weakened substantially in recent months due to financial market turmoil.
Foreign institutional investors (FIIs) have been pressing substantial sales, with their outflow totaling Rs 2707 crore in February 2009. FII outflow in calendar year 2009 stood at Rs 8519.30 crore (till 4 March 2009).
Globally, investors are pulling out money from hedge funds, forcing hedge fund managers to dump assets. At the same time, global banks and insurers are selling assets after amassing $1.2 trillion of credit losses and writedowns since the start of 2007. More recently, fears have intensified about the exposure of Western European banks and companies to deteriorating economic conditions in Eastern Europe.
The 30-share BSE Sensex lost 565.79 points or 6.36% to 8,325.82 in the week ended 6 March 2009. The 50-unit S&P Nifty lost 143.50 points or 5.19% to 2620.15 in the week.
The BSE Mid-Cap index declined 171.99 points or 6.24% to 2,586.30, while the BSE Small-Cap index fell 194.28 points or 6.25% to 2,911.73. Both the indices outperformed the Sensex.
Trading for the week began on a weak note with the market sliding on negative global cues and data showing slide in India's exports for the fourth month in a row in January 2009. The BSE 30-share Sensex lost 284.53 points, or 3.2%, to 8,607.08, its lowest closing since 20 November 2008. The S&P CNX Nifty lost 89.05 points, or 3.22%, to 2,674.60.
Key benchmark indices slumped in late trade on Tuesday, 3 March 2009 on deepening concerns about the global economy. The BSE 30-share Sensex lost 179.79 points, or 2.09%, to 8,411.30, its lowest closing since 10 November 2005. The S&P CNX Nifty fell 52.20 points, or 1.95%, to 2,622.40.
A rebound in global indices helped key benchmark indices log small gains on Wednesday, 4 March 2009. The BSE 30-share Sensex rose 19.20 points, or 0.23%, to 8,446.49 and the S&P CNX Nifty was up 22.80 points, or 0.87%, to 2,645.20.
Weak global markets pulled the Sensex to 3-year closing low on Thursday, 5 March 2009. A surprise cut in policy rates by the Reserve Bank of India (RBI) failed to draw bulls. The BSE 30-share Sensex slumped 248.57 points, or 2.94%, to 8,197.92, its lowest closing since 2 November 2005. The S&P CNX Nifty lost 68.50 points, or 2.59%, to 2,576.70, its lowest closing since 20 November 2008.
Key benchmark indices reversed early losses on Friday, 6 March 2009 as investors mopped up battered blue chip stocks. The BSE 30-share Sensex gained 127.90 points, or 1.56%, to 8,325.82 and the S&P CNX Nifty advanced 43.45 points, or 1.69%, to 2,620.15
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) fell 7.47% to Rs 1170.55 in the week after combined crude processing at its two export-focused plants at Jamnagar in Gujarat dived 12.1% to 6,68,450 barrels per day (bpd) in January 2009 over January 2008. Reliance commissioned its new 5,80,000 bpd plant in December 2008, turning Jamnagar into the world's biggest refining complex with capacity of 1.24 million bpd.
The board of Reliance Industries on Monday, 2 March 2009, approved the absorption of its unit Reliance Petroleum (RPL) and set a share swap ratio giving it direct control of the world's largest refinery complex. Reliance Industries said it would issue one share for every 16 held in RPL, which runs a refinery. Shares of Reliance Petroleum fell 6.04% to Rs 71.60.
Meanwhile, RIL said its absorption of its unit RPL will be tax neutral for both the entities i.e. both the refineries will retain their tax benefits.
India's largest oil exploration firm by sales Oil & Natural Gas Corporation fell 2.56% to Rs 673.45 after foreign brokerage Goldman Sachs said the government took $20 billion cash from the company without consulting minority shareholders.
Banking stocks fell as fears of rising defaults in a weakening economy offset hopes a further fall in interest rates may boost lending growth. India's largest private sector bank by net profit ICICI Bank lost 17.92%. Recently, Life Insurance Corporation of India hiked its stake in ICICI Bank by 2.04% to 9.38%.
India's largest bank in terms of assets and branch network State Bank of India fell 8.4% after the bank reduced deposit rates by 40 to 50 basis points across maturities. The new rates would be effective from 9 March 2009. India's second largest private sector bank by net profit HDFC Bank slipped 9.46%.
