Investment World
TECHNICAL ANALYSIS: Index OutlookAs analysts across the globe debate over whether the beginning is ending or the end is beginning, there is definitely a consensus on the fact that this is not the end of the credit and financial market muddle. The unending tales of debacles ...
STOCKS: OnMobile Global: BuyInvestors with a one-two year perspective can buy the shares of OnMobile Global, considering its strong focus in the domestic mobile value added services (VAS) market. An expanding product offering, increasing global footprint through ...
STOCKS: Simplex Infrastructures: BuySimplex Infrastructures is among the few pure contracting companies in the infrastructure space that has managed to move up the value chain in terms of higher profitability while at the same time preserving the status of being contractors ...
STOCKS: Tanla Solutions: BuyThe crisis in the global financial markets has taken a toll on several of the key banking, financial services and insurance clients of Indian IT majors. The top-tier companies may yet pull through, thanks to the breadth and depth of their ...
STOCKS: Bank of India: BuyInvestors can consider buying the Bank of India stock with at least a two-year horizon. Valuations are quite attractive, but the stock can be re-rated only when sentiment towards the banking sector improves on a rend reversal in interest ...
TECHNICAL ANALYSIS: Query Corner: What the charts sayI am holding shares of HCL Infosys and Sesa Goa bought at Rs 110 and Rs 145 respectively. Shall I hold these shares or switch. What is the anticipated bottom ...
TECHNICAL ANALYSIS:
DERIVATIVES MARKETS: Range-bound movement seen in Nifty futureThere was no let up from bear hammering last week, as the Nifty October future finished at 3998.15, registering a fall of 6.4 per cent over its last week’s ...
STOCK MARKETS: Hope wilts on bailout uncertaintyThe week beginning September 22 saw the Sensex start on a positive note opening close to 200 points above its previous ...
Source:BL
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Other HEadlines:
Inflation data based on monthly WPI series from new year
New WPI index to be less ‘aam aadmi’ centred
Will Chinese banks make Wall Street buys?
US financial crisis shows the perils of inclusive loans
Congress, White House reach financial bailout deal
Outline of US Congress' draft bailout plan
Promising sectors for long term
On billionaire row, it's simple, veggie fare
Source:ET,BL
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28 September 2008
Nuke deal approved by US House, moves into last lap
Nuke deal approved by US House, moves into last lap
The Indo-US nuclear deal has moved into the last lap clearing a major hurdle when the House of Representatives approved a legislation on it that will now go to the Senate before the two countries can implement the civil nuclear agreement. After a lot of drama and suspense, the House passed the Bill on an unusual extra day of sitting on Saturday with bi-partisan support but a considerable number of Democrats were still opposed to it. The Berman Bill H R 7081, named after Howard Berman, a Democrat strongly opposed to the deal on non-proliferation grounds and who converted only a couple of days ago, was adopted with 298 voting for and 117 against.
One lawmaker merely voted present. The deal just needs the backing of the Senate which may vote next week on the issue. But the Senate vote appears to be a formality given the fact that an identical Bill has already been approved by its Foreign Relations Committee earlier this week.
Though a Congressional consent eluded the deal when Prime Minister Manmohan Singh and President George W Bush when they met on Thursday, the House approval came hours before the Prime Minister left the US shores winding up his five-day visit on his way to France. Once the Senate gives its nod, the nuclear agreement between the two countries will be ready for signing between External Affairs Minister Pranab Mukherjee and Secretary o State Condoleezza Rice, who is slated to visit New Delhi on October 3. The Administration is keen on signing the deal before the end of the term of Bush who had entered into the agreement with Singh more than three years ago that will end three decades of nuclear apartheid against India. National Security Advisor M K Narayanan welcomed the adoption of the deal by the House saying it was a matter of great satisfaction. He expressed the hope that the Bill would get cleared in the Senate sooner than later rather than wait for the next session. Hailing the House action, Indian Ambassador to US Ronen Sen said it would now be the last lap of a historic step for both the countries. The deal enjoyed bi-partisan support and was good for both India and the US. South Carolina Republican Joe Wilson, one of the strongest supporters of the legislation and the agreement, hailed the vote saying it moved the US one step forward in strengthening the partnership with people of India. Despite the US Congress being busy in the midst of clearance of a package for the financial institutions gone bankrupt, the House met unusually on a Saturday for conducting business. The vote on the nuclear Bill was suspended yesterday after another opponent Ed Markey demanded a recorded vote instead of a voice vote after the debate was completed. Berman had originally introduced a Bill that was slightly different from the measure approved by the Senate Committee and adoption of it would have delayed implementation of the nuclear deal. Berman was talked to by Rice after which he withdrew his original Bill and introduced a legislation identical to the Senate Committee that ensured its quick passage.
Joe Wilson said he was grateful for the work of President Bush, Prime Minister Singh and Rice for their steadfast support in seeing this agreement implemented. Earlier, the House completed a lively debate that saw Markey putting up a stiff opposition to the deal with India. However in the Senate, an anonymous lawmaker put a "hold" on consideration of the bill which must be lifted before the agreement is brought to the Senate floor or approved by a unanimous consent agreement. The latest hiccup in the Senate is actually a counter to the attempt of the leadership to "hotline" the Senate Bill through unanimous consent without debate and vote. The schedule of the Senate is still fluid but it is meeting tomorrow and re-convening on Wednesday after taking a break on Monday and Tuesday on account of Jewish holidays.
-----------------------------------------
Bush welcomes US-India civilian nuclear deal
US House of Representatives approves nuclear pact with India
Historic N-deal on verge of fruition, says PM
Rice to visit India next week, may sign nuclear deal
Source:ET,BS
The Indo-US nuclear deal has moved into the last lap clearing a major hurdle when the House of Representatives approved a legislation on it that will now go to the Senate before the two countries can implement the civil nuclear agreement. After a lot of drama and suspense, the House passed the Bill on an unusual extra day of sitting on Saturday with bi-partisan support but a considerable number of Democrats were still opposed to it. The Berman Bill H R 7081, named after Howard Berman, a Democrat strongly opposed to the deal on non-proliferation grounds and who converted only a couple of days ago, was adopted with 298 voting for and 117 against.
One lawmaker merely voted present. The deal just needs the backing of the Senate which may vote next week on the issue. But the Senate vote appears to be a formality given the fact that an identical Bill has already been approved by its Foreign Relations Committee earlier this week.
Though a Congressional consent eluded the deal when Prime Minister Manmohan Singh and President George W Bush when they met on Thursday, the House approval came hours before the Prime Minister left the US shores winding up his five-day visit on his way to France. Once the Senate gives its nod, the nuclear agreement between the two countries will be ready for signing between External Affairs Minister Pranab Mukherjee and Secretary o State Condoleezza Rice, who is slated to visit New Delhi on October 3. The Administration is keen on signing the deal before the end of the term of Bush who had entered into the agreement with Singh more than three years ago that will end three decades of nuclear apartheid against India. National Security Advisor M K Narayanan welcomed the adoption of the deal by the House saying it was a matter of great satisfaction. He expressed the hope that the Bill would get cleared in the Senate sooner than later rather than wait for the next session. Hailing the House action, Indian Ambassador to US Ronen Sen said it would now be the last lap of a historic step for both the countries. The deal enjoyed bi-partisan support and was good for both India and the US. South Carolina Republican Joe Wilson, one of the strongest supporters of the legislation and the agreement, hailed the vote saying it moved the US one step forward in strengthening the partnership with people of India. Despite the US Congress being busy in the midst of clearance of a package for the financial institutions gone bankrupt, the House met unusually on a Saturday for conducting business. The vote on the nuclear Bill was suspended yesterday after another opponent Ed Markey demanded a recorded vote instead of a voice vote after the debate was completed. Berman had originally introduced a Bill that was slightly different from the measure approved by the Senate Committee and adoption of it would have delayed implementation of the nuclear deal. Berman was talked to by Rice after which he withdrew his original Bill and introduced a legislation identical to the Senate Committee that ensured its quick passage.
