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Thursday, February 04, 2010
Turnover declines in a down market
Nifty February 2010 futures at discount
Nifty February 2010 futures were at 4,838.50, at a discount of 6.85 points as compared to the spot closing of 4,845.35. Turnover in NSE's futures & options (F&O) segment was Rs 71,019.05 crore, lower than Rs 78,755.97 crore on Wednesday, 3 February 2010.
Tata Steel February 2010 futures were at discount at 572.10 compared to the spot closing of 575.80.
Tata Motors February 2010 futures were at discount at 687 compared to the spot closing of 690.95.
Reliance Industries February 2010 futures were at slight discount at 1,019 compared to the spot closing of 1,020.
In the cash market, the S&P CNX Nifty lost 86.50 points or 1.75% at 4,845.35.
NTPC FPO subscribed 79%
Domestic institutions make a beeline for the issue
The follow-on public offer (FPO) of state-run power generation giant NTPC was bid 79% by 15:00 IST on day two, data on NSE showed. Most bids were at Rs 209 per share. The government has fixed the benchmark price for the proposed divestment of government stake at Rs 201 per share.
The institutional segment was oversubscribed on day one on Wednesday, 3 February 2010, as domestic institutional investors (DIIs). DIIs made a beeline for the issue. DIIs excluding mutual funds put in bids for 31.15 crore shares compared to 20.4 crore shares reserved for the qualified institutional buyers (QIB) segment as a whole. Foreign funds put in bids for 45.01 lakh shares on Wednesday.
NTPC's FPO is the first public issue which is adopting the French Auction route to raise funds. Under the French Auction model, institutional buyers are free to bid above a certain floor price. The highest bidder gets preference during the allotment of shares
The government currently holds an 89.5% stake in NTPC and it plans to dilute 5% through the FPO. At the floor price, the government would mop up Rs 8286 crore
Sensex ends sharply lower; Realty, metal drop
The Sensex wrapped on a depressing note weighed by realty, metal, auto and IT stocks. After a flat-to-positive opening, the index fell into the red due to profit booking. It continued to trade in a sluggish manner till noon. In the second half, the market slipped further on the back of aggressive sell-off witnessed across board,and negative opening of European market pulled down the sentiment. Finally, it closed sharply lower after touching a low of 16,188.80.
Food inflation inched up to 17.56% for the week ended January 23, on account of rising prices of potato and pulses. The wholesale price-based food inflation was 17.40% in the previous week.
At the close, the benchmark 30-share index, BSE Sensex declined 271.10 or 1.64% at 16,224.95 with 27 components registering drop. Meanwhile, the broad based NSE Nifty went down by 86.50 or 1.75% at 4,845.35 with 45 components posting drop.
On global front, European stocks open negative, after earnings reports from companies including Royal Dutch Shell, Zurich Financial Services and Vodafone Group. US futures dropped.
Meanwhile, Asian stocks dropped, dragging the MSCI Asia Pacific Index lower for the first time in three days, after Australian retail sales unexpectedly fell in December and commodity prices declined.
Sensex Movers
Reliance Industries contributed fall of 31.24 points in the Sensex. It was followed by Infosys Technologies (29.88 points), Housing Development Finance Corporation (26.57 points), State Bank Of India (18.57 points) and Tata Steel (18.17 points).
However, Oil & Natural Gas Corporation contributed rise of 3.47 points in the Sensex. It was followed by ITC (2.72 points), Hero Honda Motors (0.07 points), Reliance Infrastructure (0.56 points) and Sun Pharmaceutical Industries (0.62 points).
Biggest gainers in the 30-share index were Oil & Natural Gas Corporation (0.56%), I T C (0.32%), and Hero Honda Motors (0.03%).
On the other hand, Hindalco Industries (6.37%), Jaiprakash Associates (4.59%), Tata Motors (4.36%), D L F (4.33%), Tata Steel (3.85%), and Reliance Communications (3.60%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Midcap index was at 6517.14 down by 129.45 points or by 1.95%.The major losers were Reliance MediaWorks (3.93%), A I A Engineering (2.5%), Aban Offshore (1.8%), Alstom Projects India (0.75%) and Core Projects and Technologies (0.21%).
The BSE Smallcap index was at 8344.74 down by 136.27 points or by 1.61%.The major losers were Abhishek Industries (3.76%), Provogue (India) (2.82%), Aarti Industries (2.62%), A B G Shipyard (1.96%) and A B G Infralogistics (1.25%).
Sectors in Limelight
The Realty index was at 3,398.59, down by 137.63 points or by 3.89%. The major losers were D L F (4.33%), Anant Raj Industries (3.15%), Ansal Properties and Infrastructure (3.02%), Indiabulls Real Estate (2.82%) and Ackruti City (2.14%).
The Metal index was at 16,044.79, down by 557.34 points or by 3.36%. The major losers were Hindalco Industries (6.37%), Jai Corp (5.38%), Hindustan Zinc (4.67%), Jindal Steel & Power (1.52%) and Gujarat N R E Coke (0.85%).
The Auto index was at 6,941.36, down by 150.12 points or by 2.12%. The major losers were Bharat Forge (3.14%), Escorts (3.09%), Apollo Tyres (1.96%), Bajaj Auto (1.56%) and Amtek Auto (0.34%).
The IT index was at 4,917.98, down by 105.35 points or by 2.1%. The major losers were Mphasis (4.34%), Oracle Financial Services Software (3.8%), H C L Technologies (3.38%), Infosys Technologies (1.9%) and Aptech (1.34%).
Market Breadth
Market breadth was negative with 841 advances against 2,029 declines.
Value and Volume Toppers
Infinite Computer Solutions (India) topped the value chart on the BSE with a turnover of Rs. 2,484.90 million. It was followed by State Bank Of India (Rs. 1,531.42 million), Tata Steel (Rs. 1,181.75 million) and Aban Offshore (Rs. 839.34 million).
The volume chart was led by Shree Ashtavinayak Cine Vision with trades of over 14.27 million shares. It was followed by Dynamic Infotel (11.93 million), Infinite Computer Solutions (India) (11.84 million) and I F C I (7.32 million).
BSE Bulk Deals to Watch - Feb 4 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
4/2/2010 532914 Arcotech TEJINDER SINGH S 100000 22.75
4/2/2010 533138 ASTEC TRANSGLOBAL SECURITIES LTD. B 169577 69.46
4/2/2010 533138 ASTEC TRANSGLOBAL SECURITIES LTD. S 172577 69.65
4/2/2010 532995 Avon Corp VINOD AMRATLAL NAAI B 991585 8.82
4/2/2010 532995 Avon Corp VINOD AMRATLAL NAAI S 1049771 8.88
4/2/2010 531719 Bhagiradha Che ASHOK KUMAR BILGAIYAN B 34552 74.53
4/2/2010 531719 Bhagiradha Che ASHOK KUMAR BILGAIYAN S 34552 74.88
4/2/2010 511607 Birla Shloka RAVI SHANKARAN B 750000 57.99
4/2/2010 511607 Birla Shloka NIRAJHAR SUKHLAL SANGHAVI B 157574 51.30
4/2/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT B 731490 53.45
4/2/2010 511607 Birla Shloka MOHAN LAL AGARWAL B 220229 51.50
4/2/2010 511607 Birla Shloka RMJ COMMODITY MARKET PRIVATE LIMITED B 75000 56.62
4/2/2010 511607 Birla Shloka HITESH SHASHIKANT JHAVERI B 235952 56.31
4/2/2010 511607 Birla Shloka BHAVIN Y MEHTA B 86700 56.76
4/2/2010 511607 Birla Shloka BP FINTRADE PRIVATE LIMITED B 123366 53.21
4/2/2010 511607 Birla Shloka BP FINTRADE PRIVATE LIMITED S 123363 56.33
4/2/2010 511607 Birla Shloka HITESH SHASHIKANT JHAVERI S 128866 58.51
4/2/2010 511607 Birla Shloka TALISMAN SECUTIRIES PVT LTD S 294763 48.73
4/2/2010 511607 Birla Shloka BHAVIN Y MEHTA S 131700 49.91
4/2/2010 511607 Birla Shloka TOUCHSTONE FINVEST SERVICES PRIVATE LIMITED S 100000 56.75
4/2/2010 511607 Birla Shloka MOHAN LAL AGARWAL S 220229 51.63
4/2/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT S 731490 54.49
4/2/2010 511607 Birla Shloka PARAM COMMODITIES PVT.LTD. S 200000 50.04
4/2/2010 511607 Birla Shloka APURVA COMMODITIES PRIVATE LIM S 159239 50.00
4/2/2010 511607 Birla Shloka PUSHKAR BANIJYA LIMITED S 225000 58.54
4/2/2010 511607 Birla Shloka NIRAJHAR SUKHLAL SANGHAVI S 157574 56.50
4/2/2010 511607 Birla Shloka SARSWATI VINCOM LTD S 178551 58.75
4/2/2010 531337 Channel Guide VISHAL SATISHKUMAR SHAH B 50000 18.30
4/2/2010 531337 Channel Guide HEMANT RAJENDRABHAI SHAH S 50000 18.30
4/2/2010 530871 Chembond Chem DISCOVERY WEALTH MANAGEMENT SERVICES PRIVATE LIMITED S 22500 250.47
4/2/2010 532363 Compulearn HITESH SHASHIKANT JHAVERI S 96461 23.45
4/2/2010 532858 Decolight Cerm BHAVNABEN HARSHADBHAI PATEL S 139798 12.22
4/2/2010 532631 Fame India RELIANCE CAPITAL PARTNERS B 414200 48.30
4/2/2010 509567 Goa Carbon OPG SECURITIES P LTD B 58667 127.68
4/2/2010 509567 Goa Carbon BP FINTRADE PRIVATE LIMITED B 56882 123.59
4/2/2010 509567 Goa Carbon BP FINTRADE PRIVATE LIMITED S 51821 125.80
4/2/2010 509567 Goa Carbon OPG SECURITIES P LTD S 58667 127.57
4/2/2010 508918 Greycells Enter SAFE ENTERPRISES S 44446 58.00
4/2/2010 513059 GS Auto SANJAYKUMAR CHAMPAKLAL SHAH B 46500 47.24
4/2/2010 532658 Indo Asian Fuse PKR HITECH INDUSTRIAL COPORATION LLP B 135000 68.30
4/2/2010 532658 Indo Asian Fuse VPM INDUSTRIAL CORPORATION LLP S 135000 68.30
4/2/2010 533154 INFINITE A K G STOCK BROKERS PRIVATE LIMITED B 221247 207.60
4/2/2010 533154 INFINITE SMART EQUITY BROKERS PRIVATE LIMITED B 490144 207.67
4/2/2010 533154 INFINITE GENUINE STOCK BROKERS PVT. LTD. B 511659 205.37
4/2/2010 533154 INFINITE SANJEEV SINGHAL B 244624 206.39
4/2/2010 533154 INFINITE OPG SECURITIES P LTD B 1040768 207.01
4/2/2010 533154 INFINITE JMP SECURITIES PVT LTD B 220297 210.00
4/2/2010 533154 INFINITE JMP SECURITIES PVT LTD S 220079 200.80
