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Markets:
Epicentre far away - Tsunami arrives at the bourses
Mumbai: The Sensex ended the day shedding 2.89
per cent losing 192.17 points from Tuesday's close ending
at 6458.84, wiping out Rs24,400 crore in market capitalisation.
The Nifty slipped 71.55 points to close at 2032.20.
A multitude of reasons resulted in the generation of a
tidal wave that sank the markets by a good 316 points
after three hours of trading before the value buying brought
a sense of relief to the markets at the close. Hedge funds,
the inveterate poachers, once again stand accused of triggering
profit booking, now that the days of a strong rupee and
strong Indian capital market seem to be over with a strengthening
dollar.
Also fears of thinning foreign capital flows amid signs
that US interest rates will go up faster than expected,
worsened matters. In recent times, a strong rupee was
a key driver of FII flows into India due to currency arbitrage
opportunities in the domestic market. Reports of falling
prices on the London Metal Exchange sent the stocks sliding.
Complicating matters were the outstanding positions in
the futures and options segment, which was very high at
around Rs.15,000 crore. Brokers also blamed a Standard
& Poor's warning that India's fiscal deficit was a
cause for concern. The fall in stock prices in other Asian
markets and rise in oil prices spooked sentiment. The
Apex bank in China too indicated that money supply would
be reduced sparking fears of interest rate increases that
will cool the Chinese economy's growth.
The sell-off was spread across stocks of all types of
market capitalisation. The market capitalisation of BSE
500 Index declined by about Rs 62,900 crore.
Market Gainers
Balmer Lawrie, Swaraj Mazda, Himachal Futuristic, Jindal
Polyester, Kirloskar Oil Engines, Shriram Transport, Dabur
Pharma, Assambrook, Williamson Magor, Goodricke, Jayshree
Tea
Market Losers
Canara Bank, Bank of Baroda, Oriental Bank of Commerce,
Andhra Bank, HDFC Bank, ICICI Bank, UTI Bank, Kotak Mahindra,
National Aluminium, Saw Pipes, Sterlite Industries, Jindal
Vijayanagar, Essar Steel, Balaji Telefilms, JK Paper,
Sonata Software, Forbes Gokak, AstraZeneca Pharma, Havell's
India
Market
Counters
BSE 30
Figures in Rupees
Gain (+) / Loss (-)
| ACC |
348.70 |
-2.85 |
| Bajaj
Auto |
1,088.10 |
-43.15 |
| Bharti
Televentures |
210.20 |
-15.70 |
| BHEL |
755.25 |
-22.20 |
| Cipla |
301.15 |
-16.50 |
| Dr.
Reddys Laboratories |
822.00 |
-23.45 |
| Grasim
Industries |
1,302.85 |
-38.05 |
| Gujarat
Ambuja |
425.95 |
+0.10 |
| HDFC |
746.80 |
-17.85 |
| HDFC
Bank |
498.50 |
-20.80 |
| Hero
Honda Motors |
566.00 |
-45.15 |
| Hindalco
Industries Limited |
1,367.00 |
-57.50 |
| Hindustan
Petroleum Corp |
392.25 |
-21.00 |
| HLL |
144.65 |
-1.55 |
| ICICI
Bank |
360.70 |
-13.65 |
| Infosys
Technologies |
2,051.85 |
-36.50 |
| ITC |
1,294.00 |
-20.40 |
| Larsen
& Toubro Limited |
957.80 |
-15.40 |
| Maruti
Udyog |
446.20 |
-17.05 |
| ONGC |
797.60 |
-30.15 |
| Ranbaxy
Labs |
1,209.35 |
-25.95 |
| Reliance
Energy |
540.05 |
-14.75 |
| Reliance
Industries |
529.90 |
-0.90 |
| Satyam
Computer Services |
389.80 |
-21.50 |
| State
Bank Of India |
617.50 |
-32.35 |
| Tata
Motors |
503.65 |
-16.15 |
| Tata
Power |
386.90 |
-16.25 |
| TISCO |
368.70 |
-18.15 |
| Wipro |
706.20 |
-42.55 |
| Zee
Telefilms |
169.70 |
-6.75 |
Other
Assambrook
up 9.14 per cent at Rs32.85
Williamson Magor up 5.88 per cent at Rs27
Goodricke up 2.94 per cent at Rs 66.60
Jayshree Tea up 2.51 per cent at Rs102.25
Zicom Electronic Security Systems up 2.8 per cent
at Rs108.40
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Kotak
Mutual launches a mid-cap fund
Mumbai: Kotak Mahindra Mutual Fund has launched
Kotak Mid-Cap, an open-ended Equity Growth Scheme. The
scheme will invest primarily in equity and equity-related
securities of mid-cap companies.
The fund managers of Kotak Mid-Cap will invest in mid-cap
companies picked through a bottom-up process, where each
company will be evaluated individually and not on the
basis of the sector to which it belongs, said a press
release. In 2004, the CNX Mid-Cap Index gained 44 per
cent, outperforming the BSE Sensex, which posted a return
of 13 per cent during the same period, by a huge margin.
Up to 95 per cent of the portfolio will be invested in
equities, with mid-cap investments ranging between 65-95
per cent of the portfolio. 0-30 per cent of the portfolio
can be invested in other equities, and 5-35 per cent in
debt and money market securities.
The initial public offering of the scheme is open till
January 28.
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