Joe Wilson said he was grateful for the work of President Bush, Prime Minister Singh and Rice for their steadfast support in seeing this agreement implemented. Earlier, the House completed a lively debate that saw Markey putting up a stiff opposition to the deal with India. However in the Senate, an anonymous lawmaker put a "hold" on consideration of the bill which must be lifted before the agreement is brought to the Senate floor or approved by a unanimous consent agreement. The latest hiccup in the Senate is actually a counter to the attempt of the leadership to "hotline" the Senate Bill through unanimous consent without debate and vote. The schedule of the Senate is still fluid but it is meeting tomorrow and re-convening on Wednesday after taking a break on Monday and Tuesday on account of Jewish holidays.
-----------------------------------------
Bush welcomes US-India civilian nuclear deal
US House of Representatives approves nuclear pact with India
Historic N-deal on verge of fruition, says PM
Rice to visit India next week, may sign nuclear deal
Source:ET,BS
27 September 2008
US crisis:Washington Mutual files for bankruptcy; Wachovia may be next and more to come.....
Washington Mutual files for bankruptcy
US financial crisis deepened further with 119-year old banking institution Washington Mutual deciding to file for bankruptcy protection after selling its banking operations to JPMorgan Chase. Washington Mutual, which has an asset of over USD 300 billion, will be the second major financial entity after Lehman Brothers to file for bankruptcy protection. The fall of Washington Mutual, popularly known as WaMu, is being viewed as the biggest banking failure in the American history. "Washington Mutual Inc announced on Saturday that it has, together with its wholly-owned subsidiary WMI Investment Corp, commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code," a statement released by Business Wire said. WaMu, according to reports, was expected to lose around USD 19 billion on bad mortgages. Credit agency Standard and Poor's has already slashed its rating to eight level below investment grade. Earlier the US administration has seized WaMu and sold its banking operation to JPMorgan Chase for USD 1.9 billion. The American financial turmoil triggered by subprime mortgage crisis has taken a heavy toll on the global financial system, even as the US government is trying to work out a USD 700 billion bailout package. Apart from forcing Lehman Brothers, WaMu and IndyMac Bancorp into bankruptcy, the crisis has driven US's sixth largest bank, Wachovia, which has an asset base of over USD 800 billion, to look for a buyer. The turmoil had also forced Merrill Lynch to sell its shares to Bank of America, while the crisis-ridden AIG, Freddie Mac and Fannie Mae were bailed out by the US government.
-------------------------------------------------------
More corporate bankruptcies to come to the fore
US corporate bankruptcies have soared this year and more are on the way, highlighting a historic and pivotal year for those in the restructuring industry. Virtually no segment of the US economy has been safe from a rolling tide of job losses, stock market declines and home foreclosures that have knocked a range of industries to their knees. “We are certainly seeing more companies, particularly among insurance and financial institutions, going through unprecedented times fighting for survival,” said Randall Eisenberg, senior managing director for restructuring advisor FTI Consulting. Companies in more industries than ever are finding themselves in distress, ranging from retailers, home builders and restaurants, to financial firms, transportation providers and energy companies. But at the same time, the turmoil has created unprecedented opportunities for distressed or vulture investors , and those attorneys, consultants and other experts who help companies sort out their problems. “There are all of these (private equity investors) getting into the business, by buying and rolling up these industries that are in trouble,” said Sheila Smith, head of reorganization at Deloitte Financial Advisory Services. Government bailouts and increasingly large bankruptcies are starting to rewrite the rules for overseeing corporate collapses. Nothing serves to highlight the shift more than the rapid and unexpected downfall of some of the country's most powerful firms, including Lehman Brothers Holdings $637 billion bankruptcy filing this week. “The Lehman Brothers bankruptcy is taking the restructuring industry into uncharted waters,” said David Pauker, a managing director with restructuring advisor Goldin Associates. “Much of the learning and experience that derives from earlier failures of large financial firms—Drexel (Burnham Lambert), Refco, Enron—will be revisited and revised.” The number of US businesses filing for bankruptcy has soared 42% from a year ago, according to the Administrative Office for US Courts. Already this year, more public companies have filed for Chapter 11 and Chapter 7 bankruptcy than during all of 2007, according to BankruptcyData.com. The credit crisis has also complicated things for struggling companies, by hurting their ability to refinance their debts or even gain financing to exit bankruptcy protection. Auto parts maker Delphi Corp, for example, has been struggling to get financing to exit bankruptcy protection for most of the year. And as market fright intensifies , it becomes more likely other firms will fail or be forced to sell themselves. “Equity markets and other segments of the credit markets continue to crater, raising fears of systemic risk,” Diane Vazza , head of ratings agency Standard & Poor’s global fixed income group, wrote in a note to clients. Vazza will be among the specialists to address Reuters reporters and editors at its Restructuring Summit. While a global credit crunch has slammed financial firms, higher energy prices have sent regional airlines such as Denver-based Frontier Airlines Holdings into bankruptcy court.
-------------------------------------------------
Top 10 US bank failures Top banking crises
US races to reach bailout deal before Monday
Asian banks show signs of crisis
Source:ET
US financial crisis deepened further with 119-year old banking institution Washington Mutual deciding to file for bankruptcy protection after selling its banking operations to JPMorgan Chase. Washington Mutual, which has an asset of over USD 300 billion, will be the second major financial entity after Lehman Brothers to file for bankruptcy protection. The fall of Washington Mutual, popularly known as WaMu, is being viewed as the biggest banking failure in the American history. "Washington Mutual Inc announced on Saturday that it has, together with its wholly-owned subsidiary WMI Investment Corp, commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code," a statement released by Business Wire said. WaMu, according to reports, was expected to lose around USD 19 billion on bad mortgages. Credit agency Standard and Poor's has already slashed its rating to eight level below investment grade. Earlier the US administration has seized WaMu and sold its banking operation to JPMorgan Chase for USD 1.9 billion. The American financial turmoil triggered by subprime mortgage crisis has taken a heavy toll on the global financial system, even as the US government is trying to work out a USD 700 billion bailout package. Apart from forcing Lehman Brothers, WaMu and IndyMac Bancorp into bankruptcy, the crisis has driven US's sixth largest bank, Wachovia, which has an asset base of over USD 800 billion, to look for a buyer. The turmoil had also forced Merrill Lynch to sell its shares to Bank of America, while the crisis-ridden AIG, Freddie Mac and Fannie Mae were bailed out by the US government.
