Equities were battered at the start of the week owing to the weak sentiment caused by political uncertainty, soaring crude oil prices and higher inflation. The market saw renewed buying as global markets surged as soaring crude oil prices showed sings of abatement falling below $130 mark after hitting record high recently. Sensex gained more than 1050 points in last two days of the week. The government is seeking a vote of confidence in parliament early next week which would set direction for the market.
The barometer index BSE Sensex rose 165.55 points or 1.23% to 13,635.40 in the week ended Friday, 18 July 2008. The S&P CNX Nifty edged up 43.25 points or 1.06% to 4,092.25 in the week.
The BSE Mid-Cap index shed 125.95 points or 2.35% to 5,239.39. The BSE Small-Cap index fell 257.77 points or 3.84% to 6,455.89.
Foreign institutional investors (FIIs) sold shares worth Rs 2,235.70 crore in the month of July 2008 so far, till 17 July 2008. FIIs sold shares worth Rs 27,701 crore in the calendar year 2008. Mutual funds have bought shares worth Rs 522.90 crore in the month of July 2008 so far, till 17 July 2008.
The 30-share BSE Sensex lost 139.34 points or 1.03% at 13,330.51 on Monday, 14 July 2008. Stocks ended volatile session with losses for the second straight day on sustained selling in IT and select blue-chip stocks. IT pivotals fell for the second day in a row due to cautious outlook by Infosys at the time of announcement of Q1 June 2008 results on Friday, 11 July 2008.
The 30-share BSE Sensex plunged 654.32 points or 4.91% to 12,676.19 on Tuesday, 15 July 2008. The key benchmark indices collapsed under the combined weight of weak global markets and domestic political uncertainty. The BSE Sensex hit its lowest level in more than 15 months. Shares from banking, capital goods and metal sectors collapsed. Ranbaxy Labs plunged on high volumes for the second straight day.
The 30-share BSE Sensex was down 100.39 points or 0.79% to 12,575.80 on Wednesday, 16 July 2008. Key benchmark indices suffered losses to register fresh 15-month low on unabated selling pressure in blue-chip stocks. This was despite a firm start triggered by a sharp fall in crude oil prices.
The 30-share BSE Sensex surged 536.05 points or 4.26% at 13,111.85 on Thursday, 17 July 2008. Frenzied buying in battered pivotals along with short covering after four straight days of catastrophic fall triggered a solid rally on the bourses. Strong global markets and a savage cut in crude oil for the second straight day on 16 July 2008 triggered the rally.
The 30-share BSE Sensex surged 523.55 points or 3.99% at 13,635.40 on Friday, 18 July 2008. Buying in index pivotals led by Reliance Industries, ICICI Bank and Bharti Airtel coupled with short covering triggered a solid rally on the bourses. A sharp fall in crude oil prices for the third day in a row on Thursday, 17 July 2008, boosted the sentiments.
India's largest IT exporter by sales Tata Consultancy Services fell 0.53% to Rs 794.95. The company reported 8.58% rise in net profit to Rs 1204.01 crore on a 5.99% increase in total income to Rs 5321.88 crore in Q1 June 2008 over Q4 March 2007.
India's largest home loan lender by sales Housing Development Finance Corporation rose 3.35% to Rs 2067.55. The company reported 25.56% rise in net profit to Rs 468.11 crore on a 26.67% increase in total income to Rs 2318.62 in Q1 June 2008 over Q1 June 2007.
The world's sixth largest steel maker by sales Tata Steel fell 11.03% to Rs 592.65 in the week. Recent reports suggested the company is looking at acquiring an iron ore mine in Western Australia to supply iron ore to Corus' plants.
India's largest drugmaker by sales Ranbaxy Laboratories slumped 17.69% to Rs 435.45 . The stock plunged after the US drug regulator, charged Ranbaxy with selling unsafe medicines in the US and reports were rife that these allegations could derail plans of the company's promoters to sell their 34.8% stake to Japanese drug major Daiichi Sankyo. Ranbaxy accused its corporate rivals for the hammering in the stock and said its deal its deal with Daiichi Sankyo was binding and final.
India's largest state-run oil exploration firm in terms of revenue ONGC surged 10.99% to Rs 942.60. Reports said the company may possibly buy an equity interest in the UK-based Imperial Energy Corporation.
