Wednesday, July 9, 2008

Market Is Trading Higher On Heavy Buying - July 9, 2008

Market is trading higher on heavy buying across the board, but now it is below the day’s high. Market opened with handsome gains on strong global cues and drop in crude oil price to $136 per barrel. BSE Sensex crossed the 13,700 level and NSE Nifty 4,100 mark. All indices are trading in green and most of the buying is seen in Capital Goods, Bank, Metal and Oil & Gas stocks. The market breadth is positive as 1789 stocks are trading in green while 455 stocks are trading in red.

At 11.31AM, BSE Sensex is trading higher by 422.34 points at 13,771.99 and NSE Nifty is trading up by 116.05 at 4,104.60. The BSE Mid Cap and BSE Small Cap are trading higher by 123.09 points and 163.26 points at 5,439.08 and 6,725.89.

Gainers from the NSE Nifty are Reliance Infra up by (6.18%) at Rs802.00 along with ICICI Bank Ltd (5.32%) at Rs625.95, BPCL (4.95%) at Rs264.10, HDFC Bank Ltd (4.82%) at Rs1,050.00, ITC Ltd (4.74%) at Rs179.95 and BHEL by (4.69%) at Rs1,569.00.

The Capital Goods index is trading up by 342.41 points at Rs11,196.56 as Alstom Proje is trading higher by (5.64%) at Rs427.40 along with Bharat Elect (5.06%) at Rs1,077.00, BHEL (4.22%) at Rs1,561.45, ABB Ltd by (3.81%) at Rs908.00 and Punj Lloyd by (3.79%) at Rs228.45.

The Bank index is trading higher by 233.45 points at Rs6,129.59 as ICICI Bank Ltd is trading up by (5.30%) at Rs625.35 along with Axis Bank (5.10%) at Rs639.40, Yes Bank (4.67%) at Rs121.15, Kotak by (4.51%) at Rs504.95 and Bank of India by (4.44%) at Rs250.25.

The Oil & Gas index is trading up by 199.07 points at Rs8,942.43 as BPCL is trading higher by (4.67%) at Rs263.15 along with Gail India by (3.77%) at Rs339.95, Essar Oil Ltd (3.55%) at Rs182.20, Reliance Nat Res (3.41%) at Rs69.65 and IOC (2.75%) at Rs362.10.

ICICI Bank is trading higher by (5.19%) at Rs624.65. ICICI Bank on Monday launched two online services aimed at taking banking beyond the branches. It is “B2-Branch-free Banking”, which offers information through a single interface to facilitate banking transactions over the internet.

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