Archive for February 23rd, 2007
Friday being the last trading day on one side and the usual worries such as being the pre-budget week closure, inflation worry and a caution that the index heavy weight stocks are already overvalued has led heavy selling of scripts in the stock markets today. NSE Nifty and BSE Sensex suffered one of their biggest losses in recent times today as declining stocks outnumbering advancing stocks by a huge ratio.
Sensex closed the day at 13633 (-388 points;-2.7%) while the NSE Nifty closed at 3939 (-101 points;-2.5%). Both NSE and BSE closed lower by 5% this week compared to the previous.
No sector was spared today and almost all big and well known stocks ended in red except few names such as Tata Steel (on BSE 30) and GAIL, Suzlon Energy and Reliance (on NSE 50) which ended marginally high. IT stocks ended low. Big Indian technology companies such as Rolta (that saw good trading yesterday), Wipro, Satyam, Infosys, Polaris, Mphasis closed in red.
Banking stocks seems to be have suffered the most during the week following Inflation worries and Reserve Bank of India’s decision of CRR hike. The situation seems to be not just limited to the India Banking sector but is visible in other markets too. Bank of Japan hiked rates by 25 bps earlier this week. India’s largest private sector bank ICICI Bank has hiked its deposit rates and lending rates by 50 bps. Banking stocks OBC, Bank of India, UTI Bank, ICICI Bank closed in red while Syndicate Bank and Corporation Bank manged to stay in green.
Amongst the BSE Small Cap and BSE Midcap indices, the Small Cap index took a heavy blow as it came down by 3.75% as against Midcaps were down by 2.4%.
Auto and auto ancillary sector stocks such as Cummins, Sundaram-Clayton, Escorts, Ashok Leyland and TVS Motor too ended in red.
Power Finance Corporation Limited (PFC) that got listed today opened at 113.00 and saw an intra-day high of 119.40 and an intra-day low of 105.55 before closing a bit on the lower side at 111.65. On the whole, the script managed to trade 92113982 shares.
February 23rd, 2007
The markets too a small comeback with just few minutes for the closing bell. NIFTY is currently at 3938.90. Most actively traded stocks include Power Finance Corporation Limited (PFC) that was listed on the exchange today, Reliance, Infosys Technologies, Tata Steel, Reliance Communications, IFCI, ACC, Satyam, Bharti Airtel and ICICI Bank. IFCI (-8.3%), ACC (-3.1%), Bharti Airtel (-6.3%) and ICICI Bank (-4.04%) lost heavily in today’s trading session.
Dr. Reddy lost Rs. 21 and is trading at s. 689. Ranbaxy is at Rs. 356.6 (-11.65; -3.16%)
HDFC Bank is another looser having lost Rs. 23.66, it is currently hovering around Rs. 965. Rival ICICI Bank is currently at 907.
February 23rd, 2007
The markets took a roller coaster free fall as stocks began to tumble without any respite. NIFTY came below the 4000 mark and is currently at 3972.00 (-1.68%). Advances / Declines is at 8/42
Banking stocks seems to be the prime picks that are leading the pack for downfall. BANK NIFTY is currently at 5467.25 as against its previous closure of 5647.65. The index is currently at -3.19%
The banking stocks in BANK NIFTY that are staying postive are Corporation Bank, Syndicate Bank, Canara Bank and Bank of Baroda. Private sector banks seems to be the main draggers towards lower levels. UTI Bank (-6.3%), Oriental Bank (-5.1%), ICICI Bank (-4.6%), HDFC Bank (-3.4%) and Punjab National Bank (-2.06%)
February 23rd, 2007
The Indian Stock Markets opened positive this morning. CNX NIFTY is at 4051.70 as against to its previous closure of 4040.00. Early charts of the markets however shows high volatility. PFC, Reliance, Infosys Technologies, Tata Steel, GBN, FSL, Satyam Computers, India Bulls, IFCI and SAIL is topping the charts.
Satyam Computer Services Ltd is trading opened today at 462.00 and seems to be one of the favorite stock amongst traders in recent times. Some investing firms has put 556 as target price for Satyam considering its fundamentals and the recently positve news from Indian IT companies.
February 23rd, 2007
Today will naturally be a day to watch out in the Indian stock markets - particularly being the last day for this weeks trading and a key day before the Indian Budget is to be presented. FIIs, MFs and general investors would have already made up their strategy for the day.
The Dow Jones yesterday ended a bit weak (about -0.5%) while the NASDAQ closed in positive. Crude oil prices remained unchanged while the Asian markets are witnessing flat trade sessions.
February 23rd, 2007
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