Wednesday 16 January 2008

Mkts recover frm days low in last hr of trade

Sensex ends down 383 pts at 19868, it recovered 355 pts from day’s low. Nifty ends down 139 pts at 5936, it recovered 111 pts from day’s low. CNX Midcap was down 1.6% while BSE Small cap was down 1.8%. All sectoral indices end in red for 2nd consecutive day.

Markets recover from days low in last hour of trade; shuns early jitters due to global cues. Sensex ends down 383 points at 19868, it recovered 355 points from day’s low. Nifty ends down 139 points at 5936, it recovered 111 points from day’s low. CNX Midcap was down 1.6% while BSE Small cap was down 1.8%. All sectoral indices end in red for second consecutive day.

BSE Realty was down 4.4%, in which Unitech was down 6% and DLF was down 4.4%. BSE Metals was down 3.2%, in which Sterlite was down 6.1%, Nalco was down 4.1%, Tata Steel was down 4% and SAIL was up 1.5%. BSE Capgoods was down 2.5%, in which BHEL was down 4.6%, ABB was down 2.6% and L&T was down 2.1%. BSE FMCG was down 2.1%, in which ITC was down 3.4%, HUL was down 1%. BSE Oil was down 1.5%, in which Reliance was down 2.3%, ONGC was down 1.8%, Cairn was down 3.4%.

Other Index losers were Reliance Communication was down 6%, Tata Power was down 5.7%, NTPC was down 5.7%, REL was down 4.2%, Idea was down 3.3%, Suzlon was down 2.9%. Non-Index gainers were IDFC, up 1.7%, Bank of India, 2.6%, IDBI, up 4.2%, Sun TV, up 3.6%, Indian Bank, up 5.6%, Educomp, up 7.5%, RCF, up 5%, Orbit Corp, up 4.6%. Non-Index losers were JP Associates, down 5.2%, Indiabulls Finance, down 5.1%, JSW Steel, down 5.4%, Lanco Infratech, down 8.2%, GE Shipping, down 5.1%, Omaxe, down 9.2%, India Cement, down 4.7%, Shree Renuka Sugars, down 10%. NSE Advance-Decline ratio stood at 1:7. Total market turnover was at Rs 1.1 lakh crore vs Rs 1.08 lakh crore yesterday.

Stocks Recovery:

Name Recovery (%)
Apollo Tyre 8
IDBI 7.4
RNRL 6.7
Indiabulls Real 6.3
IDFC 5.5
IFCI 5.5
Bharti Airtel 5.5
Bank of India 5.35
Hindustan Motors 5.33
Reliance Energy 4.75
JP Hydro 4.55
SAIL 4.4
Sterlite Industries 4.19
Unitech 4
ITC 3.88

FNO Snapshot:

Nifty future ends at mild discount after remaining in premium for better part of the day. Nifty added 46 lakh shares. The turnover was at 27000 crores (35% of Total Market Turnover). Large Caps saw some short covering during last hour of trade after yesterdays short buildup. Mid caps continue unwinding. 2 crore shares added in Stock Futures (prov). F&O Turnover after huge initial short buildup was followed by short covering. F&O Turnover at Rs 80606 crore vs Rs 65569 crore yesterday.

Biggest Losers were:

Lanco Infratech: down 7.3%; added 2.38 lakh shares
HDFC Bank: down 5.8%; added 1.75 lakh shares
Sterlite Industries: down 7.5%; added 7.45 lakh shares
Reliance Communication: down 5.3%; added 23 lakh shares

Resilient Stocks:

Indian Bank: up 7.3%; added 1 lakh shares
Bank of India: up 6%; added 4.5 lakh shares
IDBI: up 4.2%; sheds 2.9 lakh shares
IFCI: up 2.7%; sheds 15.6 lakh shares
RPL: up 2%; sheds 18.8 lakh shares

Fresh Shorts were seen in:

Misc: HDFC Bank, ITC, Reliance Communication, MTNL, Ranbaxy Labs
Realty: DLF, Unitech
Power: Tata Power, NTPC, REL
Metals: Tata Steel, Hindalco
Balrampur Chini HCC, Jaiprakash Associtates

Long Unwinding was seen in:

Sugar: Triveni Engineering, Shree Renuka Sugars
Misc: JP Hydro, Nagarjuna Fertilizers, MRPL, Indian Hotel, TVS Motor, Petronet LNG

Global markets today:

Asian markets plunged on growing speculation that US is sliding into a recession. News of Citigroup's $ 18 billion writedown, weaker retail sales added to market concern. Hang Seng index sank 5.4%, dropped the most since Sept. 11, 2001. Nikkei 225 index fell 3.4%, its lowest in more than two years. Korean market trading at lowest level since mid-August. In Taiwan, FIIs net buy equities worth $ 104 million in today’s trade (Prov). FIIs have bought equities worth $ 1.5 billion in last 3 days.

Yen falls below 106 level against dollar, its lowest since May 2005. Metals, Oil ended down; Oil trades near $ 91/bbl, lowest close since Dec. 20.

Data to watch:

Bernanke to testify before Congress on Jan 17 (tomorrow); ML to report results tomorrow

Data to be released today:

JPMorgan Chase result
US Beige Book Data
US Consumer Price Index Data
US Industrial Production
EIA Petroleum Status Report
US Housing Market Index
Japan Current Account Data