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Wednesday, January 21, 2009
NSE Bulk Deal Watch - Jan 21 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,BUY,159702,1702.71,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,GENUINE STOCK BROKERS PVT LTD,BUY,88239,1704.67,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,MARWADI SHARES AND FINANCE LIMITED,BUY,113631,1704.65,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,P R B SECURITIES PRIVATE LTD,BUY,125650,1605.80,-
21-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,ADROIT FINANCIAL SERVICES PVT LTD,BUY,4576982,28.37,-
21-JAN-2009,SHREEASHTA,Shree Ashtavinayak Cine V,AVR OVERSEAS PVT LTD,BUY,1476,498.71,-
21-JAN-2009,TIDEWATER,Tide Water Oil Co. (India,MADANLAL LIMITED,BUY,7000,3000.00,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD,SELL,159702,1704.21,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,GENUINE STOCK BROKERS PVT LTD,SELL,88239,1703.76,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,MARWADI SHARES AND FINANCE LIMITED,SELL,113631,1695.82,-
21-JAN-2009,EDUCOMP,Educomp Solutions Limited,P R B SECURITIES PRIVATE LTD,SELL,125650,1604.72,-
21-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,ADROIT FINANCIAL SERVICES PVT LTD,SELL,4579202,28.36,-
21-JAN-2009,SHREEASHTA,Shree Ashtavinayak Cine V,AVR OVERSEAS PVT LTD,SELL,60000,499.82,-
21-JAN-2009,TIDEWATER,Tide Water Oil Co. (India,ARION COMMERCIAL PVT LTD,SELL,7163,3000.17,-
Post Session Commentary - Jan 21 2009
The Indian market ended the day with huge losses as investors’ confidence was smashed on concerns that the global economic crisis may last longer than expected. The fresh selling by the foreign institutional investors also weighted on sentiments. Market reported losses second day in line led by sign of crises in the financials overseas.
The domestic market today opened sharply lower for the second straight day on the back of negative cues from the global markets. Further, market had shown some recovery on few bouts of buying. However, benchmark indices were not able to carry the momentum and constantly followed the southward journey. Market continued to trade in deep red and slipped sharply during final trading hours on renewed selling led by worries over weaker financial results from corporate and growing recession pressure. Sell-off in European markets also fueled to negative sentiment. The BSE Sensex ended below 8,800 mark and NSE Nifty ended around 2,700 level. From the sectoral front, most of the indices ended in red. Among those, Power, Bank, Oil & Gas, Metal, Teck, Capital Goods and Reality stocks took huge beating on the bourses. Midcap and Smallcap stocks also remained under pressure. However, FMCG stocks witnesses buying from its basket.
Among the Sensex pack 28 stocks ended in red territory and 2 in green. The market breadth remained in favor of declines as 1669 stocks closed in red while 720 stocks closed in green and 104 stocks remained unchanged in BSE.
The BSE Sensex closed lower by 321.38 points at 8,779.17 and NSE Nifty ended down by 90.45 points at 2,706.15. The BSE Mid Caps and Small Caps ended with losses of 59.50 points and 66.44 points at 2,956.51 and 3,372.65 respectively. The BSE Sensex touched intraday high of 9,051.31 and intraday low of 8,734.93.
Losers from the BSE Sensex pack are Sterlite Industries (7.97%), HDFC (7.49%), Tata Power (7.32%), ICICI Bank (7.12%), Grasim Industries (5.96%), Reliance Infra (5.72%), Reliance (5.33%), Bharti Airtel (5.16%), Ranbaxy Lab (4.73%), DLF Ltd (4.44%), Tata Motors (3.91%) and RCom (3.57%).
Only two gainers from the BSE Sensex pack are HUL (3.39%) and ITC Ltd (0.15%).
Higher prospects for hopes about the steps that new US administration would follow to deal with the growing banking crisis and faltering economy were dampened after the inauguration speech by Barack Obama concluded with little new information to digest. On Jan 20, US President Barack Obama riding to power with a message of hope and promise of change said that the nation is in the middle of a crisis and there are serious challenges, which will be met.