Select metal stocks rose as metal prices surged on the London Metal on China's plan to boost spending. Hindalco Industries (up 1.81%), and Sterlite Industries (up 2.06%), gained. However, National Aluminum Company (down 1.58%), and Tata Steel (down 8.99%), fell.
China is the world's largest consumer of a number of industrial commodities. It is the world's biggest consumer of copper.
India's largest car maker by sales Maruti Suzuki India fell 4.21% to Rs 649.10. Its vehicle sales rose 24.1% to 79190 units in February 2009 over February 2008. It was a record monthly sales by the car maker.
India's largest commercial vehicle maker by sales Tata Motors declined 7.33% to Rs 138.50. Tata Motors' total domestic sales for the month of February 2009 at 42,493 units, were the highest in the last 4 months. Domestic commercial vehicle sales at 23,454 units were the highest since September 2008 and domestic passenger vehicle sale at 19,039 units were was the highest since May 2008. The total domestic sales, however, declined 15% in February 2009 over February 2008.
However India's largest tractor maker by sales Mahindra & Mahindra rose 2.26% to Rs 316.90. M&M recorded 10.8% growth in total volumes to 29,017 units in February 2009 over February 2008.
Outsourcing focussed IT firms outperformed the Sensex as a weak rupee offset fears a weak global economy would cut the amount firms spent on technology. India's third largest software services exporter, Wipro rose 2.82% to Rs 213.20. India's largest software services exporter by sales TCS rose marginally by 0.04% to Rs 480.80. But India's second largest software services exporter Infosys Technologies fell 0.98%.
Satyam Computer Services rose 1.45% after company received approval from Securities and Exchange Board of India on late on Thursday, 5 March 2009, to kickstart a process to sell a 51% stake, in a move likely to attract more bidders. Satyam said it expects to soon invite expressions of interest from qualified investors, with more than $150 million in net assets, under a global bidding process.
The Indian rupee dropped to a record low 52.20 on Tuesday, 3 March 2009, on heightened fears of rising capital outflows from the stock market. A weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion's share of revenue from exports.
Rate sensitive realty stocks fell on fears falling property prices will hit profit margins. DLF (down 4.22%), Indiabulls Real Estate (down 4.68%), and Unitech (down 7.45%), declined.
Property prices have slumped in the past few months as buyers have postponed purchases anticipating further fall in prices.
India's largest FMCG major by sales Hindustan Unilever slumped 11.76% to Rs 223.95 after foreign brokerage JPMorgan Chase & Company cut its rating on the stock to 'underweight' from 'neutral', citing weakening growth and increasing competition
India's largest drug maker by sales Ranbaxy Laboratories plunged 12.67% to Rs 141.30 on reports the Australian drug regulator is investigating allegations by US drug regulators that one of Ranbaxy's plants falsified data for drug approvals. The stock also hit a 52-week low of Rs 134.75 on 6 March 2009.
A recent investigation by the US food and drug administration had found that Ranbaxy Laboratories had falsified data and test results of medicines manufactured at its Himachal Pradesh facility in India to obtain marketing approval in the United States.
Chief economic adviser to the finance ministry Arvind Virmani on Friday, 6 March 2009 said the economic slowdown would continue until September 2009. He is, however, optimistic that the government will able to meet its fiscal responsibility targets.
The infrastructure sector output grew 1.4 %in January 2009 from a year earlier, below an unrevised 2.3% rise in December 2008, government data showed on Friday, 6 March 2009. Output rose an annual 3.6% in January 2008. The infrastructure sector accounts for 26.68% of India's industrial output.
The Reserve Bank of India (RBI) after the market hours on 4 March 2009, announced cut in repo rate and reverse repo rate by 50 basis points each, with immediate effect. Repo rate is the rate at which RBI lends to commercial banks and reverse repo rate is the rate at which RBI accepts deposits from banks.
As per initial estimates available with the commerce ministry released on Thursday, 5 March 2009, exports dropped 13.7% in February 2009, registering fall for the fifth consecutive month. Meanwhile, imports also fell for second consecutive month by 18.2% during the period.
