Market extended volatility in a relatively narrow range on decision by the Bank of Japan to cut interest rate. Further, Japan’s government has forecast that the country’s economy will have zero growth in the year ending March 2010. Expectation of second stimulus package from government to pump economy from global recession supported the market. The government is likely to provide sops to the automobile, housing and steel sectors. The Committee Of Secretaries (COS) on economic crisis is reported to be examining proposals like increasing the limit for low interest-rate housing loans from Rs 20 Lacs to Rs 30 Lacs Meanwhile, the foreign fund inflow is driving the market.
On the sectoral front, the market is trading mix. Realty stocks surged on hopes lower rates will encourage housing demand. Banking stocks recovering on hopes a further cut in interest rates that might boost lending growth. Further, IT stocks declined after Infosys’s Chief Executive Comment that Indian IT industry to see slow growth for a while.
The market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,390 stocks traded so far, 1,386 shares advanced while 928 shares declined. Nearly 76 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 29.92 points at 10,046.51 and NSE Nifty is down by 6.15 points at 3,054.60.
The BSE Mid Cap is trading higher by 47.57 points at 3,252.13 and Small cap is trading up by 24.94 points at 3,736.89.
Gainers from the BSE Sensex Pack are Mahindra & Mahindra galloped 10.98% to Rs.342.00 along with Tata Motors by (5.62%) at Rs.183.35, DLF Ltd by (5.26%) at Rs.292.00, Maruti Suzuki by (3.89%) at Rs.557.05, Sterlite Ind by (3.64%) at Rs.280.75, Jaiprakash Associates by (3.39%) at Rs.87.00 and Tata Steel by (2.86%) at Rs.228.45 among others.
Losers from the BSE Sensex Pack are ONGC lower by (3.66%) at Rs.706.00 along with Satyam Comp by (3.34%) at Rs.163.70, TCS Ltd by (2.28%) at Rs.498.50 and Housing Development Finance Co by (2.28%) at Rs.1,512.00 among others.
The BSE Realty index is higher by 149.69 points or (6.55%) at 2,433.68. Stocks trading higher are Unitech Ltd up by (11.42%) at Rs.42.45, Indiabulls Real by (8.21%) at Rs.154.80, Anant Raj ind by (8.11%) at Rs.82.00, Housing Development & Infrastructure by (7.39%) at Rs.165.70, Sobha Dev by (5.56%) at Rs.113.95 and DLF Ltd by (5.26%) at Rs.292.00 among others.
The BSE IT index is lower by 48.28 points or (2.06%) at 2,296.78. Stocks trading lower are Satyam Comp by (3.34%) at Rs.163.70 along with Oracle Fin by (2.70%) at Rs.493.50, Mphasis Ltd by (2.58%) at Rs.155.00 and TCS Ltd by (2.28%) at Rs.498.50 and Infosys Tech by (1.68%) at Rs.1,157.80.
Man Industries India jumped 6.09% to Rs.45.30 after the company said its board would meet on 26 December 2008 to consider buying back foreign currency convertible bonds, a move which will reduce the company''s liabilities.
Gremach Infrastructure Equipments & Projects was locked at upper limit of 5% at Rs 28.50, extending recent gains, ahead of a board meeting today to consider rights issue.
C & C Constructions jumped 11.42% to Rs.119.00, after a consortium of the company bagged an order worth Rs 781 crore.
Wockhardt galloped 2.69% to Rs107.00 on reports that it has put on block two overseas subsidiaries to raise money to repay debt. The company reportedly needs over Rs 1,000 crore to redeem its foreign currency convertible bonds (FCCBs) which will come up for repayment in October next year.
On the sectoral front, the market is trading mix. Realty stocks surged on hopes lower rates will encourage housing demand. Banking stocks recovering on hopes a further cut in interest rates that might boost lending growth. Further, IT stocks declined after Infosys’s Chief Executive Comment that Indian IT industry to see slow growth for a while.
The market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,390 stocks traded so far, 1,386 shares advanced while 928 shares declined. Nearly 76 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 29.92 points at 10,046.51 and NSE Nifty is down by 6.15 points at 3,054.60.
The BSE Mid Cap is trading higher by 47.57 points at 3,252.13 and Small cap is trading up by 24.94 points at 3,736.89.
Gainers from the BSE Sensex Pack are Mahindra & Mahindra galloped 10.98% to Rs.342.00 along with Tata Motors by (5.62%) at Rs.183.35, DLF Ltd by (5.26%) at Rs.292.00, Maruti Suzuki by (3.89%) at Rs.557.05, Sterlite Ind by (3.64%) at Rs.280.75, Jaiprakash Associates by (3.39%) at Rs.87.00 and Tata Steel by (2.86%) at Rs.228.45 among others.
Losers from the BSE Sensex Pack are ONGC lower by (3.66%) at Rs.706.00 along with Satyam Comp by (3.34%) at Rs.163.70, TCS Ltd by (2.28%) at Rs.498.50 and Housing Development Finance Co by (2.28%) at Rs.1,512.00 among others.
The BSE Realty index is higher by 149.69 points or (6.55%) at 2,433.68. Stocks trading higher are Unitech Ltd up by (11.42%) at Rs.42.45, Indiabulls Real by (8.21%) at Rs.154.80, Anant Raj ind by (8.11%) at Rs.82.00, Housing Development & Infrastructure by (7.39%) at Rs.165.70, Sobha Dev by (5.56%) at Rs.113.95 and DLF Ltd by (5.26%) at Rs.292.00 among others.
The BSE IT index is lower by 48.28 points or (2.06%) at 2,296.78. Stocks trading lower are Satyam Comp by (3.34%) at Rs.163.70 along with Oracle Fin by (2.70%) at Rs.493.50, Mphasis Ltd by (2.58%) at Rs.155.00 and TCS Ltd by (2.28%) at Rs.498.50 and Infosys Tech by (1.68%) at Rs.1,157.80.
Man Industries India jumped 6.09% to Rs.45.30 after the company said its board would meet on 26 December 2008 to consider buying back foreign currency convertible bonds, a move which will reduce the company''s liabilities.
Gremach Infrastructure Equipments & Projects was locked at upper limit of 5% at Rs 28.50, extending recent gains, ahead of a board meeting today to consider rights issue.
C & C Constructions jumped 11.42% to Rs.119.00, after a consortium of the company bagged an order worth Rs 781 crore.
Wockhardt galloped 2.69% to Rs107.00 on reports that it has put on block two overseas subsidiaries to raise money to repay debt. The company reportedly needs over Rs 1,000 crore to redeem its foreign currency convertible bonds (FCCBs) which will come up for repayment in October next year.
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