Thursday 10 January 2008

Sensex dn 288 pts at 20582; Nifty dn 115 pts at 6157

Sensex ends down 288 pts at 20582, it slipped nearly 635 pts from day's high. Nifty ends down 115 pts at 6157, it slipped nearly 200 pts from day's high. All BSE Sectoral Indices end in the red barirng marginal gain by Bank Index. CNX Midcap Index was down 3.3% while BSE Small Cap Index was down 3.8%.

Markets were off day's high as profit booking in midcap/ small cap continues. Sensex ends down 288 points at 20582, it slipped nearly 635 points from day's high. Nifty ends down 115 points at 6157, it slipped nearly 200 points from day's high. All BSE Sectoral Indices end in the red barirng marginal gain by Bank Index. CNX Midcap Index was down 3.3% while BSE Small Cap Index was down 3.8%. In large caps, NTPC was down 4%, Reliance Communication, L&T were down 3%, SBI was down 1.8%. ICICI Bank held throught the day and was up 3.75% on plans to unclock value via subsidiaries. In Oil & Gas Pack, GAIL, RPL were down nearly 6% while BPCL was down 5.5%. In Metal pack, Hindalco was down 5%, SAIL, Tata Steel were down 4.5%, Nalco was down 4%. BSE IT Index was down 2.6%, in which Infosys was down 3%, I-flex was down 4.1% and Hexaware was down 4.1%. Non-Index gainers were Gujarat NRE Coke, up 6%, Surya Roshni, up 6%, Dewan Housing, up 5%, United Phosphorous, up 4.4%, Dhanus Tech, up 3.3%. Non-Index losers were Alps Industries, down 11.4%, Sakthi Sugars, down 11%, Aztecsoft, down 10.7%, KEI Industries, down 10%, Triveni Engineering, down 9.9%, Prism Cements, down 9.5%, Oswal Chemicals, down 9.4%. Total market turnover was at Rs 1.08 lakh crore vs Rs 1.05 lakh crore yesterday. NSE Advance Decline stood at 1:11.

Midcap pains:

Off day's high

Name Off day's high (%)
Oswal Chemicals -15.58
KEI Industries -15.09
Hindustan Motors -13.08
Sakthi Sugars -12.25
Triveni Engineering -12.07
RNRL -11.03
JP Hydro -10.45
PTC India -10.03
Balrampur Chini -10
Essar Oil -9.73


FNO Snapshot:

Nifty Jan Future ends at 4 points premium after initial discount. Nifty turnover was over Rs 20000 crore; around 25% of total F&O turnover. Today was the major day of unwinding in F&O space. Heavy cash selling and some day end short covering cause premium. Only 12 F&O stocks end in the green. Stock Futures unwind 1.7 crore shares (prov). Mid cap momentum stocks saw maximum unwinding. Sugar, Ferilizer witness masiive unwinding. ICICI Bank was up 3.75%; Sheds 3.9 lakh shares (sfter initial OI buildup).

High Turnover:

RNRL: Rs 7512 crore
REL: Rs 4258 crore
Rel Cap: Rs 3310 crore
RIL: Rs 3031 crore

Biggest Losers were:

Triveni Engineering: down 10.4%; sheds 3.9 lakh shares
Oswal Chemicals: down 9.7%; sheds 6.6 lakh shares
Balrampur Chini: down 9.4%; sheds 5 lakh shares
RNRL: down 9%; sheds 2.2 lakh shares
JP Hydro: down 9%; added 16.7 lakh shares
Arvind Mills: down 8.6%; sheds 3.9 lakh shares in OI

Major Unwinding was seen in:

RPL: down 5.7%; sheds 59.4 lakh shares
Ispat Industries: down 4%; sheds 47.7 lakh shares
NTPC: down 4.5%; sheds 18.8 lakh shares
IFCI: down 5%; sheds 15.9 lakh shares
ITC: down 4%; sheds 15.7 lakh shares
IDBI: down 3%; sheds 14.5 lakh shares
Nagarjuna Fertilizers: down 8%; sheds 11.65 lakh shares
GMr Infra: down 8%; sheds 11.6 lakh shares

Global markets today:

Asian stocks hit; Goldman warns of U.S. recession. Nikkei, Hang Seng were down nealry 1.5%, Korea down 1%. Investors await for more clues on the economic outlook from central bankers. Bond prices hit a 2-year high. Expectations of a rate cut by the BoE later in the day. Concerns after Goldman Sachs said that U.S. likely in a recession or will be there shortly. In Taiwan, FIIs net sell in equities were worth $ 163.5 million in today’s trade (Prov). FIIs have sold $ 1.72 billion till now in the month of January.