Friday, January 11, 2008
Crude closes down nearly $2
Crude prices fall to lowest level in two weeks on Goldman Sachs prediction
Crude prices fell back to $94/barrel today, Thursday, 10 January, 2008 as traders became concerned about upcoming worldwide demand. Prices fell to lowest level in almost two weeks. Some recession related comments from Goldman Sachs also pressured prices. Yesterday, also, priced had closed lower as Energy Department reported buildup in fuel stockpiles.
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
Crude-oil futures for light sweet crude for February delivery today closed at $93.71/barrel (lower by $1.96/barrel or 2.1%) on the New York Mercantile Exchange. Prices are 74% higher on a yearly basis. Last week, crude prices gained $2.
yesterday, Goldman Sachs announced that US is already into a recession or will soon be entering one. Today, it also commented about Japan and said that there is a 50% probability of Japan hitting a recession this year. US and Japan together account for one-third of crude’s total worldwide consumption.
Yesterday, as per the weekly inventory report by the Energy Department, U.S. crude inventories dropped by 6.8 million barrels to 282.8 million barrels for the week ending 4 January, 2008, the lowest in more than three years.
The report also said that gasoline supplies rose by 5.3 million barrels in the latest week, and distillate supplies, which include heating oil and diesel, grew by 1.5 million barrels. U.S. crude oil imports averaged 9.8 million barrels per day last week, down 203,000 barrels per day from the previous week. U.S. refineries operated at 91.3% of their capacity, the highest in more than four weeks.
Brent crude oil for February settlement today fell $2.15 (2.3%) to $92.22 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.
Natural gas rallies as supplies drop more than expected
Natural gas in New York rallied today after EIA reported seventh weekly drop in natural gas inventories. Gas for February delivery rose 16 cents (2%) to settle at $8.259 per million British thermal units. EIA reported that stockpiles fell 171 billion cubic feet to 2.75 trillion cubic feet in the week ended 4 January, as against an expected 165 billion cubic feet.
EIA announced earlier this week that consumption of natural gas surged 6% in 2007 as against a decline of 1.6% in the previous year. In FY 2008 and FY 2009, consumption is forecast to rise 0.6% and 1% respectively.
Against this backdrop, February reformulated gasoline dropped 7.54 cents to $2.3601 a gallon, while February heating oil fell 5.61 cents to $2.5573 a gallon.
Today, Federal Reserve Chairman, Ben Bernanke said that U.S. central bank is struggling with a deteriorating economy brought on by a struggling housing market, high energy prices and a weaker stock market. To help situation from worsening further, he hinted that more interest rate cuts are on the way.
EIA expects crude oil prices to average $94 per barrel in January. The Western Texas Intermediate crude oil, the underlying crude for Nymex crude-oil futures, is expected to average about $87 per barrel in 2008 and $82 in 2009. WTI prices averaged $72 per barrel in 2007.
Members of the OPEC left production targets unchanged at the 5 December meeting in Abu Dhabi. The group, which produces 40% of the world's oil, will review output at a 1 February, 2008 meeting in Vienna.
At the MCX, crude oil for January delivery closed at Rs 3,700/barrel, lower by Rs 107 (2.8%) against previous day’s close. Natural gas for December delivery closed at Rs 323.2/mmtbu, higher by Rs5.8/mmtbu (1.8%).
Future Capital Holdings IPO Analysis
Future Capital Holdings (FCH), the financial services arm of the Future Group, was incorporated by Pantaloon Retail (India) (PRIL) in 2005. PRIL holds a 74% stake in the company, while the hedge fund Och Ziff Capital holds 10%. Co-promoters Sameer Sain and other senior employees hold the remaining stake. FCHL is coming out with a public issue to augment the capital base to meet its future growth, particularly to finance the expansion of Future Money.
FCH is currently in three primary businesses: investment advisory services, retail financial services, and research. Investment advisory includes private equity and real-estate investment advisory services to onshore and offshore clients. This asset management business has four funds under management: Kshitij ($850-million domestic real-estate fund), Horizon ($350-million international real-estate fund); Indivision ($400-million non-leveraged private equity fund); and a new hospitality fund ($350 million).
