Sensex down 334 pts, closes at 15,088

The Bombay Stock Exchange benchmark Sensex dropped a hefty over 300 points on Thursday, with shares in capital goods, bank and realty segments taking a hit.

The 30-share Sensex, which had lost 275 points in the previous day's trading, tumbled by another 334.32 points at 15,087.99, a level last seen on June 10.

The key index dipping to a low of 15,051.66 and a high of 15,259.36 points.

The second wide-based National Stock Exchange index Nifty dropped by 78.15 points at 4504.25, after touching day's low of 4488.95 and a high of 4585.70 points.

Brokers said selling pressure gathered momentum and said major players were booking profits ahead of tomorrow's inflation data, which they felt might touch double-digit.

Capital goods stocks suffered the most as its index lost 451.64 points at 11,667.69, followed by bank index by 293.26 points at 7013.18. Realty index plunged by 251.18 points at 5634.60, PSU index by 157.47 points at 6524.61, oil and gas index by 147.50 points at 1198.85 and metal index by 119.62 points at 15131.86.

Larsen & Toubro, the country's biggest engineering company and heaviest on the capital goods sector, fell the most in more than two months and ICICI Bank Ltd, a heavyweight on the banking index, fell to its lowest in a week.

Nifty leaders & laggards: Ranbaxy, Unitech, PNB

The broad-based, NSE Nifty lost further on Thursday by 1.68% at 4,505.50, led by realty and banking stocks.

Ranbaxy Laboratories, the nation`s biggest pharmaceutical company, dropped 6.78% to close at Rs 557 after investors perceived that recent gains were excessive.

Reliance Infrastructure slipped 5.65% to close at Rs 1,013.35.

Banking and realty stocks fell on concern the demand will slowdown due to higher inflation which will force the central bank to further tighten monetary policy. Unitech and Punjab National Bank led the fall in realty and banking shares.

Unitech, the leading construction company, slipped 6.39%, to settle at Rs 189.20.

Cairn India, one of the major private oil and gas explorers, climbed 3.13% to close Rs 284.15, helped by higher oil prices on Wednesday, June 18.

Hero Honda, India`s biggest two-wheeler maker, gained 1% to end at Rs 797.10.

Mahindra & Mahindra, leading utility vehicles manufacturer, gained 1.75% to end at Rs 580.

Nifty June 2008 futures below 4500

Turnover in F&O segment falls

Nifty June 2008 futures were at 4486, at a discount of 18.25 points as compared to spot closing of 4504.25. NSE's futures & options (F&O) segment turnover was Rs 42,696.18 crore, which was lower than Rs 47,440.71 crore on Wednesday, 18 June 2008.

Larsen & Toubro June 2008 futures were at discount at 2612 compared to the spot closing of 2619.

Cairn India June 2008 futures were near spot price at 284.10 compared to the spot closing of 284.15.

Chambal Fertilizers & Chemicals June 2008 futures were at premium at 86.70 compared to the spot closing of 86.15.

In the cash market, the S&P CNX Nifty lost 78.15 points or 1.71% at 4504.25.

