After the bell : 16-10-2008

By Abhishek on 5:43 PM

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Rebounded on Wheel.....

On account of weak global cues the Indian  market open at a lower today. The Sensex was 524 points down  at 10,285 on the opening bell and remained subdued, as investors remain caution and booked profits after the recent gains. Intense selling in blue-chip stocks dragged the Sensex to a new low of 10,017. While the market fluctuated sharply thereafter, firm bullish sentiment and strong buying in heavyweights and realty stocks in late trades helped the Sensex erase most of its losses. The Sensex finally ended the session by shedding 2.11% or 228 points at 10,581. The broad-based NSE Nifty declined 69.10 points, or 2.07% at 3,269.30 after hitting a high of 3,333.85 and a low of 3,099.90. However, the Sensex saw some selling pressure towards the close.

Sectoral:  Some  sectoral index ended in red. BSE Oil & Gas index dropped 5.57% at 6,827 followed by BSE CG (down 5.23% at 7,665), BSE IT (down 3.99% at 2,669) and BSE Auto (down 3.43% at 3,196). However, BSE Realty gained 5.15% at 2,813 and BSE FMCG was up 1.73% at 1,903. But Heavyweight stocks continued to fall, Hindalco was leading the pack with a southwards direction of 12.15% at Rs69.75 followed by TATA Motors by 11.17% at Rs250.55 . On the meanwhile some stocks tops the Sensex and helped market to recovers RCOM was leading them with jumped of 9.80% at Rs258.90 from previous close followed by DLF gained 8.25% at Rs324.90 and Hind Unilever.

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Biocon , registered a sharp fall of 53.64% in the consolidated net profit in the quarter ended September 2008. During the quarter, the profit of the company climbed 32.25% to Rs 250.20 million from Rs 539.70 million in the same quarter previous year.

HDFC Bank , one of India`s largest bank reported a substantial rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the bank rose to Rs 5,279.80 million, beating analyst estimates. Interest earned for the quarter rose to Rs 39,912.10 million above analyst expectation of 22,713 million , while total income for the quarter rose to Rs 46,343.20 million. The results for the quarter and half ended September 30, 2008 includes operations of erstwhile Centurion Bank of Punjab (eCBoP) for the same period, on amalgamation of eCBoP with HDFC Bank with effect from the appointed date of Apr. 01, 2008 as per the Scheme of Amalgamation (Scheme). Hence the results for the quarter and half-year ended Sep. 30, 2008 are not comparable with that of the corresponding period of the previous year.

Shares of the bank declined Rs 47.1, or 4.15%, to settle at Rs 1,087.

GTL Q2 consolidated net up 40.26%, GTL, a network services provider offering network engineering and infrastructure management services, registered a 40.26% growth in consolidated net profit on year-on-year (Y-o-Y) basis for the second quarter ended Sep. 30, 2008. The net profit for the quarter stood at Rs 423.60 million as against Rs 302 million (post adjustment for discontinued businesses net profit) for the corresponding quarter in the previous year.

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