4/2/2010 533154 INFINITE OPG SECURITIES P LTD S 1040768 207.18
4/2/2010 533154 INFINITE SANJEEV SINGHAL S 244624 206.56
4/2/2010 533154 INFINITE SMART EQUITY BROKERS PRIVATE LIMITED S 490144 207.79
4/2/2010 533154 INFINITE GENUINE STOCK BROKERS PVT. LTD. S 511659 205.63
4/2/2010 533154 INFINITE A K G STOCK BROKERS PRIVATE LIMITED S 221247 208.48
4/2/2010 523467 Jai Mata Glass CHHAYA DILIP SHAH B 125141 3.37
4/2/2010 523467 Jai Mata Glass MANSI MILAN CHOKSI B 249885 3.37
4/2/2010 523467 Jai Mata Glass MUKUL NANJI JETHVA B 124974 3.37
4/2/2010 523467 Jai Mata Glass SHAILESH RAVJIBHAI PATEL S 160000 3.37
4/2/2010 507180 Kesar Enter WALLFORT FINANCIAL SERVICES LTD S 35000 132.07
4/2/2010 517554 Midpoint Soft CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 10099 43.99
4/2/2010 517554 Midpoint Soft HITESH SHASHIKANT JHAVERI B 6998 44.70
4/2/2010 517554 Midpoint Soft HITESH SHASHIKANT JHAVERI S 12937 44.55
4/2/2010 517554 Midpoint Soft CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 8599 42.38
4/2/2010 531083 Nihar Info DIVYESH NIHAR BODA S 40000 3.63
4/2/2010 531791 Novagold Petro ABHIJAI INVESTMENT S 34000 3.98
4/2/2010 500313 Oil Country Tub MANISH GILADA B 225000 115.00
4/2/2010 531496 Omkar Overseas PARESH RAMJIBHAI CHAUHAN B 37829 48.10
4/2/2010 531496 Omkar Overseas NISHITH BABULAL SHAH B 25000 49.00
4/2/2010 531496 Omkar Overseas NISHITH BABULAL SHAH B 50000 48.70
4/2/2010 531496 Omkar Overseas AMBIKA SHYAM SHUKLA S 50000 48.70
4/2/2010 512097 Oregon Comm HALAN PROPERTIES PRIVATE LTD. B 12933 205.07
4/2/2010 512097 Oregon Comm CHITTALIYA GEETABEN JIGNESH B 5000 200.50
4/2/2010 512097 Oregon Comm SANJAY JETHALALSONI B 5200 200.00
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI B 5200 200.00
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI B 6226 201.79
4/2/2010 512097 Oregon Comm APPLE BROKING B 5000 200.00
4/2/2010 512097 Oregon Comm AAP INVESTMENTS B 5000 201.00
4/2/2010 512097 Oregon Comm AAP INVESTMENTS S 5000 199.85
4/2/2010 512097 Oregon Comm NITIN SHIVLAL RUPANI S 14800 200.02
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI S 5656 206.57
4/2/2010 512097 Oregon Comm SANJAY JETHALALSONI S 5200 210.28
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI S 5200 206.31
4/2/2010 512097 Oregon Comm HALAN PROPERTIES PRIVATE LTD. S 12933 208.01
4/2/2010 512097 Oregon Comm NARESH S RUPANI S 10000 200.13
4/2/2010 512097 Oregon Comm JYOTI NARESH RUPANI S 10000 200.50
4/2/2010 512097 Oregon Comm NARESH SHIVLAL RUPANI S 11800 200.75
4/2/2010 531280 Pankaj Poly BLUE SQUARE CORPORATE SERVICES PVT LTD B 32900 17.45
4/2/2010 531280 Pankaj Poly LATA MAHESH GUPTA S 46055 17.56
4/2/2010 531855 Prabhav Inds JIGNESH CHANDRAKANT SHAH B 54300 38.85
4/2/2010 531855 Prabhav Inds JIMIT RAMESH SHAH S 100000 38.85
4/2/2010 531855 Prabhav Inds RAMESH VIRAJ SHAH S 50000 38.85
4/2/2010 590077 Ranklin Sol SATISH MORTHA B 43575 55.85
4/2/2010 590077 Ranklin Sol CH VISHNU VARDHAN S 39000 55.46
4/2/2010 590077 Ranklin Sol RAMESH KUMAR TUMMAPALA S 31525 55.96
4/2/2010 590077 Ranklin Sol SITHA BURUGULA S 26500 56.37
4/2/2010 533017 Resurgere Mines OPG SECURITIES P LTD B 260491 100.97
4/2/2010 533017 Resurgere Mines OPG SECURITIES P LTD S 260491 100.96
4/2/2010 531781 Sapan Chem NILESH KRUSHNA PALANDE S 44221 4.04
4/2/2010 532793 Shree Ashtavina SUMAN DEVI B 879495 30.39
4/2/2010 532348 Subex MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY LTD S 303728 65.47
4/2/2010 519228 Temptation Food AENEAS EVOLUTION PORTFOLIO LIMITED S 175000 35.73
4/2/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED B 116337 491.22
4/2/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED S 116337 491.14
4/2/2010 532360 Vintage Cards VAIBHAV RAMESH SAMANT S 5000 17.28
4/2/2010 511726 Vipul VAISHALLI ARYA S 322000 47.53
4/2/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR B 26797 422.54
4/2/2010 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM B 26149 422.57
4/2/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR S 28475 423.36
4/2/2010 506720 Zandu Pharma A K G STOCK BROKERS PRIVATE LIMITED B 4640 4724.80
4/2/2010 506720 Zandu Pharma A K G STOCK BROKERS PRIVATE LIMITED S 4640 4729.10
4/2/2010 506720 Zandu Pharma EMAMI INFRASTRUCTURE LIMITED S 6538 4660.62
* B - Buy, S - Sell
NSE Bulk Deals to Watch - Feb 4 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-FEB-2010,ASTEC,Astec LifeSciences Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,196484,69.55,-
04-FEB-2010,DECOLIGHT,Decolight Ceramics Limite,HARESH INFRASTRUCTURE PRIVATE LIMITED,BUY,10000,11.17,-
04-FEB-2010,FAME,Fame India Limited,RELIANCE CAPITAL PARTNERS,BUY,265048,48.31,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,BP FINTRADE PRIVATE LIMITED,BUY,71015,125.73,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,LPC SECURITIES LTD,BUY,52580,125.62,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,MBL & COMPANY LTD.,BUY,79977,124.95,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,BUY,88087,126.16,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,BP FINTRADE PRIVATE LIMITED,BUY,260180,210.19,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,CARLSON FUND EQUITY ASIAN SMALL CAP (CASC),BUY,784000,203.57,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,302398,206.82,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,518620,207.67,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,JMP SECURITIES PVT LTD,BUY,221428,211.33,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,263643,208.50,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,399931,208.40,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,NEPTUNE FINCOT PVT LTD,BUY,218809,208.80,-
04-FEB-2010,ITI,ITI Ltd.,PRASHANT JAYANTILAL PATEL,BUY,132113,56.80,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,BLUE PEACOCK SECURITIES PVT LT,BUY,775204,30.66,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,771977,30.16,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,SUMAN,BUY,1210586,30.32,-
04-FEB-2010,SPICEMOBIL,Spice Mobiles Limited,BP FINTRADE PRIVATE LIMITED,BUY,403911,41.79,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,BUY,55000,492.31,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,150962,491.03,-
04-FEB-2010,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1316197,18.54,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,4439,4723.49,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,AVICHAL REALITY PRIVATE LIMITED,BUY,5800,4655.63,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,6424,4757.29,-
04-FEB-2010,ASTEC,Astec LifeSciences Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,194984,69.49,-
04-FEB-2010,DECOLIGHT,Decolight Ceramics Limite,HARESH INFRASTRUCTURE PRIVATE LIMITED,SELL,100000,12.24,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,BP FINTRADE PRIVATE LIMITED,SELL,70016,126.12,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,LPC SECURITIES LTD,SELL,51080,125.92,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,MBL & COMPANY LTD.,SELL,79977,125.02,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,SELL,88087,126.29,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,BP FINTRADE PRIVATE LIMITED,SELL,263680,209.95,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,308498,206.37,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,518620,207.56,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,JMP SECURITIES PVT LTD,SELL,303180,208.03,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,263643,208.65,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,399931,208.42,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,NEPTUNE FINCOT PVT LTD,SELL,220809,208.66,-
04-FEB-2010,INOXLEISUR,INOX Leisure Limited,RELIANCE CAPITAL LTD,SELL,390000,75.69,-
04-FEB-2010,ITI,ITI Ltd.,PRASHANT JAYANTILAL PATEL,SELL,132113,56.22,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,BLUE PEACOCK SECURITIES PVT LT,SELL,884679,29.72,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,825838,29.99,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,SUMAN,SELL,1535586,30.10,-
04-FEB-2010,SPICEMOBIL,Spice Mobiles Limited,BP FINTRADE PRIVATE LIMITED,SELL,388866,41.90,-
04-FEB-2010,SUBEX,Subex Limited,MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY LIMITED,SELL,367012,65.47,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,SELL,10000,488.64,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,150962,491.44,-
04-FEB-2010,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1316197,18.53,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,4439,4726.18,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,AVICHAL REALITY PRIVATE LIMITED,SELL,5800,4644.85,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,EMAMI INFRASTRUCTURE LIMITED,SELL,8462,4641.30,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,6424,4765.35,-
Its bears turn today
Today's major news
State Bank of India expands its business in North India; the stock closes 2.45% lower
Shipping Corporation of India in line for a 20% government stake sale: the stock ends the day 2.05% lower
Simmonds Marshall’s stock split news: the stock jumps 10%
Rishi Laser shines on winning export order; the stock rises 0.36%
ACC’s CY2009 net profit zooms by 32%; the stock slid 2.90%
Click here for more stories
Post-market summary
Global signals
The European markets extended their losses on Thursday, as banking shares dropped the most led by Deutsche Bank and Santander. At the time of writing this report FTSE 100 was down by 0.86%.
