Market drifts lower on higher turnover
Market witnessed high volatility with the mood being negative as selling continued throughout the day.
Sensex finished 62.36 points or 0.48% lower to 12961.90. Earlier today it opened higher at 13048.76 and surged to an all time high of 13075.85. Its low for the day was at 12907.94.The S&P CNX Nifty lost 25 points or 0.66% to 3744.10.Total turnover on BSE surged to Rs 4392 crore, which was much higher than Rs 3708 crore on Monday.
Market breadth was weak, as small cap and mid cap stocks came under selling pressure. There were close to 2 losers for every gainer on BSE. 1643 shares declined on BSE, compared to 868 that advanced. 59 remained unchanged. The BSE Small Cap index lost 91.21 points to 6,392.59 while the BSE Mid Cap index lost 26.50 points to 5,396.13
Shares of state run banks edged higher after RBI kept key interest rates unchanged in its credit policy announced today. PSU bank stocks rose on the reckoning that with no hike in interest rates, the lending growth would remain strong. Indian Overseas Bank (up 2.83% to Rs 117.90), Bank of India (up 4.50% to Rs 174), Andhra Bank (up 1.25% to Rs 93.05), Bank of Baroda (up 0.74% to Rs 279.90), and State Bank of India (up 0.14% to Rs 1096.25) advanced.
Among the Sensex pack, 18 declined while the rest advanced. Reliance Communications was the top loser, down 3.70% to Rs 379 on high volumes of 22.43 lakh shares. It had surged to a high of Rs 400 in early trades.
Tata Motors lost 2.36% to Rs 832 on 11.76 lakh shares. Its ADR had tumbled over 4% on Monday on NYSE.Tata Steel was down 1.39% to Rs 491.40 on 13.69 lakh shares. Its Q2 September net profit rose 5.4% to Rs 1101 crore (Rs 1045 crore). Net sales increased 7.8% to Rs 4185.75 crore (Rs 3884.42 crore).
Index heavyweight, Reliance Industries (RIL) was down 0.47% to Rs 1226.70 on 7.30 lakh shares. It had hit an intra-day high of Rs 1240 in early trades. It had recovered from low of Rs 1219.10
FMCG major, Hindustan Lever (HLL) was the top gainer, up 3.02% to Rs 235.65 on 22.49 lakh shares after the company posted 60% rise in September quarterly earnings on strong demand for soaps, shampoos and packaged foods, as well as one-off gains from stake sales. Net profit rose to Rs 520.74 crore for the quarter ended 30 September 2006 where as the same was Rs 325.96 crore for the quarter ended 30 September 2005. The net profit included exceptional items such as gains from sale of stakes in some firms. Total Income rose to Rs 3162.82 crore (Rs 2816.42 crore).
Satyam Computers advanced 2.36% to Rs 440.40 on 7.23 lakh shares. It recovered from its low of Rs 434.70.Hero Honda rose 1.50% to Rs 757 after declining to a low of Rs 747.
Aviation stocks surged on back of renewed buying. Deccan Aviation (up 10.89% to Rs 112), Spicejet (up 10.27% to Rs 45.65) and Jet Airways (up 2.25% to Rs 596) advanced.
Colgate surged 8.45% to Rs 418.50 on high volumes of 11.36 lakh shares after it reported 25% fall in net profit for Q2 September 2006 due to a huge VRS outgo of Rs 58.80 crore. Colgate’s net profit in Q2 September 2006 declined 24.9% to Rs 23.18 crore (Rs 30.88 crore). Net sales rose 15% to Rs 320.01 crore (Rs 278.12 crore).
Ashok Leyland lost 5.19% to Rs 43.80 on high volumes of 26.22 lakh shares. Its Q2 September 2006 net profit rose 27.1% to Rs 95.3 crore (Rs 75 crore). Net sales increased 34.1% to Rs 1657.7 crore (Rs 1249.2 crore).
SRF (down 5.44% to Rs 245) and IFCI (down 6.25% to Rs 12.16) after NSE barred further F&O positions in these company’s as marketwide limit of 95% had been crossed.
Jaiprakash Associates surged 7.60% to Rs 585.90 on high volumes of 40.57 lakh shares. It witnessed high volatility, as it surged to a high of Rs 647.70, while its low was at Rs 570. It had surged 20% on Monday, following reports that it will be awarded an expressway project from the government of Uttar Pradesh.
Cummins India spurted 7.96% to Rs 270 after it reported 66% surge in net profit for Q2 September 2006 to Rs 62.69 crore (Rs 37.76 crore). Net sales has surged 30.8% to Rs 467.44 crore (Rs 357.29 crore).
Ind-Swift Laboratories fell 6.50% to Rs 65.50 after reporting its net profit fell 46 percent for the July-Sept 2006 quarter from a year ago. Ind-Swift Laboratories reported 45.6% fall in net profit for the quarter ended 30 September 2006 to Rs 4.50 crore (Rs 8.27 crore). Net sales declined 9.2% to Rs 72.88 crore (Rs 80.28 crore).
