Mar 14, 2008

Indian Markets on 13th March 2008

Markets butchered

It was bleeding at Dalal Street today as the main indices were in a free fall and slipped below some key support levels. The fall came on the back of weak global cues. While the Sensex closed down 770.63 points or 4.78% at 15357.35, the Nifty lost 248.40 points or 5.10% at 4623.60. Broad market indices too collapsed as the BSE Mid Cap and Small Cap indices fell 5.5% and 5.4% respectively. Market breadth was negative as A/D ratio was 1:6.8 on the BSE. NSE cash turnover was Rs.13,603crs. Vs. Rs.15,594crs. yesterday.

All the sectoral indices ended lower. The top losers were Realty, Metals, Consumer Durables and Power indices. The indices that lost the least were FMCG, Auto and Healthcare.

The bears continue to remain in control as Indian markets continue to remain influenced by global cues. We continue with our strategy of going slow on positional long term investments till we see signs of a confirmed sustainable uptrend. Source- HDFC


The Indian market closed in deep red territory backed by the global concerns that whether the US Federal Reserve initiative to infuse $200bn into the global finance system will bring a shy of relief to the credit markets. This led to the heavy selling pressures across the sectoral indices. Tracking the weak global cues, the domestic market opened with a huge gap down and kept on drifting down further throughout the trading session. Due to the lack of investors interests in buying, the market kept on hovering in the trading session. From the sectoral front, metal, realty and capital goods indices were the most hit as heavy selling was witnessed from these baskets. The BSE Sensex closed lower 770.63 points at 15,357.35 and NSE Nifty fell by 248.4 points to close at 4,623.60. From the Sensex pack, 29 stocks closed in red and the Sensex touched an intraday low of 15,228.99. The BSE Mid Cap and Small Cap also closed lower by 382.18 points and 456.74 points at 6,527.67 and 8,075.18 respectively.

The Metal index declined by 1314.95 points to close at 14,373.96. Major losers are SAIL (11%), Jindal Steel (9.97%), Sesa Goa (9.71%), Tata Steel (9.04%), Jindal Stainless (8.44%).

The Capital Goods index closed lower by 792.22 points at 13,309.34. Major losers are Kirloskar BR (10.67%) in line with Suzlon Energy (10.61%), Alstom Projects (9.49%), Praj inds (8.29%), BHEL (6.63%) and L&T (4.60%).

The Oil and Gas index fell by 620.12 points to close at 10,021.97 as Cairn India (12.17%), RNRL (11.41%), Essar oil (10.72%), RPL (6.70%), Reliance Inds (5.66%) closed lower.

The Bankex index dropped by 478.05 points to close at 8,076.80 as Kotak bank (9.65%), Cent BOP (7.07%), Yes bank (6.48%), SBI (6.21%), Union bank (5.89%), ICICI bank (4.77%) closed in red.

The IT index closed lower by 160.50 points at 3,311.91 as Educomp solutions (11.48%), Karut Net (9.99%), Finance Tech (8.68%), Niit Techno (8.20%), Wipro (6.37%) and Infosys (3.65%) closed lower. Source- Asian CERC News Wire


Market sinks on bear hammering

The market went into a complete tailspin as the much awaited correction shaved nearly 900 points off the Sensex during the intra-day trades. Positive global cues like oil prices cooling off further failed to lift the sentiment, as investors instead tracked the falling Asian indices since early trades. After resuming on a weak note at 15,873, the market continued to remain negative and remained under the bear hug for the rest of the session. The Sensex nearly slipped below 15,200 towards the close as a wave of selling in heavyweights, realty, metal, consumer durables and power stocks saw it slump to an intra-day low of 15,229. The Sensex finally ended 4.78% lower or down 771 points at 15,357, while the Nifty crashed 248 points to close at 4,624. Among the Asian indices, Nikkei tanked 3.33% (down 428 points) at 15,794, Hang Seng dropped 4.79% (down 1,121 points) at 22,302 and Kospi was down 2.60% (down 43 points) at 1,616.

The market breadth was extremely negative, Of the 2,708 stocks traded on the BSE, 2,332 stocks declined, 345 stocks advanced and 31 stocks ended unchanged. All the sectoral indices took sharp beatings. The BSE Reality index bore the major brunt and crashed 11.59% at 7,362 while the BSE Metal index, the BSE CD index, the BSE Power index, the BSE PSU index and the BSE Bankex index dropped over 4-8% each.

Except Hind Utilites, all the 29 stocks in the Sensex pack ended in the red. Among the major losers DLF tumbled 14.87% at Rs607, Reliance Energy slumped 9.87% at Rs1,197, Hindalco crumbled 9.44% at Rs173.70, Tata Steel plunged 9.04% at Rs697.20, Reliance Communications dropped 7.07% at Rs501.45, BHEL declined 6.63% at Rs1,882.80 and Wipro fell 6.37% at Rs365. Other frontline stocks also dropped over 3-6% each.

Over 2.59 crore RNRL shares changed hands on the BSE followed by V Guard (1.90 crore shares), RECLTD (1.70 crore shares), Ispat Industries (1.42 crore shares) and RPL (1.29 crore shares).

Valuewise, Reliance Industries clocked a turnover of Rs282 crore followed by RNRL (Rs277 crore), HDFC (Rs275 crore), RPL (Rs204 crore) and Essar Oil (Rs186 crore). Source- Sharekhan