On the global markets front, the Asian Markets ended lower on Wednesday, led by banks, after U.S. stocks closed sharply lower overnight on renewed concerns about the financial sector. Along with this, mining stocks slipped after miners announced plans to cut jobs as well as production, indicating a deepening recession. Global miner BHP Billiton is expected to slash 6,000 jobs and close its giant mine in Australia. Hang Seng index closed lower by 376.14 points at 12,583.63. Along with this, Nikkei, Straits Times and Seoul Composite index ended down by 164.15, 18.85 and 23.20 points at 7,901.65, 1,704.52 and 1,103.61respectively.
The European Markets are trading down tracking Wall Street losses over night, where investor murkiness about the financial sector''s prospects remained persistent. The DAX is down by 86 points at 4,153.85 and FTSE 100 is lower 83.44 points at 4,007.96.
The BSE Metal stocks declined on worries that weakening domestic and global economy has hit the demand and ended lower by (4.07%) or 199.29 points at 4,697.50. Main losers are Sterlite Industries (7.97%), Steel Authority (6.54%), Hindustan Zinc (4.97%), Gujarat NRE C (4.83%), Sesa Goa Ltd (4.59%) and Welspan Gujarat SR (3.93%).
The BSE Power index that witnessed most of the buying yesterday, but underperformed the benchmark indices today as ended with deep cut of (3.91%) or 70.56 points to close at 41,732.53 as Neyveli LIG (9.36%), Torrent Power (7.56%), Tata Power (7.32%), Power Grid (6.46%), Suzlon Energy (4.32%) and Siemens Ltd (4.22%) ended in red.
The BSE Bank index tumbled (3.91%) or 188.87points to close at 4,644.94 tracking rickety cues from global financial sector crisis. ICICI Bank (7.12%), Yes Bank (4.76%), Bank of India (4.38%), Indus Ind Bank (4.31%) and Federal Bank (4.11%) ended in negative territory.
The BSE Oil & Gas index hammered continuously for second day and ended lower by (3.78%) or 221.56 points at 5,642.03. Losers are Reliance Natural Resources (5.65%), Reliance (5.33%), Aban Offshore (3.62%), HPCL (2.08%), Reliance Pet (2.07%) and IOC Ltd (1.78%).
The BSE Reality index also followed the southward journey on reports that falling interest rates have failed to revive housing demand and ended down by (3.61%) or 61.42 points at 1,641.35. Major losers are Mahindra Life (6.22%), Indiabull Real (5.93%), Housing Development (4.94%), Parsvnath (4.61%), DLF Ltd (4.44%) and Unitech Ltd (3.93%).
The BSE FMCG index was in limelight as buying was seen from this basket and ended higher by (0.84%) or 16.49 points at 1,979.56. Scrips that gained are HUL (3.39%), Colgate Palm (1.85%), Nestle Ltd (0.31%), United Spr (0.27%) and ITC Ltd (0.15%).
Wipro Ltd ended lower by (3.55%). The tech giant has announced the Audited Consolidated results for the quarter ended December 31, 2008. It reported 3.51% rise in net profit to Rs.1,003.90 crore for the Oct-Dec quarter compared with Rs.969.80 crore in the previous quarter. However the net profit rose 18% on a year-on-year basis.
Market slumps on global cues
Sensex plunged in early trades on weak global markets. The sell-off saw Sensex close at 8,779, down 321 points. The market remained range-bound with a negative bias in the afternoon, while a few cement stocks stayed in the positive territory on moderate buying support. The key Asian benchmark index--Nikkei--closed with losses of 2.04%. The Hang Sang, the Straits Times and the Jakarta indices closed with losses of 2-3% each. This had a negative impact on the domestic market. Sensex finally ended the session at 8779, down 321 points, while Nifty shed 90 points to close at 2706.
All the sectoral indices were hammered on relentless selling pressure except the FMCG Index. BSE Metal dropped 4.07%, BSE Power lost 3.91% and BSE Bankex shed 3.91%. Other sectoral indices shed around 1-3% each.
