Market Closing Session - 10th April

The market moved between positive and negative territory due to lack of strong participation from investors ahead of industrial production and inflation data due on Friday, 11 April 2008. Key indices, which had soared in mid-afternoon trade, fell sharply in the last hour of trade led by sharp decline in banking stocks.

Oil & gas stocks were the star performers of the session. IT stocks slipped due to profit booking after an early surge. Mid-caps and small-caps outperformed the frontliners.

Asian markets, which opened before Indian markets, were mostly in green. But European markets, which opened after Indian markets, were in the red.

The 30-share BSE Sensex fell 95.41 points or 0.60% at 15,695.10. The Sensex gained 258.44 points at days high of 15,953.54, hit in mid-afternoon trade. The index lost 135.31 points at the sessions low of 15,655.20, hit at the fag end of the trading session.

The CNX S&P Nifty fell 14.05 points or 0.30% at 4733. Nifty April 2008 futures were at 4714, at a discount of 19 points as compared to spot closing of 4733.

The government will tomorrow, 11 April 2008, release data on industrial production for February 2008. Data released early this month which showed an improvement in infrastructure sector growth has raised expectation of improvement in industrial production for the month. Industrial production growth had slumped to 5.3% in January 2008. Infrastructure sector which account for nearly 27% of industrial output, grew 8.7% in February 2008, much faster than a downwardly revised 3.1% growth in January 2008. Industrial production accounts for about a fifth of gross domestic product (GDP).

Another data due tomorrow is inflation for the year through 29 March 2008. Inflation had surged to a three year high of 7% in the week ended 22 March 2008, sparking fears of a monetary tightening by the Reserve Bank of India.

The BSE Mid-Cap index was up 0.12% at 6,478.96 and the BSE Small-Cap index was up 1.13% at 8,031.06. Both these indices outperformed the Sensex.

On BSE, 1715 stocks gained, 948 stocks declined and 67 stocks were unchanged.

BSE clocked a turnover of Rs 5496 crore as against Rs 5,331.37 on Wednesday, 9 April 2008.

The NSE's futures & options (F&O) segment turnover was Rs 33689.6 crore, which was higher than Rs 31113.78 crore on wednesday, 9 April 2008.

TCS (up 2.75% at Rs 900.75), Ambuja Cements (up 1.50% at Rs 122), Mahindra & Mahindra (up 0.72% at Rs 612.25), Tata Steel (up 1.03% at Rs 685.90), Hindalco Industries (up 0.46% at Rs 173.45) and Maruti Suzuki (up 0.59% at Rs 737.80), were the top gainers from the Sensex pack.

Ranbaxy Laboratories (down 4.20% at Rs 450.65), Jaiprakash Associates (down 3.07% at Rs 212.80), Bharti Airtel (down 2.59% at Rs 798.70), Reliance Communication (down 2.41% at Rs 484.40), and State Bank of India (down 1.87% at Rs 1661.85), were the top losers from the Sensex pack.

India's second largest power utility by revenue Reliance Energy surged 6.50% at Rs 1253.35 after the company said on Wednesday, 9 April 2008 that it bought-back 176,871 equity shares of the company. Since the commencement of the buy-back on 25 March 2008, the company has so far bought back 20,38,551 equity shares aggregating Rs 250.75 crore. Earlier, Reliance Energy's board had approved the buyback of shares worth about Rs 800 crore in the first phase.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 2.05% at Rs 2467.70.

Oil stocks moved up after the US crude oil futures topped a new record of $112 per barrel after government data showed a surprising draw on crude stockpiles last week. The BSE Oil & Gas index outperformed the Sensex, rising 1.47% to 10,726.74.

Cairn India was up 5.74% at Rs 242.15, and Essar Oil was up 2.11% at Rs 232.25.

Indias largest state-run oil explorer by market capitalization ONGC was down 1.04% at Rs 1002.35.

Among the PSU refiners, BPCL fell 1.87% at Rs 387.45, HPCL fell 1.53% at Rs 244.90 and Indian Oil Corporation fell 2.09% at Rs 447.85.

The BSE Bankex underperformed the Sensex, falling 2.94% to 7,951.60. HDFC Bank (down 3.67% at Rs 1325.55), Kotak Mahindra Bank (down 3.43% at Rs 648.80), Federal Bank (down 3.22% at Rs 227.10), Centurion Bank of Punjab (down 2.81% at Rs 43.25) and Yes Bank (down 2.77% at Rs 165.05), slipped. Indias largest private sector bank by assets ICICI Bank slipped 4.25% at Rs 800.95.

The BSE IT index underperformed the Sensex, falling 0.77% to 3,676.63. Infosys Technologies (down 1.79% at Rs 1453.40), Wipro (down 1.23% at Rs 406.65), Satyam Computer (down 0.95% at Rs 423.45) and HCL Technologies (down 0.77% at Rs 237.15), declined. However, TCS moved up 2.75% at Rs 900.75.

Software firm Financial Technologies was down 0.99% at Rs 1,688.30 despite the company announcing the acquisition of South African technology company ICX Platform for $1.50 million.

Auto ancillary firm Banco Products India jumped over 18.69% to Rs 37.15 after it said its board would meet on 17 April 2008 to consider buyback of shares.

Private sector lender Development Credit Bank tripped 3.08% to Rs 88.25 after the management denied reports of a merger with a large bank for business expansion. The scrip had jumped over 10% to Rs 100.45 earlier in the day.

Mukesh Ambani-run oil refining firm Reliance Petroleum was up 3.17% at Rs 175.50 after reports hinted at the possibility of an early start of the companys oil refinery.

Offshore transportation services provider Global Vectra Helicorp soared 20% at Rs 85.95 after the company said it plans a rights issue in December 2008 to fund the expansion plans, including an investment of $65 million to raise fleet size to 29 by March 2009.

Reliance Industries clocked highest turnover of Rs 374.95 crore on BSE. Reliance Petroleum (Rs 360.80 crore), Orchid Chemicals & Pharmaceuticals (Rs 224.04 crore), Reliance Energy (Rs 206.44 crore) and Reliance Capital (Rs 205.64 crore), were the other turnover toppers on BSE in that order.

Reliance Petroleum reported highest volume of 2.04 crore shares on BSE. Sita Shree Food (1.91 crore shares), Reliance Natural Resources (1.65 crore shares), Orchid Chemicals & Pharmaceuticals (98.72 lakh shares) and IFCI (95.92 lakh shares), were the other volume toppers on BSE in that order.

Key indices in China, Hong Kong, South Korea and Taiwan were up by 0.57% to 1.86%. However, indices in Japan and Singapore were down by 0.65% to 1.27%.

European markets, which opened after Indian markets, were in red. Key indices in UK, France and Germany were down by between 0.96% to 1.41%.

US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.