FCH launched Future Money, the retail financial services arm that currently focus on two main products, consumption loans and personal loans, in June 2007. Further, it has entered into an agreement with ICICI Bank for marketing and distribution of Future Card, a credit card offering loyalty points. Presently, Future Money has 95 outlets in the retail stores of PRIL and its subsidiaries in 26 cities.
Strengths
Has over US$ 1.5-billion assets under management within two years of operation. Has strong group synergies and well-experienced management team with talented pool of professionals.
Minimal customer acquisition cost due to agreement with PRIL, giving exclusive right to provide financial products and services at retail outlets owned, controlled or managed by PRIL and its subsidiaries. This provides access to PRIL’s approximately 400 stores across 40 cities and its large customer base that engaged in over 450 lakh transactions in PRIL stores in financial year ending March 2007 (FY 2007).
Weaknesses
Has limited operating history, devoid of any earning track record. Incurred a consolidated loss of Rs 12.43 crore in the six months ended September 2007, primarily reflecting the start-up cost of the new Future Money business.
Many subsidiaries have generated negative cash flows in the recent fiscal. Also, two of the subsidiaries have had a negative net worth in the past years. Indivision Investment Advisors (IIAL) had a negative net worth of Rs 214.25 lakh in FY 2006. Myra Mall Management Company (MMMCL) had a negative net worth of Rs 65.41 lakh end September 2007 and Rs 28.92 lakh in FY 2007.
The new retail business focuses on consumption and personal loans as well as credit cards. With many matured players already existing, competition is high in the retail business. Also, these loans are unsecured. As the group has little experience in financial services, the delinquency ratio can shoot up in future.
Almost 76% of the total revenue came from advisory business in FY 2007. However, majority of the investments advised belong to the real-estate and hospitality sectors, which are cyclical in nature.
Valuation
At the offer price band of Rs 700-Rs 765, P/E based on full year ended FY 2007 EPS of 0.60 works to 1,167 (on lower band) to 1,275 (on upper price band) times. P/E of other comparable listed players are: India Bulls Financial Services (51.4 times), India Infoline Financial Services (133.7 times), IL&FS Investsmart (44.2 times), and Reliance Capital (96.6 times). At the offer price, market cap of Future Capital will stand at Rs 4,430-4,845 crore compared to market cap of Rs 67,942.49 for Reliance Capital, Rs 22,780 crore for India Bulls and Rs 10,108 crore for India Infoline.
The wafer thin profit turned into losses in the first half of the current fiscal. In H1 of FY 2008, consolidated total income was Rs 31.27 crore, on which a net loss of Rs 12.43 crore after prior period item and share of minority interest was incurred.
Thursday, January 10, 2008
Reliance Power - 5 days to go
Reliance Power IPO - are you applying ?
Yes ! Anil bhai's dream! 644 (67.2%)
No! Scam !! 314 (32.8%)
Votes so far: 958
Click on the Reliance Power search label below to find related posts
NSE Bulk Deal Watch - Jan 10 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
10-JAN-2008,DHAMPURSUG,DHAMPUR SUGAR MILLS LTD,CAPITAL INV TR CORP A/C TAIWAN BUSINESS BK-CAPL EMG MKTS FD,BUY,306000,106.39,-