Top 100 IT Companies in the World

Rank	Company name	Industry	Country
1	AMAZON.COM	NET	U.S.
2	APPLE	COMP	U.S.
3	RESEARCH IN MOTION	COMM	Canada
4	NINTENDO	SOFT	Japan
5	WESTERN DIGITAL	COMP	U.S.
6	AMÉRICA MÓVIL	TELE	Mexico
7	CHINA MOBILE	TELE	China
8	NOKIA	COMM	Finland
9	ASUSTEK COMPUTER	COMP	Taiwan
10	HIGH TECH COMPUTER	COMP	Taiwan
11	GOOGLE	NET	U.S.
12	MTN GROUP	TELE	S. Africa
13	IBM	COMP	U.S.
14	MOBILE TELESYSTEMS	TELE	Russia
15	TELEFÓNICA	TELE	Spain
16	VIMPELCOM	TELE	Russia
17	HON HAI PRECISION IND.	COMP	Taiwan
18	AT&T	TELE	U.S.
19	ACCENTURE	SVCS	U.S.
20	LG ELECTRONICS	COMP	Korea
21	BHARTI AIRTEL	COMM	India
22	ORACLE	SOFT	U.S.
23	MICROSOFT	SOFT	U.S.
24	MAROC TELECOM	TELE	Morocco
25	TURKCELL ILETISIM HIZMETLERI	TELE	Turkey
26	LG DISPLAY	COMM	Korea
27	NHN	NET	Korea
28	COSMOTE MOBILE TELECOM.	TELE	Greece
29	MILLICOM INTL. CELLULAR	TELE	Lux.
30	HEWLETT-PACKARD	COMP	U.S.
31	COMPAL ELECTRONICS	COMP	Taiwan
32	SISTEMA	TELE	Russia
33	ORASCOM TELECOM	TELE	Egypt
34	SAMSUNG ELECTRONICS	SEMI	Korea
35	CHINA UNITED TELE	TELE	China
36	MOBINIL	TELE	Egypt
37	CARSO GLOBAL TELECOM	TELE	Mexico
38	KONINKLIJKE KPN	TELE	Neth.
39	CISCO SYSTEMS	COMM	U.S.
40	WISTRON	COMP	Taiwan
41	MOBILE TELE	TELE	Kuwait
42	ACTIVISION	SOFT	U.S.
43	REDECARD	SVCS	Brazil
44	CYPRESS SEMICONDUCTOR	SEMI	U.S.
45	ZTE	COMM	China
46	LENOVO GROUP	COMP	Hong Kong
47	TELEMAR NORTE LESTE	TELE	Brazil
48	CORNING	COMM	U.S.
49	PRICELINE.COM	NET	U.S.
50	TAIWAN SEMICONDUCTOR.	SEMI	Taiwan
51	DIGI.COM	TELE	Malaysia
52	QUANTA COMPUTER	COMP	Taiwan
53	AU OPTRONICS	COMP	Taiwan
54	AMPHENOL	SEMI	U.S.
55	REDINGTON INDIA	DIST	India
56	NAVTEQ	SVCS	U.S.
57	SEAGATE TECHNOLOGY	COMP	U.S.
58	INTEL	SEMI	U.S.
59	NVIDIA	SEMI	U.S.
60	ADVANCED INFO SERVICE	TELE	Thailand
61	VMWARE	SOFT	U.S.
62	TRANSCEND INFORMATION	SEMI	Taiwan
63	SAP	SOFT	Germany
64	L-3 COMMUNICATIONS	COMM	U.S.
65	INDRA SISTEMAS	SVCS	Spain
66	RELIANCE COMMUNICATIONS	TELE	India
67	QUALCOMM	COMM	U.S.
68	MEMC ELECTRONIC MATERIALS	SEMI	U.S.
69	BOUYGUES	TELE	France
70	DIGITAL CHINA HOLDINGS	DIST	China
71	ACER	COMP	Taiwan
72	HARRIS	COMM	U.S.
73	CHICONY ELECTRONICS	COMP	Taiwan
74	WIPRO	SVCS	India
75	YAHOO! JAPAN	NET	Japan
76	POWERCHIP SEMICONDUCTOR	SEMI	Taiwan
77	MANTECH INTERNATIONAL	SVCS	U.S.
78	EMC	COMP	U.S.
79	NEUF CEGETEL	TELE	France
80	BOE TECHNOLOGY GROUP	COMM	China
81	TPV TECHNOLOGY	COMP	China
82	INVENTEC	COMP	Taiwan
83	FOXCONN TECHNOLOGY	COMP	Taiwan
84	SAIC	SVCS	U.S.
85	TOKYO ELECTRON	SEMI	Japan
86	DELTA ELECTRONICS	COMM	Taiwan
87	AUTOMATIC DATA PROCESSING	SVCS	U.S.
88	ADVANCED SEMICONDUCTOR ENG.	SEMI	Taiwan
89	ROGERS COMMUNICATIONS	TELE	Canada
90	UNITED INTERNET	NET	Germany
91	SATYAM COMPUTER SERVICES	SVCS	India
92	NAN YA PCB	COMM	Taiwan
93	NANYA TECHNOLOGY	SEMI	Taiwan
94	ADOBE SYSTEMS	SOFT	U.S.
95	HCL TECHNOLOGIES	SVCS	India
96	TD AMERITRADE HOLDING	NET	U.S.
97	NIKON	SEMI	Japan
98	NIDEC	COMP	Japan
99	COMMSCOPE	COMM	U.S.
100	INTUIT	SOFT	U.S.

