Market Closing Session - Jan 31st

The market extended losses for fourth straight day in highly volatile trade. Volatile movements in late trade were due to expiry of January 2008 derivative contracts today, 31 January 2008. The market breadth was weak. Reliance group stocks dominated turnover charts

The market had opened on a firm note after the US Federal Reserve slashed the key interest rate by 50 basis points on Wednesday, 30 January 2008 but it had soon lost ground. It staged a strong rebound later in afternoon trade. However, the market was not able to sustain higher levels as European markets were trading lower after positive start. Asian markets were mixed.

The 30-share BSE Sensex declined 109.93 points or 0.62% at 17,648.71. It surged 249.41 points at days high of 18,008.05 hit in afternoon trade. Sensex lost 341.01 points at days low of 17,417.63 hit in mid-morning trade.

The broader based S&P CNX Nifty was down 30.15 points or 0.58% at 5,137.45.

The BSE Sensex has declined 712.95 points or 3.88% at current 17,648.71 from 18361.66 on 25 January 2008. Nifty has lost 245.90 points or 4.56% at current 5,137.45 from 5383.35 on 25 January 2008

The BSE Mid-Cap index was down 0.80% to 7,766.62 while the BSE Small-Cap index was up 0.22% to 10,124.42

The market breadth was weak: on BSE 1,760 shares declined as compared to 989 that advanced. 40 shares remained unchanged. 16 out of 30 Sensex stocks declined.

The total turnover amounted to Rs 5152 crore on BSE as compared to Rs 4,058.81 crore yesterday, 30 January 2008

Total turnover in NSEs futures & options surged to Rs 78768.81 crore as compared to Rs 78768.81 crore yesterday, 30 January 2008

Sectoral indices on BSE discplated mixed trend. BSE Metal index (down 0.61% to 15,312.92), BSE FMCG index (up 0.02% at 2,167.34), BSE Consumer Durables index (down 0.59% to 5,103.86), BSE Oil & Gas index (up 0.19% at 10,705.20), BSE Auto (up 0.42% at 4,832.48), BSE IT index (up 0.05% at 3,710.11), BSE TecK index (up 0.10% to 3,280.98), outperformed the Sensex.

BSE Health Care index (down 1.39% at 3,603.52), BSE Power index (down 2.13% at 3,741.27), BSE Bankex (down 1.71% at 10,713.91), BSE Capital Goods index (down 1.43% at 16,387.70), BSE Realty index (down 2.73% at 9,871.06), BSE PSU index (down 0.74% to 8,186.70), underperfomed the Sensex

Indias largest private sector aluminium manufacturer in terms of sales, Hindalco Industries declined 6.02% to Rs 165.50, off days high of Rs 175. 11.79 lakh shares changed hands on the counter on BSE. It was the top loser from Sensex pack. Hindalco Industries net profit declined 16% to Rs 542 crore on 1.44% fall in total income to Rs 4646 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours yesterday, 30 January 2008.

DLF (down 5.24% to Rs 817), ICICI Bank (down 3.11% to Rs 1148), and State Bank of India (down 2.78% to Rs 2158.75) were the other losers from Sensex pack.

Most IT pivotals gained. Infosys Technoliges (up 1.56% to Rs 1516), Wipro (up 1.65% to Rs 418.90), and TCS (up 1.69% to Rs 880.30) rose. However, Satyam Computer slipped 0.41% to Rs 393.10

Indias largest power generation company in terms of market capitalisation National Thermal Power Corporation lost 2.06% to Rs 197.55. The company said on Wednesday, 30 January 2008 it would invest about Rs 4375 crore ($1.1 billion) in setting up a power plant in north-east India.

Indias second biggest cement maker in terms of total production ACC pared gains from days high of Rs 829.70. It settled 2.87% lower at Rs 774.50

Hindustan Unilever, the countrys top FMCG company in terms of sales, surged 5.30% to Rs 207. It was the top gainer from Sensex pack.

Bharti Airtel (up 2.66% to Rs 875), and HDFC Bank (up 1.84% to Rs 1560) were the other gainers from Sensex pack.

Indias second largest bike manufacturer in terms of sales, Bajaj Auto rose 4.68% to Rs 2375, off days low of Rs 2230. Bajaj Auto yesterday, 30 January 2008 posted 5.32% fall in net profit to Rs 326.81 crore in Q3 December 2007 over Q3 December 2006

Indias largest oil exploration company in terms of market capitalisation Oil & Natural Gas Corporation advanced 2.53% to Rs 993 on 2.42 lakh shares. As per reports, the Director-General of Hydrocarbons (DGH) has conceded ONGC's demand for a drilling holiday on account of a global rig shortage. The stock moved in a range of Rs 970 and Rs 1034.80 so far during the day

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.70% to Rs 2487 on 12.19 lakh shares. The stock recovered sharply from days low of Rs 2375.05. It had hit a high of Rs 2567.70 in afternoon trade.

