Sensex ends 71 points lower amid thin volumes
The holiday mood was evident on the bourses as the benchmark Sensex drifted lower on thin volumes. The Sensex was range-bound for a better part of the session and the fall accentuated only towards the latter part.
Caution was the name of the game ahead of Reserve Bank of India (RBI)’s quarterly review of monetary policy on Wednesday, 31 January 2007. The central bank is expected to raise short-term interest rates by 25 basis points at the review meeting.
The 30-share BSE Sensex lost 70.76 points (0.5%), to settle at 14,211.96. The S&P CNX Nifty shed 23.25 points (0.56%), to settle at 4,124.45. Both indices had settled at lifetime highs last Thursday, 25 January 2007.
Interest rate sensitive banking shares weakened in the latter part of trading due to concerns of rate hike. IT shares were subdued-to-weak throughout the day. Index heavyweight Reliance Industries (RIL) held positive zone for most of the day and buffered the Sensex's fall.
The Sensex had lost nearly 100 points at one of time in late trading, to a low of 14,185.92. It had opened firm with the Sensex rising as many as 33.82 points, to a high of 14,316.54, at the onset of trading. It soon lost ground and slipped into the red.
The market-breadth was even by the end of the session in contrast to a strong breadth in the afternoon. Against 1,324 shares rising on BSE, 1,322 declined. Just 47 shares were unchanged.The BSE clocked a turnover of Rs 3703 crore, compared to Thursday’s Rs 4733 crore.The BSE Small-Cap Index ended flat at 7,576.51, while the BSE Mid Cap index gained 11.88 points (0.2%), to finish at 6,100.86.
BSE’s Metal sector index was the top gainer among sectoral indices. It rose 134.16 points (1.39%), to settle at 9,759.61. The BSE Oil & Gas sector index rose 25.77 points (0.39%), to end at 6,716.68.
With a fall of 154.05 points (2%) to 7,292.78, the BSE Bankex was the top loser from among sectoral indices. The BSE IT sector index shed 49.92 points (0.9%), to settle at 5,315.57.
Reliance Industries (RIL) rose nearly 1% to Rs 1382.85. As many as 4.4 lakh shares changed hands in the counter on BSE. RIL held positive zone for most of the day and buffered the Sensex's fall.
Reliance Communications (RCL) surged 4% to Rs 454.85, partly due expectations of strong Q3 results, and partly on shareholders' approval for transferring the company's wireless towers (CDMA and GSM) and related infrastructure to its subsidiary, Reliance Telecom Infrastructure (RTIL). RCL unveils Q3 results on 31 January 2007.
Tata Steel rose 2% to Rs 520, extending last week’s surge. As per reports, an auction will be held for Anglo-Dutch Steelmaker Corus on Tuesday, which will last for 10 hours. UK's takeover watchdog has set 30 January 2007, as the deadline for Tata Steel and CSN to make revised offers for Corus.
Hitherto, CSN enjoys an edge over its Indian rival with a higher price bid of 515 pence a share compared to Tata Steel’s 500 pence per share.
State-run Steel Authority of India (Sail) lost 0.1% to Rs 111.50. Sail today posted a net profit of Rs 1471.19 crore in December 2006 quarter compared to a net profit of Rs 656.07 crore in the December 2005 quarter.
L&T (up 0.7% to Rs 1625) firmed up in mid-afternoon trade soon after its Q3 results hit the market. L&T posted a net profit-after-tax of Rs 343.90 crore in December 2006 quarter compared to Rs 259.27 crore in December 2005 quarter.
Bhel rose 2% to Rs 2498, after its board announced a surprise 1:1 bonus along with strong Q3 results after trading hours on Thursday (25 January 2007).
Hindalco Industries rose nearly 3% to Rs 180.45, after reporting a surge in net profit in December 2006 quarter, to Rs 643.90 crore from Rs 336.20 crore in December 2005 quarter. The results were unveiled after trading hours on Thursday, 25 January 2007.
NTPC rose nearly 4% to Rs 142.75, ahead of its board meeting on Wednesday (31 January 2007), to consider December 2006 quarter results. On the same day, the company’s board will also consider an interim dividend for shareholders.
ICICI Bank lost 3.3% to Rs 952, State Bank of India shed 1.9% to Rs 1153 and HDFC Bank lost 1.6% to Rs 1050.
Cigarette major ITC shed 3% to Rs 173. ITC’s board meets on Wednesday (31 January 2007) to consider Q3 results.
Tata Motors shed nearly 3% to Rs 899. Maruti Udyog was down 0.5% to Rs 937.90, up from the session’s low of Rs 925.
