Sensex

Monday, June 23, 2008

DG - FW: Sharekhan Post-Market Report dated June 23, 2008

 

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: 23 June 2008 16:53
To: The Sharekhan Research Team
Subject: Sharekhan Post-Market Report dated June 23, 2008

 

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June 23, 2008

 

Index Performance

Index

Sensex

Nifty

Open

14,423.05

4,351.15

High

14,510.55

4,351.15

Low

14,163.45

4,225.50

Today's Cls

14,293.32

4,266.40

Prev Cls

14,571.29

4,347.55

Change

-277.97

-81.15

% Change

-1.91

-1.87

 

Market Indicators

Top Movers (Group A)

Company

Price 
(Rs)

%
chg

Gainers

Max India

179.85

3.01

Indiabulls Real Estate

364.45

2.94

ONGC

887.30

2.36

HCL Tech

270.55

1.63

HDFC

2,214.80

1.42

Losers

Godrej Industries

164.00

-14.14

United Breweries

389.15

-11.51

Bank of India

225.30

-9.12

Reliance Capital

928.50

-9.10

Akruti City

737.40

-9.04

Market Statistics

-

BSE

NSE

Advances

425

142

Declines

2,222

1,082

Unchanged

50

11

Volume(Nos)

25.16cr

46.49cr

 Market Commentary 

CG, metal and power stocks lead market slump 

Led by heavy selling in capital goods (CG) stocks, the Sensex witnessed another major slump and dropped nearly 278 points at the close. 

Continuing the bear trend, the market witnessed another round of frenzied selling with correction in the index heavyweights with the CG, metal and power stocks 

 

shaving off over 348 points during the intra-day trades. After resuming 148 points lower at 14,423, the market remained under the grip of sustained selling pressure. Extensive correction in heavyweight CG, metal, power and realty stocks dragged the index below the 14,200 mark to the day's low of 14,163. The Sensex finally ended the session at 14,293, down 278 points, while the Nifty shed 81 points to close at 4,266.

The breadth of the market was negative with 2,222 declines, 425 advances and 50 stocks ending unchanged. All the sectoral indices had a weak outing except the information technology (IT) stocks. The BSE CG index slipped sharply and dropped 5.29% followed by the BSE Metal index (down 4.62%), the BSE Power index (down 4.01%), the BSE Realty index (down 3.64%), the BSE Auto index (down 2.95%), BSE Oil & Gas index (down 2.63%), BSE Bankex index (down 2.56%), BSE PSU index (down 2.46%) and the BSE HC index (down 2.43%) etc.

Out of the 30 Sensex stocks, 24 stocks lost ground and 6 managed to end with steady gains. Among the major losers, JP Associates slumped 7.95% at Rs15.35, Hindalco plummeted 7.83% at Rs146.80, L&T tumbled 6.53% at Rs2,380, Maruti Suzuki India shed 5.43% at Rs2,682.05, Ranbaxy Laboratories crashed 5.38% at Rs509.50, Reliance Infrastructure dropped 4.76% at Rs906, Mahindra & Mahindra lost 4.55% at Rs546 and Tata Steel declined nearly 4.12% at Rs731.10. Reliance Industries, SBI, ACC, BHEL, DLF, ICICI Bank, ITC, Ambuja Cement, Grasim Industries, Bharti Airtel, Reliance Communications and Tata Consultanct Services fell over 0.60-2% each. However, ONGC gained 2.36% at Rs887.30, HDFC, Wipro, Infosys, Satyam Computer Services and Hindustan Unilever ended marginally higher around 1%.

CG stocks came under the grip of sharp hammering. Alstom Projects crumbled 8.65% at Rs372.15, Punj Lloyd slumped 6.86% at Rs225.55, Larsen & Toubro dropped 6.53% at Rs2,396.30 and Suzlon Energy declined by 6.21% at Rs228. Elecon Engineering, Crompton Greaves, Areva T&D India, Havells India, Jyoti Structure, SKF India, AIA engineer, and Praj Industries shed around 3-5% each.

Over 1.41 crore Reliance Petroleum shares changed hands on the BSE followed by Reliance Natural Resources (1.39 crore shares), IFCI (1.06 crore shares), Chambal Fertiliser (1.05 crore shares) and Ispat Industries (0.82 crore shares).

European Indices at 16:47 IST on 23-06-2008

Index

Level

Change (pts)

Change (%)

FTSE 100 Index

5650.80

30.00

0.53

CAC 40 Index

4520.43

11.16

0.25

DAX Index

6610.43

31.99

0.49

Asian Indices at close on 23-06-2008

Index

Level

Change (pts)

Change (%)

Nikkei 225

13857.47

-84.61

-0.61

Hang Seng Index

22714.96

-30.64

-0.13

Kospi Index

1715.59

-15.41

-0.89

Straits Times Index

2979.15

-22.66

-0.75

Jakarta Composite Index

2362.74

-9.03

-0.38

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