Markets have plunged further in last couple of hours and ended sharply lower on the back of profit booking and weak global cues. Major culprits for this fall were metal, oil, telecom, power and private banks shares. Midcap and Small cap stocks were also under pressure. Our markets have taken a cue from weak global markets.
Benchmark indices had opened lower following negative cues from US markets, wherein financial stocks tumbled due to Lehman Brothers failed to raise capital. Markets tried to recover in middle of session but that did not succeed and slipped further after 1:30 pm due to weakness in European shares.
The Sensex lost 238.15 points or 1.6%, to settle at 14,662.61 and Nifty closed with a loss of 68.45 points or 1.53% at 4400.25. BSE Midcap Index fell 1.2% or 69.27, to end at 5,708.93 and Small Cap Index lost 61.19 points or 0.88% to 6,903.42.
Among the frontliners, Sterlite Industries plunged 11.78%, SAIL -6.92%, Tata Steel -5.21%, Tata Power -3.44%, Reliance Infrastructure -3.36% and Bharti Airtel -2.93%. However, Zee Entertainment, NALCO, Suzlon Energy, Hero Honda, ACC, Grasim, Infosys and Ranbaxy Labs were gainers.
Metal stocks have lost shine in today's session, which led major sell off. Index crashed 647.18 points or 5.48% to 11,154. Foreign financial firms have cut price and EPS target for Sterlite Industries after the scheme of arrangement. The stock plunged nearly 12% to Rs 508. Another stock, Madras Aluminium fell about 6% to Rs 201.50.
Jindal Steel, Gujarat NRE Coke, JSW Steel, SAIL and Tata Steel moved down around 5-8%.
BSE Oil & Gas Index slipped 215.78 points or 2.18% to 9,667.38. Essar Oil, Reliance Inds, IOC, ONGC and Cairn India plunged 2-4%.
Sectoral Indices
Index Current Value Change (%) METAL 11154 -5.48 OIL&GAS 9667.38 -2.18 POWER 2655.24 -1.67 REALTY 4999.99 -1.52 CG 12233.8 -1.07 TECk 3098.38 -0.66 BANKEX 7325.35 -0.58 HC 4241.45 -0.38 AUTO 4000.39 -0.38 FMCG 2238.22 -0.29 IT 4026.92 -0.13
Power Index lost 45 points or 1.67% to 2,655.24. GMR Infrastructure, Tata Power, Reliance Infrastructure, GVK Power, NTPC and Torrent Power were losers.
Realty index was down by 1.52%, to settle at 4,999.99. HDIL, Puravankara Projects, Unitech, Anant Raj Ind, Phoenix Mills and Ansal Properties have lost 2-5%.
Capital Goods fell 132.59 points or 1.07% to 12,233.80. Jyoti Structures, Crompton Greaves, BHEL, Praj Industries, Alstom Projects, BEML and L&T slipped.
Bankex tumbled 0.58%, to end at 7,325.35. IndusInd Bank, Canara Bank, Andhra Bank, ICICI Bank, HDFC Bank and Kotak Mahindra have lost gain.
Healthcare Index closed at 4,241.45, down 0.38%. Biocon, Apollo Hospital, Dr Reddys Labs, Dishman Pharma and Cipla were down.
Auto Index lost 0.38% to 4,000.39. Cummins, Maruti Suzuki, Ashok Leyland, Escorts, M&M and Tata Motors slid.
FMCG Index fell just 0.29% to close at 2,238.22. Rei Agro, Dabur India, United Breweries, Britannia and Nestle slumped.
IT slipped marginally to 4,026.92. Rolta, HCL Tech, TCS, Patni Computer, Satyam and Wipro were losers. Depreciation in rupee has helped these stocks a bit. Rupee has hit 45 to a dollar in early trade and traded above that mark through the day.
Among the midcap stocks, Tata Investment Corp, Gujarat NRE Coke, Madras Aluminium, Adhunik Metalik, Advanta and Tanla Solutions were major losers.
In the small cap space, Garware Wall, Refex Refrigerants, SEL Manufacturing, Empire , Jyothy Laboratories, Balasore Alloys fell 7-11%.
Breadth was weak. About 1052 shares have advanced while 1862 shares have declined. Nearly 262 shares remained unchanged.
Turnover traded in markets was at Rs 69,861.70 crore. This includes Rs 11,978.39 crore from NSE Cash segment, Rs 52,717.79 crore from NSE F&O and balance Rs 5,165.52 crore from BSE Cash segment.
