The market continued to move in positive zone on the back of positive global cues and expectation of second stimulus package to safeguard the economy form global recession and slowdown. This new package may include steps to ease liquidity and relief measures for export and housing sectors. Moreover, the government is looking at possible duty cuts for more goods to stimulate demand in the economy. However at the initial stage the Christmas and expected stimulus package by govt. brought some cheer into the market.
Meanwhile, the data reveled by US was not as bad as feared so the stocks cheered. Apart from this, the fall in crude oil prices and bargain hunting helped retail and airline stocks. A government report on Wednesday showed US consumers cut spending for the fifth straight month in November 2008, while incomes shrank, suggesting intensifying recessionary pressures. Data that showed US mortgage rates fell to the lowest level in 37 years and applications for mortgage loans hit a five-year high also offered some reason for optimism.
Among the positive news, a US Labour Department report measuring initial applications for unemployment benefits showed a 30,000 jump last week to a 26-year high of 586,000 versus the 556,000 in the previous week.
On the sectoral front, traders on-loaded positions across the sectors except few. Realty stocks rose on hopes that lower rates will spur housing demand. Likewise, Auto stocks grew on reports sales of small cars in India has risen smartly following the excise duty cut early this month. Further, Bank stocks rose as investors speculated falling bond yields and lower rates would accelerate topline and bottomline performance.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,320 stocks traded so far, 1,216 shares advanced while 1,016 shares declined. Nearly 73 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 12.36 points at 9,581.09 and NSE Nifty is up by 3.14 points at 2,920.00.
The BSE Mid Cap is trading higher by 17.50 points at 3,163.10 and Small cap is trading up by 11.48 points at 3,611.68.
Losers from the BSE Sensex Pack are Infosys Tech slipped by 3.14% at Rs.1,135.15 along with ONGC by 2.48% to Rs.653.80, Mahindra & Mahindra by 1.58% at Rs.274.05, DLF Ltd by 1.45% at Rs.289.70 and Wipro by 1.64% at Rs.228.60 among others.
Gainers from the BSE Sensex Pack are Satyam Computer Service gained by 2.93% to Rs.138.90 along with Maruti Suzuki by 2.51% at Rs.514.90, RCom by 2.27% to Rs.212.05, Reliance Infra by 1.83% at Rs.588.10, Jaiprakash Associates by 1.37% at Rs.77.75, Tata Steel by 1.20% at Rs.220.05 and Housing Development Finance Co by 0.97% at Rs.1,477.75 among others.
The BSE Metal index is higher by 51.75 points or 1.02% at 5,143.07. Stocks trading higher are Gujarat NRE by 3.21% at Rs.25.75 along with Jindal Steel by 2.87% at Rs.870.20, JSW Steel by 1.86% at Rs.224.50, Tata Steel by 1.24% at Rs.220.15 and Sterlite Ind by 1.17% at Rs.259.65 among others.
The BSE IT index is lower by 39.56 points or 1.77% at 2,197.58. Stocks trading in red are Rolta India down by 4.39% at Rs.116.50, Finance Tech by 4.34% at Rs.523.50, Aptech Ltd by 4.14% at Rs.90.25, Tech Mahindra by 3.56% at Rs.239.70, Infosys Tech by 3.14% at Rs.1,135.15 and Wipro by 1.55% at Rs.228.80 among others.
Satyam Computer Service gained by 2.93% to Rs.138.90 after the company said on Thursday, 25 December 2008, it had asked the World Bank to withdraw "inappropriate" statements about the Indian outsourcer and to issue an apology for harm done to the company.
Meanwhile, the data reveled by US was not as bad as feared so the stocks cheered. Apart from this, the fall in crude oil prices and bargain hunting helped retail and airline stocks. A government report on Wednesday showed US consumers cut spending for the fifth straight month in November 2008, while incomes shrank, suggesting intensifying recessionary pressures. Data that showed US mortgage rates fell to the lowest level in 37 years and applications for mortgage loans hit a five-year high also offered some reason for optimism.
Among the positive news, a US Labour Department report measuring initial applications for unemployment benefits showed a 30,000 jump last week to a 26-year high of 586,000 versus the 556,000 in the previous week.
On the sectoral front, traders on-loaded positions across the sectors except few. Realty stocks rose on hopes that lower rates will spur housing demand. Likewise, Auto stocks grew on reports sales of small cars in India has risen smartly following the excise duty cut early this month. Further, Bank stocks rose as investors speculated falling bond yields and lower rates would accelerate topline and bottomline performance.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,320 stocks traded so far, 1,216 shares advanced while 1,016 shares declined. Nearly 73 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 12.36 points at 9,581.09 and NSE Nifty is up by 3.14 points at 2,920.00.
The BSE Mid Cap is trading higher by 17.50 points at 3,163.10 and Small cap is trading up by 11.48 points at 3,611.68.
Losers from the BSE Sensex Pack are Infosys Tech slipped by 3.14% at Rs.1,135.15 along with ONGC by 2.48% to Rs.653.80, Mahindra & Mahindra by 1.58% at Rs.274.05, DLF Ltd by 1.45% at Rs.289.70 and Wipro by 1.64% at Rs.228.60 among others.
Gainers from the BSE Sensex Pack are Satyam Computer Service gained by 2.93% to Rs.138.90 along with Maruti Suzuki by 2.51% at Rs.514.90, RCom by 2.27% to Rs.212.05, Reliance Infra by 1.83% at Rs.588.10, Jaiprakash Associates by 1.37% at Rs.77.75, Tata Steel by 1.20% at Rs.220.05 and Housing Development Finance Co by 0.97% at Rs.1,477.75 among others.
The BSE Metal index is higher by 51.75 points or 1.02% at 5,143.07. Stocks trading higher are Gujarat NRE by 3.21% at Rs.25.75 along with Jindal Steel by 2.87% at Rs.870.20, JSW Steel by 1.86% at Rs.224.50, Tata Steel by 1.24% at Rs.220.15 and Sterlite Ind by 1.17% at Rs.259.65 among others.
The BSE IT index is lower by 39.56 points or 1.77% at 2,197.58. Stocks trading in red are Rolta India down by 4.39% at Rs.116.50, Finance Tech by 4.34% at Rs.523.50, Aptech Ltd by 4.14% at Rs.90.25, Tech Mahindra by 3.56% at Rs.239.70, Infosys Tech by 3.14% at Rs.1,135.15 and Wipro by 1.55% at Rs.228.80 among others.
Satyam Computer Service gained by 2.93% to Rs.138.90 after the company said on Thursday, 25 December 2008, it had asked the World Bank to withdraw "inappropriate" statements about the Indian outsourcer and to issue an apology for harm done to the company.
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