10-JAN-2008,EASUNREYRL,Easun Reyrolle Relays,KOTAK INDO WORLD INFRASTRUCTURE FUND,BUY,231296,339.00,-
10-JAN-2008,HINDMOTOR,Hindustan Motors Ltd.,CHANDER PARKASH GUPTA,BUY,942021,79.32,-
10-JAN-2008,ICSA,ICSA (India) Limited,CLSA MAURITIUS LIMITED,BUY,450000,535.00,-
10-JAN-2008,NAGPURENG,Jayaswals Neco Limited,SHAH BHARAT NIHALCHAND,BUY,400000,68.96,-
10-JAN-2008,NICCO,Nicco Corporation Limited,RAPID ESTATES PRIVATE LIMITED,BUY,899254,40.50,-
10-JAN-2008,PRAKASH,Prakash Industries Ltd.,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,BUY,925000,335.15,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,CHANDER PARKASH GUPTA,BUY,187531,119.84,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,THIRD AVENUE GLOBAL VALUE MASTERFUND LLP,BUY,230000,112.71,-
10-JAN-2008,ALPSINDUS,Alps Industries Ltd.,BSMA A\C DR,SELL,250000,91.24,-
10-JAN-2008,EASUNREYRL,Easun Reyrolle Relays,BLACKSTONE ASIA ADVISORS,LLC A/C INDIA FUND INC.,SELL,282100,339.18,-
10-JAN-2008,HINDMOTOR,Hindustan Motors Ltd.,CHANDER PARKASH GUPTA,SELL,942021,79.36,-
10-JAN-2008,ICSA,ICSA (India) Limited,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,800000,538.06,-
10-JAN-2008,NICCO,Nicco Corporation Limited,NIRAJ REALTORS & SHARES PVT. LTD.,SELL,900000,40.52,-
10-JAN-2008,PRAKASH,Prakash Industries Ltd.,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,900000,335.00,-
10-JAN-2008,SAKHTISUG,Sakthi Sugars Ltd.,CHANDER PARKASH GUPTA,SELL,187531,119.93,-
BSE Bulk Deals to Watch - Jan 10 2008
10/1/2008 531400 ALMONDZ GLO SHAISHAV RAKESHBHAI SHAH B 100000 120.44
10/1/2008 521167 APEEGO LTD GIRISH HASTIMAL JAIN B 50000 4.35
10/1/2008 521167 APEEGO LTD H.R.JAVERI S 140200 4.35
10/1/2008 521167 APEEGO LTD H.H.JAVERI S 133200 4.29
10/1/2008 506874 ASKME IN HU MANISH MEHTA B 32264 2.54
10/1/2008 532406 AVANTEL SOFT VISHAL TANSUKHLAL MINDA S 38034 126.18
10/1/2008 526556 AVERY INDIA RITU TIBREWALA B 49300 82.01
10/1/2008 505506 AXON INFOTEC CHIRAG SECURITIES B 32500 75.00
10/1/2008 505506 AXON INFOTEC AVINASH ARVIND JAGUSHTE B 5000 79.42
10/1/2008 505506 AXON INFOTEC ANJANI HIGHRISE PVT. LTD. S 12000 75.21
10/1/2008 505506 AXON INFOTEC PUSHPAK COMMERCIAL FINANCE PVT. LTD. S 13000 75.20
10/1/2008 505506 AXON INFOTEC SURYALATA TREXIM PVT LTD S 10000 75.24
10/1/2008 505506 AXON INFOTEC CHIRAG SECURITIES S 16447 76.52
10/1/2008 505506 AXON INFOTEC CROSS BORDER INVESTMENTS LIMITED S 4000 75.06
10/1/2008 512332 BIRLA CAP PARI STOCK TRADING PVT. LTD. B 90201 27.05
10/1/2008 512332 BIRLA CAP BIRLA BOMBAY PVT LTD S 150000 27.05
10/1/2008 505923 CEEKAY DIAKI DEVYANI DILIP DESAI B 29541 145.38
10/1/2008 505923 CEEKAY DIAKI DEVYANI DILIP DESAI S 27541 145.17
10/1/2008 505923 CEEKAY DIAKI SHILPA KETAN SHAH S 55000 145.33
10/1/2008 526141 COMP DISC IN JMP SECURITIES PVT. LTD. B 270000 109.19
10/1/2008 526141 COMP DISC IN JMP SECURITIES PVT. LTD. S 308859 109.20
10/1/2008 531067 CONTINEN CRE KETAN CHALISHAZAR S 64889 11.00
10/1/2008 531067 CONTINEN CRE NISHA JAIN S 28669 11.73
10/1/2008 532271 CYBERMAT INF EDELWEISS ESTATES P LTD B 404189 18.07
10/1/2008 532271 CYBERMAT INF CHERRY COSMETICS PVT LTD B 352228 17.88
10/1/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. B 782344 18.13
10/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 1454098 18.16
10/1/2008 532271 CYBERMAT INF EDELWEISS ESTATES P LTD S 404189 18.85