Among major Asian indices, all the indices closes lower except Kospi that closed marginally higher. SGX Nifty fell 95 points.
US stock futures opened marginal lower ahead of data for first-time claims for jobless benefits for the week ended January 30 and data related to December factory orders.
Indian indices
It seems if bears and bulls are taking turns to leave investors restive. Where the bulls pushed the bears to the wall yesterday, today bears took the turn. On glum cues from overseas markets, the Sensex opened mere four points higher, but soon turned negative and continued to slid all along the day. Realty and metal bears stocks pushed the index to the day’s low of 16189. The day’s high was 16508. At closing bell, the Sensex was at 16496, 271 points lower. Nifty closed at 4845, 86 points lower.
Sensex sentiment
The declining stocks outnumbered the advancing stocks. Of the 2,899 stocks traded on the BSE, 2003 stocks declined, whereas 836 stocks advanced. Sixty stocks closed unchanged.
Sectoral & stock screening
Bears drubbed all the sectors with the interest rate sensitive realty sector tumbling the most, posing a loss of 3.89%. After yesterday’s rally, metal stocks were trapped in profit booking pushed the sector index 3.36% down. Fast moving consumer goods (FMCG) the defensive sector stood least affected among the 13 sector indices.
The star stock for the day was Procter & Gamble that was up by 5.55% to be followed by GAIL India that surged 3.14% and MMTC that rose 1.67%. Among laggards Jaiprakash Hydro slid the most by 6.54%, followed by Aluminum major Hindalco that fell 6.37% and Reliance Natural Resources that shed 6.12%.
Viewing volumes
Industrial finance company IFCI saw highest trading with over 0.73 crore shares changing hands on the BSE followed by realty major Unitech (0.70 crore shares), wind turbine major Suzlon Energy (0.61 crore shares), Reliance Natural Resources (0.58 crore shares) and Ispat Industries (0.41 crore shares).
Asian Markets tumbles on Thursday
Sensex, Hang Seng, Seoul, Shanghai led losses while NZX50, Seoul close higher
Stock markets in Asian region tumbled on Thursday, 4 February 2010, as investors showed little interest, drying up the buying activity following somewhat lackluster session on Wall Street overnight. Besides a lack of triggers, caution ahead of some key earnings reports and a fair amount of profit taking due to weaker commodity prices are also contributed to the decline in most of the markets in the region.
On Wall Street, a two-day stock rally stalled Wednesday as mildly positive economic data failed to offset uncertainty regarding the strength of economic recovery amid a weak job environment. The Dow Jones Industrial Average finished off session lows but still lost 26 points, or 0.3%, to 10,271. The S&P 500 shed 6 points, or 0.6%, to 1097, though the Nasdaq improved by nearly 1 point, or 0.04%, at 2191.
In the commodity market, crude oil declined for a second day after a U.S. Energy Department report yesterday showed a bigger- than-forecast increase in inventories as refineries idled units and imports climbed.
Crude oil for March delivery fell as much as 43 cents, or 0.6%, to $76.55 a barrel in electronic trading on the New York Mercantile Exchange. It was at $76.57 at 8:33 a.m. London time.
Brent crude for March settlement fell as much as 55 cents, or 0.7%, to $75.37 a barrel on the London-based ICE Futures Europe exchange. It was at $75.47 at 8:33 a.m. London time.
Gold declined for a second day in London as a stronger dollar may curb demand for the metal as an alternative investment. Gold for immediate delivery fell $3.30, or 0.3%, to $1,106.50 an ounce at 8:58 a.m. London time. Prices dropped 0.4% yesterday. Bullion for April delivery was down 0.4% at $1,107.20 on the New York Mercantile Exchange's Comex unit.
In the currency market, the US dollar slipped against the yen but gained against other rivals in Asian trading, ahead of European Central Bank and Bank of England policy meetings later in the session.
The Japanese yen softened against greenback and euro, but strengthened against other higher yielding currencies on Asia-Pacific slow recovery speculation and European nation's debts struggles. The yen strengthen against Australian and New Zealand currencies after reports showed Australian retail sales unexpectedly shrank and New Zealand's jobless rate rose to the highest level since 1999. Japan's currency yen was quoted at 91.03 against the greenback.
The Hong Kong dollar was trading at HK$ 7.7698 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 trades, the Australian dollar dropped after a fall in monthly retail sales figures surprised financial markets. At the local close, the dollar was trading at $US0.8814, down 0.7% from Wednesday's close of $US0.8872.
In Wellington trades, the New Zealand dollar fell around one US cent after a shock rise in the unemployment rate to 7.3% in the December quarter. The NZ dollar fell to a five month low of US69.60c from US70.80c just before the report. It was at US69.80c at 5pm from US71.06c at the same time yesterday.
The South Korean won closed at 1150.9 won against the U.S. dollar, down 1.9 won from Wednesday's close of 1149.
The Taiwan dollar weakened against the greenback. The Taiwan dollar was trading lower against the US dollar at NT$ 32.0200, 0.0200 down from Wednesday's close of NT$32.0000.
In equities, most Asian stock markets ended down as caution reigned ahead of the U.S. jobs report Friday, with Japanese shares hurt by deepening fears over Toyota Motor's vehicle recall.
In Japan, the share market fell on profit taking among major heavyweights fueled by another bout of heavy selling in Toyota Motor and affiliated shares over deepening recall jitters. Pullback in commodities prices pressured energy and metal companies. Domestic cues are mixed, as investors are sensitive about companies' third-quarter earnings. Japanese companies set to report results later in the day include Sony Corp, Hitachi, and Nikon Corp. At the closing bell, the Nikkei 225 Stock Average index was at 10,355.98, erased 48.35 points or 0.46%, while the broader Topix of all First Section issues on the Tokyo Stock Exchange dived 4.59 points, or 0.5%, to 911.09.
In Mainland China, the shares finished modest lower as renewed worries of fund raising from Chinese lenders, falls in commodity prices, and risk aversion. Most of heavyweights trimmed some of the yesterday's strong gains after regulator's denial of rumors that it had suspended the review and approval of new IPOs. The market tumbled in recent weeks by worries about heavy share supplies, fuelled by steady approvals of new initial public offerings.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, fell 8.53 points, or 0.28%, to 2,995.31, while the Shenzhen Component Index on the smaller Shenzhen Stock Exchange slipped 93.09 points, or 0.76%, to 12,169.48. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 0.37%, to 3,218.80.
In Australia, the shares snapped a 2-days of winning streak, pushing key indices to down. Resource-linked shares led the declines on pullback in commodity prices and as weaker cues from offshore market. The sell off was intensified by unexpectedly shrank in Australian December retail sales. Retailer's shares tumbled after the release of weak retail sales data and a disappointing result from Myer. At the closing bell, the benchmark S&P/ASX200 index fell 26.30 points, or 0.57%, to 4,621.60, meanwhile the broader All Ordinaries shrank 29.10 points, or 0.62%, to 4,644.10.
On the economic front, Australian Bureau of Statistics report retail sales increased 1.1% in the December quarter, however dipped 0.7% in the month of December to A$19.925 billion.
