Sensex sheds 66 points on fall in auto, cement stocks

vengabeats

Par 100 posts (V.I.P)
Weak global markets on concerns of rise in US interest rates led to meekness on the domestic bourses today. After calling the shots for most part of the session, infirmity in auto, cement, banking and non-ferrous metal scrips pulled the market down in a spiral during the last hour of trade. Selling accentuated in the last half an hour of trade.
The bourses remained volatile as the Sensex squandered 100 points after having gained over 100 points at one point of time in early afternoon trade.
The 30-share BSE Sensex lost 66.51 points (0.6%) to settle at 10,786.63. The Sensex had risen as much as 135 points at one point of time in early afternoon trade, to a high of 10,988.23. It moved 265.31 points for the day between 10, 722.92-10,988.23.
The S&P CNX Nifty lost 29.60 points (0.9%) to 3,185.30. As per provisional figures, Nifty June futures settled at 3,105.55, a steep discount of 79.75 points over the spot Nifty closing of 3,185.30.
BSE clocked a turnover of Rs 3,208 crore. Although the turnover was much higher than Monday's Rs 2,486 crore, it still was a low key affair. In March-April 2006 and in the first half of May 2006 turnover had hovered between Rs 4,000-5,000 crore.
The market breadth weakened in late trading when blue chips faltered. Whereas 1,350 stocks declined on BSE, 1,098 rose. A substantial 82 stocks were unchanged. Losers outpaced gainers by a ratio of 1.22:1.
Asian markets were mostly subdued-to-weak and European shares were in the red in early trade on Tuesday, dogged by worries that interest rates in the US may rise.
Global emerging markets had witnessed a massive fall recently on prospects of a rise in interest rates in the US. Selling was primarily by hedge funds as money is being taken out of emerging markets on inflation concerns and on prospects of further rise in US interest rates. The possibility of higher rates on safe-haven US Treasuries has drawn investor interest away from riskier assets in emerging markets. US interest rate increases tend to heighten the lure of US debt investments compared with riskier emerging market assets, siphoning off portfolio investment from developing nations. India, Brazil, Mexico, Argentina, South Korea witnessed their biggest losses in years in a short period of time.
FIIs pressed heavy sales in Indian stocks over the past few days. Their cumulative outflow for May 2006, till, 29 May, aggregated Rs 7,346 crore.
A possibility of further correction cannot be ruled out, given that the rally was quite steely over the past few months. The Sensex has corrected 1,825.75 points (14.4%) from a lifetime closing high of 12,612.38 on 10 May 2006. Even after the correction, it is still up 3, 100.99 points (40%) from a low of 7,685.64 on 28 October 2005.
Analysts feel that the fundamentals of the Indian corporate sector remain strong and strong corporate earnings growth would limit downside on the domestic bourses.
Hero Honda plunged 7.6% to Rs 780. A huge 2.7 lakh shares changed hands in the counter on BSE. "Operating margins in the current fiscal are going to be under tremendous pressure because of steeply rising input prices," Hero Honda's Managing Director Pawan Kant Munjal told a news conference. The company would not raise prices this year due to increased competition.
Hero Honda today reported strong Q4 results. Its net profit rose 29% in Q4 March 2006 to Rs 267.19 crore (Rs 207.11 crore). Net sales rose 16.2% to Rs 2,255.88 crore (Rs 1940.33 crore).
A host of other auto shares weakened. Tata Motors lost 5.8% to Rs 777, TVS Motor shed 4.8% to Rs 123.90, Maruti Udyog shed 4.4% to Rs 756, and Bajaj Auto shed 1.9% to Rs 2,811.
But tractor and utility vehicles major M&M rose 3% to Rs 610. A block deal of 8.8 lakh shares was witnessed in the stock on BSE at Rs 616 in early trade. North India-based tractor major Punjab Tractors gained nearly 4% to Rs 260.
Metal shares retreated in volatile trade. Nalco plunged nearly 8% to Rs 235, Sterlite Industries lost 3.3% to Rs 430 and Hindalco lost 2.3% to Rs 184.
Steel shares eased on profit-taking after last two days of gains. Tata Steel shed 2.9% to Rs 544.60 and Sail shed 0.4% to Rs 84.40.
Cement shares weakened. ACC lost 3.3% to Rs 774, UltraTech Cement shed 4.5% to Rs 625, Gujarat Ambuja Cements shed 3% to Rs 94.80.
Reliance Industries lost 1.1% to Rs 945.75. The stock did a total reversal after the early firm trend. It had gained as much as 2% at one point of time in early afternoon trade, to a high of Rs 976.60. A massive 13.4 lakh shares changed hands in the counter on BSE.
Select IT stocks edged higher as the rupee fell to its lowest level of calendar 2006. IT bellwether Infosys rose 1.8% to Rs 3,020. A total of 2.3 lakh shares changed hands in the counter on BSE. While TCS gained 1.4% to Rs 1,873, HCL Tech rose 1.5% to Rs 518.30.
Among second line IT stocks, Infotech Enterprises jumped 8% to Rs 590, Mastek gained 6% to Rs 389, NIIT Tech gained 3.6% to Rs 197, Nucleus Software rose 2.4% to Rs 340, Mphasis BFL gained 1.6% to Rs 193.95
Rice processing firms surged. REI Agro jumped 20% to Rs 127.85, KRBL gained 10% to Rs 190.70 and Satnam Overseas rose 10% to Rs 95.75.
EIH jumped 9% to Rs 710. The company's board meets tomorrow to consider bonus issue.
Nestle rose 4% to Rs 1,146.50. Only 6,743 shares changed hands in the counter on BSE.
Blue Dart Express rose 3.3% to Rs 480 after the company announced induction of two Boeing 757-200 freighters into its air express fleet.
Titan Industries jumped 4.4% to Rs 701. As many as 9.6 lakh shares changed hands in the counter on BSE.
Vishal Exports jumped 20% to Rs 6.64. The company said on Monday that it has chalked out plans to enter into real estate development. The company has formed a new company Vishal Reality Management for this purpose. It has also participated in the tender for development of 65,000 sq. mt. of prime property near Ghodod Road, Surat.
Jindal Steel & Power rose nearly 3% to Rs 1,789 on reports that it had emerged as the sole bidder for developing Bolivia's largest iron ore mines. These mines have proven reserves of 40 billion tonnes. JSPL has been looking at various options in the domestic market as well as overseas to meet its iron ore needs. Its mega investment plans include a 6 million tonne steel plant in Orissa, another five million tonne plant in Jharkhand and a 1,000 MW pithead power plant in Raigarh.
Nagarjuna Construction rose 1.1% to Rs 351.10 after the company, on Monday, declared a liberal 1:1 bonus.
 

j_ritu

New member
tujhe agar mile kabhi fursat..,meri shaam phir se sawaar de , agar qatal karna hai to kar,par bass ek bar sensex sudhar de, ruthi nifty ko manana hai , tute index ko sajana hai, khazane ke bache do paise se phir se ashiyana banana hai...
 

vengabeats

Par 100 posts (V.I.P)
j_ritu said:
tujhe agar mile kabhi fursat..,meri shaam phir se sawaar de , agar qatal karna hai to kar,par bass ek bar sensex sudhar de, ruthi nifty ko manana hai , tute index ko sajana hai, khazane ke bache do paise se phir se ashiyana banana hai...

Kya Baat hai :SugarwareZ-299:
 
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