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Nifty struggles @ 2750; BPCL, HPCL, IOC plunge
Published on Fri, Dec 05, 2008 at 13:51, Updated on Fri, Dec 05, 2008 at 13:57 in 
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FM TUNES BUDGET FOR TAXPAYER, MKTS FACE THE MUSIC - Udayan's View: Budget 2009, a game of patience
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- Reform hopes dashed, market watchers feel let down
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- Pranab skips two paras of Budget speech, apologises
- Bengal benefits, Mamata and Pranab budget for their state
- Common man gets a treat, over 15 schemes | For women
- Income tax limits raised; farmers, exporters get sops
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Mumbai: A sell-off in oil, technology, metal, FMCG, capital goods, power and select telecom stocks is putting pressure on the benchmark indices. ONGC is a bit volatile today as well. Oil marketing companies like BPCL, HPCL and IOC plunged 4-7 per cent, as the Oil Ministry said that fuel prices may be cut by Saturday.
The Sensex fell 103 points to 9,125 and the Nifty lost 27 points to 2,761 at 12:38 hours IST. BSE Midcap and Small cap indices are flat.
Reliance Industries, NTPC, Infosys, Bharti Airtel, TCS, SAIL, L&T, BHEL, ICICI Bank, Sterlite Industries and HDFC are dragging the indices lower. However, support is still seen from Reliance Communication, Hero Honda, Suzlon, Idea, Grasim, ACC, Tata Motors, M&M, Siemens and Cipla.
Market breadth is slightly weak; about 1,355 have advanced while 1,427 shares have declined. Nearly 416 shares are unchanged.
Markets @ 11:37 am : Mkts shed early gains; RIL, Infy, BHEL, L&T, Bharti weak
The markets shed its early gains and are seeing selling pressure amid some volatility. Oil, technology, capital goods, metal and select telecom stocks are under pressure. The Nifty slipped below 2800 mark.
The Sensex fell 163 points to 9,066 and the Nifty lost 45 points to 2,743, at 11:37 hours IST. BSE Midcap index turned flat and Small Cap index gained 0.5 per cent.
Profit booking is seen in Reliance Industries, Infosys, Bharti Airtel, TCS, NTPC, BHEL, L&T, Wipro, ITC, HUL, DLF, HDFC, Satyam, BPCL, Tata Steel, ONGC, SAIL, Sterlite and Cairn India. However, buying continues in Reliance Communication, GAIL, ICICI Bank, Suzlon, Hero Honda, Tata Motors, ACC, Unitech, Grasim, M&M and Siemens.
Market breadth is positive; about 1502 shares have advanced while 1294 shares have declined. Nearly 402 shares are unchanged.
On the global front, Asian markets are trading mixed. Nikkei is trading off day's high. Hang Seng, Straits Times and Kospi gained 1.3-2 per cent. Taiwan and Shanghai lost 0.7 per cent each.
Markets @ 10:38 am : Nifty hovering around 2800; cap goods, power, banks gain
The benchmark indices are trading higher with some volatility. Buying is seen in banking, telecom, realty, capital goods, and power stocks. However, selling continues in technology and FMCG stocks. Oil stocks are up, but are a bit volatile. Midcap and smallcap stocks are on buyers' radar.
The Sensex went up 83 points to 9,313 and the Nifty gained 28 points at 2,816, at 10:38 hours IST. BSE Midcap and Small Cap indices rose 1-1.5 per cent.
Reliance Industries, SBI, Reliance Communication, BHEL, ONGC, L&T, Power Grid, DLF, Unitech, HDFC, Bharti Airtel, Idea, SAIL, ICICI Bank, HDFC Bank, NTPC, Suzlon, Tata Power, Tata Motors, PNB and Hero Honda are supporting the markets. However, draggers are Infosys, TCS, Satyam, Wipro, HUL, BPCL, Tata Communication, ITC, Sterlite and Zee Entertainment.
Oil marketing companies like IOC, BPCL and HPCL fell 2.5-5 per cent. Crude January Futures is hovering at USD 44 to a barrel on the NYMEX.
Market breadth is positive; about 1663 shares have advanced while 1148 shares have declined. Nearly 387 shares are unchanged.
Markets @ 9:56 am : Mkts choppy; commodity stocks under pressure
The markets have opened lower following weak US cues, but immediately managed to recover and is now trading volatile. Commodity stocks are under pressure.
At 9:56 am, the Sensex fell 57 points to 9,172 and the Nifty lost 9.6 points to 2,779. BSE Midcap and Small Cap indices are flat.
Losers are Tata Steel, Sterlite Industries, ONGC, Cairn, Reliance Industries, Nalco, SAIL, Infosys, ICICI Bank and Zee Entertainment. However, Suzlon, Tata Power, Tata Motors, ITC, L&T, BHEL and Unitech are gainers.
Asian markets are trading mixed. Shanghai, Taiwan and Jakarta are marginally weak. Hang Seng, Nikkei, Straits Times and Kospi gained 0.8-2.3 per cent.
Crude January futures fell 6.5 per cent to 4 year lows yesterday. It is currently trading at USD 44 to a barrel on the NYMEX. US fuel consumption was down 6.2 per cent year-on-year basis. Weak demand from US, Japan and Euro zone also weighed on the crude prices.
Merill Lynch said that a slowdown spreading to China could take price to $25 a barrel while BNP Paribas estimated support at $40-37 a barrel. Near term range for crude prices is seen between $40-48 a barrel.
Copper declined 5.5 per cent to 3 and 1/2 years lows and aluminium fell to 4-year lows.
In the US markets, stocks ended sharply lower on poor economic data. Factory orders fell by 5.1 percent, the biggest drop in eight years and jobless claims fell by 21,000. Markets are expecting the unemployment rate today to tick up to 6.8 percent - the highest rate in 15 years.
The Dow slipped 215.45 points, or 2.51 per cent at 8,376.24. The S&P 500 index was down 25.52 points, or 2.93 per cent, to 845.22, and the Nasdaq composite index declined 46.82 points, or 3.14 per cent, to 1,445.56.
Market cues:
Markets await monetary and stimulus package; likely to be announced over the weekend
US markets down 3 per cent on plunge in oil, concerns on GM
FIIs net sell USD 120.6 million in equity on December 3
MFs net buy Rs 106.2 cr in equity on December 3
NSE F&O Open Int up by Rs 3,578 crore at Rs 44,570 crore
F&O cues:
Stock Futures add 4 cr shares in Open Int
Futures Open Int up by Rs 2090 crore, Options Open Int up by Rs 1488 crore
Nifty Futures add 20 lakh shares in Open Int, at 8-point premium
Nifty Open Int Put-Call ratio at 1.15 versus 1.05
Nifty Puts add 37 lakh, Calls add 10 lakh shares in Open Int
Nifty 2600 Put adds 9 lakh shares in Open Int
Nifty 2500 Put adds 8.5 lakh shares in Open Int
Nifty 2700 Put adds 8.4 lakh shares in Open Int
Nifty 2700 Call adds 5.5 lakh shares in Open Int
Nifty 2800 Call adds 3.5 lakh shares in Open Int
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