After A Positive Start, The Benchmark Indices Turned Into Choppy - Jan 19, 2009

After a positive start, the benchmark indices turned into choppy amid of mixed cues from Asian market. The investors are looking cautious ahead of Barrack Obama’s swearing in as US president. Global market is expected to find a clear way from the inaugural speech by the new president. Among the sectoral indices, Realty, IT and TECk dipped by nearly 2.38%, 1.60% and 0.83% respectively. The market breadth is negative as 1062 stocks are trading in red while 764 stocks are in green.

At 11.30 AM, the BSE Sensex down by 32.51 points at 9,291.08 whereas NSE Nifty is down by 1.59 points at 2,826.85. The BSE Mid Cap and BSE Small Cap are trading higher by 15.43 points and 29.98 points at 3,042.27 and 3,442.75 respectively.

Losers from the BSE Sensex Pack are Mahindra & Mahindra down by (3.38%) to Rs 313.3, along with TCS Ltd by (2.74%) to Rs.489.15, Housing Development Fin by (2.46%) at Rs.1526.95, Tata Motors by (2.28%) at Rs.149.9, ICICI Bank by (2.05%) at Rs.415.25 and Wipro Ltd by (2.02%) at Rs.233.05.

Losers from the NSE Nifty Pack are Unitech by (7.81%) at Rs.27.15 along with Mahindra & Mahindra by (3.13%) at Rs.314.6, TCS Ltd by (2.84%) at Rs.488.7, Housing Development Fin by (2.71%) at Rs.1523 and DLF Ltd by (2.66%) at Rs.190.35.

BSE Realty is trading lower by (2.38%) or 41.09 points at 1,682.67. The top losers in the index are Unitech down by (8.47%) to Rs.27.55 along with Indiabulls real estate by (2.21%) to Rs.110.40 crore, Omaxe Ltd by (2%) to Rs.51.35, DLF Ltd by (1.69%) to Rs.191.90, followed by Sobha Dev by (0.12%) at Rs.84.60.

BSE IT is trading lower by (1.60%) or 34.88 points at 2,150.10. The top losers in the index are TCS Ltd down by (2.40%) to Rs.490.90 along with Wipro Ltd decreased by (1.80%) to Rs.233.35, Infosys Tech by (1.87%) to Rs.1244.50, followed by Oracle Fin by (1.46%) at Rs.448.

Rupee Slips On Weak Asian Equities, Wall Street

MUMBAI: Rupee eased on Tuesday, with losses on Wall Street and Asian indices hurting sentiment, and capital outflows from refunds of recent initial share offering further weighing on the local unit. At 9:15 am, the rupee was at 39.47/48 per dollar, losing ground from the previous finish of 39.44/45.

Asian share markets fell on Tuesday led by financials after US credit card firms and banks were downgraded, stoking fears their troubles could spread to the global sector. Last month Reliance Power, a unit of Anil Dhirubhai Ambani group, raised a record $3 billion through an initial share sale that generated sizeable foreign interest, and dealers said refunds worth $2 billion had left India so far.

Markets Remain Weak, Sensex Down 255 Pts In Early Trade

Stocks continued their downslide with the Bombay Stock Exchange benchmark Sensex on Friday falling by 255 points during early trade following weak global cues amid strong indications that the US economy is heading towards recession.

Asian indices the Hang Seng, Shanghai Composite, Nikkei, Taiwan and Strait Times were down in a range of 0.18 to 2.0 per cent during morning trade.

The Dow Jones Industrial Average yesterday tumbled by 306.95 points and the Nasdaq Composite Index by 47.69 points.

The BSE barometer opened weak at 19,579.61 and later moved downwards to 19,445.71 at 10.30 am, a loss of 255.11 points from previous close of 19,700.82.

Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) fell further by 76.60 points to 5,836.30 at 10.30 am from previous close of 5,913.20.

Foreign Institutional Investors (FIIs), which have suffered heavy US mortgage-related losses, were believed to be booking profits in Indian bourses, market players said.

News that Prime Minister's Economic Advisory Council has scaled down its growth projection for 2007-08 to 8.9 per cent from 9 per cent earlier on account of slow expansion in manufacturing and energy generation also had adverse impact on the market sentiment.

FIIs were net sellers to the tune of Rs 2,267.40 crore on January 16, according provisional data.