Markets in a free fall
The market plunged in opening trade following weak global cues.The market witnessed free fall in early-afternoon trade on fresh selling. Margin calls might have accentuated the fall. The benchmark index BSE Sensex cracked below the physcological 18,000 level. Trading was volatile. All the 30-stocks from the Sensex pack suffered sharp losses.
At 1.19 hrs IST, the Sensex is down 1,128.92 points or 5.94% at 17884.78, and the Nifty down 343.85 points or 6.03% at 5361.45.
Reliance Communications plunged 10.15% to Rs 632.50. It was the biggest loser from Sensex pack.
ICICI Bank, the country’s largest private sector bank in terms of net profit, slumped 8.50% to Rs 1140.05. ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.
NTPC (down 9.41% to Rs 216.90), Reliance Energy (down 8.90% to Rs 1935.10), Cipla (down 7.80% to Rs 187.65), and Tata Steel (down 7.66% to Rs 722), were the other losers from Sensex pack.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries was down 5.41% to Rs 2648. 11.81 lakh shares changed hands on the counter.
India’s fourth largest software services exporter, Satyam Computer Services lost 2.98% to Rs 361.50, off sharply from its day’s low of Rs 330. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.
Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories which held firm in early trade, also succumbed to selling pressure. It declined 2.75% to Rs 376. The company today said it had settled terms with GlaxoSmithKline on a possible patent litigation for a generic version of the firm's Imitrex tablets. Under the terms of the settlement, Ranbaxy may sell a generic version, sumatriptan succinate tablets, in multiple strengths in the United States from December 2008, it said in a statement to the BSE.
Shares from real estate sector were hit hard. DLF (down 7.75% to Rs 927.80), Unitech (down 12.86% to Rs 413.80), Omaxe (down 21.55% to Rs 333), and Housing Development Infrastructure (down 20.58% to Rs 900.05), suffered sharp losses.
A margin call is triggered when shares that an investor had bought with borrowed money decrease in value. If the investor is not able to put up additional margin, the broker/financer will resort to sale of shares.
At 1.19 hrs IST, the Sensex is down 1,128.92 points or 5.94% at 17884.78, and the Nifty down 343.85 points or 6.03% at 5361.45.
Reliance Communications plunged 10.15% to Rs 632.50. It was the biggest loser from Sensex pack.
ICICI Bank, the country’s largest private sector bank in terms of net profit, slumped 8.50% to Rs 1140.05. ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.
NTPC (down 9.41% to Rs 216.90), Reliance Energy (down 8.90% to Rs 1935.10), Cipla (down 7.80% to Rs 187.65), and Tata Steel (down 7.66% to Rs 722), were the other losers from Sensex pack.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries was down 5.41% to Rs 2648. 11.81 lakh shares changed hands on the counter.
India’s fourth largest software services exporter, Satyam Computer Services lost 2.98% to Rs 361.50, off sharply from its day’s low of Rs 330. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.
Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories which held firm in early trade, also succumbed to selling pressure. It declined 2.75% to Rs 376. The company today said it had settled terms with GlaxoSmithKline on a possible patent litigation for a generic version of the firm's Imitrex tablets. Under the terms of the settlement, Ranbaxy may sell a generic version, sumatriptan succinate tablets, in multiple strengths in the United States from December 2008, it said in a statement to the BSE.
Shares from real estate sector were hit hard. DLF (down 7.75% to Rs 927.80), Unitech (down 12.86% to Rs 413.80), Omaxe (down 21.55% to Rs 333), and Housing Development Infrastructure (down 20.58% to Rs 900.05), suffered sharp losses.
A margin call is triggered when shares that an investor had bought with borrowed money decrease in value. If the investor is not able to put up additional margin, the broker/financer will resort to sale of shares.
Labels: Nifty.Sensex
posted by SY at 1:54 PM
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