Weak Asian markets cast their shadow on the Indian bourses today. Selling pressure was witnessed in consumer durables, IT, metal and auto stocks.
An unexpected contraction in the service sector in the US once again sparked fears the economy may sink into recession, hitting Asian stocks.
The 30-share BSE Sensex declined 523.67 points or 2.81% at 18,139.49. Sensex hit a high of 18,274.15 in mid-morning trade. At the day's high, Sensex was down 389.01 points. Sensex touched a low of 17,936.01 in initial trade. At days low it shed 727.15 points.
The broader CNX S&P Nifty was down 161.35 points or 2.94% at 5,322.55.
The BSE Mid-Cap index was down 1.25% at 7,970.74, while the BSE Small-Cap lost 0.52% at 10,412.81.
The market breadth was weak: on BSE 1,298 advanced as compared to 1,484 that declined. 31 stocks remained unchanged. 28 out of 30 Sense stocks were in red.
BSE clocked a turnover of Rs 6289 crore compared to Tuesday (5 February 2008)'s Rs 5340 crore.
Nifty February 2008 futures were at 5280, at a discount of 42.55 points as compared to spot closing of 5322.55.
The NSE's futures & options (F&O) segment turnover was Rs 42,234.95 crore, which was higher than Rs 31,121.35 crore on Tuesday, 5 February 2008.
BSE IT index (down 5.59% to 3,813.82), BSE Consumer Durables index (down 4.55% to 4,943.30), BSE Metal index (down 3.6% to 16,189.46) underperformed Sensex
BSE Auto index (down 2.48% to 4,900.05), BSE Bankex (down 2.26% to 10,690.01), BSE Capital Goods index (down 2.07% to 16,571.65), BSE FMCG index (down 2% to 2,189.40), BSE Healthcare index (down 1.33% to 3,719.22), BSE Oil & Gas index (down 2.23% to 11,160.83), BSE Power index (down 1.82% to 3,880.65) and BSE Realty index (down 2.4% to 10,415.09) outperformed Sensex.
Todays sharp fall on the bourses was despite a boost in liquidity in the secondary markets as investors have started getting refund of excess application money in Reliance Power IPO. It, however, remains to be seen how much money from Reliance Power IPO refunds actually comes to the secondary market in the light of immense volatility witnessed on the bourses last month.
Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.
Software services exporters declined for a second day in a row due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Satyam Computer Services (down 6.74% to Rs 408.65), Wipro (down 6.45% to Rs 425), Infosys (down 6.25% to Rs 1,510.60) and Tata Consultancy Services (down 5.15% to Rs 900.55) edged lower.
Metal stocks declined. Sterlite Industries (down 5.77% to Rs 788.05), National Alluminium Company (down 5.75% to Rs 390.05), Hindalco Industries (down 4.89% to Rs 173.05), Steel Authority of India (down 4.9% to Rs 221.15) and Tata Steel (down 2.24% to Rs 799.45) edged lower.
Consumer Durables stocks declined. Rajesh Exports (down 9.48% to Rs 136), Titan Industries (down 8.07% to Rs 1,144.20), Videocon Industries (down 3.47% to Rs 430.85) and Blue Star (down 1.97% to Rs 485) edged lower.
Auto stocks skidded. Maruti Suzuki India (down 4.83% to Rs 830.25), Tata Motors (down 2.55% to Rs 736.25), Bajaj Auto (down 2.69% to Rs 2,339.45), Mahindra & Mahindra (down 2.42% to Rs 664.05) and Hero Honda Motors (down 1.31% to Rs 717.25) edged lower.
Indias largest private sector firm by market capitalization and oil refiner Reliance Industries fell 2.44% at Rs 2,552.05. As per reports, Reliance Industries (RIL) two wells in D6 block in the Krishna Godvari (KG) basin have hit a technical snag. The loss to wells runs into about $175 million. RIL executive, however, said the snags have been rectified and that the problems would not delay production of natural gas from the D6 block.
Indias largest private sector bank by assets ICICI Bank fell 3.11% to Rs 1,152.85.
