Markets Today

Buying in battered pivotals triggered solid rally on the bourses in late trade, with market closing near highest point of the day. However, the market breadth, indicating the overall health of the market remained negative. 24 shares from the 30-member Sensex pack advanced.
Most Asian markets, which opened before Indian market, were trading lower. European markets, which opened after Indian market, were in green.
As per provisional closing, the 30-share BSE Sensex surged 441.07 points or 2.87% at 15,792.42. The Sensex settled at the highest level of the day. Sensex had slipped 26 points at days low of 15,331.35 in early trade.
The broader based S&P CNX Nifty advanced 133.10 points or 2.88% at 4,756.70 As per provisional closing.
The Sensex declined 4943.36 points or 24.35% in calendar 2008 (till yesterday, 13 March 2008).
Driven by the higher prices of food items and manufactured products, annual inflation rate based on the wholesale price index increased to 5.11% for the week ended 1 March 2008 as against 5.02% in the previous week. Inflation rate stood at 6.51% for the corresponding week in the previous year.
Finance minister (FM), P Chidambaram today said he expects the economy to maintain growth levels of above 8.5% in the coming years. FM also said in parliament that the present volatility in the local stock market reflected worldwide phenomena.
Despite the rally, the market breadth remained negative: On BSE 1,473 shares declined as compared to 1202 that advanced. 62 shares remained unchanged.
The BSE Mid-Cap index was up 1.02% to 6,596.23 and the BSE Small-Cap index rose 0.20% to 8,091.46, as per provisional closing,. Both these indices underperformed the Sensex.
The total turnover amounted to Rs 5880 crore as compared to Rs 4924 crore by 15:45 IST on BSE.
Indias leading private sector power utility company in terms of sales, Reliance Energy galloped 13.01% to Rs 1353 on 12.35 lakh shares. It was the top gainer from Sensex pack. The stock is the worst performing Sensex stock, declining 47.47% in calendar 2008 (till yesterday 13 March 2008).
Real estate shares staged a comeback after recent plunge. Indias largest real estate developer DLF jumped 8.15% to Rs 656.20 on huge volumes of 28.83 lakh shares. The stock replaced GlaxoSmithkline Pharma in the S&P CNX Nifty index from today. The BSE Realty index declined 44.33% in calendar 2008 (till yesterday, 13 March 2008).
Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 4.40% to Rs 2340.20 on 11.84 lakh shares. It moved in a range of Rs 2225 and Rs 2316.60 so far during the day. The stock is down 21.27% in the calendar year 2008 (till yesterday 13 March 2008).
IT pivotals advanced on fresh buying. Satyam Computer Services (up 4.61% to Rs 380.85), Infosys Technologies (up 2.74% to Rs 1370), TCS (up 3.76% to Rs 807.85), and Wipro (up 0.93% to Rs 368.40), logged gains.
Frontline banking shares gained despite the latest data showing a surge in inflation. ICICI Bank (up 4.30% to Rs 873.95), HDFC Bank (up 1.23% to Rs 1,312.25) and State Bank of India (up 0.78% to Rs 1,709) edged higher.
Hindalco (up 4.78% to Rs 182), NTPC (up 4.35% to Rs 194.80), and Larsen & Toubro (up 4.10% to Rs 2920), gained from Sensex pack.
Jaiprakash Associates soared 7.80% to Rs 236. The stock replaced Bajaj Auto in the BSE 30-share Sensex pack from today.
Bajaj Holdings & Investment settled at Rs 775 in highly volatile trade after its auto and the financial services businesses were spun off effective today, 14 March 2008. As per the restructuring, Bajaj Holdings, earlier known as Bajaj Auto, has 30% in Bajaj Auto and Bajaj Finserv, both to be listed separately in due course. The stock hit a high and low of Rs 1143.80 and Rs 720 respectively.
Bharti Airtel, the countrys top listed cellular services provider lost 3.26% to Rs 753 on 6.31 lakh shares. It was the top loser from Sensex pack.
Auto stocks were subdued. Mahindra & Mahindra (down 2.57% to Rs 644) and Maruti Suzuki India (down 0.32% to Rs 837.10) slipped on profit booking.
Reliance Natural Resouces was the top traded counter on BSE with turnover of Rs 305.11 crore followed by Reliance Petroleum (Rs 274.47 crore), Reliance Industries (Rs 271.37 crore), GSS America Infotech (Rs 223.33 crore), and Bajaj Holdings & Investment (Rs 197.02 crore), in that order.
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 higher. Key benchmark indices from United Kingdom (up 0.45% to 5,718.20), France (up 0.43% to 4,650.25), and Germany (up 0.67% to 6,543.90), gained.
Most Asian markets were trading lower. Hong Kong's Hang Seng (down 0.29% at 22,237.11), Japan's Nikkei (down 1.54% at 12,244.48), Seoul Composite (down 0.95% at 1,600.26), Taiwan Weighted (down 0.60% at 8,161.39) and Shanghai Composite (down 0.22% at 3,962.67) edged lower after early rise.
However Singapores Straits Times index rose 1.19% at 2,839.01
US markets reversed early losses on Thursday, 13 March 2008, as S&P predicted an end to subprime mortgage writedowns. The early fall came after lower than expected retail sales and reports that another hedge fund may collapse. The Dow Jones industrail average gained 35 points to 12,145. The Nasdaq rose 19 points at 2.263; while the S&P 500 gained 6 points to 1,315.
Back home, a major setback was witnessed on the bourses as share prices fell almost across the board on Thursday 13 March 2008. The 30-share BSE Sensex slumped 770.63 points or 4.78% at 15,357.35, its lowest level since early September 2007. The broader based S&P CNX Nifty was down 242.40 points or 5.10% at 4,623.60 on that day
As per provisional data, foreign institutional investors (FIIs) sold shares worth Rs 108.50 crore on Thursday, 13 March 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 56.44 crore on that day.
FIIs were net buyers of Rs 242.82 crore in the futures & options segment on Thursday, 13 March 2008. They were net sellers of index futures to the tune of Rs 85.43 crore and bought index options worth Rs 85.82 crore. They were net buyers of stock futures to the tune of Rs 238.73 crore and bought stock options worth Rs 3.70 crore.
US crude for April delivery fell 58 cents to $109.75 today, 14 March 2008 a barrel after hitting a record of $111. London Brent crude for April dropped 54 cents to $107
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