Markets trading near day's high: Biggest ever gain for Sensex
The market opened with a bang after seven straight days of fall as the sentiment was lifted by 75 basis points Fed funds rate cut announced on Tuesday, 22 January 2008. The market breadth was positive on BSE.The market surged further in mid-afternoon trade with the Sensex registering its biggest intra-day rise ever in absolute terms. Asian markets extended early gains. Also some short covering might have taken place.
At 1.37 hrs IST, the Sensex is up 1,120.97 points or 6.70% at 17850.91, and the Nifty up 400.40 points or 8.17% at 5299.70.
Wipro was the lone loser from Sensex pack. The stock slipped 1.50% to Rs 422, off its day’s low of Rs 400.
India's largest power generation company in terms of net profit National Thermal Power Corporation galloped 14.49% to Rs 225 on high volumes of 35.01 lakh shares. It was the top gainer from Sensex pack. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.
Bharat Heavy Electricals (up 13.04% to Rs 2244), Reliance Energy (up 13.68% to Rs 1951.10), and Reliance Communications (up 11.04% to Rs 628.25) extended early gains
ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 5.54% to Rs 1188.20. State Bank of India, the country's largest bank in terms of net profit vaulted 7% to Rs 2310
Grasim Industries rose 4.30% to Rs 2975. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.
HDFC Bank jumped 7.74% to Rs 1560. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.10% to Rs 2548.90. 7.54lakh shares changed hands on the counter on BSE
Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.
Omaxe (up 42.83% to Rs 321), Peninsula Land (up 35.92% to Rs 98), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 19.16% at Rs 300.70), Ansal Properties and Infrastructure (up 27.57% at Rs 284.80), Housing Development and Infrastructure (up 26.22% at Rs 1070), Unitech (up 16.60% at Rs 407.80) and DLF (up 10.64% at Rs 960) surged. The fortunes of real estate companies are directly linked with interest rates.
Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 227.25 crore followed by Reliance Petroleum (Rs 219.84 crore), ICICI Bank (Rs 203.27 crore), Reliance Industries (Rs 192.14 crore) and Kotak Mahindra Bank (Rs 130.20 crore) in that order
The US Federal Reserve in a surprise move on Tuesday, 22 January 2008, cut Fed funds rate and discount rate by 75 basis points each. The Fed funds rate is now at 3.5%. It is the largest rate cut in one shot for the first time in 24 years. The US central bank's move followed two days of steep losses in Asian and European equities on worries that a deteriorating US economy would drag other regions down with it.
Asian markets extended early gains today, 23 January 2008. Hong Kong's Hang Seng (up 9.39% at 23,800.37), China’s Shanghai Composite (up 3.14% to 4,703.77), Japan's Nikkei (up 2.04% at 12,829.06), Singapore's Straits Times (up 4.29% at 2,989.60), and South Korea's Seoul Composite (up 1.15% at 1,627.56) advanced.
However, Taiwan's Taiwan Weighted slipped 2.29% at 7,408.40
The Dow Jones industrial average which was down 465 points at one point of time staged a solid intra-day rebound to close 128.11 points lower at 11,971.19 on Tuesday after the Fed rate cut. The Standard & Poor's 500 index, fell 14.69, or 1.11%, to 1,310.50, while the Nasdaq Composite index lost 47.75, or 2.04%, to 2,292.27.
Back home market suffered fall for the seventh straight day on Tuesday, 22 January 2008 triggered by selling by foreign institutional investors (FIIs), margin call and weak global markets. the BSE Sensex plunged 875.41 points or 4.97% to 16,729.94, on Tuesday 22 January 2008. At one point of time it was down 2273.93 points. But value buying and short covering helped the markets erase some of sharp losses. The S&P CNX Nifty lost 309.50 points or 5.94% to settle at 4,899.30, on Tuesday 22 January 2008.
As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 4265.19 crore on Tuesday, 22 January 2008, their highest single day outflow since they started investing in the market in 2001. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 2278.71 crore on Tuesday, 22 January 2008.
FIIs were net buyers to the tune of Rs 7,669.88 crore in the futures & options segment on Tuesday, 22 January 2008. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,823.06 crore and sold index options worth Rs 137.26 crore. They were net buyers of stock futures to the tune of Rs 4,989.56 crore and sold stock options worth Rs 5.49 crore.
Buying from insurance firms and mutual funds has supported the market at declines in recent months. Insurance firms have been raising lots of funds through unit-linked insurance plans with high weightage for equity. The money is being pumped in the secondary market. It now remains to be seen whether the investors in a unit-liked insurance plan (ULIP) stick to a plan with high exposure to equity if the market continues to remain weak. Insurance companies provide ULIP investors an option to switch over to debt funds from equity funds with certain restrictions.
Fundamentals of the Indian economy remain strong. Corporate profits continue to grow at a good pace.