The broader market was extremely weak. Of the 2,493 stocks traded on BSE, 1,669 stocks declined, 720 stocks advanced and 104 stocks ended unchanged. Except Satyam Computer Services, Hindustan Unilever and ITC all the stocks in Sensex basket ended in the red. Among major losers, Tata Power tanked 8.45% at Rs704.90, ICICI Bank tumbled 7.75% at Rs366.50, Sterlite Industries plunged 7.31% at Rs238.95, HDFC slumped 6.97% at Rs1379.95, Bharti Airtel fell 6.33% at Rs576.40, Reliance Energy shed 6.16% at Rs518, Ranbaxy Laboratories dropped 6.02% at Rs201.50, Reliance Industries slipped 5.87% at Rs1,113 and Grasim Industries was down 5.25% at Rs1,150. The other front-line stocks were down 2-4% each.
Satyam Computer Services witnessed volumes of over 3.86 crore shares on the BSE followed by Unitech (1.48 crore shares), Reliance Natural Resources (99 lakh shares), Suzlon Energy (97 lakh shares) and Cals Refineries (89 lakh shares).
Sensex down 3.5% on weak global cues
A sell-off in late trade pulled Key benchmark indices to day's low in what was a global equities rout. Fresh worries the global banking crisis may last longer than expected rattled bourses across the globe. US president Barrack Obama's inaugural speech overnight failed to lift sentiments as investors appetite for risky equities waned. The BSE 30-share Sensex was down 321.38 points, or 3.53%, after staying in the red throughout the day in highly volatile trade.
Negative global cues had triggered a lower start as investors confidence waned on renewed worries the global economic crisis may last longer than expected. However market cut sharp losses in mid-morning trade before slipping once again in early afternoon trade on fresh selling in index pivotals. The market extended losses in afternoon trade. Fall in European indices in opening trade kept key benchmark indices depressed in midafternoon trade. The market slumped to the day's low in late trade.
Recent selling by foreign institutional investor (FIIs) also weighed on the market. FII outflow in January 2009 totaled Rs 2644.40 crore (till 19 January 2009).
European shares slipped today, 21 January 2009, led by energy and banking stocks as fears about the health of the global economy and the financial industry deepened. The key benchmark indices in France, Germany and UK were down by between 0.61% to 1.57%.
Financial companies and metals producers, dragged Asian stocks today, 22 January 2009, on concerns mounting bank losses worldwide will intensify the global recession and squeeze demand for the region`s commodities. Key benchmark indices in Hong Kong, South Korea, Singapore, China were down by between 0.46% to 2.9%. While, Taiwan's Taiwan Weighted rose 0.13%.
Japan's Nikkei average slipped 2.04% today, 21 January 2009 after sliding to a 2-month low in intra-day trade as Honda Motor Co and other exporters fell on a stronger yen and growing worry about global financial woes.
In a historic presidential inaugural at the US Capital on Tuesday, 20 January 2009, Barack Hussein Obama was sworn in as the 44th and the first black president at a $150 million show watched by around two million people.
US stocks ended sharply lower on Tuesday, 20 January 2009, as rising concerns about the financial health of the banks and financial system weakened the feel-good factor inspired by the inauguration of Barack Obama.
High expectations for details on how the new US administration would address the growing banking crisis and faltering economy were dampened after the inauguration speech by Barack Obama concluded with little new information to digest.
The Dow Jones industrial average dropped 332.13 points, or 4.01%, to end at 7,949.09. The Standard & Poor`s 500 index went down 44.90 points, 5.28%, to settle at 805.22. The Nasdaq Composite index declined 88.47 points, or 5.78%, to close at 1,440.86.
The BSE 30-share Sensex was down 321.38 points, or 3.53%, to 8,779.17. The Sensex fell 49.24 points at the day's high of 9,051.31 in early trade. The Sensex lost 365.62 points at the day's low of 8,734.93 in late trade.
The S&P CNX Nifty fell 90.45 points, or 3.23%, to 2,706.15.
The market breadth, indicating the overall health of the market, was weak. The breadth had turned even in mid-morning trade after weak breadth in early trade. 737 shares advanced as compared with 1,691 that declined. 40 shares remained unchanged.
