Post Session Commentary - Oct 16 2008

The Indian market on Thursday ended in red terrain due to global melt down after shedding some of its earlier loses. Market witnessed some pullback during final trading on some bouts of buying led by eased inflation. However, Finance Minister P Chidambaram's announcement to enhance liquidity along with RBI's cut in CRR by 100 bps to 6.5% had not contributed much to lift the sentiment. BSE Sensex went past 10,600 level and NSE Nifty ended below 3,300 mark. The domestic market started the day in deep red on global recession worries. Weak U.S. data renewed fears about sharp global economic slowdown. US retail sales in September tumbled for the third consecutive month to 1.2% month-over-month, which is largest decline in three years. Sales are down 1% as compared to last year, marking the first year-over-year decline since October 2002. Further market continued to trade downward till after noon but marginal recovery in European markets led smart recovery in Indian markets from days low. Market was not able to continue the momentum of its recovery and finally ended lower. On the sectoral front, most of the selling pressure was led by Capital Goods, Oil & Gas, Metal, IT and Auto stocks. However, Reality, FMCG and Bank stocks were in limelight as witnessed most of the selling from these baskets.

Among the Sensex pack 14 ended in red while 16 in green. The market breadth was negative as 1733 stocks closed in red while 834 stocks closed in green and 56 stocks remained unchanged on BSE.

The BSE Sensex closed lower by 227.63 points at 10,581.19 and NSE Nifty ended down by 69.1 points at 3,369.3. The BSE Mid Caps and Small Caps closed with loss of 63.35 points at 3,657.13 and by 107.09 points at 4,286.36. The BSE Sensex touched intraday high of 10,787.2 and intraday low of 10,017.8.

Wholesale price index reduced to 11.44% for the week ended 4th October 2008, as against the previous week's 11.80% mainly due to cooling off global commodity prices.

Losers from BSE Sensex pack are Hindalco (12.15%), Tata Motors (11.17%), TCS Ltd (8.64%), Grasim Indus (8.05%), Relaince (8.03%), L&T Ltd (7.55%), M&M Ltd (6.71%), BHEL (5.83%), Infosys Tech (4.85%), ONGC Ltd (4.22%) and HDFC Bank (4.15%).

Gainers from BSE Sensex pack are Reliance Communication Ltd (9.80%), DLF Ltd (8.25%), HUL (7.22%), HDFC (5.17%), SBI (3.13%), JP Associates (2.82%), Sterlite Indus (2.21%), HDFC (6.90%), Bharti Airtel (1.76%) and ITC Ltd (1.03%).

The BSE Capital Goods index closed lower by 423.21 points at 7,664.8. Losers are Suzlon Energy (8.91%), L&T Ltd (7.55%), Usha Martin (5.92%), Lakshmi MA W (5.84%), BHEL (5.83%) and Ealchand Industries (4.78%).

The BSE Oil & Gas index plunged 403.1 points to close at 6,827.77 as Cairn Ind (8.29%), Reliance (8.03%), ONGC Ltd (4.22%), Reliance Petroleum (3.49%) and Essar Oil Ltd (3.11%) ended in negative territory.

The BSE Metal index tumbled 135.98 points to close at 6,379.87. Major losers are Nalco (14.14%), Hindalco (12.15%), JSW Steel (5.53%), Tata Steel (1.28%) and Jindal Saw (1.01%).

The BSE Auto index ended down by 113.55 points at 3,195.91. Losers are Tata Motors (11.17%), Exide Indus (7.24%), Bharat Forge (6.84%), M&M Ltd (6.71%), Apollo Tyre (5.56%) and Excorts Ltd (4.56%).

The IT index lost 111.02 points to close at 2,669.17 as Financ Tech (10.17%), TCS Ltd (8.64%), Rolata India (8.28%), Tech Mahindra (5.70%), Oracle Fin (5.46%) and Infosys Tech (4.85%) in negative territory.

The BSE Reality index gained 137.78 points to close at 2,813.26. Major gainers are DLF Ltd (8.25%), Housing Dev (7.22%), Unitech Ltd (6.88%), Ansal Infra (5.66%), Sobah Dev (5.34%) and Mahindra Life (4.29%).

