Post Market Report on 11.09.2008

[B. Karthick]

India Stocks Review: End dn over 2% on overseas cues; RIL falls 4%
Thursday, Sep 11

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Bombay Stock Exchange : National Stock Exchange
Sensex: 14324.29, dn 338.32 pts (2.3%) : Nifty: 4290.30, dn 109.85 pts
(2.5%)
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Negative overseas cues coupled with selling pressure in index
heavyweight Reliance Industries caused share indices to end down over
2%.
Persistent worries about the health of global financial markets
weighed on overseas markets, pulling them down 1-3%, and limited any
upside from lower global oil prices and hopes of easing domestic
inflation for the week to Aug 30.
Sensex ended at 14324.29, down 338.32 points, or 2.3%, from
Wednesday. Intraday, it moved between 14265.38 and 14557.33.
Nifty closed at 4290.30, down 109.95 points, or 2.5%. Intraday, it
moved between 4272.75 and 4399.30.
CNX Mid-cap and S&P CNX 500 indices declined 1% and 2%,
respectively.
Turnover on BSE and NSE combined was 155.80 bln rupees, compared
with 171 bln rupees in the previous session.
BSE Oil & Gas index dropped 3.4% as RIL slid 4% to end below 2,000
rupees for the first time since Jul 16 on fund selling. The stock also
showed weakness on technical charts.
Power shares, which had gained following Nuclear Suppliers' Group
clean waiver to India for nuclear commerce, declined for a third
straight session. Tata Power and NTPC ended down around 3% each.
Suzlon Energy, down nearly 7% at 228 rupees, was the worst hit on
Nifty.
Hopes weekly inflation, due later today, might ease to below the
12%-mark lent support to interest rate-sensitive stocks.
Punjab National Bank ended up 0.5%, while Tata Motors, up 1% at
424 rupees, was the top Nifty gainer.
Selling in most frontline stocks was seen amid talk Lehman
Brothers, which reported a $3.9 bln third-quarter loss Wednesday, was
liquidating its positions.
Other index majors that fell included Bharti Airtel and Oil and
Natural Gas Corp, down around 4% each, and DLF, down 3%.
Resurgere Mines & Minerals, which listed on the bourses Sep 1,
ended down below its issue price of 270 rupees. The stock fell 10% to
246 rupees.

RARE GAINERS
Raj Television Network surged 19% on a report it plans to raise
500 mln-1 bln rupees via a 5-10% stake sale to a private equity firm.
Shares of Gujarat NRE Coke ended 3% higher after the company said
it would meet Wednesday to consider a differential rights issue of one
differential voting rights share per 300 shares at 1,000 rupees each.
United Spirits ended up nearly 3%, but off highs, at 1,353 rupees.
The stock touched an intraday high of 1,409 rupees on a report
Japanese spirits company Suntory is eyeing 10-15% stake in the
company.
IFCI ended up 1% on a report government has revived its attempt to
sell 26% stake in the company to a strategic investor.

KEY MARKET MOVES
* In the Nifty, 2 rose and 48 fell.
* In the Sensex, 2 rose and 28 fell.
* On BSE, there were 853 advances and 1,786 declines
* BSE Oil & Gas: Down 3.4%; BSE Power: Down 3%; BSE Realty: Down
2.5%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14324.29, dn 338.32 pts (2.3%) : Nifty: 4290.30, dn 109.85 pts
(2.5%)
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B.Karthick
Research Analyst.