In a separate report, the Statistic Bureau said that building approvals in Australia were up a seasonally adjusted 2.2% to reach 14,869 units in December after the 5.9% increase in November. On an annual basis, approvals surged 53.3% after the 33.3% gain in the previous month.
In New Zealand, stock market ended in the positive terrain, up almost 14 points. The domestic benchmark index rose today after dipping down in the red region for six days in a row. NZX 50 that crossed 3300 levels early in January 2010 has thereafter been consistently declining, currently trading close to 3150. At the closing today, the NZX 50 added 0.44% or 13.83 points to 3148.94. Meanwhile, the NZX 15 advanced 0.72% or 40.79 points to close at 5688.72.
On the economic front, unemployment rose to 7.3% in the December quarter from 6.5% the previous quarter, according to the Household Labour Force Survey released today. The number of unemployed people rose by 18,000 to 168,000 during the quarter, taking the unemployment rate to its highest level since the June 1999 quarter. The jump in the unemployment rate was largely due to an increase in the number of people entering the labour force but who were unable to find work.
In South Korea, stocks closed higher as automaker gains narrowly offset falls stemming from heavy institutional sell-offs. After range-bound trading, the Korea Composite Stock Price Index (KOSPI) added 1.4 points to finish at 1,616.42.
In Singapore, the stocks retreated in quiet trading on Thursday as equity and commodity markets lost ground across the globe overnight. Commodity-linked shares led the slide, while financials fell as weak lead from the US financials. Manufacturing and multi-industries slid amid speculation Asia-Pacific economic recovery might slow this year and broader decline in commodities prices. At the closing bell, the blue chip Straits Times Index was at 2,744.98, slipped 19.86 points or 0.72%.
In Taiwan, stock markets finished flat with technology shares tracked losses on Wall Street amid concerns about the global economic recovery. Investors were worried that governments of major countries would shift direction of their stimulus packages. The benchmark Taiex share index extended losses in second session, by finishing the day slightly lower by 5.94 points or 0.08% at 7542.04.
In Philippines, the stock market closed higher bucking the trend in regional markets, as investors remained optimistic following the positive economic prospects. A rebound in exports and spending related to the local and national polls in May are expected to push gross domestic product (GDP) growth past 2.6% in the first quarter of 2010. At the final bell, the benchmark index PSEi ascended 1.04% or 30.06 points to 2,914.87, while the All Shares index went up 0.76% or 14.06 points to 1,853.78.
In India, a late sell-off in index pivotals pulled the key benchmark indices to the day's low. Weak global stocks weighed on investor sentiment. European markets were trading lower ahead of rate decisions from the European Central Bank and the Bank of England later in the global day. In another announcement, the two top stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have decided to hold a special trading session on Saturday, 6 February 2010, as NSE is testing an upgraded trading system. Trading will begin at 11:00 IST and end at 12:30 IST. The BSE 30-share Sensex was down 271.10 points or 1.64% to 16,224.95. The S&P CNX Nifty was down 86.50 points or 1.75% to 4845.35.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly lower at 1265.03 while stock markets in Indonesia's Jakarta Composite index gave up by 11.33 points ending the day lower at 2593.22.
In other regional market, European shares Thursday resumed a downward trend from the previous session, as worries about the debt levels of Greece and Portugal refused to go away. Overall, the German DAX index declined 0.7% to 5,634.74, the French CAC-40 index lost 0.7% to 3,767.30 and the U.K. FTSE 100 index fell 0.7% to 5,214.31.
Realty, metal, auto shares worst hit in market slide
Weak global cues casted their shadow on the domestic bourses which ended sharply lower following a late sell-off in index pivotals. European markets were trading lower ahead of rate decisions from the European Central Bank and the Bank of England later in the global day. US index futures were also sharply lower. The BSE 30-share Sensex lost 271.10 points or 1.64%, off 283.27 points from the day's high and up 36.15 points from the day's low.
The market breadth was weak after swinging between positive and negative zone. Realty shares declined on selling pressure. Auto stocks declined on fears a hike in fuel price may crimp demand. IT pivotals declined after an industry body cut the sector's export forecast for 2010/11. Telecom stocks declined on reports the 3G auctions will be delayed.
Infrastructure stocks fell on fears of lower government spending on infrastructure after a lower-than-expected response to NTPC's follow-on public offer. Metal stocks, too, edged lower as metal prices fell on the London Metal Exchange on Wednesday, 3 February 2010.
The market was volatile. Stocks drifted lower in early trade tracking weak Asian stocks. It cut losses later. The market weakened again with the Sensex hitting a fresh intrday low in morning trade. It soon cut losses. However, after a strong intraday rebound in mid-morning trade, the market once again lost ground in early afternoon trade. Fresh selling in mid-afternoon trade pulled key benchmark indices to the day's low.
India VIX, a volatility index based on the S&P CNX Nifty index option prices, jumped 5.99% to 27.07. India VIX is a measure ofthe market's expectation of volatility over the next 30 calendar days
Following rising prices of potato and pulses, food inflation rose to 17.56% in the week ended 23 January 2010 from 17.40% in the previous week, government data released today showed. The inflation for primary articles, which include food and non-food items, marginally eased to 14.56% in the reporting week from 14.66% in the previous week. The fuel price index rose 5.88%.
Pronab Sen, the country's chief statistician, said on Wednesday the government should wait till May to roll back stimulus, as the strength of the demand recovery visible in available data may not be for real, pulling the finance minister, Pranab Mukherjee, away from a policy direction which the Reserve Bank of India (RBI) desires.
The advance estimates on economic growth for the current fiscal ending March 2010 will be released on Monday. It will be based on the provisional data for the first half of the year and partial data for third quarter and no data on the fourth quarter, which contributes the highest to the annual Gross Domestic Product.
Meanwhile, non-banking finance companies (NBFC) and housing finance companies (HFC) can no longer resort to short-term foreign currency borrowings. Citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions, the Reserve Bank of India (RBI) has withdrawn the borrowing facility with immediate effect. The latest move by the RBI is seen as part of its efforts to gradually reverse its soft money policy.
In October-November 2008, the RBI had, as a temporary measure, allowed systemically important non-deposit taking NBFCs and HFCs to raise short-term foreign currency borrowings not exceeding 50% of their net-owned funds or $10 million, whichever was higher, for refinancing their short-term liabilities.
As regards government's divestment plan, Rural Electrification Corporation (REC) will be the next Government- owned entity to come out with a follow-on public offer (FPO). Its 17.1-crore share FPO will open on 19 February 2010 and will close on 23 February 2010. This will be followed by NMDC's FPO.
As per reports, in the next fiscal, the Government is likely to divest its stake in state-run firms such as Engineers India, Coal India through initial public offers (IPOs) and Power Grid and Sail through FPOs.
European shares Thursday resumed a downward trend from the previous session, as worries about the debt levels of Greece and Portugal refused to go away. Key benchmarki indices in Germany, France and UK were down by between 0.65% to 0.83%.
The losses came as credit-default swaps on Portugal rose over the 200 level for the first time after Portugal's finance ministry on Wednesday cut the volume on its T-bill auction to 300 million euros from 500 million euros.
Asian shares declined today after Australian retail sales unexpectedly fell in December and commodity prices declined. The key benchmark indices in Taiwan, Hong Kong, Japan, China and Singapore were down by between 0.08% to 1.84%. However South Korea's Seoul Composite index rose 0.09%
Australian retailers dropped after the Bureau of Statistics said retail sales in December 2009 sank 0.7% from November 2009. This was lower than median forecast of economists for a 0.2% gain.
US markets snapped a two-day winning streak on Wednesday, 3 February 2010, as Pfizer's disappointing outlook weighed on the health sector, and President Obama's pledge to complete banking and healthcare reform revived fears of increased regulation. The key indices ended on a mixed note. The Dow Jones Industrial Average fell 26.30 points or 0.26% to 10,270.55, the S&P 500 index slipped 6.04 points or 0.55% to 1,097.28. However the Nasdaq Composite rose marginally by 0.85 points to 2,190.91
In economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of economists expectations of 51. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Trading in US index futures showed the Dow could fall 63 points at the opening bell on Thursday, 4 February 2010.
Closer home, the two top stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have decided to hold a special trading session on Saturday, 6 February 2010, as NSE is testing an upgraded trading system. Trading will begin at 11:00 IST and end at 12:30 IST.
The BSE 30-share Sensex was down 271.10 points or 1.64% to 16,224.95. The index fell 307.25 points at the day's low of 16,188.80 in late trade. The Sensex rose 12.17 points at the day's high of 16,508.22 in early trade.
The S&P CNX Nifty was down 86.50 points or 1.75% to 4845.35 as per provisional closing
The market breadth, indicating the overall health of the market, was weak. Breadth swung between positive and negative repeatedly on numerous occasions during in the day. On BSE, 2009 shares declined as compared with 864 that advanced. A total of 59 shares remained unchanged.
The total turnover on BSE amounted to Rs 4335 crore as compared with Rs 4771 crore on Wednesday, 3 February 2010.
The BSE Mid-Cap index fell 1.95% to 6,517.14, underperforming the Sensex. The BSE Small-Cap index declined 1.61% to 8,344.74, outperforming the Sensex.
All the sectoral indices on BSE settled lower with chief losers being the BSE Metal index (down 3.36%), the BSE Realty index (down 3.89%), and the BSE Auto index (down 2.12%).
Among the 30-member Sensex pack, 27 declined while the only 3 of them managed gains. ITC (up 0.55%), and HDFC Bank (up 0.31%), edged higher from the Sensex pack
Metal stocks declined after LMEX, a gauge of six metals traded on the London Metal Exchange, lost 2.53% on Wednesday, 3 February 2010.
