Sensex drifts lower in choppy trading

News Flash

SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
NO PLANS TO OFFER HOME LOANS AT 8%: NW
OCTOBER UNEMPLOYMENT RATE RISES TO 10.2% VS 9.8% (MOM)
EMPLOYERS CUT PAYROLLS BY 190,000 IN OCTOBER VS ESTIMATE OF 175,000
FOREIGN FUNDS NET BUY RS.587.02 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
DOMESTIC FUNDS NET BUY RS.236.62 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
KINGFISHER RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
KINGFISHER RAISES FUEL SURCHARGE BY RS.100 ON SECTORS UPTO 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.100-150 ON SECTORS UPTO 1000 KM
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA

Updated: 30/12/2008 | 12:34 PM IST

Top Stories

Capital Market

Tuesday, December 30, 2008 (Mumbai)

Blog

Comments:

Read (0)

Post

Rate the story

Key benchmark indices retreated from higher level on selling pressure in index heavyweight Reliance Industries. Market breadth, however, remained positive.

Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said the government will come out with a second stimulus package for this fiscal and another package for fiscal year 2009-10 in the next few days to spur economic growth.

With industrial production contracting by 0.4% in October 2008, for the first time in 15 years, and the exports declining by over 12% during the month, the government came out with a stimulus package on 7 December 2008 to spur growth and help the industry combat the impact of global financial meltdown.

As part of the stimulus package, the government cut excise duty by 4% across the board, except on petroleum products, and announced raising of the public expenditure by Rs 20,000 crore to boost demand.

Meanwhile, Prime Minister Manmohan Singh has reportedly directed the Reserve Bank of India (RBI) to reduce the mandatory cash reserve ratio (CRR) for banks and short-term interest rates. Reports suggest that the RBI may cut the CRR by one percentage point that will give banks more headroom to lend. It may also slash the short-term lending rate (repo rate) and the short-term borrowing rate (reverse repo rate) for banks by half percentage points each.

Asian markets were trading firm today, as rally in shares of energy companies triggered by higher oil prices offset concerns that increased fuel costs will drag on corporate earnings. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, Taiwan were up by between 0.08% and 3.91%. However China's Shanghai Composite fell 0.14%.

Wall Street slid on Monday, after Kuwait pulled out of a joint venture with Dow Chemical due to the deepening global recession, threatening Dow's planned takeover of Rohm & Haas. The Dow Jones industrial average slipped 31.62 points, or 0.37%, to 8,483.93. The S&P 500 index fell 3.38 points, or 0.39%, to 869.42; the Nasdaq composite index fell 19.92 points, or 1.30%, to 1,510.32.

The BSE 30-share Sensex was down 18.16 points, or 0.19%, to 9,515.58. The Sensex opened 91.61 points higher at 9,625.13. The Sensex rose 117.88 points at day's high of 9,651.40 in midmorning trade. At the day's low of 9,494.70, the Sensex lost 38.82 points in midmorning trade.

The S&P CNX Nifty fell 1.22 points, or 0.02%, to 2,920.25

The market breadth, indicating the overall health of the market, was positive on BSE with 1064 shares advancing as compared with 687 that declined. 56 shares remained unchanged.

Among the 30-member Sensex pack, 16 gained while the rest slipped. Grasim (down 0.81%), TCS (down 0.49%), and Hindustan Unilever (down 0.50%), edged lower from the Sensex pack.

Jaiprakash Associates (up 3.12%), Sterlite Industries (up 3.28%), and Ranbaxy (up 2.37%), edged higher from the Sensex pack

India's fourth largest IT exporter by sales Satyam Computer Services came off day's high of Rs 156.90 but was still up 3.20% to Rs 153, extending yesterday's over 8% rally after the Indian outsourcer said it would consider more options to improve its business practices, including strengthening corporate governance. It was the top gainer from the Sensex pack.

Satyam on Monday, 29 December 2008, said three more independent directors, Krishna Palepu, Vinod Dham and Mendu Rammohan Rao, had quit. On Friday, 26 December 2008, the company announced the resignation of independent director Mangalam Srinivasan.

India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) declined 0.83% to Rs 1237, off day's high of Rs 1267.50 on concerns the recent sharp fall in crude prices will hit refining margins.

Private sector banking shares advanced tracking rally in American depository receipts (ADR). India's largest private sector bank by net profit ICICI Bank rose 1.01% to Rs 449 after its ADR surged $8.94. India's second largest private sector bank by net profit HDFC Bank gained 0.51% after its ADR jumped $9.61

Auto shares Tata Motors (up 2.64%) and Maruti Suzuki India (0.87%) gained on reports the government is likely to remove an additional excise duty of Rs 10,000-20,000 on large cars and sports-utility vehicles as part of the package for the automobile industry which is facing downturn in sales for want of cheap retail credit. The additional duty was imposed in June this year.

India's second largest cellular services provider by sales Reliance Communication advanced 2.21% on reports the firm raised funds at less than prevailing commercial rate of interest to fund expansion. According to reports, Reliance Communication (RCom) has raised a fresh line of credit of $1.5 billion from leading international export development banks at less than prevailing commercial rate of interest.

India's largest oil exploration firm ONGC lost 1.68% to Rs 647.35 and was the top loser from the Sensex pack. The stock fell on fears of a higher subsidy burden post reports the government is cutting petrol and diesel prices.

PSU OMCs slipped after the Petroleum Minister Murli Deora reportedly said the government was considering passing on the benefit of the fall in international crude oil prices to consumers by cutting petrol and diesel prices. HPCL (down 2.49%), BPCL (down 1.92%), and IOC (down 0.94%), slipped.

Hindustan Unilever was the top loser from the Sensex pack. The stock shed 0.52% to Rs 250.75. HDFC (down 0.39%), Grasim (down 0.32%), edged lower from the Sensex pack.