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Indian market opened in the light of world bank shock of and witnessed selling pressure from the starting. Indices opened lower, BSE Sensex opened with a loss of 90.14 points, at 9,316.33 on Monday. Further it continues to slide by getting weaker clues over market by heavy selling by fund houses and retail trader. Later a mild recovery was witnessed due to better than expected IIP data in the noon trades, it helped market to head towards north but bears never give a way for positive zone. Market still not recovered from Satyam jitter, and slides for third consecutive day in negative zone now it is under performing the asian and world peers on daily and on weekly basis.
The Sensex ended the day with a loss of 296.42 points, or 3.15% at 9,110.05 after touching a high of 9,331.13 and a low of 9,024.45. The broad-based NSE Nifty fell 99.90 points, or 3.48% at 2,773.10 after hitting a high of 2,869.20 and a low of 2,748.55. BSE Midcap and Smallcap index declined 2.27% and 1.70% respectively.
Crude & Currencies
The NYMEX contract for crude oil is currently trading at $37.97/barrel , this is a fresh low of crudewhen it touches a high of $ 50 mark for a barrrel after a conflict between Isreal and Arab countries.
Indian Currency ( INR ) ended its day at Rs. 48.81 / dollar. It ended its day on soft note on the speculation of FII may make more outflows from India after Satyam Effect.
Index of Industrial Production
The Index of Industrial Production numbers for November came in at 2.4% compared to -0.4% Month-on-Month (MoM) and 4.9% Year-on-Year (YoY). Earlier, a CNBC-TV18 poll saw the data for November at a negative 0.36% versus a negative 0.4% and Bloomberg expected a negative of 0.8% .
Mining output is up 0.5% vs 6.3% (YoY) and manufacturing output is up 2.4% vs 4.7% (YoY). Capital goods output is down 2.3% vs 24.2% (YoY) and consumer goods output is up 4.4% vs (-)2.9% (YoY).
The April-November industrial growth came in at 3.9% vs 9.2% (YoY). October industrial output is revised to (-) 0.3% vs (-) 0.4%.
Sectoral
All the BSE sectoral indices finished in red. Metal and Realty indices were the top losers, down 5.6% and 4.9% respectively. Wipro and Reliance Infra were the top losers among sensex stocks, falling 9.3% and 6.9% respectively. Sole gainers among sensex were Sun Pharma and JP Associate, gaining 2% and 1% respectively.
Tech Update : The IT Index was down by 80.94 points or 3.8% at 2,051.05. Trouble for IT's bigges is not going to end, after the effect of Satyam now it was the turn of India 3rd largest company by sales Wipro. The stock of Wipro tumbled 9.3%, as the company said is ineligible for direct contracts from World Bank till 2011, however revenues from the bank are not significant. Company said it barred because it offered employees of the institution shares in its initial public offering (IPO) of comapny, some employes have taken part in the process and get 1750 shares of company in IPO. This matter is still not cleared we will update as and when we get update.
Infosys Tech result will be decleared on Tuesday before the market hours, and analyst are beleiving it will post a result in single percantage gain due to slowdown in US and some bankcrupcy in US. India's second largest software exporter by sales Infosys Technologies fell 3.36% to Rs 1155 ahead of its Q3 December 2008 earnings on Tuesday, 13 January 2009. As per a report by a foreign brokerage, Infosys could well miss its December 2008 quarter earnings forecast in dollar terms, hurt by lower volumes and cross currency movements.
Satyam surged 44.84% to close at 34.4 as new board comprising Deepak Parekh, C. Achutan and Kiran Karnik took charge.
Banks : BSE Bankex fell 194.58 points or 3.62% at 5,186.78. Banking major SBI plunged nearly 9% before closing down 5% as the bank said that it has Rs. 500 cr. exposure to Maytas. SBI has no exposure to outsourcer Satyam Computer Services but has an exposure of about Rs 500 crore to Maytas firms, the banks' chairman said in a television interview today, 12 January 2009. Maytas Infra Ltd and Maytas Properties are controlled by the family of Satyam founder B. Ramalinga Raju.
Banking stocks extended early losses on worries of rising bad loans in a slowing economy. India's largest private sector bank by net profit ICICI Bank fell 2.69% to Rs 442.60. India's second largest private sector bank by net profit HDFC Bank declined 0.69% to Rs 1005.30.
Oil & Gas : Oil & Gas index fell 189.26 points or 3.28% at 5,588.33. India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) slumped 4.52% to Rs 1099, on worries the recent steep fall in crude oil prices would dent refining margins of the firm.
India's largest oil exploration firm by market capitalisation Oil & Natural Gas Corporation (ONGC) slipped 3.06% to Rs 650, on further fall in global crude oil prices. US light crude for February 2009 delivery fell 32 cents to $40.51 as a big increase in US unemployment renewed worries about energy demand in the world's largest consumer. The price has declined sharply from a record high of $147 a barrel in mid-2008.
Metal : BSE Metal Index underperformed the other indices, declined 5.62% or 292.51 points at 4,911.35. Metal shares slipped on fall in commodity prices on the London Metal Exchange. India's top copper producer by sales Sterlite Industries slipped 4.43% to Rs 261 after its ADR plunged 8.11% on Friday, 9 January 2009.
Tata Steel (down 6.95% to Rs 199.60), and Hindalco Industries (down 4.94% to Rs 50), edged lower.
Realty : Realty was another top losing index, lost 4.87% or 90.73 points at 1,773.36. DLF was down 5.45% and Unitech down 5.15% on the expectation of lowering sales of properties as world is going into slowdown.
Engineering & Capital Goods : Capital Goods Index plunged 242.77 points or 3.63% at 6,436.65. India's largest engineering & construction company by sales Larsen & Toubro was down 3.24% to Rs 696.75, extending a sharp fall in the previous two trading sessions, as it will make huge losses on shares of Satyam it bought before the scandal. L&T had bought shares in Satyam earlier this month and holds 3.95% stake in the company, L&T chairman A M Naik said in a television interview on Friday, 9 January 2009. The company, which has a small outsourcing unit, had made the investment in Satyam in the hope of forming a strategic alliance, he said.
HealthCare: Healthcare Index was down by 28.91 points or 1.01% at 2,843.84. India's top pharma company by market capitalisation Sun Pharmaceuticals Industries rose 2.20% to Rs 1125 as index fund portfolio managers shuffled their positions after it replaced Satyam Computer Services in the 30-member Sensex pack from today, 12 January 2009. It was the top gainer from the Sensex pack.
World Indices
Asian Markets : On global front, Asian stocks declined today, led by commodity producers and industrial companies, as the worsening global recession pulled down demand for raw materials. Asian market ended on lower side after weak opening. Japan premier index Nikkei 225 ended its day lower after opening on higher side, it closes at 8,836.80 down 39.62 points or 0.45% . Hang Seng index closed to its Intraday low level and ended at 13,971.00 down 406.44 points or 2.83% . Indian markets were the under performer of the region and closed to their Intraday low level.
European Markets : Euro range market opened lower by getting weak data from Asian markets. But however they tried hard to come in positive zone, but failed to do so. At the end they ended lower by cutting 0.5 % to 1.62% . German based DAX index ended its day lower, at 4,719.62 down 64.27 points or 1.34% . France based CAC 40 index ended its day on Intraday low at 3,246.12 down 53.38 points or 1.62% . London bases FTSE 100 index opened in positive zone but cant able to hold that gain and slipped into red and ended its day at 4,426.19 down 22.35 points or 0.50% .
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