All the shares from the 30-share Sensex pack fell. Ranbaxy Laboratories, Bharti Airtel, Grasim Industries, Tata Power Company, Reliance Infrastructure, fell by between 4.73% to 7.32%.
Nifty January 2009 futures were at 2677.75, at a discount of 28.40 points as compared to the spot closing of 2706.15. Turnover in NSE's futures & options (F&O) segment surged to Rs 43,026.95 crore from Rs 35,511.58 crore on Tuesday, 20 January 2009.
The BSE Metal index (down 4.07%), the BSE Power index (down 3.91%), the BSE Bankex (down 3.91%), the BSE Oil & Gas index (down 3.78%), the BSE Realty index (down 3.61%) underperformed the Sensex.
The BSE FMCG index (up 0.84%), the BSE Auto index (down 1.34%), the BSE Consumer Durables index (down 1.42%), the BSE IT index (down 1.92%), the BSE HealthCare index (down 2.6%), the BSE PSU index (down 2.66%), the BSE Capital Goods index (down 3.05%), the BSE Teck index (down 3.11%), outperformed the Sensex.
The BSE Sensex has lost 868.14 points or 8.99% so far in 2009 from its close of 9647.31 on 31 December 2008. The barometer index had lost 10639.68 points or 52.44% in the calendar year 2008
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) fell 5.33% to Rs 1,119.40 on worries recent fall in crude oil prices will hit refining margins of the company.
PSU OMCs fell on rise in crude oil prices. BPCL, HPCL and Indian Oil Corporation fell by between 1.63% to 2.08%. Lower oil prices will reduce losses of the state-run oil firms on domestic sale of LPG and kerosene at a controlled price. The oil marketing firms are making profit on sale of petrol and diesel thanks to a sharp slide in oil prices from a record high of $147 a barrel struck in July 2008.
Crude oil rose more than $2 a barrel in New York, the most in more than two weeks, as traders purchased futures for February delivery before the contract expired today.
FMCG stocks rose on defensive buying. ITC, Hindustan Unilever, United Spirits rose by between 0.15% to 3.39%.
Capital goods stocks fell on worries a slowing economy will crimp orders. Larsen & Toubro, ABB, AIA Engineering, Thermax fell by between 0.59% to 8.78%.
India's largest electric equipment maker by sales Bharat Heavy Electricals fell 3.39% ahead of its Q3 December 2008 result today.
Auto stocks fell on worries high interest rates and sluggish consumer spending have dented demand for automobiles, including for trucks, motorcycles and scooters. Mahindra & Mahindra Maruti Suzuki India and Tata Motors fell by between 1.4% to 3.91%.
India's largest motorbike maker by sales Hero Honda Motors rose 0.64% as its net profit rose 9.24% to Rs 300.42 crore in Q3 December 2008 over Q3 December 2007.
Rate sensitive realty stocks fell on reports falling interest rates have failed to revive housing demand. DLF, Unitech, Indiabulls Real Estate and Housing Development & Infrastructure fell by between 3.93% to 5.93%.
Metal stocks declined on worries a weakening domestic and global economy has hit demand. Hindalco Industries, Hindustan Zinc, Steel Authority of India, Sterlite Industries fell by between 2.67% to 7.97%. While, National Aluminum Company rose 1.3%.
India's largest steel maker by sales Tata Steel fell 3.26% after its Thailand-based unit reported its biggest quarterly loss since 2003.
Banking stocks slipped on fears of rising defaults in a slowing economy. India's largest bank in terms of assets and branch network State Bank of India fell 2.73%. India's second largest private sector bank by net profit HDFC Bank slipped 2.53%. Its American depository receipt (ADR) fell 11.14% on Tuesday, 20 January 2009. India's largest private sector bank by net profit ICICI Bank dipped 7.12%. Its ADR fell 13.05 % overnight.
India's largest dedicated housing finance company by total income HDFC fell 7.49% after its net profit fell 15.73% to Rs 546.83 crore in Q3 December 2008 over Q3 December 2007.
UCO Bank surged 2.67% after the bank reported 107.33% surge in net profit to Rs 171.63 crore in Q3 December 2008 over Q3 December 2007.