IT shares slipped on profit-taking. Wipro lost 3% to Rs 630, Satyam Computer shed 2.9% to Rs 462.50 and TCS shed 1.6% to Rs 1292.
IDBI jumped 7% to Rs 102.55. The stock rose on a high volume of 47.6 lakh shares on BSE. Last week, IDBI reported 6% growth in net profit of Rs 126.79 crore in December 2006 quarter. The latest results include Rs 19 crore profit from the working results of the recently-merged United Western Bank (UWB) and, therefore, are not comparable.
Cairn India rose 1.4% to Rs 150.15, on a heavy volume of 35.2 lakh shares. British oil explorer and Cairn India’s parent, Cairn Energy, expressed confidence that a deal could be agreed with the Indian government and Cairn's partners for constructing a pipeline to deliver the company's crude oil to the market. The company said the agreement is likely within the first six months of this year.
Indian Oil Corporation rose 1.2% to Rs 498.75, after reporting a net profit of Rs 1059.01 crore in the December 2006 quarter compared to a net loss of Rs 6.48 crore during the December 2005 quarter. IOC’s total income rose to Rs 55218.42 crore from Rs 44874.06 crore.
Dishman Pharma was down 0.8% to Rs 246.60. It also reported an 8.8% growth in net profit in December 2006 quarter to Rs 19.85 crore (Rs 18.24 crore).
Maharashtra Seamless was flat at Rs 520.35. It reported 44% growth in net profit in December 2006 quarter to Rs 60.02 crore (Rs 41.73 crore). Net sales rose 26.7% to Rs 350.48 crore from Rs 276.56 crore.
Sun Pharmaceutical Industries lost 1.1% to Rs 1023.20. The company said on Monday its third quarter consolidated net profit rose 36% to Rs 199 crore.
Aditya Birla Nuvo rose 0.5% to Rs 1237. The company reported a net profit of Rs 55.34 crore in December 2006 quarter compared to a net profit of Rs 55 crore in December 2005 quarter.
Hinduja TMT lost 1.5% to Rs 710. Hinduja TMT and UK-based business consulting and outsourcing firm, Centric, have entered a joint venture with law firm Fox Mandal Little. The joint venture, to be called Centric LPO, will provide legal outsourcing services to multinational companies and various international law firms, Hinduja TMT said in a statement on Monday.
Century Enka dropped 5% to Rs 147. It reported a net profit of Rs 1.92 crore in December 2006 quarter against a net loss of Rs 6.84 crore in December 2005 quarter. Total income went up to Rs 261.12 crore from Rs 250.37 crore.
Development Credit Bank rose nearly 0.4% to Rs 79.80, after reporting a net profit of Rs 2.77 crore in December 2006 quarter, against a net loss of Rs 2.39 crore in December 2005 quarter. Total income went up to Rs 118.90 crore in the Dec-06 quarter from Rs 89.44 crore in December 2005 quarter.
Finolex Industries rose 2.5% to Rs 88.50, after the company reported a surge in net profit in December 2006 quarter to Rs 22.88 crore from Rs 14.67 crore in December 2005 quarter.
Sun TV was down 2% to Rs 1660. The company posted a profit-after- tax of Rs 59.77 crore in the December 2006 quarter compared to a net profit of Rs 39.90 crore in the December 2005 quarter.
Indraprastha Gas rose 1.1% to Rs 118.70, after it reported 21% growth in net profit in December 2006 quarter to Rs 35.48 crore over the year ago period (Rs 29.32 crore). Net sales edged up to Rs 159.87 crore from Rs 137.04 crore.
Suven Life Sciences jumped 5% to Rs 177.80, after the company’s board suggested a liberal 1:1 bonus and also recommended a sub-division of equity shares from face value of Rs 2 each, into that of Re 1 each.
Q3 results have been good so far. Major results scheduled over the next two days are Tata Steel, ITC, NTPC and Reliance Communications. After corporate earnings and the RBI credit policy review, the focus will shift to the Union Budget 2007-08 and related expectations.
European markets were mixed in early trade. London’s FTSE 100 index was up 0.06%. Germany’s DAX and France's CAC 40 were down by 0.09% each.
Asian markets also traded mixed. Key benchmark indices in Hong Kong, South Korea and Taiwan were down between 0.2 - 0.9%. Key indices in Japan and Singapore were up between 0.2 - 1.3%.
The Dow and the S&P 500 ended a shade lower on Friday on concerns that strong economic reports will hurt chances of an interest-rate cut. Dow fell 15.54 points, or 0.12%, to end at 12,487.02. The Standard & Poor's 500 Index slipped 1.72 points, or 0.12%, to finish at 1,422.18. But the Nasdaq Composite Index inched up 1.25 points, or 0.05%, to close at 2,435.49.