India's largest private sector aluminium maker by sales Hindalco Industries tumbled 5.83% to Rs 147 and was the top loser from the Sensex pack.
Tata Steel (down 4.26%), Sterlite Industries (down 3.14%), National Aluminium Company (down 4.37%), Sesa Goa (down 1.98%), and Hindustan Zinc (down 4.81%), edged lower
Shares of infrastructure sector declined on concern the government will raise less than expected from share sales to fund infrastructure following a lower-than-expected res ponce to the follow-on public offer of NTPC.
Jaiprakash Associates (down 4.51%), Larsen & Toubro (down 0.54%), Bharat Heavy Electricals (down 0.37%), Gammon India (down 1.60%), and Punj Lloyd (down 2.73%), declined.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) lost 2.71% after the Reserve Bank of India (RBI) announced withdrawing the borrowing facility with immediate effect citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions. As a result, housing finance companies can no longer resort to short-term foreign currency borrowings.
Index heavyweight Reliance Industries (RIL) fell 1.33% to Rs 1020, easing from day's high of Rs 1045. The company's net profit rose 15.77% to Rs 4008 crore on 89.77% surge in total income to Rs 57364 crore in Q3 December 2009 over Q3 December 2008. RIL said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. The company announced the Q3 result during market hours on 22 January 2010.
India's largest power utility firm by sales NTPC fell 1.43%. NTPC's follow-on pubic offering (FPO) was subscribed 0.79 times as at 15:00 IST, with most of the bids at Rs 209 a piece. The 41.2-crore share issue received bids for 32.46 crore shares. The floor price had been fixed at Rs 201 a share. For retail and high net worth individuals the floor price had been fixed at Rs 201 while qualified institutional buyers (QIB) could bid any price above this level. The FPO which opened for bidding on 3 February 2010 closes on 5 February 2010.
IT pivotals declined after a report showed the US services industry expanded less than forecast. US is a key market for Indian IT firms. India's second largest IT exporter by sales Infosys slipped 1.99%
India's third largest software services exporter Wipro declined 2.50%. Wipro Consumer Care and Lighting, the FMCG arm of Wipro, is reportedly in advanced talks to buy Nigeria-based skincare company, Tura International.
India's largest IT exporter by sales Tata Consultancy Services fell 1.53%. Reportedly TCS' Passport Seva Project, which aims to issue passports in flat three days, is all set to be launched in a week or two.
The National Association of Software and Service Companies (Nasscom) has projected export revenue to grow 13% to 15% to $56-$57 billion in the year to March 2011, below the previous outlook for $60-$62 billion.
Telecom stocks declined on reports the auction for the much awaited third-generation mobile-phone services may not be held by 31 March 2010
India's largest mobile services provider by sales Bharti Airtel fell 1.13%. India's second largest mobile services provider by sales Reliance Communications declined 3.65%.
The government had set 14 January 2010 as the tentative deadline to start taking bids for the airwaves as per its schedule announced in October last year. On 19 January 2010 Communications Minister Raja had told reporters in New Delhi the auction would be completed before the next fiscal year begins on 1 April 2010.
India's largest cement manufacturing company by sales ACC dropped 3.33%. The company reported 10.2% rise in sales to Rs 8479.55 crore and 42.2% rise in net profit to Rs 1563.91 crore in the year ended December 2009 over the year ended December 2008. The results which are on consolidated basis, were announced during market hours today.
North India's largest cement manufacturing company by sales Ambuja Cement lost 1.55% ahead of Q4 December 2009 earnings today, 4 February 2010.
Diversified major Grasim shed 2.32%. As per reports, the Aditya Birla group will invest around Rs 7,000 crore to set up three greenfield facilities which are likely to come up in the states of Chattisgarh, Andhra Pradesh and Tamil Nadu in the next three-four years. The Aditya Birla group is in the process of merging the cement business of two of its companies Grasim and UltraTech Cement.
India's largest oil exploration firm by sales Oil & Natural Gas Corporation rose 0.78% to Rs 1142 in volatile trade, recovering from day's low of Rs 1066.35. The stock had surged to day's high of Rs 1155 earlier during the day on hopes on lower subsidy burden after a report from an expert group headed by Kirit Parikh on Tuesday suggested freeing petrol and diesel prices as well as raising LPG rates by Rs 100 a cylinder and kerosene prices by Rs 6 per litre. The Parikh committee's suggestions, submitted to petroleum minister Murli Deora, would see a hike of Rs 3 per litre in petrol and Rs 3-4 per litre in diesel if implemented. It was the top gainer from the Sensex pack.
GAIL India gained 3.28% to Rs 418.75. ONGC and GAIL India together bear a majority of subsidy burden of oil marketing companies.
However, other oil exploration shares declined. Oil India (down 1.61%) and Cairn India (down 1.95%) fell.
India's largest private sector bank by net profit ICICI Bank slipped 0.50% to Rs 834. The stock rose to a day's high of Rs 849.05 after its American depository receipt (ADR) surged 3.32% to $37 on the New York Stock Exchange on Wednesday, 3 February 2010.
Rate sensitive realty shares declined on fears a hike in interest rate following inflationary pressures in the domestic economy, may crimp housing demand
DLF (down 3.90%), Unitech (down 4.09%), Ackruti City (down 2.21%), Indiabulls Real Estate (down 2.88%), Housing Development & Infrastructure (down 4.29%), declined.
Auto stocks declined on profit booking and after a panel recommenced freeing petrol, diesel prices. Petrol and diesel prices will rise if the government implements the proposal. India's largest tractor maker by sales Mahindra and Mahindra (M&M) fell 3.14%.
India's top truck marker by sales Tata Motors fell 4.25%. India's top small car maker by sales Maruti Suzuki India shed 1.60%.
Ashok Leyland jumped 2.11% as total vehicle sales surged 222% to 7,871 units in January 2010 over January 2009. The announcement was made after market hours on Wednesday, 3 February 2010.
Unichem Laboratories gained 0.48% after the company's Ghaziabad formulation facility was re-certified by Medicines & Healthcare Products Regulatory Agencies, UK. The company made this announcement during trading hours today, 4 February 2010.
Aurobindo Pharma gained 1.39% after the company got final approval from the US Food and Drug Administration for Cetirizine hydrochloride solution. The announcement was made during trading hours today.
Advanta India jumped 5.54% after the company's US unit Advanta US Inc., acquired the assets and business of Crosbyton Seed Company, Crosbyton, Texas, USA for an undisclosed sum. The company announced the overseas acquisition during trading hours today, 4 February 2010.
Falcon Tyres plunged 7.11% after Manali Properties & Finance, a promoter group company pledged 12.50 lakh shares representing 3.67% of the equity capital of the company. The company made this announcement after market hours on Wednesday, 3 February 2010.
IFCI registered highest volume of 73.18 lakh shares on the BSE. Unitech (70.55 lakh shares), Suzlon Energy (61.22 lakh shares), Reliance Natural Resources (58.35 lakh shares), and Ispat Industries (41.77 lakh shares), were the other volume toppers on the BSE.
Infinite Computer Solutions clocked the highest turnover of Rs 245.52 crore on the BSE. State bank of India (Rs 154.38 crore), Tata Steel (Rs 119.93 crore), Aban Offshore (Rs 85.44 crore), and Thinksoft Global Services (Rs 83.34 crore), were the other turnover toppers on the BSE
Sensex slips further; Metal, realty stocks dip
The Sensex slipped further amid weak global cues. Sustained selling was seen in index heavyweights. Metal, realty and IT stocks traded lower.
At 9.53 a.m., the Sensex was trading down 139.25 points or 0.84% at 16,356.80 with 29 components falling. Meanwhile, the Nifty was trading lower by 45.10 points or 0.91% at 4,886.75 with 45 components falling.
The 30-share benchmark index, BSE Sensex opened flat with a rise of 4.24 points or 0.03% at 16,500.29, while the broad based NSE Nifty started with a fall of 100.85 points or 2.04%, at 4,831.00.
Sensex Movers
Housing Development Finance Corporation contributed fall of 15.5 points in the Sensex. It was followed by HDFC Bank (13.08 points), Larsen & Toubro (12.49 points), Reliance Industries (11.96 points) and Infosys Technologies (11.35 points).
However, Hindustan Unilever contributed rise of 3.2 points in the Sensex. It was followed by Sun Pharmaceutical Industries (0.24 points), ICICI Bank (0.29 points), ACC (0.53 points) and Reliance Communications (1.02 points).
Hindustan Unilever (0.93%) was the only gainer in the Sensex pack.
On the other hand, Hindalco Industries (2.43%), Sterlite Industries (India) (1.96%), Tata Steel (1.91%), Housing Development Finance Corporation (1.91%), Jaiprakash Associates (1.86%), and Mahindra & Mahindra (1.62%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Midcap index was at 6637.26 down by 9.32 points or by 0.14%. The major losers were Aban Offshore (1.36%), Alstom Projects India (0.96%), AIA Engineering (0.9%), Reliance MediaWorks (0.77%) and Core Projects and Technologies (0.62%).
Sectors in Limelight
The Metal index was at 16,377.18, down by 224.95 points or by 1.35%. The major losers were Hindalco Industries (2.43%), JSW Steel (1.77%), Hindustan Zinc (1.19%), Jindal Steel & Power (0.78%) and Jai Corp (0.5%).
