Post Market Report on 02.09.2008
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B. Karthick
Sep 2, 2008, 7:18:26 AM9/2/08
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India Stocks Review: Surge 4% as oil tumbles; Nifty above 4500
Tuesday, Sep 2
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Bombay Stock Exchange : National Stock Exchange
Sensex: 15049.86, up 551.35 pts (3.8%) : Nifty: 4504.00, up 155.35 pts
(3.6%)
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Crude oil prices hit a 23-week low today, giving the Indian share
market a reason to cheer and end nearly 4% higher.
Crude oil declined to a low of $105.46 a barrel on New York
Mercantile Exchange today as Hurricane Gustav weakened, easing
concerns over its impact on the energy-rich Gulf of Mexico.
Sensex ended at 15049.86, up 551.35 points or 3.8% from Monday.
Intra-day, it moved between 14543.21 and 15106.15.
Nifty closed at 4504.00, up 155.35 points or 3.6%, after moving
between 4343.10 and 4522.40.
Turnover on BSE and NSE combined was 205.75 bln rupees, compared
with 147.00 bln rupees Monday.
CNX Mid-cap index rose 2%, while S&P CNX 500 ended 3.4% higher.
Interest rate sensitive stocks led gains on short covering,
triggered by hopes the fall in oil prices will ease inflation.
State Bank of India, up nearly 8% at 1,523 rupees, was the top
Nifty gainer, while Housing Development & Infrastructure surged 16%.
Hopes of lower under recoveries gave a boost to oil retailers.
Bharat Petroleum Corp rose 5%, Indian Oil Corp 8.5% and Hindustan
Petroleum Corp 12%.
Oil and Natural Gas Corp gained nearly 7% on hope of lower subsidy
burden. PBA Infrastructure ended up 20% on winning a 1.22-bln-rupee
order.
Laggards included Tata Motors, which ended 2% lower after
detailing its rights issue plans.
The company plans to raise around 41.5 bln rupees through its
rights offer. This includes issue of ordinary shares on rights basis
in the ratio of one share for six held, at 340 rupees a share to raise
21.86 bln rupees.
It also plans another issue of shares with differential rights in
the ratio of one-for-six at 305 rupees a share to raise 19.6 bln
rupees.
Ranbaxy Laboratories shares also fell 2% as the Daiichi Sankyo
open offer for the company closes Thursday. In addition, investors who
bought the stock Monday and today will not be able to participate in
the open offer.
Oil explorer Cairn India, which has recently benefited from the
spurt in crude oil prices, dropped 6% to 234 rupees and was the worst
hit on Nifty.
KEY MARKET MOVES
* In the Nifty, 47 rose and 3 fell.
* In the Sensex, 28 rose and 2 fell.
* On BSE, there were 1,675 advances and 986 declines
* CNX Bank Nifty: Up 6.2%; BSE Realty: Up 7.4%; BSE Oil & Gas: Up
3.5%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 15049.86, up 551.35 pts (3.8%) : Nifty: 4504.00, up 155.35 pts
(3.6%)
------------------------------------------------------------------------------
B.Karthick
Research Analyst.
Tuesday, Sep 2
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 15049.86, up 551.35 pts (3.8%) : Nifty: 4504.00, up 155.35 pts
(3.6%)
------------------------------------------------------------------------------
Crude oil prices hit a 23-week low today, giving the Indian share
market a reason to cheer and end nearly 4% higher.
Crude oil declined to a low of $105.46 a barrel on New York
Mercantile Exchange today as Hurricane Gustav weakened, easing
concerns over its impact on the energy-rich Gulf of Mexico.
Sensex ended at 15049.86, up 551.35 points or 3.8% from Monday.
Intra-day, it moved between 14543.21 and 15106.15.
Nifty closed at 4504.00, up 155.35 points or 3.6%, after moving
between 4343.10 and 4522.40.
Turnover on BSE and NSE combined was 205.75 bln rupees, compared
with 147.00 bln rupees Monday.
CNX Mid-cap index rose 2%, while S&P CNX 500 ended 3.4% higher.
Interest rate sensitive stocks led gains on short covering,
triggered by hopes the fall in oil prices will ease inflation.
State Bank of India, up nearly 8% at 1,523 rupees, was the top
Nifty gainer, while Housing Development & Infrastructure surged 16%.
Hopes of lower under recoveries gave a boost to oil retailers.
Bharat Petroleum Corp rose 5%, Indian Oil Corp 8.5% and Hindustan
Petroleum Corp 12%.
Oil and Natural Gas Corp gained nearly 7% on hope of lower subsidy
burden. PBA Infrastructure ended up 20% on winning a 1.22-bln-rupee
order.
Laggards included Tata Motors, which ended 2% lower after
detailing its rights issue plans.
The company plans to raise around 41.5 bln rupees through its
rights offer. This includes issue of ordinary shares on rights basis
in the ratio of one share for six held, at 340 rupees a share to raise
21.86 bln rupees.
It also plans another issue of shares with differential rights in
the ratio of one-for-six at 305 rupees a share to raise 19.6 bln
rupees.
Ranbaxy Laboratories shares also fell 2% as the Daiichi Sankyo
open offer for the company closes Thursday. In addition, investors who
bought the stock Monday and today will not be able to participate in
the open offer.
Oil explorer Cairn India, which has recently benefited from the
spurt in crude oil prices, dropped 6% to 234 rupees and was the worst
hit on Nifty.
KEY MARKET MOVES
* In the Nifty, 47 rose and 3 fell.
* In the Sensex, 28 rose and 2 fell.
* On BSE, there were 1,675 advances and 986 declines
* CNX Bank Nifty: Up 6.2%; BSE Realty: Up 7.4%; BSE Oil & Gas: Up
3.5%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 15049.86, up 551.35 pts (3.8%) : Nifty: 4504.00, up 155.35 pts
(3.6%)
------------------------------------------------------------------------------
B.Karthick
Research Analyst.
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