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Market opened lower on news of Lehman is going to file motion for chapter 11 Bankruptcy protection on failed negotiations with other US banks. Indian market opened down about 3.5% in opening trade and plunged to more than 6% in day trade. However buying came in last 2 hours of trade, this help Nifty to close around 100 points up from days lows and Sensex closer to 400 points from day low. After Adjustment Nifty finally closes @ 4072.90 down 155.55 points and Sensex closes @ 13531.27 down about 469.54 points. Crude touched a low of $95 in NYMEX , first time from Febuary,2008 . Rupee also touched a low of 46 mark to a dollar , which is a low of 24 month.
Sectoral
BSE Realty and IT make the worst hit , loosing 7.6% and 5.5% respectively. Realty were down because of high beta index and Lehman Brothers has a significant holding in all Realty stock either thru direct holding , via P - notes or thru Private Equity Investment. Moreover, Unitech denied the media report that Unitech Mumbai project who has PE investment of Lehman Brother is on toast. Second most affected sector was IT, it was down on their financial news of Lehman, if Lehman is going to end then they will have to face big loss because Lehman has tied up with all major IT companies like Satyam Comp , Infosys , HCL Tech, etc .. They have to write down a major part of their revenues coming from Lehman as a Bad debt. As crude is continuously dragging towards south. All Auto stock moved up a bit positive despite of Sell in Indian Market. Maruti ended green with more than 2% and HDFC who is major Financial Institution also moved up in Green.
Turnover on 15th Sept , 2008
NSE Cash Rs.11936 BSECash-Rs.4485.30 Future Rs.61185.99
Arbitrage Opportunities NSE & BSE
No opportunities has been created for tomorrow . As mkt dragged too much.
If any want to trade as a Arbitrager can ask for the same on infotips@yahoo.com . Service Brought to u by Trading Ideas - Your Trading Partner http://tradingideas.in/
Advanced Tax Figure for India Inc Q2
- Videocon Inds pay Rs.25crs as Advance Tax in comparison to Rs20 crs
- RIL pays Rs680 crs ad ADVANCE TAX in comparison to Rs650 crs last yr
- SBI Advance Tax at Rs1560cr Vs Rs1054cr YoY
Important News for Sept 16 , 2008
- US FOMC meeting will be held tomorrow ( 16th Sept , 2008 ) to decide on Intrest Rates and they will also talk on situation of current US Fiancial Market .
- AIG ( American International Group ) ask US Federal Govt for a fresh new loan of $40 billion . AIG is going to announce something special tonight. They are in talk with US billionaire Warren Buffet for a special package to protect investor and policyholder.
- Tomorrow major exchange of Asia Nikkei and Hang Sang will deliver their sentiment on Lehman News as there was a trading holiday in both of exchange.. We believe they will tank and resulting weak opening for Indian Market tomorrow also
- Analyst believes after collapse of Lehman Brothers and the sale of Merrill Lynch have left questions about the future of the last two major brokerage and Investment firm, Goldman Sachs and Morgan Stanley
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