Triggered by falling commodity prices, inflation based on the wholesale-price-index dropped to 3.03% in the week ended 21 February 2009, an around six-and-half year low, government data released on 5 March 2009 showed. Inflation rose 3.36% in the previous week ended 14 February 2009.
Indian manufacturing activity shrank for a fourth straight month in February 2009 as the global downturn hurt demand and soured business sentiment, a survey showed on Monday, 2 March 2009. The ABN AMRO Bank purchasing managers'index (PMI), based on a survey of 500 companies, rose to a seasonally adjusted 47 in February 2009 from January's 46.7. A reading above 50 signals economic expansion while a figure below 50 suggests contraction. Manufacturing makes up about 16% of India's gross domestic product.
On Monday, 2 March 2009, N Gopalaswami, the Chief Election Commissioner, announced that Lok Sabha elections will begin on 16 April 2009 and the 15th Lok Sabha will be constituted by 2 June 2009.
Investors heave a sigh of relief as Sensex recovers from 3-year trough
Key benchmark indices gained as investors mopped up battered blue chip stocks. IT, metal stocks and index heavyweight Reliance Industries led the rally. FMCG, realty and auto stocks were weak. The BSE 30-share Sensex rose 127.90 points, or 1.56%, off close to 280 points from the day's low.
The BSE Sensex had slumped 1,436.82 points or 14.91% to 8,197.92 on Thursday, 5 March 2009, from a recent high of 9,634.74 on 13 February 2009. It was the lowest closing level of the barometer index in more than three years.
Volatility was high today. After hitting a 4-month low at the onset of the trading session on weak global markets, Indian stocks staged a smart bounce back soon. The recovery gathered steam with the Sensex moving from green to red. After the strong rebound, the market slipped into the red again. Trade was choppy in afternoon trade.
The market surged in mid-afternoon trade on gains in European markets, which opened after Indian market. It extended gain in late trade on higher US index futures.
But a sustained selling by foreign funds amid the global financial sector crisis, a dire state of the global economy, slowdown in the domestic economy, weak rupee and uncertainty about the earnings outlook of India Inc continues to weigh on investor sentiment. That sentiments remains edgy is evident in from the continued weakness in the broad market - both the BSE Small and BSE Mid-cap indices were in the red today.
Chief economic adviser to the finance ministry Arvind Virmani today said the economic slowdown will continue until September 2009. He is, however, optimistic that the government will able to meet its fiscal responsibility targets.
The infrastructure sector output grew 1.4 %in January 2009 from a year earlier, below an unrevised 2.3% rise in December 2008, government data showed on Friday. Output rose an annual 3.6% in January 2008. The infrastructure sector accounts for 26.68% of India's industrial output.
On the flip side, lower interest rate have helped automobile sales rebound in the past few months. The stimulus packages announced by the government since December 2008 has started having some positive impact.
Meanwhile, volatility in the rupee and global commodity prices have added to the woes of India Inc. The slide in the rupee will increase in the cost of servicing overseas debt to the extent of the rupee's slide unless the company (which has overseas borrowings) has adopted an effective hedging strategy.
Foreign institutional investors (FIIs) have pressed heavy sales this year. FII outflow in February 2009 totaled Rs 2707 crore. FII outflow in calendar year 2009 totaled Rs 9128.30 crore (till 5 March 2009). Globally, investors are pulling out money from hedge funds, forcing hedge fund managers to dump assets. As per the proisional figures on NSE, FIIs sold shares worth Rs 274.68 crore and domestic funds bought shares worth Rs 298.94 crore today, 6 March 2009.
At the same time, global banks and insurers are selling assets after amassing $1.2 trillion of credit losses and writedowns since the start of 2007. More recently, fears have intensified about the exposure of Western European banks and companies to deteriorating economic conditions in Eastern Europe.
Domestic institutional investors (DIIs) have been absorbing selling by foreign funds.
However, due to political uncertainty, investors are unlikely to build large positions with general election to be held in mid-April 2008 to mid-May 2009. More so at a time when it is highly unlikely that either Congress or BJP comes to power on its own i.e. without the support of other smaller/regional parties.
The market may recover if a coalition led either by Congress or BJP comes to power. But the recovery will be subject to BJP or Congress led coalition coming to power without a support from the Left front which is against key economic reforms. The market will then look for whether the new government which comes to power undertakes second generation reforms that could bring India back on a strong growth path witnessed in five years between 2003 and 2008.
