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Friday, December 04, 2009
BSE Bulk Deals to Watch - Dec 4 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
4/12/2009 524412 Aarey Drugs TRUPTI ATUL ZATAKIA B 30000 46.25
4/12/2009 524412 Aarey Drugs KETULANOPCHAND ZHATAKIA S 30000 46.25
4/12/2009 524075 Albert David PRIMORE SOLUTIONS PVT.LTD B 29840 133.91
4/12/2009 524075 Albert David PRIMORE SOLUTIONS PVT.LTD S 28695 134.34
4/12/2009 507525 Amrit Corp ANANTROOP FINANCIAL ADVISORY SERVICES PVT. LTD. B 97625 150.00
4/12/2009 507525 Amrit Corp LIC S 97625 150.00
4/12/2009 505036 Automobile Corp ALPNA ENTERPRISE B 215500 218.00
4/12/2009 505036 Automobile Corp MELCHIOR INDIAN OPPERTUNITIES FUND S 215494 218.00
4/12/2009 531591 Bampsl Sec KAUSHALYA GARG B 600000 0.74
4/12/2009 531591 Bampsl Sec OMPARKASH GUPTA B 500000 0.74
4/12/2009 531591 Bampsl Sec PRAKASHCHAND GUPTA S 540314 0.74
4/12/2009 531591 Bampsl Sec ANJALI KAUSHIK S 517355 0.74
4/12/2009 532813 C&C Const SHIVIKA COMMUNICATION PRIVATE LIMITED B 114886 274.75
4/12/2009 532813 C&C Const SHIVIKA COMMUNICATION PRIVATE LIMITED S 106189 272.80
4/12/2009 532363 Compulearn HITESH SHASHIKANT JHAVERI B 93063 31.84
4/12/2009 532363 Compulearn HITESH SHASHIKANT JHAVERI S 92039 31.83
4/12/2009 512068 Deccan Gold HITESH SHASHIKANT JHAVERI B 296077 37.44
4/12/2009 531913 Gopal Iron JAGAT JAYANTKUMAR PARIKH B 30000 6.10
4/12/2009 531913 Gopal Iron ANJANA RAMESHCHANDRA BIRLA S 30000 6.10
4/12/2009 532786 Great Offshore RAJASTHAN GLOBAL SEC LTD B 200000 512.99
4/12/2009 532786 Great Offshore TUSHAD BEHRAM DUBASH TRUSTM S 350624 512.81
4/12/2009 524314 Gujarat Terce SNEHALATHA SINGHI B 25000 19.00
4/12/2009 530255 KAY Power KAUSHALYA GARG B 68360 8.86
4/12/2009 530255 KAY Power KAUSHALYA GARG S 100000 8.37
4/12/2009 530255 KAY Power BAMPSL SECURITIES LTD. S 54057 8.90
4/12/2009 532967 Kiri Dyes OPG SECURITIES P LTD B 80222 579.96
4/12/2009 532967 Kiri Dyes OPG SECURITIES P LTD S 80222 579.79
4/12/2009 531602 Koffee Break KAMAL SHETH B 637800 2.66
4/12/2009 532341 Logix Micro INDIA INVESTMENT PARTNERS LIMITED A/C ICG Q LIMITED S 84084 50.03
4/12/2009 590111 MASTER MULTI SAJJA KISHORE BABU S 65000 74.41
4/12/2009 519287 Modern Dairies HITESH SHASHIKANT JHAVERI B 179564 80.55
4/12/2009 519287 Modern Dairies HITESH SHASHIKANT JHAVERI S 142633 80.24
4/12/2009 523160 Morganite Cruc HITESH RAMJI JAVERI S 21000 132.02
4/12/2009 532798 Network18 Media RUANE CUNNIFF AND GOLDFARB INC. A/C ACACIA PARTNERS LP B 945745 85.00
4/12/2009 532798 Network18 Media PASSPORT CAPITAL LLC A/C PASSPORT INDIA INVESTMENTS(MAURITIUS) S 1357138 85.00
4/12/2009 511702 Parsharti Inv JAYESH KUMAR CHIMANLAL SONI B 25035 37.00
4/12/2009 511702 Parsharti Inv PATEL SHAILESH JIVANLAL B 22000 37.79
4/12/2009 531769 PFL Infotech RAJESH KUMAR GUPTA B 25000 15.61
4/12/2009 531769 PFL Infotech RAJ AGARWAL B 38000 15.61
4/12/2009 531769 PFL Infotech SHANTI KUMAR SURANA B 100000 15.61
4/12/2009 531769 PFL Infotech HETRAMNANWAL SAJJAN KUMAR S 40000 15.61
4/12/2009 531769 PFL Infotech BHAGYANAGAR INVSETMENTS & TRADING PVT LTD S 241000 15.61
4/12/2009 526588 Photoquip India VORA HEMALIDI PAKKUMAR B 25000 41.00
4/12/2009 526588 Photoquip India AAGAM ENTERPRISE B 25000 41.00
4/12/2009 526588 Photoquip India SULAXMI EXPORT & MARKETING P.LTD S 150000 41.00
4/12/2009 526588 Photoquip India JAVED MEHDI SAIYED S 50000 41.00
4/12/2009 500337 Prime Sec MUDRA SECURITIES B 200000 39.49
4/12/2009 500337 Prime Sec PARESH R SHAH - (HUF) B 300002 35.71
4/12/2009 500337 Prime Sec SAJEEVE KOPPARA THOMAS B 750000 35.54
4/12/2009 500337 Prime Sec ICG Q LTD S 1849476 35.45
4/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 207982 28.13
4/12/2009 502587 Rama Pulp PUNAM AKHIL PATVA B 50045 28.44
4/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 122179 28.00
4/12/2009 502587 Rama Pulp PUNAM AKHIL PATVA S 50045 28.20
4/12/2009 502587 Rama Pulp PRABHA FARMS PVT LTD S 40000 28.31
4/12/2009 590077 Ranklin Sol JYOTHI G S 38500 57.62
4/12/2009 590077 Ranklin Sol VENKATA SIVA GANGADHARARAO PARVATHANENI S 29137 58.09
4/12/2009 530815 Refnol Resins VIJAY KUMAR JAIN B 16000 9.85
4/12/2009 531646 RFL Intl MITTAL SECURITIES FINANCE LTD B 36916 1.61
4/12/2009 523021 Rishi Packers AAVKAR FINANCE & TRADING PVT.LTD., B 25000 8.52
4/12/2009 523021 Rishi Packers AALAP LEASING & INVESTMENTS P.LTD. S 25000 8.52
4/12/2009 533143 RMEDIA WRLD MATRIX EQUITRADE PVT. LTD. B 352924 123.61
4/12/2009 533143 RMEDIA WRLD MARWADI SHARES AND FINANCE LTD. B 334406 122.68
4/12/2009 533143 RMEDIA WRLD OPG SECURITIES P LTD B 2074567 128.59
4/12/2009 533143 RMEDIA WRLD JMP SECURITIES PVT LTD B 263154 139.52
4/12/2009 533143 RMEDIA WRLD GENUINE STOCK BROKERS PVT. LTD. B 1023050 133.41
4/12/2009 533143 RMEDIA WRLD SMART EQUITY BROKERS PRIVATE LIMITED B 1044396 130.52
4/12/2009 533143 RMEDIA WRLD GENUINE STOCK BROKERS PVT. LTD. S 1023050 133.78
4/12/2009 533143 RMEDIA WRLD SMART EQUITY BROKERS PRIVATE LIMITED S 1044396 131.20
4/12/2009 533143 RMEDIA WRLD MATRIX EQUITRADE PVT. LTD. S 352924 124.42
4/12/2009 533143 RMEDIA WRLD MARWADI SHARES AND FINANCE LTD. S 334406 123.13
4/12/2009 533143 RMEDIA WRLD OPG SECURITIES P LTD S 2078167 129.01
4/12/2009 533143 RMEDIA WRLD JMP SECURITIES PVT LTD S 263154 139.32
4/12/2009 506172 Sampada Chem KOPRAN LABORATORIES LTD S 31450 43.43
4/12/2009 531569 Sanjivani Par MILAN P. SHAH B 40000 29.01
4/12/2009 532323 Shiva Cement VISHWAS SECURITIES LTD. B 1334872 9.29
4/12/2009 532323 Shiva Cement COASTAL FERROTECH LIMITED S 940000 9.59
4/12/2009 532323 Shiva Cement VISHWAS SECURITIES LTD. S 1332272 9.31
4/12/2009 513097 Shivalik Bimet SAINATH HERBAL CARE MARKETING P.LTD B 102215 24.78
4/12/2009 505827 SNL Bearings SHILPA MILIND DESAI B 34100 16.71
4/12/2009 513414 Sujana Metal RAJENDRA PRASAD ADIRAJU B 389029 26.95
4/12/2009 512257 Swasti Vinay Gem DEEPIKA SANJAY CHURIWALA B 159500 4.93
4/12/2009 526139 Transgene Bio HITESH SHASHIKANT JHAVERI B 158381 62.49
4/12/2009 526139 Transgene Bio JMP SECURITIES PVT LTD B 78834 59.54
4/12/2009 526139 Transgene Bio HITESH SHASHIKANT JHAVERI S 152861 62.39
4/12/2009 526139 Transgene Bio JMP SECURITIES PVT LTD S 91755 60.15
4/12/2009 531675 Tricom India TWIN BEST TRADING AND MARKETING PVT. LTD. B 300000 17.99
4/12/2009 502589 Vapi Paper NIRMALAVIKRAMDOSHI S 16746 8.19
4/12/2009 531249 Well Pack Papers HARDIK MAHESHBHAI PANDYA B 25766 310.31
NSE Bulk Deals to Watch - Dec 4 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-DEC-2009,AUSTRAL,Austral Coke & Projects L,ARIHANT SEC & INVESTMENT,BUY,1617204,7.75,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,OM INVESTMENTS,BUY,222077,223.66,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,SETU SECURITIES LTD,BUY,222698,222.77,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,201156,220.05,-
04-DEC-2009,FIRSTWIN,First Winner Industries L,MIHIR B SHAH,BUY,160000,18.40,-
04-DEC-2009,MANALU,Man Aluminium Limited,MOHINDER JAIN,BUY,593586,45.00,-
04-DEC-2009,MANALU,Man Aluminium Limited,RAVINDER NATH JAIN,BUY,580378,45.00,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,BP FINTRADE PRIVATE LIMITED,BUY,552212,123.52,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,CPR CAPITAL SERVICES LTD.,BUY,241853,130.45,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,1131993,135.24,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,HARBUX SINGH SIDHU,BUY,245086,137.36,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,937991,123.60,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,553272,125.43,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,373278,120.66,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,495533,135.37,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,PRB SECURITIES PRIVATE LTD.,BUY,266770,117.98,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,R APPALA RAJU,BUY,253000,133.20,-
04-DEC-2009,SASKEN,Sasken Commu Techno Ltd,BAJAJ ALLIANCE LIFE INSURANCE,BUY,260000,171.55,-
04-DEC-2009,AUSTRAL,Austral Coke & Projects L,ARIHANT SEC & INVESTMENT,SELL,1617204,7.71,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,OM INVESTMENTS,SELL,222077,223.85,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,SETU SECURITIES LTD,SELL,38789,220.12,-
04-DEC-2009,BHARTISHIP,Bharati Shipyard Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,201156,224.14,-
