Disappointing index of industrial production figures for January 2008 which hit the market in early afternoon trade dragged the market in red in late trade in contrast to strong start. The US Federal Reserves move to inject up to $200 billion of liquidity into strained credit markets triggered rally across Asian and European markets.
16 shares from the 30-member Sensex pack declined. Market breadth was negative. Shares from metal and software slipped while real estate stocks and select private sector banking stocks rose.
The 30-share BSE Sensex was down 36.61 points or 0.23% at 16,086.54 as per provisional closing. Sensex lost 59.06 points at day's low of 16,064.09 touched in late trade. Sensex hit a high of 16,683.37 in early trade. At the days high, the Sensex gained 560.22 points. The Sensex oscillated in a band of 619.28 points in the day in volatile trade
The broader based S&P CNX Nifty was down 3.10 points or 0.06% at 4,862.80 as per provisional closing. It struck high of 5,019.20 in early trade
As per data released by the government today afternoon, 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.
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.
The market breadth which was positive throughout the day, turned negative in late trade as small-cap and mid-cap shares succumbed to selling pressure: On BSE 1,448 shares declined as compared to 1220 that advanced. 59 shares remained unchanged.
The BSE Mid-Cap index was down 1.68% to 6,875.53 and the BSE Small-Cap index was down 0.54% to 8,512.92. Both these indices underperformed the Sensex
The total turnover amounted to Rs 6372 crore as compared to Rs 5439 crore by 15:45 IST on BSE.
Metal shares declined on profit booking. Indias largest private sector aluminium maker in terms of sales, Hindalco Industries lost 6.51% to Rs 189.70 on 15.86 lakh shares. It was the top loser from Sensex pack.
Tata Steel, the countrys largest private sector steel maker in terms of sales, slipped 6.48% to Rs 766. The stock slipped sharply from days high of Rs 838 in early trade. The company reported 34.22% rise in consolidated net profit to Rs 1,415.54 crore on 428.61% spurt in total income to Rs 32,096.03 crore in Q3 December 2007 over Q3 December 2006. The results were announced before trading hours today, 12 March 2008.
Jindal Stainless (down 4.99% to Rs 138), Steel Authority of India (down 7.40% to Rs 216), and Jindal Saw (down 1.37% to Rs 790), were the other losers from metal pack.
IT pivotals extended losses in late trade. Infosys (down 3.41% to Rs 1379.90), Satyam Computer Services (down 4.74% to Rs 377.10), Wipro (down 0.22% to Rs 391.50), slipped. However Indias largest software services exporter TCS rose 0.58% to Rs 828
DLF (down 5.49% to Rs 708), Reliance Communications (down 2.29% to Rs 538.80), and Tata Motors (down 2.06% to Rs 745), edged lower from the Sensex pack.
Cipla, the countrys third largest pharma company in terms of net sales, advanced 4.03% to Rs 203.70 on 8.21 lakh shares. It was the top gainer from Sensex pack.
Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries gained 0.58% to Rs 2360.25 on 8.25 lakh shares. The stock had hit a high of Rs 2428.95 in early trade
Private sector banks were firm. They had surged in early trade tracking rally in their ADRs on the New York Stock Exchange (NYSE) on Tuesday, 11 March 2008. India's second largest private sector bank in terms of net profit HDFC Bank rose 2.41% to Rs 1364.10 after its ADR surged 13% on the NYSE. ICICI Bank, the country's largest private sector bank in terms of net profit jumped 3.35% to Rs 883 after its ADR jumped 10% on the NYSE. Both these shares saw strong start with HDFC Bank hitting high of Rs 1430 and ICICI Bank striking high of Rs 915.
However Indias largest bank in terms of assets State Bank of India slipped 5.65% to Rs 1783.90.
Reliance Energy (up 2.94% to Rs 1325), Grasim (up 4% to Rs 2901), and Bharti Airtel (up 2.93% to Rs 812.20), were the other gainers from Sensex pack.
Rural Electrification Corporation was at Rs 120.15 on BSE, a premium of 14.42% compared to IPO price of Rs 105. The stock debuted at Rs 125, a premium of 19.04% over issue price of Rs 105. The stock hit a high of Rs 128.40 and low of Rs 118.85 so far during the day. The counter saw high volumes of 6.74 crore shares on BSE.
Source: reliancemoney.com
