Market Closing Session - 4th Jan

The market eased from higher level in late trade on profit booking, after a sharp intra-day surge. Index heavyweights, ICICI Bank, Reliance Industries (RIL) and Oil & Naural Gas Corporation edged higher. Realty major DLF advanced. BSE Sensex, NSE Nifty, BSE Mid-Cap and BSE Small-Cap indices struck all-time highs today. Reliance group stocks surged.

The market breadth, which was strong for a better part of the day, turned negative in late trade. Asian markets were mostly in green. European markets were mixed.

The 30-share BSE Sensex surged 341.69 points or 1.68% at 20,686.89, a lifetime closing high. Sensex hit all-time high of 20,762.80 in late trade. At day’s high, it had gained 417.60 points.

The broader CNX S&P Nifty rose 95.75 points or 1.55% at 6274.30, a record closing peak. It struck all-time high of 6,300.05 in late trade.

Inflation based on the wholesale price index (WPI) moved up to 3.50% for the week ended 22 December 2007, as compared with 3.45% in the week ended 15 December 2007, primarily due to the increase in prices of manufactured goods and fuel items.

The BSE Mid-Cap index rose 0.56% to 10,113.06 and the BSE Small-Cap index declined 0.09% to 13,884.11. Both these indices underperformed the Sensex. The BSE Mid-Cap index hit all-time high of 10,220.43 and the BSE Small-Cap index struck record high of 14,124.80 today.

BSE clocked a turnover of Rs 10,960 crore as compared to Rs 11,694.36 crore yesterday, 3 January 2008

The NSE's F&O turnover was Rs 67,181.45 crore as compared to Rs 70,651.63 crore yesterday, 3 January 2008.

The market breadth was negative on BSE with 1470 shares declining as compared to 1437 that advanced. 17 remained unchanged. The breadth was robust in early trade, with an advance-decline ratio more than 4:1

Majority of sectoral indices on BSE posted gains. BSE Capital Goods index (up 2.56% at 20,029.24), Bankex (up 2.01% to 11,905.06), BSE FMCG Index (up 1.86% at 2,424.39), BSE Oil and Gas index (up 2.31% at 13,917.04), outperformed the Sensex.

BSE Metal index (up 1.50% at 20,297.51), BSE PSU index (up 0.74% to 11,092.67), BSE Power Index (up 0.77% at 4,843.02), BSE Consumer Durables index (up 0.03% to 6,767.39), BSE TecK index (up 0.20% to 3,911.51), BSE IT index (down 1.02% to 4,319.14), BSE Realty (up 0.30% to 13,285.29, BSE Health Care index (down 0.07% at 4,394.18) and BSE Auto index (down 0.73% at 5,687.65), underperformed the Sensex.

Among the Sensex pack, 16 slipped while the rest of them advanced.

India’s largest private sector bank in terms of net profit ICICI Bank vaulted 4.15% to Rs 1279. It was the top gainer from Sensex pack.

However, State Bank of India (down 0.42% to Rs 2386), and HDFC Bank (down 0.08% to Rs 1696), slipped

Reliance Communications, India's second largest cellular services provider in terms of market capitalisation, surged 3.65% to Rs 760.20. 20.53 lakh shares were traded on the counter on BSE.

India's largest private sector engineering company in terms of outstanding order book, Larsen & Toubro surged 3.90% to Rs 4220.

Oil exploration stocks Oil & Natural Gas Corporation (up 2.61% to Rs 1340) and Cairn India (up 2.26% to Rs 260.60), gained as crude oil hovered near record high of $100 per barrel.

Tata Steel rose 0.25% Rs 929 after the company said it has signed a joint venture agreement with the Steel Authority of India for incorporation of a joint venture company, for coal mining activities in Jharkhand, India.

India’s largest private sector firm by market capitalization & oil refiner Reliance Industries (RIL) advanced 2.62% to Rs 2979, off session's high of Rs 3018. 9.09 lakh shares were traded on the counter on BSE. As per reports, RIL has emerged as the highest bidder for the Motipur sugar unit of Bihar State Sugar Corporation at a price of Rs 57 crore, marginally higher than the floor price of Rs 55.36 crore.

India’s largest power generation company in terms of sales, National Thermal Power Corporation lost 2.24% to Rs 270.50 on high volumes of 39.94 lakh shares.

Auto stocks slipped on profit booking. Mahindra & Mahindra (down 1.40% to Rs 824), Tata Motors (down 1.32% to Rs 783.80) and Maruti Suzuki India (down 1.13% to Rs 964) declined

IT pivotals stayed subdued in firm market. Infosys (down 1.05% to Rs 1695), TCS (down 0.88% to Rs 1009), Satyam Computers (down 0.57% to Rs 423.50) and Wipro (down 0.33% to Rs 493.90) edged lower.

