Post Session Market - Dec 26, 2008

The Indian market closed on a disappointing note tracking the more than expected inflation figures along with the sharp fall in advance tax payments by the Indian companies in the third quarter. Also, the statement by the officials of the ministry of finance that states that there is no scope for relaxing overseas borrowing rules as of now also does the spoil sport during the trading session. The advance tax payments by the Indian corporates fell by 22% to about Rs42, 600 crore during the December quarter over the same period last year. Apart from this, the weekly inflation figures fell to 6.61% for the week ended December 13, 2008 as against 6.84% reported previous week.

The domestic market continued its losing trend for the fourth consecutive trading session as the profit booking took a lead after a firm start. The domestic market had a gap up opening tracking the expectation of second stimulus package by the government to give a boost to the economy along with hopes of further rates cut by the Central banks as well as expectation of lower inflation that led the rally. However, the market didnot sustained at the higher level and took a sharp u-turn to pare all its handsome gains to close on the backfoot. The BSE Sensex closed below the 9,350 mark and NSE Nifty closed below 2,900 mark. From the sectoral front, the IT, Realty and Consumer Durables indices were the worst hit that closed with losses of more than 3% each.

Among the Sensex pack 25 stocks ended in red territory and 5 in green. The market breadth was negative as 1597 stocks closed in red while 866 stocks closed in green and 69 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 239.80 points at 9,328.92 and NSE Nifty ended down by 59.6 points at 2,857.25. The BSE Mid Caps and Small Caps ended with losses of 38.92 points and 51.66 points at 3,106.68 and 3,548.54 respectively. The BSE Sensex touched intraday high of 9,706.38 and intraday low of 9,294.98.

Losers from the BSE Sensex pack are Reliance Infra down (6.10%) followed by DLF (5.97%), Infosys (5.33%), ICICI Bank (5.17%), M&M (4.65%), Hindalco (4.05%), JP Associates (3.98%).

Gainers from Sensex are Maruto Suzuki up (1.68%) along with Tata Power (0.50%), Satyam Comp (0.41%) and Ranbaxy Labs (0.30%).

The BSE IT index closed with losses of (3.92%) or 87.70 points at 2,149.44. Main losers are Rolta India (10.18%), Aptech (9.24%), Finance Tech (7.59%), Infosys (5.33%), Tech Mahindra (5.17%) and HCL Tech (2.91%).

The BSE Realty index tumbled (3.82%) or 87.36 points to close at 2,200.92 as DLF (5.97%), MahindraLife(4.88%), Parsvnath (3.16%), Omaxe (2.86%), Unitech (2.70%) and Ansal Infra (2.53%) closed in negative territory.

The BSE Consumer Durables index ended down by (3.58%) or 68.86 points at 1,852.91. Major losers are Titan Inds (4.47%), Videocon Inds (3.49%), Gitanjali GE (3.09%) and Blue Star (3.04%).

The Bankex index fell by (2.99%) or 160.42 points at 5,211.45. Pulled it down are ICICI Bank lower by (5.17%) along with Kotak Bank (3.89%), Karnataka Bank (3.34%), SBI (3.28%), Bank Of Baroda (2.10%), Bank Of India (2%) and Yes Bank (1.90%).

The Capital Goods index closed lower by (2.95%) or 200.77 points at 6,600.27. Losers are Punj Lloyd (6.24%), Walchand Inds (5.20%), Thermax (4.89%), Jyoti Structures (4.55%), BHEL (3.86%) and L&T (2.70%).

The Oil and Gas index dropped by (1.78%) or 107.29 points at 5,909.62. Scrips that fell are Aban Offshore (4.79%) followed by ONGC (3.96%), HPCL (3.63%), Essar Oil (2.93%), BPCL (2.70%) and Reliance Inds (2.35%) while RPL closed up by (6.34%).