-------------------------------------------------------
More corporate bankruptcies to come to the fore
US corporate bankruptcies have soared this year and more are on the way, highlighting a historic and pivotal year for those in the restructuring industry. Virtually no segment of the US economy has been safe from a rolling tide of job losses, stock market declines and home foreclosures that have knocked a range of industries to their knees. “We are certainly seeing more companies, particularly among insurance and financial institutions, going through unprecedented times fighting for survival,” said Randall Eisenberg, senior managing director for restructuring advisor FTI Consulting. Companies in more industries than ever are finding themselves in distress, ranging from retailers, home builders and restaurants, to financial firms, transportation providers and energy companies. But at the same time, the turmoil has created unprecedented opportunities for distressed or vulture investors , and those attorneys, consultants and other experts who help companies sort out their problems. “There are all of these (private equity investors) getting into the business, by buying and rolling up these industries that are in trouble,” said Sheila Smith, head of reorganization at Deloitte Financial Advisory Services. Government bailouts and increasingly large bankruptcies are starting to rewrite the rules for overseeing corporate collapses. Nothing serves to highlight the shift more than the rapid and unexpected downfall of some of the country's most powerful firms, including Lehman Brothers Holdings $637 billion bankruptcy filing this week. “The Lehman Brothers bankruptcy is taking the restructuring industry into uncharted waters,” said David Pauker, a managing director with restructuring advisor Goldin Associates. “Much of the learning and experience that derives from earlier failures of large financial firms—Drexel (Burnham Lambert), Refco, Enron—will be revisited and revised.” The number of US businesses filing for bankruptcy has soared 42% from a year ago, according to the Administrative Office for US Courts. Already this year, more public companies have filed for Chapter 11 and Chapter 7 bankruptcy than during all of 2007, according to BankruptcyData.com. The credit crisis has also complicated things for struggling companies, by hurting their ability to refinance their debts or even gain financing to exit bankruptcy protection. Auto parts maker Delphi Corp, for example, has been struggling to get financing to exit bankruptcy protection for most of the year. And as market fright intensifies , it becomes more likely other firms will fail or be forced to sell themselves. “Equity markets and other segments of the credit markets continue to crater, raising fears of systemic risk,” Diane Vazza , head of ratings agency Standard & Poor’s global fixed income group, wrote in a note to clients. Vazza will be among the specialists to address Reuters reporters and editors at its Restructuring Summit. While a global credit crunch has slammed financial firms, higher energy prices have sent regional airlines such as Denver-based Frontier Airlines Holdings into bankruptcy court.
-------------------------------------------------
Top 10 US bank failures Top banking crises
US races to reach bailout deal before Monday
Asian banks show signs of crisis
Source:ET
10 things that money can not buy.
10 things that money can't buy.
On August 7 we published a feature 10 things that money can't buy. In response Get Ahead reader Gagan Kumar, a corporate training consultant, sent his list of 10 things that money cannot buy. Read on.
Sages down the ages said we must remain happy and contended with what we have. But today's generation and just about everyone in this competitive world are running after one sole thing: money and creation of wealth.
But there are different ways in which different human beings think. For some wealth creation is abundance of money while for some others it could be just living joyfully.
Money or the creation of wealth can give you pleasures of life and help you realise your fantasies. But the big question is: can it provide you joy, peace, prosperity and lead you to megaliving as rightly put forth by famous leadership guru Robin Sharma?
To say that money and subsequent creation of wealth can buy everything is a misnomer. The true fact is money cannot buy everything. Here is a list of what money cannot buy but things that can be cherished over a period of your life perhaps.
1. Vision and mission of your life
The old age by W W Ziege goes like this: 'Nothing can stop the man with the right mental attitude and nothing on earth can help the man with wrong mental attitude'.
Without vision and mission you are like a jet without a flight plan or maybe a brain surgeon operating with a blindfold on. Lasting self mastery and excellence will only come about when you set precise goals and have a clear vision and mission plan in place.
Clear goals are foundation of success and if you do not set clear cut goals then it would be like a ship moving through deep seas without a course. And alas these are not a commodity which can be bought!
2. Networking and building nurtured relationshipsSeptember 25, 2008
You are the centre of your own universe. Where your universe intersects or overlaps someone else's, your lines cross that person's universe. If you could draw a map of the entire universe, you'd have a mesh or a web. Staying in touch and focusing on action is not only important for our evolution but is also a vital need to meet the larger challenges facing us today.
When we join hands with other people and share our dreams, aspirations, concerns and dreams not only do we find inner strength in this kinship but also practical help and ideas to carry out joint initiatives effectively. Remember, together each achieves more.
This is something that has to be cultivated and is not something that can be bought overhand.
3. ValuesSeptember 25, 2008
The highest good in human beings is their own self. This is the love, awareness and bliss of our inner most divine being. Everything worthwhile in life is an expression of this divinity. All that we value is the hidden quest for this divine source: Jack Welch in his book Winning.
Everything we do is based consciously or unconsciously on our values, attitudes and or conceptions of what is good and desirable. They are our inherent notions of what ought to be. Thus values are set of behaviours: specific, nitty-gritty and so descriptive they leave little to imagination.
People must be able to use them as marching orders because they are the how of the mission, the means to the end: Winning. And if u guessed it right folks values is not something which you can buy but what is nurtured by your traditional roots.
More @http://specials.rediff.com/getahead/2008/sep/25slde3.htm
Source:Rediff.com
On August 7 we published a feature 10 things that money can't buy. In response Get Ahead reader Gagan Kumar, a corporate training consultant, sent his list of 10 things that money cannot buy. Read on.
Sages down the ages said we must remain happy and contended with what we have. But today's generation and just about everyone in this competitive world are running after one sole thing: money and creation of wealth.
But there are different ways in which different human beings think. For some wealth creation is abundance of money while for some others it could be just living joyfully.
Money or the creation of wealth can give you pleasures of life and help you realise your fantasies. But the big question is: can it provide you joy, peace, prosperity and lead you to megaliving as rightly put forth by famous leadership guru Robin Sharma?
To say that money and subsequent creation of wealth can buy everything is a misnomer. The true fact is money cannot buy everything. Here is a list of what money cannot buy but things that can be cherished over a period of your life perhaps.
1. Vision and mission of your life
The old age by W W Ziege goes like this: 'Nothing can stop the man with the right mental attitude and nothing on earth can help the man with wrong mental attitude'.
Without vision and mission you are like a jet without a flight plan or maybe a brain surgeon operating with a blindfold on. Lasting self mastery and excellence will only come about when you set precise goals and have a clear vision and mission plan in place.
Clear goals are foundation of success and if you do not set clear cut goals then it would be like a ship moving through deep seas without a course. And alas these are not a commodity which can be bought!
2. Networking and building nurtured relationshipsSeptember 25, 2008
You are the centre of your own universe. Where your universe intersects or overlaps someone else's, your lines cross that person's universe. If you could draw a map of the entire universe, you'd have a mesh or a web. Staying in touch and focusing on action is not only important for our evolution but is also a vital need to meet the larger challenges facing us today.
When we join hands with other people and share our dreams, aspirations, concerns and dreams not only do we find inner strength in this kinship but also practical help and ideas to carry out joint initiatives effectively. Remember, together each achieves more.
This is something that has to be cultivated and is not something that can be bought overhand.
3. ValuesSeptember 25, 2008
The highest good in human beings is their own self. This is the love, awareness and bliss of our inner most divine being. Everything worthwhile in life is an expression of this divinity. All that we value is the hidden quest for this divine source: Jack Welch in his book Winning.
Everything we do is based consciously or unconsciously on our values, attitudes and or conceptions of what is good and desirable. They are our inherent notions of what ought to be. Thus values are set of behaviours: specific, nitty-gritty and so descriptive they leave little to imagination.
People must be able to use them as marching orders because they are the how of the mission, the means to the end: Winning. And if u guessed it right folks values is not something which you can buy but what is nurtured by your traditional roots.
More @http://specials.rediff.com/getahead/2008/sep/25slde3.htm
Source:Rediff.com
Sensex plunges by 940 pts on global financial crisis (Week basis)
Sensex plunges by 940 pts on global financial crisis
The delay in passage of a US bailout package for ailing financial markets and shut down of America's second largest bank caused a global meltdown with Indian bourses crumbling by a huge 940 points, biggest point-wise fall in the last 25-week, in the week under review. Even as the US administration continued its debate on a $ US 700-bn rescue package for the shattered financial system, the on-going credit crisis claimed yet another victim leading to across the board sell-off in the stock markets.
