Friday, December 26, 2008

Markets Are Also Trading Mixed As Straits Times - Dec 26, 2008

The markets today open significantly higher as investors showed some buying momentum on the first day of January series. The Realty, Oil & Gas, Metal, Capital Goods, Banking and Power stocks are on the buyer’s ride in the opening trade.

The BSE Mid Cap and the Small Cap are also trading higher with a gain of around 1% each.

The BSE Sensex is now trading above the 9,700 mark and the NSE Nifty trading above the 2,950 mark.

The Asian markets are also trading mixed as Nikkei, and Straits Times index are trading higher by (0.82%) and (0.41%) respectively. However, Shanghai and Seoul Composite index are trading lower by (0.29%) and (0.91%) respectively.

The US stock market on Wednesday ended with modest gain in a shortened session ahead of the Christmas holiday. Trading volume remained relatively light. The financial and the retailers stocks were relatively strong today. The Jobless claims for the week ending Dec. 20 jumped 30,000 to 586,000, topping the consensus estimate of 558,000. The Dow Jones Industrial Average (DJIA) increased by 48.99 points to close at 8,468.48. The NASDAQ Composite (RIXF) index increased by 3.36 points to close at 1,524.90 and the S&P 500 (SPX) grew 4.99 points to close at 868.15.

Jai Prakash Associate reported a top gainer among the BSE Sensex pack up by (3.98%) at Rs. 79.75 while HUL the top loser down by (1.18%) at Rs. 254.60.

The overall market breadth remains positive as 889 stocks are advancing while 424 stocks are declining on BSE.

At 10.33AM, the BSE Sensex was up by 136.05 points at 9,704.77 and the Nifty was up by 41.80 points to 2,958.65.

The BSE Mid Cap increased by 52.94 points to 3,198.54 and the BSE Small Cap advanced by 31.59 points to 3,631.79.

BSE Realty index is trading higher by 40.17 points or (1.76%) to trade at 2,328.45. The top gainers are Unitech increased by (4.04%) to Rs.38.60, HDIL up by (3.96%) to Rs.135.15, India Bull Real inclined by (3.79%) to Rs.136.95 followed by Parsavnath grew by (2.94%) to Rs. 47.30.

BSE Oil & Gas index is trading higher by 134.43 points or (2.23%) to trade at 6,151.34. The major gainers are RPL inclined by (11.71%) to Rs. 88.70, RNRL up by (7.03%) to Rs.55.60, Essar Oil increased by (3.04%) to Rs.88 followed by BPCL grew (2.10%) to Rs.393.

RPL is trading higher by (11.71%) at Rs.88.70. The company commissioned its 27 million tonne export refinery in Jamnagar on Thursday. The refinery has a capacity to process up to 5,80,000 barrels of crude oil a day.

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