Monday, June 2, 2008

Sensex Recovers After A Mild Setback

Following a moderately severe bout of selling pressure, the market gave up a significant portion of its early gains a few minute back. However, thanks to resumption of buying at select blue chip counters, it has edged up a bit once again.

At 16,526.28, the Sensex is up 110.71 points or 0.67% over its previous closing mark. The Nifty is up 0.4% or 19.55 points at 4889.65. Earlier this morning, the Sensex and Nifty had spurted to 16,632.72 and 4908.80 respectively after a rousing start.

Information technology, consumer durables, pharma and select oil, auto, metal and capital goods stocks have posted strong gains. Realty stocks remain a bit subdued. Bank, PSU, FMCG and power stocks are also seen struggling to make a headway.

Thanks to fairly strong buying in several midcap and smallcap stocks, the BSE Midcap and Smallcap indices have moved up by 0.42% and 0.61% respectively.

Maruti Suzuki, which tops the Sensex gainers list at present, is up nearly 2.5% at Rs 783. Satyam Computer Services has gained 2.15% at Rs 534.80. Jaiprakash Associates, Infosys Technologies, Tata Consultancy Services and Wipro are up by 1.5% - 2%.

Larsen & Toubro has notched up a gain of 1.15%. BHEL is up nearly a per cent at Rs 1678. HDFC, State Bank of India, ICICI Bank, ITC, Reliance Infrastructure, DLF, Tata Steel and Tata Motors also trade positive. Cipla, ONGC and Bharti Airtel are up with modest gains.

Essar Oil, the top gainer among BSE 'A' Group stocks, is up 6.7% at Rs 238.60. Dish TV, Godrej Industries and Sun Pharmaceuticals have gained 4.5% - 5%.

Rolta India, Mangalore Refineries & Petrochemicals, SAIL, Bhushan Steel, Chambal Fertilizers, Divi's Laboratories, HMT, Spice Telecom, Videocon Industries, Lanco Infratech, Welspun Gujarat, Hero Honda and Gujarat Minerals have also gained significant ground in the positive territory.

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