Weakness in the second half of the trading session dragged the market lower today. The market sentiment was hit by reports which trickled in the market in afternoon trade that one of the options that the government may consider to bail out oil firms which are bleeding due to a surge in crude oil prices, was levying of a cess or surcharge on income tax and corporate tax.
Banking stocks were the worst sufferers in today's fall. State Bank of India slumped. Information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in China, Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly in the red. Key indices in France and Germany were down 0.42% to 0.53%. UK's FTSE 100 was up 0.11%. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.
The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59. The Sensex lost 110.58 at the day's low of 16,237.92, hit in the mid-afternoon trade. The market opened on an upbeat note tracking firm Asian stocks. Sensex climbed 157.85 points at day's high of 16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.25 points or 0.31% at 4859.80. Nifty May 2008 futures were at 4851.90, a discount of 7.9 points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs 49,968.5 crore, higher than Rs 44103.52 crore on Monday, 26 May 2008. BSE clocked a turnover of Rs 5074 crore in the cash segment as against Rs 4,426.96 on Monday, 26 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 496.61 crore today. Domestic funds bought shares worth a net Rs 529.69 crore.
The market breadth, which was firmly positive earlier in the day, turned negative as the session proceeded, with 922 shares advancing on BSE as compared to 1760 stocks that declined. 81 stocks remained unchanged.
The BSE Mid-Cap index fell 1.21% to 6,678.91 and BSE Small-Cap index lost 1.30% to 8,210.08. Both the indices underperformed the Sensex.
Major Sensex losers were, Housing Development Finance Corporation (down 2.08% at Rs 2519.75), ONGC (down 1.34% at Rs 884.35), HDFC Bank (down 1.20% at Rs 1331.30) and DLF (down 0.80% at Rs 596.45).
Major Sensex gainers were, Cipla (up 3.04% at Rs 205.05), ITC (up 1.65% at Rs 209.10), Ambuja Cements (up 0.98% at Rs 97.60), NTPC (up 0.97% at Rs 177.40) and Reliance Infrastructure (up 0.86% at Rs 1259.30).
India's second largest listed telecom services provider by sales Reliance Communication (RCom) rose 1.57% at Rs 551.75 on reports the proposed deal between Reliance Communications and South Africa's MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani's two-third equity stake in Reliance Communications to MTN shareholders, the reports added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May 2008, after the company said it was in merger talks with MTN.
India's largest private sector firm by market capitalization & oil refiner Reliance Industries fell 1.25% at Rs 2493.20.
The BSE Bankex underperformed the Sensex, falling 2.33% at 7,754.64. Oriental Bank of Commerce (down 5.69% at Rs 183.20), Bank of India (down 4.90% at Rs 304.50), Bank of Baroda (down 4.80% at Rs 261.75) and Axis Bank (down 2.96% at Rs 740.40), dropped.
India's largest commercial bank State Bank of India slumped 4.19% at Rs 1473.30, on concerns the bank's surprise hike of 25-50 basis points in deposit rates could put pressure on its operating profit margin in the short term. In an announcement made after market hours yesterday, 26 May 2008, State Bank of India said that two to three year term deposit rate will be raised to 8.75% from 8.5%, and five to ten year deposits would fetch 9% from 8.5%, effective from 1 June 2008. The hike in deposit rates is aimed at attracting more funds to meet aggressive growth targets
India's largest private sector bank by assets ICICI Bank declined 1.71% at Rs 812.55.
The BSE IT index outperformed the Sensex, gaining 0.73% at 4,450.40. Satyam Computer (up 3.29% at Rs 499), Wipro (up 2.71% at Rs 491.60), HCL Technologies (up 1.08% at Rs 299.05), TCS (up 0.81% at Rs 966.60), rose. However, India's second largest software exporter by sales Infosys Technologies fell 0.42% at 1878.55.
Among the mid-caps, Jyoti Structures (down 6.90% at Rs 132.15), BGR Energy (down 6.89% at Rs 379.80), Brigade Enterprise (down 6.88% at Rs 191.45), and Elecon Engineering Company (down 6.70% at Rs 125.40), slipped.
Among the small-caps, Confidence Petroleum (down 10% at Rs 17.65), Kirloskar Pneumatic Company (down 7.34% at Rs 394), Elantas Beck (down 6.97% at Rs 263.05), Emkay Share And Stock Brokers (down 6.89% at Rs 125) and Eicher Motors (down 6.79% at Rs 358.20), tumbled.