via Businessweek

BSE Bulk Deals to Watch - June 19 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
19/6/2008 520155 ABG INFRALOG MACQUARIE BANK LIMITED B 71758 380.00
19/6/2008 532981 ANU LABS S.M.NISSAR B 194830 446.90
19/6/2008 532981 ANU LABS PRABHUDAS LILLADHER PVT. LTD. B 97313 435.50
19/6/2008 532981 ANU LABS BHANDARI RAKHI KALPESH B 98369 436.92
19/6/2008 532981 ANU LABS SUMMIT COMMUNICATIONS PVT LTD S 70000 433.36
19/6/2008 532981 ANU LABS S.M.NISSAR S 195470 447.30
19/6/2008 532981 ANU LABS PRABHUDAS LILLADHER PVT. LTD. S 97313 435.78
19/6/2008 532981 ANU LABS BHANDARI RAKHI KALPESH S 98369 439.89
19/6/2008 500029 AUTOLITE INE NISHA MAHESHWARI B 100040 50.50
19/6/2008 507910 FIBERWB IN KANUBHAI MANILAL PATEL S 74999 10.33
19/6/2008 532022 FILAT FASH MEHUL H SHAH B 30000 30.35
19/6/2008 531863 GEEKAY FINAN LOTUS GLOBAL INVESTMENTS LIMITED B 70000 63.36
19/6/2008 532857 GLORY POLY MS MAVI IMPEX LTD S 100000 63.95
19/6/2008 532764 GWALIOR CHEM GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD B 124623 101.21
19/6/2008 505840 JAIPAN INDUS ENCA FINLEASE LTD. S 36638 37.46
19/6/2008 530985 JPTSECURITII JYOTSNA SHARDA S 21000 124.35
19/6/2008 530985 JPTSECURITII ANGEL INFIN PRIVATE LIMITED S 18000 124.35
19/6/2008 512559 KOHINORFOODS A S CONFIN PVT LTD B 141222 111.69
19/6/2008 512559 KOHINORFOODS MARUTI SECURITIES LTD B 476486 107.15
19/6/2008 512559 KOHINORFOODS MARUTI SECURITIES LTD S 350295 112.09
19/6/2008 532986 NIRAJ CEMENT ATUL A. MEHTA B 55098 190.30
19/6/2008 532986 NIRAJ CEMENT ANIL AMRUTLAL GANDHI B 444139 189.77
19/6/2008 532986 NIRAJ CEMENT AMRUT SECURITIES LTD B 81474 189.60
19/6/2008 532986 NIRAJ CEMENT S.M.MISSAR B 183316 190.30
19/6/2008 532986 NIRAJ CEMENT HEMANT MADHUSUDAN SHETH B 85000 190.07
19/6/2008 532986 NIRAJ CEMENT BHAVESH PRAKASH PABARI B 90000 190.26
19/6/2008 532986 NIRAJ CEMENT SATISH RAMANLAL SHAH B 71000 189.23
19/6/2008 532986 NIRAJ CEMENT PRABHUDAS LILLADHER PVT. LTD. B 323401 191.07
19/6/2008 532986 NIRAJ CEMENT N D NISSAR B 245496 189.64
19/6/2008 532986 NIRAJ CEMENT SHREE BHIKSHU FIN..PVT LTD B 143216 190.30
19/6/2008 532986 NIRAJ CEMENT H.J.SECURITIES PVT. LTD. B 105619 190.31
19/6/2008 532986 NIRAJ CEMENT DHARMRAJBHAI BHABHLUBHAL WALA B 351500 190.09
19/6/2008 532986 NIRAJ CEMENT SHARMISHTA MAHESHBHAI SHAH B 458177 190.34
19/6/2008 532986 NIRAJ CEMENT SUREKHABEN MAHENDRABHAI SHAH B 616697 189.86
19/6/2008 532986 NIRAJ CEMENT MAHESH CHOTALAL SHAH B 175000 190.05
19/6/2008 532986 NIRAJ CEMENT SHAH MADHUBEN AMRUTLAL B 366954 189.75
19/6/2008 532986 NIRAJ CEMENT BHAVARLAL BABULAL JAIN B 1287959 191.09
19/6/2008 532986 NIRAJ CEMENT BHATT JITENDRA V B 325596 190.07
19/6/2008 532986 NIRAJ CEMENT BHANDARI RAKHI KALPESH B 87979 190.83
19/6/2008 532986 NIRAJ CEMENT ANIL AMRUTLAL GANDHI S 350400 191.46
19/6/2008 532986 NIRAJ CEMENT AMRUT SECURITIES LTD S 81474 190.60
19/6/2008 532986 NIRAJ CEMENT S.M.NISSAR S 183316 190.70
19/6/2008 532986 NIRAJ CEMENT SATISH RAMANLAL SHAH S 71000 191.69
19/6/2008 532986 NIRAJ CEMENT PRABHUDAS LILLADHER PVT. LTD. S 323401 191.21
19/6/2008 532986 NIRAJ CEMENT N D NISSAR S 245496 190.04
19/6/2008 532986 NIRAJ CEMENT SHREE BHIKSHU FIN PVT LTD S 141100 190.10
19/6/2008 532986 NIRAJ CEMENT H.J.SECURITIES PVT. LTD. S 105619 190.39
19/6/2008 532986 NIRAJ CEMENT DHARMRAJBHAI BHABHLUBHAL WALA S 221675 189.76
19/6/2008 532986 NIRAJ CEMENT SHARMISHTA MAHESHBHAI SHAH S 311177 190.27
19/6/2008 532986 NIRAJ CEMENT SUREKHABEN MAHENDRABHAI SHAH S 506697 191.30
19/6/2008 532986 NIRAJ CEMENT SHAH MADHUBEN AMRUTLAL S 276954 191.16
19/6/2008 532986 NIRAJ CEMENT BHAVARLAL BABULAL JAIN S 1287959 190.98
19/6/2008 532986 NIRAJ CEMENT BHATT JITENDRA V S 325596 192.39
19/6/2008 532986 NIRAJ CEMENT BHANDARI RAKHI KALPESH S 87979 190.51
19/6/2008 532986 NIRAJ CEMENT INDRA KUMAR BAGRI S 69067 190.10
19/6/2008 590077 RANKLIN SOLU SATISH KUMAR MAMIDI S 80000 146.70
19/6/2008 508976 SPANC TELESY ALOSHA VANIJYA PVT LTD S 94048 121.46
19/6/2008 523363 STER HOL RES EVERSIGHT TRADECOMM PVT LTD B 306353 29.18
19/6/2008 523363 STER HOL RES ALOSHA VANIJYA PVT LIMITED S 312500 29.18