10/1/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. S 975844 18.23
10/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 1434891 18.09
10/1/2008 521216 DHANALA RO S SALIM ABDULGANI MEMAN B 21898 17.87
10/1/2008 524276 DUJOD PAPE C PRAVINBHAI JAYANTILAL SHETH S 50789 22.96
10/1/2008 526614 EXPO GA CONT CHETAN MAGANLAL SABHAYA B 35300 36.77
10/1/2008 512493 GARNET INTL INDRA GAGGAR B 65000 90.00
10/1/2008 512493 GARNET INTL ACCURATE MERCANTILE PVT LTD S 38514 90.12
10/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI B 17200 29.83
10/1/2008 531137 GEMSTONE INV KISHORBHAI BALUBHAI CHAUHAN S 44630 29.70
10/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 28000 29.91
10/1/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 15000 30.55
10/1/2008 511682 IFL PRMOTER HITECH COMPUTECH PRIVATE LTD B 15245 33.53
10/1/2008 530719 IKF FINANC L VINAY KUMAR S 51064 21.26
10/1/2008 522285 JAYASWA NECO JMP SECURITIES PVT. LTD. B 523752 69.15
10/1/2008 522285 JAYASWA NECO JMP SECURITIES PVT. LTD. S 508752 69.90
10/1/2008 530405 JINDAL CAP. JMP SECURITIES PVT. LTD. B 95551 88.90
10/1/2008 530405 JINDAL CAP. JMP SECURITIES PVT. LTD. S 163410 87.60
10/1/2008 532047 K C BOKADIA SARFARAZKHAN SARVARKHAN PATHAN S 73984 5.20
10/1/2008 530955 KAILASH FICO TUTIS TECHNOLOGIES LIMITED B 87768 44.67
10/1/2008 502933 KATARE SPG. USHA HEMENDRA PAREKH B 50000 23.28
10/1/2008 502933 KATARE SPG. ICICI TRUSTEESHIP SERVICES LTD S 47450 23.25
10/1/2008 532067 KILPEST INDI PRATIK SHANGHVI B 45877 104.14
10/1/2008 532067 KILPEST INDI PRATIK SHANGHVI S 47425 96.95
10/1/2008 532092 KIRTI FINVES BUNKIM FINANCE AND INV.PVT LTD S 600000 2.22
10/1/2008 531602 KOFF BR PICT PARIMAL MEHTA B 28500 22.25
10/1/2008 500256 LOK HOUSI CO CLSA MAURITIUS LIMITED B 268000 324.99
10/1/2008 500256 LOK HOUSI CO ABN AMRO BANK N.V. LONDON S 275000 325.51
10/1/2008 531497 MADHUCON PRO TATA INDO GLOBAL INFRASTRUCTURE FUND B 200000 763.00
10/1/2008 531497 MADHUCON PRO GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 293456 756.35
10/1/2008 590028 NICCO CORP RAPID ESTATES PRIVATE LIMITED B 822937 40.50
10/1/2008 590028 NICCO CORP NIRAJ REALTORS AND SHARES P LTD S 900000 40.53
10/1/2008 526415 OK PLAY INDI GOLDSTONE MERCANTILE COMPANY PRIVATE LIMITED B 70000 135.00
10/1/2008 521080 PASARI SPIN SPJSTOCK B 109274 22.66
10/1/2008 521080 PASARI SPIN SPJSTOCK S 96062 21.73
10/1/2008 530253 RAJAS TUBE M SANJAY CHHABRA B 25000 38.40
10/1/2008 520073 RAUNAQ AUT C HITECH COMPUTECH PRIVATE LTD S 63964 32.84
10/1/2008 531646 RFL INTERNAT HEMANT KUMAR GUPTA B 50000 2.54
10/1/2008 532441 RNBOW DENIM USHA HEMENDRA PAREKH B 320000 8.75
10/1/2008 532441 RNBOW DENIM ICICI TRUSTEESHIP SERVICES LTD S 307850 8.75
10/1/2008 531800 SHEETAL BIO RAMA SHIVA LEASE FINANCE PRIVATE LIMITED S 905000 2.62
10/1/2008 532669 SOUTHBIOTEC VATICAN COMMERCIAL LTD B 162781 45.47
10/1/2008 500285 SPICEJET LTD BSMA LIMITED S 1227452 94.58
10/1/2008 531418 SYSTEL INFOT STERLING FINMAN PVT LTD B 500000 1.34
10/1/2008 590020 TERASOFTWARE BILKIS ZUBAIR HAWA S 50000 90.72
10/1/2008 511431 VAKRAN SOFTW PLANETARY MAURITIUS LTD B 110000 241.01
10/1/2008 531574 VAS ANIMA EN ASHOK FINSTOCK LTD B 73119 103.12
10/1/2008 531574 VAS ANIMA EN DARASHAW PMS POOL ACCOUNT B 140000 105.89
10/1/2008 531574 VAS ANIMA EN SANJOG REALTY PVT LTD S 50000 108.45
10/1/2008 531574 VAS ANIMA EN ASHOK FINSTOCK LTD S 73119 106.74
