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Thursday, November 27, 2008
Donate Blood for Victims
Donate blood for those who have been victims of the Mumbai Blasts.
These are the hospital phone numbers.
JJ hospital (022) 23739031
St George hospital (022) 22620242
Terror attacks in Mumbai, 80 killed
In one of the most violent terror attacks on Indian soil, Mumbai came under an unprecedented night attack as terrorists used heavy machine guns, including AK-47s, and grenades to strike at the city's most high-profile targets -- the hyper-busy CST (formerly VT) rail terminus; the landmark Taj Hotel at the Gateway and the luxury Oberoi Trident at Nariman Point; the domestic airport at Santa Cruz; the Cama and GT hospitals near CST; the Metro Adlabs multiplex and Mazgaon Dockyard -- killing at least 80 and sending more than 900 to hospital, according to latest reports. ( Watch )
The attacks have taken a tragic toll on the city's top police brass: The high-profile chief of the anti-terror squad Hemant Karkare was killed; Mumbai's additional commissioner of police (east) Ashok Kamte was gunned down outside the Metro; and celebrated encounter specialist Vijay Salaskar was also killed
The attacks appeared to be aimed at getting international attention as the terrorists took upto 40 British nationals and other foreigners hostage. The chairman of Hindustan Unilever Harish Manwani and CEO of the company Nitin Paranjpe were among the guests trapped at the Oberoi. All the internal board members of the multinational giant were reported to be holed up in the Oberoi hotel.
Two terrorists were reported holed up inside the Oberoi Hotel. Fresh firing has been reported at Oberoi and Army has entered the hotel to flush out the terrorists.
An unknown outfit, Deccan Mujahideen, has sent an email to news organizations claiming that it carried out the Mumbai attacks.
The Army and Navy in Mumbai were put on alert. 65 Army commandos and 200 NSG commandos were being rushed to Mumbai, Home Minister Shivraj Patil said.
The Navy commandos too have been asked to assist the police. Special secretary M L Kumawat is in constant touch with the state police.
Some media reports attributed the attack to Lashkar-e-Taiba. There were also unconfirmed reports that some of the terrorists came in by sea. A boat laden with explosives was recovered later at night off the Gateway of India.
via Times of India
Wednesday, November 26, 2008
Post Market Watch - Nov 26 2008
Equities gained momentum at the fag end of the trading hour led by banking, oil & gas and metal stocks. Frontliners-RIL, Sterlite Industries and ICICI Bank also supported the market sentiment.
BSE Midcap rose 0.17%, while Smallcap index declined 0.56%.
Subsequent to oil ministry`s decision on rate cuts in oil prices as of now, shares of oil & gas companies surged. BSE Oil & Gas Index was up over 4%.
Besides, news about China cutting CRR by 108 basis points and interest rate to 5.58% from 6.66%, fuelled the market sentiments.
All sectors traded in positive. BSE Bankex gained the most. The counter surged over 5%, followed by Oil & gas which rose 4.41% and Metal moved up 3.66%.
Indian stock market started the day on a positive zone after a fall of 2.33% on the previous working day. The 30-share index, BSE Sensex opened with a gain of 72.67 points, at 8,768.20 on Wednesday.
The Sensex ended the day with a gain of 331.19 points, or 3.81% at 9,026.72 after touching a high of 9,061.72 and a low of 8,658.53. The broad-based NSE Nifty gained 98.25 points, or 3.70% at 2,752.25 after hitting a high of 2,762.60 and a low of 2,643.35.
Biggest gainers in the 30-share index were Sterlite Industries (India) (12.88%), ICICI Bank (9.55%), HDFC Bank (8.63%), NTPC (6.93%), Reliance Industries (6.11%), and DLF (5.53%).
On the other hand, Mahindra & Mahindra (2.55%), and Maruti Suzuki India (0.50%) were the major losers in the Sensex.
Overall market breadth was negative. Out of the total 2,228 stocks traded at BSE, 938 advanced, 1,222 declined while 68 remained unchanged.
India bullish on FDI
Undeterred by global credit freeze, India maintains a bullish outlook on attracting Foreign Direct Investment which may be governed by easier rules, a top government official said on Wednesday.