04-DEC-2009,FIRSTWIN,First Winner Industries L,BINDU B SHAH,SELL,160000,18.40,-
04-DEC-2009,MANALU,Man Aluminium Limited,JAGDISHCHANDRA J MANSHUKHANI,SELL,593586,45.00,-
04-DEC-2009,MANALU,Man Aluminium Limited,RAMESHCHANDRA J MANSHUKHANI,SELL,580378,45.00,-
04-DEC-2009,POLARIS,Polaris Software Lab Ltd,ORBITECH LIMITED,SELL,1319479,184.26,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,BP FINTRADE PRIVATE LIMITED,SELL,539192,125.77,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,CPR CAPITAL SERVICES LTD.,SELL,241853,130.64,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,1131993,135.18,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,HARBUX SINGH SIDHU,SELL,245086,137.72,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,934991,123.81,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,553272,125.65,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,373278,120.50,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,486984,135.98,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,PRB SECURITIES PRIVATE LTD.,SELL,266770,118.12,-
04-DEC-2009,RMEDIA,Rel. Media World Ltd,R APPALA RAJU,SELL,253000,133.05,-
Sensex slides to 17102
Today's major news
Turner to buy NDTV Imagine; the stock surged 7.90% in the day.
Infosys Technologies selected by Walmart for multi-year contract; the stock ends the day 0.25% higher.
Emami may join the race to acquire UK's Simple; the stock rises 1.18%.
Asahi Infrastructure bags order of Rs7.66 crore; the stock closed the day 1.00% higher.
Reliance Infrastructure bags Rs1,725 crore road project, the stock jumps 0.77%
Click here for more stories
Post-market summary
Global signals
Like most of the Asian indices, European indices also opened in red and could not recover from their morning losses. At the time of writing this report FTSE 100 was down by 0.65%.
Among major Asian indices Kospi, Shanghai Composite and Nikkei closed in green while Hang Seng, Straits Times closed with losses. Nikkei closed above 10,000 for first time in five weeks. SGX Nifty ended 4 points lower.
US stock futures opened flat as investors eagerly waited for monthly job figures to be out today.
Indian indices
On mixed leads from global markets, Indian indices opened in red, turned green for a while only to slip in red for the rest of the session. The Sensex opened marginally lower by 3 points. Witnessing a swing of 260 points the Sensex’ day high was 17292 and the day’s low was 17033 At closing bell the Sensex was at 17102, 84 points lower. Nifty closed 23 points lower at 5109.
Sensex sentiment
The market breadth was marginally negative. of the 2,867 stocks traded on the BSE, 1,435 stocks declined, whereas 1,372 stocks advanced. Sixty stocks closed unchanged.
Sectoral & stock screening
Out of the 13 sector indices on the BSE, six indices closed in green while seven indices closed in red. Among gainers BSE HC surged the most with gains of 1.24% followed by BSE TECk that rose 0.37% for the day. Among losers BSE Auto slid the most by 1.47% followed by BSE Bankex that fell by 1.18%
On stocks’ front, Essar Oil surged the most by 7.90% followed by Biocon that rose by 6.84% and Fortis Healthcare that rose by 5.98%. Among losers, Jain Irrigation slid the most by 4.92%, followed by Exide Industries that fell by 4.31% and Jet Air that shed 4.79%.
Viewing volumes
On stock turnover front, over 1.11 crore shares of Unitech changed hands on BSE followed by Suzlon Energy (1.07 crore shares), GVK Power & Infrastructure (0.81 crore shares), IFCI (0.71 crore shares) and Essar Oil (0.60 crore shares).
Asian markets swag ahead of US Jobless data
Sydney, Sensex, Hang Seng finish lower while Seoul, Shanghai post gains
Stock markets in Asian region flagged on Friday, 4 December 2009, as investors turned cautious before monthly US jobs data scheduled to release in the evening. The regional markets remained subdued from the morning as an unexpected contraction in U.S. service industries sparked concern about the strength of the global economic recovery.
On Wall Street, Stock markets sold off sharply in the last moments of trading Thursday, as investors turned skittish ahead of Friday's highly anticipated jobs report. The Dow Jones Industrial Average closed down by 87 points, or 0.8%, at 10,366. The S&P 500 slid 9 points, or 0.8%, at 1100, as the Nasdaq shed 12 points, or 0.5%, to 2173.
On the economic front, initial claims filed by U.S. workers for unemployment benefits fell to a better-than-expected rate to 457,000 in the week ended 28 November, which helped mitigate investor disappointment in an unexpected contraction in the U.S. service sector.
The Labor Department also issued its final reading on third-quarter productivity. Although it was downwardly revised to an increase of 8.1%, from an initial reading of a 9.5% jump, the Labor Department said the rise marked the largest gain in productivity since the third quarter of 2003. The Institute for Supply Management said its service index fell to 48.7 in November, which was lower that October's 50.6 reading and missed expectations for an increase to 51.5. A reading above 50 indicates growth.
In the commodity market, crude oil fell for a third day after a report showed service industries in the U.S. unexpectedly contracted in November, raising concern fuel demand may be slow to recover from the worst recession since World War II.
Crude oil for January delivery fell as much as 85 cents, or 1.1 percent, to $75.61 a barrel in electronic trading on the New York Mercantile Exchange. It was at $76.23 at 3:27 p.m. Singapore time.
Brent crude oil for January settlement fell as much as 82 cents, or 1.1%, to $77.54 a barrel on the London-based ICE Futures Europe exchange. The contract traded at $78.33 a barrel at 3:30 p.m. in Singapore.
Gold fell for a second day, paring a weekly advance, on speculation that signs of a slowing recovery will boost the dollar and as record prices deter investors. Silver, platinum and palladium also slumped. Bullion for immediate delivery fell 0.4% to $1,203.01 an ounce at 1:35 p.m. in Singapore. Gold for February delivery fell 1.2% to $1,204 an ounce on the Comex division of the New York Mercantile Exchange.
In the currency market, movement was mixed as investor’s await Non-Farm Payrolls report from US.
The Japanese currency softened for fourth consecutive day against major counterpart on Friday. The yen was quoted at 88.2 against greenback.
The Hong Kong dollar was trading at HK$ 7.7501 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar fell on Friday after investors locked in profits to protect themselves against sharp market moves before a US jobs report. At the local close, the dollar was buying $US0.9225, after testing a support level around $US0.9214 earlier in the day. It had closed at $US0.9281 here on Thursday.
In Wellington trade, the New Zealand dollar market settled down ahead of the release of United States monthly jobs data for November later today. The NZ dollar was at US72.22c at 5pm from US72.60c at 8am and US72.68c at 5pm yesterday. It rose as far as US73c on Thursday night.
The South Korean won closed at 1,153 won to the U.S dollar, up 2.3 won from Thursday's close of 1,155.3.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.1440, 0.0060 up from Thursday’s close of NT$32.1500.
In the equities, Asian stock markets closed the week mostly lower as a late sell off on Wall Street kept many buyers sidelined, while a battle for a slice of Japan Airlines saw that stock take off.
In Japan, shares market extended winning streak for fifth consecutive day, with the key Nikkei index breached 10,000 barrier for the first time in over five weeks, buoyed by strong gains in export related stock such as Hitachi, Canon and Honda Motor on the heels of a weaker yen. Softening domestic currencies easing worries over its recent sharp appreciation and calm exporters whose overseas profits would be higher when repatriated into the yen.
At the closing bell, the Nikkei 225 Stock Average index was at 10,022.59, spurted 44.92 points or 0.45% from its previous close, while the broader Topix of all First Section issues on the Tokyo Stock Exchange gained 1.54 points, or 0.17%, to 889.58. For the week, the Nikkei 225 Stock Average index witnessed awesome gains of 941.1 points or 10.36%, while the broader Topix index bounced 78.57 points or 9.69%.
