Posts filed under 'Banks & NBFC'
The Indian stock markets witnessed a volatile session today. The markets had an upward bias till noon but changed course post the opening of the European markets. A last minute recovery attempt too got foiled leaving no way but to close in the red.
Earlier, yesterday, a last hour recovery has helped the US markets (on Oct 4) to report a positive closing. The Dow closed at 10,808.71 points and is up 1.44%. The NASDAQ and S&P500 closed up 2.95% and 2.25% respectively indicating a not so gloomy situation. Shares of Apple sided down after the Wall Street reacted to the market reactions that the new iPhone isn’t that successful. Earlier (Oct 4) bled heavily. The FTSE 100, DAX and CAC 40 are all over 2.5% down.
The Asian markets that opened this morning (Oct 5) too witnessed volatile sessions. The European markets however opened (for Oct 5) in the green.
The SENSEX dipped down by 72.45 points and closed at 15792.41 down 0.46%. The NIFTY closed trade at 4751.30 losing 20.85 points or 0.44%. The CNX Midcap closed at 6823.50 losing 53.30 points or 0.78% in trade today while the BSE Smallcap is marginally in the red at 6644.90 or down 60.03 (0.9%).
Top losers of the day include SBI, Hindalco (down over 3% each), BHEL, Kotak Mahindra, ICICI Bank, Jindal Steel, HDFC Bank, Rel Capital and Maruti Suzuki (down over 2% each).
Leading gainers of the day include Jaiprakash Asso (up 4%), DLF and Dr Reddys Labs (up 2% each), Sun Pharma, Reliance Comm, Tata Power, Reliance Power, IDFC and ITC (up 1% each).
EPC company Punj Lloyd (BSE: 532693; NSE: PUNJLLOYD; ISIN: INE701B01021) is in news today for getting a contract from Qatar Co. for which Punj will set up 8,000 tn/yr polysilicon plant in Qatar. PL was always good at getting orders but its problems are mostly on the execution side. The stock has corrected heavily in the last 2 years or so. The script closed at Rs. 52.95 today gaining Rs. 0.55 (1.05%) with a volume of 4.34m shares traded.
Tata Chemicals (BSE: 500770; NSE: TATACHEM; ISIN: INE092A01019) is in news today that Reliance Industries will suspend gas supply to 4 fertiliser plants in Gujarat starting Thursday. The companies that will be affected are IFFCO, KRIBHCO, Shyam Fertilisers, Tata Chem. Tata Chemicals closed at Rs. 295.00 losing Rs. 6.60 (-2.19%) with a volume of 575.36k shares traded.
Rolta corrected 9.17% today after news came out that the promoters pledge stands at 5% from 4.5% earlier. The script closed at Rs. 70.30 down Rs. 7.10.
Moody’s has reaffirmed the C- rating for ICICI Bank. The script closed at Rs. 779.25 down 2.71%.
Credit Suisse has given a NEUTRAL rating to ICICI Bank in its report dated 30 Sep 2011. They profitability of the bank is likely to show some pressure starting Q2. The stock has a target of Rs. 934.
October 5th, 2011
The Indian markets that opened this morning witnessed a flattish session till noon when news that Moodys has downgraded State Bank of India from C- to D+ has come out. This triggered has led to selling pressure in SBI stock and few other banking stocks, such as ICICI Bank. The fire got fuel when European markets too opened in the red and hence spread to the whole of the market. Heavy selling is witnessed across the board making almost all indices to end deep in the red.
The SENSEX closed the day at 15864.86 losing 286.59 points in trading session today. i.e it is down 1.77%. NSE NIFTY last traded at 4772.15 points losing 77.35 or 1.60%. Selling pressure appeared even in the Mid cap and small cap sectors. CNX Midcap closed at 6876.80 down 84.40 points or 1.21% while the BSE Smallcap closed at 6704.93 points down 74.23 or 1.09%). The CNX PSU Bank Index is down 2.94% while CNX Service and CNX Auto indices closed down over 2%.