NSE Bulk Deal Watch - June 19 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
19-JUN-2008,AMTEKAUTO,AmtekAuto-Roll Sett,WARHOL LIMITED,BUY,844206,249.36,-
19-JUN-2008,AZTECSOFT,Aztecsoft Limited,GLOBE CAPITAL MARKET LTD,BUY,261497,74.78,-
19-JUN-2008,GWALCHEM,Gwalior Chemical Industri,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,BUY,218799,100.63,-
19-JUN-2008,KOHINOOR,Kohinoor Foods Limited,A S CONFIN PVT.LTD.,BUY,97325,111.45,-
19-JUN-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,2336066,45.76,-
19-JUN-2008,NDTV,New Delhi Television Limi,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,BUY,1250000,452.25,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,PARWATI CAPITAL MARKET PRIVATE LIMITED,BUY,192229,160.37,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,151686,160.42,-
19-JUN-2008,AMTEKAUTO,AmtekAuto-Roll Sett,OPPENHEIMER FUNDS INC A/C OPPENHEIMER DEVELOPING MARKETS FUN,SELL,714667,249.17,-
19-JUN-2008,AZTECSOFT,Aztecsoft Limited,GLOBE CAPITAL MARKET LTD,SELL,19332,74.52,-
19-JUN-2008,KOHINOOR,Kohinoor Foods Limited,A S CONFIN PVT.LTD.,SELL,140225,112.25,-
19-JUN-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,2336066,45.80,-
19-JUN-2008,NDTV,New Delhi Television Limi,PRANNOY ROY,SELL,1250000,452.25,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,PARWATI CAPITAL MARKET PRIVATE LIMITED,SELL,192229,161.18,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,152786,160.37,-

Post Session Commentary - June 19 2008

Indian market ended with heavy losses as strong selling pressure had griped the market. The domestic market opened on back foot backed by weak global cues and rise in oil prices. Further it continued its negative sentiment and moved into the negative territory till the end of the session due to the inflation concern and expectation of political uncertainty in country. Nuke Deal was also a cause of distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. It is expected that the government may go ahead to Nuke deal without the Left consent. The market breadth was negative as 842 stocks closed in green while 1,804 stocks closed in red.

