Monday, May 26, 2008

Market Is Trading On The Back Foot

The market is trading on the back foot due to weak cues from the global markets. With Crude oil prices breaching $132/barrel remains a concern for the economy and this led investors not to take active participation during the trading session. The market breadth is weak as 1778 stocks are trading in red while 510 stocks are trading in green.

At 11.33AM, BSE Sensex is trading lower by 233.9 points at 16,415.65 and NSE Nifty is trading down by 60.65 points at 4,885.90. The BSE Mid Cap and Small are trading lower by 125.64 points and 151.41 points at 6,811.47 and 8,366.02 respectively.

Losers from the NSE Nifty are BHEL trading down by (4.95%) at Rs1658.7 in line with Maruti Suzuki by (3.82%) at Rs759.4, L&T by (3.44%) at Rs2746, SAIL by (3.3%) at Rs166.9, Ambuja Cements by (3.28%) at Rs98.8, Reliance Communications by (3.09%) at Rs554.05, ITC by (3.07%) at Rs207.05, Reliance Energy by (2.99%) at Rs1251.81.

The Metal index is trading lower by 373.40 points at 16,422.40. Pulling it are SH. Precoated trading down by (6.16%) at Rs163 along with Ispat Inds by (3.95%) at Rs32.85, Hind Zinc by (3.69%) at Rs652, SAIL by (3.47%) at Rs166.95, Welspun Guj by (3%) at Rs365.50, Jindal Stainless by (2.70%) at Rs137.15, Tata Steel by (2.62%) at Rs873, Jindal Steel by (2.50%) at Rs2327.50.

The Oil and Gas index is trading down by 116.27 points at 10,858.99 as Essar Oil is trading lower by (3.30%) at Rs238.65 followed by Aban Offshore by (2.93%) at Rs4009.80, RPL by (1.74%) at Rs180.75, RNRL by (1.32%) at Rs104.80, Gail India by (1.25%) at Rs384.05, Reliance industries by (0.99%) at Rs2529.50, BPCL by (0.82%) at Rs356.25 and IOCL by (0.25%) at Rs419.

HUL is trading up by (1.02%) at Rs237.6. The company has hiked prices over the past two months. It has increased in all categories of personal care and homecare products. It has increased the maximum retail prices as well as reduced the packaged weight.

Suzlon Energy is trading higher by (2)% at Rs302.85. The company has lined up funds which is required to increase its stake in REpower Systems AG- the German wind power equipment manufacturer. The company will be acquiring 53% stake held by French energy major Areva and Martifer, a Portugal based real estate business group.

1 comment:

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