"FDI inflows were robust till September and...my sense is that the October figures will be robust as companies like the General Motors, Volkswagen and Toyota are going to execute their ongoing projects," Department of Industrial Policy and Promotion (DIPP) Secretary Ajay Shankar said here.
He said the issue of "liberalisation and rationalisation" of FDI policy was under inter-ministerial consultation. "A decision is expected soon", he said at a FICCI function here.
An empowered Group of Ministers, headed by External Affairs Minister Pranab Mukherjee, is likely to meet soon to discuss a proposal to exclude foreign institutional investors' stake from the overall FDI ceiling.
Despite slowdown in the global economy, India received 17.21 billion dollar between April-September this financial year, showing an impressive increase of 137 per cent from 7.25 billion dollar in the first half of the previous fiscal.
While the DIPP is understood to have mooted the proposal for excluding the foreign institutional investors' stake in companies from the overall FDI ceiling, the plan is believed to have been opposed by the Finance Ministry and the Ministry of Corporate Affairs. The issue will be resolved by eGoM.
Between April-August, data for which has been officially released, manufacturing has attracted an FDI of five billion dollar, showing an increase of 41 per cent over inflows in the year-ago period.
Asked whether the government is mulling import restrictions to protect the domestic industry, Shankar said both fiscal and monetary measures would be used to stimulate demand and maintain growth.
BSE Bulk Deals to Watch - Nov 26 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
26/11/2008 533029 ALKALI OPG SECURITIES P LTD B 69754 196.75
26/11/2008 533029 ALKALI MANSUKH STOCK BROKERS LTD B 72717 194.13
26/11/2008 533029 ALKALI OPG SECURITIES P LTD S 69754 196.60
26/11/2008 533029 ALKALI MANSUKH STOCK BROKERS LTD S 72717 194.73
26/11/2008 520077 AMTEK AUTO L MERRILL LYNCH CAPITAL MARKETS ESPANA SA SV B 4330757 46.10
26/11/2008 520077 AMTEK AUTO L GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 1071588 46.10
26/11/2008 520077 AMTEK AUTO L CREDIT SUISSE SINGAPORE LIMITED S 1596656 46.10
26/11/2008 520077 AMTEK AUTO L MORGAN STANLEY MAURITIUS COMPANY LIMITED S 1662513 46.10
26/11/2008 512093 CRANES SOFT COPTHALL MAURITIUS INVESTMENT LIMITED B 2327430 85.00
26/11/2008 512093 CRANES SOFT MORGAN STANLEY MAURITIUS COMPANY LIMITED S 914448 85.00
26/11/2008 512093 CRANES SOFT MACQUARIE BANK LIMITED S 1412982 85.00
26/11/2008 530945 GANGOTRI I&S GBK RESOURCES PVT LTD S 48200 8.06
26/11/2008 531524 I.C.S.A. IND RAIFFEISEN EURASIEN AKTIEN FONDS B 1963500 178.01
26/11/2008 531524 I.C.S.A. IND CLSA MAURITIUS LIMITED S 1963500 178.01
26/11/2008 530955 KAILASH FICO PARACHIT SALES MKT SERVICES B 100000 22.63
26/11/2008 530955 KAILASH FICO S L TRADES AND FINANCE I PVT S 60000 22.60
26/11/2008 512047 NATRAJ FIN MAXILLA FINANCIAL SERVICES PVT B 30000 30.25
26/11/2008 512047 NATRAJ FIN NILESH RASIKLAL PANDYA S 34000 30.25
26/11/2008 590057 NORTHGATE TE CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD B 1378837 54.76
26/11/2008 590057 NORTHGATE TE MACQUARIE BANK LIMITED S 1235499 54.50
26/11/2008 531746 PRAJAY ENG S CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD B 1193060 18.25
26/11/2008 531746 PRAJAY ENG S ABN AMRO BANK N.V. LONDON S 1193060 18.25
