India Stock Market: Sensex Down 324.12 Points On Thursday

Sensex down 324.12 points on Thursday (May 21, 2009)
-Negative global cues weigh on markets
-Unwinding of long positions feared
-Frontline stocks remain subdued
-Small caps outperform

Sensex (^BSESN) fell 324.12 points or 1.7% to 13736.54
Nifty (^NSEI) fell 59.40 points or 1.1% to 4210.90.
Mid Cap was flat. Small Cap raced 2.6%.
BSE 500 fell 1.4%. Sensex losers: 24
Of 13 BSE Sectoral indices, 10 posted losses.
Advancers: 2097, Decliners: 627, Unchanged: 43
Advancers outpaced decliners by a ratio: 6:1.

Sensex Day’s Range: 14089.51 - 13704.43
Nifty Days Range: 4319.00 - 4199.20
52-Week Range: 17637.13 - 7697.39
52-week % change: -22.12

Sensex losers included Larsen -8.6%, Maruti -6.9%, ICICI Bank -5.2%, HDFC -5%, Hindalco -5%, Wipro -4.9% and TCS -4.3%.

Sensex gainers were: ONGC +8.4%, Reliance Comm +-4.5%, Ranbaxy Labs +2.7%, NTPC +1.9%, Rel Infra +1.4% and JP Associates +0.2%.

Capital Goods index fell 5.4% led by Larsen -8.6%, Jyoti Structure -8.3%, ABB -6.7%, Areva TD -5.1%, Praj Ind -4.8% and Siemens -4.1%.

Bankex fell 2.9% helped by IOB -7.6%, OBC -6.8%, Kotak Mahindra Bank -6.6%, ICICI Bank -5.2%, Union Bank -4.5% and State Bank -3.7%.

Auto index slipped 2.1% aided by Maruti -6.9%, Ashok Leyland -3.8%, Mahindra & Mahidra -3.8%, Hero Honda -2.4%, Bharat Forge -1.8% and Tata Motors -1.8%.

IT index plunged 1.9% supported by Wipro -4.9%, TCS -4.3%, Patni Computer -3.1%, Moser Baer -2.4% and Oracle Financial -2.2%.

Other sectoral losers were: FMCG -1.9%, Metal -1.5%, Realty -1.3%, Power -1.2%, Teck -1% and Healthcare -0.4%.

PSU index moved up 2.8% aided by MMTC +15.1%, HPCL +14.6%, IOC +14.5%, Chennai Petro +13%, BPCL +10.2% and ONGC +8.4%.

Other sectoral movers were: Consumer Durables +0.8% and Oil & Gas +0.8%.

Volume shockers on the BSE:
Ispat Ind 24.80 millionn shares, Reliance Natural 24.45 mln shares and Unitech -20.42 mln shares

Turnover:
Volumes remained above the Rs 1 lakh crore mark; total traded turnover stood at Rs 1,03,994.65 crore. This included Rs 24,317.78 crore from NSE cash segment, Rs 71,702.09 crore from NSE F&O and the balance Rs 7,974.78 crore from BSE cash segment.

Buzzers:
DS Kulkarni +20% at Rs 51.90, Donear Ind +20% at Rs 33.30, Abhishek Corp +20% at Rs 21.90, HT Media +20% at Rs 98.40, Wearology +20% at Rs 52.20, Hinduja Ventures +20% at Rs 211, Rainbow Papers +20% at Rs 55.55 and Prithvi Info +20% at Rs 63.35.

Heavy Losers:
Indo Wind Energy -11.6% at Rs 24.40, Ent Network -10% at Rs 209.85, PG Foils -9.9% at Rs 28.20, Northgate Tech -9.9% at Rs 39.15, BOC India -9.1% at Rs 168.90, Jupiter Bioscience -8.9% at Rs 61.05 and Larsen -8.6% at Rs 1242.60.

PSU Refinery shares surge:
News reports yesterday said the Oil Ministry is now seriously considering a free pricing regime for oil instead of the existing subsidy regime. RS Sharma, chairman of Oil and Gas Corporation (ONGC), in an interview to CNBC-TV18, said that price deregulation may now come through after the UPA, sans Left, came to power. “There are very positive signals. Already we find that discussions have begun in the right earnest,” he said.

Shares of oil marketing companies also bucked the trend as mentioned above in the PSU sectoral gains, HPCL, IOC, BPCL, Chennai Petro and ONGC gained smartly.

Entertainment Network falls 10 pct on weak results:
Radio broadcaster Entertainment Network (India) fell 10 percent to Rs 209.85 after its quarterly net profit plunged 74 percent from a year ago.

Inflation:
India’s wholesale price index rose 0.61 percent in the 12 months to May 9, matching the median forecast in a Reuters poll and above the previous week’s annual rise of 0.48 percent, data showed on Thursday. Annual inflation for the week ended March 14 was revised to 0.71 percent from 0.27 percent.

Britain outlook revised from stable to negative:
The outlook for Britain was lowered to “negative” from “stable” because of the nation’s increasing “debt burden,” S&P said in a statement today. The pound fell the most in almost a month against the dollar. Stocks and bonds slid, and the cost of insuring debt against default rose.

Britain would become the fifth western European Union nation to lose its rating because of the economic slump, following Ireland, Greece, Portugal and Spain. The U.K. plans to sell a record 220 billion pounds ($343 billion) of bonds in the fiscal year through March 2010 as the recession cuts revenue and forces the government to raise spending.

Asian Markets:
Shanghai and Hang Seng slipped 1.5% each. Straits Times was down 2.57%. Nikkei and Kospi fell 0.9-1%. However, Taiwan Weighted gained just 0.23%.

European Markets:
European markets were ruling sharply lower; FTSE -1.5%, DAX -1.5% and CAC -1.4%.

Crude:
Crude was quoting at $60.62.

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