European shares recovered after an initial slide in cautious trade ahead of the influential US monthly job data. Key benchmark indices in France, Germany and UK were up by between 0.41% to 0.8%.
Asian stocks slipped on Friday led by financial stocks following overnight steep slide in US stocks. Caution also prevail ahead of what is likely to be a dismal US non-farm pay report for February 2009 later in the day. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore were down by between 0.3% to 3.5%. But Taiwan's Weighted index rose 0.35%.
Trading in US index futures indicated the Dow could fall 49 points at the opening bell on Friday, 6 March 2009. Earlier, the futures moved between red and green.
US stock indexes on Thursday fell to their lowest levels in more than 12 years, with notable declines in Citigroup (it dipped below $1 for the first time ever) and General Motors.
The global credit crisis sparked by a US housing slump has caused almost $1.2 trillion of losses at financial institutions worldwide. Mortgage delinquencies in the US climbed to the highest level on record, the Mortgage Bankers Association said on Thursday, 5 March 2009. More than 6,00,000 Americans filed claims for jobless benefits for the fifth-straight week, the worst performance since 1982, Labor Department figures showed on Thursday.
The BSE 30-share Sensex was up 127.90 points, or 1.56%, to 8,325.82. At the day's low of 8,047.17, the Sensex lost 150.75 points in early trade. At the day's high of 8,347.74, Sensex rose 149.82 points in late trade.
The S&P CNX Nifty was up 43.45 points, or 1.69%, to 2,620.15. It had hit a low of 2,539.45 in early trade, its lowest since 20 November 2008.
The Sensex is down 1,321.49 points or 13.69% in calendar 2009 from its close of 9,647.31 on 31 December 2008. The S&P CNX Nifty is down 339 points or 11.45% in calendar 2009 from its close of 2,959.15 on 31 December 2008.
The BSE clocked a turnover of Rs 3,329 crore, lower than Rs 3,423.79 crore on Thursday, 5 March 2009.
Nifty March 2009 futures were at 2616, at a discount of 4.15 points as compared to the spot closing of 2620.15. Turnover in NSE's futures & options (F&O) segment increased to Rs 48,734.94 crore from Rs 46,285.97 crore on Thursday, 5 March 2009.
The market breadth, indicating the overall health of the market, was weak on BSE with 1,005 shares advancing as compared with 1,445 that declined. A total of 66 shares remained unchanged.
The BSE Mid-Cap index (down 0.65%) and BSE Small-Cap index (down 0.83%) underperformed the Sensex.
The BSE IT index (up 3.05%), the BSE TECk index (up 2.44%), the BSE Oil & Gas index (up 1.76%), outperformed the Sensex.
The BSE Capital Goods index (up 1.54%), the BSE Power index (up 1.34%), the BSE Metal index (up 1.32%), the BSE Consumer Durables index (up 0.91%), the BSE PSU index (up 0.88%), the BSE Bankex (up 0.24%), the BSE Healthcare index (up 0.16%), the BSE Auto index (down 0.63%), the BSE Realty index (down 0.89 %), the BSE FMCG index (down 1.73%), underperfomed the Sensex
From the 30 share Sensex pack, 22 stocks rose while rest fell. Jaiprakash Associates, ONGC, Reliance Infrastructure, NTPC, Bharti Airtel, Larsen & Toubro rose by between 2.04% to 4.27%.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) rose 1.87% to Rs 1.170.55. The stock came off the day's low of Rs 1,118.05, on bargain hunting after a recent steep slide.
The combined crude processing at its two export-focused plants at Jamnagar in Gujarat dived 12.1% to 6,68,450 barrels per day (bpd) in January 2009 over January 2008, data during trading hours on Thursday showed. Reliance commissioned its new 5,80,000 bpd plant in December 2008, turning Jamnagar into the world's biggest refining complex with capacity of 1.24 million bpd.
The board of Reliance Industries on Monday, 2 March 2009, approved the absorption of its unit Reliance Petroleum (RPL) and set a share swap ratio giving it direct control of the world's largest refinery complex. Reliance Industries said it would issue one share for every 16 held in RPL, which runs a refinery.
