Sensex down 190 points in opening trade on profit-booking

The Bombay Stock Exchange benchmark Sensex declined by over 190 points in opening trade on Monday as funds and retail investors locked in gains recorded in the past few sessions amid a weakening trend overseas.
    
The 30-share Sensex, which had gained over 972 points in the previous three sessions, fell by 190.03 points, or 1.13 percent, to 16,631.07 in opening trade today.
   
All the sectoral indices were trading in the negative zone with losses of up to 1.73 percent.
    
In a similar fashion, the wide-based National Stock Exchange Nifty index shed 60.15, or 1.19 percent, to 4,979.85.
    
Brokers said besides profit-booking by funds and retail investors after handsome gains were recorded in the previous three sessions, a weakening trend on other Asian bourses on renewed fears of a recession in the US and sustained worries about the euro zone debt crisis also dampened the trading sentiment here.
    
In the Asian region, the Hong Kong's Hang Seng index was down 2.22 percent, while Japan's Nikkei shed 1.69 percent. The Dow Jones Industrial Average in the US ended 2.20 percent lower in the previous session on Friday.

Sensex dumps 100 pts

The race to book profits on expiry day has gained momentum. Fresh shorts were built in technology, banking, telecom and Anil Dhirubhai Ambani group' stocks. The 30-share BSE Sensex was trading at 16,179, down 106 points and the 50-share NSE Nifty fell 37 points to 4,852 amid volatility. 

The broader indices too were following the trend; the BSE Midcap Index was down 1% and Smallcap down 0.7%.

On the sectoral front, the BSE Metal and IT indices fell 2% each. Capital Goods, Bank and Power indices were down 1-1.5%.

Leading largecaps like TCS, Infosys, HDFC, L&T, Bharti, SBI, NTPC, Tata Steel, ICICI Bank and HDFC Bank dropped 1-2.5%. Reliance Industries, BHEL and Wipro declined over 0.5%.

However, ONGC, Sun Pharma and Tata Motors bucked the trend; these stocks lost 2-2.5%.

Smallcaps like Sahara One, Carol Info, Kirloskar Brothers, Unisys Software and Thomas Cook gained 5-10% while Modern India plunged 16%. Himatsingka Seide, C & C Construction, Lovable Lingerie, DCM Shriram and fell 6-8%.

 Sensex falls further amid choppy trade; banks, tech down

The BSE benchmark Sensex slipped more than 50 points and the Nifty fell way below the 4900 level amid choppy trade. Even the market breadth turned in favour of declines; about two shares declined for every one share gained. The 30-share BSE Sensex was trading at 16,208, down 76 points and the 50-share NSE Nifty fell 28 points to 4,860 led by fall in 38 stocks.

Technology, banking, power, capital goods, telecom and Anil Dhirubhai Ambani Group stocks and select metal stocks were witnessing selling presure. Heavyweight Reliance Industries too was on sellers' radar; the stock declined 0.7%.

However, ONGC, Sun Pharma, Bajaj Auto, Tata Motors and Tata Power were top gainers; these stocks gained 1-2%. HUL, Dr Reddy's Labs and DLF too gained.

In the midcap space, Standard Chartered, Simplex Infra, GMDC, Emami and ABG Shipyard were up 1.5-4% while KGN Industries, Sterlite Tech, Educomp Solutions, Aban Offshore and IVRCL slipped 4-5%.

Even some Asian markets saw some profit booking at higher levels. Kospi, which rose 1.5%, was trading 0.5% higher. Even Nikkei slipped from day's high. Taiwan extended loss; it lost 0.9%.

Coal India overtakes Reliance Industries as most valuable company

State-run Coal India today toppled billionaire Mukesh Ambani-led Reliance Industries as the country's most valued company, with a slightly higher market valuation around mid-day.

At around 1200 hours on the National Stock Exchange, Coal India Ltd (CIL) commanded a market cap of Rs 250,759.67 crore, with an over 2 per cent rise in its share price. At that time, RIL had a market cap of Rs 250,580.21 crore on the NSE.

A few minutes later, CIL's market valuation exceeded that of RIL on the BSE as well. At around 1206 hrs, RIL's market cap on the BSE stood at Rs 2,50,468 crore, slightly lower than CIL's Rs 2,50,538 crore.

At 1206 hours today, RIL shares were trading 0.82 per cent higher at Rs 765.20, while CIL was up 2.32 per cent at Rs 396.60.

CIL has been closing the gap on RIL in terms of market valuation over the past few days and on August 9, the gap slipped below 1 per cent.

RIL extended its lead by some margin since then, but the PSU coal giant managed to surpass the private sector energy giant's market capitalisation in today's trade at around 1200 hours.