In Mainland China, stock market finished the session higher after a weak start on tracking lower US market overnight following the weak data on the services sector, but recouped from intraday low of 2,214.84 points before finishing at 3,317 points.
The Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, rose 52.41 points, or 1.61%, to 3,317.04, meanwhile the Shenzhen Component Index on the smaller Shenzhen Stock Exchange advanced 0.91% or 125.09 points, to 13,884.93. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, gained 1.47%, to 3,643.49.
The Shanghai Composite index made a stellar recovery this week, raised 220.78 points, or 7.13%, while the CSI 300 Index spurted 260.98 points or 7.72%, for the week ended Friday, 4 December 2009.
In Hong Kong, the stock market trimmed steep morning losses to end of the day lower, snapped four straight days of winning streak, in broad-based selloff among materials and resources as investors wait anxiously for the release of all important US jobs figures tonight. Financials and properties were weaker amid worries about possible asset bubbles in the property market.
At the closing bell, the Hang Seng Index stumbled 55.72 points, or 0.25%, to 22,498.15, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, rose 2.49 points, or 0.02%, to 13,461.55.
The Hong Kong benchmark Hang Seng Index spurted 1,363.65 points or 6.45%, while Hang Seng China Enterprises bounced 989.42 points or 7.93%, in the week ended Friday, 4 December 2009.
In Australia, the stocks tumbled by the end of the day, snapping four days of winning streak, with broad based sell off triggered across the sector for gains after a four-days of strong rally. Investors’ sentiments turns cautious after the US market declined overnight as an unexpected contraction in US service industries raised concern the economic recovery is flimsy.
Materials and financials shares hit hard by the sell-off, after most of the bank raise their home loan rate by more than RBA’s step on Tuesday and pullback in metal prices, and cautious ahead of the release of US unemployment figure tonight.
At the closing bell, the benchmark S&P/ASX200 index surrendered 72.4 points, or 1.52%, to 4,702.2, meanwhile the broader All Ordinaries stumbled 68.1 points, or 1.42%, to 4,721.2. The benchmark S&P/ASX200 index surged 130.10 points, or 2.85% in the week ended Friday, 4 December 2009, meanwhile the Broader All Ordinaries added 124 points or 2.7%, during same period.
In New Zealand, benchmark index ended its four-day winning streak to end the last trading day of the week in the negative region. The NZX50 decreased 0.24% or 7.47 points to 3146.46. The NZX 15 fell 0.38% or 21.53 points to close at 5704.52.
In South Korea, stocks closed higher as stronger third-quarter growth data boosted recovery optimism. The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.76 points to end at 1,624.76, taking its winning streak to a fifth session.
In Taiwan, stock market in Taiwan snapped four days winning rally as investors decided to take some profit from the recent gains as outlook uncertain ahead of local election in the Taiwan. Taiwan goes to polls Saturday to elect new mayors, magistrates and local legislators. The ruling Kuomintang party (KMT) has been campaigning hard for the elections, which are seen as a mid-term test for President Ma Ying-jeou. A victory by the China-friendly Nationalist Party would be beneficial for ties across the Taiwan Strait. The benchmark Taiex share index snatched its four days rally on Friday, by finishing lower by 33.76 points or 0.44% in a day, closing at 7650.91.
In India, the key benchmark indices lost ground as weak US services sector data fueled worries of a weaker-than-expected jobs report in the US, due later in the global session. Stocks fell in Europe in after mixed performance of Asian stocks. The BSE 30-share Sensex was down 84.14 points or 0.49% to 17,101.54. The S&P CNX Nifty was down 22.80 points or 0.44% to 5108.90.
Elsewhere, Malaysia’s Kula Lumpur Composite index finished lower at 1270.20 while stock markets in Indonesia’s Jakarta Composite index gained 11.51 points ending the day higher at 2511.54.
In other regional market, European shares edged lower, with banks under pressure, as investors wait for data that's expected to show the U.S. economy is still shedding jobs. On a regional level, the U.K. FTSE 100 index declined 0.6% or 33.45 points to 5,380, the German DAX index declined 0.55% or 31.78 points to 5,739 and the French CAC-40 index lost 0.53% or 19.97 points to 3,779.
Godrej Properties sets IPO price band at Rs 490-530 per share
To raise Rs 500 crore through the issue
Godrej Properties has fixed the price band for its initial public offering (IPO) of 94.29 lakh equity shares, at Rs 490-Rs 530 per share. The issue will open for subscription on 9 December 2009 and will close on 11 December 2009.
At the top end of the price band, the company would be able to raise around Rs 499.73 crore. The issue will constitute 13.5% of the post issue paid-up capital of the company. Parent company, Godrej Industries currently holds 80.26% of equity share capital in the company.
Godrej Properties is in the business of real estate development. It currently has real estate development projects in 10 cities in India, which are at various stages of development.
The Mumbai-based firm plans to use the IPO proceeds for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans.
Ample global liquidity may support stocks liquidity
Indian stocks remain in a sweet spot due a combination of ample global liquidity and an ongoing recovery in the economy. Foreign institutional investors have made massive purchases of Indian equities this year.
A deluge of global liquidity has boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year or so to pull the world out of a most severe recession since the 1930s Great Depression.
However, a strong rebound in dollar, if any, may spook emerging market equities. The dollar index which measures the US currency against a trade-weighted basket of six major rival currencies has lost 8% this year, with near zero dollar rates driving the quest for high-yield assets outside the United States. The so-called dollar carry trade has put the dollar in a vulnerable position.
Lingering uncertainty on the huge US financing needs, some international debate on the status of the dollar and US Federal Reserve's intention to run an expansionary monetary policy for a prolonged period of time, offer additional ammunition for carry traders to use the dollar rather than other currencies.
Improving investor sentiment towards risk is still considered a good reason to sell the US dollar. But the dollar may bounce back once there are indication that the Fed will start reversing its extremely stimulating monetary policy.
The key data due on Friday, 4 December 2009, is US non-farm payrolls for November 2009. Economists expect the jobless rate to remain at a 26-year high of 10.2% in November 2009, with 100,000 non-farm payrolls lost. It would be the fewest jobs lost since January 2008.
Closer home, the government will unveil data on industrial production for October 2009 on Friday, 11 December 2009. The latest data showed that six core sector industries grew 3.5% in October 2009 from a year earlier, slower than upwardly revised annual growth of 4.1% in September 2009. The infrastructure sector accounts for 26.7% of industrial output. Industrial production jumped 9.1% in September 2009 from a year earlier.
Strong economic data and rising food price inflation has reinforced market expectations of a hike in cash reserve ratio (CRR) by the central bank to suck out excess liquidity in the banking system. CRR is the portion of deposits that banks are required to keep with the Reserve Bank of India (RBI).
The latest data showed the gross domestic product (GDP) grew by 7.9% in Q2 September 2009, from 7.1% in the previous year, shattering forecasts as stimulus measures boosted demand and manufacturing activity surged. The economy had registered a 6.1% growth in the first quarter.
The bulk of the recovery was led by a 9.2% growth in manufacturing, while mining and construction activities also expanded by 9.5% and 6.5%, respectively. But agriculture continued to me a major drag with a mere 0.9% growth.
Meanwhile, the initial public offer (IPO) of JSW Energy opens for bidding on Monday, 7 December 2009. Two days later, the IPO of Godrej Properties opens for bidding.
Strong Q2 GDP data sends stocks surging data
A surprisingly strong GDP growth rate for the quarter ended September 2009 pushed the key benchmark indices to their highest level in 1-1/2 months. However, the market retraced from higher level later on profit taking.
The latest data showed the gross domestic product (GDP) grew by 7.9% in Q2 September 2009, from 7.1% in the previous year, shattering forecasts as stimulus measures boosted demand and manufacturing activity surged. The economy had registered a 6.1% growth in the first quarter.
The bulk of the recovery was led by a 9.2% growth in manufacturing, while mining and construction activities also expanded by 9.5% and 6.5%, respectively. But agriculture continued to me a major drag with a mere 0.9% growth.
India's fiscal deficit during the April to October 2009 period was Rs 2.45 lakh crore ($52.7 billion), or 61% of the full-year target, the government said in a statement on Monday. Tax receipts were Rs 2.14 lakh crore and total expenditure was Rs 5.37 lakh crore for the first seven months of 2009/10 fiscal year.
The BSE 30-share Sensex rose 469.53 points or 2.82% to 17,101.54 in the week ended 4 December 2009. The S&P CNX Nifty rose 167.15 points or 3.38% to 5108.9.
The BSE Mid-Cap index rose 4.57% to 6,600.97 and the BSE Small-cap index soared 6.55% to 7,852.43. Both these indices outperformed the Sensex.
Key benchmark indices surged on Monday, 30 November 2009, ending a two-day losing streak, as the data showed India's economy expanded at a stronger-than-expected 7.9% pace in the second quarter. The BSE 30-share Sensex was up 294.21 points or 1.77% to 16,926.22. The S&P CNX Nifty was up 90.95 points or 1.84% to 5,032.70.
Key benchmark indices surged for the second running day on Tuesday, 1 December 2009, as markets across Europe and Asia rallied after worries about Dubai's finance woes receded. The BSE 30-share Sensex was up 272.05 points or 1.61% to 17,198.27. The S&P CNX Nifty was up 89.30 points or 1.77% to 5122.