26/11/2008 531500 RAJESH EXPOT DHIRAJLAL JERAMBHAI DHAKAN B 5525000 20.52
26/11/2008 531500 RAJESH EXPOT BENNETT COLEMAN AND CO LTD S 5844000 20.51
26/11/2008 500368 RUCHI SOYA DHANAJJAYA MONEY MANAGEMENT SER P LTD B 975497 22.49
26/11/2008 500368 RUCHI SOYA DEUTSCHE SECURITIES MAURITIUS LIMITED S 1050000 22.48
26/11/2008 530943 SHRI ADHIKAR UPTURN SECURITIES PVT LTD B 50000 9.06
26/11/2008 532691 TULIP TELE MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V. B 158914 427.00
26/11/2008 532691 TULIP TELE ABN AMRO BANK N.V. LONDON S 158914 427.00
NSE Bulk Deal Watch - Nov 26 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-NOV-2008,ALKALI,Alkali Metals Limited,JOHNSON AFRAHIMBHAI TAILOR,BUY,40000,199.39,-
26-NOV-2008,ALKALI,Alkali Metals Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,51230,194.64,-
26-NOV-2008,LAXMIMACH,Lakshmi Mach Works,TRUPTI PETROLEUMS PVT. LTD.,BUY,69400,548.28,-
26-NOV-2008,NORTHGATE,Northgate Technologies Li,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,BUY,201648,53.50,-
26-NOV-2008,RUCHISOYA,Ruchi Soya Inds Ltd.,DHANANJAYA MONEY MANAGEMENT SERVICES PVT LTD,BUY,1804185,22.55,-
26-NOV-2008,RUCHISOYA,Ruchi Soya Inds Ltd.,SHIVA FOUNDATION,BUY,2750000,22.95,-
26-NOV-2008,ALKALI,Alkali Metals Limited,JOHNSON AFRAHIMBHAI TAILOR,SELL,50975,196.08,-
26-NOV-2008,ALKALI,Alkali Metals Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,51230,194.12,-
26-NOV-2008,KTKBANK,Karnataka Bank Limited,CITIGROUP GLOBAL MKTS (MAURITIUS) PVT LTD,SELL,902687,75.00,-
26-NOV-2008,NORTHGATE,Northgate Technologies Li,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAPO,SELL,201648,53.50,-
26-NOV-2008,PIONEEREMB,Pioneer Embroideries Limi,ANAND YOGESH SHARES AND CONSULTANCY PVT LTD,SELL,109572,9.10,-
26-NOV-2008,RUCHISOYA,Ruchi Soya Inds Ltd.,DEUTSCHE SECURITIES MAURITIUS LIMITED,SELL,1529757,22.55,-
26-NOV-2008,RUCHISOYA,Ruchi Soya Inds Ltd.,DHANANJAYA MONEY MANAGEMENT SERVICES PVT LTD,SELL,1604185,23.00,-
Post Session Commentary - Nov 26 2008
The domestic market ended with handsome gains on account of buying activity in index heavyweights, after reporting a fall on previous session. Market opened on firm note along with other Asian markets backed by latest US Federal Reserve measures to boost the flagging US financial system. Further benchmark indices were not able to hold the momentum and pared its gains to trade with instability. Volatility rose ahead of the derivatives expiry for November 2008 series on 27 November 2008. Finally market turned upward as renewed buying interest during final trading hours led rally in the bourses. Stocks surged on the hopes of rate cuts by other central banks after a surprise steep rate cut announced by China''s central bank. China''s central bank cut banks'' benchmark lending and deposit rates by 1.08% for the fourth time since mid-September 2008. NSE Nifty ended above 2,700 mark and BSE Sensex around 9,000 level. From the sectoral front, all indices ended in green and Bank stocks outperformed the benchmark indices as ended with gain of around 6%. Apart from that, most of the buying was seen in Oil & Gas, Metal, Teck, Pharma, Reality, Power and IT stocks. Midcap stocks also joined the rally while Small cap stocks remained out of favour.
Among the Sensex pack 28 stocks ended in green territory and 2 in red. The market breadth was negative as 1222 stocks closed in red while 938 stocks closed in green and 68 stocks remained unchanged.
