India Stocks Review: Global mkts, high oil prices pull shares dn 2%
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K.Karthik Raja
May 22, 2008, 7:10:21 AM5/22/08
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India Stocks Review: Global mkts, high oil prices pull shares dn 2%
Thursday, May 22
.
Fall in overseas markets due to surging crude oil prices,
and persistent concern over rising domestic inflation prevented the
Indian share market from making a late recovery from a 2% intraday
fall.
Sensex ended below 17000 for the first time since May 14 at
16907.11, down 336.05 points, or 2.0%, from Wednesday.
Nifty closed at 5025.45, down 92.20 points, or 1.8%. Intraday,
CNX Midcap and S&P CNX 500 ended down nearly 2% each.
There was systematic selling from institutions today, but volumes are
still very thin, which is a concern.
Turnover on BSE and NSE combined was 196 bln rupees, compared with
223 bln rupees in the previous session.
Bank, realty, and auto shares fell amid fears Reserve Bank of
India would resort to more liquidity tightening measures as inflation
threatens to remain above the central bank's tolerance level of 5.00%
with crude oil topping $135 a barrel.
Punjab National Bank and Tata Motors fell 4% each to 534 rupees
and 661 rupees, respectively. Unitech lost 3% to end at 274 rupees.
Suzlon Energy fell 6% to 291 rupees amid concern the company's
margins would remain weak in coming quarters on higher employee and
other overhead costs
Investors are also cautious on mixed signals from Suzlon Chairman
and Managing Director Tulsi Tanti on stake sale in REpower Systems.
Technology shares gave up gains on profit sales after rising
earlier in the session after rupee breached the 43 per $1 mark.
Cairn India, too, ended lower as investors booked profits in the
counter, which has been rising in line with gains in crude oil prices.
The stock ended down nearly 2% at 319 rupees.
Dr. Reddy's Laboratories, however, held onto gains amid reports it
will divest 49% stake in its wholly-owned subsidiary Macred India to
UK-based Johnson Matthey
The stock, up nearly 4% at 682 rupees, was the top Nifty gainer.
Bajaj Holdings & Investment ended up 3% at 672 rupees after
reporting a Jan-Mar consolidated net profit of 793.2 mln rupees and
net sales of 626.3 mln rupees.
Sterlite Industries and Hero Honda Motors, up around 0.5% each,
were other rare gainers on Nifty.
.
KEY MARKET MOVES
* In the 50-share Nifty, 5 rose and 45 fell.
* In the 30-share Sensex, 1 rose and 29 fell.
* On BSE, there were 1,040 advances and 1,684 declines.
* BSE Realty: Down 2.7%; BSE Capital Goods: Down 2.4%; Bank Nifty:
Down 3.1%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 16907.11, dn 336.05 pts (2.0%) : Nifty: 5025.45, dn 92.20 pts
(1.8%)
Thursday, May 22
.
Fall in overseas markets due to surging crude oil prices,
and persistent concern over rising domestic inflation prevented the
Indian share market from making a late recovery from a 2% intraday
fall.
Sensex ended below 17000 for the first time since May 14 at
16907.11, down 336.05 points, or 2.0%, from Wednesday.
Nifty closed at 5025.45, down 92.20 points, or 1.8%. Intraday,
CNX Midcap and S&P CNX 500 ended down nearly 2% each.
There was systematic selling from institutions today, but volumes are
still very thin, which is a concern.
Turnover on BSE and NSE combined was 196 bln rupees, compared with
223 bln rupees in the previous session.
Bank, realty, and auto shares fell amid fears Reserve Bank of
India would resort to more liquidity tightening measures as inflation
threatens to remain above the central bank's tolerance level of 5.00%
with crude oil topping $135 a barrel.
Punjab National Bank and Tata Motors fell 4% each to 534 rupees
and 661 rupees, respectively. Unitech lost 3% to end at 274 rupees.
Suzlon Energy fell 6% to 291 rupees amid concern the company's
margins would remain weak in coming quarters on higher employee and
other overhead costs
Investors are also cautious on mixed signals from Suzlon Chairman
and Managing Director Tulsi Tanti on stake sale in REpower Systems.
Technology shares gave up gains on profit sales after rising
earlier in the session after rupee breached the 43 per $1 mark.
Cairn India, too, ended lower as investors booked profits in the
counter, which has been rising in line with gains in crude oil prices.
The stock ended down nearly 2% at 319 rupees.
Dr. Reddy's Laboratories, however, held onto gains amid reports it
will divest 49% stake in its wholly-owned subsidiary Macred India to
UK-based Johnson Matthey
The stock, up nearly 4% at 682 rupees, was the top Nifty gainer.
Bajaj Holdings & Investment ended up 3% at 672 rupees after
reporting a Jan-Mar consolidated net profit of 793.2 mln rupees and
net sales of 626.3 mln rupees.
Sterlite Industries and Hero Honda Motors, up around 0.5% each,
were other rare gainers on Nifty.
.
KEY MARKET MOVES
* In the 50-share Nifty, 5 rose and 45 fell.
* In the 30-share Sensex, 1 rose and 29 fell.
* On BSE, there were 1,040 advances and 1,684 declines.
* BSE Realty: Down 2.7%; BSE Capital Goods: Down 2.4%; Bank Nifty:
Down 3.1%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 16907.11, dn 336.05 pts (2.0%) : Nifty: 5025.45, dn 92.20 pts
(1.8%)
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