Market On Top Of A Go Up And Down, Sensex Slips - May 11, 2009

After a brisk start, the frontline stocks are now oozing out early gains due to profit booking pressure. Addition to this, mixed cues from the global markets also restricted Indian investors for taking any fresh positions, which has ultimately resulted volatility during the last hours’ trading session.

On a stock specific news, a laminated tube maker Essel Propack is trading up by nearly 15%. The company is catering to the oral care and FMCG products globally and exploring the option of picking up a controlling stake in England’s tube maker Betts after the Essex-based company was placed in administration, following a breach of banking agreements.

At one end the buying interest has emerged in Banking, PSU and Oil & Gas stocks and on the other selling is seen across Realty, FMCG and TECk counters. Further BSE Bankex and PSU indices are trading higher by 1.64% and 0.18%, respectively, whereas the BSE Realty and FMCG are among the losers with the dip of 2.08% and 1.15% respectively.

Overall the market breadth is positive as 1003 stocks are trading in green while 912 stocks are in red territory.

The BSE Sensex is down by 13.96 points at 11,862.47 whereas NSE Nifty declined by 12.5 points at 3,608.2. Besides, the BSE Mid Cap and Small Cap are trading down by 20.55 points and 12.57 points at 3,749.86 and 4,264.68 respectively.

Gainers from the BSE Sensex Pack are ICICI Bank up by (3.53%) to Rs. 539, along with ONGC by (1.52%) to Rs. 896.3, HDFC Bank Ltd by (1.31%) at Rs. 1,158.5, SBI by (0.93%) at Rs. 1,337.5, ACC Ltd by (0.87%) at Rs. 607.8 and Sterlite Industries by (0.82%) at Rs. 496.

Losers from the NSE Nifty Pack are HCL Tech Ltd by (3.60%) to Rs. 143.3, along with Unitech Ltd by (3.31%) to Rs. 51.05, Tata Communication Ltd by (2.65%) at Rs. 540.9, Ranbaxy Lab by (2.55%) at Rs. 174, Siemens Ltd by (2.34%) at Rs. 327.5 and HUL by (2.21%) at Rs. 227.9.

BSE Realty is trading down by (2.08%) or 48.92 points at 2,306.69. The top losers in the index are Orbit Co declined by (5.20%) to Rs. 87.55 along with Akruti City by (3.98%) to Rs. 380, Unitech Ltd by (3.50%) by Rs. 50.95, Ansal Infra by (3.10%) to Rs. 34.35, followed by Indiabul Real by (3%) to Rs. 138.80.

BSE Bankex is trading higher by (1.64%) or 98.74 points at 6,106.21. The major gainers are ICICI Bank trading up by (3.53%) at Rs. 539, along with Kotak Bank by (3.33%) at Rs. 450, Axis Bank by (2.64%) at Rs. 623.40, HDFC Bank by (1.31%) at Rs.1,158.5, SBI by (0.93%) at Rs. 1,337.50, followed by Federal Bank by (0.90%) to Rs. 173.40.

Sensex Slips 500 Pts Below 13K - July 2, 2008

MUMBAI: A Wall Street biggie who was recently in news, a Singapore-based fund managed by an Indian, and a clutch of veteran Kolkata brokers were among the prominent sellers who pushed the Sensex below 13,000, a level last seen 14 months ago.

While the US investment bank in question, which has been in trouble, continued to unwind its participatory note positions, the buzz is that three Kolkata brokers, fronting for a disgraced market operator, failed to meet their margin requirements.

Dalal Street operators, already bogged down by a barrage of negative news, sold stocks as they got a whiff of these developments. Emboldened bears tried to aggravate the panic by hammering down select stocks, like Wipro, that have a sizeable weightage in the Nifty.

While the Sensex plunged 499.92 points or 4% to close at 12,961.68, the 50-share Nifty went below the 4000-mark to close at 3896.75, down 144 points over the previous close. It now appears to be a race to the bottom.

As earnings downgrades fly thick and fast, stalemate over the nuclear deal continues, and crude prices remain stubbornly high, the consensus on the street is that the worst is not over yet. Market participants have been further rattled by the major indices closing below their psychological levels.

The indices have shed over 40% from their record highs, but the damage to individual stocks has been far more severe, many of them have fallen 60-70% from their peaks in January. Some brokerage houses have already put their hiring plans on hold, but the real worry is that many firms will soon start shedding jobs if the market does not stabilise soon.

