Post Market Report on 20.08.2008
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B. Karthick
Aug 20, 2008, 9:00:25 AM8/20/08
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India Stocks Review: Snap 5-session losing streak to end 1% up
Wednesday, Aug 20
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14678.23, up 134.50 pts (0.9%) : Nifty: 4415.75, up 47.50 pts
(1.1%)
------------------------------------------------------------------------------
Snapping a five-session losing streak, local key share indices
ended 1% up today on value buying and positive cues from overseas
markets triggering short covering.
A rebound was on the cards with technical indicators pointing out
that the market was in oversold zone.
The recovery was very much expected and may continue in the coming
session as well. But market is not on a very strong wicket and traders
must not chase stocks.
Nifty closed at 4415.75, up 47.50 points or 1.1% from Tuesday.
Intra-day, it moved between 4365.45 and 4434.90.
Sensex ended at 14678.23, up 134.50 points or 0.9%. Intra-day, it
moved between 14584.03 and 14746.20.
Turnover on BSE and NSE combined was around 134 bln rupees,
compared with 129 bln rupees on Tuesday.
CNX Mid-cap and S&P CNX 500 indices ended around 1% up each.
GAINERS
Shares of realty companies gained on short covering, while power
and capital goods stocks extended gains for the second straight
session as the Nuclear Suppliers' Group will meet shortly to consider
lifting the ban on trade with India.
Unitech ended 2.5% up at 169 rupees, ABB rose 4.0% to 898 rupees,
and Bharat Heavy Electricals gained 3.0% at 1,735 rupees.
Shares of metal companies were other major gainers as global
commodity prices surged. Steel Authority of India, up nearly 6% at 148
rupees, was top Nifty gainer.
Telecom shares gained on the back of short covering after
registering sharp losses in the last few sessions on concern that
Internet telephony services may result in lower mobile services
tariff.
Shares of Idea Cellular, which launched its mobile services in
Mumbai today with over 1,000 cell sites, rose 3% to 84 rupees.
Reliance Communications surged 4% to 415 rupees.
Shares of fertiliser companies advanced after the finance ministry
agreed to pay an additional cash subsidy of 220 bln rupees to them.
RCF ended 6% up at 68 rupees and Nagarjuna Fertilisers rose 4% to
42 rupees.
LOSERS
Mahindra & Mahindra, down 2% at 549 rupees, extended the fall for
the second straight session. There is concern that the company's
acquisition of a Chinese tractor company may have come a little late
in the global agricultural boom.
Oil & Natural Gas Corp ended nearly 3% down at 1,036 rupees, and
was worst hit among Nifty stocks. Traders built short positions in the
stock.
Shares of fast moving consumer goods companies ended down on
profit-booking. The sector has outperformed others on defensive
buying.
ITC ended 0.3% down at 183 rupees and Hindustan Unilever shed 0.2%
at 243 rupees.
KEY MARKET MOVES
* In the Nifty, 42 rose and 8 fell.
* In the Sensex, 23 rose and 7 fell.
* On BSE, there were 1,666 advances and 82 declines
* BSE Realty: Up 1.8%; BSE Power: Up 1.7%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 14678.23, up 134.50 pts (0.9%) : Nifty: 4415.75, up 47.50 pts
(1.1%)
------------------------------------------------------------------------------
B.Karthick
Research Analyst.
Wednesday, Aug 20
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 14678.23, up 134.50 pts (0.9%) : Nifty: 4415.75, up 47.50 pts
(1.1%)
------------------------------------------------------------------------------
Snapping a five-session losing streak, local key share indices
ended 1% up today on value buying and positive cues from overseas
markets triggering short covering.
A rebound was on the cards with technical indicators pointing out
that the market was in oversold zone.
The recovery was very much expected and may continue in the coming
session as well. But market is not on a very strong wicket and traders
must not chase stocks.
Nifty closed at 4415.75, up 47.50 points or 1.1% from Tuesday.
Intra-day, it moved between 4365.45 and 4434.90.
Sensex ended at 14678.23, up 134.50 points or 0.9%. Intra-day, it
moved between 14584.03 and 14746.20.
Turnover on BSE and NSE combined was around 134 bln rupees,
compared with 129 bln rupees on Tuesday.
CNX Mid-cap and S&P CNX 500 indices ended around 1% up each.
GAINERS
Shares of realty companies gained on short covering, while power
and capital goods stocks extended gains for the second straight
session as the Nuclear Suppliers' Group will meet shortly to consider
lifting the ban on trade with India.
Unitech ended 2.5% up at 169 rupees, ABB rose 4.0% to 898 rupees,
and Bharat Heavy Electricals gained 3.0% at 1,735 rupees.
Shares of metal companies were other major gainers as global
commodity prices surged. Steel Authority of India, up nearly 6% at 148
rupees, was top Nifty gainer.
Telecom shares gained on the back of short covering after
registering sharp losses in the last few sessions on concern that
Internet telephony services may result in lower mobile services
tariff.
Shares of Idea Cellular, which launched its mobile services in
Mumbai today with over 1,000 cell sites, rose 3% to 84 rupees.
Reliance Communications surged 4% to 415 rupees.
Shares of fertiliser companies advanced after the finance ministry
agreed to pay an additional cash subsidy of 220 bln rupees to them.
RCF ended 6% up at 68 rupees and Nagarjuna Fertilisers rose 4% to
42 rupees.
LOSERS
Mahindra & Mahindra, down 2% at 549 rupees, extended the fall for
the second straight session. There is concern that the company's
acquisition of a Chinese tractor company may have come a little late
in the global agricultural boom.
Oil & Natural Gas Corp ended nearly 3% down at 1,036 rupees, and
was worst hit among Nifty stocks. Traders built short positions in the
stock.
Shares of fast moving consumer goods companies ended down on
profit-booking. The sector has outperformed others on defensive
buying.
ITC ended 0.3% down at 183 rupees and Hindustan Unilever shed 0.2%
at 243 rupees.
KEY MARKET MOVES
* In the Nifty, 42 rose and 8 fell.
* In the Sensex, 23 rose and 7 fell.
* On BSE, there were 1,666 advances and 82 declines
* BSE Realty: Up 1.8%; BSE Power: Up 1.7%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 14678.23, up 134.50 pts (0.9%) : Nifty: 4415.75, up 47.50 pts
(1.1%)
------------------------------------------------------------------------------
B.Karthick
Research Analyst.
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