The US regulators on Thursday seized the 119-year-old Washington Mutual Inc, a leading savings and loan bank in the US, and sold its banking operations to JP Morgan Chase for 1.9 bn dollars. In the week to September 27, the Bombay Stock Exchange 30-share barometer tumbled by 940.14 points or 6.70 per cent to end the week at 13,102.18 against its last weekend's close. Similarly, the broader 50-share Nifty of the National Stock Exchange nosedived by 260 points or 6.12 per cent to close the week at 3,985.25 from its last weekend's close. Analysts said political squabbling blocked the potential deal on a bailout proposal, on which investors globally have pinned their hopes for revival in the markets. Domestic markets witnessed a relief rally on Wednesday as the bellwether Sensex recovered by about 122 points on some short-covering of positions ahead of the expiry of derivatives series on Thursday.
Market falls on US bailout concern; Nifty seen at 3400
3 firms eye 51% in NTPC-BHEL JV
Rupee hits week's low at 46.54
HCL counter Infosys' bid for Axon
Indians lead world in millionaire growth: Report
Sterlite Tech bags Rs 254 cr order from PGCIL
Educomp gets Rs 109-cr contract from Karnataka Govt
India has adequate rice, wheat stocks, says government
JP Morgan plans $800 mn-1 bn PE investment in India
Invesors may invest $21-billion in FY 09
CLSA Research maintains 'buy' on HDFC
Top 10 US bank failures
7 worst habits of workaholics
Deutsche Bank picking up stake in BPL
LIC to get reasonable time to shed excess stake
US's sixth largest bank Wachovia looking for buyers: Report
US lawmaker sees bailout agreement by tomorrow
US House postpones vote on Indo-US nuclear deal
NEWS DIGEST: Most read stories this week
Forex reserves up by $2.5 bn
Source:ET,BS
The delay in passage of a US bailout package for ailing financial markets and shut down of America's second largest bank caused a global meltdown with Indian bourses crumbling by a huge 940 points, biggest point-wise fall in the last 25-week, in the week under review. Even as the US administration continued its debate on a $ US 700-bn rescue package for the shattered financial system, the on-going credit crisis claimed yet another victim leading to across the board sell-off in the stock markets.
The US regulators on Thursday seized the 119-year-old Washington Mutual Inc, a leading savings and loan bank in the US, and sold its banking operations to JP Morgan Chase for 1.9 bn dollars. In the week to September 27, the Bombay Stock Exchange 30-share barometer tumbled by 940.14 points or 6.70 per cent to end the week at 13,102.18 against its last weekend's close. Similarly, the broader 50-share Nifty of the National Stock Exchange nosedived by 260 points or 6.12 per cent to close the week at 3,985.25 from its last weekend's close. Analysts said political squabbling blocked the potential deal on a bailout proposal, on which investors globally have pinned their hopes for revival in the markets. Domestic markets witnessed a relief rally on Wednesday as the bellwether Sensex recovered by about 122 points on some short-covering of positions ahead of the expiry of derivatives series on Thursday.
Market falls on US bailout concern; Nifty seen at 3400
3 firms eye 51% in NTPC-BHEL JV
Rupee hits week's low at 46.54
HCL counter Infosys' bid for Axon
Indians lead world in millionaire growth: Report
Sterlite Tech bags Rs 254 cr order from PGCIL
Educomp gets Rs 109-cr contract from Karnataka Govt
India has adequate rice, wheat stocks, says government
JP Morgan plans $800 mn-1 bn PE investment in India
Invesors may invest $21-billion in FY 09
CLSA Research maintains 'buy' on HDFC
Top 10 US bank failures
7 worst habits of workaholics
Deutsche Bank picking up stake in BPL
LIC to get reasonable time to shed excess stake
US's sixth largest bank Wachovia looking for buyers: Report
US lawmaker sees bailout agreement by tomorrow
US House postpones vote on Indo-US nuclear deal
NEWS DIGEST: Most read stories this week
Forex reserves up by $2.5 bn
Source:ET,BS
26 September 2008
Sensex plummets 445 pts as US financial crisis deepens
Sensex plummets 445 pts as US financial crisis deepens
On expectations that the bailout package would take some pressure off the market, the Wall Street had ended on a firm note yesterday. But there were negative triggers galore when trading commenced on the major Indian bourses this morning.
Astro predictions on Sensex
The fall of Washington Mutual, uncertainties over the fate of the $700 billion bailout plan mooted by the US government to cure the ailing financial sector, weak economic data - not surprisingly all the negative news flowed in from United States - set the platform for the bears to launch an all-out assault on stocks this morning. As if they were not enough, Asian markets were trading weak (they subsequently ended with sharp losses) and as the session progressed the mood turned still more bearish due to weakness exhibited by European markets.
How to find out the right price of a stock?
The Sensex, which crashed to a low of 13,054.42 in late afternoon trade, ended the day at 13,102.18 with a huge loss of 445 points or 3.28%. The Nifty closed with a loss of 125.30 points or 3.05% at 3985.25, around 15 points off its intra-day low of 3970.35.
Realty, bank, metal, capital goods, power, information technology, auto and oil stocks, all got a beating today. Losses recorded by realty stocks were more pronounced. Mirroring this, the Realty index went down by as much as 6.33% today. The Bankex eased by 4.27%. BSE Metal lost 4.76% and the Capital Goods index declined 4.1%.
Stockometer
Reflecting the erosion in prices of power, IT, PSU, auto and oil stocks, the respective sectoral indices ended lower by 3% - 3.5%. BSE Teck lost nearly 3%. The Consumer Durables and Healthcare indices eased by 2.22% and 1.55% respectively. The FMCG barometer outperformed the market and finished with a sharp gain of 0.96%.
Top gainers
From the Sensex pack, only ITC (2.05%), Hindustan Unilever (1.2%) and ACC (0.45%) ended on a positive note today. Among Nifty stocks, Tata Communications moved up by 5.9%. Cipla, Sun Pharmaceuticals and GAIL India posted modest gains and Zee Entertainment edged up marginally.
Worst losers
Ranbaxy Laboratories slipped by over 8% amid reports of US President's Emergency Plan for AIDS Relief (PEPFAR) suspension of funding for three of its generic HIV/AIDS drugs. Sterlite Industries ended with a loss of 6.25%. ICICI Bank, Grasim Industries, Hindalco, Mahindra & Mahindra, BHEL and DLF lost 5% - 6%.
Tata Steel, Reliance Communications, Maruti Suzuki, HDFC Bank, State Bank of India, Larsen & Toubro, Infosys Technologies, HDFC, ONGC, Reliance Infrastructure and Reliance Industries declined by 3% - 5%.
NTPC, Tata Motors, Wipro, Bharti Airtel, Jaiprakash Associates, Satyam Computer Services, Tata Power and Tata Consultancy Services also closed with sharp losses.
Unitech lost nearly 8% today. SAIL and Siemens eased by over 6%. HCL Technologies lost 5.3%. ABB, Nalco, Suzlon Energy, Punjab National Bank, Ambuja Cements, Reliance Petroleum, BPCL, Idea Cellular, Power Grid Corporation and Hero Honda also ended with sharp losses.
Akruti City (down 16.7%) was the biggest loser in BSE 'A' Group. Gujarat Petronet tumbled 11.35%. Gujarat NRE Coke, Aban Offshore, Century Textiles, Lanco Infratech and India Bulls Financial Services lost 9% - 10%.
HDIL, Bombay Dyeing, Tata Chemicals, Praj Industries, Indian Overseas Bank, Financial Technologies, Voltas, IFCI, Jindal Steel, Chambal Fertilizers and Patni Computer ended lower by 7% - 9%.
Sterlite Technologies, Electrosteel Castings, Ashapura Minechemicals, State Trading Corporation, ICSA, Anant Raj Industries, Madhucon Projects, Bilcare, Orbit Corporation, Ansal Infrastructure, Deccan Aviation, Mahindra Lifespace and Infotech Enterprises were some of the major losers in the midcap space.
