Friday, December 5, 2008

Market Gained Some Momentum And Higher - Dec 05, 2008

The markets today open lower on the back of negative cues from the US markets. But suddenly the market gained some momentum and is trading higher now. The selective buying is seen among the Realty, Banking, Power, Capital Goods and Auto stocks. However, the IT and FMCG stocks re trading marginally lower.

The BSE Sensex is now trading above the 9,200 mark and the NSE Nifty is trading around the 2,800 mark.

The Asian markets are also trading mixed as Hang Seng, Nikkei and Straits Times index are trading higher by (1.93%), (0.17%) and (1.33%) respectively. However, the Shanghai Composite and KLE Composite index are trading lower by (0.36%) and (0.08%).

The US stock market on Thursday, ended lower on the back of dismal retail-sales results and some news of layoffs by some corporate like AT&T Inc. and DuPont Co. The Dow Jones Industrial Average (DJIA) dropped by 215.45 points to close at 8,376.24. The NASDAQ Composite (RIXF) index decreased by 46.82 points to close at 1,445.56 and the S&P 500 (SPX) fell 25.52 points to close at 845.22.

Tata Motors reported a top gainer among the BSE Sensex pack up by (3.74%) at Rs. 156.55 while Infosys Technologies reported the top loser down by (3.41%) at RS. 1,154.

The overall market breadth remains positive as 639 stocks are advancing while 244 stocks are declining on BSE.

At 10.33AM, the BSE Sensex was up by 46.01 points at 9,275.76 and the Nifty was up by 20.35 points to 2,808.35.

The BSE Mid Cap increased by 40.77 points to 2,963.57 and the BSE Small Cap advanced by 38.05 points to 3,369.85.

BSE Realty index is trading higher by 69.26 points or (3.95%) to trade at 1,822.91. The top gainers are Ansal Infra increased by (6.77%) to Rs.28.40, Parsavnath up by (5.15%) to Rs.40.80, HDIL inclined by (4.87%) to Rs.96.85 followed by Unitech grew by (4.79%) to Rs. 31.70.

BSE IT index is trading lower by 73.69 points or (2.99%) to trade at 2,391.05. The major losers are Infosys Technologies declined by (3.41%) to Rs. 1,154, TCS down by (3.41%) to Rs.531, Satyam Computer decreased by (2.34%) to Rs.227.10 followed by Wipro fell (1.66%) to Rs.228.55.

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