ICICI, HDFC Bank, HDFC top losers Today Bankex dn 4.5%

25-07-2008 ICICI Bank, HDFC Bank, HDFC, and Zee Entertainment are top losers while Wipro, Satyam, Hindalco, Nalco and SAIL gainers.Biggest losers amongst frontliners were ACC, Ambuja Cements, Bharti Airtel, BHEL, DLF, HDFC, HDFC Bank, ICICI Bank, SBI, Reliance Industries and Tata Steel. However, TCS and ITC gained.

Markets are witnessing heavy selling pressure on the back of huge sell off in banking, realty, oil & gas, capital goods and power stocks. Downtrend in Asian markets, which are down1-2%, also fueled to negative sentiments. Market breadth is negative; about 1210 shares have advanced while 1713 shares declined. Nearly 228 shares are unchanged.The Sensex was down 436 points at 14,340 and Nifty down 100 points at 4,334, at 11:02 am. BSE Midcap was down 0.84% and Small Cap down 0.4%.

Markets @ 9:58 am : Mkts crash on weak global cues; Bankex dn 4.5%
Markets reacted very badly to weak global cues and opened sharply lower in early trade. US mkts crashed nearly 300 points after weak home sales data and fall in corporate profits. Selling pressure is seen in infrastructure, financial, cement, oil and metal stocks. It seemed that inflation numbers, which announced yesterday evening, already factored in markets. It was at 11.89% for the week ended July 12 as against 11.91% in earlier week.

At 9:58 am, the Sensex was down 346 points at 14,430 and Nifty down 95 points at 4,337. CNX Midcap fell 1.61% at 5,495 and BSE Small Cap down 0.7% at 6,748. However, Nifty July Futures was trading at 19 points premium.

Biggest losers amongst frontliners were ACC, Ambuja Cements, Bharti Airtel, BHEL, DLF, HDFC, HDFC Bank, ICICI Bank, SBI, Reliance Industries and Tata Steel. However, TCS and ITC gained.

Asian markets were trading lower. Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted fell 1-2.5%.

It was a triple whammy on Wall Street. Crude trended slightly higher, major earnings reports sparked a fresh wave of concern about corporate profits and home sales hit a 10-year low. The sell off abruptly snapped the two-week rally that pushed the Dow up more than 600 points, or 6%. Dow closed 283 points lower while Nasdaq ends down 44 points, partly because of negative news on housing. US housing sales were down 2.6% in June.

Market cues:

• Inflation at 11.89% Vs 11.91%; market estimated 11.99%
• RIL Q1 net profit up 13.2% at Rs 4,110 cr, in-line with estimates
• FIIs net buy $405.5 mn in equity on July 23
• MFs net buy Rs 334.5 cr in equity on July 23
• NSE F&O Open Interest up Rs 620 cr at Rs 81,223 cr

F&O cues:

• Futures Open Interest down by Rs 428 cr and Options Open Interest up by Rs 1,048 cr
• Nifty July Futures shed 13 lakh shares in Open Interest
• Nifty Aug Futures add 11 lakh shares in Open Interest
• Nifty July, August at 10-pt premium each
• Nifty Open Interest PCR at 1.48 Vs 1.45
• Nifty Puts add 15 lakh shares in Open Interest
• Nifty Calls add 3 lakh shares in Open Interest
• Nifty 4400 Put adds 4 lakh shares in Open Interest
• Nifty 4300 Put adds 3.7 lakh shares in Open Interest
• Nifty 4600 Call adds 2.3 lakh shares in Open Interest
• Stock Futures add 96 lakh shares in Open Interest