Mid Session Market - Dec 26, 2008

The markets have now trading higher with a little bit of volatility as the investors keep an eye on the key inflation data. But suddenly the market loses some of its grounds after the inflation numbers were out. The inflation for week ended December 13 has come in at 6.61% as against 6.84% (WoW). Inflation for the week ended October 18 was revised to 10.82%. The significant is seen among the Realty, Metal, Banking, Oil & Gas and Capital Goods stocks.

Commerce Minister Kamal Nath after trading hours on Wednesday, 24 December 2008, said the government is considering another stimulus package to lift slowing growth, which may include steps to ease liquidity and relief measures for export and housing sectors.

The BSE Sensex is now trading above the 9,600 mark and the NSE Nifty trading above the 2,900 mark.

The overall market breadth is positive as 1271 stocks are advancing while 821 stocks are declining and the 80 stocks remain unchanged on BSE.

On the global market front, the Asian markets are trading mixed as the Shanghai Composite, Nikkei 225 and Straits Times index are trading higher by (0.26%), (1.63%) and (0.71%) respectively. However, the Seoul Composite index is trading lower by (0.94%).

Reliance Infra reported the top gainer from the BSE Sensex pack as it was trading higher by (3.44%) at Rs. 597.40 while Infosys Technologies the top loser down by (2.77%) at Rs.1,139.50.

The BSE Mid cap is higher by 36.86 points at 3,182.46 and the BSE small Cap advanced by 21.56 points to trade at 3,621.76.

At 12.35 pm, BSE Sensex was at 9,645.52 up by 76.80 points while the NSE Nifty was at 2,940.25 down by 23.40 points.

BSE Auto inclined by 24.28 points to 2,429.74. Leading to its gain are Tata Motors (2.72%), Maruti Suzuki (2.51%), Ashok Leyland (1.57%) and Bajaj Auto (0.28%).

BSE IT index declined by 25.69 points to trade at 2,211.45 as Infosys Technologies (2.45%), Tech Mahindra (2.23%), Wipro (1.46%) and Rolta Ind. (2.34%) are trading in negative.

BSE Metal index surged by 115.29 points to 5,206.61 as Jindal Steel (3.85%), JSW Steel (2.99%), Tata Steel (2.74%), SAIL (2.79%) and Hindalco Industries (1.68%) are trading in green.

BSE Bankex index is trading higher by 110.39 points at 5,482.26. Gainers are AXIS Bank (3.14%), HDFC Bank (2.62%), ICICI Bank (1.96%), PNB (1.24%) and SBI (1.15%).

BSE Oil & Gas index is trading 105.58 points higher at 6,122.49 as RPL (10.11%), RNRL (7.89%), Indian Oil (2.38%), Essar Oil (1.76%) and Reliance Industries (1.34%) are trading in positive.

BSE Capital goods index improved by 105.07 points to 6,906.11. The main gainers are Crompton Greaves (4.13%), Praj Industries (3.96%), BEML (3.10%), L&T (1.04%) and BHEL (0.18%).

BSE Power index is trading 25.01 points higher at 1,812.55. The main gainers are Suzlon Energy (3.26%), Reliance Power (2.21%), Torent Power (1.54%), Tata Power (0.57%) and GVK Power (0.47%).

BSE Realty index inclined by 59.18 points to 2,347.46. The major gainers are Ansal Infra (3.48%), Unitech (3.10%), Parsavnath (2.07%), HDIL (2.73%) and Parsavnath (2.07%).

Pre Session Market - Dec 26, 2008

Today, the markets are expected to open red following the Wednesday’s falling streak and mixed cues from Asian market. The benchmark indices may turn volatile as the inflation numbers may see further fall. The commerce minister has also assured some relief is on the way for export oriented companies.

On Wednesday, the markets continued southward journey in line with the other Asian markets. The markets were trading in negative zone on the concerns over the global economic outlook. The second stimulus package and a possible rate cut are over shadowed by the derivative settlement of the monthly contracts on Wednesday. The New Year may not begin in a good mood as investors expect this quarter to be one of the worst quarters in terms of results. Sensex and Nifty lost 1.22% and 1.24%. Realty, Metal, Oil & Gas, Capital Goods and Auto conceded lose of 4.91%, 1.87%, 1.46%, 0.98% and 2.38% respectively. However, the Indian benchmark indices are expected to continue with the green rally before the result session begins.