The BSE Sensex closed higher by 331.19 points at 9,026.72 and NSE Nifty ended up by 98.25 points at 2,752.25. The BSE Mid Caps ended with gain of 4.79 points at 2,877.38 while and BSE Small Caps closed with loss 18.53 points at 3,314.89. The BSE Sensex touched intraday high of 9,061.72 and intraday low of 8,658.53.
Gainers from the BSE Sensex pack are Sterlite Industries (12.88%), ICICI Bank (9.55%), HDFC Bank (8.63%), NTPC Ltd (6.93%), Reliance (6.11%), DLF Ltd (5.53%), Wipro Ltd (5.33%), HDFC (4.92%), Ranbaxy Lab (4.72%), TCS Ltd (4.72%), Bharti Airtel (4.51%) and Reliance Infra (4.41%).
Losers from the BSE Sensex pack are M&M Ltd (2.55%) and Maruti Suzuki (0.50%).
China''s central bank cut its lending and deposit rate by 108 bps to 5.58% from 6.66%. The rate cut will come into effect on 27th November 2008. This move is highlighting the deteriorating conditions for the Chinese economy as it the largest move for the central bank since 1997 and the fourth time in ten weeks. Along with this, the deposit rate will drop to 2.52% from 3.60%.
The BSE Bank index gained (5.96%) or 260.23 points to close at 4,625.23. Major gainers are ICICI Bank (9.55%), HDFC Bank (8.63%), Axis Bank (6.05%), Oriental Bank (5.20%), Bank of Baroda (4.68%) and Kotak Bank (4.19%).
The BSE Oil & Gas index advanced by (4.41%) or 238.69 points to close at 5,648.06 Gainers are Reliance (6.11%), BPCL (5.01%), Essar Oil Ltd (4.53%), Reliance Petroleum (3.60%), Cairn Ind (3.26%) and Gail India (2.64%).
The BSE Metal index went up by (3.66%) or 156.28 points to close at 4,420.45. Gainers are Sterlite Industries (12.88%), SAIL (8.37%), Nalco (6.42%), Hindustan Zinc (3.50%), Tata Steel (2.72%) and Jindal Steel (2.52%).
The BSE Teck index ended higher by (2.17%) or 41.45 points at 1,953.83 as Tanla (11.01%), Deccan Chr (9.03%), HT Media (8.63%), Patni Computer (6.06%), Idea Cell (5.55%) and Wipro Ltd (5.33%) ended in positive territory.
The BSE Pharma index gained (2.16%) or 60.83 points to close at 2,879.09. Gainers are Sterlite Biotec (8.34%), Divis Lab (5.01%), Ranbaxy Lab (4.72%), Lupin Ltd (4.17%) and Cipla Ltd (3.49%).
The BSE Reality index ended higher by (2.12%) or 32.78 points at 1,576.27. Major gainers are Pheonix Mill (7.22%), Indiabull Real (6.61%), DLF Ltd (5.53%), Akruti City (3.37%) and Sobha Dev (0.86%).
Sensex and nifty jump
Lack of clarity and weak Asian indices saw the Sensex gyrate over 72 points in early trades. After a positive opening, the Sensex eased on profit taking and touched the day's low of 8,659. The market thereafter moved within a range with a mixed bias before buying in select heavy weights and up-move in banking and oil stocks lifted the index to an intra-day high of 9,062. The Sensex ended the session with gains at 9,027, up 331 points and Nifty added 98 points to close at 2,752.
However, the market breadth was negative. Of the 2,227 stocks traded on the BSE, 1,222 stocks declined, while 937 stocks declined. Sixty-eight stocks ended unchanged. All the 13 sectoral indices ended in the green. The BSE Bankex led the pack of gaining sectoral indices rising by 5.96% and the BSE Oil gained 4.41% for the day. Other indices also ended with decent gains.
Buying was witnessed in select blue chip stocks. Sterlite Industries advanced 12.88% at Rs231, ICICI Bank jumped 9.55% at Rs350.50, HDFC Bank added 8.63% at Rs907.20, National Thermal Power Corporation gained 6.93% at Rs164.30, Reliance Industries climbed 6.11% at Rs1,137.20 and DLF moved up by 5.53% at Rs198.60. However, Mahindra & Mahindra dropped 2.55% at Rs269.60 and Maruti Suzuki India was down 0.50% at Rs532.30.
