The market shrugged off decision of Left parties to withdraw their support to the Congress-led United Progressive Alliance government on the hopes this would give government an opportunity to kickstart stalled economic reforms which Left had opposed for four years. However, a surge in crude oil prices, disappointing industrial production data and inflation climbing to more than 13-year high at the end of week played the spoilsport paring earlier gains of the week with the market ending with marginal gains in the week. BSE Sensex fell in 3 out of 5 trading sessions.
The barometer index rose 15.85 points or 0.12% to 13,469.86 in the week ended Friday, 11 July 2008. The S&P CNX Nifty edged up 33 points or 0.82% to 4,049 in the week.
The BSE Mid-Cap index added 87.10 points or 1.65% to 5,365.34. The BSE Small-Cap index rose 263.99 points or 4.09% to 6,713.66.
Foreign institutional investors (FIIs) sold shares worth Rs 1,012.20 crore in the month of July 2008, till 9 July 2008. FIIs sold shares worth Rs 26,477.50 crore in the calendar year 2008. Mutual funds have bought shares worth Rs 712.30 crore in the month of July 2008 so far.
The 30-share BSE Sensex rose 71.99 points or 0.54% at 13,525.99 on Monday 7 July 2008. The market lost most of its gains in late trade ending marginally higher after reports filtered in that India's Defence Attache Brigadier R D Mehta and three other Indians among forty-one people were killed in a suicide attack on the Indian Embassy in Kabul. The market had remained firm in most part of the day on firm global cues.
Sensex lost 176.34 points or 1.3% at 13,349.65 on Tuesday, 8 July 2008. The market failed to sustain previous day's small gains as global markets played a spoilsport. Nevertheless, the market came off lower level after an initial sharp fall, shrugging off decision of Left parties to withdraw their support to the Congress-led United Progressive Alliance (UPA) government.
Sensex surged 614.61 points or 4.6% at 13,964.26 on Wednesday, 9 July 2008. A mix of positive domestic and global news helped bulls conquer the bourses. The market was also boosted on hopes the government may push through some of the economic reforms which Left parties had stalled over the past four years.
The 30-share BSE Sensex lost 38.02 points or 0.27% at 13,926.24 on Thursday, 10 July 2008. The market ended little changed after witnessing a bout of volatility in the day. Investors refrained building large positions ahead of the weekly inflation data and Index of Industrial Production (IIP) data for May 2008 to be released by the government on, 11 July 2008.
The 30 share BSE Sensex slumped 456.39 points or 3.28% to 13,469.85 on Friday, 11 July 2008. Dismal economic data and strengthening crude oil prices forced investors to dump shares across the board. IT stocks tumbled after IT bellwether Infosys said at the time of announcing Q1 June 2008 results that the business environment was tough. All the sectoral indices on BSE were in red.
India's second largest IT exporter by sales Infosys slumped 4.5% to Rs 1676.45 in the week. Infosys' consolidated net profit as per Indian GAAP rose 4.2% to Rs 1302 crore on 6.8% growth in revenue to Rs 4854 crore in Q1 June 2008 over Q4 March 2008. Infosys has forecast 24.4% to 26.6% growth in earnings per share as per Indian GAAP at between Rs 98.79 to Rs 100.51 in FY 2009 over the year ended March 2008 (FY 2008). It has forecast a between 27.5% to 29.5% growth in revenue at between Rs 21278 crore and Rs. 21622 crore in FY 2009 over FY 2008.
India's largest electric equipment maker by sales Bharat Heavy Electricals rose 1.4% to Rs 1,521.25 in the week. The company said on 11 July 2008 it has bagged a contract worth Rs 2175 crore for setting up a 600 megawatt thermal power plant in Tamil Nadu.
India's largest telecom services provider by sales Bharti Airtel rose 4.01% to Rs 745 on 11 July 2008. As per reports the company added 2.5 million new subscribers in June 2008, the highest ever monthly customer addition by any operator in India.
India's largest realty major by sales DLF surged 9.23% to Rs 452.80. The company's board of directors on 10 July 2008 approved a proposal of buyback of equity shares at a price not exceeding Rs 600 per share.
The world's sixth largest steel producer Tata Steel rose 4.07% to Rs 666.15 in the week. As per reports on 10 July 2008 the company plans to list a holding firm for steel and raw material assets outside India, on the London Stock Exchange to raise funds for acquiring iron ore and coal mines.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 3.94% to Rs 2,016.40. It has reportedly signed an agreement with Peru's Perupetro to jointly explore for oil and gas in the Andean country.
