Thursday, December 11, 2008

Market Trading On The Front Foot Took Volatile - Dec 11, 2008

Four consecutive days of buying is hindered by cautious approach on the back of concerns over the weakening global and domestic economy and disturbance about the fate of the beleaguered US automakers. Further, RBI indicated that its forecast for economic growth for the current fiscal year may be revised downwards. According to sources, RBI also signifies that the fiscal year 2009-10 will be tougher.

Moreover, Governments worldwide are working to pull out the economy from current scenario. Recent economic data continues to highlights the extent of the global slowdown. Further, corporate news has added to worries about global crisis. However, the expectations are also rising by sectors and companies in trouble.

On the sectoral front, majority of the stocks were trading mix. Metal stocks advanced on rebound in commodity prices globally and government abolishment of export duty on iron ore fines. Further, IT pivotals declined as a firm rupee offset gains in American Depository Receipts (ADR).

Real estate stocks extended gains after the government announced a stimulus plan to enhance the sector, including a refinance facility for National Housing Bank and priority sector status for housing loan up to Rs.20,00,000.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,347 stocks traded so far, 1,516 shares advanced while 732 shares declined. Nearly 99 shares are unchanged.

At 1.30PM, the BSE Sensex is trading lower by 44.09 points at 9,610.81 and NSE Nifty is down by 17.09 points at 2,911.15.

The BSE Mid Cap is trading higher by 56.87 points at 3,005.11 and Small cap is trading up by 53.28 points at 3,448.73.

Gainers from the BSE Sensex Pack are Jaiprakash Associates higher by (10.56%) at Rs.82.70 along with Sterlite Inds up by (9.70%) at Rs.298.50, RCom by (5.74%) at Rs.241.35, Tata Motors by (4.20%) at Rs.169.95, ICICI Bank by (4.01%) at Rs.416.00 and ACC Ltd by (3.27%) at Rs.492.00.

Losers from the BSE Sensex Pack are Satyam Comp lower by (6.36%) at Rs.221.55 along with TCS by (4.20%) at Rs.518.70, Wipro by (3.88%) at Rs.251.50 and Infosys Tech by (2.67%) at Rs.1,142.65 and NTPC by (2.37%) at Rs.164.90.

The BSE Realty index is higher by 75.80 points or (3.78%) at 2,080.89. Stocks trading higher are Phoenix Mill up by (9.80%) at Rs.70.00 along with Penland by (8.08%) at Rs.21.40, Indiabulls Realty by (7.88%) at Rs.125.25, Sobha Dev by (7.60%) at Rs.104.05, Ansal Infra by (6.80%) at Rs.29.85 and Anant Raj by (6.04%) at Rs.61.40.

The BSE Metal index is higher by 172.31 points or (3.33%) at 5,354.23. Stocks trading higher are Sterlite Inds up by (9.70%) at Rs.298.50, Welsp Guj Sr by (8.07%) at Rs.92.45, Gujarat NRE by (4.99%) at Rs.23.15 and NMDC by (4.47%) at Rs.145.00.

The BSE IT index is lower by 76.70 points or (3.12%) at 2,378.28. Stocks trading lower are Satyam Comp by (6.36%) at Rs.221.55 along with TCS by (4.20%) at Rs.518.70, Wipro by (3.88%) at Rs.251.50 and Infosys Tech by (2.67%) at Rs.1,142.65.

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