Sensex

Tuesday, September 23, 2008

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

 

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: 23 September 2008 16:46
To: The Sharekhan Research Team
Subject: Sharekhan Post-Market Report dated September 23, 2008

 

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September 23, 2008

 

Index Performance

Index

Sensex

Nifty

Open

13,721.42

4,223.90

High

13,978.26

4,224.70

Low

13,543.47

4,117.90

Today's Cls

13,570.31

4,126.90

Prev Cls

13,994.96

4,223.05

Change

-424.65

-96.15

% Change

-3.03

-2.28

 

Market Indicators

Top Movers (Group A)

Company

Price 
(Rs)

%
chg

Gainers

OnMobile Global

495.35

8.55

NMDC

237.30

3.67

Akruti City

966.15

3.64

Sun Pharma

1,470.20

3.28

Sesa Goa

127.25

3.12

Losers

Ranbaxy Lab

308.85

-11.05

Deccan Chronicle

103.85

-10.93

Rolta India

260.40

-9.61

GMDC

156.00

-8.96

Sintex Industries

281.10

-8.53

Market Statistics

-

BSE

NSE

Advances

760

250

Declines

1,823

947

Unchanged

69

25

Volume(Nos)

23.29cr

41.89cr

 Market Commentary 

Battered

Across-the-board selling pressure led by weakness in information technology (IT) stocks saw the Sensex shed 3.03%. 

The correction continued for the second consecutive day on weak global indices and rising crude prices. Dwindling foreign fund inflows into the domestic market in the past

 

few sessions also adversely affected the sentiment. After shedding around 200 points by mid-morning, the market remained in the negative territory, however in afternoon it came close to erasing its losses. But, the mood turned extremely bearish, as widespread selling in IT, realty, banking and teck stocks dragged the index below the 13,600 mark to an intra-day low of 13,543. The Sensex finally managed to pare some of its losses and close at 13,570, down 425 points. The broad-based Nifty closed at 4,127, down 96 points.

The breadth of the market was extremely negative. Of the 2,652 stocks traded on the BSE, 1,823 stocks declined, whereas only 760 stocks advanced. The remaining 69 stocks remained unchanged. All the sectoral indices on the BSE were hammered. The BSE IT was the worst hit and tanked 5.07% at 3,455 followed by the BSE Realty index (down 4.68% at 3,903.82), the BSE Bankex (down 4.19% at 6,804.42) and the BSE Teck index (down 3.54% at 2,763.73).

Barring ACC and Tata Power, all other Sensex stocks bore the brunt of heavy selling. Ranbaxy Laboratories led the slump and crashed 11.05% at Rs308.85. Among other major laggards, DLF tumbled 6.25% at Rs394.60, Satyam Computer Services dropped 5.98% at Rs331.65, Tata Consultancy Services slumped 5.91% at Rs720.75, Wipro fell 5.77% at Rs390.45 and HDFC declined 5.53% at Rs2,198.05. ICICI Bank lost 5.48% at Rs599.70, Infosys Technologies was down by 5.19% at Rs1543.35 and Tata Motors shed 5.03% at Rs394.05. The other major front-line stocks shed 1-4% each. However, ACC rose marginally at Rs626.20 up 0.27% and Tata Power rose 0.16% at Rs1,022.30.

IT stocks lost significantly on relentless selling. Rolta India dropped 9.61% at Rs260.40, Moser Baer India shed 8.46% at Rs122.25, NIIT tumbled 5.21% at Rs58.25 and Tech Mahindra declined 3.11% at Rs636.20. Aptech, Oracle, Mphasis and Patni Computer shed 2% each.

Over 1.86 crore Sesa Goa shares changed hands on the BSE followed by Reliance Natural Resources (1.67 crore shares), Apollo Tyre (0.74 crore shares), IFCI (0.67 crore shares) and Cals Refineries (0.62 crore shares).

Value-wise, Reliance Industries registered a turnover of Rs395 crore on the BSE followed by Reliance Capital (Rs277 crore) and Sesa Goa (Rs239 crore). 

European Indices at 16:00 IST on 23-09-2008

Index

Level

Change (pts)

Change (%)

Nikkei 225

12090.59

-

-

Hang Seng Index

18872.85

-759.35

-3.87

Kospi Index

1481.37

21.03

1.44

Straits Times Index

2476.51

-67.62

-2.66

Jakarta Composite Index

1873.10

-24.24

-1.28

Asian Indices at close on 23-09-2008

Index

Level

Change (pts)

Change (%)

FTSE 100 Index

5133.11

-103.15

-1.97

CAC 40 Index

4164.60

-58.90

-1.39

DAX Index

6074.66

-33.09

-0.54

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