Archive for September 8th, 2008
Monday, September 08, 2008 4:05:18 PM IST
The Indian stock markets took a brief bull run after positive news about NSG, Asian markets and the crude cooling off came in. Sensex closed at 14944 up 461.14 or up by 3.18%. Nifty closed the day at 4482.30 up 2.99%
The markets had a huge upward opening. Fortunately the indices managed to stay up with the gains. In fact, at one stage, BSE Sensex is up over 600 points. Capital Goods and Power stocks are the gainers during the first half of the day with the Banking and Realty joining later during the day.
Much of the buying interest is evident in the large cap stocks. Midcap and Smallcap stocks too joined the party but they had little to contribute in todays trading.
The CNX IT closed 2.15% and Bank Nifty is up 3.98%. CNX 100 is up 2.83% while CNX 500 is up 2.46%. CNX Midcap managed to stay up at 0.89%
Nifty toppers today include Sterlite, Tata Communications, Power Grid (all up over 5%), Power Grid, ICICI Bank, SBI, HCL Tech, L&T, NTPC, Suzlon and HDFC (all up over 4%). In the red is BPCL which is down 3.36 as profit booking stepped in after the recent rally in the script.
Almost all sectors on the BSE did well in todays trade. The Consumer Durables is the lone sector to have closed in the red today with Blue Star, Gitanjali Gems and Titan Industries closed the red marginally in the red.
1 U.S. dollar = 44.1598 Indian Rupees
1 U.S. dollar = 108.4834 Japanese Yens
1 U.S. dollar = 0.7027 Euros
1 Ounce Gold = $806.60
1 Barrel Crude Oil = $107.40
September 8th, 2008
Monday, September 08, 2008 2:35:14 PM IST
A leading business website is quoting that the Tata Sons will hand over the credit card business to their financial services arm Tata Capital. Meanwhile the CNX Nifty is up 3.75% and is at 4515 levels while BSE Sensex slipped a bit and is at 15056 up 572.89 points or 3.96
The Tata group entered into credit card services business in February 2006 but couldn’t do well. The business was off targets by its own projected figures. With the credit card business now into the hands of Tata Capital, the later will be able to manage it and will take the responsibility of promotion and marketing activities. The SBI - GE will be taking care of the underwriting and processing the white label cards. In the process, Tata Capital will get a sourcing margin.
The Bank Nifty is at 6605 up 5.04%. BSE Bankex is trading at 7540.14 levels and is up 5.21%. 17 of the 18 stocks on the BSE Bankex are in the green.
ICICI Bank is trading at 732.40 levels on the NSE and is up 6.65% so far today. SBI is up 5.48% and is trading at 1603 levels.
The Nifty losers list includes BPCL (down 2.7%) and Hero Honda (marginally in the red).
US Dollar cooled a bit while Crude is trading at $107.5 levels
1 U.S. dollar = 44.0392 Indian Rupees
1 U.S. dollar = 108.5069 Japanese Yens
1 U.S. dollar = 0.6940 Euros
1 Ounce Gold = $805.50
1 Barrel Crude Oil = $107.56
September 8th, 2008
Monday, September 08, 2008 1:59:27 PM IST
The 3G spectrum actioning process will officially start on September 8 with the pre-bid conference. Meanwhile the markets gained little more strength during the last hour of trade. NSE Nifty is at 4522.50 up 3.91%. BSE Sensex is up 609.77 points and is at 15,093.60 up by 4.21%
The DoT has issued the Request for Proposal. Both Indian and Foreign players are expected to be participating in the pre-bid conference. The 3G spectrum actioning process will be conducted for about 22 telecom service areas. The eligible candidates will have to submit their technical and financial bids by the September 22 and the names of the technically qualified and having met all criteria will be announced on September 30.
Sources say that the Government might allow specturm sharing thus giving a fair chance for new operators. The 4.4 MHz spectrum for new telecom operators would be too short for newer players since they have to compete with bigger players who enjoy about 10-12 MHz. Once the specturm sharing is allowed, two operators can together enjoy 8.8 MHz which is better than the lone 4.4MHz spectrum.
September 8th, 2008
Monday, September 08, 2008 12:14:33 PM IST
BHEL which is into the construction business and is well known for its engineering know-how in the power sector is flourishing with lots of positive news. Meanwhile the Indian stock markets are continuing to hold the morning upward trend. Nifty is at 4511 up 3.65% while BSE Sensex is up at 15050 up by 566.34 points or 3.91%
Any positive news about the Indo-American Nuclear Deal is always taking the BHEL stock to a better positive levels. Sources say BHEL is working its numbers and is making a list of companies it will be working with for technical know-how and other related activities.
Meanwhile, the press is quoting that BHEL is planning a Rs. 1400 corre casting and forging facility. This venture will be a 50-50 JV with Heavy Engineering Corporation (HEC)
BHEL says the coal mines would last for 50 more years and it is high time for us to increase coal sources as well as shift to more efficient power solutions.
The BSE Power Index is up 5.3% at the moment. All 11 scripts in the index are in the green. Leading gainers in the power index include Reliance Infra, NTPC, Power Grid, RPower, Torent Power, BHEL amongst others.
Tata Communications zoomed in during the last hour trade or so. The script is trading at 455 levels on the Nifty and is up 6.92%
1 U.S. dollar = 44.4444 Indian Rupees
1 U.S. dollar = 108.1899 Japanese Yens
1 U.S. dollar = 0.6949 Euros
1 Ounce Gold = $814.00
1 Barrel Crude Oil = $107.98
September 8th, 2008
Monday, September 08, 2008 11:27:19 AM IST
Despite mixed August 2008 sales numbers, Auto stocks are managing to stay in the green. All the 11 stocks in the BSE Auto Index are trading in green. NSE is at 4505.55 up 3.52%. BSE is at 15,013.08 up 529.25 points or 3.65%
Maturi Suzuki (BSE Script Code: 532500) crossed the Rs. 700 mark and is up 3.04% Bosch Ltd (BSE Script Id: 500530) crossed the Rs. 3900 mark and is up 1.46% today.
Other Auto gainers so far include the auto ancillary and forging company Bharat Forge that is up 5.21% today. The gainers list also includes Hero Honda, Tata Motors, Amtek Auto (all up over 3%)
The stock markets are continuing to hold the opening gains. Bankex and Capital goods sectoral indices on the BSE are now up over 4.8% each.
Reliance Infra gained buyer attention. The script is now up 7.66% on the NSE Nifty is testing the 1100 levels mark.
1 U.S. dollar = 44.4444 Indian Rupees
1 U.S. dollar = 108.1899 Japanese Yens
1 U.S. dollar = 0.6949 Euros
1 Ounce Gold = $815.50
1 Barrel Crude Oil = $108.47
September 8th, 2008
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