Key benchmark indices saw divergent trend in what was a volatile trading session on Wednesday, 2 December 2009. The market retraced from a one-month high as profit booking emerged. The BSE 30-share Sensex was down 28.36 points or 0.16% to 17,169.91. The S&P CNX Nifty was up 1.25 points or 0.02% to 5123.25.
The key benchmark indices retraced from 1-1/2 month highs on Thursday, 3 December 2009, after comments by a top economic adviser and data showing a surge in food price inflation reinforced market expectation of a hike in cash reserve ratio by the central bank to suck out excess liquidity in the banking system. The BSE 30-share Sensex rose 15.77 points or 0.09% to 17,185.68. The S&P CNX Nifty rose 8.45 points or 0.16% to 5131.70.
The key benchmark indices lost ground on Friday, 4 December 2009 as weak US services sector data fueled worries of a weaker-than-expected jobs report in the US, due later in the global session. The BSE 30-share Sensex fell 84.14 points or 0.49% to 17,101.54. The S&P CNX Nifty fell 22.80 points or 0.44% to 5108.90.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) rose 3.83% to Rs 1,091. Reliance Industries said on Friday one of its units signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia. Under the deal, Ecopetrol will take a 20% stake in the Borojo North Block 42 and the Borojo South Block 43, which together cover an area of about 8,000 square kilometres in water depths ranging from 60-1,500 metres. Reliance's unit will hold the rest of the stake in the blocks and will be the operator. The deal is subject to approval from Colombia's upstream regulator.
Meanwhile, lawyers representing Anil Ambani's Reliance Natural Resources (RNRL) and the government reportedly clashed on Thursday in the Supreme Court over an affidavit filed by the oil ministry, which spelt out the state's stance on the right of power utility National Thermal Power Corporation (NTPC).
The government-owned power company is fighting a legal battle with RIL over a disputed contract, under which the Mukesh Ambani-led firm is supposed to supply gas from Krishna-Godavari basin at $2.34 per million British thermal units (mmBtu). RIL says the contract was never concluded, while NTPC says it was. In the affidavit, the Centre had said the price of $2.34 per mmBtu needed its approval though it also said it would protect NTPC's interests.
Auto stocks surged on the back of strong monthly sales figures for November 2009.
India's top tractor marker by sales Mahindra & Mahindra (M&M) rose 2.61%. The company's domestic auto sales soared 105.1% to 21,387 units in November 2009 over November 2008. M&M sold a total of 22,587 vehicles (domestic plus exports) in November 2009 as against 11,515 vehicles sold in November 2008.
India's largest small car maker by sales Maruti Suzuki India rose 1.99%. Maruti Suzuki, reportedly plans to raise production by up to 75% over the next five years in a bid to hold on to its 50% market share. The company's total vehicle sales spurted 66.60% to 87,807 units in November 2009 over November 2008. The announcement was made during trading hours on Tuesday. Domestic sales spurted 60.10% to 76,359 units, while exports surged 128.60% to 11,448 units in November 2009 over November 2008.
India's second largest bike maker by sales Bajaj Auto rose 4.64%. The company's total vehicle sales rose 73% to 2.76 lakh units in November 2009 over November 2008. Motorcycles sales jumped 84% to 2.42 lakh units.
India's top truck maker by sales Tata Motors rose 12.73%. The company's total sales zoomed 65.49% to 54,108 units in November 2009 over November 2008.
Tata Motors' total passenger vehicle sales in the domestic market grew by 44.52% at 20,706 units last month, against 14,327 units in the same month last year, the company said in a statement released after market hours on Tuesday. Exports jumped by 86.64% at 3,994 units, compared with 2,140 units in the same month last year, it added.
India's largest motorcycle maker by sales Hero Honda Motors, however, fell 4.54%. The company's total vehicle sales jumped 32% to 3.81 lakh units in November 2009 over November 2008.
Banking shares rose on upbeat economic data. India's largest private sector bank by net profit ICICI Bank rose 2.36%. India's second largest private sector bank by net profit HDFC Bank rose 2.09%. India's largest bank by net profit and branch network State Bank of India rose 3.80%.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) inched up 0.80%. After market hours on Tuesday, 1 December 2009 the firm announced a dual-rate loan scheme under which a borrower will be charged a fixed rate up to March 2012 and a floating rate thereafter. For a 20-year loan of Rs 30 lakh, a borrower will pay a fixed rate of 8.25% up to March 2012 and then a floating rate that's 500 basis points below the prime lending rate (PLR) - the institution's benchmark rate. Currently, the PLR is 13.75%.
Auto, banking stocks lead decline lead
The key benchmark indices lost ground as weak US services sector data fueled worries of a weaker-than-expected jobs report in the US, due later in the global session. Stocks fell in Europe after mixed performance of Asian stocks. Index heavyweight Reliance Industries (RIL) cut losses in a volatile trade after one of its units signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia.
As per provisional data, foreign funds today, 4 December 2009, bought equities worth a net Rs 198.14 crore. Domestic funds sold stocks worth a net Rs 56.64 crore
The BSE 30-share Sensex fell 84.14 points or 0.49%, off close to 190 points from the day's high and up close to 65 points from the day's low. Banking, auto and realty stocks fell. The market breadth was negative.
Intraday volatility was immense. The market recovered from lower level from an initial slide triggered by weak Asian stocks. The Sensex moved into positive zone. It fell once again into the red in mid-morning trade. The market surged in early afternoon trade as stocks rose in China and Japan. The market pared gains later. The market slumped in the mid-afternoon trade as European stocks slipped. The market cut losses in late trade.
The slowdown in the Indian economy is showing signs of moderation, Prime Minister Manmohan Singh said on Friday. Finance Minister Pranab Mukherjee said on Friday, the Indian economy is expected to show strong growth in the October 2009-March 2010 period.
Foreign institutional investment into India between April and October was in excess of $18 billion, Trade Minister Anand Sharma said on Friday.
The government has no intention of using the proceeds of stake sales in state-run firms to cut its fiscal deficit, but would use them to fund social support programs, Mukherjee told the parliament on Friday. Last month, the cabinet approved a rule change to use precedes from divestment up to the end of 2011/12 to fund social schemes, in contrast to the previous practice of putting them in a National Investment Fund. It was aimed at easing the pressure off the government as it struggles to manage a bloated fiscal deficit that is estimated to touch 6.8% of gross domestic product by March 2010.
India could return to a higher growth trajectory of 8-9 % in two years, but it needs to invest more in infrastructure for sustaining such growth, World Bank president Robert Zoellick said on Friday.
Excess liquidity in global markets is driving up prices of farm commodities, which could be potentially dangerous in the near term, World Bank President Robert Zoellick said on Friday.
The Reserve Bank of India (RBI) is likely to revise upwards growth forecasts for 2009/10 when it reviews policy in January 2010 and monetary action may be needed if inflation accelerates, Usha Thorat, a Reserve Bank of India (RBI) deputy governor said on Thursday. Thorat, said India's exit from its loose policy would be a challenge and managing the crisis was easier than managing the recovery now.
Managing capital inflows is again an important issue because large capital inflows and asset prices could feed on each other and this could be destabilising, Thorat said. Thorat also said that money supply growth, which was very low this year compared with in the previous two years, have implications for monetary policy.
On Monday, government data showed the economy grew at its fastest pace in 18 months expanding an annual 7.9 % in the September quarter. C. Rangarajan, who heads the prime minister's Economic Advisory Council, said he expected 2009/10 growth close to 7 %.The central bank is scheduled to review policy on 29 January 2009.
Rangarajan said the surge in food prices were a concern as it could boost manufactured prices. "That will require monetary action specially on the supply management side," he said. Data showed on Thursday, food inflation rose 17.47% in the 12 months to 21 November 2009, accelerating from previous week's level of 15.6 %.
Wholesale price inflation is expected to average 5.8 % in the 2010/11 fiscal year, according to a survey of professional forecasters, Thorat said on Thursday. India's gross fiscal deficit would reach 10.2% of gross domestic product in the 2009/10 fiscal year, based on government budget estimates she said.
Meanwhile, the UPA government on Thursday cleared the introduction of State Bank of India (Amendment) Bill in the current session of Parliament. The Bill seeks to bring the government's holding in the country's largest public sector bank on a par with other public sector banks at 51 %. Currently, the Union government holds 59% stake in SBI. At present, the stake of the promoter, that is Government of India, cannot fall below 55 %.
However, the Cabinet has deferred a decision on the controversial Pension Fund Regulatory and Development Authority Bill (PFRDA). Although the Bill was listed in the agenda paper of the meeting, it was not discussed and is likely to be taken up in the next Cabinet meeting. The Pension Fund Regulatory & Development Authority Bill seeks to bring foreign direct investment (FDI) into the sector. The Bill proposes to allow foreign players to hold up to 26% stake in Indian pension fund companies. It would also permit pension funds to deploy part of their corpus abroad in approved instruments.
European shares fell on Friday, tracking a late slide overnight in the United States, with banks among the biggest losers. The key benchmark indices in France, Germany and UK fell by between 0.46% to 0.67%.
Chinese stocks surged in choppy trade and in Japan the Nikkei 225 average settled above the psychological 10,000 level for the first time in 5 weeks. But some other Asian markets sagged before monthly US jobs data on Friday, with property and resource shares weighing after soft US data on Thursday raised concerns about the pace of economic recovery. Key benchmark indices in Singapore, Hong Kong and Taiwan fell by between 0.25% to 0.61%. The key benchmark indices in China, Indonesia, Japan and South Korea rose by between 0.45% to 1.61%.