The Bank Nifty closed at 8913.35 losing 275.55 points or 2.7%. SBI stock closed at sub-1800 levels once again. The script closed at Rs. 1787.20 losing Rs. 74.40 or 4% amidst volumes 5.06m shares traded. ICICI Bank is down 4.43% and has now come to affordable levels of Rs. 801.95. IDBI is down 3.95%. Oriental Bank of Commerce, Axis Bank, Canara Bank, Union Bank and HDFC Bank have lost over 2% each.
Top losers of the day are ICICI Bank, Tata Motors and Mah and Mah (each down over 4%), SBI, Jindal Steel and Sterlite Ind (each down over 3%), Axis Bank, Bharti Airtel, HUL, Jaiprakash Asso, HDFC, HCL Tech, Reliance and Sun Pharma (each down over 2%). On a day of heavy selling, few scripts managed to close in the green. With the strike over, interest both in investor and trading community is back in Maruti Suzuki. The script closed at Rs. 1107.85 up 2.79% today. Larsen that saw selling yesterday managed to close in the green today. L&T is up Rs. 19.50 at Rs. 1338.70. Other gainers of the day include Wipro (up 1%), Rel Capital, BHEL, Hindalco, Tata Steel, Ranbaxy Labs, Siemens, Reliance Power, TCS, Grasim and Hero Motocorp (all marginally up).
Nomura has reiterated their BUY call on Coal India in the report dated September 30, 2011. They feel that recent price correction in the stock is unwarranted because it is very much expected. They has put a target of Rs. 433 for the stock.
October 4th, 2011
The Indian stock markets had a rather flattish session today with not much gain or pain out of trades today from the large cap segment but there are indeed some nice positives in the midcap space.
The Sensex closed at 17065.15 losing 34.13 or 0.20% while similar trend is seen on NIFTY which closed at 5133.25 points losing 6.95 or -0.14%. The CNX Midcap however closed at 7468.00 gaining 76.50 points or 1.03% and the BSE Smallcap closed at 7352.01 gaining 51.84 or 0.71%.
The Asian markets are largely positive except for Hang Seng which was down 190 points. The Europe opened for trades for Sep 21 and are trading in the red. Earlier yesterday (Sep 20), the US markets closed with mixed indications. Dow Jones was marginally in the red while Nasdaq is down 22 points at 2590.24.
Top gainers of the day includes Siemens, Ambuja Cements and ICICI Bank (all up over 2%), Jaiprakash Associates, SAIL, Wipro, Grasim, Reliance Communications and Axis Bank (all up over 1% each). On the losers end are Hero Motocorp (down over 3%), Hindalco, Maruti Suzuki, Cairn India (all three down over 2% each), Reliance, Bajaj Auto, Sesa Goa, TCS, HUL and GAIL (all down over 1% each).
Lumax Industries (BSE: 517206; NSE: LUMAXIND; ISIN: INE162B01018) is in news after reports emerged that Stanley Electric will be acquiring the Indian promoter’s 37% equity in Lumax Industries leading to a possible open offer. The script surged 4.04% and closed at Rs. 395.30 up Rs. 15.35 with a volume of 547.85k shares traded.
State Bank of India (BSE: 500112; NSE: SBIN; ISIN: INE062A01012) managed to close the day above the Rs. 2000 mark. The script closed the day at Rs. 2009.60 up Rs. 18.90 or 0.95% with a volume of 3.26m shares traded. SBI announced that it will offer a 25 bps concession on floating home loan rate. It will offer 25 bps concession on home loans till Dec 31.
September 21st, 2011
The SENSEX closed the day at 16146.33 losing 138.65 (-0.85%). NIFTY closed at 4839.60 losing 49.30 (-1.01%). The CNX Midcap last traded at 7193.15 losing 73.15 (-1.01%) while the BSE Smallcap has shut shop at 7099.61 losing 59.03 (-0.82%).
