POST MARKET REPORT - 26.05.2008

[K.Karthik Raja]

India Stocks Review: End dn 1.5% on global cues; Nifty below 4900
Monday, May 26

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Bombay Stock Exchange : National Stock Exchange
Sensex: 16348.50, dn 301.14 pts (1.8%) : Nifty: 4875.05, dn 71.50 pts
(1.45%)
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Share indices kick-started the week on a weak note, with Nifty
closing down around 1.5% amid low volume, and below the key support
level of 4900 for the first time since Apr 16.
Weakness in overseas markets, and as the outlook for the local
share market is extremely uncertain.
Inflation is not coming down. Crude oil prices are also at a high
level and not showing any signs of coming down...these are the major
factors that are worrying the market right now.

Sensex ended at 16348.50, down 301.14 points, or 1.81%, from
Friday.
NSE Nifty closed at 4875.05, down 71.50 points, or 1.45%. It
moved
Turnover on BSE and NSE combined was around 163 bln rupees,
compared with 181 bln rupees in the previous session.

CNX Midcap ended down 2.44%, while S&P CNX 500 fell 1.85%.
.
LOSERS
Reliance Communications ended down 5% at 542 rupees after the
company said it was in exclusive negotiations with South Africa's MTN
Group regarding "potential combination of their businesses".
Reliance Communications' shares did not react to news the
company's arm Reliance Globalcom had acquired 100% stake in U.K.-based
VANCO Group for $76.9 mln (3.3 bln rupees).
Shares of capital goods companies were down on worries of
execution delays, and as high input costs are seen denting margins
Bharat Heavy Electricals was down 5% at 1,656 rupees and Larsen &
Toubro fell 3% to 2,748 rupees.Banking shares fell, with ICICI Bank
closing down 5% at 820 rupees. State Bank of India ended the day down
2% at 1,538 rupees. The lender,constrained by availability of funds to
meet long-term advances, today hiked
deposit rates by up to 50 basis points.Ambuja Cements, down nearly 6%
at 96 rupees, was the worst hit on Nifty.

There are worries of likely further intervention by government on
cement pricing, which will result in pressure on already squeezed
operating margins

GAINERS
Sun Pharmaceuticals ended up nearly 4% at 1,380 rupees on
defensive buying in a weak market. The stock was the top Nifty gainer.
Bharti Airtel gained 3% at 863 rupees after the company scrapped talks
with South Africa's MTN for a stake buy.
Even though Bharti Airtel will now have to scout elsewhere to
expand its geographical reach, it can use the funds to expand in the
domestic market, where it has a strong presence.
Among other telecom shares, Idea Cellular was up 3% at 110 rupees.
Technology shares also gained on defensive buying. Infosys
Technologies ended up 3% at 1,885 rupees and Tata Consultancy Services
gained 2.5% to 955 rupees.
.
TODAY NEW LISTING
Shares of Bajaj Auto and Bajaj Finserv ended at 605 rupees and 509
rupees, respectively.
Bajaj Auto listed at 898 rupees, while Bajaj Finserv listed at 600
rupees on NSE today.
Bajaj Auto was de-merged into three new entities Bajaj
Holdings & Investments, Bajaj Auto, and Bajaj Finserv.
The new Bajaj Auto focuses on the automotive business, while Bajaj
Finserv is engaged in wind energy generation, insurance, and finance.
.
KEY MARKET MOVES
* In the 50-share Nifty, 10 rose and 40 fell.
* In the 30-share Sensex, 4 rose and 26 fell.
* On BSE, there were 667 advances and 2,043 declines
* BSE Bankex: Down 3.6%; BSE Capital Goods: Down 2.7%