China shares saw some support from hopes that the coming annual economic-planning conference could generate some positive news. Japan's Nikkei stock average closed above 10,000 on Friday for the first time in five weeks and rose 10.4% on the week, its biggest weekly gain in over a year, thanks to a wave of short-covering supported by foreign investors.
Trading in US index futures indicated the Dow could gain 7 points at the opening bell on Friday, 4 December 2009.
US markets dropped on Thursday, 3 December 2009 led by a sell-off in financial shares. Investors were concerned about the implication of Bank of America selling over $19 billion worth of common equivalent securities. The Dow Jones Industrial Average closed down 86.53 points or 0.83% at 10,366.15. The Nasdaq Composite ended down 11.89 points or 0.54% at 2,173.14 and S&P 500 Index down 9.32 points or 0.84% at 1,099.92.
Disappointing economic data was another trigger for the losses on Wall Street. The Institute for Supply Management's reading on the services index came in at 47.1, indicating a degree of contraction. Jobless claims dipped more-than-expected to 4,57,000. Retailer stocks struggled on disappointing batch of monthly same-store sales results.
US President Barack Obama urged corporate America on Thursday to help tackle the nation's highest unemployment in 26 years but also hinted at federal tax credits and aid to states to ease jobless woes.
Federal Reserve Chairman Ben Bernanke, making his case for a second term, defended his record on Thursday before a skeptical Senate that criticized the central bank for failing to prevent the financial crisis. The soft-spoken Fed chief, who is widely expected to win Senate backing, argued that the U.S. central bank's aggressive actions to combat the financial crisis had been crucial to thwarting an even more severe economic slump.
The Fed chairman, whose four-year term expires at the end of January 2010, admitted to some lapses by the central bank, but said a hands-on supervisory function was crucial to its ability to safeguard financial stability.
The BSE 30-share Sensex fell 84.14 points or 0.49% to 17,101.54. The Sensex rose 106.15 points at the day's high of 17,291.83 in early afternoon trade. The Sensex lost 152.87 points at the day's low of 17,032.81 in mid-afternoon trade.
The S&P CNX Nifty fell 22.80 points or 0.44% to 5108.90. Nifty December 2009 futures were at 5,130, at a premium of 21.10 points as compared to the spot closing of 5,108.90. Turnover in NSE's futures & options (F&O) jumped to Rs 71,530.98 crore from Rs 60,660.28 crore on Thursday, 3 December 2009.
The market breadth, indicating the overall health of the market turned negative in contrast to a strong breadth earlier in the day. On BSE, 1364 shares advanced as compared with 1441 that declined. A total of 60 shares remained unchanged.
Among the 30-member Sensex pack, 19 fell while the rest rose.
BSE clocked a turnover of Rs 4874 crore, lower than Rs 5227.82 crore on Thursday, 3 December 2009.
A deluge of global liquidity has boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year to pull the world out of a most severe recession since the 1930s Great Depression. The Sensex is up 7454.23 points or 77.26% in calendar year 2009, as on 4 December 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8941.14 points or 109.56% as on 4 December 2009.
Coming back to today's trade, the BSE Mid-Cap index fell 0.19%. The BSE Small-cap index gained 0.38%. Both these indices outperformed the Sensex.
Sectoral indices on BSE displayed mixed trend. The BSE Healthcare index (up 1.24%), the BSE Teck index (up 0.37%), the BSE FMCG index (up 0.36%), the BSE IT index (up 0.34%), the BSE Metal index (up 0.29%), the BSE Power index (up 0.04%), the BSE Capital Goods index (down 0.27%), the BSE PSU index (down 0.29%), outperformed the Sensex.
The BSE Consumer Durables index fell 0.49% and matched the performance of BSE Sensex.
The BSE Auto index (down 1.47%), the BSE Bankex (down 1.18%), the BSE Oil & Gas index (down 0.97%), the BSE Realty index (down 0.71%), underperformed the Sensex.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 1.13% to Rs 1,089.05. The stock was volatile. It hit a high of Rs 1106.40 and a low of Rs 1082.05. Reliance Industries said on Friday one of its units signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia. Under the deal, Ecopetrol will take a 20% stake in the Borojo North Block 42 and the Borojo South Block 43, which together cover an area of about 8,000 square kilometres in water depths ranging from 60-1,500 metres. Reliance's unit will hold the rest of the stake in the blocks and will be the operator. The deal is subject to approval from Colombia's upstream regulator.
Meanwhile, lawyers representing Anil Ambani's Reliance Natural Resources (RNRL) and the government reportedly clashed on Thursday in the Supreme Court over an affidavit filed by the oil ministry, which spelt out the state's stance on the right of power utility National Thermal Power Corporation (NTPC).
The government-owned power company is fighting a legal battle with RIL over a disputed contract, under which the Mukesh Ambani-led firm is supposed to supply gas from Krishna-Godavari basin at $2.34 per million British thermal units (mmBtu). RIL says the contract was never concluded, while NTPC says it was. In the affidavit, the Centre had said the price of $2.34 per mmBtu needed its approval though it also said it would protect NTPC's interests.
Oil exploration fell as US crude futures ended lower in seesaw trading on Thursday amid economic worries, after a report showed that the US services sector weakened in November 2009. On the New York Mercantile Exchange, January 2010 crude settled down 14 cents, or 0.18 percent, at $76.46 a barrel, trading from $75.54 to $77.50. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Cairn India fell 1.96%. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) fell 1.39%. India's second biggest state-run oil exploration firm by revenue Oil India fell 1.86%.
Shares of public sector oil marketing companies rose as lower crude oil prices will reduce under-recoveries on domestic sale of petrol, diesel, kerosene and LPG at controlled prices. Indian Oil Corporation, BPCL and HPCL rose by between 2.29% to 4.49%.
Auto stocks fell on profit taking after a sharp rally in recent trading sessions triggered by strong monthly sales figures for November 2009.
India's top tractor marker by sales Mahindra & Mahindra (M&M) fell 2.17%. The company's domestic auto sales soared 105.1% to 21,387 units in November 2009 over November 2008. M&M sold a total of 22,587 vehicles (domestic plus exports) in November 2009 as against 11,515 vehicles sold in November 2008.
India's largest small car maker by sales Maruti Suzuki India fell 2.44%. Maruti Suzuki, reportedly plans to raise production by up to 75% over the next five years in a bid to hold on to its 50% market share. The company's total vehicle sales spurted 66.60% to 87,807 units in November 2009 over November 2008. The announcement was made during trading hours on Tuesday. Domestic sales spurted 60.10% to 76,359 units, while exports surged 128.60% to 11,448 units in November 2009 over November 2008.
India's second largest bike maker by sales Bajaj Auto fell 1.94%. The company's total vehicle sales rose 73% to 2.76 lakh units in November 2009 over November 2008. Motorcycles sales jumped 84% to 2.42 lakh units.
India's largest motorcycle maker by sales Hero Honda Motors fell 1.61%. The company's total vehicle sales jumped 32% to 3.81 lakh units in November 2009 over November 2008.
But, India's top truck maker by sales Tata Motors rose 0.6%. The company's total sales zoomed 65.49% to 54,108 units in November 2009 over November 2008.
Tata Motors' total passenger vehicle sales in the domestic market grew by 44.52% at 20,706 units last month, against 14,327 units in the same month last year, the company said in a statement released after market hours on Tuesday. Exports jumped by 86.64% at 3,994 units, compared with 2,140 units in the same month last year, it added.
Banking shares fell on weak American depository receipts. India's largest private sector bank by net profit ICICI Bank fell 1.42% as its ADR fell 2.32% on Thursday.
India's second largest private sector bank by net profit HDFC Bank fell 1.21% as its ADR fell 1.38% on Thursday.
India's largest bank by net profit and branch network State Bank of India fell 1.12% after the government cleared the State Bank of India amendment bill.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) fell 0.19%, declining for the third day in a row on investor worry a dual interest rate scheme on home loans introduced by the company would hit margins. After market hours on Tuesday, 1 December 2009 the firm announced a dual-rate loan scheme under which a borrower will be charged a fixed rate up to March 2012 and a floating rate thereafter. For a 20-year loan of Rs 30 lakh, a borrower will pay a fixed rate of 8.25% up to March 2012 and then a floating rate that's 500 basis points below the prime lending rate (PLR) - the institution's benchmark rate. Currently, the PLR is 13.75%.
Realty shares fell on profit taking. DLF, Unitech and Sobha Developers fell by between 0.63% to 1.94%.
Cement stocks fell on profit taking. Recent reports suggested a second wave of cement price hike is likely within a fortnight. There have already been two prices hikes within a week. After prices were up by Rs 5-10 for a 50 kg bag in the last week of November in western and southern India, prices rose by Rs 8-11 a bag in the Mumbai region on Wednesday, 2 December 2009. The next set of price rises would happen in the north which is enjoying comparatively stable prices till now vis-a-vis the south and the west, reports suggest.
India's largest cement producer by capacity ACC fell 0.41%. The company's cement shipments fell 4.04% to 1.66 million tonnes in November 2009 from 1.73 tonnes in November 2008.
Aditya Birla Group's cement shipments rose 15.3% to 2.93 million tonnes in November 2009 over November 2008. Aditya Birla Group last month said it was combining its cement operations under group firm UltraTech Cement to make India's largest cement firm. UltraTech Cement fell 0.64%.
But, India's largest dam builder Jaiprakash Associates rose 0.26% The company posted 48.77% jump in its cement sales to 1.03 million tonnes in November 2008 over November 2008.