Bajaj Finserve clocked the highest turnover of Rs 208.92 crore on BSE. Reliance Capital (Rs 195.04 crore), Reliance Industries (Rs 159.70 crore), Aishwarya Telecom (Rs 150.44 crore) and Reliance Power (Rs 143.90 crore), were the other turnover toppers on BSE in that order.
Chambal Fertilisers and Chemicals registered the highest volume of 1.67 crore shares on BSE. IFCI (1.45 crore shares), Aishwarya Telecom (1.41 crore shares), Ispat Industries (1.36 crore shares) and Reliance Natural Resources (1.16 crore shares), were the other volume toppers on BSE in that order.
Cooking appliances maker Hawkins Cookers jumped 8.85% to Rs 183.95 after the company's board of directors recommended a liberal dividend of Rs 10 per share in a board meeting held on Monday, 26 May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at Rs 1185.65 on sustained buying after the company's management guided a whopping 10-fold jump in net profit for the year ending March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs 191 on reports the founders of the company have decided to form a holding corporation that will take under its wing five group companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 0.11% to Rs 360 on reports the firm is planning to acquire a mortgage-specific company in the UK. The business process outsourcing (BPO) and IT services provider may invest more than $150 million for the buyout. HTMT has internal accruals of $110 million which will be used for the acquisition, the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs 188.05 on reports the firm has mounted a bid to acquire Germany's Lloyd Dynamowerke based on an estimated enterprise valuation of about $100 million.
Food products supplier Sita Shree Food Products advanced 2.25% to Rs 43.25 after the company said it had received orders from Reliance Fresh for 400 metric tonnes of wheat flour and pulses, higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.92% to Rs 438.30 after the company said its boiler & heater business unit has received an export order worth 14.2 million euro for supply of heat recovery steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained 2.22% to Rs 83 after the company said it expects revenue of Rs 125 crore and rental income of Rs 12 crore a year, from redevelopment of a mill property in Bangalore.
Banking stocks were the worst sufferers in today's fall. State Bank of India slumped. Information technology stocks held firm.
Asian markets edged higher today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in China, Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.39% to 1.48%.
But European markets, which opened after Indian market, were mostly in the red. Key indices in France and Germany were down 0.42% to 0.53%. UK's FTSE 100 was up 0.11%. US markets were closed on Monday, 26 May 2008, for Memorial Day holiday.
The 30-share BSE Sensex fell 72.91 points or 0.45% at 16,275.59. The Sensex lost 110.58 at the day's low of 16,237.92, hit in the mid-afternoon trade. The market opened on an upbeat note tracking firm Asian stocks. Sensex climbed 157.85 points at day's high of 16,506.35, hit in early trade
The broader based S&P CNX Nifty was down 15.25 points or 0.31% at 4859.80. Nifty May 2008 futures were at 4851.90, a discount of 7.9 points against the spot closing.
The NSE's futures & options (F&O) segment turnover was at Rs 49,968.5 crore, higher than Rs 44103.52 crore on Monday, 26 May 2008. BSE clocked a turnover of Rs 5074 crore in the cash segment as against Rs 4,426.96 on Monday, 26 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 496.61 crore today. Domestic funds bought shares worth a net Rs 529.69 crore.
The market breadth, which was firmly positive earlier in the day, turned negative as the session proceeded, with 922 shares advancing on BSE as compared to 1760 stocks that declined. 81 stocks remained unchanged.
The BSE Mid-Cap index fell 1.21% to 6,678.91 and BSE Small-Cap index lost 1.30% to 8,210.08. Both the indices underperformed the Sensex.
Major Sensex losers were, Housing Development Finance Corporation (down 2.08% at Rs 2519.75), ONGC (down 1.34% at Rs 884.35), HDFC Bank (down 1.20% at Rs 1331.30) and DLF (down 0.80% at Rs 596.45).
Major Sensex gainers were, Cipla (up 3.04% at Rs 205.05), ITC (up 1.65% at Rs 209.10), Ambuja Cements (up 0.98% at Rs 97.60), NTPC (up 0.97% at Rs 177.40) and Reliance Infrastructure (up 0.86% at Rs 1259.30).
India's second largest listed telecom services provider by sales Reliance Communication (RCom) rose 1.57% at Rs 551.75 on reports the proposed deal between Reliance Communications and South Africa's MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani's two-third equity stake in Reliance Communications to MTN shareholders, the reports added.
The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May 2008, after the company said it was in merger talks with MTN.
