Asian markets were trading lower today, 7 May 2008. Key indices in China, Hong Kong, Japan, Singapore and South Korea were down by 0.27% to 2.11%. However, Taiwan’s Taiwan Weighted Index was up 0.78%.
US crude was steady at $121.79 a barrel, just off a record high at $122.73 in New York with prices doubling in the past year. Foreign brokerage house Goldman Sachs, which had predicted that oil would hit $100 a barrel now forecasts a potential spike to $200 a barrel.
At 11:20 IST, the 30-share BSE Sensex was down 33.58 points or 0.19% at 17,339.43. The index lost 106.82 points at day’s low of 17,266.19, hit in early trade. Sensex gained 31.14 points at day’s high of 17,404.15, hit at the onset of trading session.
The broader based S&P CNX Nifty was down 10.65 points or 0.21% at 5134.
The market breadth was positive on BSE with 1209 shares advancing as compared to 1072 stocks that declined. 85 stocks remained unchanged.
The BSE Mid-Cap index rose 0.36% to 7,256.46 and BSE Small-Cap index rose 0.37% to 8,782.02.
Top Sensex gainers were, Hindustan Unilever (up 1.43% at Rs 251.75), ITC (up 1.07% at Rs 227.30), Jaiprakash Associates (up 0.86% at Rs 274.25), Housing Development Finance Corporation (up 0.69% at Rs 2737), and Grasim Industries (up 0.55% at Rs 2370), gained.
Top Sensex losers were, Bharat Heavy Electricals (down 2.71% at Rs 1809.95), Tata Motors (down 1.31% at Rs 672.85), Ambuja Cements (down 0.90% at Rs 110.40), NTPC (down 1.12% at Rs 193.75) and Larsen & Toubro (down 1.25% at Rs 3023), slipped.
Thr BSE Bankex was down 1.30% at 8,970.80. Axis Bank (down 3.99% at Rs 910), Bank of India (down 3% at Rs 343), Kotak Mahindra Bank (down 2.72% at Rs 834.95), Bank of Baroda (down 1.08% at Rs 321.85) and State Bank of India (down 0.24% at Rs 1,752), slipped.
India's largest private sector bank by assets ICICI Bank fell 2.01% to Rs 909.40.
The BSE Metal index was up 0.90% at 16,058.64. Jindal Stainless (up 3.48% at Rs 153), Tata Steel (up 2.09% at Rs 833.45), Isapat Industries (up 2.01% at Rs 35.50), JSW Steel (up 1.86% at Rs 896), Sterlite Industries (up 0.71% at Rs 868.05), and Steel Authority of India (up 0.67% at Rs 180.70), rose.
The BSE IT index was up 0.67% at 4,412.93. NIIT (up 3.12% at Rs 112.50), TCS (up 2.23% at Rs 958.80), Satyam Computer (up 0.77% at Rs 500.90), HCL Technologies (up 0.77% at Rs 295.60), Infosys Technologies (up 0.67% at Rs 1,832.55), and Wipro (up 0.55% at Rs 501.20), gained.
India’s top listed cellular service provider by market share Bharti Airtel fell 1.49% to Rs 834. The stock registered a volume of 12.18 lakh shares as against its average daily volume of 4.62 lakh shares on BSE in past one quarter.
Bharti Airtel denied on Tuesday, 6 May 2008 a media report that it had made a $19 billion offer to take control of South Africa's flagship MTN telecom operator. Bharti Airtel issued a statement saying it was in exploratory discussions about buying a stake in MTN Group but the firm has not made any offer to acquire the whole or part of MTN. The statement came after reports suggested Bharti had made a $19 billion bid for 51% of MTN.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.36% at Rs 2644.90.
State-run oil firm dwindled after after oil hit a record high above $122 a barrel. Indian Oil Corporation (2.40% at Rs 465.25), Bharat Petroleum Corporation (down 2.85% at Rs 384) and Hindustan Petroleum Corporation (down 3.68% at Rs 244.75), slipped.
However, private sector oil players gained. Cairn India (up 4.65% at Rs 271.15), Aban Offshore (3.13% at Rs 3,583), Reliance Petroleum (up 10% at Rs 200.35), moved up.
Aishwarya Telecom was trading at Rs 76.80 on BSE, a premium of 119.42% over its issue price of Rs 35. Earlier today, the Aishwarya Telecom stock debuted at Rs 50.10 on BSE, a premium of 43.14% over its issue price of Rs 35.
US markets rose to a four month high yesterday, 6 May 2008 as Financial and energy shares sparked the positive moves on the US indices. US largest mortgage financing company Fannie Mae surged after its officials said they were cautiously optimistic that the worst of the credit crisis had passed even after posting a $2.5 billion quarterly loss. The Dow Jones industrial average rose 51.29 points or 0.40% to 13,020.83. The Nasdaq Composite index rose 19.19 points, or 0.78%, to 2,483.31. The S&P 500 advanced 11 points to 1,418.
Back home, the 30-share BSE Sensex fell 117.89 points or 0.67% at 17,373.01 while the broader based S&P CNX Nifty slipped 47.6 points or 0.92% at 5144.65, on 6 May 2008.
As per provisional data, foreign funds sold shares worth a net Rs 815.61 crore yesterday, 6 May 2008. Domestic funds bought shares worth a net Rs 295.35 crore on that day.
Foreign institutional investors (FIIs) were net sellers of Rs 262.79 crore in the futures & options segment on Tuesday, 6 May 2008. They were net sellers of index futures to the tune of Rs 288.99 crore and bought index options worth Rs 242.96 crore. They were net sellers of stock futures to the tune of Rs 280.88 crore and bought stock options worth Rs 64.11 crore.