Sanghvi Movers jumped 6.71% to Rs 740 after it reported 90% growth in net profit for Q2 September 2006 to Rs 13.10 crore (Rs 6.89 crore). Income from operations rose 37% to Rs 47.34 crore (Rs 34.53 crore).
Sterlite Optical Technologies slipped 0.97% to Rs 193.50, after surging to a high of Rs 205. The company reported a surge in net profit for Q2 September 2006. The company registered a net profit of Rs 19.85 crore for Q2 September 2006 as against a net profit of Rs 1.17 crore for Q2 September 2005. Net sales rose to Rs 379.65 crore from Rs 124.16 crore. Sterlite Optical’s Q2 net profit was boosted due to inclusion of results of power transmission business from group company Sterlite Industries in July 2006.
Denim maker Arvind Mills plunged 8.10% to Rs 62 after it reported a 85% fall in net profit for Q2 September 2006 to Rs 5.55 crore from Rs 37.19 crore in Q2 September 2005. Net sales declined 8.1% to Rs 393.21 crore from Rs 428.04 crore.
Reserve Bank of India in its mid-term review of annual policy statement released at 12:00 IST kept Reverse Repo rate unchanged at 6%, while the Repo rate was raised by 25 basis points to 7.25%.Bank rate was kept unchanged at 6% while the Cash Reserve Ratio (CRR) was kept steady at 5%. The central bank also raised 2006/07 economic growth forecast to "around 8%" from a previous 7.5-8% estimate.The central bank said inflation would be driven by demand conditions rather than supply-side effects. It said keeping inflation in 5.0-5.5% range needed monitoring, appropriate policy response.
The Nikkei average rose 0.29% on Tuesday as some blue-chip stocks such as Honda Motor Co. Ltd. and Tokyo Electron Ltd. recovered in reaction to the previous day's steep declines and Fanuc Ltd. extended gains after raising its full-year forecast. The Nikkei rose 47.54 points to close at 16,399.39.Hang Seng index rose 26.80 points or 0.15% to 18,324.35.
US indices on Monday displayed mixed trend. While buying action in technology stocks and fall in crude oil prices helped the Nasdaq Composite index gain 13 points to 2364, disappointing news from Wal-Mart and Verizon dragged the Dow Jones lower by 4 points to 12086.
Crude oil prices in the US market took a major hit, with the Nymex light crude oil for December delivery dropping by $2.39 to $58.36 a barrel on Monday.
On 27 October 2006, FIIs were net buyers of stocks to the tune of Rs 496.70 crore (gross purchases worth Rs 2661.50 crore and gross sales of Rs 2164.70 crore).
Sensex finished 62.36 points or 0.48% lower to 12961.90. Earlier today it opened higher at 13048.76 and surged to an all time high of 13075.85. Its low for the day was at 12907.94.The S&P CNX Nifty lost 25 points or 0.66% to 3744.10.Total turnover on BSE surged to Rs 4392 crore, which was much higher than Rs 3708 crore on Monday.
Market breadth was weak, as small cap and mid cap stocks came under selling pressure. There were close to 2 losers for every gainer on BSE. 1643 shares declined on BSE, compared to 868 that advanced. 59 remained unchanged. The BSE Small Cap index lost 91.21 points to 6,392.59 while the BSE Mid Cap index lost 26.50 points to 5,396.13
Shares of state run banks edged higher after RBI kept key interest rates unchanged in its credit policy announced today. PSU bank stocks rose on the reckoning that with no hike in interest rates, the lending growth would remain strong. Indian Overseas Bank (up 2.83% to Rs 117.90), Bank of India (up 4.50% to Rs 174), Andhra Bank (up 1.25% to Rs 93.05), Bank of Baroda (up 0.74% to Rs 279.90), and State Bank of India (up 0.14% to Rs 1096.25) advanced.
Among the Sensex pack, 18 declined while the rest advanced. Reliance Communications was the top loser, down 3.70% to Rs 379 on high volumes of 22.43 lakh shares. It had surged to a high of Rs 400 in early trades.
Tata Motors lost 2.36% to Rs 832 on 11.76 lakh shares. Its ADR had tumbled over 4% on Monday on NYSE.Tata Steel was down 1.39% to Rs 491.40 on 13.69 lakh shares. Its Q2 September net profit rose 5.4% to Rs 1101 crore (Rs 1045 crore). Net sales increased 7.8% to Rs 4185.75 crore (Rs 3884.42 crore).
Index heavyweight, Reliance Industries (RIL) was down 0.47% to Rs 1226.70 on 7.30 lakh shares. It had hit an intra-day high of Rs 1240 in early trades. It had recovered from low of Rs 1219.10
FMCG major, Hindustan Lever (HLL) was the top gainer, up 3.02% to Rs 235.65 on 22.49 lakh shares after the company posted 60% rise in September quarterly earnings on strong demand for soaps, shampoos and packaged foods, as well as one-off gains from stake sales. Net profit rose to Rs 520.74 crore for the quarter ended 30 September 2006 where as the same was Rs 325.96 crore for the quarter ended 30 September 2005. The net profit included exceptional items such as gains from sale of stakes in some firms. Total Income rose to Rs 3162.82 crore (Rs 2816.42 crore).