India's largest private sector firm by market capitalization & oil refiner Reliance Industries fell 1.25% at Rs 2493.20.
The BSE Bankex underperformed the Sensex, falling 2.33% at 7,754.64. Oriental Bank of Commerce (down 5.69% at Rs 183.20), Bank of India (down 4.90% at Rs 304.50), Bank of Baroda (down 4.80% at Rs 261.75) and Axis Bank (down 2.96% at Rs 740.40), dropped.
India's largest commercial bank State Bank of India slumped 4.19% at Rs 1473.30, on concerns the bank's surprise hike of 25-50 basis points in deposit rates could put pressure on its operating profit margin in the short term. In an announcement made after market hours yesterday, 26 May 2008, State Bank of India said that two to three year term deposit rate will be raised to 8.75% from 8.5%, and five to ten year deposits would fetch 9% from 8.5%, effective from 1 June 2008. The hike in deposit rates is aimed at attracting more funds to meet aggressive growth targets
India's largest private sector bank by assets ICICI Bank declined 1.71% at Rs 812.55.
The BSE IT index outperformed the Sensex, gaining 0.73% at 4,450.40. Satyam Computer (up 3.29% at Rs 499), Wipro (up 2.71% at Rs 491.60), HCL Technologies (up 1.08% at Rs 299.05), TCS (up 0.81% at Rs 966.60), rose. However, India's second largest software exporter by sales Infosys Technologies fell 0.42% at 1878.55.
Among the mid-caps, Jyoti Structures (down 6.90% at Rs 132.15), BGR Energy (down 6.89% at Rs 379.80), Brigade Enterprise (down 6.88% at Rs 191.45), and Elecon Engineering Company (down 6.70% at Rs 125.40), slipped.
Among the small-caps, Confidence Petroleum (down 10% at Rs 17.65), Kirloskar Pneumatic Company (down 7.34% at Rs 394), Elantas Beck (down 6.97% at Rs 263.05), Emkay Share And Stock Brokers (down 6.89% at Rs 125) and Eicher Motors (down 6.79% at Rs 358.20), tumbled.
Bajaj Finserve clocked the highest turnover of Rs 208.92 crore on BSE. Reliance Capital (Rs 195.04 crore), Reliance Industries (Rs 159.70 crore), Aishwarya Telecom (Rs 150.44 crore) and Reliance Power (Rs 143.90 crore), were the other turnover toppers on BSE in that order.
Chambal Fertilisers and Chemicals registered the highest volume of 1.67 crore shares on BSE. IFCI (1.45 crore shares), Aishwarya Telecom (1.41 crore shares), Ispat Industries (1.36 crore shares) and Reliance Natural Resources (1.16 crore shares), were the other volume toppers on BSE in that order.
Cooking appliances maker Hawkins Cookers jumped 8.85% to Rs 183.95 after the company's board of directors recommended a liberal dividend of Rs 10 per share in a board meeting held on Monday, 26 May 2008.
Sandur Manganese and Iron Ores was locked at upper limit of 5% at Rs 1185.65 on sustained buying after the company's management guided a whopping 10-fold jump in net profit for the year ending March 2009, on 13 May 2008.
Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs 191 on reports the founders of the company have decided to form a holding corporation that will take under its wing five group companies and the newly formed Amara Raja Infra.
IT firm HTMT Global Solutions soared 0.11% to Rs 360 on reports the firm is planning to acquire a mortgage-specific company in the UK. The business process outsourcing (BPO) and IT services provider may invest more than $150 million for the buyout. HTMT has internal accruals of $110 million which will be used for the acquisition, the reports added.
Engineering firm Kirloskar Electric Company spurted 2.37% at Rs 188.05 on reports the firm has mounted a bid to acquire Germany's Lloyd Dynamowerke based on an estimated enterprise valuation of about $100 million.
Food products supplier Sita Shree Food Products advanced 2.25% to Rs 43.25 after the company said it had received orders from Reliance Fresh for 400 metric tonnes of wheat flour and pulses, higher from its previous order for 160 metric tonnes.
Industrial equipment maker Thermax jumped 1.92% to Rs 438.30 after the company said its boiler & heater business unit has received an export order worth 14.2 million euro for supply of heat recovery steam generator to an oil company in Europe.
Bhuwalka Steel Industries, which manufactures steel billets, gained 2.22% to Rs 83 after the company said it expects revenue of Rs 125 crore and rental income of Rs 12 crore a year, from redevelopment of a mill property in Bangalore.
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