Stock Ideas 
Stock Ideas Top Headlines Sensex sheds 51 points in volatile trade
Stock Ideas Top Headlines Sensex sheds 51 points in volatile trade 
Market Watch
|
by Andrew Mickey Last Saturday, the entire mining industry converged in Vancouver to recognize the most successful projects, analysts and financiers from the last year. After such a great year for the commodities market, you can bet it was going to be a fun affair with everyone involved. |
|
| More... |
Most Popular
Login Form
| Sensex sheds 51 points in volatile trade |
| Friday, 22 June 2007 | ||||||
|
The 30-shares BSE Sensex lost 50.92 points to 14,448.32, as per provisional closing. It opened higher at 14,508.63 and advanced to strike a high of 14,560.32 at 11:49 IST, which was a gain of 61.08 points for the day. From here, the index slipped to a low of 14,441.76 by 15:27 IST, a fall of 57.48 points for the day. The market breadth was almost even. On BSE 1,306 shares advanced as compared to 1,301 that declined, while 101 remained unchanged. Meanwhile, India's wholesale price index rose 4.28% in the 12 months to 9 June 2007, lower than the previous week's increase of 4.80%, due to a decline in food prices, government data released by noon today showed. The turnover surged sharply in the past hour of trade on BSE to Rs 5302 crore compared to Rs 3,495 crore at 14:30 IST. The turnover crossed Rs 5,000 crore mark for the third straight day. Among the Sensex pack, 20 declined while the rest advanced. Reliance Energy (REL) galloped 6% to Rs 594.10 on 11.04 lakh shares. It had surged to a high of Rs 597.40 in intra-day trade. It was the top gainer from the Sensex pack. The company was one of the five qualified bidders to have submitted bids for the 4,000-mega watt Sasan ultra mega power project. The Lanco Infratech-Globeleq Singapore consortium had won the bid for the Sasan project after outbidding eight companies by quoting the lowest tariff of Rs 1.19 per unit. However, the project became controversial after Prince Stone Investments, the Mauritius-based holding company of Lanco, and Jindal Steel & Power together acquired Globeleq Singapore in February 2007. The REL stock was further boosted by the latest Bombay High Court order which raised hopes of gas supplies from Reliance Industries (RIL) to its proposed power project in northern India. NTPC,too, gained 1.63% to Rs 152.55, boosted by the Bombay High Court’s decision, which came after market hours yesterday, 21 June 2007, that RIL cannot sell the gas to be produced from one of its prime blocks in the Krishna-Godavari basin to any third party other than Anil Ambani’s Reliance Natural Resourses (RNRL) and NTPC. Aluminium and copper major Hindalco Industries advanced 1.89% to Rs 170, on volumes of 14.31 lakh shares. There is market speculation that promoters are hiking their stake from the open market. ICICI Bank saw high volatility today. It rose 0.14% to Rs 951.05 after its the Rs 8,750-crore follow-on public offer (FPO) of was subscribed 9.81 times by 15:00 IST today, 22 June 2007. The issue closes on Friday, 22 June 2007. The scrip moved in a range of Rs 947–Rs 967. State Bank of India (SBI) advanced for the fourth straight session, gaining 0.73% to Rs 1456. SBI is set to raise $225 million from the overseas market this year by issuing perpetual bonds. The overseas issue opened on Monday, 18 June 2007, and the bank is expected to price the bonds this week. It plans to raise a total of Rs 15,000 crore this year in the form of equity (tier-I) and debt (tier-II). FMCG major Hindustan Unilever rose 1.06% to Rs 191.25, and housing finance major HDFC gained 1.67% to Rs 1880. Cement stocks came under selling pressure. Gujarat Ambuja Cement lost 2.72% to Rs 116.15, on 3.51 lakh shares, and was the top loser from the Sensex pack. ACC (down 0.55% to Rs 850.55) and Grasim (down 0.68% to Rs 2490) also edged lower. Index heavyweight Reliance Industries (RIL) slipped 1.86% to Rs 1,701 on 8.55 lakh shares. It also slipped to a low of Rs 1704.25. In the interim order on a petition filed by RNRL, the Bombay High Court said that the 81.6 million cubic metres of gas per day (mmscmd) is to be earmarked for RNRL, NTPC or for RIL’s captive use for the next eight years. IT stocks declined on fresh selling. Satyam Computers (down 0.92% to Rs 462.50), TCS (down 0.41% to Rs 1139), Infosys (down 0.43% to Rs 1948), and Wipro (down 1.51% to Rs 515.95) declined. A rise in rupee impacts margins of IT companies. The rupee held steady against the US dollar at 40.71/72 in late morning deals today, 22 June 2007. Japanese shares were trading weaker today, 22 June 2007, with banking stocks such as Mitsubishi UFJ Financial Group and automaker Toyota Motor Corp. leading declines. But chipmaker Advantest Corp. rose sharply as the yen weakened further against the US dollar. The Nikkei was down 0.28% at 18,188.63. Most of the Asian markets were trading lower. Hong Kong's Hang Seng (up 0.21% at 21,999.91), South Korea's Seoul Composite (down 1.30% at 1,770.98), Singapore's Straits Times (down 0.66% at 3,615.38) and Taiwan's Taiwan Weighted (down 0.06% at 8,846.39) declined. China’s Shanghai Composite slumped 3.29% to 4,091.45. As per the provisional data, foreign institutional investors (FIIs) were net buyers of shares worth Rs 144.49 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 147.71 crore on Thursday, 21 June 2007. Oil prices edged higher in Asian trade Friday, 22 June 2007, as players assessed whether a strike in key African crude oil producer Nigeria would affect supplies. New York's main oil futures contract, light sweet crude for delivery in August, was up six cents at $68.71 per barrel from $68.65 in late US trades.
|
||||||
| < Prev | Next > |
|---|