India's second largest listed telecom services provider by sales Reliance Communication fell 0.62% to Rs 435.20. As per reports the firm received a notice for arbitration from Reliance Industries over the company's merger talks with South Africa's MTN Group. RCom and MTN, Africa's largest mobile- phone company, are in exclusive negotiations to combine their businesses. RIL last month threatened to block any stake sale in RCom that does not give RIL an opportunity to buy the shares.
India's third largest IT services provider by sales Satyam Computer Services lost 13.84% to Rs 382.95. The company reported 17.32% rise in consolidated net profit to Rs 547.70 crore on 8.47% increase in sales to Rs 2620.83 crore in Q1 June 2008 over Q4 March 2008.
India's fourth largest IT services provider by sales Wipro dropped 11.34% to Rs 365.55. On standalone basis, Wipro reported a 34% fall in net profit to Rs 546 crore on 10.45% decline in total income to Rs 4807.4 crore in Q1 June 2008 over Q4 March 2007.
ICICI Bank (up 4.4% to Rs 617.60), Reliance Industries (up 4.77% to Rs 2,112.65), Larsen & Toubro (up 7.97% to Rs 2,545.10), Bharat Heavy Electricals (up 0.59% to Rs 1,530.25) edged higher in the week.
Some expectations are that the government, if able to retain power after the vote of confidence, may put economic reforms 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. The government is holding a two-day special session of parliament on 21 July 2008 and 22 July 2008 to seek vote of confidence after it was reduced to minority following withdrawal of support by Left parties on 8 July 2008. The government hopes to retain power due to backing from Samajwadi Party, a regional party in Uttar Pradesh.
Fitch Ratings on 15 July 2008, lowered India's domestic rating outlook to negative from stable due to the central government's worsening fiscal position. The change in outlook was also partly due to a notable increase in government debt issuance to finance subsidies not reflected in the budget.
Government's collections from indirect taxes rose 11.5% in the first quarter ended June 2008 from a year earlier to Rs 54341 crore, the finance ministry said on Monday, 14 July 2008. Excise collections were up 2.8% at Rs 25882 crore while customs duty receipts rose 20.9% to Rs 28459 crore.
The monsoon rains are likely to remain subdued in central, western and southern parts of the country over the next week, the government said on 17 July 2008. Rainfall between 1 June 2008 to 15 July 2008 was 6% above the normal long-period average, the government said.
Inflation based on the wholesale price index rose 11.91% in 12 months to 5 July 2008, just above the previous week's annual rise of 11.89%, government data released today, 17 July 2008, showed. It is the highest reading since annual numbers in the current series became available in April 1995.
The BSE Mid-Cap index shed 125.95 points or 2.35% to 5,239.39. The BSE Small-Cap index fell 257.77 points or 3.84% to 6,455.89.
Foreign institutional investors (FIIs) sold shares worth Rs 2,235.70 crore in the month of July 2008 so far, till 17 July 2008. FIIs sold shares worth Rs 27,701 crore in the calendar year 2008. Mutual funds have bought shares worth Rs 522.90 crore in the month of July 2008 so far, till 17 July 2008.
The 30-share BSE Sensex lost 139.34 points or 1.03% at 13,330.51 on Monday, 14 July 2008. Stocks ended volatile session with losses for the second straight day on sustained selling in IT and select blue-chip stocks. IT pivotals fell for the second day in a row due to cautious outlook by Infosys at the time of announcement of Q1 June 2008 results on Friday, 11 July 2008.
The 30-share BSE Sensex plunged 654.32 points or 4.91% to 12,676.19 on Tuesday, 15 July 2008. The key benchmark indices collapsed under the combined weight of weak global markets and domestic political uncertainty. The BSE Sensex hit its lowest level in more than 15 months. Shares from banking, capital goods and metal sectors collapsed. Ranbaxy Labs plunged on high volumes for the second straight day.
The 30-share BSE Sensex was down 100.39 points or 0.79% to 12,575.80 on Wednesday, 16 July 2008. Key benchmark indices suffered losses to register fresh 15-month low on unabated selling pressure in blue-chip stocks. This was despite a firm start triggered by a sharp fall in crude oil prices.
The 30-share BSE Sensex surged 536.05 points or 4.26% at 13,111.85 on Thursday, 17 July 2008. Frenzied buying in battered pivotals along with short covering after four straight days of catastrophic fall triggered a solid rally on the bourses. Strong global markets and a savage cut in crude oil for the second straight day on 16 July 2008 triggered the rally.
