Weakness in metal, oil, and realty stocks took a heavy toll on the market and the Sensex shed 3.87% at close.
The market’s southbound journey continued, as slump in global indices and concerns of a possible recession in the USA made the investors edgy, triggering a major sell-
off. The Sensex started the day on a positive note at 13,109, up seven points and hovered above its last close of 18,114 till the early morning trades. However, a strong bout of selling in afternoon saw the Sensex amass losses of 700 points to touch the day's low of 12,403. The Sensex dropped 3.87% and was down 506 points for the day at 12,596. The Nifty shed 3.39% and was down 135 points at 3,850.
All the 13 sectoral indices were mauled by 1-6% each. The BSE Bankex was the major loser and crashed by 6.02%, followed by the BSE CD (down 5.68%), BSE IT (down 5.47%), BSE Realty (down 5.26%), BSE Power (down 5.22%) and BSE Teck (down 5.13%). The second-rung benchmark indices--BSE mid-cap and BSE small-cap tanked by over 3-4% each.
The market breadth was negative. Of the 2,685 stocks traded on the BSE, 2,287 stocks declined, while only 357 stocks advanced. Fourty one stocks ended unchanged. Except Hindustan Unilever Ltd (HUL), the other 29 stocks that makes the Sensex ended lower. Among the major losers, ICICI Bank crashed by 13.23% at Rs487, Jaiprakash Associates plunged by 11.77% at Rs106.80, Satyam Computer Services slumped 9.30% at Rs292, Tata Consultancy Services crumbled 8.86% at Rs616.55. Tata Power plummeted by 6.75% at Rs920.05, Mahindra & Mahindra dropped 6.69% at Rs495, Reliance Infrastructure shed 6.43% at Rs795 and Reliance Communications tanked 6% at Rs257. Other heavyweights also came under sustained selling pressure and lost 2-5% each. However, HUL gained 0.79% at Rs254.50.
Over 1.41 crore shares of Reliance Natural Resources changed hands on the BSE followed by IFCI (0.89 crore shares), Chambal Fertlisers & Chemicals (0.71 crore shares), Jaiprakash Associates (0.63 crore shares) and ICICI Bank (0.58 crore shares).
In value terms, Reliance Capital registered a turnover of Rs309 crore on the BSE followed by Reliance Industries (Rs299 crore), ICICI Bank (Rs295 crore), Axis Bank (Rs157 crore) and Larsen & Toubro (Rs134 crore).
- Sharekhan
Monday, 29 September 2008
Battered and bruised
Thursday, 25 September 2008
Sell: Pantaloon Retail India
Stock: Pantaloon Retail India
CMP: Rs 274
Target: Rs 246 - short-term perspective
Stop Loss: Rs 288
Reason: Technical Analysis
Recommended By: Hindu BusinessLine
Day Trading Guide - 26th Sep 08
ICICI Bank
Desist trading in this counter for the session as the stock is in a sideways consolidation.
Infosys
A significant support for the stock is at the Rs 1,457-level. Buy the stock in dips with tight stop-loss at Rs 1,457.
L&T
The stock was volatile in the previous trading session and it formed a doji candlestick pattern, indicating neutral stance. Avoid trading in this counter for the day.
ONGC
Initiate fresh long position only if the counter exceeds the Rs 1,085-level, with stiff stop-loss.
Reliance Capital
The stock is trading in a narrow range bound. We retain our prior view of avoiding trading in this counter for the session.
Reliance Communications
We retain our buy recommendation in this counter.
Reliance Industries
Initiate fresh long-position if the stock surpasses Rs 2,060-level with close stop-loss.
Satyam Computer
Buy the stock in dips with stop-lose at Rs 305.
SBI
Fresh short-position can be initiated if the stock declines below the Rs 1,467-level with stiff stop-loss.
TCS
In the last trading session, the stock penetrated the support level of Rs 700 by declining 3 per cent. We re-affirm our sell recommendation
- Hindu BusinessLine
Punj Lloyd can touch Rs 350-360
E Mathew is of the view that above Rs 330, Punj Lloyd can touch Rs 350-360.
E Mathew told CNBC-TV18, "If one looks at a stock like Punj Lloyd, one would certainly realize that maybe the sell off has been overdone a bit too much. In fact I see an uptrend from around Rs 190-195 zone in it and if the stock now sustains above this Rs 328-330 which is a tough resistance zone, this uptrend could further surprise you on the upside subject to it crossing Rs 330 and staying above that we could easily see the stock like Punj Lloyd go to Rs 350-360."
Source: MoneyControl
Accumulate Idea Cellular
Stock: Idea Cellular
CMP:Rs 79.50
Target: Rs 94
Recommended By: September 19, 2008 research report of Prabhudas Lilladher
Reason: " We initiate coverage on Idea cellular with an accumulate rating and a DCF based target price of Rs 94 (WACC=13%, Terminal growth rate=3%). Idea cellular is in the early stage of wireless coverage and at least 3-4 years away from attaining maturity. Further, new rollouts are currently gestation businesses (with around 10-12 quarters away from breaking even). Hence, we have used DCF as our prime tool to capture the true potential of the business,"