IT stocks rose on a weaker rupee. India's second largest software services exporter Infosys Technologies rose 0.25%. US retailer Wal-Mart has reportedly selected three IT vendors in India - Infosys Technologies, and unlisted Cognizant Technology Solutions and UST Global - for multi-year contracts worth over $600 million.
India's largest software services exporter Tata Consultancy Services (TCS) rose 0.77%. But, India's third largest software services exporter Wipro fell 0.3%.
The rupee fell on Friday, pulling back more than two-week high in the previous session. The partially convertible rupee was at 46.29/30 per dollar, weaker than its Thursday's close of 46.07/08. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
FMCG shares rose on renewed buying. TataTea, ITC, Hindustan Unilever, Marico, Nestle India, Dabur India and United Spirits rose by between 0.39% to 3.31%.
Metal stocks were mixed. Hindalco Industries gained 0.68%. The company hiked product prices by Rs 3000 a tonnes, with effective from 1 December 2009. Steel Authority of India and National Aluminum Company rose by between 0.95% to 2.21%. But, Sterlite Industries, Tata Steel and Hindustan Zinc fell by between 0.06% to 1.3%.
Capital goods stocks fell on profit taking. India's largest engineering and construction firm by sales Larsen & Toubro fell 0.14%
Among other capital goods stocks, Siemens, ABB and Thermax fell by between 0.21% to 1.7%.
Cals Refineries clocked highest volume of 2.57 crore shares on BSE. Unitech (1.11 crore shares), Mahindra Satyam (0.93 crore shares) and Karuturi Global (0.88 crore shares) were the other volume toppers in that order.
State Bank of India clocked highest turnover of Rs 147.04 crore on BSE. Housing Development & Infrastructure (Rs 126.63 crore), Tata Steel (Rs 121.36 crore), Unitech (Rs 98.17 crore) and DLF (Rs 95.45 crore) were the other turnover toppers in that order.
Sensex may open flat
Headlines for the day
Costlier Vegetables, pulses raise inflation to 17.5% - Business Line
JSW Steel's production doubles in November - Businesss Line
Emami may join race to acquire UK's Simple - Business Standard
Godrej Properties to launch IPO on December 9 - Business Standard
Essar Steel approaches govt to denotify steel SEZ at Hazira - Business Standard
Events for the day
Major corporate action:
Listing of equity shares of Reliance Media World Ltd
Pre-market report
Global signals
The European stocks opened the Wednesday with gains but at the end erased its gains and end the day in read zone with mining stock leading the downward journey. At the end, FTSE 100 closed 0.27% lower at 5313.·
The US markets closed in red zone as ISM services Data came below market expectation. Nasdaq 100 shed the 12 points and closed the day at 2173.
In today's trade, the Asian indices showing the mixed trend in the early trading hours. Indices like Straits Times & Hang Seng trading in red territory. While Jakarta Composite, Nikkei & Shanghai Composite trading with gains. And at the time of writing this report, SGX Nifty that opened weak with losses of 40 points, however it has recovered all the losses and is trading in the positive with the gain of 3 points.
Indian markets
The domestic indices are expected to open flat, remain volatile owing to the Mixed Asian cues & weak US Markets.
Among the local indices, the Nifty could test the 5182-5200 range on the up side, while on the down side it could find support at 5100 and 5150. While the Sensex is likely to get support at 17100 and may face resistance at 17300.
Indian ADR's
Among the Indian ADRs trading on the US bourses, only Dr. Reddy & Patni Computer managed to closed in green. While rest all of the Indian ADR closed in the Red wherein Rediff slides the most & fell 10.01%.
Commodity cues
In the commodity space, wherein the Crude oil prices recorded gain, with the Nymex light crude oil for January series rises by $0.30 to settle at $76.46 a barrel.
In the metals space, Comex Gold for February series surges $5.20 to settle at $1218.30 to a troy ounce.
Daily trend of FII/MF investment in equities
On December 03, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs1512.10 crore (with the gross purchase of Rs3914.90 crore and gross sales of Rs2402.80 crore).
While the Domestic mutual funds, on December 02, 2009, were the net Buyer of the stocks in the tune of Rs31.50 crore (with gross purchase of Rs1013.60 crore and gross sales of Rs982.00 crore).
Bullion metals end mixed
Gold extends its gains while silver falters
Yellow metal prices extended their gains on Thursday, 03 December, 2009. Prices rose due to strong demand for precious metals and also as the dollar continued to stay weak. The dollar remained relatively weak for the rest of the day after rising earlier during the day. But silver fell for the day
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Thursday, gold for December delivery ended at $1,217.4 an ounce, higher by $5.4 (0.4%) an ounce on the New York Mercantile Exchange. Earlier during the day, it rose to an intra day high of $1226.3 an ounce.
Gold ended November, 2009 higher by 13%. Gold just lost in three sessions in the entire month of November. Before that, for the third quarter it ended higher by 8.7%. For the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year. On a year to date basis, gold price is higher by 37.5%.
On Thursday, December Comex silver futures ended lower by 19.3 cents (1%) at $19.102 an ounce. For the month of November, 2009, silver rose 14%.
In the currency market on Thursday, the dollar tried to gather some strength against some of its counterparts earlier during the day following couple of economic reports. But then, the dollar fell after European Central Bank President Jean-Claude Trichet confirmed the bank's tender offer this month will be the last as it gradually phases out special liquidity measures. The dollar index, which measures the strength of the dollar against a basket of six other currencies, fell by almost 0.2%. Year to date, the dollar index has dropped by almost 8%.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for February delivery closed lower by Rs 9 (0.04%) at Rs 18,178 per ten grams. Prices rose to a high of Rs 18,364 per 10 grams and fell to a low of Rs 18,055 per 10 grams during the day's trading.
At the MCX, silver prices for March delivery closed Rs 336 (1.15%) lower at Rs 29,248/Kg. Prices opened at Rs 29,621/kg and fell to a low of Rs 28,977/Kg during the day's trading.
Market may edge higher on firm Asia
The market may edge higher in early trade tracking gains in most of Asia. However market may remain volatile after recent strong rally in indices.
The Reserve Bank of India (RBI) is likely to revise upwards growth forecasts for 2009/10 when it reviews policy in January 2010 and monetary action may be needed if inflation accelerates, Usha Thorat, a Reserve Bank of India (RBI) deputy governor said on Thursday. Thorat, said India's exit from its loose policy would be a challenge and managing the crisis was easier than managing the recovery now.
Managing capital inflows is again an important issue because large capital inflows and asset prices could feed on each other and this could be destabilising," Thorat said. Thorat also said that money supply growth, which was very low this year compared with in the previous two years, have implications for monetary policy.
On Monday, government data showed the economy grew at its fastest pace in 18 months expanding an annual 7.9 % in the September quarter. C. Rangarajan, who heads the prime minister's Economic Advisory Council, said he expected 2009/10 growth close to 7 %.The central bank is scheduled to review policy on 29 January 2009.
Rangarajan said the surge in food prices were a concern as it could boost manufactured prices. "That will require monetary action specially on the supply management side," he said. Data showed on Thursday, food inflation rose 17.47% in the 12 months to 21 November 2009, accelerating from previous week's level of 15.6 %.
Wholesale price inflation is expected to average 5.8 % in the 2010/11 fiscal year, according to a survey of professional forecasters, Thorat said on Thursday. India's gross fiscal deficit would reach 10.2 % of gross domestic product in the 2009/10 fiscal year, based on government budget estimates she said.
Meanwhile, the UPA government on Thursday cleared the introduction of State Bank of India (Amendment) Bill in the current session of Parliament. The Bill seeks to bring the government's holding in the country's largest public sector bank on a par with other public sector banks at 51 %. Currently, the Union government holds 59 per cent stake in the SBI. At present, the stake of the promoter, that is Government of India, cannot fall below 55 %.
However, the Cabinet reportedly deferred a decision on the controversial Pension Fund Regulatory and Development Authority Bill (PFRDA). Although the Bill was listed in the agenda paper of the meeting, it was not discussed and is likely to be taken up in the next Cabinet meeting report said. Pension Fund Regulatory & Development Authority Bill seeks to bring foreign direct investment (FDI) into the sector. The Bill proposes to allow foreign players to hold up to 26% stake in Indian pension fund companies. It would also permit pension funds to deploy part of their corpus abroad in approved instruments.
Most of the Asian stocks regained strength after falling from a 15-month high, after U.S. service industries unexpectedly shrank, raising concern the economic recovery is still fragile. The key benchmark indices in China, Indonesia, Japan, South Korea, and Taiwan rose by between 0.24% to 1.4%. But, the key benchamark indices in Singapore and Hong Kong fell by between 0.34% to 0.36%.
US markets closed sharply lower on Thursday, 3 December 2009 led by a sell-off in financial shares. Investors were concerned about the implication of Bank of America selling over $ 19 billion worth of common equivalent securities. The Dow Jones Industrial Average closed down 86.53 points or 0.83% at 10,366.15. The Nasdaq Composite ended down 11.89 points or 0.54% at 2,173.14 and S&P 500 Index down 9.32 points or 0.84% at 1,099.92,.
Disappointing economic data was another trigger for the losses on Wall Street. The Institute for Supply Management's reading on the services index came in at 47.1, indicating a degree of contraction. While jobless claims dipped more-than-expected to 4,57,000. etailer stocks struggled on disappointing batch of monthly same-store sales results.
US President Barack Obama urged corporate America on Thursday to help tackle the nation's highest unemployment in 26 years but also hinted at federal tax credits and aid to states to ease jobless woes.