Outsourcing focussed IT firms fell as fears a weak global economy would cut the amount firms spent on technology. India's third largest software services exporter, Wipro fell 3.35% after the company forecast a 7% fall in revenue for Q4 March 2009 on global economic downturn and pricing pressure from western clients.
In its results declared before market hours today, 21 January 2009, Wipro indicated revenue in Q4 March 2009 from information technology services, including revenue from its acquisition of Citi Technology Services, will fall 7% to $1045 million from $1126 million in Q3 December 2008. Weak forecast was due to the global economic downturn and growing pressure from western clients to cut its fees.
Wipro reported a 14.01% decline in net profit to Rs 733 crore on a 0.14% fall in sales to Rs 5397 crore in Q3 December 2008 over Q2 September 2008.
Wipro's mark-to-market loss on forex derivatives was at Rs 1,575 crore as on 31 December 2008. On a consolidated basis, Wipro's net profit grew 2.39% to Rs 1003.9 on a 1.46% increase in total income to Rs 6773 crore in Q3 December 2008 over Q2 September 2008.
India's second largest software services exporter Infosys Technologies fell 2.1% as its ADR fell 5.52% overnight. While, India's fifth largest IT exporter by sales HCL Technologies rose 3.14%.
TCS, India's largest software services exporter by sales fell 1.06% to Rs 485. The stock had touched a high of Rs 501 company said on Tuesday, 20 January 2009 had signed a multi-million dollar, multi-year deal with Ducati Motor Holding to deliver technology-based services to the Italian bikemaker and its subsidiaries in Europe. TCS had reported a lower-than-expected rise in net profit in Q3 December 2008 with the management cautioning about the tough business environment at the time of declaring results after market hours on Thursday, 15 January 2008.
India's fourth largest software services exporter Satyam Computer Services rose 3.35% on reports including Larsen & Tobro, which holds a 4% stake many other firms, has evinced interest to acquire the fraud hit firm. Satyam's ADR fell 8.18% overnight.
Educomp Solutions tanked 22.06% to Rs 1534.90 on BSE amid rising speculation the company might have fabricated its accounts overstating its turnover and profits to boost share prices
Kilburn Engineering rose 6.23% after it received an order worth Rs 11.1 crore from Tata Chemicals.
Deepak Fertilisers and Petrochemicals fell 3.48% after it reported a 9 % drop in net profit to Rs 22.38 crore in Q3 December 2008 over Q3 December 2007.
Kirloskar Oil Engines fell 3.84% after its net profit fell 54% to Rs 9.99 crore in Q3 December 2008 over Q3 December 2007.
Satyam Computer Services clocked the highest volume of 3.86 crore shares on BSE. Unitech (1.44 crore shares), Reliance Natural Resources (99.97 lakh shares), Suzlon Energy (97.29 lakh shares) and Cals Refineries (89.12 lakh shares) were the other volume toppers in that order.
Reliance Industries clocked the highest turnover of Rs 254.43 crore on BSE. Educomp Solutions (Rs 232.92 crore), Reliance Capital (Rs 152.57 crore), Reliance Infrastructure (Rs 123.49 crore) and ICICI Bank (Rs 119.61 crore) were the other turnover toppers in that order.
In the backdrop of Satyam debacle raising many burning issues for listed entities, the market regulator Sebi has scheduled a board meet later today, 21 January 2009 to discuss matters like more disclosure norms for pledging of shares by promoters and peer review of audit of large companies.
Meanwhile, in an another move likely to boost stock markets, the Sebi is likely to make it easier for more companies to raise money from the stock market, as it looks to relax eligibility rules to help them speedily raise funds from existing shareholders. Currently, only companies, which have had a market capitalisation of more than Rs 10,000 crore in the past one year, are eligible for this route. Sebi plans to lower this threshold. This has been necessitated by the steep fall in market value of companies across the board because of the bearish grip on the stock market. Sebi is also looking at reducing the issue period for rights issues to 15 days from 30 days now.
