Thursday, 24 January, 2008

Sensex dn 372.3 pts at 17222; Nifty dn 170 pts at 5033

Markets end weak amid profit booking at higher level and news that Soc Gen seeks $ 8.1 billion in capital. Sensex ends down 372.3 points at 17222, off 963 points from day's high while Nifty ends down 170 points at 5033, off 325 points from day's high. CNX Midcap Index ends down 3.2% while BSE Small-cap Index ends down 4%. BSE Metal Index ends down 5.7%, in which SAIL was down 8%, Sterlite Industries was down 7.2% and Nalco was down 6.35%. BSE Cap Goods Index was down 4.9% and BSE Realty Index was down 4.4%. Index losers were Suzlon, down 9%, GAIL, down 8.85%, REL, down 8.4%, NTPC, down 8.15%. Non-Index losers were Triveni Engineering, down 13.5%, Hind Zinc, down 12.25%, GE Shipping, down 11%, Bombay Dyeing, down 11%. Non-Index gainers were Motilal Oswal, up 11.2%, Bongaigaon Refineries, up 10%, Religare, up 9.2%, Tata Tea, up 7.5%. NSE Advance Decline ratio stood at 2:11. Total turnover was at Rs 63,009 crore Vs Rs 62,430 crore.

Name Intra-day Swings (%)
Peninsula Land 41.01
Neyveli Lignite 34.1
Jindal Steel 30.93
Indiabulls Fin 30.54
Lanco Infratech 29.44
Aptech 29.35
Petronet LNG 28.77
Eicher Motor 28.46
KS Oils 27.85
IVR Prime 27.13
Bombay Dyeing 26.39
Adlabs 25.8
Indian Bank 25.7

FNO Snapshot:

Nifty Jan and Feb Futures trade in major discount. F&O Turnover low for second day in a row at Rs 39442 crore. Nifty witnesses fresh short buildup; Turnover over 40% of total F&O turnover. Low Rollovers; Rollover Cost remains low. Stock futures saw 4th day of unwinding; high intraday volatility seen.

Major Unwinding was seen in:

Ispat: down 3%; sheds 68 lakh shares in Jan series
IFCI: down 5.6%; sheds 41.8 lakh shares in Jan series
Ashok Leyland: down 3%; sheds 38.6 lakh shares in Jan series; Rollover at 15%
RPL: down 4.5%; sheds 33.6 lakh shares in Jan series; Rollovers at 15%
RNRL: down 6%; sheds 32.5 lakh shares in Jan series; Rollover at 13%
TTML: down 5%; sheds 26 lakh shares in Jan series; Rollover at 14%

Feb Buildup:

Hindlao: down 6%; added 26.4 lakh shares
IDBI: down 5.8%; added 25.14 lakh shares
GTL: down 1.5%; added 12.3 lakh shares
Suzlon Energy: down 6.8%; added 8.3 lakh shares

Unwinding at higher levels:

Bongaigaon Refineries, 3i Infotech, LIC Housing, Patni, Satyam, IOB, Rolta

Global markets today:

Asian stocks rise on hopes that global selloff is over. Volatiltiy was noticed through out the day in some of the markets. Straist Times was up 2.5%, Kospi, Nikkei were up 2%, Jakarta, Taiwan were up 1.5%. In Taiwan, FIIs net buy equities worth $ 61.5 million in today’s trade (Prov).

Global News:

Societe Generale seeks $ 8.1 billion in capital for further writedown. Soc Gen said that the company discovered $6 billion fraud in its brokerage operations. Reports that US government may soon work out a rescue package for bond insurers; cash infusion could be around $ 15 billion.

Data To Watch:

USA New Home sales
USA Initial Jobless Claims
EIA Petroleum Status Report