Meanwhile, Bhartiya Janata Party (BJP) has decided to take a measured approach to the crisis with no demand for the resignation of Finance Minister P Chidambaram, reacting to second sharp day of market meltdown on 22 January 2008. Instead, party president Rajnath Singh has asked party workers to wait at least for a week and allow the panic to die down.
At 1.37 hrs IST, the Sensex is up 1,120.97 points or 6.70% at 17850.91, and the Nifty up 400.40 points or 8.17% at 5299.70.
Wipro was the lone loser from Sensex pack. The stock slipped 1.50% to Rs 422, off its day’s low of Rs 400.
India's largest power generation company in terms of net profit National Thermal Power Corporation galloped 14.49% to Rs 225 on high volumes of 35.01 lakh shares. It was the top gainer from Sensex pack. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.
Bharat Heavy Electricals (up 13.04% to Rs 2244), Reliance Energy (up 13.68% to Rs 1951.10), and Reliance Communications (up 11.04% to Rs 628.25) extended early gains
ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 5.54% to Rs 1188.20. State Bank of India, the country's largest bank in terms of net profit vaulted 7% to Rs 2310
Grasim Industries rose 4.30% to Rs 2975. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.
HDFC Bank jumped 7.74% to Rs 1560. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.
India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.10% to Rs 2548.90. 7.54lakh shares changed hands on the counter on BSE
Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.
Omaxe (up 42.83% to Rs 321), Peninsula Land (up 35.92% to Rs 98), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 19.16% at Rs 300.70), Ansal Properties and Infrastructure (up 27.57% at Rs 284.80), Housing Development and Infrastructure (up 26.22% at Rs 1070), Unitech (up 16.60% at Rs 407.80) and DLF (up 10.64% at Rs 960) surged. The fortunes of real estate companies are directly linked with interest rates.
Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 227.25 crore followed by Reliance Petroleum (Rs 219.84 crore), ICICI Bank (Rs 203.27 crore), Reliance Industries (Rs 192.14 crore) and Kotak Mahindra Bank (Rs 130.20 crore) in that order
The US Federal Reserve in a surprise move on Tuesday, 22 January 2008, cut Fed funds rate and discount rate by 75 basis points each. The Fed funds rate is now at 3.5%. It is the largest rate cut in one shot for the first time in 24 years. The US central bank's move followed two days of steep losses in Asian and European equities on worries that a deteriorating US economy would drag other regions down with it.
Asian markets extended early gains today, 23 January 2008. Hong Kong's Hang Seng (up 9.39% at 23,800.37), China’s Shanghai Composite (up 3.14% to 4,703.77), Japan's Nikkei (up 2.04% at 12,829.06), Singapore's Straits Times (up 4.29% at 2,989.60), and South Korea's Seoul Composite (up 1.15% at 1,627.56) advanced.
However, Taiwan's Taiwan Weighted slipped 2.29% at 7,408.40
The Dow Jones industrial average which was down 465 points at one point of time staged a solid intra-day rebound to close 128.11 points lower at 11,971.19 on Tuesday after the Fed rate cut. The Standard & Poor's 500 index, fell 14.69, or 1.11%, to 1,310.50, while the Nasdaq Composite index lost 47.75, or 2.04%, to 2,292.27.
Back home market suffered fall for the seventh straight day on Tuesday, 22 January 2008 triggered by selling by foreign institutional investors (FIIs), margin call and weak global markets. the BSE Sensex plunged 875.41 points or 4.97% to 16,729.94, on Tuesday 22 January 2008. At one point of time it was down 2273.93 points. But value buying and short covering helped the markets erase some of sharp losses. The S&P CNX Nifty lost 309.50 points or 5.94% to settle at 4,899.30, on Tuesday 22 January 2008.
As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 4265.19 crore on Tuesday, 22 January 2008, their highest single day outflow since they started investing in the market in 2001. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 2278.71 crore on Tuesday, 22 January 2008.
FIIs were net buyers to the tune of Rs 7,669.88 crore in the futures & options segment on Tuesday, 22 January 2008. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,823.06 crore and sold index options worth Rs 137.26 crore. They were net buyers of stock futures to the tune of Rs 4,989.56 crore and sold stock options worth Rs 5.49 crore.
Buying from insurance firms and mutual funds has supported the market at declines in recent months. Insurance firms have been raising lots of funds through unit-linked insurance plans with high weightage for equity. The money is being pumped in the secondary market. It now remains to be seen whether the investors in a unit-liked insurance plan (ULIP) stick to a plan with high exposure to equity if the market continues to remain weak. Insurance companies provide ULIP investors an option to switch over to debt funds from equity funds with certain restrictions.
Fundamentals of the Indian economy remain strong. Corporate profits continue to grow at a good pace.
Meanwhile, Bhartiya Janata Party (BJP) has decided to take a measured approach to the crisis with no demand for the resignation of Finance Minister P Chidambaram, reacting to second sharp day of market meltdown on 22 January 2008. Instead, party president Rajnath Singh has asked party workers to wait at least for a week and allow the panic to die down.
Labels: Nifty.Sensex
posted by SY at 2:18 PM
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