Sharekhan Post-Market Report dated May 07, 2008

 

Sharekhan's daily newsletter May 07, 2008 Index Performance Index Sensex Nifty Open 17,404.15 5,156.70 High 17,413.81 5,159.05 Low 17,229.98 5,101.25 Today's Cls 17,339.31 5,135.50 Prev Cls 17,373.01 5,144.65 Change -33.70 -9.15 % Change -0.19 -0.18   Market Indicators Top Movers (Group A) Company Price  (Rs) % chg Gainers Cairn India 278.45 7.47 GVK Power Infra 54.20 7.01 Triveni Engineering 131.30 5.21 Jai Corp 703.70 5.00 Essar Shipping 175.70 4.99 Losers BEL 1,229.90 -6.11 Sesa Goa 3,992.70 -5.32 Reliance Industrial Infra 1,543.00 -5.00 Axis Bank 907.15 -4.29 Bank of India 338.85 -4.17 Market Statistics - BSE NSE Advances 1,163 624 Declines 1,538 988 Unchanged 64 31 Volume(Nos) 40.94cr 55.60cr  Market Commentary  Market takes further hit, drops 34 points The Sensex gyrated 184 points during intra-day trades and dropped 34 points at close on sustained selling in CG, PSU and realty stocks. The market continued its downward movement for the third consecutive session as nervousness gripped investors over FIIs turning net sellers of equities in the    last few sessions and higher crude oil prices on prevailing violence in West Asia. Strong optimism in early trades fizzled out after the Sensex had opened firm at 17,404 and added another 10 points to touch the day's high of 17,414. While the market slipped below 17,300 by late morning trades, afternoon trades saw the Sensex slip deep in red on sustained selling in capital goods (CG), public sector unit (PSU) and realty stocks and touch the day's low of 17,230. The Sensex managed to erase losses of 109 points from the day's low on selective buying in heavyweights and ended the session at 17,339, down 34 points, while the Nifty declined nine points to close at 5,136.   Movers & Shakers EMCO gained on report that the company has bagged an order for establishment of 400/220/66kV new substation at Mundka on turnkey basis from M/s Delhi Transco. UBI moved up on report that the company's net profit rose by 127% for Q4 and FY2008. Broader market remained weak. Of the 2,765 stocks traded on the BSE 1,538 stocks declined, 1,163 stocks advanced and 64 stocks ended unchanged. Barring the BSE IT index, BSE Oil & Gas index, BSE FMCG index, BSE Auto index and the BSE HC index, rest of the sectoral indices ended in negative. The BSE CG index dropped 2.24% at 13,642, the BSE PSU index shed 1.65% at 7,956 and the BSE Realty index 1.55% at 8,208. Among the major losers in frontline stocks, BHEL dropped 4.12% at Rs1,783.75, Bharti Airtel slumped 3.64% at Rs815.80, DLF shed 2.54% at Rs651, Ranbaxy Laboratories lost 1.82% at Rs466.30, Satyam Computer Services declined 1.56% at Rs489.30 and Hindalco Industries slipped nearly 1.15% at Rs179.75. However, TCS jumped 3.02% at Rs966.20, Mahindra & Mahindra rose 1.48% at Rs673.85, Infosys added 1.26% at Rs1,843.20, HUL advanced 1.17% at Rs251.10, Jaiprakash Associates moved up by 1.07% at Rs274.80 and Reliance Industries gained 1.05% at Rs2,682.35. CG stocks came under sharp hammering. Bharat Electricity Products crumbled 6.11% at Rs1,229.90, Jyoti Structure tumbled 4.47% at Rs162.45, BHEL slumped 4.12% at Rs1,738.75, Elecon Engeneering fell 3.70% at Rs149.85, BEML lost 2.52% at Rs1,137.05, Larsen & Toubro declined 2.44% at Rs2,986.50, Punj Lloyd shed 2.06% at Rs354.45 and Havells India was down 1.99% at Rs474.80. Over 8.27 crore Aishwarya Telecom shares changed hands on the BSE followed by Idea Cellular (2.03 crore shares), Ispat Industries (1.80 crore shares), IFCI (1.23 crore shares), Cyber Mate (1.03 crore shares) and RNRL (1.01 crore shares)  European Indices at 16:52 IST on 07-05-2008 Index Level Change (pts) Change (%) FTSE 100 Index 6252.30 37.10 0.60 CAC 40 Index 5071.33 30.40 0.60 DAX Index 7077.37 60.27 0.86 Asian Indices at close on 07-05-2008 Index Level Change (pts) Change (%) Nikkei 225 14102.48 53.22 0.38 Hang Seng Index 25610.21 -651.92 -2.48 Kospi Index 1854.01 -5.05 -0.27 Straits Times Index 3344.53 - - Jakarta Composite Index 2382.7 10.87 0.46