Outsourcing focussed IT firms surged in late trade on a recent steep slide in the rupee. India's third largest software services exporter, Wipro rose 3.37% even as its ADR fell 3.36% on Thursday. India's largest software services exporter by sales TCS rose 3.84%. India's second largest software services exporter Infosys Technologies rose 3.08% even as its ADR fell 4.73% overnight. But, India's fifth largest IT major by sales HCL Technologies rose 1.19%.
Satyam Computer Services surged 20% after company received approval from Securities and Exchange Board of India to kickstart a process to sell a 51% stake, in a move likely to attract more bidders. Satyam said it expects to soon invite expressions of interest from qualified investors, with more than $150 million in net assets, under a global bidding process.
Geodesic spurted 15.34% to Rs 52.25 after the company said it will buyback up to 25% of equity at a maximum price of Rs 75 per share
Zensar Technologies gained 4.76% after the company said it secured a multi million dollar deal from a UK based utility firm.
The rupee inched up on Friday as stronger shares bolstered hopes capital outflows may steady, but ended down 1% for the week in which it hit a record low as deepening global woes cast a pall over riskier assets. The partially convertible rupee ended at 51.63/65 per dollar, 0.25% stronger than Thursday's close of 51.76/78. On Tuesday, 3 March 2009 the rupee had dropped to an all-time low of 52.20. The rupee has declined sharply in the past few days.
A weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion's share of revenue from exports. The rupee is down 5.7% so far in 2009.
The Indian rupee was higher on Friday as a weak dollar overseas boosted sentiment and on gains in the domestic share market. The partially convertible rupee was at 51.70 per dollar, stronger than its previous close of 51.76/78. On Tuesday 3 March 2009, the rupee had hit a record low of 52.20. The rupee has declined sharply in the past few days. A weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion's share of revenue from exports.
But there have been concerns of cut back in technology spend by global firms amid a recession in the US economy and due to the global financial sector crisis. IT firms derive a lion's share of revenue from exports to US.
India's largest FMCG major by sales Hindustan Unilever fell 2.65%, extending the losses for the second straight day after foreign brokerage JPMorgan Chase & Company cut its rating on the stock to 'underweight' from 'neutral', citing weakening growth and increasing competition.
Other FMCG stocks, REI Agro, ITC, Nestle India fell by between 1.61% to 5.12%.
Rate sensitive realty stocks fell on recent reports falling interest rates have failed to revive housing demand. DLF, Indiabulls Real Estate and Housing Development & Infrastructure , Phoenix Mills fell by between 0.94% to 4.86%. Most of the realty deals including sale of commercial property and housing sales is driven by finance.
India's largest car maker by sales Maruti Suzuki India fell 2.77% on reports it could slash the price of its largest-selling model, Alto, as it looks to take on rival Tata Motors's Rs 1-lakh car Nano.
India's largest commercial vehicle maker by sales Tata Motors fell 0.57% as Moody's Investors Service downgraded the corporate family rating of Tata Motors to B3 from B1. The outlook remains negative. The rating change reflects Tata Motor's limited financial flexibility, high gearing as well as imminent refinancing risk in the context of weak market conditions in India and overseas Moody's said.
But, India's largest tractor maker by sales Mahindra & Mahindra rose 1.78% after the company bought back foreign-currency convertible bonds worth $6.5 million at a discount.
Metal stocks reversed early losses supported by China's plans to boost spending. Hindalco Industries, National Aluminum Company, Steel Authority of India, Tata Steel, Sterlite Industries India fell by between 0.22% to 4.38%. China is the world's largest consumer of a number of industrial commodities. It is the world's biggest consumer of copper.
Fears of rising defaults in a weakening economy and hopes that lower lending rates will revive sluggish loan growth triggered volatility in bank stocks.
India's largest private sector bank by net profit ICICI Bank fell 0.11% to Rs 269.30. It hit a high of Rs 284.25 and a low of Rs 252.75. ICICI Bank today said it has cut rates on new home loans by 0.25% to 0.5%. Its American Depository Receipts (ADR) fell 12.26% on Thursday, 5 March 2009.
India's second largest private sector bank by operating income HDFC Bank gained 0.05% to Rs 801.10. It hit a high of Rs 828.45 and a low of Rs 774. Its ADR fell 7.67% overnight.