India's second largest telecom services provider by sales Reliance Communications fell 0.07% to Rs 437.90. South African mobile phone operator MTN Group has agreed to extend its exclusive talks with the Indian cellular services provider for a possible combination of their businesses, until 21 July 2008.
India's largest engineering and construction firm by sales Larsen & Toubro fell 0.95% to Rs 2,357.20. The company said on Tuesday, 8 July 2008, it has bagged an order worth Rs 1047 crore from Indian Railways for setting up a cast steel wheel manufacturing plant at Saran in Bihar.
India's third largest IT exporter by sales Satyam Computer Services fell 3.83% to Rs 444.45. It formed an alliance with Taiwan based Tyfone to provide mobile financial services to its customers.
Tata Consultancy Services (down 5.28% to Rs 799.20) and ONGC (down 3.09% to Rs 849.25) edged lower in the week.
Prime Minister Manmohan Singh is likely to seek a vote of confidence in parliament shortly following Left's withdrawal of support to the government over the India-US civil nuclear agreement. There was speculation that the government may choose a date around 22 July 2008 to call a special Lok Sabha session for the vote.
With Left parties withdrawing support to the United Progressive Alliance (UPA) government, India Inc. hopes the slow-moving economic reforms program will now be put on the fast track. Over the last four years, Left parities had stalled privatisation of state-run firms, pension reforms, higher foreign limits in insurance and more liberal norms for foreign bank.
Inflation based on the wholesale price index rose 11.89% in 12 months to 28 June 2008, above the previous week's annual rise of 11.63%, government data released on 11 July 2008, afternoon showed. It was at highest level in more than 13 years.
Industrial production rose 3.8% in May 2008, much lower than revised 6.2% growth in April 2008, the government data released on Friday, 11 July 2008, showed. Industrial production growth for April 2008 revised downwards to 6.2% from earlier 7%.
Sales of passenger cars rose 6.1% to 99,738 units in June 2008 over June 2007, the Society of Indian Automobile Manufacturers said. Sales of commercial vehicles rose 13.5% to 40,324 units in June 2008 over June 2007.
Infrastructure sector output rose 3.5% in May 2008 from a year earlier, holding steady near April's 3.6% annual growth, government data released today, 9 July 2008, showed. The infrastructure sector accounts for 26.68% of industrial output.
The barometer index rose 15.85 points or 0.12% to 13,469.86 in the week ended Friday, 11 July 2008. The S&P CNX Nifty edged up 33 points or 0.82% to 4,049 in the week.
The BSE Mid-Cap index added 87.10 points or 1.65% to 5,365.34. The BSE Small-Cap index rose 263.99 points or 4.09% to 6,713.66.
Foreign institutional investors (FIIs) sold shares worth Rs 1,012.20 crore in the month of July 2008, till 9 July 2008. FIIs sold shares worth Rs 26,477.50 crore in the calendar year 2008. Mutual funds have bought shares worth Rs 712.30 crore in the month of July 2008 so far.
The 30-share BSE Sensex rose 71.99 points or 0.54% at 13,525.99 on Monday 7 July 2008. The market lost most of its gains in late trade ending marginally higher after reports filtered in that India's Defence Attache Brigadier R D Mehta and three other Indians among forty-one people were killed in a suicide attack on the Indian Embassy in Kabul. The market had remained firm in most part of the day on firm global cues.
Sensex lost 176.34 points or 1.3% at 13,349.65 on Tuesday, 8 July 2008. The market failed to sustain previous day's small gains as global markets played a spoilsport. Nevertheless, the market came off lower level after an initial sharp fall, shrugging off decision of Left parties to withdraw their support to the Congress-led United Progressive Alliance (UPA) government.
Sensex surged 614.61 points or 4.6% at 13,964.26 on Wednesday, 9 July 2008. A mix of positive domestic and global news helped bulls conquer the bourses. The market was also boosted on hopes the government may push through some of the economic reforms which Left parties had stalled over the past four years.
The 30-share BSE Sensex lost 38.02 points or 0.27% at 13,926.24 on Thursday, 10 July 2008. The market ended little changed after witnessing a bout of volatility in the day. Investors refrained building large positions ahead of the weekly inflation data and Index of Industrial Production (IIP) data for May 2008 to be released by the government on, 11 July 2008.
