Market Commentaries - 04/03/2008

Sensex plunges 1485 points in three days on Budget blues

The key indices drifted lower for a third consecutive session hit by Budget blues. Banking and realty stocks were worst hit in today’s trade. Auto stocks bucked the bearish trend. 19 out of 30 stocks from the Sensex pack were in the red. The market breadth was extremely weak.

European markets, which were positive in early trades, turned negative as day proceeded. Asian markets, which opened before Indian market, ended on a mixed note.

The 30-share BSE Sensex lost 337.99 points or 2.03% at 16,339.89. The Sensex lost 513.31 points at the day’s low of 16,164.57, hit in afternoon trade. The index gained 76.18 points at the day’s high of 16,754.06, hit in early trade.

The broader CNX S&P Nifty was down 88.75 points or 1.79% at 4864.25.

Market News -04/03/2008

Jain Irrigation acquires controlling stake in Switzerland based Thomas Machines S.A
Jain Irrigation Systems Ltd (JISL), through its multi generation subsidiary, has acquired controlling stake (69.75%) in Thomas Machines S.A. of Switzerland (THE) with full management and operational control. JISL has additionally entered into Shareholders Agreement with holder of the 30.25% shares of THE, with call option which can be exercised over the next 3 years.

ACC records spurt in cement dispatches on low base
ACC recorded impressive 15% rise in production to 1.69 million tonne, while dispatches grew at an accelerated 17.4% to 1.69 million tonne in February 2008. The spurt in production was partly due to low base of February 2007, when its production and dispatches were affected due to planned stoppages on account of certain technical modifications carried out at three of its plants.

Oil imports surge
India’s Oil imports have surged by 60.8% to US$ 7,711.8 million in January 2008, up from US$ 4,795.5 million in January 2007. In the ten months ended January 2008, the country’s oil imports grew by 16.5% to US$ 57,023.3 million. Non oil imports were not behind, and they too surged by 65.1% to US$ 14,792.6 million in January 2008 and by 36.1% to US$ 134,580.8 million in the ten months ended January 2008.

Market Commentary-03/03/2008

Sensex tanks 901 points in global sell-off, Budget blues

The key benchmark indices witnessed an unabated selling pressure across sectors, mirroring weakness in the global stock markets. 26 out of 30 stocks from the Sensex pack were in the red. Even the mid-and small-cap stocks tumbled, as reflected in the poor market breadth.

Asian markets, which opened before Indian markets, ended on a weak note. European markets, which opened after Indian markets, were trading lower. A global sell-off was triggered today after weak US data on Friday, 29 February 2008 and a record loss of insurer American International Group Inc fuelled worries that there are more write-downs to come.

The BSE Sensex tumbled 900.84 points or 5.12% to 16,677.88 registering its second biggest single day point loss on a closing basis. It was also Sensex’s second biggest single day fall in percentage terms. BSE Sensex’s fall of 1,408.35 points or 7.41% to 17,605.35 on 21 January 2008 is its biggest ever fall in record.