Weekly market report 08.08.2009
Sensex : 15160 -510 (-3.26%)
Nifty : 4636 -155.05 (-3.34%)
Midcap :5433 -516.95 (-8.69%)
Nifty struck a new 2009 high this week. But the bull’s victory was short-lived. Concerns on the monsoon deficit and its wider fallout on the economy, especially on food prices and apprehension over the drought spreading across the country coincided with profit booking across the board. Finally, the NSE Nifty and BSE Sensex closed the week lower by 3.3%.
The BSE Sensex hit an intra-week high of 16,002 and low of 15,104 while, NSE Nifty intra-week high of 4,731 and low of 4,464.
The top gainers: in Sensex were Reliance Industries (up 2.2%), Wipro (up 2%)
and Hindalco (up 1%).
The Top Losers: in the Sensex were Maruti Suzuki (down 8.6%), ITC (down 7.9%),
Hero Honda (down 7.9%), Hindustan Unilever (down 7.5%), and DLF (down 7.3%). The IPO of NHPC, which opened for subscription on 7 August 2009, was subscribed 3.33 times, data on NSE website showed. The IPO received bids for 558.37 crore shares compared to the issue size of 167.7 crore shares. NHPC is planning to raise Rs 6,040 crore at the upper end of the issue price band of Rs 36. The government kickstarts the divestment process by selling shares in NHPC.
NHPC is selling 167.7 crore shares comprising of 5% divestment of stake by thegovernment and infusion of 10% fresh equity. The strong response for the first state-run IPO in 18 months could embolden the government to sell stake in more firms. Steel minister Virbhadra Singh said that the government has identified two state run steel firms for stake sale and may sell 20% stake in these firms.
Investors continue to bet that the government will undertake economic reforms which may boost economic growth and corporate earnings. The Q1 June 2009 results of India Inc were encouraging, with lower costs helping bottomline growth. The combined net profit of 3,091 companies rose 17% to Rs 73712 crore on 5% fall in sales to Rs 722557 crore in Q1 June 2009 over Q1 June 2008.
Sensex : 15160 -510 (-3.26%)
Nifty : 4636 -155.05 (-3.34%)
Midcap :5433 -516.95 (-8.69%)
Nifty struck a new 2009 high this week. But the bull’s victory was short-lived. Concerns on the monsoon deficit and its wider fallout on the economy, especially on food prices and apprehension over the drought spreading across the country coincided with profit booking across the board. Finally, the NSE Nifty and BSE Sensex closed the week lower by 3.3%.
The BSE Sensex hit an intra-week high of 16,002 and low of 15,104 while, NSE Nifty intra-week high of 4,731 and low of 4,464.
The top gainers: in Sensex were Reliance Industries (up 2.2%), Wipro (up 2%)
and Hindalco (up 1%).
The Top Losers: in the Sensex were Maruti Suzuki (down 8.6%), ITC (down 7.9%),
Hero Honda (down 7.9%), Hindustan Unilever (down 7.5%), and DLF (down 7.3%). The IPO of NHPC, which opened for subscription on 7 August 2009, was subscribed 3.33 times, data on NSE website showed. The IPO received bids for 558.37 crore shares compared to the issue size of 167.7 crore shares. NHPC is planning to raise Rs 6,040 crore at the upper end of the issue price band of Rs 36. The government kickstarts the divestment process by selling shares in NHPC.
NHPC is selling 167.7 crore shares comprising of 5% divestment of stake by thegovernment and infusion of 10% fresh equity. The strong response for the first state-run IPO in 18 months could embolden the government to sell stake in more firms. Steel minister Virbhadra Singh said that the government has identified two state run steel firms for stake sale and may sell 20% stake in these firms.
Investors continue to bet that the government will undertake economic reforms which may boost economic growth and corporate earnings. The Q1 June 2009 results of India Inc were encouraging, with lower costs helping bottomline growth. The combined net profit of 3,091 companies rose 17% to Rs 73712 crore on 5% fall in sales to Rs 722557 crore in Q1 June 2009 over Q1 June 2008.
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