BSE Bulk Deals to Watch - Oct 16 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
16/10/2008 532946 BANG MARUTI SECURITIES LTD B 73326 264.60
16/10/2008 515035 BELL CERAMIC MEGA RESOURCES LTD S 120924 4.00
16/10/2008 531489 CG VAK SOF E CHANDRIKA PRAVINBHAI PATEL B 40251 6.07
16/10/2008 531489 CG VAK SOF E SWAPNA AGRAWAL S 40000 6.07
16/10/2008 530393 DB(INTR) STBR RECTOR INVESTMENTS PRIVATE LIMITED S 25000 21.65
16/10/2008 508860 DIAMANT INV FANCY INVESTRADE PVT LTD B 50450 87.60
16/10/2008 508860 DIAMANT INV DISTENT BARTER PVT LTD B 29250 87.60
16/10/2008 508860 DIAMANT INV SARSWATI VINCOM LTD S 29450 87.60
16/10/2008 508860 DIAMANT INV FOUNTAIN VANIJYA PVT LTD S 50000 87.60
16/10/2008 502865 FORBES & CO SEEPRA SUMEET KABRA B 77572 387.62
16/10/2008 502865 FORBES & CO SPS CAPITAL AND MONEY MNG SERVICES P.LTD S 67889 387.18
16/10/2008 532832 INDBUL REAL FIDELITY FUNDS EMERGING MARKETS FUND S 3600000 101.37
16/10/2008 531861 JOINDR CAP S JAYESHSHAH S 104200 10.25
16/10/2008 531687 KARUTURI GLO CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD B 3625000 10.95
16/10/2008 531687 KARUTURI GLO BSMA LIMITED S 3625000 10.95
16/10/2008 509011 LIVINGROOM L DASKABITA B 12500 39.10
16/10/2008 590057 NORTHGATE TE MARSHAL INDIA SECLECT FUND LTD B 850000 72.05
16/10/2008 590057 NORTHGATE TE CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED S 840597 72.05
16/10/2008 531611 PRRANET INDU CHAMPALAL CHOUHAN B 1000000 1.55
16/10/2008 526049 SHRILAKSHMI NAV NIRMAN MERCANTILES LTD B 102838 34.34
16/10/2008 522085 STONE INDI L SANJIV DHIRESH BHAI SHAH S 44125 34.77
16/10/2008 531866 SUBHKAM CAP FANCY INVESTRADE PVT LTD B 34000 190.00
16/10/2008 531866 SUBHKAM CAP ANSU COMMERCIAL PVT LTD S 34000 190.00
16/10/2008 514211 SUMEET INDUS ATMARAM SARDA S 146933 7.02
16/10/2008 504605 UNIABEX AL P MONEYBEE SECURITIES PVT LTD B 30000 66.00
16/10/2008 504605 UNIABEX AL P MONEYBEE COMMODITIES PVT LTD S 29500 66.00

NSE Bulk Deals to Watch - Oct 16 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
16-OCT-2008,20MICRONS,20 Microns Limited,PRASHANT JAYANTILAL PATEL,BUY,259972,25.85,-
16-OCT-2008,GRABALALK,Grabal Alok Impex Limited,PASHA FINANCE PVT LTD,BUY,199161,40.00,-
16-OCT-2008,GREENPLY,Greenply Industries Ltd,BLUE MOON SECURITIES PVT. LTD.,BUY,426500,75.02,-
16-OCT-2008,GUJNRECOKE,GUJARAT N R E COKE LTD,BRINDA DEALING PRIVATE LIMITED,BUY,1784918,39.84,-
16-OCT-2008,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,BUY,3951336,24.65,-
16-OCT-2008,KNL,Karuturi Networks Limited,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,BUY,3625000,10.95,-
16-OCT-2008,PNC,Pritish Nandy Comm. Ltd.,JMDE PACKAGING AND REALTIES LIMITED,BUY,106000,19.02,-
16-OCT-2008,PNC,Pritish Nandy Comm. Ltd.,TAKESHI INVESTRADE PRIVATE LIMITED,BUY,2,18.90,-
16-OCT-2008,20MICRONS,20 Microns Limited,PRASHANT JAYANTILAL PATEL,SELL,184994,27.01,-
16-OCT-2008,20MICRONS,20 Microns Limited,VALLABH REALTORS PVT LTD,SELL,74647,22.59,-
16-OCT-2008,GRABALALK,Grabal Alok Impex Limited,SOMERSET IND FUND- RHODES FCCB,SELL,199240,40.00,-
16-OCT-2008,GREENPLY,Greenply Industries Ltd,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,426695,75.00,-
16-OCT-2008,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,SELL,3786646,24.69,-
16-OCT-2008,KNL,Karuturi Networks Limited,BSMA LIMITED,SELL,3625000,10.95,-
16-OCT-2008,PNC,Pritish Nandy Comm. Ltd.,TAKESHI INVESTRADE PRIVATE LIMITED,SELL,106020,19.02,-