Banking stocks stole the show today. Oriental Bank vaulted 6.24% at Rs143, Axis Bank flared up 6.05% at Rs405.05, Bank of Baroda jumped 4.68% at Rs253.65 and Kotak Bank advanced 4.19% at Rs324.25. Bank of India, State Bank of India, Union Bank, Allahabad Bank and Punjab National Bank were up over 2-3% each.
Over 2.29 crore shares of Unitech changed hands on the BSE followed by Suzlon Energy (1.90 crore shares), GVK Power & Infrastructure (1.26 crore shares), Rajesh Export (0.65 lakh shares) and Reliance Natural Resources (0.61 crore shares).
Heavyweights stage a late comeback; breadth weak
Hopes that other central banks will follow suit after a surprise steep rate cut announced by China's central bank propelled the market sharply higher in late trade. The BSE Sensex raced past the psychological 9,000 mark. However, volatility was high.
Despite the rally in the key benchmark indices, the market breadth, indicating the overall health of the market remained negative as small and mid-cap stocks dropped on concerns about the weakening domestic and US economy.
China's central bank today, 26 November 2008, cut banks' benchmark lending and deposit rates by 1.08% for the fourth time since mid-September 2008. The cut in the lending rate was the biggest since October 1997. The steep rate cut by China raised expectations of a coordinated action by other central banks by way of rate cuts to counter the downside risks to the global economy.
Expectations of further cut in interest rates in India gathered momentum after Finance Minister Palaniappan Chidambaram Monday, 24 November 2008, said monetary policy was biased towards stimulating growth and the Reserve Bank of India (RBI) was likely to lower rates further as inflation cooled. Lower interest rates boost stocks as lower borrowing costs help lift corporate profits.
With corporate India forced to compete with the government domestically for raising finance, interest rates cannot drop meaningfully till either growth slows and demand for credit cools or the RBI continues to provide liquidity to banks, aggressively cutting interest rates, the cash reserve ratio (CRR) – the percentage of deposits banks have to keep with the central bank and statutory liquidity ratio (SLR) – the percentage of deposits bank have to hold in government and other approved securities.
The slowdown in the Indian economy and reduced availability and rising cost of funds are taking their toll on the performance of the corporate sector. Moreover, companies which have resorted to substantial overseas borrowing are seeing increase in cost of servicing the loan due to depreciation rupee which hit a record low of 50.60 against the dollar on 20 November 2008. Some companies have cut production to avoid higher inventories.
The Indian stock market witnessed high volatility today caught between concerns about the weakening domestic, US economy and volatile European shares and firmer Asian stocks on the back of the latest US Federal Reserve measures to boost the flagging US financial system. In a volatile trade, the Sensex swung 403.19 points between the day's high and low during the day.
After a rebound from lower level triggered by news of rate cut by China, European shares weakened again. Key benchmark indices in UK, Germany and France were down by between 1.41% and 2.14%.
The US Federal Reserve on Tuesday, 25 November 2008, outlined an $800 billion lending facility to support the market for consumer debt securities. The US central bank will buy billions of dollars worth of debt and mortgage-backed securities to increase the flow of credit for mortgages, student loans, car loans and credit cards.
However, the data released Tuesday showed the US economy shrank more severely during the third quarter ended September 2008 than first estimated as consumers cut spending at the steepest rate in 28 years. The Commerce Department said third-quarter gross domestic product shrank 0.5% on a sharp drop in consumer spending. That was a downward revision from the US government's first estimate that GDP had contracted 0.3% in the third quarter.
Metal shares led rally in Asian stocks as the crumbled BHP and Rio deal is seen opening opportunities in other firms. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were down up by between 0.12% and 4.72%. Miner BHP Billiton on Tuesday called off its bid to acquire rival Rio Tinto.