India's second biggest listed telecommunication services provider by sales Reliance Communications slipped 0.55% to Rs 605 despite posting 48.5% rise in consolidated net profit to Rs 1,372.83 on 29.79% rise in consolidated total income to Rs 4,874.2 crore in Q3 December 2007 over Q3 December 2006. The company announced results during market hours today 31 January 2008.

Indias largest private sector steel maker in terms of total output Tata Steel gained 0.89% to Rs 730 on reporting 0.45% rise in net profit to Rs 1068.58 crore on 10.34% rise in total income to Rs 5040.95 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 31 January 2008.

Reliance Industries topped the turnover charts clocking total turnover of Rs 304 crore followed by Reliance Natural Resources (Rs 289 crore), Reliance Energy (Rs 236.20 crore), Reliance Petroleum (Rs 222.75 crore) and Essar Oil (Rs 211 crore) in that order.

Reliance Natural Resources was the volume topper with total volume of 2.12 crore shares followed by Ispat Industries (1.47 crore shares), Reliance Petroleum (1.38 crore shares), Essar Oil (92.40 lakh shares) and IFCI (88.80 lakh shares), in that order.

Among the side counters, Bhusan Steel (down 17.25% to Rs 1069.90), Brigade Enterprises (down 11.52% to Rs 266), Global Vectra Helicorp (down 10.36% to Rs 112), Indus Fila (down 9.95% to Rs 254), and HTMT Global (down 9.42% to Rs 294), declined sharply.

SEL Manufacturing (up 10% to Rs 236.05), Honeywell Automation (up 18.87% to Rs 2100), ICRA (up 14.86% to Rs 960), Ess Dee Aluminium (up 14.49% to Rs 680), and Amtek India (up 14.22% to Rs 161), advanced.

United Phosphorus jumped 3.82% to Rs 345.25. It reported 85.6% fall in net profit to Rs 7.08 crore on 10.20% rise in total income to Rs 426.15 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 31 January 2008.

IVR Prime Urban Developers surged 4.34% to Rs 282.55 on posting 2365% jump in net profit to Rs 116.32 crore in Q3 December 2007 over Q3 December 2006. The company announced results during market hours today 31 January 2008.

Gillette India rose 4.27% to Rs 919 on posting 12.6% rise in net profit to Rs 31.20 crore on 10.60% rise in net sales to Rs 145.18 crore in Q2 December 2007 over Q2 December 2006. The company announced results after market hours on 30 January 2008.

Indian Oil Corporation surged 6.93% to Rs 487 on reporting 16.7% rise in net profit to Rs 2090.69 crore on 15.89% rise in total income to Rs 65,404.84 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 31 January 2008.

Mphasis fell 2.89% to Rs 225 despite reporting 382.5% surge in net profit to Rs 65.86 crore on net sales rose 244.4% to Rs 449.96 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours on Wednesday, 30 January 2008.

Tata Chemicals slumped 4.13% to Rs 315 after company said it reached an agreement to acquire General Chemical Industrial Products Inc, a US based chemical Company for $1 billion.

Power Grid Corporation of India declined 5.45% to Rs 104. It reported 13.9% rise in net profit to Rs 384.28 crore on 18.80% rise in total income to Rs 1193.77 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours on Wednesday, 30 January 2008.

Container Corporation of India galloped 11.60% to Rs 1730 after the company recommended issue of 1:1 bonus shares.

Key European markets, which opened after Indian market, edged lower after a positive start. Key indices in United Kingdom (down 0.92% to 5,783.60), Germany (down 1.26% to 4,823.14) and France (down 1.03% to 4,823.90) declined.

Asian markets, which opened before Indian market, settled mixed today, 31 January 2008. Japan's Nikkei (up 1.85% at 13,592.17), South Korea's Seoul Composite (up 2.24% at 1,624.68) advanced

However Chinas Shanghai Composite (down 0.78% to 4,383.39), Taiwan's Taiwan Weighted (down 0.30% at 7,521.13) and Hong Kong's Hang Seng (down 0.84% at 23,455.74) declined.

US stocks declined on Wednesday, 30 January 2008, led by financial shares, as fears about the US economy's health resurfaced on speculation US bond insurers credit rating could take a hit. The Dow Jones industrial average fell 37.47 points, or 0.30%, at 12,442.83. The Nasdaq Composite index fell 9.06 points, or 0.38%, to 2,349.00.

A credit downgrade of US bond insurers could further harm the banking sector and stunt the global economy as financial institutions take a hit from subsequent write-downs of their assets.

Meanwhile the Securities and Exchange Board of India (Sebi) has decided to reduce the costs for mutual fund investors by doing away with the initial issue fee for close-ended schemes. The Sebi board, which met yesterday, 30 January 2008 also cleared the draft proposal for listing debt securities, eased disclosure norms for existing debt market securities and paved the way for permanent registration of capital market intermediaries.