Mkts bounce back from day's low in last hour of trade on short covering. Sensex ends up 245 pts at 20827, recovers 321 pts from day's low while Nifty ends up 43 pts at 6200, recovers 88 pts from day's low. CNX Midcap Index ends down 0.5%, recovers over 2% from days low. BSE Small-cap Index was down 1.2%, recovers nearly 2% from days low.
Markets this week:
Sensex ends up 140 points or 0.68% at 20827, swung nearly 770 points during the week. Nifty ends down 1.2%, or 74.2 points at 6200, swung nearly 250 points during the week. BSE Small Cap Index was down 8.6% while CNX Midcap Index was down 6.9%. BSE Metals Index was down 7.6%, in which SAIL was down 9% and Tata Steel was down 8.4%. Index losers were BPCL, down 19%, HPCL, down 16%, Nalco, Tata Power, ACC down 10%. Index gainers were ICICI Bank, up 11.5%, RIL, Suzlon, Reliance Communication, up nearly 4% each. Midcap losers were Burnpur Cements, down 33%, ITI, down 22.5%, KEC Infra, down 20%, PTC India, Torrent Power down 18%.
Market Snapshot:
Markets bounce back from day's low in last hour of trade on short covering. Sensex ends up 245 points at 20827, recovers 321 points from day's low while Nifty ends up 43 points at 6200, recovers 88 points from day's low. CNX Midcap Index ends down 0.5%, recovers over 2% from days low. BSE Small-cap Index was down 1.2%, recovers nearly 2% from days low. BSE Bank Index was up 3.6%, in which ICICI Bank was up 5.8%, HDFC Bank was up 2.5%. BSE Oil & Gas Index was up 2.2%, in which RIL was up 3.3%, GAIL was up 3.7% and RPL was up 1%.
FNO Snapshot:
Nifty Futures discount turn into premium in last half of trade. Earlier part of the day was dominated by long unwinding and last part with short covering.
Global markets today:
Some of the Asian indices faces their steepest weekly decline in a month. Korea was down 2.3%, Nikkei was down 2%, Hang Seng was down 1.3%, Thailand, Taiwan end marginally in the red. Nikkei 225 dropped 7.8% in 2008, its worst start to the year since 1997. Concern that Japanese, US economies are headed for recession. Rumors of benchmark rate cut in Japan; slowest growth in some sectors in last 2 years. In Taiwan, FIIs net sell equities worth $ 176.6 million in today’s trade (Prov). FIIs have sold $ 1.14 billion during this week.
Triggers:
Northern Rock to sell mortgage assets valued at $ 4.4 billion to JPMorgan. UBS says that 2008 will probably be another difficult year for the financial services industry. Economist poll says U.S. trade deficit will probably widened on oil imports.
