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Market Wrap Up
Nov 11, 2010
The key benchmark indices extended losses to hit fresh intraday lows throughout the day as European stocks fell and finally
closed at the lowest point of the trading session. European shares reversed slim gains and turned negative with some
companies such as Telefonica falling after results. Index heavyweight Reliance Industries extended initial losses. IT, Telecom,
FMCG and capital goods stocks fell. DLF slumped more than 4% on poor Q2 result. The BSE Mid-Cap and Small-Cap indices
outperformed the Sensex. All the key sectoral indices ended in red.
Food price index slowed to one-year low at 12.30%, while the fuel price index climbed 10.67% in the year to 30 October 2010. In
the prior week, annual food and fuel inflation stood at 12.85% and 10.67%, respectively. The primary articles price index was up
14.87% in the latest week compared with an annual rise of 15.43% a week earlier.
The $ 1.7 billion follow-on public offer of state-run Power Grid Corporation was subscribed 6.03 times on the third day of
bidding. The issue closes today for the qualified institutional bidders and tomorrow for all other bidders. Follow-on offer price
band is fixed between Rs 85 to Rs 90 per Share, and 5% discount will be available to Retail investors and eligible employees at
the issue price on allotment.
The BSE 30-share Sensex was down 287 points or -1.37% at 20589 while NSE 50-share Nifty ended the day at 6194 down 82
points or -1.30%.
Stocks Performance
Rice Stocks: Daawat (+2.4%), Lakshmi (+0.9%)
Rice exporters from India are upbeat over the higher projections of basmati output and
better prospects of exports. The loss of crop, in Philippines due to storms and in
Thailand and Pakistan due to floods, is driving Indian exporters to speculate for better
realisations this year.
Real Estate stocks: Unitech (-3.6%), HDIL (-4%), Sobha Developers (-4%)
Shares of real estate companies were under some pressure after the realty major DLF’s
consolidated net profit slipped 5 per cent to Rs 418.38 crore for the quarter ended
September against Rs 439.74 crore a year ago. Consolidated revenue was up 39 per cent
to Rs 2,520 crore during the second quarter.
Top 3 Sensex Gainers:
Hindalco (+2.7%),
Tata Power (+1.5%),
Reliance Infra (+1.2%)
Top 3 Sensex Losers:
DLF (-4.4%),
JP Associate (-3.3%),
Bharti Airtel (-3.3%)
Top 3 Sectoral Indices:
CD (+4.8%)
AUTO (+1.1%)
IT (+0.7%)