Oil prices firmed up. Nymex crude was up 44 cents, at $55.86 a barrel, on Monday.
Caution was the name of the game ahead of Reserve Bank of India (RBI)’s quarterly review of monetary policy on Wednesday, 31 January 2007. The central bank is expected to raise short-term interest rates by 25 basis points at the review meeting.
The 30-share BSE Sensex lost 70.76 points (0.5%), to settle at 14,211.96. The S&P CNX Nifty shed 23.25 points (0.56%), to settle at 4,124.45. Both indices had settled at lifetime highs last Thursday, 25 January 2007.
Interest rate sensitive banking shares weakened in the latter part of trading due to concerns of rate hike. IT shares were subdued-to-weak throughout the day. Index heavyweight Reliance Industries (RIL) held positive zone for most of the day and buffered the Sensex's fall.
The Sensex had lost nearly 100 points at one of time in late trading, to a low of 14,185.92. It had opened firm with the Sensex rising as many as 33.82 points, to a high of 14,316.54, at the onset of trading. It soon lost ground and slipped into the red.
The market-breadth was even by the end of the session in contrast to a strong breadth in the afternoon. Against 1,324 shares rising on BSE, 1,322 declined. Just 47 shares were unchanged.The BSE clocked a turnover of Rs 3703 crore, compared to Thursday’s Rs 4733 crore.The BSE Small-Cap Index ended flat at 7,576.51, while the BSE Mid Cap index gained 11.88 points (0.2%), to finish at 6,100.86.
BSE’s Metal sector index was the top gainer among sectoral indices. It rose 134.16 points (1.39%), to settle at 9,759.61. The BSE Oil & Gas sector index rose 25.77 points (0.39%), to end at 6,716.68.
With a fall of 154.05 points (2%) to 7,292.78, the BSE Bankex was the top loser from among sectoral indices. The BSE IT sector index shed 49.92 points (0.9%), to settle at 5,315.57.
Reliance Industries (RIL) rose nearly 1% to Rs 1382.85. As many as 4.4 lakh shares changed hands in the counter on BSE. RIL held positive zone for most of the day and buffered the Sensex's fall.
Reliance Communications (RCL) surged 4% to Rs 454.85, partly due expectations of strong Q3 results, and partly on shareholders' approval for transferring the company's wireless towers (CDMA and GSM) and related infrastructure to its subsidiary, Reliance Telecom Infrastructure (RTIL). RCL unveils Q3 results on 31 January 2007.
Tata Steel rose 2% to Rs 520, extending last week’s surge. As per reports, an auction will be held for Anglo-Dutch Steelmaker Corus on Tuesday, which will last for 10 hours. UK's takeover watchdog has set 30 January 2007, as the deadline for Tata Steel and CSN to make revised offers for Corus.
Hitherto, CSN enjoys an edge over its Indian rival with a higher price bid of 515 pence a share compared to Tata Steel’s 500 pence per share.
State-run Steel Authority of India (Sail) lost 0.1% to Rs 111.50. Sail today posted a net profit of Rs 1471.19 crore in December 2006 quarter compared to a net profit of Rs 656.07 crore in the December 2005 quarter.
L&T (up 0.7% to Rs 1625) firmed up in mid-afternoon trade soon after its Q3 results hit the market. L&T posted a net profit-after-tax of Rs 343.90 crore in December 2006 quarter compared to Rs 259.27 crore in December 2005 quarter.
Bhel rose 2% to Rs 2498, after its board announced a surprise 1:1 bonus along with strong Q3 results after trading hours on Thursday (25 January 2007).
Hindalco Industries rose nearly 3% to Rs 180.45, after reporting a surge in net profit in December 2006 quarter, to Rs 643.90 crore from Rs 336.20 crore in December 2005 quarter. The results were unveiled after trading hours on Thursday, 25 January 2007.
NTPC rose nearly 4% to Rs 142.75, ahead of its board meeting on Wednesday (31 January 2007), to consider December 2006 quarter results. On the same day, the company’s board will also consider an interim dividend for shareholders.
ICICI Bank lost 3.3% to Rs 952, State Bank of India shed 1.9% to Rs 1153 and HDFC Bank lost 1.6% to Rs 1050.
Cigarette major ITC shed 3% to Rs 173. ITC’s board meets on Wednesday (31 January 2007) to consider Q3 results.
Tata Motors shed nearly 3% to Rs 899. Maruti Udyog was down 0.5% to Rs 937.90, up from the session’s low of Rs 925.
IT shares slipped on profit-taking. Wipro lost 3% to Rs 630, Satyam Computer shed 2.9% to Rs 462.50 and TCS shed 1.6% to Rs 1292.