Pre Session Commentary - Jan 21 2009
Today the markets are likely to open negative as the US markets closed in deep red after the inauguration ceremony of newly elected president Barack Obama and the Asian markets have also opened with blood bath. The sentiments across Asia don’t look strong and the European markets have also exuded their grim after the announcement of RBS’s losses of $41 billion. The volumes of trade across BSE and NSE have been weak and the selling pressures are prevalent across broader markets. The quarterly results of various companies are not that appreciating though not below expectations.
On Tuesday, the markets traded with a negative gap and closed in red. The sentiments across the Asian markets looked fragile since the opening bell. The global factors hooked the market sentiments, as Royal Bank of Scotland reported the mammoth loss of $41 billion, largest in the UK’s corporate history. This news jolted the markets with fears of more financial crisis to come in future. The Indian corporate results had little to guide the domestic market sentiments as investors were obsessed with the ongoing financial crisis in the world. All the markets in Asia except the Shanghai Composite closed in red. European markets closed mixed after huge losses conceded in the previous day. On the domestic front sectors like Metal, Realty, Bankex, Oil & Gas and Auto closed with losses of 3.76%, 3.31%, 3.11% and 2.60% respectively. On the other hand Power and PSU were the only two sectors to close with marginal gains of 1.44% and 0.33% respectively. Sensex and Nifty lost 2.45% and 1.74% respectively. Mid caps and Small caps also shed 0.90% and 0.36% respectively. During the session we expect the markets to trade with deep cut.
The BSE Sensex closed lower by 229.02 points at 9,100.55 and NSE Nifty lost 49.60 points at 2,796.60. The BSE Mid Caps and Small Caps ended with losses of 27.52 points and 12.37 points at 3,016.01 and 3,439.09 respectively. The BSE Sensex touched intraday high of 9,159.76 and intraday low of 9,033.55.
The US markets on Tuesday closed in deep red after the inaugural ceremony of new elected president Barack Obama. There has been enough pain in the US markets and especially the financial sector which lost 16.70% on Tuesday’s trade. Barclays fell more than 40% this session as investors remain concerned that Britain''s government will take a stake in the outfit. There are also reports that the US government is planning for a second phase of aid for the banking system.
The Dow Jones Industrial Average (DJIA) dropped by 332.13 points to close at 7,949.09. The NASDAQ Composite (RIXF) index decreased by 88.47 points to close at 1,440.86 and the S&P 500 (SPX) fell 44.90 points to close at 805.22.
Indian ADRs ended down. In technology sector, Satyam ended lower by 8.18% and Infosys lost 5.52%. Further Patni Computers ended with decrease of 1.25% and Wipro closed down by 5.71%. In banking sector ICICI Bank and HDFC Bank dropped by 13.05% and 11.14% respectively. In telecommunication sector, Tata Communication and MTNL lost 7.45% and 5.98% respectively. Sterlite Industries decreased by 8.46%.
Today major stock markets in Asia have opened with a blood bath. The Shanghai Composite is trading high by 1.15 points at 1,995.27 while Hang Seng is low by 223.40 points at 12,736.37. Further Japan''s Nikkei is trading low by 65.76 points at 8,000.03. South Korea’s Seoul Composite is low by 158.31 points at 1,111.50 and Singapore’s Strait Times is also low by 26.46 points at 1,696.91.
The FIIs on Tuesday stood as net sellers in equity and debt. Gross equity purchased stood at Rs 777.50 Crore and gross debt purchased stood at Rs 350.30 Crore, while the gross equity sold stood at Rs 1,217.20 Crore and gross debt sold stood at Rs 560.90 Crore. Therefore, the net investment of equity and debt reported were Rs (439.70) Crore and Rs (210.70) Crore respectively.
On Tuesday, Indian Rupee closed at 49.20/22 per dollar, 1% stronger than Monday’s close of 48.70/71. The fall in share markets triggered the fresh foreign money withdrawal and aroused doubts of foreign capital inflow.
On BSE, total number of shares traded were 29.02 Crore and total turnover stood at Rs 2,758.55 Crore. On NSE, total number of shares traded were 56.22 Crore and total turnover was Rs 7081.40 Crore.