The 30 share BSE Sensex slumped 456.39 points or 3.28% to 13,469.85 on Friday, 11 July 2008. Dismal economic data and strengthening crude oil prices forced investors to dump shares across the board. IT stocks tumbled after IT bellwether Infosys said at the time of announcing Q1 June 2008 results that the business environment was tough. All the sectoral indices on BSE were in red.
India's second largest IT exporter by sales Infosys slumped 4.5% to Rs 1676.45 in the week. Infosys' consolidated net profit as per Indian GAAP rose 4.2% to Rs 1302 crore on 6.8% growth in revenue to Rs 4854 crore in Q1 June 2008 over Q4 March 2008. Infosys has forecast 24.4% to 26.6% growth in earnings per share as per Indian GAAP at between Rs 98.79 to Rs 100.51 in FY 2009 over the year ended March 2008 (FY 2008). It has forecast a between 27.5% to 29.5% growth in revenue at between Rs 21278 crore and Rs. 21622 crore in FY 2009 over FY 2008.
India's largest electric equipment maker by sales Bharat Heavy Electricals rose 1.4% to Rs 1,521.25 in the week. The company said on 11 July 2008 it has bagged a contract worth Rs 2175 crore for setting up a 600 megawatt thermal power plant in Tamil Nadu.
India's largest telecom services provider by sales Bharti Airtel rose 4.01% to Rs 745 on 11 July 2008. As per reports the company added 2.5 million new subscribers in June 2008, the highest ever monthly customer addition by any operator in India.
India's largest realty major by sales DLF surged 9.23% to Rs 452.80. The company's board of directors on 10 July 2008 approved a proposal of buyback of equity shares at a price not exceeding Rs 600 per share.
The world's sixth largest steel producer Tata Steel rose 4.07% to Rs 666.15 in the week. As per reports on 10 July 2008 the company plans to list a holding firm for steel and raw material assets outside India, on the London Stock Exchange to raise funds for acquiring iron ore and coal mines.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 3.94% to Rs 2,016.40. It has reportedly signed an agreement with Peru's Perupetro to jointly explore for oil and gas in the Andean country.
India's second largest telecom services provider by sales Reliance Communications fell 0.07% to Rs 437.90. South African mobile phone operator MTN Group has agreed to extend its exclusive talks with the Indian cellular services provider for a possible combination of their businesses, until 21 July 2008.
India's largest engineering and construction firm by sales Larsen & Toubro fell 0.95% to Rs 2,357.20. The company said on Tuesday, 8 July 2008, it has bagged an order worth Rs 1047 crore from Indian Railways for setting up a cast steel wheel manufacturing plant at Saran in Bihar.
India's third largest IT exporter by sales Satyam Computer Services fell 3.83% to Rs 444.45. It formed an alliance with Taiwan based Tyfone to provide mobile financial services to its customers.
Tata Consultancy Services (down 5.28% to Rs 799.20) and ONGC (down 3.09% to Rs 849.25) edged lower in the week.
Prime Minister Manmohan Singh is likely to seek a vote of confidence in parliament shortly following Left's withdrawal of support to the government over the India-US civil nuclear agreement. There was speculation that the government may choose a date around 22 July 2008 to call a special Lok Sabha session for the vote.
With Left parties withdrawing support to the United Progressive Alliance (UPA) government, India Inc. hopes the slow-moving economic reforms program will now be put on the fast track. Over the last four years, Left parities had stalled privatisation of state-run firms, pension reforms, higher foreign limits in insurance and more liberal norms for foreign bank.
Inflation based on the wholesale price index rose 11.89% in 12 months to 28 June 2008, above the previous week's annual rise of 11.63%, government data released on 11 July 2008, afternoon showed. It was at highest level in more than 13 years.
Industrial production rose 3.8% in May 2008, much lower than revised 6.2% growth in April 2008, the government data released on Friday, 11 July 2008, showed. Industrial production growth for April 2008 revised downwards to 6.2% from earlier 7%.
Sales of passenger cars rose 6.1% to 99,738 units in June 2008 over June 2007, the Society of Indian Automobile Manufacturers said. Sales of commercial vehicles rose 13.5% to 40,324 units in June 2008 over June 2007.
Infrastructure sector output rose 3.5% in May 2008 from a year earlier, holding steady near April's 3.6% annual growth, government data released today, 9 July 2008, showed. The infrastructure sector accounts for 26.68% of industrial output.
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