10/1/2008 511246 WHITE LION A VARSHA SANJAY MAHATPURA B 120000 23.75
10/1/2008 511246 WHITE LION A PRADEEP BHAT B 41587 23.75
10/1/2008 512167 YASHRAJ SECR ADMIRE ENTERTAINMENT PVT.LTD. B 80000 28.19
10/1/2008 514266 ZENITH FIBRS CAMEL FOODS P LTD S 34323 35.33
9/1/2008 506874 ASKME IN HU TARACHAND O RAMIN HUF S 25000 2.42
9/1/2008 512332 BIRLA CAP BIRLA BOMBAY PVT LTD S 100000 25.80
9/1/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN B 1335797 15.38
9/1/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN S 1245498 15.37
9/1/2008 532271 CYBERMAT INF SVS SECURITIES PVT LTD B 351656 18.06
9/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 5492650 18.02
9/1/2008 532271 CYBERMAT INF SVS SECURITIES PVT LTD S 356956 18.00
9/1/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 5459770 18.21
9/1/2008 500500 HIND MOT LTD MATRIX EQUITRADE PVT LTD B 891355 83.09
9/1/2008 500500 HIND MOT LTD MATRIX EQUITRADE PVT LTD S 894355 83.29
9/1/2008 531025 INCA FINLEAS MANIBEN R. CHHADVA S 15000 147.15
9/1/2008 532047 K C BOKADIA SONIYA AGARWAL B 100000 5.57
9/1/2008 532407 MOSCHIP SEMI VIMLA DEVI SONKYA... S 230000 41.30
9/1/2008 507315 SAKTH SUGAL MATRIX EQUITRADE PVT LTD B 370335 119.45
9/1/2008 507315 SAKTH SUGAL TRANSGLOBAL SECURITIES LTD S 206591 118.80
9/1/2008 507315 SAKTH SUGAL MATRIX EQUITRADE PVT LTD S 370335 119.91
9/1/2008 590047 SUNDARAMMUL PREMJI JESANG CHHEDA HUF S 197718 23.46
9/1/2008 503297 SUP SYNCOT I HEMANT K GUPTA B 50000 6.07
8/1/2008 531541 AVON ORGANI SHREENATH FINSTOCK PVT LTD B 100000 56.00
8/1/2008 531158 CAT VISION P SHALANI DHOOP PVT LTD B 76487 20.87
8/1/2008 530457 CINERAD COMM INDIA EMERGING PRIVATE LIMITED B 240000 20.10
8/1/2008 522231 CONART ENGIN REEMA AGARWAL S 24750 62.83
8/1/2008 531067 CONTINEN CRE NISHA JAIN B 52001 10.27
8/1/2008 517973 DMC INTER SHALANI DHOOP PVT LTD B 23833 43.65
8/1/2008 517973 DMC INTER SHALANI DHOOP PVT LTD S 23833 42.34
8/1/2008 532932 MANAKSIA LTD SAM GLOBAL SECURITIES LTD B 381403 179.61
8/1/2008 532932 MANAKSIA LTD SAM GLOBAL SECURITIES LTD S 381403 180.09
8/1/2008 531646 RFL INTERNAT SUNIL CHAUDHARY B 30000 2.31
8/1/2008 531646 RFL INTERNAT HEMANT K GUPTA B 100000 2.31
8/1/2008 507315 SAKTH SUGAL TRANSGLOBAL SECURITIES LTD B 183096 109.40
8/1/2008 507315 SAKTH SUGAL TRANSGLOBAL SECURITIES LTD S 173187 109.49
8/1/2008 531715 SHUKUN CONST NAJMUDDIN GULAMHUSAIN KHERAJ S 700000 5.92
8/1/2008 503297 SUP SYNCOT I HEMANT K GUPTA B 50000 5.79
7/1/2008 522231 CONART ENGIN REEMA AGARWAL B 24750 52.35
7/1/2008 531528 MAARS SOFTWR SPM FINANCIAL ADVISORY SERVICES PVT LTD S 761456 11.34
Unabated selling drags market below 20,600
The market witnessed a free fall towards the close and tanked 1.38% on across-the-board selling pressure. The market showed no signs of recovery on sustained selling in consumer durables, FMCG, metal and PSU stocks, with the index slipping below the 20,600 mark at the closing bell. Despite weak global cues the Sensex resumed 60 points above its previous close and hit the all-time high of 21,207 by afternoon. However, profit bookings in frontline stocks towards the close saw the Sensex slip below 21,000 mark and shed 677 points to touch the day's low of 20,530. The Sensex finally ended the session with losses of 288 points at 20,582. The Nifty, too, reeled under selling pressure and lost 115 points to close at 6,157.
