Post Market report on 08.07.2008
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B. Karthick
Jul 8, 2008, 9:22:31 AM7/8/08
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India Stocks Review: End 1% dn but off lows; capital goods shrs up
Tuesday, Jul 8
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 13349.65, dn 176.34 pts (1.3%) : Nifty: 3988.55, dn 41.45 pts
(1%)
-----------------------------------------------------------------------------
The share market ended around 1% down today, but off the 3% low
touched earlier in the session, as investors lapped up shares of
capital
goods and power companies on hopes the India-U.S. nuclear deal would
finally come through.
Market trimmed losses, with the BSE Capital Goods index up over
1%, compared with 4% fall earlier in the session, after the Left
parties decided to withdraw support to the Congress-led United
Progressive Alliance government at the Centre.
This (withdrawal of support by the Left parties) has been played
out since the last one week, and now with Samajwadi Party supporting
the government the market was not too concerned. . .but this is not
too much of a positive as it shows that the government is on
tenterhooks.
The Left parties have sought an appointment with President
Pratibha Patil on Wednesday to hand over their letter regarding
withdrawing support to the government.
Sensex ended at 13349.65, down 176.34 points or 1.3% from Monday.
Intra-day, it moved between 13049.96 and 13451.67.
Nifty closed at 3988.55, down 41.45 points or 1%. Intra-day, it
moved between 3896.05 and 4028.70.
Turnover on BSE and NSE combined was 156 bln rupees, compared with
172 bln rupees on Monday.
CNX Mid-cap ended 0.2% down, and S&P CNX 500 fell 0.7%.
GAINERS
Shares of capital goods and power companies were top gainers on
hopes of more orders if the India-U.S. deal comes through, but we do
not see immediate gains for companies as the deal will take around two
years for implementation.
NTPC rose 4% to 161 rupees, while Bharat Heavy Electricals and ABB
were up 2% each at 1,499 rupees and 874 rupees, respectively.
Larsen & Toubro ended 1.5% up at 2,397 rupees, and Areva T&D
gained 5.5% at 1,568 rupees.
ACC was up nearly 6% at 526 rupees on value buying. Last week, ACC
shares had touched a 52-week low of 462 rupees.
Bharat Petroleum Corp rose nearly 6% to 252 rupees after India's
crude oil basket declined by $2.33 to $139.50 a barrel on Monday.
BPCL shares have hit new 52-week lows in the last few weeks
because of high global crude oil prices without any commensurate
increase in domestic fuel prices.
State Bank of India ended 3% up at 1,208 rupees, recouping losses
made earlier in the session, despite a report that the bank may suffer
7-bln-rupee hit in Apr-Jun because of mark-to-market losses on bonds.
LOSERS
Shares of information technology companies were worst-hit among
Nifty stocks. We feel there is some conservatism in IT budget
allocations in the U.S.
Indian companies get an average 60% of their revenue from the U.S.
Wipro fell 5% to 421 rupees, and Infosys Technologies ended 3.5%
down at 1,737 rupees.
Tata Power ended 5% down at 1,030 rupees on concerns over rising
input costs following reports that Indonesia has proposed to
renegotiate coal contracts demanding higher royalty payment. The stock
was worst hit in Nifty.
Sugar shares fell after Allahabad High Court restored the state
administered price pf 125 rupees per 100 kg of sugar for 2008-09 (Apr-
Mar).
The interim price of 110 rupees per 100 kg, set by the court in
November, is no longer valid.
Balrampur Chini, which expects to incur losses of 1.2 bln rupees
due to the ruling, ended nearly 5% down at 73 rupees.
NEW LISTING
Fabric manufacturer First Winner Industries ended at 89 rupees,
after listing at 110 rupees on NSE. The issue was priced at 125 rupees
per share.
KEY MARKET MOVES
* In the Nifty, 20 rose and 30 fell.
* In the Sensex, 10 rose and 20 fell.
* On BSE, there were 1,157 advances and 1,415 declines
* CNX IT: Down 3%; BSE Capital Goods: Up 1.4%
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 13349.65, dn 176.34 pts (1.3%) : Nifty: 3988.55, dn 41.45 pts
(1%)
-----------------------------------------------------------------------------
B.Karthick,
Research Analyst.