The BSE Sensex closed lower by 334.32 points at 15,087.99 and NSE Nifty ended down by 78.15 points at 4,504.25. The BSE Mid Caps and Small Cap closed negative with fall of 129.62 points and 114.87 points at 6,230.17 and 7,660.42 respectively. The BSE Sensex touched intraday high 15,259.36 and intraday low of 15,051.66.

Losers from the BSE are Ranbaxy Lab (7.68%), Relioance Infra (5.68%), BHEL (5.04%), L&T Ltd (4.84%), ICICI Bank Ltd (4.08%), HDFC Bank Ltd (3.93%), SBI (3.69%), HDFC (3.29%), ONGC (3.06%) and DLF LtdBHEL (2.87%).

The Capital Goods index dropped by 451.64 points to close at 11,667.69. Major losers are Punj Lloyd (58.34%), BHEL (5.04%), Alstom Proje (5.03%), L&T Ltd (4.84%), Elecon Eng C (3.44%) and Aiaengineer (3.33%).

The Banking index closed down by 293.26 points at 7,013.18. Losers areIndian Overseas Bank (7.54%), Kotak Bank (5.49%), Punjab National Bank Ltd (499%), Bank of India (4.99%), Axis Bank (4.67%), Yes Bank (4.60%) and ICICI Bank Ltd (4.08%).

The Reality Index closed lower by 251.18 points at 5,364.60. Losers are Anant Raj Ind (7.67%) along with Unitech Ltd (5.82%), Pheoniox Mill (5.60%), Indiabulls Real (5.43%), Purvankara (5.17%) and Ansal Infras (3.65%).

The Oil & Gas index closed down by 147.50 points at 9,918.85. As BPCL (4.49%), Aban Offshore (3.14%), ONGC (3.06%), Reliance Natural Resources (2.67%), HPCL (2.54%) and IOC (2.17%) closed in negative territory.

The Metal index closed lower by 119.62 points at 15,131.86. Losers are Sh Precoated (3.00%), Jindal Saw (2.84%), Welspan Gujarat Sr (2.76%), Gijarat Nre C (2.33%), Ispat Industries (1.71%), and NALCO (1.71%).

The Pharma index dropped by 99.84 points to close at 4,426.92 as Ranbaxy Lab (7.68%), Bil Care Lt (5.62%), Opto Circuit (5.17%), Dishman Pharma (5.02%) and Fortis Helth (4.22%) closed in negative territory.

The Consumer Durables index move downward by 89.75 points to close at 3,928.77 Major losers are Rajesh Export (5.26%), Blue Star L (2.65%), Gitanjali GE (2.10%), Videocon India (1.98%) and Titan Ind (1.27%)

Global meltdown leads to market crash

The market witnessed a big carnage today, as widespread selling caused the index slip below the 15,100 mark shortly after the opening bell. A sharp slump across the international markets saw the Sensex resume 172 points lower at 15,250 and shed 370 points to touch the day's low of 15,052. The market soon moved above the 15,100 level, but traded below 15,200 through the session as intense selling continued in realty, banking and capital goods and other counters. The Sensex finally ended the session with a loss of 334 points at 15,088. The Nifty too came under selling pressure and lost 78 points to close at 4,504.

The market breadth was extremely weak, with the losers outnumbering the gainers by 2.14:1 on the BSE. Of the 2,576 stocks traded on the BSE 1,804 stocks declined, 840 stocks advanced and 71 stocks ended unchanged. All the BSE sectoral indices continued to trade weak and dropped around 0.50-4% each. The BSE Realty Index was the major loser and lost 4.27%, while the BSE Bankex Index shed 4.01%.

Majority of the 30 stocks of the Sensex ended in the red. Among the major losers Ranbaxy Laboratories shed 7.68% at Rs548.10, Reliance Infrastructure plunged 5.68% at Rs1,008, BHEL crumbled 5.04% at Rs1,416, Larsen & Toubro crashed 4.84% at Rs2,609.20, ICICI Bank slipped by 4.08% at Rs747.60, HDFC Bank tumbled 3.93% at Rs1,111.50, SBI lost 3.69% at Rs1,290, HDFC dropped nearly 3.29% at Rs2,198 and ONGC slumped 3.06% at Rs837.10. Select front-line counters ended in the green. M&M rose 1.11% at Rs576.45, while Wipro and Cipla closed with moderate gains.