Earlier yesterday, Nasdaq closed at 2,467.69 gaining 21.63 while S&P 500 is at 1,177.60 up 15.25. Steve Jobs resigned as Apple Inc Chief Executive. No specific reason was given but his health issues are believed to be the reason behind the decision. The present CEO Tim Cook who is taking care of the affairs of the company following the illness of Jobs is named as the new CEO.
The US markets (Aug 24, 2011) continued to be in the green for the third straight day after an almost rally like situation in the last hours of trade. Brent Crude is trading above USD 110 mark with the US crude stocks dip. Gold was down sharply and is once again below USD 1,760 levels.
SREI Infra Finance’s (BSE: 523756; NSE: SREINFRA; ISIN: INE872A01014) Chairman and Managing Director Hemant Kanoria said today that it is raising a $1-bn fund to invest in areas such as roads, power and ports. The script closed the day at Rs. 37.30 down by Rs. 0.55 (-1.45%).
Deccan Chronicle is completing its buyback today. The company said that it feels this is the right time to buy 3.45 crore shares at Rs 70/share. Spent nearly Rs 240 crore on the buyback, the company says it will see upside in the future. The script is in the red today. It closed at Rs. 52.40 losing Rs. 3.60 or -6.43%.
The August series is considered the worst since the turmoil of October 2008. Banking stocks are the worst performers in this series.
Top losers of the day include Jaiprakash Asso and Jindal Steel (both down over 4%), HCL Tech, Hero Motocorp, Infosys (all 3 down by over 3%), Axis Bank, SAIL, HDFC, HDFC Bank, Tata Steel, Power Grid Corp and Hindalco (all down over 2%). Top gainers of the day include Ambuja Cements and DLF (both up over 2%), Tata Motors, Reliance Comm and Grasim (all up over a percent) amongst others.
Abhijit Paul of Brics Securities says Ambuja Cements has a target of Rs. 145. The script is currently trading at Rs. 135.85.
Meanwhile, the European markets have opened for trade of Aug 25. The markets are in the green but FTSE 100 has lost its gains and slipped into red.
August 25th, 2011
The global stock markets have headed over yet another round of deep single day correction after banking stocks all across the globe have corrected triggering ripples to other sectors. The trouble began in the Eurozone and has impacted the Asian stock markets that have not yet closed by then. Later, the American stock markets too reflected the troublesome situation of deep cuts.
Nikkei is down 113.5 points. Hang Seng is down 272.76 points. Nifty is sub-5k. Sensex is below 16.5k mark. FTSE is down 242.02 points at 5086.58 while DAX has shed 355.97 points at the time of this writing. Dow Jones is down 457.09 points at 10953.12 and Nasdaq is down 115.44 points at 2396.04 in early hours of trade. All major indices in the US are in the red. Gold has struck a new record high. Oil slipped on worries in the Eurozone.
Back at home, all major sectorial indices are in the red, banking being the most impacted. Reliance Infra and HCL Tech are down over 6% each. Axis Bank, ICICI Bank are down over 5% each. Wipro, IDFC, Sterlite Industries, Reliance Capital, SBI are all down over 4%.
Gainers of the day include DLF (up over 3%), Jaiprakash Associates, Hero Motorcorp, Reliance Communications (all up marginally).
Educomp Solutions (BSE: 532696; NSE: EDUCOMP; ISIN: INE216H01027) after news of Income-tax Department raids on the offices and residences of the promotes of alleged tax evasion. The script tanked 8.90% and closed at 234.35 losing Rs. 22.90.
ICICI Bank (BSE: 532174; NSE: ICICIBANK; ISIN: INE090A01013) has once again come to sub-900 levels. The script closed the day at 864.75 losing 45.80 (5.03%) in trade today. ICICI Bank is one of the most favourite buy pick by experts amongst the banking stocks.
August 18th, 2011
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