The market remained subdued in early afternoon trade as rising crude oil prices weighed on the sentiments. The BSE 30-share Sensex was down 51.11 points. Index heavyweight Reliance Industries staged a comeback from day’s low. The market breadth was negative. Global cues were mixed.
As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 62% while that of Nifty was at 56%, as of Wednesday, 26 August 2008. The rollovers are in line with those in previous series. August 2008 derivatives contracts expire today, 28 August 2008.
Inflation based on the wholesale price index is forecast to have risen to a fresh 16-year high for the year through 16 August 2008. The government will release the inflation data after market hours today, 28 August 2008.
On the New York Mercantile Exchange, October 2008 crude rose $1.88 at $118.15 per barrel, yesterday, 27 August 2008 on fears that Tropical Storm Gustav could interrupt oil and natural gas output in the Gulf of Mexico.
At 12:25 IST, the BSE 30-share Sensex was down 51.11 points or 0.36% to 14,245.41. Sensex gained 50.40 points at day’s high of 14,347.19 hit in early trade. At the day’s low of 14,221.83 struck in mid-morning trade, the Sensex lost 74.96 points.
The S&P CNX Nifty slipped 9.30 points or 0.22% to 4,282.80
The market breadth was negative on BSE with 1302 shares declining as compared to 953 that advanced. 111 remained unchanged.
The BSE Mid-Cap indices fell 0.26% to 5,671.89 and the BSE Small-Cap index lost 0.33% to 6,836.97
The total turnover on BSE amounted to Rs 1391 crore at 12:30 IST as compared to Rs 976 crore by 11:30 IST.
Among the 30-member Sensex pack, 17 declined while the rest advanced.
India's largest private sector aluminium maker by sales Hindalco Industries was trading at Rs 124.30. The stock started trading on an ex-rights basis today. The right issue is in the ratio of 3:7, priced at Rs 96 each.
Cement shares rose on fresh buying. North India’s largest cement maker by sales ACC rose 1.27% to Rs 565.60. It was the top gainer from Sensex pack.
Ambuja Cement (up 1.40% to Rs 81), UltraTech Cement Company (up 0.68% to Rs 598.65), and India Cement (up 1.14% to Rs 141.75), gained. As per a recent foreign brokerage report, cement prices are set to decline 15-20% by fiscal 2009-10 due to increase in increase in cement supplies.
India’s top cellular services provider by market capitalisation Bharti Airtel rose 1.36% to Rs 815.35. The company has reportedly linked up with Google, KDDI Corporation, Global Transit and SingTel to form a consortium, called South East Asia Japan Cable (SJC), which will connect Southeast Asia.
Wipro (up 1.03% to Rs 429.75), Sterlite Industries (up 1.17% to Rs 620), Tata Power (up 1.13% to Rs 1023.10), edged higher from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2117.55. It was now down 0.60% to Rs 2135 on 3.80 lakh shares. On 26 Tuesday, August 2008, RIL confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries.
India’s top real estate developer by market capitalisation, DLF lost 2.38% to Rs 466.80. It was the top loser from Sensex pack.
Banking shares were weak ahead of the inflation data due after market hours today, 28 August 2008. ICICI Bank (down 1.13% to Rs 641.50), HDFC Bank (down 1.34% to Rs 1216.90), and State Bank of India (down 1.18% to Rs 1315.25), declined.
Bharat Heavy Electricals (down 1.27% to Rs 1660), TCS (down 0.95% to Rs 810.85), and Larsen & Toubro (down 1.20% to Rs 2546.10) edged lower from the Sensex pack.
India's largest oil exploration firm Oil & Natural Gas Corporation shed 0.66% to Rs 999. British oil and gas explorer Imperial Energy said on Tuesday, 26 August 2008, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds ($ 2.6 billion).
Among the side counters, Archies (up 12.08% to Rs 122.50), Surya Roshni (up 12.30% to Rs 52.50), and Delton Cables (up 12.13% to Rs 110), surged.
Ashim Investments (down 13.04% to Rs 36.35), Usher Agro (down 10.62% to Rs 133), and Lumax Industries (down 6.64% to Rs 168.60), declined.
Zandu Pharmaceutical Works surged 5% to Rs 16,553.65 on reports the Company Law Board has dismissed a petition filed by the co-promoters of the company opposing an alleged take-over bid by rival Emami.
Asian Tea & Exports jumped 4.99% to Rs 42.05 after the company's board on Wednesday, 27 August 2008, recommended a 10-for-1 stock split. The company made this announcement after trading hours on Wednesday, 27 August 2008.
Asian markets were trading mixed today, 28 August 2008. Key benchmark indices in Hong Kong, Singapore, South Korea and Taiwan were down by between 0.42% and 1.58%. However indices in China and Japan rose 0.30% and 0.12% respectively.
US stocks rose yesterday, 27 August 2008, as unexpectedly strong data on durable goods orders soothed concerns about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares. The Dow Jones industrial average gained 89.64 points or 0.79% to 11502.51. The S&P 500 rose 10.15 points or 0.80% to 1,281.66. The Nasdaq Composite gained 20.49 points or 0.87% to 2382.46.
Back home key benchmark indices fell sharply in late trade yesterday, 27 August 2008, snapping a three-day winning streak. The BSE Sensex lost 185.43 points or 1.28% to 14,296.79 and the S&P CNX Nifty slipped 45.40 points or 1.05% at 4292.10.