Wednesday, May 14, 2008

Market Recover From The Initial Fall

The market gathers some momentum to recover from the initial fall. Heavy buying across the metal baskets led the market to overcome. The market breadth is strong as 1241 stocks are trading in green while 950 stocks are trading in red.

At 11.31AM, BSE Sensex is trading higher by 92.74 points at 16,845.6 and NSE Nifty is trading up by 17.05 points at 4,974.85. The BSE Mid Cap and Small Cap are trading higher by 34.49 points and 48.95 points at 6,991.30 and 8,446.66 respectively.

The IT index is trading up by 40.46 points at 4,305.60. Pushing it are I-Flex trading higher by (2.20%) at Rs1354.80 along with Mphasis by (2.17%) at Rs247.70, Tech Mahindra by (1.58%) at Rs916.85, Niit Techno by (1.55%) at Rs140.50, TCS by (1.50%) at Rs919.30, Patni Comp by (1.38%) at Rs274.90, Aptech by (1.28%) at Rs229.50 and Infosys by (1.18%) at Rs1767.85.

From the Auto index, Maruti Suzuki trading up by (2.79%) at Rs791.65 in line with Cummins India by (2.27%) at Rs292.40, Bharat Forge by (2.01%) at Rs294.65, Tata Motors by (1.88%) at Rs678.40, TVS Motors by (1.69%) at Rs42, Ashok Leyland by (1.56%) at Rs39, Hero Honda by (0.67%) at Rs803.25, Appolo Tyres by (0.59%) at Rs42.90 and Bosch by (0.42%) at Rs4115.

Gainers from the BSE are Shipping Corp trading up by (6.57%) at Rs259.55 followed by Hind Zinc by (5.52%) at Rs661, Hindalco inds by (4.28%) at Rs187.65, Dr. Reddy’s lab by (4.07%) at Rs649.80, Sintex inds by (3.93%) at Rs458.50, Nalco by (3.48%) at Rs499.20, Essar Ship by (3.38%) at Rs163.85, Maruti Suzuki by (3.27%) at Rs795.35, JSW Steel by (3.17%) at Rs990 and IFCI by (3.01%) at Rs61.55.

Bharti Airtel is trading up by (1.62%) at Rs833.35. The company has signed a deal with Apple to bring iphone to India. Also, the company is all set to offer managed data services as part of its long distance telephony portfolio and the company will become an end to end solutions provider for corporates. The company has received standardization certificate from Cisco to enter into the managed services.

Tata Steel is trading higher by (2.2%) at Rs870.1. The company announced that it will hold the prices of the products for the next three months.

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