Post Market report on 30.06.2008

[B. Karthick]

India Stocks Review: End down over 2%; bank, realty shrs worst hit
Monday, Jun 30

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Bombay Stock Exchange : National Stock Exchange
Sensex: 13461.60, dn 340.62 pts (2.5%) : Nifty: 4040.55, dn 96.10 pts
(2.3%)
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An absence of positive triggers due to crude oil prices scaling
new record highs and prevailing uncertainty in domestic politics
pulled down
share indices over 2% on the last day of the Apr-Jun quarter.
A fall in Asian and European markets kept gains in check as well.
There were also strong rumours of mutual funds facing redemption
pressures, which led to increased selling in later trade.
Sensex closed at its lowest level since Apr 2007 at 13461.60, down
340.62 points, or 2.5%, from Friday. Intraday, it moved between its
new 2008 low of 13405.54 and 13872.06.
Nifty closed at 4040.55, down 96.10 points. or 2.3%. Intraday, it
touched new 2008 intraday low of 4021.70 and a high of 4163.00. This
was Nifty's lowest close since Apr 2007.
Turnover on BSE and NSE combined was 162 bln rupees, compared with
187
bln rupees Friday.
CNX Mid-cap and S&P CNX 500 ended down around 3% each.
Shares had opened weak as crude oil prices touched a fresh record
high of
$143 a barrel on the New York Mercantile Exchange, raising concern
over
corporate earnings.
Political concerns as the Left parties said they would withdraw
support
to the government if it proceeded with the India-U.S. nuclear deal
also kept
investors on edge.

LOSERS
Interest rate-sensitive shares were battered once again, with
investors
fearing Reserve Bank of India may resort to more monetary tightening
measures
to tame rise in inflation.
Punjab National Bank ended down 7%, while DLF and Mahindra and
Mahindra
slid nearly 7% and 5%, respectively.
Bharat Petroleum Corp, down 10% at 224 rupees on worries of
widening
under recoveries due to surge in crude oil prices, was the worst hit
on Nifty.
Cairn India, which earlier rose on high crude oil prices, erased
gains on
weakness in the broad market to end 0.2% lower.
Most cement shares declined on concern of slackening demand as
rising
interest rates impact demand from housing and construction sectors.
ACC ended down 9%, while India Cements ended down nearly 7% after
reporting disappointing Jan-Mar earnings.

RARE GAINERS
Metal shares gained on value buying after being battered in the
past few
sessions.
National Aluminium Co, up 5% at 351 rupees, was the top Nifty
gainer,
while Sterlite Industries and Hindalco Industries gained 3% and 2%,
respectively.
Technology counters gained on defensive buying, as did most
pharmaceutical shares.
Sun Pharmaceutical Industries and Dr Reddy's Laboratories ended up
4.5%
and 2%, respectively, in anticipation that depreciation rupee against
the
U.S. dollar will enhance earnings.

LISTINGS
MVL, the hived off realty business of Media Video, ended at 95
rupees on
NSE after listing at 61.25 rupees.
Shares of GMR Ferro Alloys & Industries, the demerged division of
GMR
Industries, ended at 92.50 rupees, lower than the listing price of
139.65
rupees on NSE.

KEY MARKET MOVES
* In the Nifty, 11 rose and 39 fell.
* In the Sensex, eight rose and 22 fell.
* On BSE, there were 543 advances and 2,106 declines
* BSE Realty: Down 6.8%; CNX Bank Nifty: Down 3.5%; BSE
Healthcare: Up 0.4%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 13461.60, dn 340.62 pts (2.5%) : Nifty: 4040.55, dn 96.10 pts
(2.3%)
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B.Karthick,
Research Analyst.

[Kence...@gmail.com]

Research Dept.