The market breadth was extremely weak with losers outpacing gainers in a ratio of 7.20:1. Of the 2,912 stocks traded on the BSE, 2,544 stocks declined, 351 stocks advanced and 17 stocks ended unchanged. Except the BSE Bankex index all the sectoral indices finished in the red with steep losses. The BSE CD index was the major loser and dropped 3.76% followed by the BSE FMCG index (down 3.64%), the BSE Metal index (down 3.36%) and the BSE PSU index (down 3.15%).
Barring ICICI Bank, the index heavyweights were battered. Hindalco led the losers pack and crumbled by 4.78% at Rs202. Among the other major losers Tata Steel plummeted by 4.09% at Rs854, NTPC dropped 3.99% at Rs266, Reliance Energy tumbled by 3.91% at Rs2465, ITC shed 3.62% at Rs220, ACC declined by 3.25% at Rs939, Ranbaxy slumped 3.23% at Rs398, Infosys fell by 3.22% at Rs1602 and Cipla dipped 3.18% at Rs202. ICICI Bank, however, ended higher at Rs1,357, up 3.53%.
Over 3.26 crore RNRL shares changed hands on the BSE followed by Ispat Industries (1.81 crore shares), Reliance Petroleum (1.45 crore shares), Himachal Futuristic Communications (1.18 crore shares) and Alka India (1.05 crore shares).
Valuewise, RNRL registered a turnover of Rs719 crore on the BSE followed by Reliance Petroleum (Rs324 crore), Reliance Energy (Rs319 crore), Reliance Communications (Rs278 crore) and Reliance Capital (Rs243 crore).
Post Market Commentary
The Indian market closed on a deep red note on the back of heavy selling pressures across all the sectoral indices scrips. The market opened with handsome gains and marched to touch an all time high but was unable to retain all its gains at higher levels. The market completely takes a U turn to pare all its gains to close on a weak note. The BSE Mid cap and Small cap were the most hit as they closed lower by 329.54 points and 511.32 points at 9,440.45 and 12,858.63 respectively. The Sensex touched an intraday high of 21,206.77 and low of 20,530 during the trading session. Almost all the sectoral indices closed in negative except bankex index that closed flat. The BSE Sensex closed lower by 287.70 points at 20,582.08 and NSE Nifty fell by 115.05 points to close at 6,156.95.
BSE Metal index declined by 653.58 points to close at 18,770.14. Scrips that dropped are Jindal Stainless (5.14%), SAIL (4.78%), Hindalco Industries (4.78%), NALCO (4.03%)
BSE Realty index closed lower by 296.66 points at 13,270.05. Scrips that fell are Ansal Infrastructure (8.85%), Indiabull Real (6.70%), HDIL (3.62%), Mahindralife (3.17%).
BSE Bankex index increased marginally by 3.76 points to close at 12,044.81 as CentBOP (5.54%), IOB (4.82%), Andhra Bank (4.81%), Canara Bank (4.21%), Kotak Bank (3.82%) a.
BSE Oil & Gas index declined by 288.20 points at 13,528.94. Scrips that fell are HPCL (7.14%), Essar Oil (6.72%), RPL (5.95%), GAIL India (5.65%), BPCL (5.49%) .
BSE Capital Goods index fell by 409.28 points to close at 19,666.06. Scrips that dropped are Praj industries (6.63%), BEML (5%), L&T (2.83%), Alstom projects (3.04%).