However, Japan bucked the strong trend in Asia after Fitch Ratings on downgraded Toyota's long-term foreign and local debt ratings to AA from AAA, with a negative outlook, saying the company needed to review its global investments, product mix and speed of expansion to address the challenges it faces. The Nikkei slipped 1.33%
The BSE 30-share Sensex jumped 331.19 points or 3.81% to 9,026.72. The Sensex opened 110.49 points higher at 8,806.02. At the day's high of 9,061.72, the Sensex gained 366.19 points in late trade. The Sensex fell 37 points at the day's low of 8,658.53 in mid-morning trade.
The S&P CNX Nifty gained 98.25 points or 3.70% to 2752.25. Nifty November 2008 futures were at 2758.55, at a premium of 6.30 points as compared to the spot closing.
Foreign institutional investors (FIIs) were net sellers worth Rs 416.82 crore while mutual funds bought shares worth Rs 362.05 crore on today, 26 November 2008, according to provisional data on NSE.
The barometer index BSE Sensex is down 11260.27 points or 55.50% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 12180.05 points or 57.43% below its all-time high of 21,206.77 struck on 10 January 2008.
Volatility may rise tomorrow 27 November 2008 ahead of the derivatives expiry for November 2008 series. As per reports, rollover of Nifty positions from November 2008 to December 2008 series stood at 39% while marketwide rollover of positions was 45%, as on Tuesday, 25 November 2008.
The market breadth, indicating the overall health of the market, was negative on BSE with 1390 shares declining as compared with 1065 that rose. 84 shares remained unchanged.
The BSE Mid-Cap index rose 0.17% to 2,877.38 while the BSE Small-Cap index fell 0.56% to 3,314.89. Both these indices underperformed the Sensex.
The total turnover on the BSE amounted to Rs 3223 crore as compared to Rs 3196 crore on Tuesday, 25 November 2008. Turnover in NSE's futures & options (F&O) segment surged to Rs 48,888.96 crore from Rs 44,612.44 crore on Tuesday, 25 November 2008.
All the sectoral indices on BSE logged gains. However only the BSE Oil & Gas index (up 5.96% to 4,625.23), and the Bankex (up 4.41% to 5,648.06), outperformed the Sensex.
The BSE FMCG index (up 1.05% to 1,920.85), the BSE Auto index (up 0.69% to 2,297.75), the BSE Realty index (up 2.12% to 1,576.27), the BSE Capital Goods index (up 0.29% to 6,405.26 ), the BSE Consumer Durables index (up 1.38% to 1,800.50), the BSE HealthCare index (up 2.16% to 2,879.09), the BSE IT index (up 1.48% to 2,468.45), the BSE PSU index (up 1.47% to 4,621.34), the BSE Power index (up 1.91% to 1,632.30), the BSE Teck index (up 2.17% to 1,953.83), the BSE Metal index (up 3.66% to 4,420.45) underperformed the Sensex.
Among the 30-member Sensex pack, 28 advanced while only 2 of them slipped. NTPC (up 7.58% to Rs 165.30), Reliance Infrastructure (up 4.91% to Rs 522), and Jaiprakash Associates (up 3.18% to Rs 56.75), edged higher from the Sensex pack.
India's largest copper maker by sales Sterlite Industries jumped 12.14% to Rs 229.50 on 16.71 lakh shares on recent reports the company is still eyeing Asarco, which operates three copper mines in Arizona, but an agreement could only be reached at a substantially reduced price. Sterlite originally offered $2.6 billion to buy Asarco but withdrew from the deal in October 2008 because of falling metals prices. It was the top gainer from the Sensex pack.
Other metal shares Hindalco Industries (up 1.95% to Rs 52.35), Sesa Goa (up 2.62% to Rs 70.50), and Tata Steel (up 1.56% to Rs 153.15), rose.
Banking shares advanced on reports banks operating in India including foreign ones may soon be able to open new branches and set up automated teller machines (ATM) without a licence from the Reserve Bank of India (RBI). ICICI Bank (up 9.06% to Rs 348.95), HDFC Bank (up 8.85% to Rs 909), and State Bank of India (up 1.80% to Rs 1091.40), gained.
