CRR hike triggers profit taking
The market plunged deep in red in late trade in what was a choppy trade today. Earlier, the market had staged a solid recovery after an initial fall in early afternoon trade that was triggered by the Reserve Bank of India’s raising cash reserve ratio (CRR) by a steep 50 basis points to 7.5%, at its mid-term review of the annual monetary policy announced at 12:00 IST today. RBI kept interest rates unchanged. Contrary to some expectations, interest rates may not soften in the near term.
Sensex was down 194.16 points or 0.97% at 19783.51, and the Nifty down 37.15 points or 0.63% at 5868.75.
Auto stocks declined sharply. Mahindra & Mahindra (down 7.2% to Rs 739), Maruti Suzuki India (down 8.28% to Rs 1,090.05), Hero Honda Motors (down 2.61% to Rs 724.95), Tata Motors (down 4.98% to Rs 766.50) and Bajaj Auto (down 0.68% to Rs 2,485) edged lower.
Banking majors declined as the Reserve Bank of India raised CRR by a steep 50 basis points to 7.5%, in a bid to suck out excess liquidity in the banking system. ICICI Bank (down 1.27% to Rs 1,233.50) and HDFC Bank (down 1.14% to Rs 1,620) and State Bank of India (down 2.98% to Rs 2,054.70) edged lower. CRR deposits with the RBI earn zero interest for the banks.
IT majors edged lower. Infosys (down 0.51% to Rs 1,851.15), Tata Consultancy Services (down 1.77% to Rs 1,049.50) , Satyam Computer Services (down 0.71% to Rs 478.40) edged lower. Wipro (up 0.13% to Rs 510.30) edged higher.
India’s largest telecom services provider Bharti Airtel (up 0.47% to Rs 999.35) edged higher. Dr. Reddy’s Laboratories rose 0.87% to Rs 617.
India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 4.37% to Rs 1,797.05 and was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.9% to Rs 2,774 .It hit a low of Rs 2,746 so far.
Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 1.5% to Rs 2,651.30. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
India's biggest engineering & construction firm by revenue Larsen & Toubro rose 0.95% to Rs 4,318. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.8% to Rs 1,982.
Housing Development Finance Corporation, India's biggest dedicated housing finance firm, declined 2.17% to Rs 2,752.10. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
Among side counters, Parle Software (up 20% to Rs 695.50), Siemens Medical (up 20% to Rs 1,110.60), Mangalore Refinery and Petrochemicals (up 22.76% to Rs 78.20), Celestial Labroratories (up 17.55% to Rs 59.95) edged higher.
Sensex was down 194.16 points or 0.97% at 19783.51, and the Nifty down 37.15 points or 0.63% at 5868.75.
Auto stocks declined sharply. Mahindra & Mahindra (down 7.2% to Rs 739), Maruti Suzuki India (down 8.28% to Rs 1,090.05), Hero Honda Motors (down 2.61% to Rs 724.95), Tata Motors (down 4.98% to Rs 766.50) and Bajaj Auto (down 0.68% to Rs 2,485) edged lower.
Banking majors declined as the Reserve Bank of India raised CRR by a steep 50 basis points to 7.5%, in a bid to suck out excess liquidity in the banking system. ICICI Bank (down 1.27% to Rs 1,233.50) and HDFC Bank (down 1.14% to Rs 1,620) and State Bank of India (down 2.98% to Rs 2,054.70) edged lower. CRR deposits with the RBI earn zero interest for the banks.
IT majors edged lower. Infosys (down 0.51% to Rs 1,851.15), Tata Consultancy Services (down 1.77% to Rs 1,049.50) , Satyam Computer Services (down 0.71% to Rs 478.40) edged lower. Wipro (up 0.13% to Rs 510.30) edged higher.
India’s largest telecom services provider Bharti Airtel (up 0.47% to Rs 999.35) edged higher. Dr. Reddy’s Laboratories rose 0.87% to Rs 617.
India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 4.37% to Rs 1,797.05 and was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.9% to Rs 2,774 .It hit a low of Rs 2,746 so far.
Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 1.5% to Rs 2,651.30. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
India's biggest engineering & construction firm by revenue Larsen & Toubro rose 0.95% to Rs 4,318. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.8% to Rs 1,982.
Housing Development Finance Corporation, India's biggest dedicated housing finance firm, declined 2.17% to Rs 2,752.10. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
Among side counters, Parle Software (up 20% to Rs 695.50), Siemens Medical (up 20% to Rs 1,110.60), Mangalore Refinery and Petrochemicals (up 22.76% to Rs 78.20), Celestial Labroratories (up 17.55% to Rs 59.95) edged higher.
Labels: Nifty.Sensex
posted by SY at 5:08 PM
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