Friday, May 30, 2008

Market Made A Smart Recovery

The market made a smart recovery from the yesterday’s lows and opened higher today. The buying interest is seen in the Capital Goods, Pharma, Consumer Durables, Metal and FMCG stocks. However, the Power, IT and Bank stocks are trading in red in the opening trade. The Mid Cap and Small Cap are also trading higher in the opening bell.

Reliance Power stocks after ex bonus opened at Rs.308.95 and now is trading at Rs.248.45 down by 39.34%.

The overall market breadth is positive as 996 stocks are advancing whereas 677 stocks are declining on BSE.

At 10.30AM, the BSE Sensex was up by 92.33 points at 16,408.59 and the Nifty was up by 33.75 points to 4,869.05.

The BSE Mid Cap increased by 32.36 points to 6,774.12 and the BSE Small Cap advanced by 19.83 points to 8,200.90.

L&T reported the top gainer from the BSE Sensex pack. It is trading with a gain of 4.43% at Rs.3010 while Wipro reported the top loser down by 1.36% at Rs.505.55.

BSE Metal index advanced by 228.83 points to trade at 16,908.28. The top gainers are Sterlite Industries inclined by (2.95%) to Rs.927.90, SAIL increased by (1.83%) at Rs.163.90 followed by Hindalco Industries and Tata Steel up by (1.43%) and (1.41%) to Rs.192 and Rs.908.70.

BSE Capital Goods index surged by 335.91 points to trade at 13,162.94. The major gainers are L&T, BHEL, ABB and Siemens grew by (4.43%), (2.10%), (1.53%) and (0.37%) to Rs.3,010, Rs.1,631.15, Rs.1,010 and Rs.564.25 respectively.

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