Webinfosys's Stock Market News : Mid Market Session

The market takes a sharp U turn to drift down further due to high inflation numbers that touched the double digit figure to stood at 11.05% for the week ended June 7, 2008 as against 8.75% a week earlier. This led to the heavy selling pressures across all the sectoral indices. There are rumors that RBI could come out with some measures to tackle the rise in inflation. Also the political uncertainty in the domestic arena between the UPA and the let parties over the nuclear deal keeps the market on the back gear. This led to heavy selling pressures across the every sectoral indices. But the most selling is witnessed from the Capital goods, bankex and realty baskets.

The overall market breadth is extremely negative, as 1897 stocks are declining while 529 stocks are advancing and the 60 stocks remained unchanged on BSE.

The Mid Cap and Small Cap also followed the benchmark indices to trade on the backfoot. The BSE Mid cap and Small Cap are trading lower by 122.79 points and 149.87 points at 6,107.38 and 7,510.55 respectively.

At 12.30 pm, BSE Sensex was trading lower by 301.87 points at 14,786.11 and Nifty was at 4,409.75 down by 94.5 points.

BSE Metal index is trading lower by 268.74 points at 14,863.12. Losers are Ispat industries (4.21%), Jindal Steel 3.33%), Nalco (3.16%), SH. Precoated (2.92%), Gujarat NRE (2.49%).

BSE Capital goods index trading down by 168.09 points at 11,499.60. Major losers are Praj industries (5.10%), Alstom projects (3.38%), Siemens (3.14%), Suzlon Energy (2.70%), Punj Lloyd (2.51%) and L&T (1.04%).

BSE Realty dropped by 182.35 points to trade at 5,452.25 as HDIL (5.61%), Indiabull Real (5.42%), Penland (5.15%), Sobha Dev (4.37%), Ansal Infra (4.34%), Phoenix mill (4.07%), Akruti City (3.06%) and Unitech (2.92%) trading in red.

BSE Oil & Gas index trading with heavy loss of 298.70 points at 9,620.15. Scrips that rae trading lower are Cairn India (4.49%), Reliance industries (4.05%), RNRL (3.52%), Gail India (3.46%), RPL (3.41%), Aban Offshore (3.01%) and BPCL (1.96%).

BSE Bankex index trading lower by 224.52 points at 6,788.86. Losers are BOI (6.58%), Oriental bank (4.65%), Union bank (4.48%), Canara bank (4.42%), Kotak bank (4.29%), IOB (4.10%) and Allahabad bank (3.13%).

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Webinfosys's Stock Market News : Pre Market Session

The Indian Market is expected to have positive opening on the back of favourable global cues as the US market closed in green and Asian markets are trading mixed. On Thursday, the Indian market closed with heavy loses pressurized by sales across the ground. It was a difficult day for the domestic market as it hanged around extremely negative zone after negative start due to weak global cues. It was in bad mood through out the trading session. Nuke Deal and inflation worries also caused distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. From the sectoral front, all indices closed in red and capital goods, bank and reality stocks faced most of the negative sentiment. The BSE Sensex closed lower by 334.32 points at 15,087.99 and NSE Nifty ended down by 78.15 points at 4,504.25. We expect that market may remain volatile during the trading session and inflation data to be released today will give further direction to the market

US markets closed higher on Thursday baked by lower oil prices that offset a warning of further write-downs from Citigroup. Crude oil futures fell $4.75 at $131.93 per barrel on the New York Mercantile Exchange after China disclosed plans to raise prices for gasoline and diesel fuel by 16% and 18%.

The Dow Jones Industrial Average (DJIA) closed higher by 34.03 points at 12,063.09 along with NASDAQ up by 32.35 points to close at 2,462.06 and S&P 500 advanced by 5.02 points to close at 1,360.03.

Indian ADRs ended mixed. In technology sector, Wipro went up by (2.90%) along with Satyam by (2.29%) and Infosys by (2.05%) while Patni Computers dropped by (2.28%). In banking sector, ICICI bank and HDFC bank decreased by (2.01%) and (0.78%) respectively. In telecommunication sector, MTNL and Tata Communication advanced by (3.59%) and (0.70%). Sterlite industries declined (0.85%).

Today the major stock markets in Asia are trading mixed. Hang Seng index is trading higher by 387.83 points at 23,185.44 while Japan’s Nikkei trading down by 132.74 points at 13,997.43 and Taiwan Weighted trading flat at 8,047.51.

The FIIs on Thursday stood as net seller in equity. The gross equity purchased was Rs2,469.90 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,919.70 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs449.80) Crore and net debt was Rs0.00 Crore.

Today, Nifty has support at 4,416 and resistance at 4,573 and BSE Sensex has support at 14,799 and resistance at 15,370

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