Eleventh-hour buying saves grace

Weak global cues and negative breadth in yesterday's trades led the market open at a lower today. The Sensex was 524 points down at the opening bell and remained subdued, as investors booked profits after the recent gains. Oil & Gas and capital goods (CG) stocks took the major beating, but realty stocks bucked the downtrend on gains in Unitech and Housing Development and Infrastructure (HDIL). The index capitulated under selling pressure by afternoon and slipped to the day's low of 10,018. While the market fluctuated sharply thereafter, firm bullish sentiment and strong buying in heavyweights and realty stocks in late trades helped the Sensex erase most of its losses. The Sensex finally ended the session by shedding 2.11% or 228 points at 0,581. Nifty slipped by 69 points at 3,269.

The market breadth was negative. Of the 2,622 stocks traded on the BSE, 1,733 stocks declined whereas 833 stocks advanced. Fifty seven stocks ended unchanged. Most of the sectoral indices ended in the red. The BSE Oil & Gas dropped 5.57% at 6,827 followed by BSE CG (down 5.23% at 7,665), BSE IT (down 3.99% at 2,669) and BSE Auto (down 3.43% at 3,196). However, BSE Realty gained 5.15% at 2,813 and BSE FMCG was up 1.73% at 1,903.

Heavyweights led the fall in the Sensex. Hindalco Industries slipped by 12.15% at Rs69.75, Tata Motors slumped by 11.17% at Rs250.55, Tata Consultancy Services shed 8.64% at Rs495.20, Grasim Industries lost 8.05% at Rs1,371.75, Reliance Industries was down 8.03% at Rs1,397.25 and Larsen & Toubro (L&T) tumbled by 7.55% at Rs825.75. Among the gainers Reliance Communications jumped 9.80% at Rs258.90, DLF gained 8.25% at Rs324.90, Hindustan Unilever soared 7.22% at Rs247.90, HDFC rose by 5.17% at Rs1,801.15 and the State Bank of India (SBI) was up 3.13% at Rs1,543.90, while JP Associates, Sterlite Industries, Bharti Airtel and ITC ended with modest gains.

Over 1.21 crore IFCI shares changed hands on the BSE followed by Chambal Fertilisers and Chemicals (1.16 crore shares), Reliance Natural Resources (1.07 crore shares) and Suzlon Energy (0.96 crore shares).

Reliance Industries registered a turnover of Rs418 crore on the BSE followed by Reliance Capital (Rs258 crore), ICICI Bank (Rs239 crore), SBI (Rs212 crore) and L&T (Rs170 crore).

Turnover surges

RIL October 2008 futures at discount

Nifty October 2008 futures were near spot price at 3269.90, as compared to the spot closing of 3269.30. NSE's futures & options (F&O) segment turnover was Rs 55,892.70 crore, which was higher than Rs 43,996.07 crore on Wednesday, 15 October 2008.

Reliance Industries (RIL) October 2008 futures were at discount at 1390.95 compared to the spot closing of 1391.95.

ICICI Bank October 2008 futures were at premium at 417.20 compared to the spot closing of 416.15.

NTPC October 2008 futures were at premium at 166.35 compared to the spot closing of 165.90.

In the cash market, the S&P CNX Nifty lost 69.10 points or 2.07% at 3269.30.