Friday, June 27, 2008

Market Is Not Showing Any Sign Of Recovery - June 27,2008

The market continue to trade lower as strong selling continued across the board mainly led by the Power, Bank, Auto and Capital Goods stocks. The market is concerned about the rising crude oil prices. The crude has hit a new all time high above the $141 per barrel. The BSE Sensex is hovering near the 13900 mark and the NSE Nifty is trading near the 4150 mark.

The overall market breadth is negative, as 518 stocks are advancing whereas 2030 stocks that are declining.

Wipro reported the top loser from the BSE Sensex pack. It is trading lower by (6.66%) at Rs.440.10 followed by Mahindra & Mahindra down by (6.45%) at Rs.505.

At 2.31PM BSE Sensex is at 13,861.74 down by 560.08 points and Nifty is at 4,148.45 down by 167.40 points.

The BSE Mid Cap is lower by 169.91 points to 5,572.13 and the Small Cap slipped by 175.37 points to 6,953.71.

The BSE Power index is one of the top loser today trading with a loss of 107.67 points at 2,347.14. The main losers are GVK Power down by (5.57%) at Rs.36.45, Tata Power decreased by (5.93%) at Rs.1,060 followed by Reliance Power and Suzlon Energy declined by (4.84%) and (4.27%) to Rs.146.35 and Rs.232.30.

The most active shares on NSE are Reliance trading at Rs.2196.10 with a total traded quantity of 4957337 shares followed by Reliance Capital trading at Rs.969.90 with a total traded quantity of 5385779 shares.

NALCO is trading lower by (8.87%) at Rs.338. The company and the Tatas are set to sign a joint venture agreement to set up a US$3bn aluminium smelter and power plants in South Africa.

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