Market Closing Session - 4th Sep

The market ended on a weak note as traders booked profits after indices rallied more than three percent in previous session. Market participants were also cautious ahead of inflation data and outcome of Nuclear Supply Group meet on Indo-US nuclear deal today. Realty shares were the worst performers, while software and healthcare pivotals bucked weak trend.

Indices were highly volatile throughout the session. The Sensex traded in a range of 14,994.15 and 14,766.01, a wide gap of 228.14 points. The Nifty traded in a range of 4447.75 and 4419.45, a gap of 28.3 points.

The BSE 30-share Sensex fell 150.76 points or 1% to 14,899.10. The Sensex opened 154.01 lower on weak global cues. Selling intensified by mid-morning, dragging the index 283.85 points at the day's low of 14,766.01. Soon, buying emerged at lower levels, taking the index at its intraday high of 14,994.15 in afternoon. The index was down 55.71 point at the day's high.

The S&P CNX Nifty was down 56.25 points or 1.12% to 4447.75. Nifty September 2008 futures were at 4460, at a premium of 12.25 points as compared to spot closing.

The BSE Mid-Cap index fell 0.13% at 5,829.17 and the BSE Small-Cap index fell 0.11% at 6,974.37. Both the indices outperformed the Sensex.

The market breadth was positive. On BSE, 1332 shares advanced as compared to 1259 that declined. 94 shares remained unchanged.

NSE's futures & options (F&O) segment turnover was Rs 46290.5 crore, lower than Rs 58,889.38 crore on Tuesday, 2 September 2008.

Top Sensex gainers were, Maruti Suzuki (up 2.93% at Rs 683.90), Hindalco Industries (up 2.39% at Rs 126.60), Jaiprakash Associates (up 1.79% at Rs 176.75), Tata Power Company (up 1.70% at Rs 1088), and Grasim Industries (up 0.92% at Rs 2020.75).

Top Sensex losers were, Sterlite Industries (down 3.69% at Rs 613.10), ONGC (down 2.97% at Rs 1068.85), ITC (down 2.62% at Rs 189.25), Hindustan Unilever (down 2.49% at Rs 240.85) and Reliance Infrastructure (down 2.32% at Rs 1017.55).

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL stock accounts for a highest weightage of 15.21% on the Sensex.

Banking shares were mixed. Axis Bank (down 3.26% at Rs 734.90), HDFC Bank (down 2.80% at Rs 1,303.90), and Kotak Mahindra Bank (down 1.62% at Rs 639.45), slipped.

However, India's largest commercial lender State Bank of India rose 0.91% at Rs 1,535.25. India's largest private sector bank by market capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock accounts for third highest weightage of 7.50% on the Sensex. The BSE Bankex outperformed the Sensex, falling 0.16% at 7,434.73.

Realty shares tumbled. Indiabulls Real Estate (down 10.24% at Rs 289.35), Housing Development & Infrastructure (down 3.11% at Rs 315.70), Unitech (down 2.62% at Rs 165.15), and DLF (down 1.34% at Rs 522.75), declined. The BSE Realty index underpeformed the Sensex, falling 3.20% at 5,195.72.

Mid-cap software stocks were in demand, whereas most of the software pivotals hovered in negative terrain. Aptech (up 4.25% at Rs 239.35), Financial Technologies (up 2.63% at Rs 1,458.75), Rolta India (up 2.11% at Rs 341.40), and Tech Mahindra (up 1.86% at Rs 771.40), rose. While, Wipro (down 0.67% at Rs 448.10), TCS (down 0.55% at Rs 834.20), and Satyam Computer (down 0.20% at Rs 432.45), declined.

India's second largest software exporter by sales Infosys Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock accounts for second highest weightage of 8.16% on the Sensex. The BSE IT index outperformed the Sensex, rising 0.46% at 4,085.70.

Healthcare shares rose. Sun Pharma Advanced Research Company (up 4.38% at Rs 100.10), Wockhardt (up 4.25% at Rs 211), Piramal Healthcare (up 3.71% at Rs 345), Biocon (up 2.74% at Rs 410.80), and Cadila Healthcare (up 2.41% at Rs 344.60), moved higher. The BSE Healthcare index outperformed the Sensex, rising 0.28% at 4,350.18.

Low ash metallurgical coke maker Austral Coke and Projects settled at Rs 225.20, a 14.89% premium over issue price of Rs 196. The stock debuted today on BSE at Rs 206, a 5.10% premium over its issue price.

UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal.

Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to Rs 581.35 on reports the company may rake in Rs 900 crore by next year by selling a small part of the 8 lakh square feet commercial property it is developing in Central Mumbai.

Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after the company secured a contract worth Rs 122.04 crore from Pimpri Municipal Corporation, Pimpri in the state of Maharashtra for laying roads.

Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80 on reports the company plans to diversify into aerospace and windmill technology.

Resurgere Mines & Minerals India clocked a highest turnover of Rs 598.11 crore on BSE. Austral Coke & Projects (Rs 453.87 crore), Reliance Capital (Rs 252.27 crore), Reliance Industries (Rs 222.10 crore), and State Bank of India (Rs 156.07 crore), were the other turnover toppers on BSE in that order.

Austral Coke & Projects reported a highest volume of 1.88 crore shares on BSE. Reliance Natural Resources (1.24 crore shares), Resurgere Mines & Minerals India (91.01 lakh shares), IFCI (71.11 lakh shares), Dish TV (67.44 lakh shares), were the other volume toppers on BSE in that order.

European markets, which opened after Indian markets, were mostly in red. Key indices in France and Germany were down by 0.83% to 1.20%. However, UKs FTSE 100 was up 0.38%. Asian markets were negative with key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan trading down by 0.03% to 2.62%. However, Chinas Shanghai Composite index was up 0.03%.

Nuclear Suppliers Group (NSG) meets in Vienna today, 4 September 2008 to consider whether India should be allowed to resume civil nuclear trade with the international community. The 45-nation grouping will consider a draft, which is being presented after amendments following demands by at least 15 countries during the 21 22 August 2008 meeting.

Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.