Post Market report on 15.07.2008

[B. Karthick]

India Stocks Review: End at 15-mo low on global cue; bks worst hit
Tuesday, Jul 15

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Bombay Stock Exchange : National Stock Exchange
Sensex: 12676.19, dn 654.32 pts (4.9%) : Nifty: 3861.10, dn 178.60 pts
(4.4%)
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Key share indices ended at 15-month lows tracking the sharp fall
in overseas markets and on lack of buying support at lower levels.
Rumours of funds facing redemption pressures also weighed on
market.
U.S. futures were also down, which triggered further selling in
the later part of trade.
Sensex closed at 12676.19, down 654.32 points, or 4.9%, from
Monday. Intraday, it moved between its new 2008 low of 12607.62 and
13067.08.
Nifty ended at 3861.10, down 178.60 points, or 4.4%. Intraday, it
hit a new 2008 low of 3835.50 and touched a high of 4040.70.
Turnover on BSE and NSE combined was 149 bln rupees, compared with
148 bln rupees Monday.
CNX Mid-cap and S&P CNX 500 indices ended down 3.7% and 4.3%,
respectively.
All Sensex and Nifty stocks ended in the red, with bank shares
among worst hit as they mirrored the fall in their global peers, and
on worries of more monetary measures by Reserve Bank of India to tame
inflation.
HDFC Bank and ICICI Bank slid 11% and 9%, respectively.
Ranbaxy Laboratories tumbled 14% to 409 rupees amid concerns its
takeover by Japan's Daiichi Sankyo may be under threat after U.S.
Department of Justice alleged there is evidence to suggest Ranbaxy
used active pharmaceutical ingredients from unapproved sources at its
Paonta Sahib facility in Himachal Pradesh.
The stock was the worst hit on Nifty.
Metal shares were also weighed down by profit sales after their
recent rise and as metal prices eased overseas.
Hindalco Industries fell 8%, while Sterlite Industries ended 6%
lower.
Shares of power companies ended down tracking weak broad market
sentiments and amid worries over policy risks, rising interest rates,
and companies' inability to secure fuel linkages.
Power Grid Corp fell 4%, while NTPC and Tata Power ended down
nearly 3% each.
Technology shares, which periodically stepped into positive
territory
during the session, also ended lower in line with the broad market.
Infosys Technologies ended 1% lower at 1,545 rupees, while Tata
Consultancy Services and Satyam Computer Services dropped over 2%
each.
Rare gainers included SpiceJet, which ended off highs after
surging
nearly 15% in early trade on the stake sale to W.L. Ross will not
trigger an open offer.
Spicejet has sold less than 15% stake to U.S. based private equity
investment firm W.L. Ross for 3.45 bln rupees.
The stock ended 2% higher at 29 rupees, while other gainers
included IFCI and recently listed KSK Energy Ventures, up 0.4% each.

KEY MARKET MOVES
* In the Nifty, all 50 fell.
* In the Sensex, all 30 fell.
* On BSE, there were 535 advances and 2,105 declines.
* CNX Bank Nifty: Down 7.1%; BSE Realty: Down 5.4%; BSE Metal:
Down 5.2%.
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Bombay Stock Exchange : National Stock Exchange
Sensex: 12676.19, dn 654.32 pts (4.9%) : Nifty: 3861.10, dn 178.60 pts
(4.4%)
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B.Karthick,
Research Analyst.