Recovery in industrial production and positive global cues failed to offer solace to Indian investors after a sharp setback on Monday that was caused by poor debut of India's biggest IPO Reliance Power. Key indices shot up in early trade but were unable to sustain at higher level and finally ended the volatile session with losses.
Banking and oil & gas stocks were in demand. IT stocks dropped. Broader market declined, as reflected in the weak market breadth. 22 out of 30 stocks from the Sensex pack were in the red.
European market, which opened after Indian market, were trading higher. Asian markets, which opened before Indian market, were mostly in green.
India's industrial output rose 7.6% in December 2007 from a year earlier, accelerating from the previous month's downwardly revised 5.1%, helped by stronger manufacturing, government data released today afternoon showed.
The 30-share BSE Sensex fell 22.90 points or 0.14% at 16,608.01. The Sensex shed 65.43 points at the day's low of 16,565.48 hit in late trade. The Sensex had gained 335.81 points at the day's high of 16,966.72, hit in early trade.
The Sensex has shed 1531.48 points or 8.44% in last five trading sessions to the current 16,630.91 from 18139.49 on Wednesday, 6 February 2007.
The broader CNX S&P Nifty fell 18.75 points or 0.39% at 4838.25.
The BSE Mid-Cap index fell 2.24% at 7,058.38, while the BSE Small-Cap was down 2.82% at 9,173.68. Both these indices underperformed the Sensex.
The market breadth was poor: On BSE 443 advanced as compared to 2237 that declined. 32 stocks remained unchanged.
BSE clocked a turnover of Rs 5276 crore compared to Monday (11 February 2008)'s Rs 7,678.44 crore.
The Nifty February 2008 futures settled at 4783.15, at a discount of 55.10 points as compared to the spot closing of 4838.25.
The NSE's futures & options (F&O) segment turnover was Rs 36223.50 crore, which was higher than Rs 41257.27 crore on Monday, 11 February 2008.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries rose 2.17% to Rs 2324.15.
India's largest engineering and construction firm by revenue Larsen & Toubro fell 1.28% to Rs 3269.05.
Anil Dhirubhai Ambani Group firm Reliance Power fell 4.82% to Rs 354.55 on volume of 2.30 crore shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.
Among the Sensex losers, TCS slipped 4.25% to Rs 864.80, Mahindra & Mahindra shed 3.03% to Rs 579.05, Reliance Energy skid 2.94% to Rs 1535.75, ACC fell 2.63% to Rs 718.25, Reliance Communication declined 2.49% to Rs 575.70 and Tata Steel declined 2.15% to Rs 710.45.
Among the Sensex gainers, Ranbaxy Laboratories moved up 1.24% to Rs 370.25, Bharti Airtel rose 0.81% to Rs 855.80 and State Bank of India rose 0.59% to Rs 2057.40.
The BSE Bankex rose 1.26% to 9,867.36. It outperformed the Sensex. India's largest private sector bank by assets ICICI Bank rose 2.71% to Rs 1063.75. Axis Bank jumped 6.65% to Rs 989.80, Kotak Mahindra Bank jumped 2.46% to Rs 818.55, Andhra Bank moved up 2.32% to Rs 86.05 and Canara Bank rose 1.42% to Rs 292.50.
The BSE Oil & Gas index rose 0.41% to 9,926.32. It outperformed the Sensex. Cairn India spurted 5.26% to Rs 199.95, HPCL moved up 2.20% toRs 260.45 and Gail India rose 1.09% to Rs 390.15.
IT stocks declined after a decent rise on Monday, 11 February 2008. The BSE IT index fell 1.51% at 3,789.98. It underperformed the Sensex. NIIT slumped 7.51% to Rs 105.95, TCS fell 4.25% to Rs 864.80, HCL Technologies skid 2.45% to Rs 249.25, Satyam Computer declined 0.70% to Rs 420.90, Infosys Technologies fell 0.86% to Rs 1,545.40 and Wipro fell 0.40% to Rs 421.80.
From the side counters, Jet Airways jumped 6.54% to Rs 770, Welspun Gujarat Stahl Rohren spurted 6.38% to Rs 406, Balaji Telefilms moved up 6.17% to Rs 209.10, Sun TV Network gained 5.69% to Rs 323, Orchid Chemicals & Pharmaceuticals rose 4.82% to Rs 218.50 and Nirma gained 4.52% to Rs 184.
Debutant J Kumar Infraprojects settled at Rs 102.70 BSE, a discount of 6.64% over IPO price of Rs 110. The stock debuted at Rs 100 on BSE, a discount of 9.09% over the IPO price.
Tea maker Parry Agro Industries jumped 5% to Rs 2043. The board of Parry Agro Industries at the meeting held on 11 February 2008 approved delisting of the equity shares of the company from the Bombay Stock Exchange. Extraordinary general meeting (EGM) of the shareholders has been fixed on 7 March 2008.
Electrical equipment maker Apar Industries spurted 4.34% to Rs 255. The board of Apar Industries, on Monday, 11 February 2008 approved a proposal to acquire majority stake in Uniflex Cables. According to a release issued by Apar to the BSE, the size of the deal, which will mainly be funded through internal accruals, is close to Rs 50 crore with a controlling stake of 42% in Uniflex Cables run by the Baid family.
Reliance Power clocked the highest turnover of Rs 821.72 crore on BSE. Reliance Capital (Rs 433.36 crore), Reliance Natural Resources (Rs 403.14 crore), Reliance Energy (Rs 264.14 crore) and Reliance Industries (Rs 237.62 crore), were the other turnover toppers on BSE in that order.
Reliance Natural Resources registered highest volume of 3.36 crore shares on BSE. Reliance Power (2.30 crore shares), J Kumar Infraprojects (2.05 crore shares), Reliance Petroleum (1.05 crore shares) and Ispat Industries (1.01 crore shares).
In Europe, key indices in UK, France and Germany were up by 0.18% to 0.52%. Asian markets were mostly in the green. Key benchmark indices in Hong Kong, Singapore, South Korea and Japan were up by 0.04% to 1.35%. However, Taiwan's Taiwan Weighted index was down 1.57%. Chinese stock market was closed.
US stocks rose on Monday, 11 February 2008, rebounding from the worst weekly loss in five years, as bargain-hunting and takeover talk sparked gains in the technology sector and higher oil prices lifted energy stocks. The Dow Jones industrial average gained 57.88 points, or 0.48%, to 12,240.01. The Standard & Poor's 500 index advanced 7.84 points, or 0.59%, to 1,339.13, and the Nasdaq Composite index shot up 15.21 points, or 0.66%, to 2,320.06.
Motorola Inc and Nortel Networks Corp may combine their wireless networking units, according to The Wall Street Journal. Meanwhile, the board of directors of Yahoo! rejected the $31 bid of Microsoft saying the proposal substantially undervalues the company.
On Monday 11 February 2008, the 30-share BSE Sensex slumped 833.98 points or 4.78% at 16,630.91, its third biggest fall in point terms, on heavy selling pressure as investors fretted over the dismal debut of Reliance Power. Weak global cues, too, weighed on bourses. The broader CNX S&P Nifty was down 263.35 points or 5.14% at 4857 on that day
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