Rate cut hopes also aided rally in bank shares. The RBI has cut rates over the past two months to shield the domestic economic from global economic recession. The repo rate has been cut by 150 basis points to 7.5% since October this year and the CRR has been reduced by 350 basis points to 5.5%. In response, government owned banks lowered prime lending rates by up 75 basis points, but large private lenders like ICICI Bank and HDFC Bank are yet to do so.
India's top mortgage lender by net profit Housing Development Finance Corporation (HDFC) gained 5.57% to Rs 1424 after Citigroup reportedly said it is not looking to liquidate its 11.74% stake in HDFC.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) advanced 5.89% to Rs 1134.80 on high volumes of 32.21 lakh shares. Reports the company wants to restart selling petrol and diesel after margins on the two fuels turned positive, boosted the stock to day's high of Rs 1098.90. The Mukesh Ambani-run company had reportedly shut all of its 1,432 petrol pumps around March 2008 after it could not compete with public sector companies, who sold fuel at rates much lower than their cost, as they got government subsidies.
India's largest oil exploration firm Oil & Natural Gas Corporation (ONGC) was up 2.11% to Rs 700 after Russia on Tuesday, 25 November 2008, said it would not set any precondition such as a stake for its state-run firms in return for approval for ONGC's acquisition of Imperial Energy.
India's largest realty firm by market capitalisation DLF jumped 5.74% to Rs 199 on reports global gaming and theme park leader Sega Corporation, a subsidiary of the Tokyo Exchange-listed Sega Sammy, is in talks with the company for a possible India entry.
IT pivotals gained shrugged off a firmer rupee. Infosys Technologies (up 0.69% to Rs 1188.95), Satyam Computer Services (up 1.09% to Rs 236.40), Wipro (up 5.11% to Rs 240.50), and TCS (up 4.22% to Rs 524.50), gained despite the rupee rising to 49.51/54 a dollar from its previous close of 49.95/96 in sync with a rally in equity markets.
A stronger rupee impacts operating margins of IT firms as they earn most of their revenues from exports with US as the major market.
Telecom shares rose on reports India would press ahead with an auction of airwaves to offer so-called third generation or 3G mobile phone services despite the global financial crisis. India's largest cellular services provider by sales Bharti Airtel rose 4.59% to Rs 655.20. However India's second largest cellular services provider by sales Reliance Communications gained 1.30% to Rs 198.10 and was the top loser from the Sensex pack.
Without stating how many licences would be issued, reports said the auction process is expected to start in a few days and be completed in mid-January 2009.
Capital goods shares reversed early losses on hopes that lower interest rates would keep order flows strong and aid project funding. The country's largest power equipment maker by sales, Bharat Heavy Electricals, rose 1.63% to Rs 1303.90,off day's low of Rs 1246.55. India's top engineering and construction firm by sales, Larsen & Toubro (L&T), rose 1.35% to Rs 746.10, rebounding from low of Rs 721.
But Siemens tumbled 16.46% to Rs 224 on high volumes of 21.74 lakh shares as net profit fell 27.03% to Rs 225.19 crore in Q4 September 2008 over Q4 September 2007. The company announced the results after trading hours on Tuesday, 25 November 2008.
India's top pharma company by sales Ranbaxy Laboratories by sales rebounded sharply from early low of Rs 195.50 to settle 4.89% higher at Rs 213.55. Recent reports the company's subsidiary Ranbaxy Fine Chemical's (RFCL) plans to acquire the US-based speciality chemicals maker Mallinckrodt Baker is facing delays because of valuation problems, caused early slide.
Sun Pharmaceuticals Industries rose 3.12% to Rs 1109 on acquiring a US pharmaceuticals and performance chemicals firm. The company announced the acquisition before trading hours today, 26 November 2008.
India's largest tractor maker by sales Mahindra and Mahindra slumped 4.57% to Rs 264 and was the top loser from the Sensex pack. Reportedly Mahindra Renault, a venture of Mahindra and Mahindra and French auto company Renault SA, has scaled back production of Logan sedan by at least half, after sales sharply fell in the past months.
India's top truck maker by sales Tata Motors rose 2.36% to Rs 139 after its American depository receipt jumped 11.37% on Tuesday, 25 November 2008.