On the global front, Asian markets ended lower. Hang Seng lost 2.4%, Nikkei -0.44%, Straits Times -1.9% and Jakarta Composite -3.76%. However, Shanghai gained 0.23%, Kospi 0.72% and Taiwan Weighted 0.52%.
European markets were under pressure after EU commission report and sell off in banking and metal stocks. European Union Commission has cut euro-zone 2008 growth forecast to 1.3% from 1.7%. They see recession in Germany, UK and Spain. They are likely to cut 2009 economic growth outlook in November.
FTSE was down over 1%, DAX -0.55% and CAC 0.10%, at the time of writing market report.
Markets Snapshot
Markets continue to slide on profit-booking and lack of buying interest even as global cues continue to be unsupportive
Sensex down 238 pts at 14663; Nifty down 68 pts at 4400;
CNX Midcap Index down 0.8%; BSE Small Cap Index down 0.9%; Nifty Junior down 1.04%;
Sterlite takes another big hit after analyst downgrades; Stock down 11.8%; loses 18% in two sessions after restructuring
BSE Metals Index down 5.5%; Jindal Steel down 8%, JSW Steel down 7.5%, SAIL down 7%, Tata Steel down 5.1%, Hind Zinc down 4.5%, Sesa Goa down 4%
BSE Oil and Gas Index down 2.2%; Essar Oil 4%, Reliance down 2.8%, IOC down 2.5%, ONGC down 2.2%, BPCL down 1.2%, Chennai Petro down 1.2%
BSE Realty Index down 1.5%; Orbit down 5.1%, HDIL down 4.7%, Puravankara down 4.1%, Unitech down 2.3%, Parsvanath down 1.8%
Bank Losers: ICICI Bank down 1.6%, HDFC Bank down 1.4%, ING Vysya Bank down 3.7%, Canara Bank down 1.7%
Bank Gainers: Bank of Baroda up 5.5%; IOB up 3.2%; Bank of India up 1.8%, SBI up 0.5%
Index Losers: Reliance Infra down 3.4%; Tata Power down 3.2%; Bharti Airtel down 3%, HDFC down 2.5%, BHEL down 2.2%, HCL Tech down 2.1%,
Non-Index Losers: Guj NRE Coke down 7.6%, Jyothy Labs down 7.5%, Adhunik Metaliks down 6.4%, Gammon India down 6.1%, GE Shipping down 5.2%
Top Losers (other than Sterlite): Tata Invest down 13%, Refex Refrigerants 10%, Resurgere Mines 9.5%, India Foils down 8.6%
Index Gainers: Zee Entertainment up 3.1%; Nalco up 2.1%, Suzlon up 1.3%, Hero Honda up 1.1%, ACC up 1%, Grasim up 0.9%, GAIL up 0.8%, Infosys up 0.6%
Non Index Gainers: Adani Ent up 7.7%, EIH up 7.6%, IL&FS Investment up 6.9%
Buzzers: FACT up 17%, Pyramid Saimira up 13%, Usher Agro up 12%, Indowind Energy up 10.5%
NSE Advance Decline Ratio at 1: 3
Total Market Turnover at Rs 69,862cr Vs Rs 58,915cr
F&O Snapshot
Fresh Short Build up seen in Nifty futures, Still trading with a premium possibly due to delivery based selling
Short build up continues in Sterlite; down 12% (Adds 22 % in OI today, added 26% yesterday);
Metal stocks see aggressive short build up; Sail down 6.5% (14% OI build up), Tata steel down 4.8%(18% OI build up)
Short build up in Select Power & Infra Stocks
Turnover Picks up: NSE FNO Turnover at Rs 52,717.79 crore Vs 43,958. 71 crore
Options Activity
Nifty 4500 call adds 14.6 lakh shares
Nifty 4400 call adds 4.8 lakh shares
Nifty 4300 put adds 3.1 lakh shares
Stock Specific Build-up
TTML 30 call adds 7.2 lakh shares
SAIL 150 call adds 2.6 lakh shares
Fresh Longs
BOB, TTML
Fresh Shorts
Metals: Sterlite, SAIL, Tata Steel, Sesa Goa
Misc: HDIL, Tata Power, NTPC
Long Unwinding
IFCI
Markets @ 2:47 pm : Nifty around 4400; BSE Metal Index down over 5% Markets are extremely under pressure and are trading near day’s low. Metal, oil, power, realty, capital goods and banking stocks are dragging our markets lower. Fresh sell off in European markets also fueled to negative sentiment. Midcap and small cap stocks are also trading lower. The Sensex fell 262 points to 14,638 and Nifty lost 78 points to 4,390, at 2:47 pm. BSE Midcap Index tumbled 1.3% and Small Cap Index fell 0.8%. All BSE indices are in red. Sources say metal stocks are under pressure, wherein Sterlite has dampened sentiment further. Adequate selling pressure is seen at FII desk, wherein buy/sell ratio of 1:3. Global weakness weakened sentiment. Technology and banking stocks are also witnessing buying interest at lower levels. BSE Metal Index plunged over 5% due to sell off in Sterlite Industries, JSW