The market breadth was very weak. On the BSE, 2172 stocks ended in the negative territory. 442 stocks posted gains and 59 stocks ended flat.
Source:Sify
On expectations that the bailout package would take some pressure off the market, the Wall Street had ended on a firm note yesterday. But there were negative triggers galore when trading commenced on the major Indian bourses this morning.
Astro predictions on Sensex
The fall of Washington Mutual, uncertainties over the fate of the $700 billion bailout plan mooted by the US government to cure the ailing financial sector, weak economic data - not surprisingly all the negative news flowed in from United States - set the platform for the bears to launch an all-out assault on stocks this morning. As if they were not enough, Asian markets were trading weak (they subsequently ended with sharp losses) and as the session progressed the mood turned still more bearish due to weakness exhibited by European markets.
How to find out the right price of a stock?
The Sensex, which crashed to a low of 13,054.42 in late afternoon trade, ended the day at 13,102.18 with a huge loss of 445 points or 3.28%. The Nifty closed with a loss of 125.30 points or 3.05% at 3985.25, around 15 points off its intra-day low of 3970.35.
Realty, bank, metal, capital goods, power, information technology, auto and oil stocks, all got a beating today. Losses recorded by realty stocks were more pronounced. Mirroring this, the Realty index went down by as much as 6.33% today. The Bankex eased by 4.27%. BSE Metal lost 4.76% and the Capital Goods index declined 4.1%.
Stockometer
Reflecting the erosion in prices of power, IT, PSU, auto and oil stocks, the respective sectoral indices ended lower by 3% - 3.5%. BSE Teck lost nearly 3%. The Consumer Durables and Healthcare indices eased by 2.22% and 1.55% respectively. The FMCG barometer outperformed the market and finished with a sharp gain of 0.96%.
Top gainers
From the Sensex pack, only ITC (2.05%), Hindustan Unilever (1.2%) and ACC (0.45%) ended on a positive note today. Among Nifty stocks, Tata Communications moved up by 5.9%. Cipla, Sun Pharmaceuticals and GAIL India posted modest gains and Zee Entertainment edged up marginally.
Worst losers
Ranbaxy Laboratories slipped by over 8% amid reports of US President's Emergency Plan for AIDS Relief (PEPFAR) suspension of funding for three of its generic HIV/AIDS drugs. Sterlite Industries ended with a loss of 6.25%. ICICI Bank, Grasim Industries, Hindalco, Mahindra & Mahindra, BHEL and DLF lost 5% - 6%.
Tata Steel, Reliance Communications, Maruti Suzuki, HDFC Bank, State Bank of India, Larsen & Toubro, Infosys Technologies, HDFC, ONGC, Reliance Infrastructure and Reliance Industries declined by 3% - 5%.
NTPC, Tata Motors, Wipro, Bharti Airtel, Jaiprakash Associates, Satyam Computer Services, Tata Power and Tata Consultancy Services also closed with sharp losses.
Unitech lost nearly 8% today. SAIL and Siemens eased by over 6%. HCL Technologies lost 5.3%. ABB, Nalco, Suzlon Energy, Punjab National Bank, Ambuja Cements, Reliance Petroleum, BPCL, Idea Cellular, Power Grid Corporation and Hero Honda also ended with sharp losses.
Akruti City (down 16.7%) was the biggest loser in BSE 'A' Group. Gujarat Petronet tumbled 11.35%. Gujarat NRE Coke, Aban Offshore, Century Textiles, Lanco Infratech and India Bulls Financial Services lost 9% - 10%.
HDIL, Bombay Dyeing, Tata Chemicals, Praj Industries, Indian Overseas Bank, Financial Technologies, Voltas, IFCI, Jindal Steel, Chambal Fertilizers and Patni Computer ended lower by 7% - 9%.
Sterlite Technologies, Electrosteel Castings, Ashapura Minechemicals, State Trading Corporation, ICSA, Anant Raj Industries, Madhucon Projects, Bilcare, Orbit Corporation, Ansal Infrastructure, Deccan Aviation, Mahindra Lifespace and Infotech Enterprises were some of the major losers in the midcap space.
The market breadth was very weak. On the BSE, 2172 stocks ended in the negative territory. 442 stocks posted gains and 59 stocks ended flat.
Source:Sify
If your idea clicks at Google, get paid up to $10 mn
If your idea clicks at Google, get paid up to $10 mn
Google is turning 10 and has thought of a novel idea to celebrate a decade of its existence. It is working towards changing the world. If you have an idea that could change the world, or at least help a lot of people, the internet giant Google wants you to share it with them. And hold your breath, if the idea rocks and clicks, you get as much as $10 million to make it a reality. Google has named the project "10 to the 100th" and the initiative will seek input from the public and a panel of judges in choosing up to five winning ideas, to be announced in February. "These ideas can be big or small, technology-driven or brilliantly simple -- but they need to have impact," Google said in a news release. "We know there are countless brilliant ideas that need funding and support to come to fruition." Those are ideas such as the Hippo Water Roller, which Google cited as the kind of concept the company would be interested in rewarding. Developed in Africa, where it is most used, the Hippo Water Roller is a barrel-shaped container, attached to a handle, that holds 24 gallons of water and can be rolled with little effort like a wheelbarrow, making it easier for villagers on foot to transport critically needed fresh water to their homes. People are encouraged to submit their ideas, in any of 25 languages, at www.project10tothe100.com through October 20. Entrants must briefly describe their idea and answer six questions, including, "If your idea were to become a reality, who would benefit the most and how?"
Google employees, with the help of an advisory board, will narrow the submissions to 100 semifinalists by January 27. Between January 27 and February 2, the public will vote online for their favorite ideas. A panel of as-yet-unnamed judges will then review the top 20 ideas and announce up to five winners in mid-February. Funding, from a pool of $10 million, will be awarded in May. If the judges decide to reward five winning ideas, each will receive $2 million. If only two ideas are chosen, each will receive $5 million, and so on.
A Google spokeswoman was reluctant to set parameters for the submissions, although the project's Web site suggests that successful ideas should address such issues as providing food and shelter, building communities, improving health, granting more access to education, sustaining the global ecosystem and promoting clean energy. "We don't want to limit it at all. We want a wide range of ideas," said Bethany Poole, product marketing manager at Google, who announced the project Wednesday on CNN along with Andy Berndt, managing director of Google's Creative Lab. "We think great ideas come from anywhere." To cite Google's own example, Google News began after the September 11 terrorist attacks, when an engineer became frustrated that he couldn't aggregate news sources from around the world in one place. By opening the project to anyone -- not just laboratories or universities -- Google is embracing "crowdsourcing," the Internet-age notion that the collective wisdom of mass audiences can be leveraged to find solutions to design tasks. Project "10 to the 100th" is not unlike the Google-sponsored Lunar X PRIZE, a $30 million international competition to safely land a robot on the surface of the moon, travel 500 meters over the lunar surface, and send images and data back to Earth. The first team to land on the moon and complete the mission objectives will be awarded $20 million. At least 16 teams are competing.
-------------------------------------------------
Bush-PM meet as N-deal gets put off by a day
Web will run out of IP addresses by 2010
The Google Android phone is here!
