SENSEX 18078.50 -66.75
NIFTY 5484.30 -22.05
USD/INR 0049.32 +00.18
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UPDATEDTIME 09.28 PM 23 FEBRUARY 2012
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The BSE Sensex fell for a second
consecutive day on Thursday as investors took profits on expiry of monthly
derivatives amid concerns about high oil prices.
The National Stock Exchange's Nifty closed at 5484.30, down 22.05 points or 0.50 per cent. The broader index touched a high of 5537.40 and low of 5460.80 in trade today. The 30-share BSE index closed down 0.37 percent, or 66.75 points, at 18,078.50, after climbing into positive territory for some time. Eighteen of its components declined.
The markets were choppy because of the expiry of the derivatives contracts today.
From tomorrow the focus will be on global markets and if the U.S. markets close higher we could have a positive opening. If the oil situation gets murky it will affect Indian markets.
India looks vulnerable to profit-taking in the short term after recent outperformance, rising oil prices, and seasonally tighter monetary conditions, UBS said in a note.
Investors are also awaiting further evidence on the health of the global economy as high oil prices threaten to fuel inflationary pressures and increase costs for companies, affecting their profitability.
India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption, Oil Minister S. Jaipal Reddy said on Thursday.
The BSE index, which fell 1.5 percent on Wednesday, is still up almost 17 percent since the end of December on the back of a sharp rise in foreign portfolio investment.
ICICI Bank was among the leading losers, falling 1.4 percent on profit-taking. The lender, the country's second-largest bank, is still up nearly 38 percent in 2012.
Top lender State Bank of India rose as much as 3 percent after an official said the bank has not given further loans to debt-laden Kingfisher Airlines. However, it gave up most of the gains and ended up 0.2 percent.
Miner Sterlite Industries fell nearly 4 percent on media reports that India-focused miner Vedanta is considering a move to restructure its holdings in Sterlite and Sesa Goa, potentially merging the two.
The 50-share NSE index closed 0.4 percent lower at 5,483.3. In the broader market, losers outpaced gainers in the ratio of nearly 2:1 on heavy volume of more than 1.2 billion shares.
An initial public offer by India's Multi Commodity Exchange (MCX) to raise up to $134 million was fully covered on Thursday, the second day of the sale, indicating investors were shifting their money to new offerings.
The first IPO by an Indian company in 2012 is seen as a test of investor appetite for share sales after weak local markets forced many companies to shelve stock offerings last year.
Other offerings in the pipeline include follow-on share sale by state-run companies Oil and Natural Gas Corp,Steel Authority of India and Bharat Heavy Electricals Ltd .
STOCKS THAT MOVED
Bharat Petroleum rose 5.2 percent on expectation of rising valuations of its Mozambique assets, dealers said.
BPCL (5.15%), BHEL (4.14%), Power Grid Corporation (3.27%), Tata Power (2.93%), Hindustan Unilever (2.54%) and Reliance Industries (1.81%) were the major Nifty gainers.
Jaiprakash Associates (-3.81%), Sterlite Industries (-2.22%), Hero MotoCorp (-2.10%), Sesa Goa (-1.99%), Bharti Airtel (-1.31%) and DLF (-0.90%) were amongst the major losers.
State Bank of India has been witnessing selling pressure after reports that it may give Rs 1,200 crore to Kingfisher Airlines, including working capital of Rs 400 crore, bank guarantee of Rs 500 crore and loan repayment extension worth Rs 250-300 crore.
The National Stock Exchange's Nifty closed at 5484.30, down 22.05 points or 0.50 per cent. The broader index touched a high of 5537.40 and low of 5460.80 in trade today. The 30-share BSE index closed down 0.37 percent, or 66.75 points, at 18,078.50, after climbing into positive territory for some time. Eighteen of its components declined.
The markets were choppy because of the expiry of the derivatives contracts today.
From tomorrow the focus will be on global markets and if the U.S. markets close higher we could have a positive opening. If the oil situation gets murky it will affect Indian markets.
India looks vulnerable to profit-taking in the short term after recent outperformance, rising oil prices, and seasonally tighter monetary conditions, UBS said in a note.
Investors are also awaiting further evidence on the health of the global economy as high oil prices threaten to fuel inflationary pressures and increase costs for companies, affecting their profitability.
India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption, Oil Minister S. Jaipal Reddy said on Thursday.
The BSE index, which fell 1.5 percent on Wednesday, is still up almost 17 percent since the end of December on the back of a sharp rise in foreign portfolio investment.
ICICI Bank was among the leading losers, falling 1.4 percent on profit-taking. The lender, the country's second-largest bank, is still up nearly 38 percent in 2012.
Top lender State Bank of India rose as much as 3 percent after an official said the bank has not given further loans to debt-laden Kingfisher Airlines. However, it gave up most of the gains and ended up 0.2 percent.
Miner Sterlite Industries fell nearly 4 percent on media reports that India-focused miner Vedanta is considering a move to restructure its holdings in Sterlite and Sesa Goa, potentially merging the two.
The 50-share NSE index closed 0.4 percent lower at 5,483.3. In the broader market, losers outpaced gainers in the ratio of nearly 2:1 on heavy volume of more than 1.2 billion shares.
An initial public offer by India's Multi Commodity Exchange (MCX) to raise up to $134 million was fully covered on Thursday, the second day of the sale, indicating investors were shifting their money to new offerings.
The first IPO by an Indian company in 2012 is seen as a test of investor appetite for share sales after weak local markets forced many companies to shelve stock offerings last year.
Other offerings in the pipeline include follow-on share sale by state-run companies Oil and Natural Gas Corp,Steel Authority of India and Bharat Heavy Electricals Ltd .
STOCKS THAT MOVED
Bharat Petroleum rose 5.2 percent on expectation of rising valuations of its Mozambique assets, dealers said.
BPCL (5.15%), BHEL (4.14%), Power Grid Corporation (3.27%), Tata Power (2.93%), Hindustan Unilever (2.54%) and Reliance Industries (1.81%) were the major Nifty gainers.
Jaiprakash Associates (-3.81%), Sterlite Industries (-2.22%), Hero MotoCorp (-2.10%), Sesa Goa (-1.99%), Bharti Airtel (-1.31%) and DLF (-0.90%) were amongst the major losers.
State Bank of India has been witnessing selling pressure after reports that it may give Rs 1,200 crore to Kingfisher Airlines, including working capital of Rs 400 crore, bank guarantee of Rs 500 crore and loan repayment extension worth Rs 250-300 crore.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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