The BSE Sensex closed lower by 118.03 points at 9,568.72 and NSE Nifty ended low by 70.65 points at 2,968.65. The BSE Mid Caps and Small Caps ended with loss of 30.21 points and 38.98 points at 3,145.60 and 3,600.20 respectively. The BSE Sensex touched intraday high of 9,653.42 and intraday low of 9,502.53 .

On Wednesday, US stocks closed a truncated session up, with the key indices logging gains for the first time in three days after reports showed that consumer spending and orders for durable goods topped economists’ forecasts. Crude oil futures for the month of February delivery fell $3.63 to $35.35 per barrel on New York Mercantile Exchange. The crude futures slipped for the third consecutive day on the back of the energy department report that showed inventories hit a record. The EIA reported total U.S. crude-oil stockpiles, excluding those in the Strategic Petroleum Reserve, fell 3.1 million barrels to 318.2 million for the week ended Dec. 19.The Dow Jones Industrial Average (DJIA) closed up with 48.99 points at 8,468.48, NASDAQ index improved by 3.36 points at 1,524.90 and the S&P 500 (SPX) also closed higher by 4.99 points to close at 868.15 points.

Indian ADRs ended mixed. In technology sector, Infosys gained by 0.71% while Wipro lost by 2.67% whereas Satyam that surged by 3.81% and Patni Computers closing low by 0.18%. In banking sector ICICI Bank improved by 4.35%, HDFC Bank grew by 2,75%. In telecommunication sector, Tata Communication surged by 1,21%, while MTNL inclined by 4.11%.

Today the major stock markets in Asia opened Mixed. The Shanghai Composite is trading low by 5.31 at 1,847.10 Hang Seng is low by 36.65 points at 14,184.14 Further Japan''s Nikkei is higher by 71.48. points at 8,670.98 Tiwan weighted high by 24.82 points at 4,438.27 and Singapore’s Strait Times is up by 8.39 points at 1,745.38.

The FIIs on Wednesday stood as net sellers in equity and net buyer in debt. Gross equity purchased stood at Rs 645.80 Crore and gross debt purchased stood at Rs 154.00 Crore, while the gross equity sold stood at Rs 917.10 Crore and gross debt sold stood at Rs 135.40 Crore. Therefore, the net investment of equity and debt reported were Rs (271.40) Crore and Rs 18.60 Crore respectively.

On Wednesday Indian Rupee closed at 48.07/08 a dollar, recovering more than 2.00% as compared to Monday''s close of 48.78/81. After the three consicative fall in Indian rupee, it recovered by 70 paise. Exporters sold the dollar aggressively following its weakness against a basket of currencies, including the Japanese yen.

On BSE, total number of shares traded were 28.22 Crore and total turnover stood at Rs 3,189.50 Crore. On NSE, total number of shares traded were 67.76 Crore and total turnover was Rs 9,913.68 Crore.

Top traded volumes on NSE Nifty – Unitech with 89899711 shares, Satyam with 87155098 shares, Suzlon Energy with total volume traded 33461620 shares, Reliance Petro with 16013580 shares, followed by SAIL with 14523937 shares.On NSE Future and Options, total number of contracts traded in index futures was 935595 with a total turnover of Rs 13123.72 Crore. Along with this total number of contracts traded in stock futures were 1485481 with a total turnover of Rs 15900.86 Crore. Total numbers of contracts for index options were 1030137 with a total turnover of Rs 15490.17 Crore and total numbers of contracts for stock options were 71964 and notional turnover was Rs 840.83 Crore.

Today, Nifty would have a support at 2,872 and resistance at 2,961 and BSE Sensex has support at 9,429 and resistance at 9,719.