At yesterday's close, RIL had a market cap of Rs 248,504.44 crore, as against CIL's 244,822.28 crore, on the BSE.

At the time of today's market opening also, RIL had a higher market cap of Rs 249,454 crore than CIL's Rs 244,822 crore.

Way back in 2006, RIL had toppled ONGC to emerge as the country's most valued firm and has managed to stay on the top since then.

ONGC had also come very close to toppling RIL as the country's most valued firm last week, but lost ground in the past few trading sessions. The stock was trading 2.4 per cent higher at Rs 279.50, with a market cap of Rs 2,39,125 crore, in today's trade at 1220 hours.

Marketmen would be keenly watching the three stocks to see whether RIL is able to regain its lead or loses further ground in the market-cap charts.

RIL's stock has been under acute pressure in recent past, while ONGC and CIL have managed to outperform in a weak market on several occasions in the past few days.

IT, FMCG lift Sensex up 70 points

The Bombay Stock Exchange benchmark Sensex continued to trade higher by over 70 points in the noon session today on bargain buying by funds and retail investors amid a mixed trend in the Asian markets.

At 12.35 p.m., the 30-share BSE index Sensex was up 70.33 points or 0.42 per cent at 16,801.27 and the 50-share NSE index Nifty was up 11.45 points or 0.23 per cent at 5,047.25.

Volume toppers during the session were SBI, ICICI Bank, Tata Steel, DLF and HDFC Bank. Major Sensex gainers were ITC, Infosys, HDFC, TCS, RIL, HDFC Bank and ONGC. Tata Motors, DLF and ICICI Bank were the major losers.

Among the sectoral indices, IT was up 1.4 per cent, FMCG 1.38 per cent, oil & gas 1.00 per cent and teck 0.95 per cent. Realty was down 4.38 per cent, auto 1.36 per cent, bankex 1.2 per cent and power 0.34 per cent. Of the total 2,665 stocks traded, 852 advanced, 1,701 declined and 112 remained unchanged.

During the opening session, the 30-share index, which lost nearly 400 points in the previous three sessions, rose 127.35 points or 0.76 per cent to 16,858.92.

Bargain buying by funds and retail investors and covering up of short positions by speculators led to the Sensex recovery.

Similarly, the broad-based National Stock Exchange Nifty index gained 37.3 points or 0.74 per cent to 5,073.10.

Sensex Poised for Third Weekly Decline, Interest-Rate Concerns

India’s benchmark stock index fell for the eighth time in nine days as higher-than-expected growth in factory output intensified concerns of a further increase in borrowing costs, and as Asian equities declined.

Tata Motors tumbled 5.8 percent after the owner of Jaguar Land Rover reported first-quarter net income of 20 billion rupees, which lagged behind the 21.6 billion-rupee median of 32 analysts’ estimates compiled by Bloomberg. Industrial output growth unexpectedly accelerated in June, rising 8.8 percent from a year ago following a revised 5.9 percent gain in May, a government report showed today. Wipro Ltd. (WPRO), the third-largest software services exporter, sank 3.6 percent.

The Bombay Stock Exchange Sensitive Index, or Sensex, lost 224.27, or 1.3 percent, to 16,835.13 at 12:55 p.m. in Mumbai, after swinging between gains and losses at least 12 times. The gauge has lost 2.8 percent this week, set for a third straight weekly decline. The S&P CNX Nifty Index slid 1.4 percent to 5,065.40. The BSE 200 Index dropped 1.1 percent to 2,101.12.

The Sensex has lost 18 percent so far this year, the worst performer after Brazil’s Bovespa Index among major indexes in the 10 biggest markets, on concern that higher borrowing costs will erode earnings. Companies on the gauge are valued at 13.9 times estimated earnings, compared with a multiple of 9.8 for the MSCI Emerging Markets Index.

Asian stocks retreated for a second day, with technology and electronics companies leading the decline. U.S. stock-index futures dropped 1 percent at 3:05 p.m. in Tokyo.

About $6.77 trillion has been erased off from the value of global equities since July 26 after S&P cut U.S.’s debt for the first time, riots swept across Britain and Europe’s debt crisis deepened. Data today showed French economic growth stalled last quarter, ahead of reports that may show euro-region factory output was unchanged in June and U.S. consumer confidence weakened.

Emerging-market equity funds posted the third-largest weekly outflows on record with withdrawals of $7.7 billion in the week ended Aug. 10, Citigroup Inc. analysts led by Markus Rosgen said in a report today, citing figures compiled by EPFR Global. That took total outflows for the year to $14 billion, according to Citigroup.