An Indian may bag Economics Nobel this time
Why the rupee is falling against the dollar
India: 2nd hottest FDI spot
Learn all about the subprime crisis
10 additional things money can't buy
10 students who did India proud
Information You Can Use• Announcing CEED 2009• GE Edison challenge• Want to perform in Europe?• PGP in banking & finance• Cultural talent scholarship• PG course in Forestry Mgmt• GATE 2009 announcement• IIML's executive MBA• Interested in journalism?• MPhil, PhD management prog• Fellowships in Media, Biz• BITS Pilani off campus MS• IIM Bangalore's executive PGP• Advanc'edge B-School Tour • For the adventure seeker• United World Colleges intake• UPSC's Medical Services Exam• Scholarships BE, ME students • IIT business challenge• Sikkim Manipal programmes• PanIIT conference• Career in fashion?• SNAP date announced• NITC announces MBA prog
SOurce:Rediff, ET
Google is turning 10 and has thought of a novel idea to celebrate a decade of its existence. It is working towards changing the world. If you have an idea that could change the world, or at least help a lot of people, the internet giant Google wants you to share it with them. And hold your breath, if the idea rocks and clicks, you get as much as $10 million to make it a reality. Google has named the project "10 to the 100th" and the initiative will seek input from the public and a panel of judges in choosing up to five winning ideas, to be announced in February. "These ideas can be big or small, technology-driven or brilliantly simple -- but they need to have impact," Google said in a news release. "We know there are countless brilliant ideas that need funding and support to come to fruition." Those are ideas such as the Hippo Water Roller, which Google cited as the kind of concept the company would be interested in rewarding. Developed in Africa, where it is most used, the Hippo Water Roller is a barrel-shaped container, attached to a handle, that holds 24 gallons of water and can be rolled with little effort like a wheelbarrow, making it easier for villagers on foot to transport critically needed fresh water to their homes. People are encouraged to submit their ideas, in any of 25 languages, at www.project10tothe100.com through October 20. Entrants must briefly describe their idea and answer six questions, including, "If your idea were to become a reality, who would benefit the most and how?"
Google employees, with the help of an advisory board, will narrow the submissions to 100 semifinalists by January 27. Between January 27 and February 2, the public will vote online for their favorite ideas. A panel of as-yet-unnamed judges will then review the top 20 ideas and announce up to five winners in mid-February. Funding, from a pool of $10 million, will be awarded in May. If the judges decide to reward five winning ideas, each will receive $2 million. If only two ideas are chosen, each will receive $5 million, and so on.
A Google spokeswoman was reluctant to set parameters for the submissions, although the project's Web site suggests that successful ideas should address such issues as providing food and shelter, building communities, improving health, granting more access to education, sustaining the global ecosystem and promoting clean energy. "We don't want to limit it at all. We want a wide range of ideas," said Bethany Poole, product marketing manager at Google, who announced the project Wednesday on CNN along with Andy Berndt, managing director of Google's Creative Lab. "We think great ideas come from anywhere." To cite Google's own example, Google News began after the September 11 terrorist attacks, when an engineer became frustrated that he couldn't aggregate news sources from around the world in one place. By opening the project to anyone -- not just laboratories or universities -- Google is embracing "crowdsourcing," the Internet-age notion that the collective wisdom of mass audiences can be leveraged to find solutions to design tasks. Project "10 to the 100th" is not unlike the Google-sponsored Lunar X PRIZE, a $30 million international competition to safely land a robot on the surface of the moon, travel 500 meters over the lunar surface, and send images and data back to Earth. The first team to land on the moon and complete the mission objectives will be awarded $20 million. At least 16 teams are competing.
-------------------------------------------------
Bush-PM meet as N-deal gets put off by a day
Web will run out of IP addresses by 2010
The Google Android phone is here!
An Indian may bag Economics Nobel this time
Why the rupee is falling against the dollar
India: 2nd hottest FDI spot
Learn all about the subprime crisis
10 additional things money can't buy
10 students who did India proud
Information You Can Use• Announcing CEED 2009• GE Edison challenge• Want to perform in Europe?• PGP in banking & finance• Cultural talent scholarship• PG course in Forestry Mgmt• GATE 2009 announcement• IIML's executive MBA• Interested in journalism?• MPhil, PhD management prog• Fellowships in Media, Biz• BITS Pilani off campus MS• IIM Bangalore's executive PGP• Advanc'edge B-School Tour • For the adventure seeker• United World Colleges intake• UPSC's Medical Services Exam• Scholarships BE, ME students • IIT business challenge• Sikkim Manipal programmes• PanIIT conference• Career in fashion?• SNAP date announced• NITC announces MBA prog
SOurce:Rediff, ET
25 September 2008
Mkts close lower on FnO expiry day; Sensex -145 pts
Mkts close lower on F&O expiry day; IT, Realty dip 2%
Markets remained weak throughout the day, though they managed to trim the losses to some extent. They closed lower on the day of F&O expiry for the month of September. Benchmark indices also witnessed some volatility in today's session. Midcap and small cap stocks were also caught in bears grip.
Heavyweights like Bharti Airtel, Reliance Industries, Infosys, SBI, BHEL, ONGC and Wipro exerted pressure on markets. Selling was seen in technology, telecom, realty, power, metal and oil stocks.
The Sensex closed with a loss of 145.34 points or 1.06% at 13,547.18, after showing recovery of 116.5 points from day's low of 13,430.68. The Nifty fell 50.70 points or 1.34%, to settle at 4,105.55. It has recovered 28.05 points from day's low of 4077.50.
S&P CNX Nifty hit a high of 4558 and low of 3799.5 during this September series. S&P CNX Defty hit a high of 3579.25 and low of 2820.95 during this series.
In the derivative segment, rollover was lower in the September series compared to August series. Market wide rollover was at 69.2% as against 83% in last expiry. Nifty rollover stood at 57.39% versus 75% in last expiry.
There was a lack of aggressive short rollovers in Nifty Futures. October Futures ended at a premium of 39 points. Fresh short build up was seen in Suzlon Energy and metals stocks saw short rollovers. Akruti City added 12.6 lakh shares in September series. Its October Futures ended at a discount of 93 points and rollover was at 16%.
Daryl Guppy, Founder and Director of guppytraders.com feels that Nifty is still in fairly strong downturn pattern and sees its range at 3600-4600, interspersed by short rallies. The Sensex is in prolonged downtrend and sees resistance at 14500. Guppy believes that fall below 12500 could take the Sensex down to 10000 levels.
Among the frontliners, Wipro tumbled 4.81%, Ranbaxy Labs -4.70%, Hindalco -4%, Grasim -3.50%, TCS -3.26%, Suzlon Energy -7.39%, Siemens -6.31% and NALCO -5.91%. However, HDFC Bank, ONGC, L&T, Maruti, Reliance Power, Hero Honda and Zee Entertainment.
Total turnover crossed Rs 1-lakh crore mark due to F&O expiry. It stood at Rs 1,03,047.35 crore. This includes Rs 15,291.03 crore from NSE Cash segment, Rs 82,697.69 crore from NSE F&O and balance Rs 5,058.63 crore from BSE Cash segment.
BSE IT Index underperformed other indices, slipped 68.69 points or 2.01% to 3,348.42. Technology stocks have taken a huge beating on the bourses, as Credit Suisse First Boston (CSFB) has said that majority of Indian IT companies are likely to miss dollar revenue guidance. It added that currency movements and weakening global environment will exert pressure. The organisation has downgraded Tata Consultancy Services and Mindtree, both will underperform; it has also downgraded Infosys to neutral. CSFB added that the US recovery will be U-shaped and that would lead to a longer slowdown period for IT companies.
Mphasis, Wipro, HCL Tech and TCS fell 3-5%. MindTree was down 2.9%, Satyam -1.75%, Infosys -1.23% and Tech Mahindra -1.08%.Telecom stocks like Tata Communication, Bharti Airtel, TataTeleservice, MTNL, Reliance Communication and Idea Cellular lost 1-4%.
Realty index also lost ground; fell 76.77 points or 1.96% to 3,840.21. Indiabulls Real, Akruti City, Parsvnath and DLF tumbled 3-5%. Sobha Developer, Peninsula Land and Puravankara Projects fell 2-2.5%.
Power Index slipped by 41.39 points or 1.67% to 2,432. Suzlon Energy fell over 7%, as the company is going to consider raising Rs 1,800 crore via rights issue on September 27. Market was concerned about dilution.