Steel, Tata Steel, SAIL, Jindal Steel and Sesa Goa. BSE Oil & Gas, Power and Realty indices lost 2-2.5%. Capital Goods and Bankex fell 1.4% each. Biggest losers are Tata Steel, Reliance Infrastructure, Tata Power and SAIL. However, gainers are ACC, Grasim, Infosys, Zee Entertainment, Nalco and Hero Honda. Market breadth is weak. About 988 shares have advanced while 1916 shares have declined. About 272 shares are unchanged. On the global front, European markets have crashed after European commission report. FTSE fell 0.8%, CAC -0.25% and DAX -0.5%. European Union Commission has cut euro-zone 2008 growth forecast to 1.3% from 1.7%. They see recession in Germany, UK and Spain. They are likely to cut 2009 economic growth outlook in November. Markets @ 1:55 pm : Mkts slip further; Metal, Realty, Oil & gas tumble Markets have slipped further as metal, oil & gas, realty, power, bank and capital goods stocks are witnessing heavy selling pressure. The BSE midcap and small cap indices are down 1% each. Nifty is hovering around 4400 mark. However, IT index is still trading flat as rupee depreciate against dollar and trading at Rs 45 per USD. On the global front, Asian markets closed negative and European markets are trading mixed. At 1.55 pm, the Sensex is down 199.81 points or 1.34% at 14700.95, and the Nifty is down 62.95 points or 1.41% at 4405.75. Markets breadth is negative, about 1076 shares have advanced, 1804 shares have declined, and 296 shares are unchanged. Top losers on the Sensex are Tata Steel at Rs 534.20 down 5.35%, Tata Power at Rs 1,041.80 down 4.11% and ICICI Bank at Rs 687.10 down 3.61%. Most active shares on BSE are Sterlite Ind at Rs 511.55 with a volumes of 3,222,072, Austral Coke at Rs 245.05 with a volumes of 6,560,486 and Rel Capital at Rs 1,324.75 with a volumes of 931,408. Index heavyweight Reliance was trading at Rs 2,087.20 down 2.6% from its previous close of Rs 2,142.85. Markets @ 12:45 pm : Mkts under pressure; Tata Steel, Tata power, ICICI lose Markets are witnessing selling pressure for the second straight day. Major metal, oil, capital goods, private banking and power stocks are weak. Few technology and pharma stocks are on buyers radar. Our markets have taken a cue from weak European markets, which slipped on the back of sell off in US markets. Reliance Industries, Sterlite Industries, SAIL, Bharti Airtel and ICICI Bank are dragging benchmark indices lower. However, SBI, Infosys, DLF and Wipro are supporting these indices. The Sensex tumbled 109 points to 14,791 and Nifty lost 25 points to 4,443, at 12:45 pm. BSE Midcap and Small cap indices are flat. Top losers are Tata Steel, Tata Power, ICICI Bank and SAIL while gainers are ACC, Wipro, Hindalco, GAIL and Zee Entertainment. Breadth is still in favour of declines. About 1307 shares have advanced whereas 1566 shares have declined. Nearly 302 shares are unchanged. Most active shares on the bourses are Sterlite Industries, Resurgere Mines, ICICI Bank and Reliance Industries. Sterlite Industries plunged over 10% as CLSA has downgraded Sterlite to underperform and kept target of Rs 570. Share premium due to diversified operations is going to decrease now. Sterlite 1:1 share swap ratio of Konkola Copper is expensive, CLSA said. Markets @ 12:01 pm : Mkts trading in negative terrain; Sterlite Ind down over 9% Markets are trading in negative terrain with some choppiness. The BSE metal index has underperformed other sectoral indices; it was down over 2%. Selling pressure is also seen in oil & gas, bank, power and capital goods stocks. However, some buying interest is seen in IT, realty and pharma stock. At 12.01 pm, the Sensex is down 66.99 points or 0.45% at 14833.77, and the Nifty down 16.05 points or 0.36% at 4452.65. About 1347 shares have advanced, 1520 shares have declined, and 308 shares are unchanged. IT stocks have spurted up as rupee hit 20 month low, current trading over Rs 45 per USD. In telecom space except Bharti Airtel other telecom giants like Reliance Communication, Idea Cellular, Tata Teleservices are trading in green. In the turnover