Tata Motors sank 5.8 percent to 800 rupees, the steepest decline on the Sensex today. Wipro tumbled 3.6 percent to 340.30 rupees, on course for its lowest close since October 2009, while its larger rival Tata Consultancy Services Ltd.lost 3.3 percent to 946.60 rupees.

Earnings for the three months ended June reported by 11 out of 23 Sensex companies, or 48 percent, have lagged behind analyst estimates, according to Bloomberg data. That compares with 33 percent that missed forecasts in the previous quarter.

The median of 23 estimates in a Bloomberg News survey forecast factory output to grow 5.5 percent. The expansion comes after government data yesterday showed India’s food costs accelerated to a three-month high in the week ended July 30. That maintains pressure on the Reserve Bank of India, which has raised its repurchase rate 11 times since the start of 2010, to continue tightening even amid the risk of a global downturn.

Foreign investors bought a net 2.49 billion rupees worth of local equities on Aug. 10, increasing their investments in stocks this year to 47.8 billion rupees, data on the website of the market regulator.

Sensex settles on recovery hopes:

BSE benchmark Sensex and the 50-stock NSE Nifty have, so far, resisted deep cuts. Both indices stayed in green briefly and then slipped marginally to trade at 17,098 (down 32 points ) and 5,152 (down 8 points) respectively. The consolidation in market suggests what the experts have been saying -- that the sell-off was overdone and a recovery is on cards.

The market breadth started improving – about 532 shares advanced as against 558 shares declined on National Stock Exchange.
 Sensex sees moderate cut despite bloodbath in US

Defensive sectors like healthcare and FMCG were seeing buying interest. Even select financial stocks like HDFC, HDFC Bank, Kotak, Mahindra Bank and PNB gained 0.5-1%.

Heavyweights Reliance Industries and SBI too were quite supportive.

However, technology, auto, realty and select metal stocks were putting pressure on the market.Indian benchmark indices witnessed a moderate cut despite a severe sell-off in the US. The 30-share BSE Sensex slipped 41 points to 17,089 and the 50-share NSE Nifty

lost just 15 points to trade at 5,146. Technology, metal and banks are in stress in the morning trade. Global benchmarks indices retreated post rumours that there may be downgrade in France, which commands AAA rating.

Among technology stocks, Wipro, HCL Tech, Infosys and TCS were down 1-1.5%.

Tata Motors, which rallied 6% yesterday, fell 1.5% on profit booking.

Metal stocks like Hindalco, Tata Steel, Sesa Goa and SAIL too were on sellers' radar.

Reliance Capital, Reliance Communications and Kotak Mahindra Bank were marginally in the green. Cipla gained 1%.

Heavyweights SBI, Bharti Airtel, HDFC Bank, L&T and Reliance Industries slipped 0.5-1%.

Asian markets were quite volatile. Hang Seng, Nikkei and Straits Times fell 1-1.5%. However, Shanghai and Kospi gained 0.4-0.7%. Taiwan was flat.

BSE: Sensex pares early trade losses

Asian shares extended their spiral descent in early trade, with banks taking a big hit following the massive sell-off in the US equity market yesterday, further undermining the already-fragile investor confidence.

The 30-share Bombay Stock Exchange barometer resumed lower at 16,517.87 and hovered in a range between 16,741.90 and 16,432.00 before quoting at 16,731.25 at 1015 hours, showing a net loss of 258.93 points, or 1.52 per cent, from its last close.

The BSE benchmark Sensex crawled up a bit, recouping some of its intra-day losses. However, the market was still trading more than 200 points lower.

The NSE's 50-share Nifty index also moved down by 81.95 points, or 1.60 per cent, to 5,036.55 at 1015 hours.

FIIs sold shares worth a massive Rs 1,385.78 crore yesterday, as per provisional data from the stock exchanges.

The major losers in early trade were TCS (down 4.38 per cent), Tata Motors (3.84 per cent), Wipro (3.81 per cent), Sunpharma (3.60 per cent), Infosys (3.24 per cent) and Tata Steel (2.93 per cent).

The key benchmark indices in South Korea, Indonesia, Hong Kong, Taiwan, China and Japan were down by between 1.15 per cent and 5.92 per cent.

US stocks tumbled yesterday, dragging the benchmark indices to their biggest loss since December, 2008. The Dow Jones Industrial Average tanked 5.55 per cent, or 634.76 points; the Nasdaq Composite fell by 6.9 per cent, or 174.72 points; and the Standard & Poor's 500 declined by 6.66 per cent, or 79.92 points.

India has been one of the fastest growing economies in the region over the past few years, and it is expected to grow by close to 8% this year.

While India has been expanding, developed economies such as the US and Europe are still struggling to fully recover from the effects of the global financial crisis.

They have also been hit by newer developments such as the debt issues in the eurozone.