Reality stocks witnessed a steep fall. Anant Raj plummeted 7.67% at Rs154.10, while Unitech crashed 5.82% at Rs188.60. Phoenix Mill at Rs241, Indiabulls Realty at Rs373.60, Puravankara at Rs190, Ansal infrastructure at Rs99.10, Mahindra Life at Rs541.50 and DLF at Rs478.20 tumbled over 2-5% each. Among the Bankex stocks Indian Overseas Bank plunged 7.54% at Rs109.80, Kotak Bank fell by 5.49% at Rs614.55, Bank of India lost 4.99% at Rs267.60, Punjab National Bank shed 4.99% at Rs435.25 and Axis Bank declined 4.67% at Rs718.10.

Over 1.77 crore Niraj Cement shares changed hands on the BSE followed by Chambal Fertilisers (1.03 crore shares), Anu’s Laboratories (0.85 crore shares), IFCI (0.71 crore shares) and Reliance Petroleum (0.67 crore shares).Global meltdown leads to market crash

Market extends losses on weak Asian equities

The market succumbed to selling pressure for the second consecutive day today. Political concerns and weak Asian markets weighed on the investor sentiments. Banking, realty and capital goods stocks were hurt the most in today’s trade. All the sectoral indices on BSE ended in red.

As per provisional data, foreign funds today, 19 June 2008, sold shares worth a net Rs 598.36 crore. Domestic funds bought shares worth a net Rs 141.07 crore.

Asian markets, which opened before Indian markets, ended on a weak note. Key indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan were down by 1.88% to 6.54%. The Dow Jones Industrial Average hit its lowest level in three months on Wednesday, 18 June 2008, as worries about a weak US economy compounded by credit sector concerns dragged down shares in banks, autos and transport firms

However, European markets, which had opened on a weak note, recovered during the course of the trading session after unexpected news of a British shopping spree last month offset early gloom about the banking sector. Key indices in UK and France were up 0.21% to 0.51%. However, Germany’s DAX index was down 0.11%.

Political worries continued to weight on the market sentiment for a second day in a row. The postponement of a key meeting between the government and its communist allies on the proposed nuclear deal between US and India keeps the future of the deal uncertain. Talks were set to take place Wednesday, 18 June 2008, in New Delhi, but Communist leaders say the meeting will now take place on 25 June 2008. The delay comes as Left wing parties’ reffirm their opposition to the agreement, saying it undermines India's independent foreign policy and nuclear weapons program. As per reports, CPM, a key left party, may be working on a plan to pull out support to the Congress-led UPA government at the Centre.

The 30-share BSE Sensex lost 334.32 points or 2.17% at 15,087.99. The index shed 370.65 points at the day’s low of 15,051.66 hit in the mid-afternoon trade.

The broader based S&P CNX Nifty was down 78.15 points or 1.71% at 4504.25. Nifty June 2008 futures were at 4486, a discount of 18.25 points compared with the spot closing.

The market had dropped yesterday, 18 June 2008, led by weak European markets and following deferral of the UPA-Left coordination committee meeting on Indo-US nuclear deal. The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 on that day.

The Sensex is down 6118.78 points or 28.85% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.

Back to today's trade, the market breadth was weak on BSE with 842 shares advancing as compared to 1804 that declined. 71 remained unchanged.

The BSE Mid-Cap index fell 2.04% to 6,230.17 and BSE Small-Cap index shed 1.48% to 7,660.42. Both the indices outperformed the Sensex.

BSE clocked a turnover of Rs 4297 crore as against Rs 6,183.16 crore on Wednesday, 18 June 2008. NSE's futures & options (F&O) segment turnover was Rs 42696.18 crore, which was lower than Rs 47440.71 crore on Wednesday, 18 June 2008.

Banking shares witnessed selling pressure. Axis Bank (down 4.67% at Rs 718.10), HDFC Bank (down 3.93% at Rs 1120.60), and State Bank of India (down 3.69% at Rs 1301), slipped. The Bankex underperformed the Sensex, falling 4.01% to 7,013.18.

India's largest private sector bank by assets ICICI Bank fell 4.08% at Rs 753.30. ICICI Bank has a third highest weightage of 8.27% in BSE Sensex.

