The market closed the trading session on a negative note as BSE Sensex fell drastically by 395.03 points to close at 18,419.04 and Nifty dropped by 96.6 points to close at 5428.25. After a continuous three-day rally, the market changed gears to move in the opposite directions. Though the market made a smart recovery in the afternoon trade but unable to sustain its momentum at higher level as profit booking prevails. Some of the encouraging cues from the domestic market failed to give a boost to the Indian markets like India''s industrial production output grew by 10.7% in August 2007 from 7.5% in July 2007, India''s wholesale price index i.e. inflation stood at 3.26% in September 29 as against 3.42% last week. Also the political concerns about the early elections eased off as Congress leader Sonia Gandhi told that she is not in a mood of early elections and will complete full term. Overall, the market breadth was weak as 1,693 stocks closed in red while 1052 stocks closed in green. The BSE Mid Cap and Small Cap closed lower by 61.06 points and 21.73 points at 7,529.54 and 9,098.65 respectively.
The capital goods index slipped by 473.31 points to close at 16,614.69. Pulling it down are Suzlon energy (4.50%), L&T (3.61%), BHEL (3.30%), ABB (2.27%) closed lower.
BSE bankex index closed lower by 260 points at 9,310.79 as SBI (4.23%), BOB (3.47%), ICICI bank (3.37%), IOB (3.29%) closed in negative.
BSE Metal index closed marginally up by 8.80 points at 14,841.11. Adding to the growth are Welspun Gujarat Stalh (5.51%), Sesa Goa (2.56%), Hindalco (1.73%), Bhusan steel (1.67%) closed in green.
The oil and gas index fell 149.70 points to close at 10,575.95 as IOCL (3.97%), Essar Oil (3.44%), HPCL (3.20%), Reliance industries (2.39%) and RPL (1.84%) closed in red.
The IT index fell by 78.93 points to close at 4,687.79. Pushing it down are Tech Mahindra (6.30%), I-Flex (2.69%), Satyam (2.09%), Infosys (2.31%) closed in red.
Saturday, October 13, 2007
Mid Session Market
The market is now trading at lower level as selling in the selective index pivotal is stll continuing. The heavy selling is seen in the Banking and Capital Goods stocks. However the strong buying in the Metal and Oil & Gas stocks has provided some support to the market.
The overall market breadth is negative as 1149 stocks are advancing while 1418 stocks are declining and 74 stocks remained unchanged on BSE.
At 12.33 pm, BSE Sensex was at 18,688.91 down by 125.26 points while Nifty was at 5,514.70 down by 10.15 points. The Mid cap is higher by 30.87 points at 7,621.47 and the small Cap advanced by 56.73 points to trade at 9,177.11.
BSE Metal index surged 204.20 points to trade at 15,036.84. The major gainers are Tata Steel (2.82%), SAIL (1.78%), Hindalco Industries (1.70%) and Sterlite Industries (1. %).21
BSE Capital goods index dropped 211.17 points to 16,876.83. The main losers are Suzlon energy (3.04%), Siemens (2.37%), L&T (1.69%) and BHEL (1.20%).
L&T has agreed to buy out the switchgear business of Tamco in Malaysia for $108 million. Tamco has units in Malaysia, Australia, China and Indonesia.
BSE IT index down by 123.70 points to trade at 4,643.02 as TCS (3.54%), Satyam (3.12%), Infosys (2.63%), HCL Tech. (2.56%) and Wipro (2.05%) are trading lower.
BSE Oil & Gas index was trading 66.50 points higher at 10,792.15 as ONGC (4.50%), GAIL (2.74%) and RPL (1.69%) are trading higher. GAIl is likely to see a growth of 40% in revenues to Rs22,446 Crore this fiscal. Also the company has projected to see further rise in revenues to Rs23,918 Crore in 2008-09, Rs27,014 Crore in 2009-10 and Rs29,580 Crore in 2010-11.
BSE Banks index decreased by 180.88 points to trade at 9,389.91. The main losers are ICICI Bank (2.75%), HDFC Bank (2.05%), SBI (1.08%) and PNB (0.78%).
BSE Auto index dropped 21.12 points to trade at 5,582.73. Leading to the loss are Maruti Suzuki (1.70%), Hero Honda (1.19%), Tata Motors (0.72%) and Bajaj Auto (0.08%).
The overall market breadth is negative as 1149 stocks are advancing while 1418 stocks are declining and 74 stocks remained unchanged on BSE.
At 12.33 pm, BSE Sensex was at 18,688.91 down by 125.26 points while Nifty was at 5,514.70 down by 10.15 points. The Mid cap is higher by 30.87 points at 7,621.47 and the small Cap advanced by 56.73 points to trade at 9,177.11.
BSE Metal index surged 204.20 points to trade at 15,036.84. The major gainers are Tata Steel (2.82%), SAIL (1.78%), Hindalco Industries (1.70%) and Sterlite Industries (1. %).21
BSE Capital goods index dropped 211.17 points to 16,876.83. The main losers are Suzlon energy (3.04%), Siemens (2.37%), L&T (1.69%) and BHEL (1.20%).
L&T has agreed to buy out the switchgear business of Tamco in Malaysia for $108 million. Tamco has units in Malaysia, Australia, China and Indonesia.
BSE IT index down by 123.70 points to trade at 4,643.02 as TCS (3.54%), Satyam (3.12%), Infosys (2.63%), HCL Tech. (2.56%) and Wipro (2.05%) are trading lower.
BSE Oil & Gas index was trading 66.50 points higher at 10,792.15 as ONGC (4.50%), GAIL (2.74%) and RPL (1.69%) are trading higher. GAIl is likely to see a growth of 40% in revenues to Rs22,446 Crore this fiscal. Also the company has projected to see further rise in revenues to Rs23,918 Crore in 2008-09, Rs27,014 Crore in 2009-10 and Rs29,580 Crore in 2010-11.
BSE Banks index decreased by 180.88 points to trade at 9,389.91. The main losers are ICICI Bank (2.75%), HDFC Bank (2.05%), SBI (1.08%) and PNB (0.78%).
BSE Auto index dropped 21.12 points to trade at 5,582.73. Leading to the loss are Maruti Suzuki (1.70%), Hero Honda (1.19%), Tata Motors (0.72%) and Bajaj Auto (0.08%).
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