India's largest bank in terms of assets and branch network State Bank of India rose 0.67%. The bank has reduced deposit rates by 40 to 50 basis points across maturities. The new rates would be effective from 9 March 2009.
India's largest dedicated housing finance firm by operating income HDFC rose 6.4% to Rs 1223.35 after 36.42 lakh shares or 1.28% equity changed hands in six different block deals on BSE and NSE combined.
Dewan Housing Finance Corp rose 10% after the company said its board approved raising Rs 105 crore via a rights issue.
Wall Street Finance soared 17.79% on reports Reliance Capital is set to take a controlling stake in the company.
Despite a steep cut in policy rates by Reserve Bank of India (RBI) since October 2008, there has not been a commensurate reduction in lending rates by banks as fears of rising bad loans have made them cautious in increasing advances/lending. One reason why banks have not fully passed on the central bank rate cuts to customers is because higher bond yields are pushing up their funding costs. Bond yields and bond prices are inversely related.
Bond yields were little changed in thin trade on Friday with sentiment cautious ahead of the Rs 12000-crore debt auction. The market sentiment was hurt after the central bank set a lower cut-off price of Rs 107.60 at the buyback auction of the 7.99% government bonds maturing in 2017, below market expectations of Rs 107.80, late on Thursday.
Between 19 December 2008 and 13 February 2009, commercial banks lent only Rs 8091 crore to firms, one-tenth of the Rs 86978 crore lent in the same period a year earlier, as per the latest RBI data.
India's largest drug maker by sales Ranbaxy Laboratories fell 2.15%, falling for the second straight day on reports the Australian drug regulator is investigating allegations by US drug regulators that one of Ranbaxy's plants falsified data for drug approvals. A recent investigation by the US food and drug administration had found that Ranbaxy Laboratories had falsified data and test results of medicines manufactured at its Himachal Pradesh facility in India to obtain marketing approval in the United States.
Other healthcare stocks, Piramal HealthCare, Panacea Biotech, Pfizer, Novartis India fell by between 0.27% to 8.74%.
Wockhardt rose 1.9% on reports foreign drug firms are vying a significant stake in Wockhardt's biotechnology business.
KEC International was locked at 5% upper limit at Rs 121.60 on bagging three orders aggregating to Rs 365 crore.
Alphageo India surged 4.61% on bagging an order worth Rs 39.01 crore.
Satyam Computer Services clocked the highest volume of 2.48 crore shares on BSE. ICICI Bank (1.52 crore shares), Cals Refineries (92.57 lakh shares), Unitech (81.79 lakh shares) and Jaiprakash Associates (73.26 lakh shares) were the other volume toppers in that order.
ICICI Bank clocked the highest turnover of Rs 411.03 crore on BSE. HDFC (Rs 410.04 crore), Reliance Industries (Rs 236.59 crore), Reliance Capital (Rs 159.71 crore) and Educomp Solutions (Rs 117.39 crore) were the other turnover toppers in that order.
Crude drops again
Prices fall as traders anticipate extremely weak job report
Crude prices fell on Thursday, 05 March, 2009 as traders panicked about tomorrow's impending job report which is expected to show drastic layoffs in USA's job market in almost last sixty years. Prices fell as traders thought that this is going to curb energy demand in coming months.
On Thursday, crude-oil futures for light sweet crude for April delivery closed at $43.61/barrel (lower by $1.77 or 3.9%) on the New York Mercantile Exchange. Last week, crude ended higher by 12%. For the month of February, crude prices had ended higher by 1.5%.
Prices reached a high of $147 on 11 July, 2008 but have dropped almost 69% since then. Year to date, in 2009, crude prices are higher by 2.7%. On a yearly basis, crude prices are lower by 69%.
US stocks were back in the red since the very start on Thursday, 05 March, 2009. Financial sector put immense pressure on stocks as Citigroup shares dropped below $1 for the first time ever. Economic reports that checked in were mixed in nature.
The EIA had reported yesterday that U.S. crude inventories, excluding those in the Strategic Petroleum Reserve, fell by 700,000 barrels in the week ended 27 February, 2009. Market was expecting an increase of 2.2 million barrels. U.S. refiners operated at 83.1% of their operable capacity last week, up from the 81.4% a week ago. The EIA also reported gasoline inventories rose by 200,000 barrels, and distillate stockpiles, which include diesel and heating oil, rose 1.7 million barrels.