Top traded volumes on NSE Nifty – Unitech with 71910115 shares, Suzlon Energy with 21199978 shares, NTPC with 13283145 shares, SAIL with total volume traded 10773766 shares followed by Power Grid Corp with 10744724 shares.
On NSE Future and Options, total number of contracts traded in index futures was 822691 with a total turnover of Rs 10,622.33 Crore. Along with this total number of contracts traded in stock futures were 949790 with a total turnover of Rs 9,246.81 Crore. Total numbers of contracts for index options were 1040105 with a total turnover of Rs 14,798.98 Crore and total numbers of contracts for stock options were 72985 and notional turnover was Rs 843.45 Crore.
Today, Nifty would have a support at 2,738 and resistance at 2,852 and BSE Sensex has support at 8,910 and resistance at 9,259.
Slide may continue
Market may slide further on account of weak Asian markets in morning trades and overnight fall in the US markets. Continued selling pressure may also drag the domestic indices further down. The FIIs remained net sellers in equities may also weigh on the investors' sentiment. Key indices, the Nifty may get support at 2750 level and on the upside it could test higher levels at 2850. The Sensex has a likely support at 8,950 and may face resistance at 9,250.
US indices slumped to two-month lows Tuesday as investors looked beyond President Barack Obama's historic inauguration to the battered economy he inherits. While the Dow Jones slipped 332 points at 7949, while the Nasdaq lost 88 points to close at 1441.
All the Indian ADRs fell in tune with the broader market. ICICI Bank led the slump and tumbled 13.05% followed by HDFC Bank down by 11.14%, Satyam, VSNL,Dr Reddy, Wipro and MTNL slipped over 5-8% each. Infosys, Tata Motors, Rediff and Patni Computer dropped over 1-4% each.
Crude oil prices gained, with the Nymex light crude oil for February delivery moved up by $2.23 to close at $38.74 a barrel. In the commodity space, the Comex gold for February series gained $15.30 to settle at $855.20 a troy ounce.
Market seen opening weak on global cues
Key benchmark indices are headed for a weak start on dismal global cues on fresh worries the global banking crisis may last longer than expected.
In a historic presidential inaugural at the US Capitol on Tuesday, 20 January 2009, Barack Hussein Obama was sworn in as the 44th and the first black president at a $150 million show watched by around two million people.
US stocks ended lower on Tuesday, 20 January 2009, as rising concerns about the financial health of the banks and financial system weakened the feel-good factor inspired by the inauguration of Barack Obama.
High expectations for details on how the new US administration would address the growing banking crisis and faltering economy were dampened after the inauguration speech by Barack Obama concluded with little new information to digest.
The Dow Jones industrial average dropped 332.13 points, or 4.01%, to end at 7,949.09. The Standard & Poor`s 500 index went down 44.90 points, 5.28%, to settle at 805.22. The Nasdaq Composite index declined 88.47 points, or 5.78%, to close at 1,440.86.
Asian stocks declined today, 22 January 2009, led by financial companies and metals producers, on concern mounting bank losses worldwide will intensify the global recession and squeeze demand for the region`s commodities.
Japanese benchmark index Nikkei fell 177.69 points, or 2.20%, to trade at 7,888.10, Hong Kong`s Hang Seng index declined 425.17 points, or 3.28%, to trade at 12,534.60, China`s Shanghai Composite decreased 22.87 points, or 1.15%, to trade at 1,971.24, Taiwan`s Taiex index slipped 2.10 points, or 0.05%, to trade at 4,240.51, South Korea`s Kospi index slid 24.59 points, or 2.18%, to trade at 1,102.22 and Singapore`s Straits Times dropped 39.67 points, or 2.30%, to trade at 1,683.70.
Crude futures for March 2009 declined on Tuesday, 20 January 2009, over fears of weak global energy demand. Trading in the final day of contract, Light, sweet crude for February delivery rose $2.23 to settle at $38.74 a barrel on the New York Mercantile Exchange (NYMEX). The March 2009 contract, where the vast majority of trading took place, fell $1.53 to settle at $40.68.
Back home, India's largest dedicated housing finance company by total income HDFC will declare its Q3 December 2008 results today, 21 January 2009. Meanwhile, aggregate results of 267 companies showed 0.30% fall in net profit on a 26.20% increase in net sales in Q3 December 2008 over Q3 December 2007.
