Friday 22 February 2008

Sensex dwn 386 pts at 17349; Nifty dwn 81 pts

Markets closed near to day’s lows after witnessing another choppy session of trade. Sensex was down 386 pts at 17349. Nifty was down 81 pts at 5110. CNX Midcap Index was down 1.4%, BSE Small cap Index was down 1%. BSE Bank Index was down 3.6%; HDFC Bank was down 4.3%, ICICI Bank was down 3.6%, SBI was down 3%, BSE IT Index was down 3.4%; HCL Tech was down 5.3%, Satyam was down 4.2%, Infosys was down 2.9%, BSE Oil & Gas Index was down 2.5%; Cairn was down 3.2%, GAIL was down 3%, Reliance was down 2.5%, BSE Auto Index was down 2.2%; Bajaj Auto was down 5%, Tata Motors was down 1.7%.

Other Index Gainers & Losers
Other Index Gainers Cipla was up 5.3%, Nalco was up 3.5%, GSK Pharma was up 2.4%, BPCL was up 1.8%, Hindalco was up 1.8%, Other Index Losers were stocks like Sun Pharma was down 3.1%, HDFC was down 2.8%, REL was down 2.4%, Bharti was down 2%. Among ENIL was up 6.4% after announcements of TRAI’s. recommendations.

Non Index Gainers & Losers
Non Index Gainers were stocks like Himatsingka was up 12%, GTC Ind was up 11.9%, Sirpur Paper was up 9%, Jindal Saw was up 6%, Goldstone Tele was up 5.1%, Karuturi was up 5%. Non Index Losers were stocks like KNR Cons was down 6.3%, Bang Overseas was down 6%, Bajaj Hind was down 5.3%, Nagarjuna Cons was down 5.1%, Lanco Infra was down 5%. NSE Advance Decline is 2:5

Total Turnover at Rs 51,253 Cr Vs Rs 60,978 Cr yesterday.

FNO Snapshot
F&O turnover at 36386 cr Vs 38519 weekly average F&O turnover, NIfty rollover at 23%, Market wide rollover at 21%, Market fails to recover after weak opening, rollovers fail to pick up significantly, Nifty short Rollover cost between 20-25 points, Nifty Feb ends day at 30 point discount, Nifty March ends day at 54 point discount, Rollovers seen in select Metal, Cement anfd IT stocks, Banking stocks see low rollover.

Strong Rollover:
SKumars adds 1.45 lakh shares in March Rollover at 78%, Hindalco adds 15.31 lakh shares in March, Rollover at 66.6%, India Cement adds 5.92 lakh share, Rollover at 52%, Chennai Petro adds 1.97 lakh shares, Rollover at 52%, GTL adds 3.45 lakh shares, Rollover at 50%.

Long March Buildup at lower levels were seen in stcoks like JP Associates, RComm, RPL, Tata Steel. Large Caps did see short Rollover in stocks like ONGC, Unitech, Reliance Power.

Market This Week
Sensex was down 4.25, Nifty was down 3.6%, CNX Midcap Index was down 1.7%; BSE Small Cap index was down 0.27%, BSE Bank index was down 6.75%,BSE Oil & Gas Index was down 5.3%; BSE Cap Goods Index was down 4.6%, BSE IT index was up 1.5% -Rupee back to 40 levels. Index Losers were stocks like RIL was down 6.15%, ONGC was down 3.3%, ICICI Bank was down 7.65%, SBI was down 8%, HDFC was down 12%, ABB was down 12% dissapointing nos. Index gainers were stocks like Nalco was up 14.7%, Sail was up 10%, Bajaj Auto was up 6%. HC approves demerger. Non Index losers were stocks like J P Ass was down 13.5%. Corp gov issue, IBREL was down 12%, Era Cons was down 11%, Alok was down 9%, Indiabulls Fin was down 8%, Non Index Gainers were stocks like GUj NRE Coke, Hexaware, Bank of Raj was up 28%, Polaris was up 16%. CBoP was up 12%, likely to merge with HDFC BK.

Major Events This Week
Big consoldation- HDFC BK, CBoP look for merger options, Tatas near Jaguar, Land Rover deal, some investors exit on concerns of integration issues,Commodity pack in limelight, crude at new high, gold at new high, metals stks up in LME, Iron ore prices fixed 65% higher for FY08, PSU bank cuts home loan rates, Fed rate cut expected 50 bps in March.

Events next week
F&O expiry,Budget, Reliance Power Board meet on Sunday to consider bonus issue.

Market Snapshot
Asian stocks fell on on renewed fears of recession after a worse- than-forecast manufacturing report,Shanghai down 3.5%, Nikkei, Hang Seng down 1.35% each, Kospi down 1%.

Shanghai Mkt News
Shanghai Index down over 4% on supply concerns, Lock-up period for investors from IPO are expiring soon and investors expect a flood of shares to hit the market, Pudong Development Bank, part-owned by Citigroup confirmed plans to sell shares ((stock posted its biggest two-day drop since November 1999, Also concerns of tightening monetary policy has been in the market for a little while.

Hong Kong News
Report that the local government lost money on its investment in shares of the bourse operator, January consumer price inflation data to be released today.

Taiwan Flows
Taiwan: FIIs net buy equities worth $ 32.7 m in today’s trade (Prov), FIIs have bought equities worth $ 575 m during this week (Prov), Reports that the govt to reduce corporate income tax rate to 17.5% from 25%.

Data To Watch
Dallas Fed Reserve President Richard Fisher (FOMC voting member) to speak at Texas.