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Market ends higher amid volatile trade
MUMBAI — The market saw intense volatility throughout the day, on alternate bouts of buying and selling. It was going strong till mid-afternoon trade when profit booking emerged, dragging it lower.
Most of the Asian markets stabilised after initial volatility while a majority of European indices were trading higher. Shares from real estate, cement and banking were in demand while those of IT and auto were offloaded.
The BSE 30-share Sensex rose 49.93 points or 0.33 per cent at 14,985.70. It opened slightly higher at 15,022.87 and slipped to a low of 14,896.47 as selling began. However, the broad market index again started heading north to touch a high of 15,134.53 at 13:50 IST. The market came off higher level later.
Sensex oscillated in a range of 238 points for the day.
Meanwhile, India's trade deficit in June 2007 widened to $7.33 billion, data released yesterday, 1 August 2007, showed. Imports surged 36.7 per cent to $19.2 billion in June 2007, while exports rose 14 per cent to $11.87 billion, over June 2006.
Auto stocks remained under selling pressure throughout the day, as the sentiment was dampened by poor monthly sales figures. The BSE Auto Index lost 0.51 per cent to 4,747.08.
India's top bus and truck maker Tata Motors slipped 2.26 per cent to Rs652. Its vehicle sales fell 6.6 per cent in July 2007 to 42,098 units over July 2006. Sales of commercial vehicles dropped 3.8 per cent to 20,705 units in July 2007 over July 2006. Exports fell 17 per cent to 4,382 units.
India's top motorcycle maker Hero Honda Motors shed 1.36 per cent to Rs660 after it said on Wednesday, it sold 2,01,191 units in July 2007, down 14.5 per cent from 2,35,314 sold in June 2006. The announcement was made after trading hours.
Bajaj Auto slipped 0.17 per cent to Rs2284, after India's second-biggest motorcycle maker's vehicle sales in July 2007 fell 7 per cent to 185,890 units over July 2006.
Top utility vehicle maker Mahindra & Mahindra (M&M) declined 2.98 per cent to Rs673 on 3.30 lakh shares, despite its sales rising 46 per cent in July 2007 to 19,163 units over July 2006. It was the top loser from the Sensex pack.
However Maruti Udyog rose 1.7 per cent to Rs835 on the back of 24.8 per cent rise in total vehicles sales to 57,909 vehicles in July 2007 over July 2006. The company sold 52,839 vehicles in the domestic market in July 2007, a rise of 18.33 per cent over the same period last year.
IT stocks were subdued today. The BSE IT index declined 1.32 per cent to 4,649.11, and was the top loser among the sectoral indices on BSE.
Infosys (down 1.33 per cent to Rs1904), TCS (down 1.33 per cent to Rs1101), Satyam Computers (down 1.50 per cent to Rs462.65), and Wipro (down 2.70 per cent to Rs462.85) were trading lower. The Indian rupee eased yesterday as investors awaited cues from the stockmarket as to whether foreign funds would continue cutting holdings on worries of a global credit crunch and declining risk appetite. The partially convertible rupee was at 40.44/45 per dollar in early deals.
India's largest commercial bank State Bank of India jumped 2.95 per cent to Rs1594, on 11.23 lakh shares. It was the top gainer from the Sensex pack. It is holding talks with potential partners for its non-life insurance venture. It is also keeping options open for going alone in the general insurance business. SBI also plans to set up a holding company to transfer its share holding in its insurance and asset management subsidiaries. The new holding company, valued between $5 billion to $7 billion, would eventually be listed.
The BSE Bankex was up 1.5 per cent at 7,946.80. It has gained 3.44 per cent in the last one month from 7682.64 on June 1, 2007. Other banking stocks also posted gains on bargain hunting. Dena Bank (up 1.77 per cent to Rs51.65), Oriental Bank of Commerce (up 3.35 per cent to Rs228), Punjab National Bank (up 1.66 per cent to Rs495.50), Bank of India (up 1.67 per cent to Rs243), Bank of Baroda (up 1.67 per cent to Rs292), AXIS Bank (up 0.36 per cent to Rs620) and ICICI Bank (up 0.86 per cent to Rs899) gained.
Banks are seen cutting deposit rates after the Reserve Bank of India (RBI) on Tuesday, July 31, 2007, raised the cash reserve ratio (CRR) by 50 basis points. The hike in CRR means effective increase in cost of deposits for banks. The deceleration in credit offtake implies that banks have to roll back high deposit rates being offered on tenures of one year and above. Banks now have to maintain 7 per cent of their deposits with the RBI. On these CRR deposits, banks will receive interest only on 3 per cent of the deposits at bank rate', which is 6 per cent. No interest is paid on the balance 4 per cent. As RBI does not pay any interest on the 4 per cent deposits, banks' margin is impacted to that extent.
Telecom pivotals — Reliance Communications (up 2.34 per cent to Rs543), Bharti Airtel (up 1.95 per cent to Rs879.75), gained on bargain hunting.
Dr Reddy's Lab, India's only drug maker listed on the New York exchange, gained 1.30 per cent to Rs630.50 after the company said it had reached an important milestone in testing an anti-diabetic molecule which could become the first patented drug from India.
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