Monday, January 12, 2009

The Overall Market Breadth Is Negative - Jan 12, 2009

The markets are still trading lower as profit booking continues across the board shrugged of the positive IIP numbers. The investors are worried to take any fresh positions ahead of the quarterly results of the technology giant Infosys Technologies tomorrow. The Realty, Metal, Power, Oil & Gas and Capital Goods stocks are out of favor today. The BSE Mid Cap And the Small Cap stocks are facing the most selling pressure today.

The November IIP numbers came in at 2.4% as against negative 0.4% for the month of October 2008. The IIP number in the same period of the previous year stood at 4.9% YoY.

On the global markets front, the Asian markets are trading lower barring Shanghai Composite index, as it is trading higher by (0.10%). However, Hang Seng, Straits Times and Seoul Composite index are trading lower by (2.47%), (0.78%) and (2.05%) respectively.

The overall market breadth is negative as 822 stocks are advancing while 1272 stocks are declining and the 78 stocks remain unchanged on BSE.

Jai Prakash Associate reported the top gainer from the BSE Sensex pack as it was trading higher by (2.92%) at Rs. 70.60 while Wipro the top loser down by (9.56%) at Rs.226.70.

The BSE Mid cap is lower by 41.10 points at 3,079.69 and the BSE small Cap slipped by 26.97 points to trade at 3,528.63.

At 12.35 pm, BSE Sensex was at 9,171.93 down by 234.54 points while the NSE Nifty was at 2,787.70 down by 85.30 points.

BSE Auto inclined marginally by 8.54 points to 2,532.05. Leading to its fall are Ashok Leyland (2.64%), Tata Motors (1.44%), Mahindra & Mahindra (1.35%), Maruti Suzuki (1.17%) and MRF (0.97%).

BSE IT index decreased by 43.54 points to trade at 2,088.45 as Wipro (9.62%), TCS (3.48%), Mphasis (2.55%), Rolta Ind. (0.89%) and (Infosys Technologies (0.51%) are trading in negative.

BSE Metal index dropped by 141.71 points to 5,062.15 as Jindal Steel (5.66%), Hindalco Industries (4.18%), SAIL (3.54%), Sterlite Industries (3.44%) and Sesa Goa (2.84%) are trading in red.

BSE Bankex index is trading lower by 78.78 points at 5,302.58. Losers are AXIS Bank (4.73%), Kotak Bank (2.31%), PNB (2%), Bank of India (2.91%), Bank of Baroda (2.72%) and SBI (0.83%).

BSE Oil & Gas index is trading 179.90 points lower at 5,597.69 as Reliance Industries (4.63%), BPCL (3.73%), Indian Oil (2.76%), HPCL (2.3%), RPL (2.37%) and ONGC (1.54%) are trading in negative.

BSE Capital goods index slipped by 147.29 points to 6,532.13. The main losers are Siemens (6.52%), Jyothi Structure (4.36%), L&T (2.37%), BHEL (3.10%), and (ABB 0.90%).

BSE Power index is trading 50.29 points lower at 1,730.58. The main losers are Reliance infra (7.22%), GVK Power (4.33%), Torent Power (4.06%), NTPC (3.71%) and Power Grid (3.29%).

BSE Realty index slipped by 77.90 points to 1,786.19. The major losers are DLF (5.26%), India Bull Real (3.44%), Parsavnath (2.88%), Omaxe Ltd. (2.54%) and Unitech (2.51%).

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