Norway fund to put $2 bn in India

New Delhi: In a move that will bring considerable relief to Indian equity markets roiled by the global credit crisis, the Norwegian sovereign wealth fund (SWF), plans to invest around $2 billion (about Rs9,772 crore) in India, primarily in equities, over the next two months because it has increased India’s weightage in its investment portfolio.
According to Thorvald Moe, deputy secretary general in the Norwegian finance ministry, India’s weightage was enhanced recently to 0.94% from the earlier 0.2%. The enhanced weightage will see an inflow into India of around $2 billion, which needs to be invested by the end of this year, Moe said.
This money will come into the country at a time when foreign institutional investors (FIIs), the main driver of Indian stock markets, have taken out close to $11.2 billion from the country since January.
In this period, Sensex, the benchmark index of the Bombay Stock Exchange has fallen by almost 50% to 10,683.39, the level it closed at on Tuesday.

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Sensex ends down 643pts; Tata Steel drops 10%

The Sensex opened with a huge negative gap of 416 points at 14,585 on the back of a sell-off in the global markets triggered by the subprime crisis in the US.

The Sensex, after languishing over 500pts lower for most of the trading session, slipped again towards the close to a low of 14,345. The index finally ended with a hefty loss of 643 points at 14,358 - the second biggest loss in absolute terms in history.

HEFTY LOSSES...
Date	Close	Prv Cls	Chg	% Chg
18-May-06	11391.43	12217.81	-826.38	-6.76
16-Aug-07	14358.21	15000.91	-642.70	-4.28
02-Apr-06	12455.37	13072.10	-616.73	-4.72
01-Aug-07	14935.77	15550.99	-615.22	-3.96
17-May-04	4505.16	5069.87	-564.71	-11.14
27-Jul-07	15776.31	15234.57	-541.74	-3.43
28-Feb-07	12938.09	13478.83	-540.74	-4.01
05-Mar-07	12415.04	12886.13	-471.09	-3.66
15-May-06	11822.20	12285.11	-462.91	-3.77
08-Jun-06	9295.81	9756.76	-460.95	-4.72

The BSE Metal index slumped 6.5% to 10,300. The Bankex and Realty index plunged 5.5% each to 7421 and 6980, respectively. The Oil & Gas index hsed 4.5% at 7505. The Auto and FMCG indices dropped over 3% each to 4662 and 1855, respectively.

Read more in Business Standard

Intermediate correction to continue

The current chart projections suggest that the Nifty could drop till 4075-4100 points.

Another massive sell-off in mid-week meant that the broad market lost more ground but there was a partial recovery on Friday. The Sensex was down a nominal 0.65 per cent closing at 15,138 points while the Nifty lost about 0.98 per cent to close at 4,401 points.

The Defty lost 0.68 as the rupee gained again, after the RBI’s latest monetary policy was released. The Nifty Junior was down 0.61 per cent.

The market breadth remained negative while volumes dipped through the week. The broad BSE 500 was down 0.44 per cent. The Bank Nifty was however, a gainer to the tune of 2.3 per cent on the basis of a relatively benign RBI policy.

The CNX IT dropped a disproportionate 4 per cent. Institutional attitude showed a divergence with domestic funds being net buyers while FIIs sold. Read more in Business Standard

Global cues drag Sensex down 360 pts

MUMBAI: The market opened sharply lower Monday following global weakness. Realty, capital goods stocks were worst hit.

At 10:10 am, National Stock Exchange's Nifty was down 105 points or 2.4% at 4295.70. The 50-share had slipped to a low of 4267.15.

Bombay Stock Exchange's Sensex was at 14,797.04, lower by 341 points or 2.25%. The benchmark index had sunk to a low of 14705 earlier.

HDFC Bank, down 3.67%, was the biggest Sensex loser as the market turned weak. Hindalco (down 3.6%), ACC (3.57%), ICICI Bank (3.33%), Reliance Energy (3.25%) and Reliance Communications (3.21%) were the other losers.

None of the stocks in the 30-share index made it to the list of gainers due to the severity of the fall.

Market breadth showed 836 declines and 91 advances on NSE, while BSE saw 1254 losers and 392 gainers.

Crashes let big FIIs grab shares worth Rs676cr

Jitters in overseas markets sent the domestic bourses crashing twice in the past eight days, but foreign investors were busy grabbing stocks here seeing attractive buying opportunities after the 1,000-point plunge.

Some big names of the FII clan, including Merrill Lynch, Morgan Stanley and Citigroup, purchased stocks worth over Rs 676 crore between July 27 and August 1, when the market recorded its two biggest crashes of this fiscal.