Indias largest engineering & construction firm by revenue Larsen & Toubro fell 1.93% to Rs 3,780.60.
India's second largest power utility firm by revenue Reliance Energy rose 2,056.35.
Reliance Communications rose 0.68% to Rs 681.60. Reliance Communications (RCom) is reprotedly set to test-launch its direct to home (DTH) services Big TV this week, before a full commercial launch in March this year. According to reports, the company is investing $250 million in the first phase for the launch and has already placed orders for over 2 million set-top boxes to cater to the launch. The target is to get 50% share of the new customers who join the DTH club.
Reliance Natural Resources clocked highest volume of 4.69 crore shares on BSE. Ispat Industries (3.4 crore shares), Nagarjuna Fertilisers and Chemicals (2.45 crore shares), IFCI (2.06 crore shares) and Tata Teleservicess Maharashtra (1.51crore shares) were other volume toppers on BSE in that order.
Reliance Natural Resources clocked the highest turnover of Rs 735.65 crore on BSE. Reliance Petroleum (Rs 243.13 crore), Reliance Energy (Rs 242.65 crore), Reliance Capital (Rs 239.09 crore) and Reliance Communications (Rs 210.65 crore) were other turnover toppers on BSE in that order.
In Asia, key indices in Hong Kong, Japan and Singapore were down by 3.5% to 5.40%. Stock markets in South Korea, Taiwan, and China were closed for the Lunar New Year holidays.
European markets turned strong after weak opening. Frances CAC 40 (up 0.47% to 4,799.22), Germanys DAX (up 0.26% to 6,782.61) and UKs FTSE 100 (up 0.08% to 5,872.70) edged higher.
US stocks suffered their biggest drop in nearly a year on Tuesday, 5 February 2008, after data showed the worst monthly contraction in the services sector since the last US recession and Standard & Poor's warned it could cut bank credit ratings.
The Dow Jones industrial average plunged 370.03 points, or 2.93%, at 12,265.13. The Standard & Poor's 500 Index lost 44.18 points, or 3.2%, at 1,336.64. The Nasdaq Composite Index tumbled 73.28 points, or 3.08% at 2,309.57. The Dow and S&P 500 had their biggest drops since 27 February 2007.
Oil prices extended their decline to hover at $88 a barrel as the weak US economic data reinforced fears that the world's largest economy is on the brink of a recession.
News refreshes every ten minutes during market hours. If for any reason you find the page content unchanged please press ctrl->F5 of your keyboard to clear cache and reload the page.
Latest Market News
- ED raids nine locations in Delhi-NCR in NSE manipulation case - The Indian Express - 4/8/2022 -
- NSE co-location scam: CBI launches search operation in multiple cities - Business Standard - 5/21/2022 -
- Stock Market Open Today? BSE, NSE Conduct Mock Trading Session On Saturday, March 1, 2025 - Republic World - 3/1/2025 -
- ED conducts searches in NSE co-location scam case - The Hindu - 4/8/2022 -
- NSE Co-Location case: Default bail petitions of Chitra Ramkrishna, Anand Subramanian dismissed - Mint - 5/28/2022 -
- NSE co-location case: SC rejects CBI plea, Chitra Ramakrishna’s bail to continue - Mint - 2/13/2023 -
- Watch | Decoded: NSE co-location scam - BusinessLine - 6/29/2022 -
- NSE expands co-location capacity by over 200, another 300 in offing - ThePrint - 1/8/2025 -
- CMIE's Ajay Shah under CBI scanner in NSE co-location and algo scam - OpIndia - 3/8/2022 -
- NSE Co-Location Case: CBI Opposes Bail Plea Of Chitra Ramakrishna, Anand Subramanian - Outlook Business - 4/28/2022 -
Business Standard | News
Error loading feed.
Hindu Business Line
Error loading feed.