The Realty index was at 3,496.58, down by 39.64 points or by 1.12%. The major losers were Indiabulls Real Estate (1.69%), Ansal Properties and Infrastructure (1.58%), Ackruti City (1.12%), D L F (1.09%) and Anant Raj Industries (0.67%).
The IT index was at 4,980.86, down by 42.47 points or by 0.85%. The major losers were HCL Technologies (1.63%), Mphasis (1.05%), Infosys Technologies (0.72%), Aptech (0.67%) and Oracle Financial Services Software (0.08%).
On the other hand, the FMCG index was at 2,750.27, up by 1.29 points or by 0.05%. The major gainers were Dabur India (1.43%), Hindustan Unilever (0.93%), Marico (0.69%), Britannia Industries (0.4%) and Nestle India (0.19%).
Market Breadth
Market breadth was negative with 918 advances against 1,178 declines.
Value and Volume Toppers
Infinite Computer Solutions (India) topped the value chart on the BSE with a turnover of Rs. 573.26 million. It was followed by Tata Steel (Rs. 300.30 million), State Trading Corporation of India (Rs. 190.06 million) and Rashtriya Chemicals & Fertilizers (Rs. 159.29 million).
The volume chart was led by Shree Ashtavinayak Cine Vision with trades of over 3.73 million shares. It was followed by Dynamic Infotel (3.16 million), Infinite Computer Solutions (India) (2.84 million) and Cals Refineries (2.03 million).
Morning trade weak
The key benchmark indices edged lower tracking weak Asian markets. The BSE 30-share Sensex was down 84.26 points or 0.51%. Despite the broad market fall, the market breadth was positive.
Metal stocks declined as metal prices fell on the London Metal Exchange on Wednesday, 3 February 2010. However, cement pivotals ACC and Ambuja Cement gained ahead of their Q4 December 2009 earnings later in the day
The government will today unveil data on some wholesale price indices for the year through 23 January 2010 viz. the food price index, the primary articles index and the fuel price index.
Meanwhile Pronab Sen, the country's chief statistician, said on Wednesday the government should wait till May to roll back stimulus, as the strength of the demand recovery visible in available data may not be for real, pulling the finance minister, Pranab Mukherjee, away from a policy direction which the Reserve Bank of India (RBI) desires.
The advance estimates on economic growth for the current fiscal ending March 2010 will be released on Monday. It will be based on the provisional data for the first half of the year and partial data for third quarter and no data on the fourth quarter, which contributes the highest to the annual Gross Domestic Product.
Meanwhile, non-banking finance companies (NBFC) and housing finance companies (HFC) can no longer resort to short-term foreign currency borrowings. Citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions, the Reserve Bank of India (RBI) has withdrawn the borrowing facility with immediate effect. The latest move by the RBI is seen as part of its efforts to gradually reverse its soft money policy.
In October-November 2008, the RBI had, as a temporary measure, allowed systemically important non-deposit taking NBFCs and HFCs to raise short-term foreign currency borrowings not exceeding 50% of their net-owned funds or $10 million, whichever was higher, for refinancing their short-term liabilities.
Meanwhile Power Minister Sushilkumar Shinde on Wednesday reportedly said the government may put off divestment in power generation company Satluj Jal Vidyut Nigam (SJVNL) to the next fiscal.
Asian shares declined today after Australian retail sales unexpectedly fell in December and commodity prices declined. The key benchmark indices in China, Hong Kong, Japan, South Korea and Singapore were down by between 0.11% to 1.08%. However, Taiwan's Taiwan Weighted index rose 0.10%.
US markets snapped a two-day winning streak on Wednesday, 3 February 2010, after tepid reports on employment and the services sector. The key indices ended on a mixed note. The Dow Jones Industrial Average fell 26.30 points or 0.26% to 10,270.55, the S&P 500 index slipped 6.04 points or 0.55% to 1,097.28. However the Nasdaq Composite rose marginally by 0.85 points to 2,190.91
In US economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of expectations. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Trading in US index futures indicated a flat opening of US markets on Thursday, 4 February 2010.
Closer home, the National Stock Exchange (NSE) has decided to hold a special trading session on Saturday, 6 February 2010, as the exchange is testing upgraded trading systems. Trading will begin at 11:00 IST and end at 12:30 IST.
At 09:15 IST, the BSE 30-share Sensex was down 84.26 points or 0.51% to 16,411.79. The index fell 84.93 points at the day's low of 16,411.12 in early trade. The Sensex rose 12.17 points at the day's high of 16,508.22 in early trade.
The S&P CNX Nifty was down 27.30 points or 0.55% to 4904.55
The market breadth, indicating the overall health of the market, was positive. On BSE, 722 shares advanced as compared with 573 that declined. A total of 41 shares remained unchanged.
The total turnover on BSE amounted to Rs 498 crore by 09:25 IST
Among the 30-member Sensex pack, 27 declined while only 3 of them managed gains. HDFC (down 1.79%), Jaiprakash Associates (down 1.42%), and Mahindra & Mahindra (down 1.06%), edged lower from the Sensex pack.
Metal stocks declined after LMEX, a gauge of six metals traded on the London Metal Exchange, lost 2.53% on Wednesday, 3 February 2010.
India's largest private sector steel maker by sales Tata Steel fell 1.90% to Rs 589 and was the top loser from the Sensex pack.
Sterlite Industries (down 1.81%), Hindalco Industries (down 1.73%), National Aluminium Company (down 0.72%), Sesa Goa (down 1.17%), and Hindustan Zinc (down 0.82%), edged lower
Index heavyweight Reliance Industries (RIL) was down 0.10% to Rs 1033.50. The company's net profit rose 15.77% to Rs 4008 crore on 89.77% surge in total income to Rs 57364 crore in Q3 December 2009 over Q3 December 2008. RIL said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. The company announced the Q3 result during market hours on 22 January 2010.
India's largest power utility firm by sales NTPC fell 0.31%. The company's large follow-on public offer (FPO) saw good response on Wednesday, 3 February 2010. The issue was subscribed 0.77 times on day one. The institutional segment was oversubscribed on day one following heavy bidding from domestic institutional investors (DIIs). DIIs excluding mutual funds, put in bids for 31.15 crore shares compared to 20.4 crore shares reserved for the qualified institutional buyers (QIB) segment as a whole. Foreign funds put in bids for 45.01 lakh shares.
Most bids were at Rs 209 per share. The government has fixed the benchmark price for the proposed divestment of government stake at Rs 201 per share.
Cement pivotals ACC (up 0.58%), and Ambuja Cement (up 0.29%), gained ahead of their Q4 December 2009 earnings today, 4 February 2010.
India's largest oil exploration firm by sales Oil & Natural Gas Corporation gained 1.78% to Rs 1153.35 and was the top gainer from the Sensex pack. The stock rose on hopes on lower subsidy burden after a report from an expert group headed by Kirit Parikh on Tuesday suggested freeing petrol and diesel prices as well as raising LPG rates by Rs 100 a cylinder and kerosene prices by Rs 6 per litre. The Parikh committee's suggestions, submitted to petroleum minister Murli Deora, would see a hike of Rs 3 per litre in petrol and Rs 3-4 per litre in diesel if implemented.
via BL
Daily Call - Feb 4 2010
Dow ended two day winning streak as Obama’s pledge to complete banking and healthcare reforms revived fears of increased regulation and Pfizer’s disappointing outlook weighed on the health sector. A lesser than expected growth in US service sector also added to the negative sentiment. Metal prices fell back as the dollar strengthened. European markets too broke 3 day rising streak to close with about half a percent cuts as caution came back ahead of Thursday's Bank of England monetary policy decision and Friday's U.S. jobs report.
Positive global cues and short covering propelled our market higher in yesterday’s trade. While FIIs bought Nifty futures worth 2447 cr, Nifty OI went down by 7%, indicating short covering. A provisional buying of Rs. 396 cr in cash segment by FIIs was more heartening. Kirit Parikh panel, in its report submitted to Oil Ministry yesterday, has made some bold recommendations, the prominent ones being- Complete deregulation of petrol and diesel price, Rs. 100/cylinder hike in LPG and Rs. 6/litre hike in kerosene. While it is unlikely that these recommendations will be accepted in toto, Oil PSUs are likely to get a sentiment booster. Expect the market to recover after lower opening. Day traders can initiate long positions with first 10 minutes low as SL. At the risk of repeating, 4967 remains the resistance on the upside. 4814 is the immediate support followed by important one at 4750.
Pfizer earning report sends US stocks lower
Market ignores upbeat economic reports
After two consecutive days of rally, US stocks fell on Wednesday, 03 February 2010. Earnings miss from Pfizer weighed on the healthcare sector and the same soured overall market sentiment. The economic data that checked in for the day were upbeat in nature but did little to help stocks to trade higher. Nasdaq was the only index to finish marginally higher with help from technology stocks.
At the end of the day on Wednesday, 03 February 2010, the Dow Jones Industrial Average ended lower by 26.3 points at 10,270.55. Nasdaq ended higher by 0.85 points at 2190.91. S&P 500 ended lower by 6.04 points at 1097.28. Indices had opened marginally higher during the day.
Eight of ten economic sectors ended in the red led by healthcare, financial and materials sectors. Technology and consumer discretionary sectors were the only winners.
Pfizer and Merck were the main Dow laggards today. Mac Donalds was the major Dow winner. Mac Donalds received investment upgradation in its rating from one of the investment firms.
