Indian Stock Market News, Information, Tips, Investment, IPO Details, Analysis Report

Today Sensex Down -229.02 and Nifty Down -49.60 Points.

Today’s top gainers were Power grid corporation, NTPC, Reliance Infra, BPCL, Tata Power and Losers were Zee Entertainment, Tata Steel, Siemens, Ambuja Cements & Bharti Airtel.

The UK government in a bid to save its stuttering economy has unveiled its second bank bailout plan. The country is staring at a record level of unemployment numbers and recession. Technically, recession is defined by two successive quarters of negative output. The country saw negative GDP growth in Q3. Its Q4 figures are to be announced on Friday.

Justifying the bailout, Gordon Brown, the British Prime Minister, said the move was required as the overall credit availability is inadequate to support the economy. The bailout, he said, will aim at expanding lending necessary for credit worthy institutions. The Bank of England will give more details of the new facilities on Tuesday.

In October, UK extended a 37 billion pounds lifeline to banks. This was at the height of the global financial crisis and was accompanied by similar such steps by various other countries. The justification for the move at that time too was shoring up of the country’s financial system. Even Gordon Brown had said this will help build financial stability.

The Reserve Bank of India, or RBI has cut the repo rate by 100 bps to 8% with immediate effect. This is the first repo cut since 2004.

Recently crude price hit $88.84 / bbl which is the last eight month lowest trade.  That’s really good news for consumers and for gas prices as well.

We hope it go down further, and government will reduce the price on petrol, diesel and gas.

20 Microns closed at Rs 33.65 on the NSE, at a huge discount of  38.82% to its issue price of Rs 55.

The share touched an intraday high of Rs 80 and intraday low of Rs 31.6.

The total traded quantity was 1,17,50,865 shares and turnover was Rs 4848.41 lakh.

The public issue of 43,50,632 equity shares of Rs 10 each was subscribed 4.29 times.

Today Sensex Down -238.15 Point and Nifty Down -68.45 Points.  Today’s  top gainers were Zee Entertainment,  NALCO, Suzlon Energy, Hero Honda and losers were Sterlite Industries, SAIL, Tata Steel, Reliance Infra and Tata Power.

Austral Coke and Projects is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading. The scrip of the company listed at Rs 201.40 on the NSE against the issue price of Rs 196 at a premium of 2.76%.

Rishi Agarwal, MD, Austral Coke expects Rs 500 crore revenues for FY09. Coke is seeing a global shortage and is undergoing a boom worldwide, he said. He sees no revenues from textiles in FY09 but sees major contribution from coke.

The markets have taken huge beating after inflation numbers, which stood at 11.05% for the week ended June 7 as against 8.75% in earlier week. It is at 13-year high and the main reason was oil price hike, which happened at the end of last month.

Analysts say that we can see more action in the Repo and CRR rate. They say the RBI would come out with some measures on the rate and liquidity side much before the July policy.

At 12:00 pm, the Sensex was down 262 points at 14,825 and the Nifty down 87 points at 4,417. Huge shorts have generated for the month of July. The Nifty June Futures was trading at 29 points discount and July Futures at 41 points discount.

BSE Realty Index hammered a lot, down over 3%. Auto, FMCG, Bankex were down over 2%.

The Reserve Bank of India has hiked the repo rate by 25 bps to 8% from 7.75% previously to contain inflaiton concerns.There has been no change in reverse repo rate. RBI said it was essential to take measures on urgent basis.

Today, Sensex was down 506+ points and nifty was down 126+ into the stock market. Today BSE close at 15,066+ points and NSE at 4500+ points. Today’s top gainers were - Ranbaxy Labs, Reliance Communication, Hindalco and losers were Jai Prakash Associates, DLF, ONGC & HDFC.