Money Matters - End of Day Review - Thursday, 3rd January 2008

Money Matters - End of Day Review - Thursday, 3rd January 2008

Global jitters shy away investors; Sensex loses 120 pts
3 Jan, 2008, 1805 hrs IST,Crystal Barretto, INDIATIMES NEWS NETWORK

MUMBAI: After soaring to all time highs, indices pared gains as weak global cues and sky rocketing oil prices got the better of investors.

Weak manufacturing data released late on Wednesday in the US further triggered fears of a recession. To add to that, crude oil zoomed to $100, mounting inflationary concerns and lessening the hopes of an interest rate cut by the US Federal Reserve.

Key indices across the globe slumped, and India was no exception. Mid-caps were fairly stable, but frontline shares bore the brunt, possibly on account of foreigners selling.

After setting a record high of 6230.15, the National Stock Exchange's Nifty finally settled near the previous day’s close at 6178.55.

The Bombay Stock Exchange's Sensex finished at 20,345.20, down 120.10 points or 0.59 per cent. The 30-share index charted a high of 20,519.70 and low of 20,293.87 intra day.

Major index gainers included NTPC (up 7.56%), Reliance Energy (6.42%), Hindustan Unilever (3.51%), ONGC (2.88%), Reliance Industries (1.44%) and DLF (0.24%).

Sensex losers comprised Grasim Industries (down 4.03%), ICICI Bank (3.03%), Wipro (3.03%), ITC (3.01%), TCS (2.95%) and Mahindra & Mahindra (2.83%).

"Weak international markets weighed down sentiment, and the hike in fuel prices only dampened the situation. But the outlook in the mid-cap space is still bullish. With global markets subdued, investors become wary of the large-cap space and don't feel there's much room for immediate upside. Also, with results season around the corner, investors are waiting for some cues before taking fresh positions," said Viral Doshi, independent technical and derivatives strategist.

"Going by the discount in January Nifty futures, it appears traders are jittery at higher levels. One should refrain from going long in index futures till the 20,600 mark is breached on a closing basis in Sensex with substantial volumes. On the lower end, support comes at 20,250," Doshi added.

Nifty January futures ended at 3-point discount to the spot, with 3.74 crore shares in open interest.

The BSE Mid-cap Index ended flat at 10,056.87 while the CNX Mid-cap Index was down 11 points at 9581.80.

Power shares posted smart gains. Torrent Power gained 20 per cent, NTPC climbed 7.56 per cent, Reliance Energy added 6.42 per cent and Tata Power was up 4.38 per cent.

Shares of cement companies took a beating with the Tamil Nadu government threatening to nationalise the units in the state if manufacturers fail to bring down prices to affordable levels. Grasim Industries, down 4.03 per cent per cent, was the biggest loser. Chettinad Cements followed with a fall of 2.2 per cent, Ambuja Cements slipped 1.82 per cent, ACC declined 1.64 per cent and Madras Cement was down 0.76 per cent.

TOP 5 GAINERS
Symbol, Curr.Price, % Change

GUJ INDS P, 173.90, 19.97
MOSER BAER, 337.85, 11.41
NTPC, 276.70, 7.56
HPCL, 399.45, 6.75
NEYVELILIG, 267.70, 6.67

TOP 5 LOSERS

Symbol, Curr.Price, % Change

INDO RAMA, 73.05, -5.56
SPICE TELE, 63.20, -5.46
FDC, 49.55, -4.99
MIRC ELTRN, 36.10, -4.87
CASTROLIND, 330.60, -4.75

TOP 5 VOLUME STOCK

Symbol, Curr.Price, Volume

RPL, 232.30, 13440701
ISPATINDUS, 76.90, 10951013
SPICE TELE, 63.20, 9226388
ASHOKLEYLA, 52.45, 7094260
POWER GRID, 151.70, 6830921

TOP 5 VALUE STOCK

Symbol, Curr.Price,Value ('000)

REL, 2,517.40, 3953950.10
RPL, 232.30, 3136875.23
JAIPRAK AS, 473.35, 2030158.89
RIL, 2,902.90, 1782409.33
NTPC, 276.70, 1762653.97

3:34 PM - The market closes a bit quiet. Sensex closed at 20337, down 128 points (provisional) and Nifty at 6178, down 1 point (provisional) from the previous close. The CNX Midcaps Index and BSE Smallcaps Index both closed in the negative. But BSE Power Index closed up 3%. The market breadth was negative with advances at 522 against declines of 708 on the NSE.

4:13 PM - The market was volatile in late trade but closed a bit quiet. Sensex closed at 20345, down 120 points and Nifty closed at 6178, flat from the previous close. The CNX Midcaps Index and BSE Smallcaps Index both closed in the negative today. BSE Power Index closed up 3% and BSE PSU Index closed up 2.2%. The market breadth was negative with advances at 523 against declines of 709 on the NSE. Top Nifty gainers included NTPC, REL, Cairn India and Tata Power while losers included VSNL, TCS, SAIL and Unitech.

Top Performers from high-risk, high-returns category

Company ,Scheme ,Class ,Plan,Type

Reliance Diversified Power Sector Fund,Equity-Sector Fund,Growth,Open Ended,127.13
Reliance Diversified Power Sector Fund,Equity-Sector Fund,Bonus,Open Ended,127.13
JM Basic Fund,Equity-Sector Fund,Growth,Open Ended,115.83
Taurus Libra Taxshield,Equity-ELSS,Growth,Open Ended,114.56
Standard Chartered Premier Equity Fund,Equity-Diversified,Growth,Open Ended,109.55