Sensex Market tanks 445 pts.

The markets took a big knock following a crash in global markets on fears of the world's largest economy—US seeing another recession despite the recent increase in debt limit.

Sensex maintained a loss of more than 400 points led by sell-off across the globe. All sectoral indices were under selling pressure. However, only ONGC and BPCL were in the green.A bout 17 shares were falling for every one share rising on National Stock Exchange.

Top losers were Sterlite Industries, Reliance Infrastructure, Jaiprakash Associates, M&M, TCS and HCL Tech, which lost 5-7% each.

Heavy weights like Infosys, RIL, ICICI bank are also trading weak. Market breadth was negative on the NSE with 2497 losers against 722 gainers.The Asian markets were plunged on renewed concerns of global economy coming to a stall. Nikkei 225 down 3.59 per cent, Hang Seng fell 4.75 per cent and Taiwan Weighted plunged 4.92 per cent.


However, BPCL and ONGC gained 1-2% on the back of fall in crude oil prices to USD 86 a barrel. HPCL shares rose by 2% at Rs. 403 with the gain of Rs. 11. BPCL and IOC are both up by 1% each at Rs. 699 and Rs. 333, respectively.

Investor sentiment has also been hammered by a lack of clear political leadership in both Europe and in Washington, and concern that governments and central banks are running out of fiscal and monetary ammunition to deal with the crises.

Nifty seen Lower, Banks, Tech Down

Indian markets were witnessing selling pressure, in line with other peers, as weak manufacturing data from the US spooked sentiments. Realty, banks and technology were the worst hit while pharmaceutical space was marginally higher.

Nikkei 225 was down 1.32 per cent, Hang Seng declined 0.69 per cent and Seoul Composite fell 2.38 per cent.

Well, looks like the euphoria over the US debt deal has given way to concerns about the health of the global economy. Manufacturing PMI reports from Australia to the US have shown continued moderation. Concerns have also surfaced over the adverse implications of the large spending cuts in the US on the world's largest economy. In addition, a possible downgrade of the US debt rating is still lurking.

At 10:15 AM; National Stock Exchange's Nifty was at 5461.85, down 54.95 points or 1 per cent. The broader index touched a high of 5496.30 and low of 5456.40 in trade so far.
US stocks reversed early gains to finish in the red. Across the Atlantic, European stocks suffered nasty cuts. Asian markets this morning are mostly lower. Nifty futures trading in Singapore are pointing to a weak start.

The trading for the rest of the day will hinge partly on global cues and partly on domestic factors. DLF, MMTC, Piramal Healthcare and Power Grid are among the few companies declaring their results today.

Meanwhile, the government is trying its best to convince all that there is no policy drift and that reforms are on track. The monsoon session will be a key test, as spate of crucial bills are slated for presentation.

Bombay Stock Exchange's Sensex was at 18120.06, down 194.27 points or 1.06 per cent. The 30-share index touched intraday low of 18118.30 and high of 18283.55.

Sensex: Gains intact in Mkt.

The BSE benchmark Sensex rallied by 257 points today on fresh buying by operators and investors on news of a second bailout package for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries.

The 30-share Bombay Stock Exchange barometer resumed higher at 18,565.04 and shot up further to 18,689.29 before quoting at 18,693.56 at 1121 hours, showing a net rise of 257 points, or 1.33 per cent, from its last close.

The US markets climbed overnight as signs of progress on the US debt talks and concrete action from Europe on its own debt crisis heartened investors. Among the major indices in the Asian markets, the Shanghai Composite index is up 0.1% at 2,768, the Hang Seng is at 22,356, up 1.7% and the Nikkei is at 10,132, having gained 1.2%.

The NSE's 50-share Nifty index also moved up by 71.25 points, or 1.29 per cent, to 5,612.85 at 1030 hours.

The top gainers on the Sensex - Infosys has rallied nearly 2% to Rs 2,819. Bharti Airtel, Tata Power, Tata Motors and HDFC are also up around up 2% each. on the other hand, DLF is the only loser on Sensex, down 0.6% at Rs 240.

Index heavyweight Reliance Industries (RIL) rose 0.55 per cent to Rs 865.50 ahead of its Q1 results due July 25, 2011.

Asian shares surged in early trade to join a global rally triggered by news of a second bailout for Greece and plans to prevent the sovereign debt contagion from spreading to other European countries. The key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore, South Korea and Taiwan rose between 0.45 per cent and 1.70 per cent.

The top gainers on the Sensex - Infosys has rallied nearly 2% to Rs 2,819. Bharti Airtel, Tata Power, Tata Motors and HDFC are also up around up 2% each. on the other hand, DLF is the only loser on Sensex, down 0.6% at Rs 240.