Satyam Computers advanced 2.36% to Rs 440.40 on 7.23 lakh shares. It recovered from its low of Rs 434.70.Hero Honda rose 1.50% to Rs 757 after declining to a low of Rs 747.
Aviation stocks surged on back of renewed buying. Deccan Aviation (up 10.89% to Rs 112), Spicejet (up 10.27% to Rs 45.65) and Jet Airways (up 2.25% to Rs 596) advanced.
Colgate surged 8.45% to Rs 418.50 on high volumes of 11.36 lakh shares after it reported 25% fall in net profit for Q2 September 2006 due to a huge VRS outgo of Rs 58.80 crore. Colgate’s net profit in Q2 September 2006 declined 24.9% to Rs 23.18 crore (Rs 30.88 crore). Net sales rose 15% to Rs 320.01 crore (Rs 278.12 crore).
Ashok Leyland lost 5.19% to Rs 43.80 on high volumes of 26.22 lakh shares. Its Q2 September 2006 net profit rose 27.1% to Rs 95.3 crore (Rs 75 crore). Net sales increased 34.1% to Rs 1657.7 crore (Rs 1249.2 crore).
SRF (down 5.44% to Rs 245) and IFCI (down 6.25% to Rs 12.16) after NSE barred further F&O positions in these company’s as marketwide limit of 95% had been crossed.
Jaiprakash Associates surged 7.60% to Rs 585.90 on high volumes of 40.57 lakh shares. It witnessed high volatility, as it surged to a high of Rs 647.70, while its low was at Rs 570. It had surged 20% on Monday, following reports that it will be awarded an expressway project from the government of Uttar Pradesh.
Cummins India spurted 7.96% to Rs 270 after it reported 66% surge in net profit for Q2 September 2006 to Rs 62.69 crore (Rs 37.76 crore). Net sales has surged 30.8% to Rs 467.44 crore (Rs 357.29 crore).
Ind-Swift Laboratories fell 6.50% to Rs 65.50 after reporting its net profit fell 46 percent for the July-Sept 2006 quarter from a year ago. Ind-Swift Laboratories reported 45.6% fall in net profit for the quarter ended 30 September 2006 to Rs 4.50 crore (Rs 8.27 crore). Net sales declined 9.2% to Rs 72.88 crore (Rs 80.28 crore).
Sanghvi Movers jumped 6.71% to Rs 740 after it reported 90% growth in net profit for Q2 September 2006 to Rs 13.10 crore (Rs 6.89 crore). Income from operations rose 37% to Rs 47.34 crore (Rs 34.53 crore).
Sterlite Optical Technologies slipped 0.97% to Rs 193.50, after surging to a high of Rs 205. The company reported a surge in net profit for Q2 September 2006. The company registered a net profit of Rs 19.85 crore for Q2 September 2006 as against a net profit of Rs 1.17 crore for Q2 September 2005. Net sales rose to Rs 379.65 crore from Rs 124.16 crore. Sterlite Optical’s Q2 net profit was boosted due to inclusion of results of power transmission business from group company Sterlite Industries in July 2006.
Denim maker Arvind Mills plunged 8.10% to Rs 62 after it reported a 85% fall in net profit for Q2 September 2006 to Rs 5.55 crore from Rs 37.19 crore in Q2 September 2005. Net sales declined 8.1% to Rs 393.21 crore from Rs 428.04 crore.
Reserve Bank of India in its mid-term review of annual policy statement released at 12:00 IST kept Reverse Repo rate unchanged at 6%, while the Repo rate was raised by 25 basis points to 7.25%.Bank rate was kept unchanged at 6% while the Cash Reserve Ratio (CRR) was kept steady at 5%. The central bank also raised 2006/07 economic growth forecast to "around 8%" from a previous 7.5-8% estimate.The central bank said inflation would be driven by demand conditions rather than supply-side effects. It said keeping inflation in 5.0-5.5% range needed monitoring, appropriate policy response.
The Nikkei average rose 0.29% on Tuesday as some blue-chip stocks such as Honda Motor Co. Ltd. and Tokyo Electron Ltd. recovered in reaction to the previous day's steep declines and Fanuc Ltd. extended gains after raising its full-year forecast. The Nikkei rose 47.54 points to close at 16,399.39.Hang Seng index rose 26.80 points or 0.15% to 18,324.35.
US indices on Monday displayed mixed trend. While buying action in technology stocks and fall in crude oil prices helped the Nasdaq Composite index gain 13 points to 2364, disappointing news from Wal-Mart and Verizon dragged the Dow Jones lower by 4 points to 12086.
Crude oil prices in the US market took a major hit, with the Nymex light crude oil for December delivery dropping by $2.39 to $58.36 a barrel on Monday.
On 27 October 2006, FIIs were net buyers of stocks to the tune of Rs 496.70 crore (gross purchases worth Rs 2661.50 crore and gross sales of Rs 2164.70 crore).
posted by SY at 6:58 PM
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