Tuesday, Jul 8
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 13349.65, dn 176.34 pts (1.3%) : Nifty: 3988.55, dn 41.45 pts
(1%)
-----------------------------------------------------------------------------
The share market ended around 1% down today, but off the 3% low
touched earlier in the session, as investors lapped up shares of
capital
goods and power companies on hopes the India-U.S. nuclear deal would
finally come through.
Market trimmed losses, with the BSE Capital Goods index up over
1%, compared with 4% fall earlier in the session, after the Left
parties decided to withdraw support to the Congress-led United
Progressive Alliance government at the Centre.
This (withdrawal of support by the Left parties) has been played
out since the last one week, and now with Samajwadi Party supporting
the government the market was not too concerned. . .but this is not
too much of a positive as it shows that the government is on
tenterhooks.
The Left parties have sought an appointment with President
Pratibha Patil on Wednesday to hand over their letter regarding
withdrawing support to the government.
Sensex ended at 13349.65, down 176.34 points or 1.3% from Monday.
Intra-day, it moved between 13049.96 and 13451.67.
Nifty closed at 3988.55, down 41.45 points or 1%. Intra-day, it
moved between 3896.05 and 4028.70.
Turnover on BSE and NSE combined was 156 bln rupees, compared with
172 bln rupees on Monday.
CNX Mid-cap ended 0.2% down, and S&P CNX 500 fell 0.7%.
GAINERS
Shares of capital goods and power companies were top gainers on
hopes of more orders if the India-U.S. deal comes through, but we do
not see immediate gains for companies as the deal will take around two
years for implementation.
NTPC rose 4% to 161 rupees, while Bharat Heavy Electricals and ABB
were up 2% each at 1,499 rupees and 874 rupees, respectively.
Larsen & Toubro ended 1.5% up at 2,397 rupees, and Areva T&D
gained 5.5% at 1,568 rupees.
ACC was up nearly 6% at 526 rupees on value buying. Last week, ACC
shares had touched a 52-week low of 462 rupees.
Bharat Petroleum Corp rose nearly 6% to 252 rupees after India's
crude oil basket declined by $2.33 to $139.50 a barrel on Monday.
BPCL shares have hit new 52-week lows in the last few weeks
because of high global crude oil prices without any commensurate
increase in domestic fuel prices.
State Bank of India ended 3% up at 1,208 rupees, recouping losses
made earlier in the session, despite a report that the bank may suffer
7-bln-rupee hit in Apr-Jun because of mark-to-market losses on bonds.
LOSERS
Shares of information technology companies were worst-hit among
Nifty stocks. We feel there is some conservatism in IT budget
allocations in the U.S.
Indian companies get an average 60% of their revenue from the U.S.
Wipro fell 5% to 421 rupees, and Infosys Technologies ended 3.5%
down at 1,737 rupees.
Tata Power ended 5% down at 1,030 rupees on concerns over rising
input costs following reports that Indonesia has proposed to
renegotiate coal contracts demanding higher royalty payment. The stock
was worst hit in Nifty.
Sugar shares fell after Allahabad High Court restored the state
administered price pf 125 rupees per 100 kg of sugar for 2008-09 (Apr-
Mar).
The interim price of 110 rupees per 100 kg, set by the court in
November, is no longer valid.
Balrampur Chini, which expects to incur losses of 1.2 bln rupees
due to the ruling, ended nearly 5% down at 73 rupees.
NEW LISTING
Fabric manufacturer First Winner Industries ended at 89 rupees,
after listing at 110 rupees on NSE. The issue was priced at 125 rupees
per share.
KEY MARKET MOVES
* In the Nifty, 20 rose and 30 fell.
* In the Sensex, 10 rose and 20 fell.
* On BSE, there were 1,157 advances and 1,415 declines
* CNX IT: Down 3%; BSE Capital Goods: Up 1.4%
-----------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 13349.65, dn 176.34 pts (1.3%) : Nifty: 3988.55, dn 41.45 pts
(1%)
-----------------------------------------------------------------------------
B.Karthick,
Research Analyst.
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