Thursday, December 11, 2008

Markets Today Open Marginally Higher And Turned Choppy - Dec 11, 2008

The markets today open marginally higher and suddenly turned choppy. The buying is seen among the Banking, Realty, Metal and Auto stocks. However, the IT, FMCG, Power and Capital Goods are trading lower in the early trade. The BSE Mid Cap and the Small Cap are however trading marginally higher.

The BSE Sensex is now trading above the 9,600 mark and the NSE Nifty is trading above the 2,900 mark.

The Asian markets are also trading mixed as Hang Seng, Shanghai Composite, Nikkei and Straits Times index are trading higher by (0.39%), (0.31%), (0.28%) and (0.35%) respectively. However, Seoul Composite index is trading higher by (0.89%).

The US stock market on Wednesday ended higher, backed by the news that an agreement had been reached over a potential aid package for the struggling U.S. automakers even as opposition to the plan from several Senate Republicans shaved earlier gains. The Dow Jones Industrial Average (DJIA) advanced by 70.09 points to close at 8,761.42. The NASDAQ Composite (RIXF) index increased by 18.14 points to close at 1,565.48 and the S&P 500 (SPX) grew 10.57 points to close at 899.24.

Reliance Communication reported a top gainer among the BSE Sensex pack up by (7.91%) at Rs. 246.30 while Satyam Computer the top loser down by (2.73%) at Rs. 230.15.

The overall market breadth remains positive as 929 stocks are advancing while 397 stocks are declining on BSE.

At 10.33AM, the BSE Sensex was down by 9.55 points at 9,645.35 and the Nifty was down by 11.45 points to 2,916.80.

The BSE Mid Cap increased by 33.50 points to 2,981.74 and the BSE Small Cap advanced by 30.75 points to 3,426.20.

BSE Bank index is trading higher by 110.55 points or (2.23%) to trade at 5,069.84. The top gainers are ICICI Bank increased by (3.61%) to Rs.414.40, IDBI Bank up by (4.09%) to Rs.63.65, SBI inclined by (2.55%) to Rs.1,219.55 followed by Kotak Bank grew by (2.47%) to Rs. 372.

BSE Realty index is trading higher by 31.70 points or (1.58%) to trade at 2,036.79. The major gainers are Ansal Infra inclined by (3.94%) to Rs. 29.05, Sobha Developers up by (3.10%) to Rs.99.70, Parsavnath increased by (2.46%) to Rs.43.70 followed by HDIL grew (2.37%) to Rs.103.75.

Tata Motors is trading higher by (0.83%) at Rs. 164.80. The company has cut prices of its Indica hatchback and Indigo family cars by Rs 12,000-Rs 23,000. It also cut the price of its medium and heavy commercial vehicles by Rs 30,000-60,000 while decreasing light vehicle prices by Rs 17,000-23,000.

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