Wednesday, May 7, 2008

Market Suddenly Slipped Down In To The Red Zone

The market today opens flat and suddenly slipped down to trade in to the red zone. The most selling witnessed among the frontline indices. While the broader market open reasonably higher. The buying is seen in the IT, Metal and Pharma stocks. However, the selling pressure witnessed in the Bank, Power and Capital Goods stocks in the opening trade.

The overall market breadth is positive as 923 stocks are advancing whereas 680 stocks are declining on BSE.

At 10.30AM, the BSE Sensex was down by 57.14 points at 17,315.87 and the Nifty was down by 15.90 points to 5,128.75.

The BSE Mid Cap increased by 17.82 points to 7,248.13 and the BSE Small Cap advanced by 33.43 points to 8,782.67.

Satyam Computers reported the top gainer from the BSE Sensex pack. It is trading with a gain of 1.99% at Rs.506.50 while Bharti Airtel reported the top loser down by 2.93% at Rs.821.80.

BSE IT index advanced by 74.86 points to trade at 4,458.22. The major gainers are Satyam Computers, TCS, Infosys Technologies and HCL Technologies grew by (1.99%), (1.85%), (1.81%) and (1.64%) to Rs.506.50, Rs.954.40, Rs.1,840.20 and Rs.297.45 respectively.

BSE Bank slipped by 122.33 points to trade at 8,966.37. The top losers are ICICI Bank declined by (1.57%) to Rs.914.20, HDFC Bank decreased by (0.97%) at Rs.1,525 followed by PNB and SBI down by (0.35%) and (0.30%) to Rs.534.40 and Rs.1,752.

HDFC Bank is trading lower by (0.97%) at Rs.1,525. The bank is expanding its mobile banking rapidly. The bank has partnered with ngpay, a mobile solution brand from JiGrahak Mobility Solution. The customers will now get a complete suite of banking and commerce services over their mobile phones.

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