Thursday, July 17, 2008

Sensex, Nifty positive as bank, IT stocks gain - July 17, 2008

Daiichi Sankyo Company and Ranbaxy Laboratories today reiterated that the agreement between Daiichi Sankyo, Ranbaxy and the Singh family, the largest controlling shareholders of Ranbaxy, is binding and final, subject to regulatory approvals.

However, Ranbaxy Laboratories which declined sharply into the red after a positive start, continues to trade weak with a big loss now. At Rs 443, it is now down by 5.85% from yesterday's closing price.

Metal stocks Tata Steel (down 2.65% at Rs 609) and Hindalco (down 0.3% at Rs 136.75) are the other losers in the Sensex which remains well placed in the positive territory with a gain of 356.97 points or 2.84% at 12,932.77 at present. The Nifty is up by around 2.25% or 85.40 points at 3902.10.

HDFC Bank, the biggest gainer in the Sensex now, is up by nearly 6.5% at Rs 962. Tata Consultancy Services is up with a gain of 6%. HDFC, Maruti Suzuki and ICICI Bank are up by 5.9%, 5.6% and 5.1% respectively.

Jaiprakash Associates, Tata Motors, State Bank of India, Satyam Computer Services, Reliance Industries, Wipro, Reliance Infrastructure, Reliance Communications, ONGC, NTPC, Mahindra & Mahindra, Larsen & Toubro, Infosys Technologies, Grasim Industries, ITC, Hindustan Unilever, ACC, Ambuja Cements, Bharti Airtel, Grasim Industries, BHEL and DLF are all up with impressive gains.

IVRCL Infrastructure, HMT, Kotak Bank, Power Finance Corporation, IDFC, Ansal Infrastructure, BPCL, Parsvnath, Axis Bank, Lanco Infratech, Unitech, Union Bank of India, Crompton Greaves and India Bulls Real Estate are among the prominent gainers from BSE 'A' Group.

Besides Tata Steel and Hindalco, other key stocks from the metal space, Nalco, SAIL, Jindal Steel, Sterlite Industries and JSW Steel have also slipped into the negative territory on selling pressure.

Cairn India, Bajaj Holdings, MMTC, Pantaloon Retail, LIC Housing Finance, Bank of Baroda, Titan Industries, Biocon and Reliance Petroleum are among the prominent losers.

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