Bajaj Auto rebounded from its 52-week low of Rs 307.15 to settle 2.65% higher at Rs 326.15. The early fall came on reports the company is likely to scale down production targets, shrink vendor base, align production across manufacturing sites and aggressively target export market, to tackle the economic slowdown.
Reliance Industries was the top traded counter on BSE with turnover of Rs 356.70 crore followed by State Bank of India (Rs 193.65 crore), Reliance Capital (Rs 156.70 crore), Reliance Infrastructure (Rs 135.25 crore) and Educomp Solutions (Rs 130 crore).
Unitech led the volumes chart on BSE clocking volumes of 2.30 crore shares followed by Suzlon (1.90 crore shares), GVK Power Infrastructure (1.26 crore shares), Rajesh Exports (65 lakh shares) and Reliance Natural Resources (61.60 lakh shares)
From the small and mid-cap basket, Kingfisher Airlines (up 17.78%), GSS America (up 19.88%), KSB Pumps (up 11.33%), Ruchi Soya (up 9.05%), IVRCL Infrastructure (up 13%) surged.
However, Adhunik Metaliks (down 14.29%), Unity Infraprojects (down 15.16%), Puravankara Projects (down 9.44%), and Bhushan Steel (down 8.60%), slipped.
Adlabs Films jumped 5.16% to Rs 157 on reports of planning a Rs 200-crore push for the film services and movie exhibition businesses.
Market seen opening firm
Key benchmark indices are likely to open firm tracking positive Asian markets which were boosted by the US Federal Reserve's announcement of two new efforts to unfreeze credit for homebuyers, consumers and small businesses, committing up to $800 billion. The SGX November 2008 Nifty futures were up 39.50 points.
However volatility may rise ahead of the derivatives expiry for November 2008 series on Thursday, 27 November 2008. As per reports, rollover of Nifty positions from November 2008 to December 2008 series stood at 39% while marketwide rollover of positions was 45%, as on Tuesday, 25 November 2008.
The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing finance companies. It will set up a $200-billion programme to support consumer and small-business loans, the Fed said in a statement on Tuesday,24 November 2008 in Washington.
Meanwhile, Montek Singh Ahluwalia, the Deputy Chairman of Planning Commission on Tuesday, 24 November 2008 scaled down India's FY09 GDP to 7%. However, Finance Minister P Chidambaram estimates growth to be between 7% and 8% in FY09. According to him the current account deficit will go up. But, he feels India is nowhere close to a recession despite the crisis having worsened.
Most Asian markets were trading firm today, 25 November 2008. China's Shanghai Composite was up 0.32% or 5.98 points at 1,894.70, Hong Kong's Hang Seng rose 2.39% or 307.39 points at 13,185.99, Singapore's Straits Times advanced 0.75% or 12.46 points at 1,665.71, South Korea's Seoul Composite surged 3.52% or 34.66 points at 1,017.98, Taiwan's Taiwan Weighted added 1.09% or 46.69 points at 4,313.18. However, Japan's Nikkei slipped 1.30% or 108.27 points at 8,215.66
US markets ended mixed on Monday, 24 November 2008 even as the treasury commits up to $800 billion in two new programs to unfreeze credit markets & buy mortgage-related debt. On the economic data front, the US economy contracted by 0.50% in the third quarter.
The Dow Jones industrial average gained 36.08 points, or 0.43%, to 8,479.47. The S&P 500 gained 5.58 points, or 0.66%, to 857.39. The Nasdaq Composite index slipped 7.29 points, or 0.50%, to 1,464.73.
Back home, in a complete reversal of trend, the market lost ground on Tuesday, 24 November 2008 on concerns about sharply deteriorating major global economies. The BSE 30-share Sensex lost 207.59 points or 2.33%, to 8,695.53 and the S&P CNX Nifty fell 54.25 points or 2% to 2654, on that day.
Foreign institutional investors (FIIs) were net sellers worth Rs 161.88 crore while mutual funds bought shares worth Rs 155.09 crore on Tuesday, 25 November 2008, according to provisional data on NSE.
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