The markets managed to recover from the day’s lows as significant buying witnessed among the selective scrips. However the Asian markets are trading in a mixed note amid weak economic data. The oil & Gas, Metal, FMCG and Banking stocks are attracting buying interest. However, Power, Pharma, Auto and Capital Goods and IT stocks are reeling under pressure. The Government of India on Friday left its estimate for gross domestic product growth in the 2007/08 fiscal year unchanged at 9%.
The BSE Sensex is now trading near the 9300 mark and the NSE Nifty near the 2850 mark. The BSE Mid Cap And the Small Cap stocks are alos trading higher.
India''s Spice Group is ready to invest about Rs. 20 billion (USD408 million) in Satyam Computer Services and wants to buy a 51% stake in scam-hit Satyam Computer. The company has already submitted on Thursday its proposal to the government-appointed new board of Satyam. Share of Spice Communication spurted over 40%.
Cairn India advanced by (2.15%) to Rs. 164.25. The company has posted a net profit of Rs. 451.2mn for the fiscal third quarter as against a net loss of Rs.543.1mn in the quarter ended December, 2007. On a consolidated basis, the company reported a net profit of Rs2.36bn for the third quarter compared to a net loss Rs139.1mn for the quarter ended December 2007.
HCL Technologies is trading higher by (3%) at Rs. 1135.35. The company has bagged a multi-million dollar contract spread over five years from Nokia and involving providing global helpdesk as well as desktop management services through HCL’s delivery centres in Finland, Poland, China, the US and India.
On the global markets front, the Asian markets are trading mixed as Hang Seng is trading higher by (0.13%) while Nikkei 225, Straits Times and Seoul Composite index are trading lower by (3.12%), (0.92%) and (0.38%) respectively. Japan reported a record slump in its production and lower profit forecasts has increased worries among investors that the global recession is expanding. However the Shanghai and Taiwan markets remained shut today. Industrial output in Japan plunged at a seasonally adjusted 9.6% in December compared to November, breaking the previous month’s record decline of 8.5% and the economist’s expectations of a drop of 9%. However, Japan''s industrial production for the full year was down 3.4%.
The overall market breadth is turns positive as 1017 stocks are advancing while 982 stocks are declining and the 100 stocks remain unchanged on BSE.
Jai Prakash Associate reported the top gainer from the BSE Sensex pack as it was trading higher by (4.10%) at Rs. 72.40 while Sun Pharma the top loser down by (7.28%) at Rs.1,060.
The BSE Mid cap is higher by 15.60 points at 2,919.04 and the BSE small Cap advanced by 13.60 points to trade at 3,317.01.
At 12.35 pm, BSE Sensex was at 9,296.81 up by 60.53 points while the NSE Nifty was at 2,843 up by 19.05 points.
BSE Oil & Gas index advanced by 94.52 points to 6,131.15 as RNRL (4.89%), Indian Oil (3.73%), RPL (3.59%), Cairn India (2.30%) and ONGC (2.21%) are trading in positive.
BSE IT index decreased by 4.49 points to trade at 2,224.35 as Financial Technologies (2.34%), TCS (1.43%), Wipro (1.13%), Infosys Technologies (0.43%) and Mphasis (0.17%) are trading in negative.
BSE Metal index up by 12.84 points to 4,914.33 as Jindal Steel (9.07%), Jai Corp (4.96%), NMDC (3.19%) and Sterlite Industries (0.28%) are trading in green.
BSE Capital Goods index declined by 62 points to 6,086.16. The main losers are Crompton Greaves (4.39%), BHEL (3.38%), Gammon India (2.52%), BEML (1.32%) and Havells India (0.70%).
BSE Auto index is trading lower by 12.39 points at 2,460.87. The major losers are Tata Motors (2.19%), Mahindra & Mahindra (1.23%), Cummins Ind (1.92%) and Hero Honda (0.48%).
The BSE Sensex is now trading near the 9300 mark and the NSE Nifty near the 2850 mark. The BSE Mid Cap And the Small Cap stocks are alos trading higher.
India''s Spice Group is ready to invest about Rs. 20 billion (USD408 million) in Satyam Computer Services and wants to buy a 51% stake in scam-hit Satyam Computer. The company has already submitted on Thursday its proposal to the government-appointed new board of Satyam. Share of Spice Communication spurted over 40%.
Cairn India advanced by (2.15%) to Rs. 164.25. The company has posted a net profit of Rs. 451.2mn for the fiscal third quarter as against a net loss of Rs.543.1mn in the quarter ended December, 2007. On a consolidated basis, the company reported a net profit of Rs2.36bn for the third quarter compared to a net loss Rs139.1mn for the quarter ended December 2007.
HCL Technologies is trading higher by (3%) at Rs. 1135.35. The company has bagged a multi-million dollar contract spread over five years from Nokia and involving providing global helpdesk as well as desktop management services through HCL’s delivery centres in Finland, Poland, China, the US and India.
On the global markets front, the Asian markets are trading mixed as Hang Seng is trading higher by (0.13%) while Nikkei 225, Straits Times and Seoul Composite index are trading lower by (3.12%), (0.92%) and (0.38%) respectively. Japan reported a record slump in its production and lower profit forecasts has increased worries among investors that the global recession is expanding. However the Shanghai and Taiwan markets remained shut today. Industrial output in Japan plunged at a seasonally adjusted 9.6% in December compared to November, breaking the previous month’s record decline of 8.5% and the economist’s expectations of a drop of 9%. However, Japan''s industrial production for the full year was down 3.4%.
The overall market breadth is turns positive as 1017 stocks are advancing while 982 stocks are declining and the 100 stocks remain unchanged on BSE.
Jai Prakash Associate reported the top gainer from the BSE Sensex pack as it was trading higher by (4.10%) at Rs. 72.40 while Sun Pharma the top loser down by (7.28%) at Rs.1,060.
The BSE Mid cap is higher by 15.60 points at 2,919.04 and the BSE small Cap advanced by 13.60 points to trade at 3,317.01.
At 12.35 pm, BSE Sensex was at 9,296.81 up by 60.53 points while the NSE Nifty was at 2,843 up by 19.05 points.
BSE Oil & Gas index advanced by 94.52 points to 6,131.15 as RNRL (4.89%), Indian Oil (3.73%), RPL (3.59%), Cairn India (2.30%) and ONGC (2.21%) are trading in positive.
BSE IT index decreased by 4.49 points to trade at 2,224.35 as Financial Technologies (2.34%), TCS (1.43%), Wipro (1.13%), Infosys Technologies (0.43%) and Mphasis (0.17%) are trading in negative.
BSE Metal index up by 12.84 points to 4,914.33 as Jindal Steel (9.07%), Jai Corp (4.96%), NMDC (3.19%) and Sterlite Industries (0.28%) are trading in green.
BSE Capital Goods index declined by 62 points to 6,086.16. The main losers are Crompton Greaves (4.39%), BHEL (3.38%), Gammon India (2.52%), BEML (1.32%) and Havells India (0.70%).
BSE Auto index is trading lower by 12.39 points at 2,460.87. The major losers are Tata Motors (2.19%), Mahindra & Mahindra (1.23%), Cummins Ind (1.92%) and Hero Honda (0.48%).
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