In the latest earning report, the drug giant, Pfizer, said its fourth-quarter profit more than doubled to $767 million, but the result fell short of Wall Street estimates. The company also scaled back 2012 revenue estimates, hurting sentiment around the sector. Fellow drug component Merck also fell considerably.
In other earning area, insurers Aflac and MetLife each exceeded consensus earnings estimates.
Among economic data expected for the day, The Institute for Supply Management reported on Wednesday, 03 February 2010 that the service sector of the US economy moved back into growth territory in January 2010. The ISM nonmanufacturing index rose to 50.5% from 49.8% in December against an expected figure of 51.
Readings above 50% in the diffusion index indicate that activity at more firms is expanding than contracting. The index had been above 50% for two months in the fall but then slipped under that threshold in November and December. Only four industries reported growth, while 11 reported contraction.
A private sector job report also showed that US economy had shed the least number of jobs in January 2010 since the recession hit in 2007.
In the currency market on Wednesday, the dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.5%.
Crude oil prices ended lower on Wednesday, 03 February 2010. Prices fell as crude inventories rose more than expected. Earlier during the day, upbeat economic reports had pushed crude prices higher. Strong economic reports generally tend to push crude prices higher on anticipation of higher demand in coming months. The strong dollar further pushed crude price lower today.
On Wednesday, crude-oil futures for light sweet crude for March delivery closed at $76.98/barrel (lower by $0.25 or 0.3%). On a year to date basis, crude is still lower by 4.3%.
The Energy Department in US reported on Wednesday, 03 February 2010 crude oil inventories rose by 2.3 million barrels in the week ended 29 January 2010. Market was expecting a decline of 1 million barrels in crude stocks.
In the weekly inventory report, the EIA also said inventories of distillate, which includes heating oil, fell by 948,000 barrels, while gasoline stocks fell by 1.3 million barrels. Market was expecting a buildup of 1.5 million barrels in gasoline stocks. The report also stated that refinery utilization fell to 77.7%, while it was expected to rise 0.25% to 78.75%.
Barring Dr Reddys and VSNL, all Indian ADRs ended higher today. ICICI Bank and Rediff.com were the main winners soaring 3.3% and 2.6% respectively. Dr Reddys and VSNL shed 0.9% and 0.6% respectively.
Tomorrow, there are a couple of economic reports scheduled for the day – the initial and continuing claims followed by the productivity report. Other than that, earning reports will continue to dominate.
Grey Market Premium - Feb 4 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Jubilant Food Works | 135 to 145 | 18 to 19 |
| Aqua Logistics | 200 to 225 | 7 to 7.50 |
| Syncom Healthcare | 65 to 75 | 9 to 10 |
| Thangamayil Jewellery | 75 | 3 to 3.50 |
| Vascon Engg. | 165 | 8 to 9 |
| D. B. Realty | 468 | 10 to 11 |
| Emmbi Polyarns | 40 to 45 | 4.5 to 5 |
| NTPC (FPO) | 201 | 10 to 12 |
| ARSS Infrastructure Projects | 410 to 450 | -- |
| Hathway Cable & Data Comm. | -- | -- |
| REC (FPO) | -- | -- |
Copper tarnishes
Strong dollar hammers red metal price
Base metal prices ended lower on Wednesday, 03 February 2010. Prices fell as the dollar strengthened thereby reducing the appeal of commodities as an alternate investment.
At USA, copper futures for March delivery ended lower by 11.6 cents (3.7%) to $2.9735 a pound. This year, till date, copper is lower by 11.7%. Copper ended FY 2009 higher by 140%.
At LME, copper for delivery in three months ended lower by $225 (3.3%) at $6,590. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
Copper ended substantially higher last year on expectations of revived global economic growth along with a decline in the dollar. The dollar index had dropped almost 4.2% last year. The metal was also pushed higher by record first-half imports to China, the world's largest user.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
Among economic data expected for the day, The Institute for Supply Management reported on Wednesday, 03 February 2010 that the service sector of the US economy moved back into growth territory in January 2010. The ISM nonmanufacturing index rose to 50.5% from 49.8% in December against an expected figure of 51.
Readings above 50% in the diffusion index indicate that activity at more firms is expanding than contracting. The index had been above 50% for two months in the fall but then slipped under that threshold in November and December. Only four industries reported growth, while 11 reported contraction.
A private sector job report also showed that US economy had shed the least number of jobs in January 2010 since the recession hit in 2007.
In the currency market on Wednesday, the dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.5%.
In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.
At the MCX, copper for February delivery closed lower by Rs 12.1 (3.8%) at Rs 303.5/Kg. Prices rose to a high of Rs 319.45/Kg and fell to a low of Rs 301.25/Kg during the day's trading.
Among other metals traded in the LME on Wednesday, lead ended 4.5% lower at $2,021 a ton and zinc shed 1.1% to end at $2,086 a ton. Nickel rose 1.2% to end at $17,612. Aluminum shed 2% to end at $1,997 a ton
Market seen snapping Wednesday's gains; inflation data eyed
The market is seen opening lower today mirroring lower Asian markets. The S&P CNX Nifty futures for February 2010 expiry were trading 30 points lower in Singapore. US market ended little changed on Wednesday, 3 February 2010 on tepid reports on employment and the services sector.
The government will today unveil data on some wholesale price indices for the year through 23 January 2010 viz. the food price index, the primary articles index and the fuel price index.
ACC and Ambuja Cement will unveil their December 2009 quarterly earnings today, 4 February 2010.
Oil marketing and exploration stocks will see action on reports the Congress Working Committee is set to meet on Friday to discuss price rise of essential commodities. The meeting comes in the backdrop of Congress' attempts to express concern over price rise, which has aggravated in the last three months. An expert group headed by Kirit Parikh on Tuesday suggested freeing petrol and diesel prices as well as raising LPG rates by Rs 100 a cylinder and kerosene prices by Rs 6/litre. The Parikh committee's suggestions, submitted to petroleum minister Murli Deora, would see a hike of Rs 3/litre in petrol and Rs 3-4/litre in diesel if implemented.
Asian shares declined today after Australian retail sales unexpectedly fell in December and commodity prices declined. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.03% to 1.23%.
The US markets snapped a two-day winning streak on Wednesday after tepid reports on employment and the services sector. The indices ended on a mixed note. The Dow Jones Industrial Average closed at 10,270.55, down 26.30 points or 0.26% and the S&P 500 Index closed just shy of the 1100 mark, shed 6.04 points or 0.55% to 1,097.28. The Nasdaq Composite closed flat at 2,190.91, up 0.85 points.
In US economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of expectations. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Closer home, investors will closely watch the response to the large follow-on public offer (FPO) of state-run power generation firm NTPC which opened for bidding on Wednesday, 3 February 2010. The issue was subscribed 0.77 times on Wednesday. Most bids were at Rs 209 per share. The government has fixed the benchmark price for the proposed divestment of government stake at Rs 201 per share.
The key benchmark indices surged on Wednesday as strong response to NTPC's follow-on public offer (FPO), robust services sector data for January 2010 and firm global stocks boosted investor sentiment. The BSE 30-share Sensex rose 332.61 points or 2.06%.
As per provisional figures on NSE, foreign funds sold shares worth Rs 455.01 crore and domestic funds bought shares worth Rs 41.93 crore on Tuesday.
Market may resume weak
Headlines for the day
GMR Infra set to refinance Rs 3,500-cr debt - Business Standard
IOCL seeks state support to expedite Paradeep refinery project - Business Standard
JSW expects nod for 4 iron ore mines in India - Live Mint
IVRCL cuts topline goal on Andhra Pradesh stir - DNA Money
CESC lines up 7,500 mw capacity addition - DNA Money
Events for the day
Major corporate action:
Earnings : GUJAMBUJA & ACC
Economic Events : Weekly Inflation to be out today
Corporate Actions : CROMPGREAV,2ND INT DIV-RS.1.40 PR SH,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
DCHL,3RD INT DIV-RE.1/- PR SHR,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
DYNAMATECH,2ND INT DIV-RS.2.50 PR SH,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
EDUCOMP,INT DIV-RE.1/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 6 2010
EIDPARRY,INT DIV-RS.6/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
KCP,3RD INT DIV-RS.2.50 PR SH,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
KEMROCK,INT DIV-RE.1/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
NILKAMAL,INT DIV-RS.2/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
NMDC,INT DIV-RE.0.75 PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
PNB,INT DIV-RS.10/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 6 2010
POLARIS,INT DIV-RS.1.75 PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
PRECWIRE,INT DIV-RS.2.40 PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010
VIPIND,INT DIV-RS.2/- PER SHARE,Ex Date: Feb 4 2010,Rcd Dt: Feb 5 2010.
Pre-market report
Global signals
European shares fell on Wednesday, snapping a three-day rally as investors worried about the economic health of the euro zone's peripheral countries, with banks falling and miners tracking metal prices lower.
U.S. stocks mostly fell on Wednesday as Pfizer's disappointing outlook weighed on the health sector, and President Obama's pledge to complete banking and healthcare reform revived fears of increased regulation.
All the Asian indces are trading in negative territory with the marginal loss. At the time of writing this report, SGX Nifty is trading lower by 25 points.
Indian markets
The market is monitoring the international markets for further direction and the weakness across the global markets may drag down the local indices. The market may open in negative territory following the slump in Asian markets in morning trades coupled with the worries of continues offloading of domestic equities by the FIIs. However, after posting significant gains in last sessions, buying interest may continue on the back of firm trend.