BSE Health Care slipped by 119.73 points to close at 4,153.32 as Fortis (6.27%), Divi''s Lab (5.60%), Nicholas Piramal (5.27%), Glenmark (3.41%), Ranbaxy (3.23%) and Cipla (3.18%).
BSE IT index dropped by 108.64 points to close at 4,146.88. Scrips that slipped are Mosear Baer (5.80%), GTL (4.75%), Infosys (3.22%), Satyam (1.81%) and HCL Tech (1.28%).
Market loses ground in broad-based decline
n a complete reversal of the trend, the market lost ground in late trade from an initial surge to a record high. The decline was across the board. Consumer durables, FMCG and metal stocks were the worst hit. ICICI Bank survived the fall.
The market breadth, which was positive in the early trade, turned weak in the early afternoon trade. 2 out of 30 stocks from the Sensex pack were in red. Asian markets, which opened before Indian markets, were mostly in the red. European markets, which opened after Indian markets, were mixed.
Policy meetings of European Central Bank (ECB) and Bank of England (BoE) are due later today. Analysts expect ECB to hold interest rates steady at 4% but see the BoE cutting rates due to weak consumption that has sparked fears of a slowdown in the economy. The next Fed rates decision is due on 30 January 2008. Fed is expected to cut rates by at least 25 basis points.
The 30-share BSE Sensex provisionally ended 292.73 points or 1.40% lower at 20577.05. Sensex touched a low of 20,530.07 at the fag end of the trading session. At day’s low, Sensex shed 339.71. Sensex touched a high of 21,206.77 in mid-morning trade, a record high. At day’s high, Sensex gained 336.99.
The broader CNX S&P Nifty provisionally ended down 111.20 points or 1.77% to 6160.80.
The BSE Mid-Cap index fell 3.46% to 9,431.98. The BSE Small-Cap index was down 3.88% to 12,851.58.
The market breadth was weak on BSE with 365 shares advancing as compared to 2530 that declined. 17 remained unchanged.
BSE clocked a turnover of Rs 9068 crore compared to Wednesday (9 January 2008)'s Rs 9669 crore.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries shed 0.39% to Rs 3020.
India’s largest private sector bank by assets ICICI Bank galloped 3.48% to Rs 1356 on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.
India’s second largest software exporter by sales Infosys Technologies fell 4.08% to Rs 1591.
Hindalco Industries slipped 4.56% to Rs 203, Tata Steel shed 4.10% to Rs 854, NTPC gave away 3.99% to Rs 266.10, Reliance Energy skid 4.06% to Rs 2461.25, and ACC fell 3.61% to Rs 935.
The BSE Metal index fell 2.60% to 18,918.88, the BSE Consumer Durables index fell 3.48% to 6,366.74 and the BSE FMCG index fell 2.89% to 2,418.73.
in Europe, UK's FTSE 100 Index was almost flat at 6,273. Germany's DAX Index was down 0.01%
Asian shares fell on worries about global growth after Goldman Sachs forecast a US recession this year. Japan's Nikkei was down 1.45%, Hong Kong's Hang Seng was down 1.39%, South Korea's Seoul Composite was down 1.07% and Taiwan's Taiwan Weighted index was down 0.34%. However, China's Sanghai Composite was up 0.38%.
US stocks rose on Wednesday, 9 January 2008, and the Nasdaq broke an eight-day losing streak, as talk of recession pushed investors into health care and other defensive sectors seen as resistant to a slowdown. The Dow Jones industrial average surged 146.24 points, or 1.16%, at 12,735.31. The Standard & Poor's 500 Index rose 18.94 points, or 1.36%, at 1,409.13. The Nasdaq Composite Index surged 34.04 points, or 1.39%, at 2,474.55.
List of suppliers for Nano
BOSCH - Alternator; Brakes; Fuel injection system; Ignition system
LUMAX AUTOMOTIVE - Headlamps
RICO AUTO - Engine blocks
NK MINDA - Switches; horns
SONA GROUP - Steering columns
GABRIEL - Suspensions
KINETIC ENGINEERING - Gears
FEDERAL-MOGUL GOETZEE - Engine pistons
JK TYRES - 12-inch tyres
Subscribe to:
Posts (Atom)