India Stock Market: Sensex Down 151.88 On Tuesday

Sensex (^BSESN) down 151.88 on Tuesday (October 7, 2009)
-IT & Tech fall due to rise in Indian rupee
-Metal stocks up on dollar weakness
-Heavy profit booking erases early gain

Sensex fell 151.88 points or 0.9% to 16806.66
Nifty (^NSEI) fell 41.65 points or 0.8% to 4985.75.
Mid Cap rose 1.4%. Small Cap rose 0.5%.
BSE 500 fell 0.1%. Sensex gainers: 10

Of 13 BSE Sectoral indices 7 posted losses
Advancers: 1420, Decliners: 1331, Unchanged: 92
Advance/Decline Ratio: 7:6

Sensex Day’s Range: 17120.56- 16764.07
Nifty Day’s Range: 5077.00 - 4972.95
52-Week Range: 17195.61- 7697.39
52-week% change: -2.3

Sensex losers included Wipro -4.3%, Maruti Suzuki -3.9%, TCS -3.3%, State Bank -2.7%, Infosys -2.6% and Grasim -2.4%.

Sensex gainers included Sterlite Ind +5.5%, JP Associates +2.3%, Hindalco +1.6%, Bhel +1.5%, Tata Steel +1.2% and HDFC Bank +0.7%.

IT index slipped 2.7% led by Mphasis -6%, Wipro -4.3%, Rolta -3.5%, TCS -3.3%, Infosys -2.6% and HCL Tech 2.5%.

Oil & Gas index lowered by 1.1% assisted by Essar Oil -1.8%, Reliance Ind -1.6%, Reliance Natural -1.5%, Aban Offshore -0.6% and ONGC -0.4%.

Auto index declined 1% supported by Amtek Auto -5%, Maruti Suzuki -3.9%, Escorts -2%, Mahindra & Mahindra -1.8% and Bharat Forge -1.8%.

Other sectoral losers were: Teck -2%, Bankex -0.8% and FMCG -0.5%.

Consumer Durables index advanced 4.6% led by Titan Ind +7.6%, Gitanjali Gems +6.8%, Videocon Ind +4.9% and Rajesh Exports +3.6%.

Metal index went up 2.3% aided by Guj NRE Coke +5.9%, Sterlite Ind +5.5%, Sesa Goa +4.5%, SAIL +3.6% and Welspun Guj +2.4%.

Other sectoral gainers were: Healthcare +1.3%, PSU +0.8%, Power +0.6%, Realty +0.5% and Realty +0.5%.

Volume shockers on BSE:
Ispat Ind 19.8 million shares, Spicejet 17.8 mln shares and Kingfisher Airlines 11.7 mln shares

Turnover:
Volumes remained above Rs 1 lakh crore mark today as well. Total traded turnover was at Rs 1, 08,648.68 crore. This included Rs 21,015.39 crore from the NSE cash segment, Rs 81,030.16 crore from the NSE F&O and the balance Rs 6,603.13 crore from the BSE cash segment.

Buzzers:
Elnet Technologies +20% at Rs 59.10, Amrit Banaspati +20% at Rs 57.65, High Energy Battery +20% at Rs 138.15, Zenotech Labs +20% at Rs 125.90, Alfa Transformers +17.4% at Rs 50 and Flex Foods +17.2% at Rs 31.

Heavy Losers:
Alkali Metals -13.6% at Rs 236.50, Omkar Overseas -10% at Rs 75.75, Shri Bajaran Alloys -9.3% at Rs 29.20, Steelcast -8.6% at Rs 73, Singer India -7.7% at Rs 46.65 and Bambino Agro -7.2% at Rs 32.85.

Midacp Gainers:
Piramal Healthcare, Titan Industries, Sintex India, Godrej Industries and Gujarat NRE Coke were up 6-10%.

Midcap Losers:
Mphasis, Amtek Auto, Asian Star, Rolta and MindTree fell 3.5-6%.

Smallcap Gainers:
Henkel India, Asahi India, SpiceJet and Electrosteel gained 8-10%.

Smallcap Losers:
Alkali Metals lost 13.58%. 3i Infotech, UB Holdings, IVR Prime and Jindal Worldwid were down 5-5.5%.

Telecom sector loses again:
Telecom stocks also continued to see selling for the third day in a row. Reliance Communication was down 2.3% and Idea Cellular down 1.2%. Bharti Airtel fell 0.29% and Tata Teleservices down 0.2%.

Zenotech hits upper circuit of 20 pct:
Zenotech Labs locked at 20% upper circuit. In Daiichi-Zenotech case, SAT (Securities Appellate Tribunal) favoured Zenotech Labs minority shareholders. SAT told Daiichi to make open offer at Rs 160/share. Daiichi made open offer at Rs 113.60/share. Zenotech had approached SAT for revision of open offer price.

Gitanjali Gems up 6.8 pct:
Jewellery maker Gitanjali Gems rose as much as 11.8 percent to Rs 134.50 after it said late on Tuesday it bought Alliance Jewellers, which makes gold and diamond studded jewellery. It settled up 6.8% to Rs 128.55 on the BSE.

Godrej Ind up 6.4 pct:
Godrej Industries rose 6.4 percent to Rs 200.60 after the diversified firm said it would jointly develop property in Mumbai with group firms Godrej Properties and Godrej & Boyce Mfg Co.

Reliance Industries announces 1:1 bonus shares:
Rel Ind has announced bonus shares in 1:1 ratio. Further, the Board has declared a dividend of Rs 13 (Rupees thirteen only) per fully paid-up equity share of Rs 10/- each.

Indian Markets not expensive: RCM
Mark Konyn, Chief Executive Officer of RCM is of the view that global economic recovery may be weaker than expected.

However he says that Asian economies will grow faster than the developed world. Talking about the Indian markets, he said that it was not very expensive due to earnings visibility and can go higher on better earnings growth.

Emerging markets (EMs) were reasonably hedged against inflationary risks, he said, adding that the liquidity conditions in India and EMs were reasonable.

Asian Markets:
Asian markets ended higher; Hang Seng was up 2%. Nikkei, Straits Times and Taiwan Weighted gained 0.9-1.1% while Kospi was flat.

European Markets:
Europen markets were trading lower. FTSE: -0.4%, DAX: -0.3%, CAC -0.2%.

Crude:
Crude was quoting at $71.27 a barrel.

Optimism:
The benchmark index has risen more than 74 percent this year, boosted by foreign portfolio inflows of $12.7 billion.

Market to move cautiously:
Traders said they expected the market to move cautiously until quarterly earnings, which would be kicked off by software services bellwether Infosys on Friday, come through.

Optimism:
Emerging-market stocks rose to a 13- month high and currencies of commodity producers strengthened as the global economic recovery prompted investors to seek higher- yielding assets.

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