Sell-off was also witnessed in the capital goods stocks. Punj Lloyd (down 5.34% at Rs 252.85), Bharat Heavy Electricals (down 5.04% at Rs 1,423.15), and Larsen & Toubro (down 4.84% at Rs 2,617.30), tumbled. The BSE Capital Goods index underperformed the Sensex, sliding 3.73% to 11,667.69.

Realty stocks, which are known to have high beta value, were the worst hit. Anant Raj Industries (down 7.67% at Rs 154.10), Unitech (down 5.82% at Rs 188.60), Indiabulls Real Estate (down 5.43% at Rs 376.30) and DLF (down 2.87% at Rs 478.20), slumped. The BSE Realty index underperformed the Sensex, falling 4.27% to 5,634.60.

India's second largest power utility by revenue Reliance Infrastructure lost 5.68% to Rs 1012.35 following reports the company is planning to invest $7 billion in the next three years to expand its engineering and construction business in India and acquire assets overseas.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries lost 1.69% at Rs 2245. RIL has a highest weightage of 15.72% in BSE Sensex.

India’s second largest software exporter by sales Infosys Technologies fell 0.31% at Rs 1860. Infosys has a second highest weightage of 8.59% in BSE Sensex.

India's largest drug maker by sales Ranbaxy Laboratories declined 7.68% at Rs 552.25 after the company agreed to keep generic versions of the Pfizer's cholesterol pill Lipitor off the US market for extra 20 months. As per the agreement, Ranbaxy will not sell a generic of Lipitor, the world's best-selling drug, until November 2011.

Debutant Niraj Cement Structurals settled at Rs 190.15 on BSE, a minuscule premium of 0.08% over the IPO price of Rs 190. Earlier today, the stock debuted at Rs 185, a discount of 2.63% over issue price.

State-run Mahanagar Telephone Nigam gained 1.62% to Rs 97 after the company said it has received license from the Department of Telecom for providing international long distance services.

Polymer products maker Time Technoplast surged 1.24% to Rs 780.80 after the company said its board will meet on 27 June 2008 to consider stock split. The stock earlier touched a high of Rs 845.

Automobile battery maker Exide Industries advanced 3.09% to Rs 73.35 after the company acquired a 51% stake in Leadage Alloys India, an unlisted Bangalore-based lead smelting company, for Rs 34 crore.

Engineering firm Roman Tarmat gained 3.01% to Rs 73.55 after the company said it has received two orders worth Rs 106.48 crore from Tamil Nadu Road Infrastructure Development Corporation for laying roads in Kancheepuram district at Tamil Nadu.

BOC India surged 19.82% to Rs 196.45 on reports BOC Group plc UK, a part of the Linde Group, has increased open offer price for minority shareholders to Rs 200 per share from the earlier Rs 165 per share.

Anu's Laboratories clocked a highest turnover of 375.97 crore on BSE. Niraj Cement Structurals (Rs 337.92 crore), Ranbaxy Laboratories (Rs 302.82 crore), Reliance Capital (Rs 189.39 crore) and Reliance Petroleum (Rs 129.34), were the other turnover toppers on BSE in that order.

Debutant Niraj Cement Structurals reported a highest volume of 1.77 crore shares on BSE. Chambal Fertilizers & Chemicals (1.03 crore shares), Anu's Laboratories (85.42 lakh shares), IFCI (81.97 lakh shares), and Reliance Petroleum (71.76 lakh shares), were the other volume toppers on BSE in that order.

Oil fell on Thursday, 19 June 2008, as supply concerns in Nigeria eased after the country's oil ministry prevented a potentially crippling strike by workers at Chevron. But falling US oil stocks and comments from the White House that Saudi Arabia was unlikely to raise output in the near term supported prices, which have climbed 40% this year. US crude fell 73 cents to $135.95 a barrel, after settling up $2.67 at $136.68 a day ago on the Nigerian worries.

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Grey Market - Premiums - Discounts

Niraj Cement 190 + / - 7 to 10

Bafna Pharmaceutical 40 6 to 8

Avon Weighing 10 8 to 10

Sejal Architectural Glass Ltd. 105 to 115 20 to 22

First Winners Ind. Ltd. 115 to 125 2 to 4

Archid Ply Ind. 74 5 to 7

Lotus Eye Care Hospital 36 to 38 2 to 3

Somi Conveyor Belting 35.00 4 to 6

Market braced for weak opening

Weak global cues coupled with the possibility of a surge in crude oil prices may keep the market depressed in early trade.

Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17

US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.

The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.

Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.

The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.

The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.