Other power stocks like GVK Power, Power Grid Corp, Tata Power, GMR Infra, Reliance Infra and Torrent Power fell 1-3%.
Metal stocks lost their shine; Index fell 165.19 points or 1.63% to 9,977.10. Sesa Goa, NALCO, Gujarat NRE Coke and Hindalco lost 4-5.5%. Jindal Steel, JindalStainless, Sterlite Inds and Hind Zinc fell 2-3%.
Pharma stocks like Ranbaxy Labs, Matrix Lab, Glenmark, Bilcare, Aurobindo Pharma and Dishman Pharma fell 3-4.7%. Healthcare Index lost 50.55 points or 1.3%, to close at 3,825.56.
FMCG Index went down by 0.98% to 2,168.28. United Breweries, ITC, Dabur India and Britannia were losers.
Oil stocks like Cairn India, Aban Offshore, GAIL, BPCL, Reliance Inds, HPCL and IOC lost ground. Oil & Gas Index tumbled 71.84 points or 0.76% to 9,364.01.
Capital Goods Index closed with a loss of 83.67 points or 0.74% at 11,257.13. Siemens, Havells India, Praj Industries, Kalpataru Power, AIA Engineering, BHEL, Alstom Projects, Elecon Engg and Thermax were losers.
Bankex fell just 0.34%, to settle at 6,863.47. Canara Bank, Yes Bank, Andhra Bank and Kotak Mahindra lost 2-4%. SBI, PNB, Oriental Bank, IDBI Bank, Karnataka Bank and ICICI Bank were other losers.
Auto Index closed flat at 3,852.54. Tata Steel was down by 0.9%; Tata Motors has sold one crore Tata Steel shares, via a block deal at Rs 487 per share, to a group company, reports CNBC-TV18, quoting sources. Tata Sons was the likely buyer.
BSE Midcap Index lost 33.73 points or 0.66% to 5,093.05 and Small Cap Index fell 51.48 points or 0.84% to 6,050.03.
Among the midcap stocks, Sterlite Technologies, Gujarat Mineral, Tanla Solutions, National Fertilisers,IVR Prime, Shoppers Stop and Bajaj Hind fell 5-10%. In the small cap space, Numeric Power, Jayaswal Neco, Sanwaria Agro, Kaveri Seed and Emkay Global fell 6.5-8%.
Markets breadth was weak; about 1057 shares have advanced while 1884 shares have declined. Nearly 237 shares remained unchanged.
Golden Tobacco (erstwhile GTC Industries) went up over 8.5% as the company is likely to demerge its tobacco, realty operations into 2 companies. It will allot 1 share in new demerged company for 1 share held.
On the global front, Asian markets ended slightly mixed. Shanghai rose 3.64% and Kospi 0.38%. However, Nikkei fell 0.9%, Straits Times -1.35%, Taiwan -1.17%, Jakarta -0.72% and Hang Seng -0.15%.
Shanghai Index buoyed by share buybacks by state-owned firms. There are signs of progress in long-awaited market reforms.
European markets were mixed, at 4:30 pm. FTSE was down by 8 points while CAC gained 28 points and DAX 39 points.
US Congress is close to approve $700 billion bailout plan. President Bush has called an emergency meeting on Thursday to hammer out details. Democrats & Republicans in Congress are close to agreement on bailout plan. Dow Jones Futures was up by 0.11% and Nasdaq Futures rose 0.75%.
In the Taiwan markets, FIIs were net sellers to the tune of $56.5 million in trade today.
F&O Snapshot:
Market Wide Rollover: 69.2%; Nifty Rollover: 57.39%
Rollovers Last Expiry : Market-wide rollover 83%; Nifty rollovers 75%
Lack of aggressive short rollovers in Nifty Futures, October Futures end at a premium of 39 points
Fresh short build up in suzlon
Metals stocks see short rollovers
Akruti City adds 12.6 lakh shares in September series (Hugh positions led to expire), October ends at a discount of 93 points, rollover at 16%
F&O turnover at Rs 82697.69 cr vs Rs 67,052cr on Wednesday.
------------------------------------------------
Markets remained weak throughout the day, though they managed to trim the losses to some extent. They closed lower on the day of F&O expiry for the month of September. Benchmark indices also witnessed some volatility in today's session. Midcap and small cap stocks were also caught in bears grip.
Heavyweights like Bharti Airtel, Reliance Industries, Infosys, SBI, BHEL, ONGC and Wipro exerted pressure on markets. Selling was seen in technology, telecom, realty, power, metal and oil stocks.
The Sensex closed with a loss of 145.34 points or 1.06% at 13,547.18, after showing recovery of 116.5 points from day's low of 13,430.68. The Nifty fell 50.70 points or 1.34%, to settle at 4,105.55. It has recovered 28.05 points from day's low of 4077.50.
S&P CNX Nifty hit a high of 4558 and low of 3799.5 during this September series. S&P CNX Defty hit a high of 3579.25 and low of 2820.95 during this series.
In the derivative segment, rollover was lower in the September series compared to August series. Market wide rollover was at 69.2% as against 83% in last expiry. Nifty rollover stood at 57.39% versus 75% in last expiry.
There was a lack of aggressive short rollovers in Nifty Futures. October Futures ended at a premium of 39 points. Fresh short build up was seen in Suzlon Energy and metals stocks saw short rollovers. Akruti City added 12.6 lakh shares in September series. Its October Futures ended at a discount of 93 points and rollover was at 16%.
Daryl Guppy, Founder and Director of guppytraders.com feels that Nifty is still in fairly strong downturn pattern and sees its range at 3600-4600, interspersed by short rallies. The Sensex is in prolonged downtrend and sees resistance at 14500. Guppy believes that fall below 12500 could take the Sensex down to 10000 levels.
Among the frontliners, Wipro tumbled 4.81%, Ranbaxy Labs -4.70%, Hindalco -4%, Grasim -3.50%, TCS -3.26%, Suzlon Energy -7.39%, Siemens -6.31% and NALCO -5.91%. However, HDFC Bank, ONGC, L&T, Maruti, Reliance Power, Hero Honda and Zee Entertainment.
Total turnover crossed Rs 1-lakh crore mark due to F&O expiry. It stood at Rs 1,03,047.35 crore. This includes Rs 15,291.03 crore from NSE Cash segment, Rs 82,697.69 crore from NSE F&O and balance Rs 5,058.63 crore from BSE Cash segment.
BSE IT Index underperformed other indices, slipped 68.69 points or 2.01% to 3,348.42. Technology stocks have taken a huge beating on the bourses, as Credit Suisse First Boston (CSFB) has said that majority of Indian IT companies are likely to miss dollar revenue guidance. It added that currency movements and weakening global environment will exert pressure. The organisation has downgraded Tata Consultancy Services and Mindtree, both will underperform; it has also downgraded Infosys to neutral. CSFB added that the US recovery will be U-shaped and that would lead to a longer slowdown period for IT companies.
Mphasis, Wipro, HCL Tech and TCS fell 3-5%. MindTree was down 2.9%, Satyam -1.75%, Infosys -1.23% and Tech Mahindra -1.08%.Telecom stocks like Tata Communication, Bharti Airtel, TataTeleservice, MTNL, Reliance Communication and Idea Cellular lost 1-4%.
Realty index also lost ground; fell 76.77 points or 1.96% to 3,840.21. Indiabulls Real, Akruti City, Parsvnath and DLF tumbled 3-5%. Sobha Developer, Peninsula Land and Puravankara Projects fell 2-2.5%.
Power Index slipped by 41.39 points or 1.67% to 2,432. Suzlon Energy fell over 7%, as the company is going to consider raising Rs 1,800 crore via rights issue on September 27. Market was concerned about dilution.