Interestingly, most purchases were recorded on these two days only, even as the overall market sentiment was bearish following the 542 and 615-point fall in the benchmark Sensex.

An analysis of the bulk and block deals recorded on the stocks exchanges shows that foreign funds purchased shares worth Rs 676.32 crore in the period when the Sensex tanked over 1,000 points in two routs between July 27 and August 1.

Besides, the funds are believed to have purchased additional stocks in smaller quantities, but their exact estimates could not be known. Bulk deal refers to trading in a company's shares for over 0.5% of the total shares of the firm listed on the exchange.

Wkly Tech Analysis: Sensex may touch 14,650

The markets exhibited high volatility last week. After a strong start, the major indices witnessed significant correction, only to bounce back and cut losses at the end of the week.

The Sensex rallied to an intra-week high of 15,569, up 333 points from the previous week’s close. However, a mid-week correction, amid global markets meltdown, saw the index tumbling to a low of 14,896, down 672 points from the week’s high. The Sensex recovered some of its lost ground and ended at 15,138, down 96 points for the week.

Last week, we had mentioned that the Sensex may test its near-term support of 14,935. As against our support level, the index made a low of 14,896. The pullback, as it has been on low volumes, looks unconvincing.

Read more in Business Standard

Sensex down 502pts; Reliance down 4%

The Sensex is now down 502 points at 15,049.

ACC has slumped nearly 6% to Rs 998. Bharti Airtel has plunged 5.5% to Rs 854.

Tata Motors has tumbled 4.6% to Rs 667. Reliance Communications, HDFC and HDFC Bank have dropped around 4.3% each to Rs 534, Rs 1,930 and Rs 1,148, respectively.

Hindalco, BHEL, Wipro and Reliance have shed 4% each to Rs 163, Rs 1,661, Rs 475 and Rs 1,818, respectively.

Mahindra & Mahindra and Relaince Energy have slipped 3.7% each to Rs 702 and Rs 764, respectively.

The market breadth is extremely bearish - out of 2,359 stocks traded so far, 1,728 have declined, 579 have advanced and 52 are unchanged.

Sensex sheds 474 points in early trade

The Bombay Stock Exchange benchmark Sensex crashed over 474 points in early trade on Wednesday on heavy selling by funds, triggered by weak global trend.

The BSE-30 share index, which gained 290 points on Tuesday, plunged 474.91 points at 15,076.08 in the first five minutes of trading.

The wide base National Stock Exchange's Nifty dropped 146.05 points at 4,382.80.

Sensex sheds over 380 points at open

The Bombay Stock Exchange benchmark Sensex tumbled over 380 points on Friday on heavy selling by funds, triggered by weak global markets.

The BSE-30 shares index, which closed 76.98 points up on Thursday, lost 380.13 points at 15,396.18 in the first five minutes of trade.

Similarly, the National Stock Exchange's Nifty toppled 139.20 points at 4,480.60.

The selling was sparked by reports of a major slide in leading global markets. All the index related stocks in Nifty and Sensex were in red.

FIIs net buyers of Rs 713cr in cash mkt today

Foreign institutional investors (FIIs) were net buyers of Rs 712.70 crore (provisional) today, according to data released by BSE.

While FIIs made gross purchases of Rs 2,439.25 crore, gross sales totalled Rs 1,726.55 crore.

FIIs were net buyers of Rs 164.50 crore on Wednesday, March 21, according to data released by Sebi today. While FIIs made gross purchases of Rs 1,395.40 crore, gross sales totalled Rs 1,230.90 crore.

Sensex soars 362pts, gains 878pts in four days

The Sensex opened with a significant positive gap of 126 points at 13,072, and did not bother to look back. The markets, which were on the recovery path, got another booster dose as the US Federal Reserve kept the benchmark interest rates unchanged yesterday.

Unabated buying saw the index rally to a high of 13,326. The index thus gained 1,010 points from the low of 12,316 hit last Friday.

The Sensex finally closed today with a hefty gain of 362 points (2.8%) at 13,308. In the process, the index is now up 878 points (7%) in the last four trading days.

Read more at Business Standard

Sensex ends up 215pts; BHEL, Rel Comm soar

The Sensex opened wtih a positive gap of 55 points at 12,485. Lacklustre movement in early trades saw the index slip a wee bit to 12,427, before bouncing back to higher levels.

Fresh buying in select stocks like BHEL, ONGC and Reliance Communications saw the index surge to a high of 12,655. The index finally settled with a gain of 215 points at 12,645.

Read more at Business Standard