Archive for February 8th, 2008
The Indian Stock Markets are volatile today. The markets have slipped into the red just after an initial attempt to scale in the green. Further efforts too did not succeed and by around 1:00 PM, the Nifty touched its lowest levels. Another attempt upwards did put the market into the green but the last hour of trade has pushed the markets to close in red.
Nifty closed the day at 5120.35 down by 0.25%. Nifty Junior is down 2.28%, CNX 100 is down 0.55% while CNX Midcap is down 1.71%
Sensex is closed at 17,464.89 down by 62.04 points or 0.35%. BSE Midcap is down 1.90% while BSE Smallcap is down 2.77%
At sector-wise look shows that the IT to be the favorite of the day. The BSE IT index closed up 3.73% at a point when most of the other sectoral indices are in the red. FMCG is up 2.34%. Consumer Durables is down 3.20%
Top Large cap gainers on the Nifty outside the IT space are Hindustan Unileaver, ITC, Sun Pharma, BPCL, Bharti Airtel, State Bank of India amongst others. Top Largecap losers include VSNL, Zee Limited, Tata Power, HDFC, SAIL, Sterlite Industries, HDFC Bank, Unitech, L&T amongst others.
Cement stocks are getting a buy rating by analysts after prices have come to attractive levels post recent correction. ACC for instance is one cement stock pick. The script opened the day Rs. 777.10, touched an intra day high of Rs. 789.60 and intra day low of 755.60 before trading at Rs. 779.95 by closing bell. Analysts say the script has the potential to touch Rs. 930 levels in 6 months time.
February 8th, 2008
It is the case of Wockhardt Hospital yesterday and today it is with Emaar MGF. These two are the latest to have withdrawn their IPOs.
Only yesterday did Wockhardt Hospital withdrew its IPO attempt citing poor response. Market sources feel that the IPO pricing is a bit on the higher side. Needless to say, most of the bids are received at the lower bottoms despite having revised the company revised its pricing.
Emaar MGF which withdrew its IPO today said it is considering raising funds through other routes which could include private placement, PE at SPV level. The company said that the company has low debt-equity ratio and that it has sufficient funds to meet its existing project needs. It may be recalled the IPO is actually extended till February 11. After the withdrawal announcement, investors are told they will be getting their funds back in 10 to 15 days time.
Meanwhile the other IPO that is currently on - SVEC got extends to February 13. There is a revised price put in place again.
February 8th, 2008
Tough days continue to haunt the Indian markets after weak global queues and no-so-positive domestic factors. BSE is down 0.63% while NSE is down 0.89%. IT is the only sectorl index on BSE to be in green and the sector, surprisingly, is up 3.05%
Realty sectoral index continues to be in deep red as the index is down over 3.41% this morning. This is followed by Consumer Durables and Metal. News from the IPOs too isn’t that encouraging. SVEC IPO is closing today. Emaar announced an extension to its IPO.
Infosys, Satyam and TCS are looking positive amongst the large cap IT space while Wipro is marginally in the green. Tech Mahindra is trading at Rs. 723 levels. Analyst firms are giving Satyam and Tech Mahindra Outperformer rating.
Banking stocks are a bit dull this morning. ICICI Bank is down 1.68% while HDFC Bank is marginally in the red. State Bank of India is down 0.66% and is trading at Rs. 2155 levels.
The NSE Nifty top gainers is having IT stocks in the front followed by Pharma stocks - Sun Pharma, Ranbaxy and Dr. Reddy. Engineering giant L&T is down 2.87% and is trading at Rs. 3634 levels on the NSE.
February 8th, 2008
NASDAQ regained in the last hour of trade before having a volatile session. NASDAQ closed up 0.63%. Dow Jones Industrial Average is up 0.38% and S&P 500 is up 0.79%
Most advanced stocks on the NASDAQ include Power Integrations, Inc., PC Mall, Inc., Children’s Place Retail Stores, Inc. (The), Exide Technologies and Echelon Corporation while most decliners include Orion Energy Systems, Inc., Select Comfort Corporation, Edge Petroleum Corporation, IAC/InterActiveCorp and Corporate Executive Board Company (The).
1 U.S. dollar = 107.020548 Japanese yen
February 8th, 2008