Archive for September 1st, 2008
Monday, September 01, 2008 5:06:33 PM IST
Goldman Sachs Asset Management (GSAM) LP is the latest to join the Mutual Funds business. GASM got the approval from the SEBI to start an their AMC operations and mutual fund activities.
Goldman Sachs joins the lucrative but already highly competitive business segment in the country. There are as many as 34 mutual fund houses in India at the moment each of them working hard to grab the confidence of the investors. With equity markets has lost considerably in recent times and money markets staying too tight to make bucks, the current market scenario is really testing time for the mutual fund houses to retain the confidence of the investors.
Indian Mutual Fund market has seen many new names in the last 1 year or so. AIG Global, Bharti AXA, JPMorgan, Mirae are few names who have entered into foray in recent times.
September 1st, 2008
Monday, September 01, 2008 4:40:19 PM IST
The last hour of trade today, instead of dragging the indices down, has taken the market to almost opening time levels. The Nifty managed to close day at 4348.65 down 0.26% while BSE Sensex managed to coverup losses to finally shut shop at 14,498.51 points or down 0.45%
The CNX IT is up 0.18% and Bank Nifty that was has seen severse selling pressure till mid day has revesed to finally close upwards by 0.44%
Top Nifty gainers of the day include HCL Tech (up 3.9%), Sun Pharma, Hero Honda, ABB (all up over 2%), ITC, HDFC Bank, BHEL, PNB (all up over 1%), Satyam and SBI (marginally in the green)
Top Nifty losers include Ranbaxy (down 3%), Tata Steel, Bharti Airtel, Maruti (all down over 2%), Siemens, Tata Communications, National Aluminium, Reliance Communications, Infosys and Hindustan Unileaver (all down over 1%)
Apollo Tyres continue to close in the red. The script opened at Rs. 39 and closed at 38.20 having lost 2.92% today. Other losers prominent the fell in todays trade include Aditya Birla Nuvo, HDIL, Aisan Paints, GMR Infra, Kotak Bank, PFC, Reliance Capital, JSW Steel and IDFC
The BSE Midcap Indes is down be ust 0.01% while the BSE Smallcap Index closed at almost opening levels. PSU, Oil & Gas, FMCG, Bankex, Realty sectoral indices closed in the green. Metal and Consumer Durables are down by over 1%.
Inflation and steel prices are closely linked and needless to say any news about oil will throw up an indirect impact on the steel stocks. Prominent metal stock losers of the day include Tata Steel, Sesa Goa (both down over 2%), SAIL, JSW Steel, ISPAT Industries, Gujarat NRE Coke (all down over 1%). Metal gainers of the day include Jai Corporation Limited (up 2.53%) and Welspun Gujarat (up over 1%)
1 U.S. dollar = 44.0102 Indian Rupees
1 U.S. dollar = 108.3658 Japanese Yens
1 U.S. dollar = 0.6834 Euros
1 Ounce Gold = $830.60
1 Barrel Crude Oil = $114.70
September 1st, 2008
Monday, September 01, 2008 1:33:32 PM IST
The last hour of trade has dragged all indices into more red-regions. Metals and the Power are the most to have lost during the last hour of trade.
NSE Nifty is at 4299 down 1.36%. BSE Sensex is down 187 points and is at 14,376.85 down 1.29%. Metals, Power, IT, FMCG, Banks, PSU sectoral indices are down over 1%
1 U.S. dollar = 44.0102 Indian Rupees
1 U.S. dollar = 108.3658 Japanese Yens
1 U.S. dollar = 0.6834 Euros
1 Ounce Gold = $833.10
1 Barrel Crude Oil = $117.15
September 1st, 2008
Monday, September 01, 2008 12:31:02 PM IST
SpiceJet is in news that it has decided not to cut domestic air fares despite the recent slash of aviation fuel prices by 16%. NSE Nifty is at 4293.7 down 1.5% and BSE Sensex managing 14300 levels and is down 1.76%
SpiceJet is in news that it has decided not to cut domestic air fares despite the recent slash of aviation fuel prices by 16%. An official from the airliner, speaking to a Business press was quoted saying that it takes about 2 - 3 months for the prices to stabilise. The announcement came close in heels after Indian Oil Limited (IOL) has announced it is reducing the domestic jet fuel rates by about 16% effective from Monday with the International Crude prices cooling a bit.
SpiceJet is trading at 27.90 levels up 2.2%. Its peers Jet Airways is at 492.9 levels and Deccan Aviation is at 83.65. The three aviation stocks are in the green today with Deccan up by over 5.4% at the moment.
The markets are in the red since the morning and are going in a range bound manner during the last hour of trade. The CNX IT is down by 0.53% while Bank Nifty is down 2.35%. The broder CNX 500 is down 1.34%.
Top losers on the Nifty so far include Maruti (down over 4%), Reliance Infra, Tata Steel, Reliance Communications, Bharti Airtel, SAIL (all over over 3%), ICICI Bank, BPCL, SBI and Hindustan Unileaver (all over over 2%)
Gainers list on the Nifty includes HCL Tech (up 3%), Hero Honda (up 2%), Sun Pharma (up over 1%), Dr. Reddy, Zee Limited, Cairn, RPL and Reliance (all marginally in the green)
All sectoral indices on the BSE are now in the red with inflationary-sectors Banks and Power down by over 2%. Metal and FMCG too slipped a bit more now.
1 U.S. dollar = 43.7407 Indian Rupees
1 U.S. dollar = 108.2368 Japanese Yens
1 U.S. dollar = 0.6838 Euros
1 Ounce Gold = $831.30
1 Barrel Crude Oil = $116.41
September 1st, 2008
Monday, September 01, 2008 11:32:03 AM IST
India’s #1 car maker Maruti has announced a dip in the sales by 9.2% for the month of August 2008. CNX Nifty is down by 1.21% at 4307. Sensex is at 14335 down by 1.57%. BSE Auto sectoral index is down 0.97%. Maruti Suzuki India Limited (NSE: MARTUI; ISIN Code: INE585B01010) is trading in the red today. The script is trading at 626.00 levels down by 3.63%.
Maruti is able to sell 59,908 vehicles this August compared to 65,968 vehicles sold in August 2007. Most of the dip in the numbers came from the A1, A2, A3 and the C-segment cars. All these categories reported a dup by 11%.
The BSE Auto index is in the red today. Top losers include Maruti Suzuki (down over 4%), Apollo Tyres (down over 3%), Tata Motors (down 2.1%), Cimmuns India, M&M (both down over 1%).
CNX IT is trading firm and is up 0.14%. Bank Nifty slipped a bit more during the last hour and is currently in the red by 2.3%. Top Banking stock losers of the day include Kotak Bank (down 3%), ICICI Bank, SBI, Axis Bank and Oriental Bank (all down over 2%)
1 U.S. dollar = 43.7407 Indian Rupees
1 U.S. dollar = 108.2368 Japanese Yens
1 U.S. dollar = 0.6838 Euros
1 Ounce Gold = $830.50
1 Barrel Crude Oil = $116.41
September 1st, 2008
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