Wednesday, July 29, 2009

Market Relaxed After Asian Markets Extensive Their Losses - July 29, 2009

Market after a lackluster opening on the bourses, where leading indices turned lower, the investors gave in to the urge to bank profits lingered by Realty, Metals and Power stocks that retreated most and continued slide in Asian stocks added to the nervousness among investors Heading expiry of June 2009 Futures and Options (F&O) contracts tomorrow, July 30, 2009 also lead to the chaos.

As per reports, rollovers of Nifty positions from July 2009 series to August 2009 serious stood at 42% as on July 28, 2009. Similarly, rollover in Mini Nifty was about 35%.

On the sectoral front, all 13 Indices plunged. Bank stocks plunged after the RBI in its quarterly monetary policy review raised inflation forecast which may result in reversal of the current soft interest rate regime.

Metal stocks declined after LMEX declined 1.23% overnight. Realty stocks came off its high after a recent rally.

The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,600 stocks traded so far, 790 shares advanced while 1,723 shares declined. Nearly 87 shares are unchanged.

The BSE Sensex is trading lower by 271.64 points at 15,060.30 whereas NSE Nifty is down by 94.35 points at 4,469.75.

The BSE Mid Cap is trading lower by 106.68 points at 5,424.68 and Small cap is trading down by 137.37 points at 6,108.44.

Major losers from the BSE Sensex Pack are DLF Limited plunged 7.06% to Rs. 396.00, Sterlite Industries Limited by 6.24% to Rs. 616.50, Tata Steel Limited by 6.00% to Rs. 440.80, Hindalco Industries Limited by 5.72% to Rs. 88.10, Reliance Infra Limited by 5.19% to Rs. 1,147.10, Tata Motors Limited by 4.27% to Rs. 396.50, Jaiprakash Associates Limited by 3.32% to Rs. 233.25, Reliance Communication Limited by 3.29% to Rs. 280.95, ACC Limited by 3.20% to Rs. 838.25, ITC Limited by 3.02% to Rs. 233.20 and Tata Power Limited by 2.58% to Rs. 1,232.90.

Major gainers from the BSE Sensex pack are TCS Limited surged 2.00% to Rs. 489.35 along with Mahindra & Mahindra Limited 0.51% to Rs. 827.00.

The BSE Realty is lower by 235.53 points or 5.76% at 3,854.59. Stocks weakens are Omaxe Limited 8.55% to Rs. 105.40, Housing Development 7.37% to Rs. 267.15, Parsvnath 7.30% to Rs. 113.05, DLF Limited 7.06% to Rs. 396.00, Unitech Limited by 6.68% to Rs. 89.35, Ansal Infrastructure Limited by 6.51% to Rs. 61.00 and Anant Raj Industries 4.85% to Rs. 124.70 among others.

Ashapura Minechem Limited plunged 4.89% at Rs. 42.80 as it is directed to pay damages of $24.16 million to London-based shipping firm IHX (UK).

Punjab National Bank Limited gained 2.55% to Rs. 741.00 after net profit increased significantly 62.38% to Rs 832.05 crore in Q1 June 2009 as against Q1 June 2008.

Gujarat Gas Company Limited spurted 14.12% to Rs. 368.60 after the Company’s board declared a liberal 1:1 bonus issue at the time of announcing Q2 June 2009 results.

Great Offshore Limited advanced 4.56% to Rs. 457.00 after 16.65 lakh shares, or 4.48% equity, changed hands in two block deals on the BSE and the NSE.

Religare Enterprises Limited declined 0.04% to Rs. 390.00 after reporting a net profit of Rs 3.17 crore in Q1 June 2009 as against a net loss of Rs 8.42 crore in Q1 June 2008.

Mcleod Russel India Limited gained 0.58% to Rs. 139.30 after net profit increased significantly 340.4% to Rs 31.18 crore in Q1 June 2009 over Q1 June 2008.

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