Tuesday, September 23, 2008

Markets Are Under Selling Pressure - Sep 23, 2008

Indian Markets continues to remain under selling pressure though struggled to recover during early trade but slipped further. Markets opened lower in line with global markets. Crude oil prices also put fire into the markets as jumped by $16.37 to $120.92 a barrel after touching an intraday high of $130 a barrel, on the New York Mercantile Exchange. Most of the indices are trading with losses and among those, Bank, Reality, Capital Goods and IT stocks are witnessing most of the selling pressure. However Oil & Gas stocks are attracting the investors’ confidence. NSE Nifty is trading below 4,200 level and BSE Sensex is around 13,800 mark. Among the Sensex pack, 23 stocks are trading in red and 7 are in green.

At 1.30PM, the BSE Sensex is trading lower by 194 points at 13,800.25 and NSE Nifty is down by 39.00 points at 4,184.05.

The BSE Mid Cap and Small cap are trading lower by 63.90 points and 52.50 points at 5,157and 6,141.56 respectively.

Losers from the BSE Sensex are Ranbaxy Lab down by (10.20%) at Rs311.80 along with DLF Ltd (5.35%) at Rs391.00, JP Associates (4.54%) at Rs124.15, Satyam Computer (4.01%) at Rs338.60, Wipro Ltd (3.70%) at Rs399.00, ICICI Bank Ltd (3.57%) at Rs611.80 and SBI by (3.11%) at Rs1,517.90.

Gainers from the BSE Sensex are Tata Power up by (1.81%) at Rs1,039.20 along with Sterlite In (1.64%) at Rs467.55, Reliance (1.46%) at Rs2,066.85, ONGC Ltd (1.16%) at Rs1,069.90, Reliance Com Lmt (0.91%) at Rs372.70, ACC Ltd (0.48%) at Rs627.50 and Reliance Infra by (0.28%) at Rs879.80.

The BSE Bank index is trading lower by 176.32 points at Rs6,925.87 as ICICI Bank Ltd is trading down by (3.33%) at Rs613.30 along with Bank of India (3.09%) at Rs280.25, SBI (3.01%) at Rs1,519.60, Bank of Baroda by (2.62%) at Rs298.95 and Canara Bank (2.60%) at Rs215.05.

The BSE Reality index is trading down by 134.79 points at Rs3,960.71 as Indiabull Real is trading lower by (5.15%) at Rs213.50 followed by DLF Ltd (5.10%) at Rs399.45, Housing Development (3.90%) at Rs214.20, Unitech Ltd by (3.11%) at Rs124.50 and Orbit Co (2.60%) at Rs217.10.

The BSE Oil & Gas index is trading higher by 102.57 points at Rs9,501.22. Scrips trading up are Cairn India (2.09%) at Rs225.00 followed by Reliance by (1.24%) at Rs2,062.45, Essar Oil Ltd (0.92%) at Rs181.90, ONGC Ltd (0.92%) at Rs1,067.35 and Aban Offshore by (0.80%) at Rs1,422.00.

From the telecommunication sector, Tata Communications is trading higher by (1.18%) at Rs464.60 along with Reliance Com Ltd by (0.80%) at Rs372.75 and Idea Cellular up by (0.06%) at Rs82.30 while Bharti Airtel is down by (2.95%) at Rs784.90.

In auto sector Hero Honda Motors is higher by (0.94%) at Rs824.95 followed by M&M Ltd by (0.56%) at Rs557.40 while Tata Motors is trading down by (2.22%) at Rs406.10 and Maruti Suzuki is trading lower by (1.91%) at Rs707.50.

From cement sector by ACC Ltd is trading up by (0.12%) at Rs628.00, while Ambuja Cements trading lower by (0.83%) at Rs83.90 and Grasim Indus by (0.65%) at Rs1,924.60

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