Shares from Reliance group surged. Reliance Petroleum (up 4.82% to Rs 243.50), Reliance Natural Resources (up 2.74% to Rs 207.80), Reliance Capital (up 2.82% to Rs 2743), Reliance Industrial Infrastructures (up 5% to Rs 2660.35), and Adlabs Films (up 16.39% to Rs 1840), surged.

However Reliance Energy (REL) slipped 0.70% to Rs 2499.90. The Reliance Power (RPL) initial public offering (IPO), in which REL holds 50% stake will open for subscription on 15 January 2008. The price band for the IPO is set at Rs 405 to Rs 450. The IPO is scheduled to close on 18 January 2008.

Reliance group stocks dominated turnover charts on BSE. Reliance Petroleum was the most active counter with a turnover of Rs 430.87 crore followed by Reliance Natural Resources (Rs 397.94 crore), Reliance Industries (Rs 271.34 crore), Centurion Bank of Punjab (Rs 261.07 crore) and Reliance Energy (Rs 247.57 crore), in that order

Centurion Bank of Punjab was volume topper on BSE with total volume of 3.75 crore shares followed by Burnpur Cement (3 crore shares), Hindustan Motors (2.65 crore shares), Tata Teleservices (Maharashtra) (1.95 crore shares) and Reliance Natural Resources (1.91 crore shares), in that order.

Himachal Futuristic Communications (up 5% to Rs 56.85), DCW (up 5% to Rs 45.60), HMT (up 5% to Rs 148.35), Rashtriya Chemicals and Fertilisers (up 5% to Rs 148.35), Hindustan Motors (up 20% to Rs 86.15), Centurion Bank of Punjab (up 6.22% to Rs 69.20), PTC India (up 2.77% to Rs 189.50), and Punjab Tractors (up 30.41% to Rs 354), surged on market talks that these stocks will included in the futures & options segment.

Among other side counters, Jindal Drilling (up 20% to Rs 1813.80), SEL Manufacturing (up 20% to Rs 159.75), Forbes Gokak (up 20% to Rs 955.05), Nelco (up 20% to Rs 235), TTK Healthcare (up 20% to Rs 131.75), and Kewal Kiran Clothing (up 20% to Rs 489.60), surged

Uniproducts (down 9.97% to Rs 70.85), Anil Special Steel (down 9.88% to Rs 45.60), Paramount Communications (down 8.91% to Rs 54.20), slipped

Parsvnath Developers rose 9.15% to Rs 529.10. It announced on 3 January 2008, Parsvnath SEZ (PSL), a subsidiary of the company, will develop a pharmaceutical special economic zone (SEZ) at Nanded in Maharashtra.

Maharashtra Seamless gained 2% Rs 638.30 after the company said on Friday, 4 January 2008, it had completed the acquisition of a seamless pipe plant in Romania.

Valecha Engineering galloped 10.36% to Rs 338.25 after the company said its board meet will on 11 January 2008 to consider issue of equity shares and/or warrants on preferential basis to the some identified investors and promoters.

Vishal Retail was down 0.07% to Rs 917. The company said its board will meet on 11 January 2008 to consider and discuss raising of further capital through various means.

Ashapura Minechem rose 1.01% to Rs 423.05 ahead of board meet today to consider issue of preferential warrants/shares to promoters

Ramsarup Industries gained 1.13% Rs 286.10 after the company said it has bagged an order worth Rs 44 crore from North East Frontier Railways for supply of steel wires.

Ahluwalia Contracts India slipped 2.64% to Rs 348.10. It bagged 3 contracts worth Rs 387 crore.

Kopran rose 0.34% to Rs 44.30 after its board approved the sale of its brand Smyle to Maneesh Pharmaceuticals for a consideration of Rs 52.88 crore.

Alps Industries surged 7.45% to Rs 82.85 after the company said it had set up a wholly owned subsidiary company named Alps Energy to make investments in various energy projects.

European markets were trading mixed. United Kingdom’s FTSE 100 was up 0.50% to 6,511.80 whereas Germany’s DAX was down 0.13% to 7,897.85

Most of the Asian markets were in green. Singapore's Straits Times (up 1.20% at 3,437.79), South Korea's Seoul Composite (up 0.60% at 1,863.90), Hong Kong's Hang Seng (up 2.35% at 27,519.69) and Sanghai Composite (up 0.78% to 5,362.85), rose. However, Japan's Nikkei slumped 4.03% at 14,691.41 and Taiwan Weighted slipped 1.22% to 8,221.10.

Markets in the United States ended flat on Thursday, 3 January 2008. The Dow Jones industrial average was up 12.76 points, or 0.10%, at 13,056.72. The Standard & Poor's 500 Index was unchanged at 1,447.16. The Nasdaq Composite Index was down 6.95 points, or 0.27%, at 2,602.68.

Crude oil for February delivery rose to $100.09 in intraday trading in New York yesterday, the highest since trading began.

Source - Capital Markets