Back home, the key benchmark indices retraced from 1-1/2 month highs on Thursday 3 December 2009 after comments by a top economic adviser and data showing a surge in food price inflation reinforced market expectation of a hike in cash reserve ratio by the central bank to suck out excess liquidity in the banking system. The BSE 30-share Sensex rose 15.77 points or 0.09% to 17,185.68 on that day.
As per provisional data, foreign funds on 3 December 2009, bought equities worth a net Rs 334.07 crore. Domestic funds sold stocks worth a net Rs 199.91 crore
Daily News Roundup - Dec 4 2009
The government may allow ONGC to auction small and marginal fields that are not economical to develop, so that the discoveries in these fields could be brought into production. (BS)
TCS has bagged a £150mn software implementation contract from Cardiff City Council, its first win from the local government space in UK. (BL)
L&T bagged Rs68.9bn contract from MAHAGENCO for supply of three 660Mw supercritical boiler turbine generator units. (BS)
SBI, the country’s largest lender will not extend its 8% home loan scheme beyond November 8. (BS)
After SAIL reduced flat steel prices, private steel makers like Ispat and Essar Steel have reduced prices by Rs1,000/ton and Rs700-1,000/ton respectively. (BS)
Tata Motors and Ashok Leyland have been asked to accelerate the supply of 2,500 buses, an order placed by Delhi Transport Corporation at the start of this year. (BS)
Land Rover, taken over by Tata Motors last year, launched its sport utility vehicle ‘Range Rover Model Year 2010’ in India at a starting price of Rs0.98mn ex-showroom, Mumbai. (BS)
Mahindra Satyam announced its plans to collaborate with defence and security company Saab to develop its operations in India for the global defence and homeland security market. (BS)
The state government said Reliance Power promoted Sasan UMPP is on schedule and is in the final stage of land acquisition, while civil and main plant work are likely to be started soon. (BS)
Mahindra & Mahindra's farm equipment sector posted 21% increase in tractor sales in October to 18,772 units against 15,465 units last year. (BL)
Bajaj Hindusthan’s attempt to acquire its closest rival, Balrampur Chini Mills, for around Rs24bn has fallen through over differences on the payment schedule. (ET)
Adani Power plans to expand capacity at the under-construction thermal power project in Tiroda, Maharashtra, to 3,300 MW from the initial plan of 1,980MW. (BL)
Reliance Communications and Loop Mobile said that they would also bill their mobile telephony subscribers on a per second basis. (BL)
Shoppers Stop has tied up with German denim jeans wear and lifestyle company Mustang for retail marketing in India. (ET)
Hero Honda revised upwards its sales target for FY10 and said it will exceed the 0.4mn units mark announced earlier. (ET)
ABG Shipyard, which is engaged in a takeover battle to acquire Great Offshore, has alleged that the board of the target company is tilted in favour of the rival bidder, Bharati Shipyard. (ET)
Essar Oil said it has time till the month-end to conclude talks for acquisition of Royal Dutch Shell’s three refineries in Europe. (ET)
The Delhi High Court has issued a stay order on the use of the Star Bazaar name by Tata’s retail company Trent for opening of stores in Delhi. (BS)
Consumer durables major Videocon Industries board approved raising Rs12.5bn via issue of shares on rights and preferential basis. (BS)
Total investment in setting up Apollo Tyres upcoming manufacturing plant near Chennai will stand at Rs20bn from the earlier investment of Rs5bn. (FE)
Religare plans to launch a US$500mn pan-Asian fund targeted at emerging economies. (BS)
Inorder to revamp its business, Mukand plans to improve its product mix by increasing the production of its high-value products and become a ‘one-stop-shop for speciality steel products’, majorily for auto and engineering industries. (BS)
Vishal Retail has signed an agreement with lenders for restructuring the terms of its Rs7.3bn debt, the process of which would start within a few days. (BS)
Tata Chemicals, the second largest producer of soda ash in the world, extended its salt brand portfolio with the launch of ‘i-Shakti Cooking Soda’, in Gujarat. (BS)
Lok Housing will seek shareholder approval to raise funds to the tune of Rs23bn from the international market and by way of private placement of shares. (ET)
IPCA Laboratories buyback programme will close on November 10. (FE)
Delhi High Court has granted an interim stay order against the NTC for calling any new bids for the 11-acre Finlay Mills land in Mumbai, for which real estate developer Lodha Group had earlier emerged as the highest bidder quoting Rs7.1bn. (BL)
Consumer electronics chain Tata Croma has drawn up capex of Rs1.5bn over the next two years to expand its footprint in the metros and launch new product lines via its dedicated computing and electronics chain Croma Zip. (BS)
Air Works, the only established company in the country for maintenance, repair and overhaul of aircraft, has received European Aviation Safety Agency certification for its engineering activities. (BS)
The finance minister signaled that the government’s economic reform strategy would focus on fiscal consolidation, debt management and mobilizing additional resources through disinvestment proceeds, curbing subsidies and promoting private sector investments. (BS)
The cost gap between low cost airlines and full service carriers is being narrowed as the latter has taken strategic initiatives to cut costs. (BS)
The average mall vacancy in the southern cities of Chennai, Hyderabad and Bangalore dropped to 5.7% in the July-September quarter of 2009 from 7% in the second quarter. (BS)
Orissa Electricity Regulatory Commission has fixed the tariff for the newly created category of agro-based industries in the state where the energy charge for irrigation pumping and agriculture in the LT category will be Rs1.10/kwh. (BS)
The government plans to reduce mobile termination charges by next year, a move that is expected to bring down call rates further. (BS)
India’s trade gap has narrowed to US$7.7bn in September, against US$15.3bn last year, as imports fell by 31.3%. (BS)
The Government has asked profitable listed PSUs in need of funds to meet their capital expenditure to approach the stock market with follow on public offerings, where the government will consider the sale of a part of its shareholding. (BS)
The government has identified some public sector companies for disinvestment, but its primary focus would be to dilute equity in listed profitable companies with less than 10% public shareholding, with follow-on public offerings. (BS)
As the XIth Plan reaches halfway, the government is likely to face financial shortfalls in the next two years, resulting in a marginal decline in the originally envisaged cumulative gross budgetary support of Rs 1.6trn. (BS)
India’s apparel exporters may be hit by the bankruptcy filing of New York based CIT Group, one of the leaders of short term financing to many small and mid-sized vendors in India. (BS)
RBI bought 200tons of gold from the International Monetary Fund for ~US$6.7bn. (BS)
Banks gross NPAs during the quarter ended September 2009 increased by Rs39.8bn over the sequential quarter. (BS)
Loan syndication by banks for Indian firms in the domestic and overseas market reached US$38.5bn through 108 deals in 2009 so far, 17% growth over last year. (BS)
After a lull in the last three months, cement sales seem to have picked up in October as real estate demand revived post-monsoon. (BL)
The Agriculture Ministry expects the kharif foodgrains output for 2009-10 at 96.63mn tons, lower than 117.7mn tons last year, due to the worst recorded monsoon since 1972. (BL)
FM said the new GST regime would be rolled only once all states are on board. (FE)
RBI has come up with draft guidelines for the issuance of NCD of maturity less than one year. (FE)
Fear is here!
Courage is doing what you're afraid to do. There can be no courage unless you're scared.
The bulls seem to have lost courage as bears put on their horror Halloween masks and scared the wits out of the bulls. Another rate hike by Australia; a big loss for UBS and a massive shake up of UK banks spooked sentiment globally. Warren Buffett's blockbuster deal for Burlington Northern Santa Fe could provide bulls some cheer. At the same time the latest chart patterns for the S&P 500 suggest that the uptrend may be running out of gas. All eyes and ears will be on the tone of central banks in US, UK and EU. Most of them may refrain from action in terms of raising rates.
Back home, the FM has reiterated that he is in no hurry to reverse the fiscal stimulus. Disinvestment would happen when the market offers the best possible value. Technically though, the bulls could lose some more ground. On the downside, support may kick in at 4450. On the way up, 4630-4650 could prove to be tricky levels to surpass. We expect a slight rebound at start followed by another choppy session.
FIIs were net sellers in the cash segment on Tuesday at Rs8.74bn on a provisional basis. But, the local funds were net buyers of Rs7.52bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs5.67bn. On Friday, the foreign funds were net buyers of Rs7.36bn in the cash segment. FIIs' net investments in Indian stocks this year is above $14.2bn.
US stocks ended mixed, as investors mulled improved auto sales, surging commodity prices and Warren Buffett's buyout of railroad Burlington Northern Santa Fe. The first day of the Federal Reserve's two-day policy meeting and some bearish news in the UK financial sector also weighed on the sentiment.
The Dow Jones Industrial Average lost 17 points, or 0.2%, to 9,771.91. The S&P 500 gained 2 points, or 0.2% to 1,045.41 and the Nasdaq Composite rose 8 points, or 0.4%, to 2,057.32.
The Dow Jones Transportation index surged 5.3% after Warren Buffett's Berkshire Hathaway said that it will buy railroad operator Burlington Northern Santa Fe.
US stocks managed gains on Monday at the end of a choppy session, but the selling resumed on Tuesday. The S&P 500 has tumbled over 5% in the last two weeks.
Warren Buffett's Berkshire Hathaway is buying Burlington Northern Santa Fe in a $44 billion cash-and-stock deal that the so-called Oracle of Omaha dubbed an "all-in wager on the economic future of the United States." The deal involves Berkshire buying the remaining 77.4% of the company it doesn't already own for around $100 per share. Burlington shares surged 28%.
