Market Closing Session - 1st Sep

Buying support in banking pivotals helped the market stage a sharp recovery from lower level in the last one hour of the trading session. Buying was also witnessed in PSU and oil & gas shares. Metal shares were the biggest losers in todays trade. Resurgere Mines & Minerals settled at a 94.20% premium over the initial public offer (IPO) price.

The BSE 30-share Sensex lost 66.02 points or 0.45% to 14,498.51. The index opened with a downward gap of 151.54 point on weak global cues. Selling activity intensified by afternoon, dragging the index lower by 283.43 point at the days low of 14,281.10. However, strong buying support in banking and other index pivotals towards the latter part of the trading session helped the Sensex pare early losses. The barometer index was down 17.12 points at the day's high of 14,547.41 struck at the fag end of the trading session.

The S&P CNX Nifty was down 11.35 points or 0.26% to 4348.65. It came off session's low of 4281.35. Nifty September 2008 futures were at 4361, at a premium of 12.35 points as compared to spot closing.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.

The small-cap and and mid-cap indices on BSE both ended flat for the day.

The market breadth, which was weak for a better part of the session, turned positive at the fag end of the session. On BSE, 1329 shares advanced against 1255 that declined. 96 stocks were unchanged.

BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84 crore on Friday, 29 August 2008. NSE's futures & options (F&O) segment turnover was Rs 37,943.16 crore, lower than Rs 43,170.27 crore on Friday, 29 August 2008.

The BSE Sensex is down 5788.48 points or 28.53% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6708.26 points or 31.63% away from its all-time high of 21,206.77 struck on 10 January 2008.

Top Sensex gainers were, ITC (up 1.62% at Rs 191.65), Bharat Heavy Electricals (up 0.90% at Rs 1721.90), Satyam Computer (up 0.88% at Rs 423.40), ONGC (up 0.64% at Rs 1029.80), and ACC (up 0.45% at Rs 564.20).

Major Sensex losers were, Ranbaxy Laboratories (down 3.61% at Rs 499.80), Tata Steel (down 2.67% at Rs 584.30), Bharti Airtel (down 2.50% at Rs 816.25), and Reliance Communication (down 1.71% at Rs 388.95).

Indias largest passenger car maker by sales Maruti Suzuki India declined 2.56% to Rs 633.75 after the company posted 9.2% fall in sales to 59,908 units in August 2008 over August 2007. The stock had risen 3.83% in two trading sessions to Rs 650.40 on 29 August 2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of Rs 618.35 earlier.

Indias largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.18% to Rs 2140.55. The stock moved in the range of Rs 2165 to Rs 2106. The company has abandoned a plan to transfer an 80% stake in a deepwater block to its subsidiaries as it has raised the money it needs for the block, the company said in a statement today, 1 September 2008.

RIL, which owns 90% in the gas-rich D-6 block in the Krishna Godavari basin off India's east coast, said last week it had sent a proposal for the transfer of the stake to four fully-owned subsidiaries and was awaiting government approval.

India's second largest software exporter by sales Infosys Technnologies was down 1.44% to Rs 1723.30.

Banking shares recovered sharply. The BSE Bankex outperformed the Sensex, rising 0.17% to 7,021.35. The index came off from a low of 6,823.41. Indias second largest private sector bank in terms of net profit HDFC Bank rose 1.48% at Rs 1296.10. It came off from the days low of Rs 1245.60. India's largest commercial lender State Bank of India rose 0.88% at Rs 1416. It came of from the days low of Rs 1360. Indias largest private sector bank by market capitalisation ICICI Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90 earlier.

PSU stocks gained. Syndicate Bank (up 5.73% at Rs 62.75), BEML (up 5.45% at Rs 772.45), Rural Electrification Corporation (up 4.65% at Rs 91.10), and Canara Bank (up 2.48% at Rs 220.85), flared up. The BSE PSU index outperformed the Sensex, rising 0.31% at 6,768.18.

Oil & gas stocks were mixed. Private sector oil & gas stocks rose. However, state-run oil firms were trading lower. Essar Oil (up 3.80% at Rs 217.35), and Reliance Petroleum (up 0.86% at Rs 158.40), rose.

Among the state-run oil firms, Indian Oil Corporation (down 1.17% at Rs 396.75) and BPCL (down 0.64% at Rs 301.40), dropped. The BSE Oil & Gas index outperformed the Sensex, rising 0.30% at 9,688.58.

Metal stocks tumbled. National Aluminium Company (down 2.41% at Rs 378.35), Sesa Goa (down 2.05% at Rs 155), JSW Steel (down 1.64% at Rs 751.75), and Steel Authority of India (down 1.44% at Rs 153.80), declined. The BSE MEtal index underperformed the Sensex, falling 1.08% at 12,214.11.

India's third biggest motorcycle maker by sales TVS Motors rose 1.53% at Rs 33.15 after the company said its two-wheeler sales rose 11% to 114,321 units in August 2008 over August 2007.

Construction firm Gammon Infrastructure Projects rose 3.21% to Rs 98 after the company said it has won rights to build a 261 megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510 crore.

State-run miner NMDC gained 2.80% to Rs 311.55 after the company said it plans to set up an integrated steel plant at Nagarnar in Chhattisgarh.

Engineering firm Shriram EPC rose 2.74% to Rs 256.85 after the company said it has acquired 55% stake in Chennai based Blackstone Group Technologies for an undisclosed sum.

Iron ore miner Resurgere Mines & Minerals settled at Rs 524.35 on BSE, a 94.20% premium over initial public offer price of Rs 270. The stock debuted at Rs 272.05 on BSE, a marginal premium of 0.75% over its issue price of Rs 270. The stock hit a high and low of Rs 562.80 and Rs 272.05.

Debutant Resurgere Mines and Minerals clocked the highest turnover of Rs 1436.18 crore on BSE. Reliance Capital (Rs 214.31 crore), Reliance Industries (Rs 173.43 crore), Nu Tek India (Rs 132.70 crore), and ICICI Bank (Rs 115.57 crore), were the other turnover toppers on BSE in that order.

Debutant Resurgere Mines and Minerals registered the highest volume of 3.31 crore shares on BSE. Reliance Natural Resources (1.18 crore shares), Nu Tek India (65.56 lakh shares), Chambal Fertilizers & Chemicals (53.22 lakh shares), Noida Toll Bridge (44.57 lakh shares), were the other volume toppers on BSE in that order.

European market were trading lower. Key benchmark indices in UK, France and Germany were down 0.51% to 0.89%. Asian stocks dropped today, 1 September 2008, amid concerns about the impact of weaker global demand on the region's economies. Key benchmark indices in Hong Kong, Japan, South Koera, Singapore, Taiwan and China were down by between 0.95% to 4.06%

US stocks tumbled on Friday, 29 August 2008, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending. The Dow Jones industrial average lost 171.47 points, or 1.46%, at 11,543.71. The Standard & Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.

Economic data added to the market's jitters ahead of the long Labor Day weekend. US market remains closed on Monday, 1 September 2008, for Labor Day holiday.

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