Indian ADR's
Indian floats had a firm outing on the US bourses. ICICI Bank, Rediff, Wipro and Satyam gained around 1-3% each while VSNL, Dr Reddy, MTNL, Satyam and Tata Motors dropped marginally.
Commodity cues
In the commodity space, wherein the Crude oil prices recorded marginal loss, with the Nymex light crude oil for March series decline by $0.19 to settle at $76.79 a barrel.
In the metals space, Comex Gold for April series declines by $5.60 to settle at $1112.40 to a troy ounce.
In the metals space, Comex Silver for March series declines by $0.16 to settle at $16.58 to a troy ounce.
Daily trend of FII/MF investment in equities
On February 02, 2010, FIIs were the net sellers of the Indian Stocks in the tune of Rs312 crore (with the gross purchase of Rs2487 crore and gross sales of Rs2799 crore).
While the Domestic mutual funds, on February 02, 2010, were the net sellers of the stocks in the tune of Rs247 crore (with gross purchase of Rs418 crore and gross sales of Rs665 crore).
Daily News Roundup - Feb 4 2010
L&T has bagged orders worth Rs11bn. (ET)
Ultratech-Grasim combined will invest around Rs70bn on three greenfield facilities in the next three-four years. (ET)
Hemendra Kothari has bought 12% stake in ING Vyasa Life Insurance Company from Gujarat Ambuja. (ET)
Australia’s Rocklands Richfield has ended its takeover talks with Jindal Steel and Power. (ET)
SAIL has hiked flat product prices by Rs500/ton effective from February 1st 2010. (ET)
Mahindra and Mahindra has launched a new version of its mini truck Maxximo. (ET)
Maruti Suzuki will not pass on the benefits of lower taxes for the new petrol variant of Swift. (ET)
National Power Exchange promoted by NTPC, NHPC and TCS to be operational by the end of December. (BS)
IOC wins legal battle against international oil trading company Trafigura. (BS)
SCI to raise the borrowing limit to Rs120bn from current Rs50bn. (BS)
IOC will commission projects worth Rs37bn at its Haldia refinery next week. (BL)
Bharat Electronics is likely to receive an order worth Rs48bn from the Akash anti-aircraft missile. (BL)
GE-Hitachi Nuclear plans to source special steel and forgings from L&T’s Hazira facility. (BL)
GMR group is considering exiting the sugar business to focus on the infrastructure sector. (BL)
Inox Leisure has acquired promoter’s 43% stake in Fame India for Rs665mn in cash. (ET)
Ashok Leyland has reported over three fold jump in commercial vehicle sales in January 2010. (ET)
Educomp Solution has acquired US based Zaptive Internet Services for US$1.3mn. (ET)
Dishman Pharma has begun restructuring its Swiss subsidiary Carbogen Amcis. (BS)
GMR Infra is planning to re-finance US$750mn of debt which it had taken for acquiring 50% Intergen NV. (BS)
Whirlpool India aims to grab 15% market share in the AC segment by 2012. (ET)
Indoco Remedies has formed an alliance with Watson Pharma of US to develop and manufacture generic sterile products for the US market. (BL)
Atlas Copco to step up global sourcing from India. (ET)
IPO of Satluj Jal Vidyut Nigam is unlikely in the current fiscal years says the Power Ministry. (ET)
Volkswagen AG plans to make its low cost car manufacturing hub. (ET)
Kirit Parikh committee has suggested market linked rates for auto fuels and a sharp increase in LPG and Kersosine prices. (ET)
Pranob Sen, the country’s chief statistician has asked the government not to reverse fiscal stimulus till May. (ET)
Government will table the finance commission report on revenue sharing with states on February 25th 2010. (ET)
Business activity in the service sector accelerated for the second consecutive month in January according to HSBC Markit survey. (BS)
Government may cut bulk sugar users norms to 10-day requirement from 15-day as of now. (BS)
Top banks of the country will review the future of teaser home loans scheme in March says SBI chairman. (BS)
RBI has withdrawn the short-term foreign currency borrowing facility for non-banking and housing finance companies. (BL)
Lackluster opening on the cards
Experience teaches slowly and at the cost of mistakes.
Hopefully, the bulls will have learnt from past experience and will not go overboard with any sudden spurt. After a strong rally, we expect a subdued start as global markets have not extended this week’s spurt. However, the trading range could shift to 4900-5000 for the Nifty. A fall back to 4800 is not ruled out though and resistance is likely to kick in upwards of 5000. FII flows should turn positive, Budget should not disappoint and global situation must improve for a sustainable and meaningful advance above 5000.
Stocks in the budget-sensitive sectors could see action in the run-up to the big event. So, sectors like railways, power, infra, education, healthcare, fertilizers and textiles could hog the limelight. PSU oil marketing companies will gain in the wake of the reformist recommendations of the Kirit Parikh panel. The big question is will the Government bite the bullet on oil sector deregulation? The Government will also be hard pressed to return to the path of fiscal consolidation given the postponement of the 3G auction and expected shortfall in disinvestment proceeds.
Rising inflation and its fallout on the monetary policy could act as a dampener going ahead. Uncertainty over external factors like overheating in China, debt troubles in EU and fragile recovery in parts of industrialised world will continue to undermine sentiment.
Talking of global markets, private sector payrolls for January were down 22,000 in the US, the fewest since January 2008. Wall Street is now girding for Friday's employment report. There is a growing belief that job losses in the US economy are moderating.
As far Europe is concerned, Greece is not the only eurozone nation with debt problems, Spain and Portugal seem to be catching up fast. Outside the currency block, there could also be potential debt troubles in the UK and Japan.
After taking a pause on Monday, Indian markets resumed its road to recovery as the benchmark indices ended near day’s high. The Nifty regained the 4900 levels thanks to firm global cues and solid buying seen in the Metals and the Realty stocks. Even the Mid-Cap and the Small-Caps were in limelight. Bulls were in complete control throughout the day accompanied with good advance decline ratio and decent volumes.
The BSE Sensex advanced 333 points to end at 16,496 after touching a high of 16,525 and a low of 16,129. The Nifty lost 102 points to end at 4,932.
Equity markets in Asia ended in the green. The Nikkei in Japan was up 0.4%, while Australia's S&P/ASX ended higher by 1%. The Shanghai SE Composite rose 2.3% and Hang Seng index in Hong Kong was up 2.2%.
In Europe, stocks were trading positive. The DAX in Germany was up 0.4% and the CAC 40 index in France was up 0.4%. The FTSE in the UK was up 0.3%.
Coming back to India, all the BSE sectoral indices ended in the green. The BSE Metal index was the top gainer, advancing 4%, followed by the Realty index that was up 3% and the BSE Consumer Durable index was up 2.6%. The BSE Mid-Cap index fell 1.2% while BSE Small-Cap index added over a percent.
Among the 30-components of Sensex 29 ended in the positive terrain and only Sun Pharma ended in the red. L&T, HDFC, ICICI Bank, ITC and Tata Steel were among the top gainers.
Outside the frontline indices, the big gainers in the broader market were M&M Fin, KSK Energy, Mphasis, HDIL and Castrol India. On the other hand, losers included Spice Comm, Jain Irrigation, Power Grid and GE Shipping.
Shares of L&T surged 4% to end at Rs1449 after the company’s Buildings & Factories Operating Company - part of its Construction Division - bagged new orders aggregating to Rs11bn recently for the construction of residential tower, ware houses, mall, & a factory building project.
L&T has secured a Rs5bn contract from M/s Raghuleela Lessors & Developers Pvt Ltd (Wadhwa Group) for the construction of residential towers "The Address" at Ghatkopar(W), Mumbai.
In yet another development, Rs3.05bn contract has been secured from M/s Arshiya International Limited for the construction of Ware houses & Allied Infrastructure works at Khurja, Uttar Pradesh.
Further orders worth Rs2. 95bn has been secured from various esteemed clients for construction of a mall at Kolkata and a factory building at Samalkha, Haryana.
Shares of NTPC gained 2% to end at Rs210. The public sector company’s FPO was oversubscribed by 0.60x while the QIB book was fully subscribed. SBI and LIC have reportedly invested Rs47.6bn in the FPO.
Inox Leisure purchased 43.28% in Fame India for an all-cash deal of Rs664.8mn. Inox acquired up to 1,50,57,760 shares of Rs10 each of Fame India, by way of a block trade in a single.
The acquisition will be followed by an open offer to buy another 20% in Fame. The transaction is entirely funded by Gujarat Fluorochemicals. Inox is the wholly owned subsidiary of Gujarat Fluorochemicals. This acquisition will create the largest multiplex networks with a total of 55 multiplexes, 204 screens and 57,891 seats.
Shares of Inox Leisure shot up by over 12% to end at Rs85. On the other hand, shares of Fame India surged by 5% to end at Rs46.
Shares of Bharat Electronics surged by 2.5% to end at Rs1988 after the company won Rs48bn order from Indian Air Force. The scrip opened at Rs1960 it touched an intra-day high of Rs2068 and a low of Rs1959 and recorded volumes of over 46,000 shares on BSE.
Shipping Corporation of India (SCI) announced that the board of directors has decided to obtain the approval of the members of the Company for increasing the borrowing power limits from existing Rs50bn to Rs120bn under section 293(1)(d) through Postal Ballot.
The stock edged higher by 0.5% to end at Rs154, the scrip opened at Rs155 it touched an intra-day high of Rs157 and a low of Rs152 and recorded volumes of over 96,000 shares on BSE.
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