In other merger news, Stanley Works said late on Monday that it would buy Black & Decker in a $4.5 billion all-stock deal. Stanley Works shares gained 10% and Black & Decker gained 8%.
MasterCard reported higher-than-expected quarterly earnings, reversing a year-ago loss. The credit card processor also reported a higher quarterly revenue that topped estimates. Looking forward, MasterCard said that fiscal-year 2009, 2010 and 2011 revenue growth will come in shy of the long-term objective of 12% to 15%. Its shares fell 1.6%.
Swiss bank UBS reported a bigger quarterly loss that was worse than expected Tuesday and also issued a cautious outlook. Shares fell 3.2%.
Royal Bank of Scotland Group (RBS) said it will sell its insurance unit and some branches as it receives an additional £25.5 billion, or $41.6 billion, in aid from the UK Treasury. RBS shares fell 5%. Lloyds Banking Group will also receive over $9 million in aid.
Initially, the banking sector woes weighed on a variety of bank shares, lowering the KBW Bank index by 1%. But the index erased losses by the close.
Most major US automakers reported that sales bounced back in October following a weak September, as more cars became available. Ford said sales rose 3% versus a year ago, topping forecasts for a decline of 3%. Sales also jumped 21% from September.
Toyota reported sales that were pretty flat versus a year ago, but that was better than the decline of 6% that analysts expected. Results were also up 21% from September. GM said October sales rose 5% versus a year ago, but that was short of expectations.
Dow component Johnson & Johnson said it is cutting 7% of its global workforce as part of a cost-cutting plan that could save the company up to $1.7 billion by 2011. Shares lost less than 1%. Shares were barely changed.
Intel shares slumped 2.7% after Morgan Stanley cut its rating on the company to "equal weight" from "overweight."
The two-day policy meeting of the Federal Reserve got underway on Tuesday, with a statement due on Wednesday afternoon. The Fed is widely expected to hold the fed funds rate, a key bank lending rate, at historic lows near zero. As always, investors will be attuned to what the Fed says about the economic outlook in its statement. The Fed could also provide hints as to when it might start withdrawing some of the trillions in stimulus. It is not expected to boost interest rates until sometime next year.
In the day's key economic news, factory orders rose 0.9% in September after falling 0.8% in the previous month. Economists thought it would rise 0.8%.
The dollar gained versus the yen and fell against the euro. Typically, a stronger dollar would pressure dollar-traded commodities such as oil and gold, but that wasn't the case on Tuesday.
US light crude oil for December delivery rose cents $1.47 to settle at $79.60 a barrel on the New York Mercantile Exchange.
COMEX gold for December delivery rallied $30.90 to settle at $1,084.90 an ounce after earlier hitting an intraday record high of $1,087 an ounce.
Treasury prices fell, raising the yield on the 10-year note to 3.47% from 3.41% on Monday.
European shares ended lower. The pan-European Dow Jones Stoxx 600 Index fell 1.2% to close at 234.90. Every sector ended in the red while the index's gains for the year were pared to about 18.6%.
The UK's FTSE 100 Index lost 1.3% to close at 5,037.21, while Germany's DAX Index declined 1.4% to end at 5,353.35 and the French CAC-40 Index fell 1.5% to settle at 3,584.25.
Anyone who thought that the holiday on Monday would save the bulls was in for a rude shock. It was an absolute carnage on Dalal Street after an extended weekend. All hopes of a rebound after last week's decline were completely shattered amid concerns that the nascent economic recovery could stall as central banks start reversing the stimulus. Australia's central bank raised interest rates for the second time in as many months; UBS posted another big loss and RBS and Lloyds Bank agreed to fresh bank bailout from the UK government.
Savage all round selling dragged the NSE Nifty below the 4,600 mark for the first time since September 3. It was an outright bear assault as the 100 DMA which has acted as a strong support for the index seemed to have lost its significance. What was even worse about today's bloodbath was that it came on higher volume and turnover. Market breadth was highly in favour of the bears.
Apart from the index heavyweights like DLF, Reliance Industries, Hindalco and JP Associates, even the Mid-Caps and the Small-Cap stocks were badly battered.
The realty stocks crumbled amid massive sell-off. The BSE Realty index was the top loser among the BSE sectoral indices, plummeting by over 9.5% in a single trading session.
Shares of DLF lost over 9% to Rs336, Unitech declined over 9% to Rs74, Parsvnath plunged over 9% to Rs95 and Sobha Developers slumped over 10% to Rs201.
On Tuesday, the BSE Sensex fell 491 points to end at 15,404 after touching a high of 15,957 and a low of 15,330. The index opened at 15,838 against the previous close of 15,896. The NSE Nifty was down 147 points to shut shop at 4,564.
In Asia, Australia's S&P/ASX ended lower by 0.2% at 4,531. Shanghai SE Composite was down 2.3% and Hang Seng index in Hong Kong fell by 1.7% on the other hand, the Nikkei in Japan was closed on account of a holiday.
In Europe, stocks were in the red. The FTSE in the UK was down 2%, The DAX in Germany was down 2.1% and the CAC 40 index in France fell 2.2.
Coming back to India, among the BSE sectoral indices, the Realty index was the top loser, shedding 9.7%, followed by the Metal index that was down 6% and the BSE Oil & Gas index was down 4.1%. Even, the BSE Mid-Cap index fell 3.7% and the BSE Small-Cap index was down 4.5%.
Among the 30-components of Sensex, 27 stocks ended in the red and only Bharti Airtel, Maruti and Sun Pharma ended in the positive terrain. Reliance Industries, Infosys, SBI, L&T and Sterlite Industries were among the major laggards.
Outside the frontline indices, the big losers in the broader market were Rolta, Aban Offshore, Gujarat NRE Coke, Syndicate Bank and India Cement. On the other hand, gainers included Jet Airways, Marico, BEL, Indian Hotels and BEML.
Shares of Bharti Airtel staged a smart bounce back and ended adding nearly 2.7% at Rs299. The company posted a net profit of Rs22.96bn for the quarter ended September 30, 2009 as compared to Rs16.04bn for the quarter ended September 30, 2008.
Total Income has increased from Rs83.02bn for the quarter ended September 30, 2008 to Rs89.27bn for the quarter ended September 30, 2009.
Singapore Telecommunications bought additional 1.52 % stake in Bharti and will pay up to Rs30.084bn in three installments ranging over 18 months.
As a result of the acquisition, Sing Tel's effective interest in Bharti Telecom will increase from 32.81 percent to 36.16% and its effective interest in Bharti Airtel from 30.43% to 31.95%.
According to media reports, the possible acquisition deal between Bajaj Hindusthan and Balrampur Chini has been called off. Bajaj Hindusthan was looking to buy promoter stake in Balrampur Chini.
Shares of Balrampur Chini plunged by over 10% to Rs134. On the other hand, Bajaj Hindusthan shares ended marginally higher by 0.5% to Rs196.
Bhavesh Gandhi, Analyst, IndiaInfoline, says "In short term it is beneficial for Bajaj Hindusthan".
Jindal Steel & Power posted a net profit of Rs3.05bn for the quarter ended September 30, 2009 as compared to Rs4.5bn for the quarter ended September 30, 2008. Total Income has decreased from Rs22.31bn for the quarter ended September 30, 2008 to Rs16.18bn for the quarter ended September 30, 2009.
The Group has posted a net profit of Rs8.08bn for the quarter ended September 30, 2009 as compared to Rs7.62bn for the quarter ended September 30, 2008. Total Income has decreased from Rs28.81bn for the quarter ended September 30, 2008 to Rs24.90bn for the quarter ended September 30, 2009.
The stock slipped by 4% to Rs613, it opened at Rs634 and made an intra-day high of Rs638 and a low of Rs600. Total traded volumes stood at 1.4mn shares.
Shares of Genus Power plunged by over 18% to Rs133 after a fire at IOC's Jaipur depot forced the closure of its plant adjoining the affected oil terminal.
The company announced that a 5 km area around the fire spot has been seized by the Government, The estimated loss and status shall be informed after entry of the employees allowed.
The stock opened at Rs155 and made an intra-day high of Rs155 and a low of Rs131.8. Total traded volumes stood at 0.42mn shares.
Shares of IRB Infra advanced by 1% to Rs233 after the Board of Directors approved raising of funds by further issue of securities in Domestic / International markets through various instruments including equity shares / warrants with Non-Convertible Debentures under QIP. The stock opened at Rs228 and made an intra-day high of Rs245 and a low of Rs228. Total traded volumes stood at 0.72mn shares.Sasken Communication Technologies
We recommend a buy in Sasken Communication Technologies stock from a short-term perspective. It is evident from the charts of the stock that following a medium-term downtrend from Rs 184 to Rs 127 between August and early November, it found support in the range of Rs 130 and Rs 140 last week. Subsequently the stock bounced up resuming its intermediate-term uptrend that has been in place since March low of Rs 41.50. The stock conclusively breached its medium-term downtrendline as well as 50-day moving average recently and continued to rally by gaining 7 per cent on December 3. We notice that there is an increase in volume over the past two trading sessions. The daily and weekly relative strength indices have entered into the bullish zone from the neutral region. Besides, the daily moving average convergence and divergence indicator has signalled a buy and is on the brink of entering in to the positive territory. Our short-term outlook on the stock is bullish. We anticipate it to move upward until it hits our price target of Rs 184 in the approaching trading sessions. Trader with a short-term horizon can buy the stock, while maintaining a stop-loss at Rs 158.
via BL
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