Wednesday, May 28, 2008
Market 28th May 2008

Market in a nutshell

  • Markets opened on a cautious note and remained dull till noon. Afternoon trades saw a sudden surge in buying activity leading the Sensex to close at 16,525 (up 250 points) while Nifty ended the day at 4,918 (up 59 points). Metal, IT and cement stocks witnessed buying interest while certain engineering stocks declined.
  • Market wide rollovers picked up today with 62% of positions getting rolled, but the roll cost (cost to the long roller) stays under pressure at 60-65bps. Good amount of rolls with low roll cost indicates the skepticism in the market for the next month. Positions are being carried forwarded but with lesser conviction.
  • On the other hand Nifty witnessed strong rollovers (57%) with the roll cost (cost to the short roller) expanding to 20 points as against par to 5 points two days back. The expanding roll cost shows the aggression of the short rollers and the need to carry Nifty shorts in the next series as a hedge to the long portfolio.
  • BSE FMCG Index marched ahead 4% to 2,444, with ITC up 6% to INR 222. BSE IT Index gained 2.5% to 4,566, with Mphasis gaining 10% to INR 251.
  • Nifty May Futures were trading at a discount of 10 points to spot for the first half of the session, which moved to a premium of 10 points during the second half.
  • Market breadth was marginally positive with an Advance: Decline Ratio of 1.2:1. Chambal Fertlisers continued its upward rally to INR 89 (up 16%), while Crompton Greaves lost 6% to INR 230.
  • Cash volumes were at INR 188,188 mn (NSE+BSE) as against a 5 DMA of INR 185,382 mn. F&O volumes were at INR 563,337 mn as against a 5 DMA of INR 439,895 mn.

Eye Catchers

  • Mphasis surged 10% to INR 251 with volumes of 1,856,860 (up 275%).
  • Tata Chemicals gained 8% to INR 410 with volumes of 3,803,740 (up 340%),

Market News

  • Rupee strengthened to trade at INR 42.85 against the dollar, due to abated dollar demand amidst easing crude prices.
  • Nymex crude softened to trade at $127.05/ bbl. Base metals were trading on a mixed note, with lead up 2%.
  • Call rates were at 7.25-7.5%.

Indices Performance

CURRENT PREV. %CHANGE      
S&P CNX NIFTY 4,918.35 4,859.80

1.20%

      
CNX NIFTY JUNIOR 8,278.85 8,112.50

2.05%

      
CNX IT 4,614.95 4,490.20

2.78%

      
BANK NIFTY 6,780.90 6,593.95

2.84%

      
CNX 100 4,713.60 4,652.15

1.32%

      
S&P CNX DEFTY 3,980.40 3,923.65

1.45%

      
S&P CNX 500 3,991.50 3,944.20

1.20%

      
CNX MIDCAP 6,577.60 6,522.05

0.85%

      
NIFTY MIDCAP 50 2,601.95 2,564.10

1.48%

      
             
Top Gainers            
Symbol Open High Low Last Price Prev. Close % Change
AMBUJACEM 98.10 104.95 98.10 104.15 97.75 6.55
ITC 211.10 223.25 211.10 221.95 209.10 6.15
SUNPHARMA 1,380.00 1,470.00 1,357.50 1,461.20 1,378.65 5.99
HINDALCO 186.00 198.50 184.00 196.45 185.60 5.85
TATASTEEL 866.00 909.40 856.40 903.35 867.00 4.19
             
Top Losers            
Symbol Open High Low Last Price Prev. Close % Change
CAIRN 296.00 299.00 285.50 287.60 298.50 (3.65)
BHEL 1,665.00 1,690.00 1,592.50 1,612.50 1,659.70 (2.84)
SUZLON 302.45 303.00 282.60 289.55 297.30 (2.61)
DRREDDY 695.00 695.05 672.35 682.35 694.90 (1.81)
LT 2,788.00 2,788.00 2,662.10 2,708.25 2,744.05 (1.30)


Recent Entries
categories
  • Other Resources