Sensex tops 12k mark as global markets rally

The rally in emerging markets, especially Russia and China, last week was reflected in Indian markets on Monday, which reopened after a four-day recess. Equity markets jumped to their highest level since October 2008.

The 30-share Sensex of the Bombay Stock Exchange (BSE) topped the psychological 12,000-level to end the trading session at 12,134.75 points, gaining 731.50 points or 6.41%. The Sensex was the highest gainer among all Asian markets. Similarly, the broader S&P CNX Nifty of the National Stock Exchange (NSE) surged by 180.05 points, or 5.18%, to close the day at 3,654 points.

The rally was part of the extended gains witnessed in Asian markets, which moved up in response to data released by China revealing its industrial output had expanded for the first time in nine months.

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

Sensex slips 248 points, ends at 8,198

Despite a rate cut by the Reserve Bank of India (RBI) and a further dip in India’s headline inflation, the domestic equity bourses continued with their loosing streak as the deteriorating fiscal deficit situation and a falling rupee dampened investors sentiment forcing foreign institutional investors (FII) to pull out from the Indian market. The key benchmark indices ended the day on a very weak note registering its lowest close in more than three years, after witnessing huge volatility and selling pressure throughout the trading session.

The 30-share Sensex of Bombay Stock Exchange (BSE) closed at 8,197.92 points down by 248.57 or 2.94%. On the other hand, the broader S&P CNX Nifty of National Stock Exchange (NSE) lost 68.50 points or 2.59% to end the day at 2,576.70 points.

Though the RBI had slashed repo rate and reverse repo rate by 50 bps on Wednesday, to stimulate demand in the economy, according to market participants deteriorating macro economic situations is weighing heavily on investors sentiments.

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

Marketts end 2 day rally, Sensex dips 513 points

Key equity indices snapped their two-day gains and ended in the negative terrain on Wednesday. Intense selling pressure, coupled with weak global cues and sustained selling by foreign funds, forced the market to remain under pressure throughout the day.

The 30-share Sensex of the Bombay Stock Exchange (BSE) plunged by 513.49 points, or 4.81%, and closed the day at 10,169.90 points.

Earlier in the day, the Sensex opened with a negative gap and touched an intra-day high of 10,484.45 points and fell to a low of 10,128.22 points. The broader Nifty of the National Stock Exchange (NSE) also lost 169.75 points or 5.25%, ending at 3,065.15 points.

Amitabh Chakraborty, president-equity at Religare Securities Ltd, said, “Japanese and Korean markets were down significantly. This spooked the sentiment further. The dollar has strengthened against all major currencies but the euro is down sharply.” Intense selling was witnessed in metals, realty and banking sector stocks, which were the worst hit among the BSE sectoral indices.

To read the full article, click here...
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/10/23/index.shtml

Massive wealth erosion at top biz houses

In the current calendar year, the wealth of India’s top 25 industrial houses decreased 50.3% to Rs 9.61 lakh crore. As the credit crisis deepens in the US and Europe, investor wealth is rapidly eroding with the Sensex losing 41.9% this year alone. From above 20,000 levels in January, the benchmark index has plunged to 11,800 levels on Monday.

Dinesh Thakkar, CMD, Angel Broking, said, “The markets are near their bottom. So a fur ther correction to the tune of 5% cannot be ruled out. I feel the market will take support at 11,000 and bounce back to achieve a sustained growth of 15 to 20% per annum.” The market capitalisation of Jaiprakash, Sterlite, Essar and Hinduja declined significantly this year. The Mcap of Jaiprakash group dropped the most by 76.34% to Rs 12,171 crore. Among the Jaiprakash group companies, Jaiprakash Associates suffered the most. Sterlite Industries led the fall in its group companies’ M-cap which dipped 63.5% to Rs 41,165 crore.

A lot of wealth that was created in the market upswing is being wiped out in the current market meltdown. As the subprime crisis that originated in the US is spreading to Europe, foreign institutional investors are pulling out money from emerging markets.

To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/10/07/index.shtml

Half the stocks going below book value

With the markets seeing consistent selling by overseas investors and the benchmark indices taking a tumble, many stocks have retreated,and are now quoting below their book value.A study by FE indicates that as many as 49% stocks from the 2,699 listed companies traded below their book value at the end of September, sharply down from the 22% on January8, this year.

And this is not just about a large sample size,including many trashy companies and penny stocks.Around 7% companies on the BSE 500 were quoting below their book value in January and now the share has swollen to 20%. Clearly,the pounding has been severe as the Sensex has fallen by 38.39%(-8,012.90 points)to 12,860.43 on September 30,from the peak of 20,873.33 on January 8,2008.

Out of 2,699 quoted companies, 1,319(49%) quoted below of their book value as on Sep30.But on January 8,the number was 584(22%).

To read the full article, click here..
To read the ePaper, visit:
http://epaper.financialexpress.com/FE/FE/2008/10/06/index.shtml

Sensex plunges 506 points: rupee breaches 47 a dollar

The rupee slipped below 47 to a dollar-a two-year low and the BSE Sensex plunged to its lowest level in two months, closing out at 12,595.75, as Indian markets fell in tandem with their Asian and European peers on Monday. FIIs pulled out $149.8 million in equities from domestic markets.

Real estate and banking stocks led the rout with ICICI Bank dropping 12% to its lowest in more than two years. IT stocks also plunged on fears that the global financial crisis will reduce software spends.

The Sensex fell 506.43 points, or 3.9%, to 12,595.75, the steepest since July 29. All but one of the 30 stocks in the benchmark index declined as it touched a one and a half year low of 12,402.84 points during the session.The S&P CNX Nifty of the NSE slid 135.20 points, or 3.4%,to 3,850.05.

To read the full article, click here..
To read the epaper, visit: http://epaper.financialexpress.com

Rupee slide persists

The rupee fell the sharpest in a decade on speculation that the trouble on Wall Street would lead to emerging-market asset sell-offs by jittery global investors.The currency hit its lowest level against the dollar in more than two years. The Sensex also fell for a sixth day in tandem with equity markets world wide. It lost a marginal 12.47 points to end at 13,518.80, heading for its first annual loss since 2001.

The rupee may come under more intense pressure as FIIs continue to hawk Indian equities. The Indian currency ended at 46.89/90 against the dollar, off a trough of 46.99-its lowest since July 24, 2006-as banks arbitraged with a weaker overseas market. Dealers suspected RBI intervened to halt the slide just short of 47 against the greenback. JPM organ forecasts the rupee to drop to 47 by the end of the year. The rupee was the second biggest loser among the ten most active currencies in Asia outside Japan on Tuesday.

To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com

Trickles of woes, torrents of panic

India's equity markets continued to move in inverse proportion to crude prices, which touched a historic $144 a barrel on Tuesday, as the calendar year passed into the second half on Tuesday. Extending the losses for a third consecutive session, key Indian share indices breached psychological levels on Tuesday as investors started dumping more stocks.

The sharp fall in the stock market, combined with high crude prices and a record monthly trade deficit, took the rupee down to a 15-month low on Tuesday. The local currency ended at 43.34/36 a dollar, taking its fall this year to more than 9%. It briefly fell to a low of 43.50, it weakest since April 2,2007.

The 30-share Sensex of the Bombay stock Exchange (BSE), after witnessing subdued opening,turned south wards with weak opening in the European markets to end the day with a loss of 499.92 points, or 3.71%, to end below 13k-mark at 12,961.68 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) posted a loss of 143.80 points or 3.56% breaking the 4k level to close at3,896.75 points.

To read the full article, click here....
To read the ePaper, visit: http://epaper.financialexpress.com