IDBI jumped 7% to Rs 102.55. The stock rose on a high volume of 47.6 lakh shares on BSE. Last week, IDBI reported 6% growth in net profit of Rs 126.79 crore in December 2006 quarter. The latest results include Rs 19 crore profit from the working results of the recently-merged United Western Bank (UWB) and, therefore, are not comparable.
Cairn India rose 1.4% to Rs 150.15, on a heavy volume of 35.2 lakh shares. British oil explorer and Cairn India’s parent, Cairn Energy, expressed confidence that a deal could be agreed with the Indian government and Cairn's partners for constructing a pipeline to deliver the company's crude oil to the market. The company said the agreement is likely within the first six months of this year.
Indian Oil Corporation rose 1.2% to Rs 498.75, after reporting a net profit of Rs 1059.01 crore in the December 2006 quarter compared to a net loss of Rs 6.48 crore during the December 2005 quarter. IOC’s total income rose to Rs 55218.42 crore from Rs 44874.06 crore.
Dishman Pharma was down 0.8% to Rs 246.60. It also reported an 8.8% growth in net profit in December 2006 quarter to Rs 19.85 crore (Rs 18.24 crore).
Maharashtra Seamless was flat at Rs 520.35. It reported 44% growth in net profit in December 2006 quarter to Rs 60.02 crore (Rs 41.73 crore). Net sales rose 26.7% to Rs 350.48 crore from Rs 276.56 crore.
Sun Pharmaceutical Industries lost 1.1% to Rs 1023.20. The company said on Monday its third quarter consolidated net profit rose 36% to Rs 199 crore.
Aditya Birla Nuvo rose 0.5% to Rs 1237. The company reported a net profit of Rs 55.34 crore in December 2006 quarter compared to a net profit of Rs 55 crore in December 2005 quarter.
Hinduja TMT lost 1.5% to Rs 710. Hinduja TMT and UK-based business consulting and outsourcing firm, Centric, have entered a joint venture with law firm Fox Mandal Little. The joint venture, to be called Centric LPO, will provide legal outsourcing services to multinational companies and various international law firms, Hinduja TMT said in a statement on Monday.
Century Enka dropped 5% to Rs 147. It reported a net profit of Rs 1.92 crore in December 2006 quarter against a net loss of Rs 6.84 crore in December 2005 quarter. Total income went up to Rs 261.12 crore from Rs 250.37 crore.
Development Credit Bank rose nearly 0.4% to Rs 79.80, after reporting a net profit of Rs 2.77 crore in December 2006 quarter, against a net loss of Rs 2.39 crore in December 2005 quarter. Total income went up to Rs 118.90 crore in the Dec-06 quarter from Rs 89.44 crore in December 2005 quarter.
Finolex Industries rose 2.5% to Rs 88.50, after the company reported a surge in net profit in December 2006 quarter to Rs 22.88 crore from Rs 14.67 crore in December 2005 quarter.
Sun TV was down 2% to Rs 1660. The company posted a profit-after- tax of Rs 59.77 crore in the December 2006 quarter compared to a net profit of Rs 39.90 crore in the December 2005 quarter.
Indraprastha Gas rose 1.1% to Rs 118.70, after it reported 21% growth in net profit in December 2006 quarter to Rs 35.48 crore over the year ago period (Rs 29.32 crore). Net sales edged up to Rs 159.87 crore from Rs 137.04 crore.
Suven Life Sciences jumped 5% to Rs 177.80, after the company’s board suggested a liberal 1:1 bonus and also recommended a sub-division of equity shares from face value of Rs 2 each, into that of Re 1 each.
Q3 results have been good so far. Major results scheduled over the next two days are Tata Steel, ITC, NTPC and Reliance Communications. After corporate earnings and the RBI credit policy review, the focus will shift to the Union Budget 2007-08 and related expectations.
European markets were mixed in early trade. London’s FTSE 100 index was up 0.06%. Germany’s DAX and France's CAC 40 were down by 0.09% each.
Asian markets also traded mixed. Key benchmark indices in Hong Kong, South Korea and Taiwan were down between 0.2 - 0.9%. Key indices in Japan and Singapore were up between 0.2 - 1.3%.
The Dow and the S&P 500 ended a shade lower on Friday on concerns that strong economic reports will hurt chances of an interest-rate cut. Dow fell 15.54 points, or 0.12%, to end at 12,487.02. The Standard & Poor's 500 Index slipped 1.72 points, or 0.12%, to finish at 1,422.18. But the Nasdaq Composite Index inched up 1.25 points, or 0.05%, to close at 2,435.49.
Oil prices firmed up. Nymex crude was up 44 cents, at $55.86 a barrel, on Monday.
posted by SY at 6:14 PM
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