Prices had been sliding since past couple of months after fear gripped the US economy that US banks might be nationalized.
OPEC has been trying to cut production consistently in order to step up prices from their current low levels. There has been conflicting reports in the market regarding the fact that OPEC is likely to reduce output in March, 2009. OPEC has already agreed to cut cartel quotas by 4.2 million barrels a day since September, equivalent to about 5% of global oil demand. The cartel is supposed to meet on 15 March at Vienna.
April reformulated gasoline fell 5% to $1.3127 a gallon, and April heating oil dropped 4.5% to $1.1598 a gallon.
April natural gas for April delivery fell 5.8% to end at $4.088 per million British thermal units. EIA reported today that U.S. natural gas inventories fell by 102 billion cubic feet in the week ended 27 February, 2009. At 1,793 billion cubic feet, stocks were 270 billion cubic feet higher than last year at this time and 218 billion cubic feet above the five-year average.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for March delivery closed at Rs 2,290/barrel, higher by Rs 13 (0.6%) against previous day's close. Natural gas for February delivery closed at Rs 215/mmbtu, lower by Rs 3.5/mmbtu (1.6%).
NTPC
We recommend a sell in National Thermal Power Corporation (NTPC) from a short-term trading perspective. It is apparent from the charts that the stock was on an intermediate-term uptrend from its October 2008 low of Rs 113 to its January 2009 high of Rs 192. However, it reversed direction after encountering significant resistance at around Rs 192. From this resistance level, the stock has been on a medium-term downtrend. On March 5, the stock conclusively penetrated its 50-day moving average as well as the intermediate-term up trendline by tumbling 3.8 per cent. The volume was above average during the decline. The daily relative strength index is on the verge of entering into the bearish zone from the neutral region. Moreover, the moving average convergence and divergence indicator is signalling a sell and is on the brink of entering the negative territory. Taking into the consideration, the penetration of the up trendline, we are bearish on the stock. We expect the stock to decline until it hits our price target of Rs 155 in the approaching trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 181.
Selling spree continues
The market took a sharp dip after an initial surge and continued moving southwards, as shares across sectors came under the grip of relentless selling pressure.
The session was marked with extreme volatility. After a firm opening at 8535, around 89 points above its previous close of 8446, the markets failed to capitalise on the gains and drifted into the negative territory in the afternoon. Heavyweights as well as banking, gas & oil, power, FMCG and capital goods stocks contributed to the fall and dragged the index to an intra-day low of 8167. Sensex finally closed ended 2.94% or 249 points lower at 8198, while Nifty pared 69 points to 2577.
Market breadth was extremely negative with losing stocks outnumbering the gainers by a wide margin. Of the 2,468 stocks traded on the BSE, 1,679 stocks declined, whereas 703 stocks advanced. Eighty stocks ended unchanged. Among the sectoral indices, BSE Bankex shed 4.15% followed by BSE Oil & Gas (down 3.71%), BSE Power (down 3.26%) and BSE FMCG (down 3.26%).
Of the 30 stocks trading in Sensex basket, only five stocks managed to close in the positive territory. Among the major losers, Ranbaxy Laboratories tumbled by 9.27% at Rs144.40, ICICI Bank plunged 5.17% at Rs269.60, Tata Power slumped 5.07% at Rs640.10, Reliance Industries dropped 5% at Rs1,149.10, HDFC Bank shed 4.54% at Rs800.70, Hindustan Unilever lost 4.50% at Rs230.05 and Bharat Heavy Electricals declined by 3.84% at Rs1,284.30. Other frontline stocks were down by 1-3% each. Sun Pharmaceutical Industries however bucked the downtrend and rose 2.19% at Rs997.60 while JP Associates at Rs66.70, Tata Consultancy Services gained 0.42% at Rs463, Wipro advanced 0.19% at Rs206.25 and Sterlite Industries at Rs245.50 was up around 0.04% each.
Over 86.85 lakh shares of Satyam Computer Services changed hands on the BSE followed by Punjab National Bank (81 lakh shares), Unitech ( 78 lakh shares), ICICI Bank (77
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