The 30-share BSE Sensex surged 523.55 points or 3.99% at 13,635.40 on Friday, 18 July 2008. Buying in index pivotals led by Reliance Industries, ICICI Bank and Bharti Airtel coupled with short covering triggered a solid rally on the bourses. A sharp fall in crude oil prices for the third day in a row on Thursday, 17 July 2008, boosted the sentiments.
India's largest IT exporter by sales Tata Consultancy Services fell 0.53% to Rs 794.95. The company reported 8.58% rise in net profit to Rs 1204.01 crore on a 5.99% increase in total income to Rs 5321.88 crore in Q1 June 2008 over Q4 March 2007.
India's largest home loan lender by sales Housing Development Finance Corporation rose 3.35% to Rs 2067.55. The company reported 25.56% rise in net profit to Rs 468.11 crore on a 26.67% increase in total income to Rs 2318.62 in Q1 June 2008 over Q1 June 2007.
The world's sixth largest steel maker by sales Tata Steel fell 11.03% to Rs 592.65 in the week. Recent reports suggested the company is looking at acquiring an iron ore mine in Western Australia to supply iron ore to Corus' plants.
India's largest drugmaker by sales Ranbaxy Laboratories slumped 17.69% to Rs 435.45 . The stock plunged after the US drug regulator, charged Ranbaxy with selling unsafe medicines in the US and reports were rife that these allegations could derail plans of the company's promoters to sell their 34.8% stake to Japanese drug major Daiichi Sankyo. Ranbaxy accused its corporate rivals for the hammering in the stock and said its deal its deal with Daiichi Sankyo was binding and final.
India's largest state-run oil exploration firm in terms of revenue ONGC surged 10.99% to Rs 942.60. Reports said the company may possibly buy an equity interest in the UK-based Imperial Energy Corporation.
India's second largest listed telecom services provider by sales Reliance Communication fell 0.62% to Rs 435.20. As per reports the firm received a notice for arbitration from Reliance Industries over the company's merger talks with South Africa's MTN Group. RCom and MTN, Africa's largest mobile- phone company, are in exclusive negotiations to combine their businesses. RIL last month threatened to block any stake sale in RCom that does not give RIL an opportunity to buy the shares.
India's third largest IT services provider by sales Satyam Computer Services lost 13.84% to Rs 382.95. The company reported 17.32% rise in consolidated net profit to Rs 547.70 crore on 8.47% increase in sales to Rs 2620.83 crore in Q1 June 2008 over Q4 March 2008.
India's fourth largest IT services provider by sales Wipro dropped 11.34% to Rs 365.55. On standalone basis, Wipro reported a 34% fall in net profit to Rs 546 crore on 10.45% decline in total income to Rs 4807.4 crore in Q1 June 2008 over Q4 March 2007.
ICICI Bank (up 4.4% to Rs 617.60), Reliance Industries (up 4.77% to Rs 2,112.65), Larsen & Toubro (up 7.97% to Rs 2,545.10), Bharat Heavy Electricals (up 0.59% to Rs 1,530.25) edged higher in the week.
Some expectations are that the government, if able to retain power after the vote of confidence, may put economic reforms 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. The government is holding a two-day special session of parliament on 21 July 2008 and 22 July 2008 to seek vote of confidence after it was reduced to minority following withdrawal of support by Left parties on 8 July 2008. The government hopes to retain power due to backing from Samajwadi Party, a regional party in Uttar Pradesh.
Fitch Ratings on 15 July 2008, lowered India's domestic rating outlook to negative from stable due to the central government's worsening fiscal position. The change in outlook was also partly due to a notable increase in government debt issuance to finance subsidies not reflected in the budget.
Government's collections from indirect taxes rose 11.5% in the first quarter ended June 2008 from a year earlier to Rs 54341 crore, the finance ministry said on Monday, 14 July 2008. Excise collections were up 2.8% at Rs 25882 crore while customs duty receipts rose 20.9% to Rs 28459 crore.
The monsoon rains are likely to remain subdued in central, western and southern parts of the country over the next week, the government said on 17 July 2008. Rainfall between 1 June 2008 to 15 July 2008 was 6% above the normal long-period average, the government said.
Inflation based on the wholesale price index rose 11.91% in 12 months to 5 July 2008, just above the previous week's annual rise of 11.89%, government data released today, 17 July 2008, showed. It is the highest reading since annual numbers in the current series became available in April 1995.
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