Markets Today

Domestic market witnessed extremely weak session with the benchmark index BSE Sensex plunging to a 6-month low. Markets across the globe suffered severe setback amid concerns about the effectiveness of the Federal Reserve's efforts to aid strained credit markets. European markets, which opened after Indian market, slipped in early trade. Asian markets, which opened before Indian market, settled weak.
28 shares among the 30-member Sensex pack finished with losses. The market breadth was extremely weak. Turnover was dull. Stocks from across the board witnessed sharp cut with those of real estate, metal and capital goods sector among worst hit.
The 30-share BSE Sensex slumped 782.04 points or 4.85% at 15,345.94, as per provisional closing. Sensex hit a low of 15,228.99 in late trade, its lowest level since early September 2007. At the days low, the Sensex lost 898.99 points.
The broader based S&P CNX Nifty was down 248.65 points or 5.06% at 4,625.35 as per provisional closing.
The market breadth was weak. On BSE 2,331 shares declined as compared to 359 that advanced. 43 shares remained unchanged.
The BSE Mid-Cap index was down 5.46% to 6,532.74 while the BSE Small-Cap index slipped 5.17% to 8,090.78. Both these indices underperformed the Sensex
The total turnover amounted to Rs 5952 crore as compared to Rs 4828 crore by 15:45 IST on BSE.
Real estate shares were hammered brutally, with the BSE Realty index tumbling 10.59% to 7,445.96. Indias largest real estate developer by market capitalisation DLF slipped 13.29% to Rs 618. It was the top loser from Sensex pack. As per reports, the firm may delay a planned initial public offering to raise $1.5 billion from a real estate investment trust in Singapore.
Unitech (down 9.62% to Rs 266.20), Parsvnath Developers (down 8.45% to Rs 207), Indiabulls Real Estate (down 10.23% to Rs 510), were the other losers from real estate sector
Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slumped 5.23% to Rs 2252 on 12.49 lakh shares. The stock moved in a range of Rs 2201 and Rs 2355 during the day
Metal shares slumped on profit booking. Hindalco Industries (down 9.72% to Rs 173.15), Tata Steel (down 9.06% to Rs 697), Steel Authority of India (down 11.64% to Rs 192.80), and JSW Steel (down 5.44% to Rs 888.25), slipped
IT pivotals slumped on concerns of a US recession. TCS (down 7.25% to Rs 765), Satyam Computers (down 5.10% to Rs 359.90), Wipro (down 6.75% to Rs 363.55), and Infosys (down 4.63% to Rs 1320), edged lower. Indian IT firms derive more than half of their revenue from exports to US.
Banking shares slipped on selling pressure. Indias largest private sector bank in terms of net profit ICICI Bank slipped 5.67% to Rs 830 tracking weak ADR which declined 5% on the NYSE yesterday, 12 March 2008. State Bank of India (down 6.80% to Rs 1685), and HDFC Bank (down 4.37% to Rs 1308), also slipped.
Reliance Energy (down 10.95% to Rs 1183), Reliance Communications (down 7.82% to Rs 497.50), and Bharat Heavy Electricals (down 6.52% to Rs 1885), slipped from Sensex pack.
Bajaj Auto, the countrys second largest two wheeler maker in terms of sales, gained 1.49% to Rs 2124 in volatile trade. The stock moved in a wild range of Rs 1976.05 and Rs 2175. All existing futures & options contracts on the counter expired today and new contracts will be introduced on, 14 March 2008, as a demerger scheme takes effect from tomorrow, 14 March 2008.
As per the demerger scheme, the company's various businesses including auto manufacturing and other strategic businesses such as wind energy, insurance and financial services, would be demerged into two newly incorporated subsidiaries: Bajaj Holdings and Investment (BHIL) and Bajaj Finserv (BFL).
Hindustan Unilever, the countrys largest FMCG company in terms of sales, rose 0.20% to Rs 222.20
The next trigger for the market would come from the figures of advance tax payment by corporates for the fourth installment, which falls due on 15 March 2008.
Another major trigger for the market is outcome of the US Federal Reserve meeting on 18 March 2008 to review interest rates. A cut in interest rate, as expected by the street may provide some support to the markets. Fed Chairman Ben Bernanke had signaled a readiness to cut interest rates again to prevent further damage to the weak US economy, even as he took note of rising inflation risks.
European markets were weak. Key benchmark indices from United Kingdom (down 2.12% to 5,654), Germany (down 2.55% to 6,431.88), and France (down 2.31% to 4,588.44), slipped
Asian markets settled on a weak note today, 13 March 2008. Japan's Nikkei (down 3.33% at 12,433.34), Hong Kong's Hang Seng (down 4.79% at 22,301.46), Taiwan's Taiwan Weighted (down 2.66% at 8,210.99), Chinas Shanghai Composite (down 2.43% to 3,971.27), Straits Times (down 3.85% at 2,805.55) and South Korea's Seoul Composite (down 2.60% at 1,615.92), edged lower.
US markets slipped on Wednesday, 12 March 2008, on concerns that the US Federal Reserve will fail to prevent a recession and global crude oil prices surged above $110 a barrel raising fears of further strain on corporate profits.
The Dow Jones industrial average was down 46.57 points, or 0.38%, to 12,110.24. The Standard & Poor's 500 index plunged 11.88 points, or 0.90%, to 1,308.77, and the Nasdaq Composite index declined 11.89 points, or 0.53%, to 2,243.87.
Back home, the 30-share BSE Sensex was up marginally by 4.83 points or 0.03% at 16,127.98 on Wednesday, 12 March 2008. The broader based S&P CNX Nifty rose 6.10 points or 0.13% at 4,872 on that day.
As per data released by the government yesterday, 12 March 2008, growth in index of industrial production (IIP) slipped to 5.3% in January 2008 as compared with 11.6% in January 2007, the lowest since October 2006, when it stood at 4.51%. Growth in the manufacturing sector declined to 5.9% in January 2008 as against 12.3% in January 2007.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 127.94 crore on Wednesday, 12 March 2008. Domestic institutional investors (DIIs) were net sellers of shares worth Rs 528.06 crore on that day.
FIIs were net buyers of Rs 1,898.64 crore in the futures & options segment on Wednesday, 12 March 2008. They were net buyers of index futures to the tune of Rs 1,386.07 crore and bought index options worth Rs 287.57 crore. They were net buyers of stock futures to the tune of Rs 200.50 crore and bought stock options worth Rs 24.50 crore.
Crude oil hovered near Wednesday (12 March 2008)'s record high of $110.20 per barrel.
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