front, currently the total turnover stood at Rs 26100 crore. BSE cash turnover at Rs 2000 crore, NSE cash at Rs 4400 crore, NSE F&O at Rs 19900 crore. Top losers on the Sensex are Sterlite Ind at Rs 521.95 down 9.34%, ICICI Bank at Rs 697.75 down 2.12% and Tata Steel at Rs 553.20 down 1.98%. However, top gainers on the Sensex are Jaiprakash Asso at Rs 174.50 up 1.57%, ACC at Rs 606 up 1.56% and Infosys at Rs 1,768 up 1.19%. Markets @ 11:02 am :Mkts marginally weak; metal, banks, oil stks down Markets are trading weak and are also witnessing some volatility at lower levels. Selling is seen in metal, banking, oil, power and capital goods stocks. However, few technology and realty stocks are on buyers radar. On the global front, major Asian markets are down. The Sensex fell 117 points to 14,783 and Nifty lost 30 points to 4,438, at 11:02 am. BSE Midcap and Small cap indices are flat. Sterlite Industries, ICICI Bank and Tata Steel are top losers. However, top gainers are Ranbaxy Labs, ACC, DLF, Zee Entertainment and GAIL. BSE Metal Index fell over 2.3%. Bankex and Oil indices declined around 1%. Power and Capital Goods fell 0.5-0.8%. However, Realty and IT indices are marginally in green. Market breadth is negative; about 1349 shares have advanced while 1544 shares have declined. About 282 shares are unchanged. Turnover traded in markets, so far, stood at Rs 16,832 crore. This includes Rs 1,325 crore from BSE Cash segment, Rs 2,739 crore from NSE cash and balance Rs 12,767 crore from NSE F&O segment. Crude is trading below USD 104 a barrel on the NYMEX. BNP Paribas says it has turned short on commodities but overall trend is still up. It is positive on crude in medium-term and sees crude at USD 110-111/bbl over the next quarter. Crude prices may test USD 100 levels, but it will not break below that, Paribas said. Markets @ 9:56 am : Mkts slip further on weak global cues Markets have opened sharply lower and slipped further in early trade as they have taken cues from weak global markets, wherein financial concerns hammered markets yet again. Metal, banking, pharma, power, capital goods and telecom stocks are under pressure. At 9:56 am, the Sensex lost 114 points to 14,786 and Nifty fell 32 points to 4,436. CNX Midcap tumbled by 0.27% to 5,739. Among the heavyweights, Tata Power, Sterlite Industries, Reliance Communication, SBI, Reliance Industries, Reliance Power, ICICI Bank, Infosys, Bharti Airtel and DLF have lost ground. However, BPCL, Satyam, GAIL and Ranbaxy Labs gained. Sterlite Industries plunged nearly 8% and continued this fall for the second straight day. Macquarie has cut Sterlite's target price by 28% to Rs 974. It has also cut Sterlite's EPS estimates for FY10, FY11 by 34% and 12% respectively. Another foreign firm, Merrill Lynch has also cut Sterlite's FY10 EPS by 13.6%, FY11 by 12%. It has cut the price target from Rs 655 to Rs 606. Reliance Power has entered into the Nifty Fifty in place of Dr Reddys Labs. Former stock fell nearly 1% while DRL gained. The Indian Rupee has hit 45 to a dollar in early trade and is currently trading above that mark. Standard Chartered says rupee could dip to 45.50-45.60/$ and it expects some RBI intervention. Strong dollar, weak Equities, no capital inflows are causing rupee weakness, it said. Asian markets were trading lower. Hang Seng fell 1.65%, Jakarta -2.10%, Nikkei -0.72% and Straits Times -1.05%. However, Shanghai gained 1.06%. Kospi and Taiwan rose marginally. In US markets, stocks tumbled as worries about the housing and financial sectors came back with a vengeance. Lehman Brothers infact plunged 45% amidst buzz about financing problems. The pending home sales data also fell 3.2% adding to the market's nervousness. The Dow plunged 280.01 points, or 2.43%, to 11,230.73. The S&P 500 index fell 43.28 points, or 3.41%, to 1,224.51, and the Nasdaq composite index declined 59.95 points, or 2.64%, to 2,209.81. Market cues: F&O cues:
In the recent listings, Resurgere Mines fell nearly 9%. It lost over 63% since listing.
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