Webinfosys's Stock Market News : Mid Market Session

The market is trading under heavy selling pressure as profit booking continued in the selective scrips mainly led by the Metal, Capital Goods, Realty and Power stocks. However some buying witnessed in the IT stocks. The BSE Sensex is trading with a deep cut of nearly 2% and the NSE Nifty is hovering near the 4300 mark. The BSE Mid Cap and BSE Small Cap are facing the most selling pressure today and they both are trading with a cut of more than 3% reach.The overall market breadth is negative 306 stocks are advancing while 2145 stocks are declining and the 42 stocks remained unchanged on BSE.
The BSE Mid cap is lower by 224.87 points at 5,807.56 and the BSE small Cap slipped by 266.80 points to trade at 7,130.86.
At 12.30 pm, BSE Sensex was at 14,287.67 down by 283.62 points and Nifty was at 4,259.60 down by 87.95 points.
BSE IT index inclined by 17.09 points to trade at 4,221.71 as Satyam Computer (1.31%), HCL Technologies (0.68%), and Wipro (0.30%) are trading in green.
BSE Metal index dropped by 617.95 points to trade at 13,910.11. The major losers are Tata Steel (4.82%), Hindalco Industries (4.75%), Sterlite Industries (4.65%) and NALCO (3.66%).
BSE Capital goods index slipped by 510.67 points to 10,889.12. The main losers are ABB (4.85%), L&T (4.41%), Siemens (3.74%) and BHEL (3.40%).
BSE Realty decreased by 224.05 points to 5,159.76. Leading to its fall are Sobha Developers (6.16%), Unitech (5.42%), Omaxe (5.09%), Parsavnath (4.67%) and DLF (2.48%) are trading lower.
BSE Oil & Gas index was trading 284.62 points lower at 9,135.27 as Essar Oil (4.78%), RNRL (4.34%), Indian Oil (2.76%) and RPL (2.66%) are trading in red.
BSE Health Care Index is down by 119.47 points to 4,205.93. The main losers are Ranbaxy Lab. (5.41%), Pfizer (3.42%), Glenmark Pharma (3.20%) and Dr.Reddy (3.34%).
BSE Auto fell by 118.25 points to 3,924.61. Leading to its fall are Maruti Suzuki (4.44%), Mahindra & Mahindra (3.59%), Hero Honda (2.43%) and Tata Motors (1.90%).
BSE Power index decreased by 96.51 points to 2,443.33. The main losers are Suzlon Energy (4.84%), Tata Power (4.25%), Power Grid (2.92%) and NTPC (1.01%).
BSE Bankex index is trading lower by 164.95 points at 6,639.83. Losers are PNB (3.42%), SBI (2.48%), ICICI Bank (1.52%) and HDFC Bank (0.44%).

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Webinfosys's Stock Market News : Pre Market Session

The Indian Market is expected to have negative opening on the back of weak global cues as the US market closed in red and Asian markets are trading weak. On Friday, the Indian market closed with heavy losses pressurized by selling across the ground. It was a hard day for the domestic market as it hanged around extremely negative zone after positive start. It had shown negative attitude 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. Inflation figure released on Friday reached to 13 years high to 11.05% for the week ended 7 June 2008. From the sectoral front, metal and oil & gas stocks were most unfavorable as most of selling was seen in these baskets. The BSE Sensex closed lower by 516.70 points at 14,571.29 and NSE Nifty ended down by 156.70 points at 4,347.55. We expect that market may decline further during the trading session.

US markets closed lower on Friday following negative news from the financial sector. Merrill Lynch slashed their earnings outlooks on several large regional banks. Standard & Poor may downgrade the credit ratings on General Motors, Chrysler and Ford.

The Dow Jones Industrial Average (DJIA) closed lower by 220.40 points at 11,842.69 along with NASDAQ down by 55.97 points to close at 2,406.09 and S&P 500 dropped by 24.90 points to close at 1,317.93.

Indian ADRs ended down. In technology sector, Wipro dropped by (7.42%) along with Satyam by (5.83%), Patni Computers by (4.58%) and Infosys by (4.42%). In banking sector, ICICI bank and HDFC bank increased by (5.71%) and (4.42%) respectively. In telecommunication sector, Tata Communication and MTNL reduced by (5.62%) and (0.65%). Sterlite industries declined (4.67%).

Today the major stock markets in Asia are trading in red extending its losses to third day, after Wall Street plunged on Friday. Hang Seng index is trading lower by 290.53 points at 22,455.07 along with Japan’s Nikkei trading down by 162.27 points at 13,779.81 and Taiwan Weighted trading at 7,867.57 with a fall of 34.87 points.

The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs1,858.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,211.30 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs352.60) Crore and net debt was Rs0.00 Crore.

Today, Nifty has support at 4,234 and resistance at 4,419 and BSE Sensex has support at 14,218 and resistance at 14,801.

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