Other power stocks like GVK Power, Power Grid Corp, Tata Power, GMR Infra, Reliance Infra and Torrent Power fell 1-3%.
Metal stocks lost their shine; Index fell 165.19 points or 1.63% to 9,977.10. Sesa Goa, NALCO, Gujarat NRE Coke and Hindalco lost 4-5.5%. Jindal Steel, JindalStainless, Sterlite Inds and Hind Zinc fell 2-3%.
Pharma stocks like Ranbaxy Labs, Matrix Lab, Glenmark, Bilcare, Aurobindo Pharma and Dishman Pharma fell 3-4.7%. Healthcare Index lost 50.55 points or 1.3%, to close at 3,825.56.
FMCG Index went down by 0.98% to 2,168.28. United Breweries, ITC, Dabur India and Britannia were losers.
Oil stocks like Cairn India, Aban Offshore, GAIL, BPCL, Reliance Inds, HPCL and IOC lost ground. Oil & Gas Index tumbled 71.84 points or 0.76% to 9,364.01.
Capital Goods Index closed with a loss of 83.67 points or 0.74% at 11,257.13. Siemens, Havells India, Praj Industries, Kalpataru Power, AIA Engineering, BHEL, Alstom Projects, Elecon Engg and Thermax were losers.
Bankex fell just 0.34%, to settle at 6,863.47. Canara Bank, Yes Bank, Andhra Bank and Kotak Mahindra lost 2-4%. SBI, PNB, Oriental Bank, IDBI Bank, Karnataka Bank and ICICI Bank were other losers.
Auto Index closed flat at 3,852.54. Tata Steel was down by 0.9%; Tata Motors has sold one crore Tata Steel shares, via a block deal at Rs 487 per share, to a group company, reports CNBC-TV18, quoting sources. Tata Sons was the likely buyer.
BSE Midcap Index lost 33.73 points or 0.66% to 5,093.05 and Small Cap Index fell 51.48 points or 0.84% to 6,050.03.
Among the midcap stocks, Sterlite Technologies, Gujarat Mineral, Tanla Solutions, National Fertilisers,IVR Prime, Shoppers Stop and Bajaj Hind fell 5-10%. In the small cap space, Numeric Power, Jayaswal Neco, Sanwaria Agro, Kaveri Seed and Emkay Global fell 6.5-8%.
Markets breadth was weak; about 1057 shares have advanced while 1884 shares have declined. Nearly 237 shares remained unchanged.
Golden Tobacco (erstwhile GTC Industries) went up over 8.5% as the company is likely to demerge its tobacco, realty operations into 2 companies. It will allot 1 share in new demerged company for 1 share held.
On the global front, Asian markets ended slightly mixed. Shanghai rose 3.64% and Kospi 0.38%. However, Nikkei fell 0.9%, Straits Times -1.35%, Taiwan -1.17%, Jakarta -0.72% and Hang Seng -0.15%.
Shanghai Index buoyed by share buybacks by state-owned firms. There are signs of progress in long-awaited market reforms.
European markets were mixed, at 4:30 pm. FTSE was down by 8 points while CAC gained 28 points and DAX 39 points.
US Congress is close to approve $700 billion bailout plan. President Bush has called an emergency meeting on Thursday to hammer out details. Democrats & Republicans in Congress are close to agreement on bailout plan. Dow Jones Futures was up by 0.11% and Nasdaq Futures rose 0.75%.
In the Taiwan markets, FIIs were net sellers to the tune of $56.5 million in trade today.
F&O Snapshot:
Market Wide Rollover: 69.2%; Nifty Rollover: 57.39%
Rollovers Last Expiry : Market-wide rollover 83%; Nifty rollovers 75%
Lack of aggressive short rollovers in Nifty Futures, October Futures end at a premium of 39 points
Fresh short build up in suzlon
Metals stocks see short rollovers
Akruti City adds 12.6 lakh shares in September series (Hugh positions led to expire), October ends at a discount of 93 points, rollover at 16%
F&O turnover at Rs 82697.69 cr vs Rs 67,052cr on Wednesday.
------------------------------------------------
Inflation holds at 12.14 per cent, Other Biz Headlines
Inflation holds at 12.14 per cent
NEW DELHI: Inflation was reported at 12.14 per cent for the week ended September 13, at the same level recorded a week earlier. While food articles rose by 0.2 per cent, chemical & chemical products were up by 0.1 per cent, and fruit & vegetables by 0.6 per cent. Manufacturing products, however, were down by 0.5 per cent, while fuel, power and light remained unchanged. Economists see inflation stabilising around this level before it starts to fall. However, they expect the RBI to raise interest rates by 25-50 basis point in its October review. Earlier, a Reuters poll on Wednesday estimated the annual inflation rate to head upwards for a second consecutive week with the rise mainly seen in food and vegetables. The wholesale price index was forecast to have risen 12.23 per cent in the 12 months to September 13, above the previous week’s rise of 12.14 per cent, according to the median estimate.
Shubhada Rao, chief economist with Yes Bank, said there was upward pressure on prices of primary articles, especially those of food and vegetables. In early August, the inflation rate was 12.63 per cent, the highest reading since annual numbers in the current data series became available in April 1995. RBI governor Duvvuri Subbarao said early this month that inflation was showing signs of moderating but it was too early to conclude whether this was a trend, signalling he would wait and see before taking any fresh steps. This is the 25th consecutive week that inflation is above the RBI’s 7.0 per cent target by the end of March. The government had earlier said inflation would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 percent by the end of the fiscal year in March.
-----------------------------------------------
Other Biz Stories:
US near bailout deal; economy stumbles
Bailout deal near as Bush to meet lawmakers
Merrill sees HNI wealth in A-Pac at 13.9 tn by 2012
US economic woes, F&O expiry weigh on markets
HDFC in Forbes Asia's top 50 list
Religare gets SEBI nod for MF biz
RCF mulls foraying into wind power generation
ONGC eyes acquisitions in developing world
BHEL to set up nuke plant in Andhra Pradesh, Gujarat
Ranbaxy among top 100 MNCs having foreign presence
Nifty Oct premium widens on long rollovers, huge put buying at 4100
Golden Tobacco gains 12% on demerger plan
Chinese shares close up 3.64 pct
Nifty Oct premium widens
Autoline acquires 49 pc stake in two Italian firms
HDFC in Forbes Asia's top 50 list
Source:ET
NEW DELHI: Inflation was reported at 12.14 per cent for the week ended September 13, at the same level recorded a week earlier. While food articles rose by 0.2 per cent, chemical & chemical products were up by 0.1 per cent, and fruit & vegetables by 0.6 per cent. Manufacturing products, however, were down by 0.5 per cent, while fuel, power and light remained unchanged. Economists see inflation stabilising around this level before it starts to fall. However, they expect the RBI to raise interest rates by 25-50 basis point in its October review. Earlier, a Reuters poll on Wednesday estimated the annual inflation rate to head upwards for a second consecutive week with the rise mainly seen in food and vegetables. The wholesale price index was forecast to have risen 12.23 per cent in the 12 months to September 13, above the previous week’s rise of 12.14 per cent, according to the median estimate.
Shubhada Rao, chief economist with Yes Bank, said there was upward pressure on prices of primary articles, especially those of food and vegetables. In early August, the inflation rate was 12.63 per cent, the highest reading since annual numbers in the current data series became available in April 1995. RBI governor Duvvuri Subbarao said early this month that inflation was showing signs of moderating but it was too early to conclude whether this was a trend, signalling he would wait and see before taking any fresh steps. This is the 25th consecutive week that inflation is above the RBI’s 7.0 per cent target by the end of March. The government had earlier said inflation would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 percent by the end of the fiscal year in March.
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Source:ET
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