Wednesday, February 6, 2008
Market Closing Session - 6th Feb
Subscribe to:
Post Comments (Atom)
Reuters
- Fed's Mester says it could take two years for economy to return to pre-Covid levels
- U.S. EPA receives 52 new petitions for retroactive biofuel blending waivers
- S&P 500 muted as virus cases rise, jobless claims weigh
- World's ultra-wealthy go for gold amid stimulus bonanza
- U.S. gasoline demand recovery falters as refiners ramp up output
The Economic Times
- Fund Manager Talk: Indian IT to outpace global growth; SaaS, startups driving sectoral shift: Balakumar B
- Ahead of Market: 10 things that will decide stock market action on Monday
- Market Trading Guide: Tata Steel and Uno Minda are stock recommendations for Monday
- Understanding the high EV to MCAP Ratio
- Unlike China! As optimists sell India's story, Ashwath Damodaran has a warning
The Financial Express
Error loading feed.
Moneycontrol News (Please click on the refresh button if the news is not latest)
Rediff Business
SIFY
What"s in this page for you?
The people trading on an capital market can be broadly categorized as Investor and Speculator. With Increasing number of traders in the market the speculators count have out numbered that of the Investors.
By definition Investors sees a underlying value in a Security by forecasting the future for a particular industry or company purely beyond it's short term. The investor looks at logical value that may occur over time as the particular stock price is affected by the ongoing business, the industry, economy and so on.
On the other hand the speculators are purchasing a stock with the sole purpose if selling it at a higher price. The speculator doesn't care about the inherent value of the stock. He or she only cares about whether or not they think it will go up in prices as more and more speculators accumulate the stock.
Now, this may seem obvious at first glance, but it isn't! Of course everyone wants to make profits on the stocks they buy.
Individual investors who cannot afford to loose there capital should be careful when speculating a stock.One of the most difficult things for most investors to understand is that in the investment markets, often the opposite of what you feel is actually the reality!
Individual Investors who are speculating from day today news or recommendation of the stocks must make sure they do proper analysis and judge if the price they are paying for a particular stock has real value in it. It is always better to allocate major chunk of your earning in fundamentally good stocks and a smaller chunk for speculation.
Currently News is being sourced from the following providers
Google News
Business Standard
Hindu Business Line
The Economic Times
The Financial Express
Moneycontrol
Rediff Business
SIFY
Result Analysis, Stock Recommendation, Latest Brokerage and Research report is also being sourced currently. This is available in the spring widget provided at the top right corner of the blog. Please use the arrow key on top of the widget to change channels.
Any suggestion on Including new providers is welcome.
Label: BSE, India economy, India Stocks, Investor, market news, NSE, profit, Securities, Speculator, Srivatsan Srinivasan
By definition Investors sees a underlying value in a Security by forecasting the future for a particular industry or company purely beyond it's short term. The investor looks at logical value that may occur over time as the particular stock price is affected by the ongoing business, the industry, economy and so on.
On the other hand the speculators are purchasing a stock with the sole purpose if selling it at a higher price. The speculator doesn't care about the inherent value of the stock. He or she only cares about whether or not they think it will go up in prices as more and more speculators accumulate the stock.
Now, this may seem obvious at first glance, but it isn't! Of course everyone wants to make profits on the stocks they buy.
Individual investors who cannot afford to loose there capital should be careful when speculating a stock.One of the most difficult things for most investors to understand is that in the investment markets, often the opposite of what you feel is actually the reality!
Individual Investors who are speculating from day today news or recommendation of the stocks must make sure they do proper analysis and judge if the price they are paying for a particular stock has real value in it. It is always better to allocate major chunk of your earning in fundamentally good stocks and a smaller chunk for speculation.
Currently News is being sourced from the following providers
Google News
Business Standard
Hindu Business Line
The Economic Times
The Financial Express
Moneycontrol
Rediff Business
SIFY
Result Analysis, Stock Recommendation, Latest Brokerage and Research report is also being sourced currently. This is available in the spring widget provided at the top right corner of the blog. Please use the arrow key on top of the widget to change channels.
Any suggestion on Including new providers is welcome.
Label: BSE, India economy, India Stocks, Investor, market news, NSE, profit, Securities, Speculator, Srivatsan Srinivasan
No comments:
Post a Comment