As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.

Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.

Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.

Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.

Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country’s crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.

Daily call - June 19 2008

Daily call - June 19 2008

Pre Session Commentary - June 19 2008

The Indian Market is expected to have negative opening on the back of weak global cues as the US market closed in red and Asian markets are trading on weak zone. On Wednesday, the Indian market closed with downbeat note due to investors’ negative attitude led to heavy sell across the ground. The domestic market turned volatile after positive start and moved between positive and negative territory till mid session with gradual decline. Further it lost the grip to close in backfoot. The postponement of the meeting between the UPA and the Left parties over the ongoing nuclear issue, which was scheduled yesterday (Wednesday) also, added to the negative sentiments in the market. The Nifty closed below 4600 and the Sensex below 15500 levels. From the sectoral front, Metal, Capital Goods, Banking and Reality stocks were major losers as most of the selling was seen on theses baskets while FMCG and Auto stocks showed some sign of life. The BSE Sensex closed lower by 274.59 points at 15,422.31 and NSE Nifty ended down by 70.60 points at 4,582.4. We expect that market may lose ground during the trading.

US markets closed lower on Wednesday as FedEx Corp. delivered disappointing results and regional banking powerhouse Fifth Third Bancorp''s dividend cut reinforced concern bank losses and record oil will prolong the slump in profits. Morgan Stanley’s income dropped by more than half by 57% that indicates the effects of credit crises.

The Dow Jones Industrial Average (DJIA) closed lower by 131.24 points at 12,029.06 along with NASDAQ down by 28.02 points to close at 2,429.71 and S&P 500 dropped by 13.12 points to close at 1,337.81.

Indian ADRs ended negative. In technology sector, Infosys dropped by (2.84%) along with Satyam by (2.50%), Wipro by (2.31%) and Patni Computers by (10.50%). In banking sector, ICICI bank and HDFC bank decreased by (2.76%) and (2.61%) respectively. In telecommunication sector, MTNL advanced by (0.68%) while Tata Communication reduced by (4.44%). Sterlite industries declined (0.11%).

Today the major stock markets in Asia are trading in red backed by overnight fall in Wall Street and higher oil prices. Crude oil prices raised $2.67 a barrel to close at $136.68 on the New York Mercantile Exchange. Hang Seng index is trading lower by 383.91 points at 22,941.89 along with Japan’s Nikkei trading down by 293.42 points at 14,159.40 and Taiwan Weighted trading at 8,099.78 fell by 117.80 points.

The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,546.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,173.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs372.40 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,423 and resistance at 4,603 and BSE Sensex has support at 14,843 and resistance at 15,628.

Morning Call - June 19 2008

Market Grape Wine :

In House :

Nifty at a support of 4430 & 4480 levels with resistance at 4620 & 4550 levels .

Sell : RIL below 2283 target of 2230 s/l of 2410

Sell : SBIN below 1351 target 1320 s/l of 1365

Sell : in F&O RELCAP below 1144 target 1104 s/l of 1165

Sell : Tisco below 823 target 808 s/l of 834

Out House :

Markets at a support of 15342 & 15234 resistance at 15591 & 15656 levels .

Buy : Tisco at dips

Buy : Ranbaxy at dips

Buy : Infy at dips

Buy : EIH

Buy : JPAsso at dips

Buy : RPL & AssarOil

Buy : LT

Buy : Aban & Geshipping

Dark Horse : EIH , RPL , Aban , Unitech , RIL & Ranbaaxy

Today's Pick - Bank of Baroda

We recommend a sell on Bank of Baroda from a short-term perspective. From the charts of Bank of Baroda, we note that the stock has been on an intermediate-term downtrend, since its January 2008 high of Rs 501, forming lower peaks and lower troughs.

However, after touching 2008 low of Rs 211 on June 9, the stock witnessed a corrective up-move.

This up-move of the stock did not sustain, as the stock encountered twin resistances (a key resistance level and down trendline) at about Rs 260.

On June 18, the stock declined and formed a dark cloud candlestick pattern that indicates bearishness. The weekly momentum indicator is featuring in the bearish zone and the daily momentum indicator is likely to re-enter this zone.

With the intermediate-term down trendline still intact, we are bearish on the stock in the short-term. We expect the stock to decline until it hits our price target of Rs 218 in the upcoming trading sessions. Traders with short-term perspective can sell the stock, while maintaining stop-loss at Rs 258.