Fears that the global financial sector crisis would trigger more foreign fund outflows and record loses at British bank Royal Bank of Scotland pulled the market lower on Tuesday, 20 January 2009. The BSE 30-share Sensex lost 229.02 points or 2.45%, to 9,100.55 and the S&P CNX Nifty fell 49.60 points, or 1.74%, to 2,796.60.
Foreign institutional investors (FIIs) are in selling mode after an inflow of Rs 1319.10 crore in December 2008. Their outflow in January 2009 totaled Rs 2,644.40 crore (till 19 January 2009).
According to provisional data on NSE, FIIs were net sellers worth Rs 308.15 crore while mutual funds bought shares worth Rs 185.05 crore on Tuesday, 20 January 2009,
A lousy welcome for new President from Wall Street
Financial sector plays the spoilsport
Stocks at Wall Street showed absolutely no signs of improvement on Tuesday, 20 January, 2008 as USA welcomed its 44th President Barack Obama amid cheers and tears. The financial sector played the absolute spoilsport in today's historic day and stocks lingered in the red for the entire day. Some of the financial Dow components marked record lows.
The Dow Jones Industrial Average ended lower by 332 points at 7,949, the Nasdaq closed lower by 89 points at 1,440 and the S&P 500 closed lower by 45 points at 805.
All the thirty Dow components ended in the red. Shares of Bank of America and Citigroup plunged by 29% and 20% respectively.
The former President, George Bush, thrusted a huge deal of responsibility on Obama who is working hard to get going with a stimulus plan of $800 billion to boost the US economy.
All the ten sectors ended in the red today led by the financial sector. The global financial system once again raised questions after Royal Bank of Scotland announced it might face a record loss valued at more than $40 billion for 2008.
Cisco systems and Microsoft are weighing on the tech heavy Nasdaq today.
Earning cautions continued even today as Johnson & Johnson issued a lower than expected earnings for 2009. Johnson & Johnson's outlook reflects the prospect for lower sales amid generic competition and stiff currency headwinds. But the company surpassed market's expectations in its latest quarter earning report.
After the close, IBM posted fourth quarter earnings which checked in better than expectations. IBM's revenue fell roughly 6% year-over-year to $27 billion. The consensus forecast called for $28.2 billion. IBM issued upside guidance for fiscal 2009. IBM is one of the few companies to step out and issue upside guidance this earnings season.
Crude oil prices pared their earlier losses and ended higher today. Prices rose due to the impending stimulus package that is expected to be announced by new President Barack Obama soon. Prices were also volatile as traders moved their positions to cover the March positions as the February expired today. On Tuesday, crude-oil futures for light sweet crude for February delivery closed at $38.74/barrel (higher by $2.23 or 6.1%) on the New York Mercantile Exchange. Earlier it dropped to a low of $32.5. March crude, the new front-month contract, fell $1.73 to end at $40.84 a barrel on Nymex. Last week, crude prices shed 10.6%.
At the currency market on Tuesday, the U.S. dollar rose against its major rivals. Worries about the U.K. banking sector sent the British pound to a six-year low versus the U.S. dollar and an all-time low versus the Japanese yen.
Tomorrow, there will be no economic reports on the dock. Few companies are expected to declare their earning reports.
PFC
We recommend a buy in Power Finance Corporation from a short-term trading perspective. It is evident from the charts of this stock that it has been on an intermediate-term uptrend from its October low of Rs 86. This was also a 52-week low. Since then, the stock has been shaping higher peaks and higher troughs. On January 20, the stock resumed its intermediate-term uptrend from the twin support around Rs 130 (200-day moving average and up-trend line). The stock gained 3.5 per cent, accompanied with above average volume on that session. The daily relative strength index (RSI) is on the brink of re-entering the bullish zone from the neutral region and weekly RSI is steadily raising towards the bullish zone. Taking into account that the intermediate-term up-trend line continues to be intact, we are positive on the stock from a short-term perspective. We expect it to rally until it hits our price target of Rs 149. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 128.
via BL
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