“We continue to think that valuations in India do not price in the macro risks sufficiently,” said Goldman Sachs in a note to clients. It is a view shared by rival Lehman Brothers.

“Relative to the rest of the world, Asia is still trading at a 24% premium on P/BV (price to book value) and 12% premium on 12-month forward P/E (price earnings). China and India remain the most expensive,” the Lehman Brothers note said.

Sellers continued to target interest rate sensitive sectors. Realty shares continued to top the list of underperformers, with the BSE Realty index shedding 7%. DLF figured among the prominent losers, falling over 7%.

Banking shares too were hammered as the decision to hike lending rates is expected to affect demand for loans. The BSE Bankex fell close to 6%, while the BSE Auto index was down around 5%.

Sensex Slips 500 Pts Below 13K - July 2, 2008

MUMBAI: A Wall Street biggie who was recently in news, a Singapore-based fund managed by an Indian, and a clutch of veteran Kolkata brokers were among the prominent sellers who pushed the Sensex below 13,000, a level last seen 14 months ago.

While the US investment bank in question, which has been in trouble, continued to unwind its participatory note positions, the buzz is that three Kolkata brokers, fronting for a disgraced market operator, failed to meet their margin requirements.

Dalal Street operators, already bogged down by a barrage of negative news, sold stocks as they got a whiff of these developments. Emboldened bears tried to aggravate the panic by hammering down select stocks, like Wipro, that have a sizeable weightage in the Nifty.

While the Sensex plunged 499.92 points or 4% to close at 12,961.68, the 50-share Nifty went below the 4000-mark to close at 3896.75, down 144 points over the previous close. It now appears to be a race to the bottom.

As earnings downgrades fly thick and fast, stalemate over the nuclear deal continues, and crude prices remain stubbornly high, the consensus on the street is that the worst is not over yet. Market participants have been further rattled by the major indices closing below their psychological levels.

The indices have shed over 40% from their record highs, but the damage to individual stocks has been far more severe, many of them have fallen 60-70% from their peaks in January. Some brokerage houses have already put their hiring plans on hold, but the real worry is that many firms will soon start shedding jobs if the market does not stabilise soon.

“We continue to think that valuations in India do not price in the macro risks sufficiently,” said Goldman Sachs in a note to clients. It is a view shared by rival Lehman Brothers.

“Relative to the rest of the world, Asia is still trading at a 24% premium on P/BV (price to book value) and 12% premium on 12-month forward P/E (price earnings). China and India remain the most expensive,” the Lehman Brothers note said.

Sellers continued to target interest rate sensitive sectors. Realty shares continued to top the list of underperformers, with the BSE Realty index shedding 7%. DLF figured among the prominent losers, falling over 7%.

Banking shares too were hammered as the decision to hike lending rates is expected to affect demand for loans. The BSE Bankex fell close to 6%, while the BSE Auto index was down around 5%.

Sensex Slips After A Positive Start - June 20, 2008

Except index heavyweight Reliance Industries, Bharti Airtel, Reliance Communications and ITC, all other Sensex components surged higher amid cautious early trade on the major Indian bourses this morning. However, with a good number of its components turning easy after a positive start, the Sensex has shed almost its entire gains at present.

The Sensex, which rose to a high of 15,202.01 after opening at 15,168.05, has now drifted down to 15,097.50, up by just 9.51 points over its previous closing mark. The Nifty, which shot up to 4532 in opening trade, has dropped down to 4493.75, netting a loss of 10.50 points.

Ambuja Cements, HDFC, Infosys Technologies, Larsen & Toubro, Mahindra & Mahindra, ONGC, Ranbaxy Laboratories and Satyam Computer Services have gained 1% - 2%.

BHEL, DLF, Wipro, Tata Consultancy Services, Tata Steel and Tata Motors are up by nearly a per cent now. NTPC, ICICI Bank, HDFC Bank and ACC have also posted notable gains.

Cairn India, the biggest loser among Nifty stocks, is down by a little over 3% at Rs 275.50. Hero Honda and Zee Entertainment have lost 1.5% and 1.05% respectively. Dr. Reddy's Laboratories, Sterlite Industries, Sun Pharmaceuticals, Idea Cellular and GAIL India have also declined sharply.

BPCL, HCL Technologies, Tata Power, Tata Communications, Nalco, Unitech and Siemens have recorded impressive gains.