The markets are still trading lower after a sharp gap down opening on the back of negative cues from the global markets. The significant selling pressure witnessed among the Banking, IT, Metal, Oil & Gas and FMCG stocks. However, the Auto index made pullback from the day’ low and is now trading higher. The BSE Mid Cap and the Small Cap index are also trading lower with a cut of around 0.5% each. The BSE Sensex is now trading around the 8,700 mark and the NSE Nifty around the 2,700 mark. Moreover the announcement of the merger of the Reliance Industries and the Reliance Petroleum failed to lift the sentiments of the markets today.
Reliance Industries is trading lower by (2.34%). Reliance Industries and Reliance Petroleum’s boards approved the merger where RPL’s shareholders to receive 1 share of RIL for every 16 shares of RPL. RIL will issue 6.92 crore new shares, thereby increasing its equity capital to Rs.1,643. crore. The merger will be effective from April 1, 2008. The merger will be EPS accretive.
PNB is trading lower by (4.16%). The public sector bank has reduced car loans by half percentage point to 10.5% with effect from March 1.
Maruti Suzuki is trading higher by (1.72%) after the company reported highest ever domestic and total sales in February. The carmaker has registered a 24% growth (YoY) in its total vehicle sales to 79,190 vehicles in February. In the domestic market the company has sold 70,625 units, up by 19.1% over corresponding month last year.
On the global markets front, the Asian markets are trading mostly lower barring the Shanghai Composite index, as it is trading marginally higher by (0.14%). Nikkei 225, Hang Seng, Seoul Composite and Straits Times index are trading down by (3.81%), (3.69%), (4.16%) and (3.17%) respectively.
The overall market breadth is negative as 753 stocks are advancing while 1242 stocks are declining and the 81 stocks remain unchanged on BSE.
Mahindra & Mahindra reported the top gainer from the BSE Sensex pack, as is trading higher by (4.52%) at Rs. 323.90 While ICICI Bank reported the top loser, as it is trading down by (3.90%) at Rs. 315.30.
The BSE Mid cap is lower by 15.85 points at 2,742.44 and the BSE small Cap slipped by 21.64 points to trade at 3,084.37.
At 12.34 pm, BSE Sensex was at 8,705.06 down by 186.55 points and the NSE Nifty was at 2,703.25 down by 60.40 points.
BSE Auto index is trading higher by 20.88 points at 2,703.39. The major gainers are Mahindra & Mahindra (2.82%), Tata Motors (2.11%), Ashok Leyland (1.50%) and Maruti Suzuki (1.82%).
BSE Capital Goods index slipped by 57.06 points to 5,840.86. The main losers are Punj Lloyd (3.86%), Gammon India (3.37%), Crompton Greaves (1.81%), Reliance Industrial Infra (1.69%) and Alstrom Project (0.87%).
BSE Oil & Gas index decreased by 128.16 points to 5,935.95 as ONGC (3.57%), Cairn India (3.17%), Aban Offshore (2.45%), Reliance Industries (2.01%) and Gail India (1.70%) are trading in negative.
BSE Realty index slipped by 4.87 points to 1,408.32 as Anant Raj Ind (1.57%), Unitech (1.42%), DLF (0.79%) and Mahindra Life (0.21%) are trading lower. While Orbitco (14.39%), Ansal Infra (4.56%) and Parsavnath (3.31%) are trading higher.
BSE IT index decreased by 57.78 points to trade at 2,038.39 as HCL Technologies (3.85%), Rolta Ind (2.94%), TCS (2.87%), Patni Computer (2.81%), Wipro (2.34%) and Infosys Technologies (2.54%) are trading in red.
BSE Metal index dropped by 116.03 points to 4,574.94 as JSW Steel (5.77%), Jindal Steel (3.37%), Tata Steel (3.77%), Sesa Goa (3.22%), SAIL (2.83%) and Hindalco Industries (1.42%) are trading lower.
BSE Bankex index is trading lower by 135.85 points at 4,104.25. The main losers are AXIS Bank (4.07%), ICICI Bank (3.90%), HDFC Bank (3.83%), PNB (3.70%), IDBI Bank (3.10%) and Kotak Bank (2.80%).
BSE Power index declined by 28.54 points to 1,723.21. Leading the losers are Power Grid (4.04%), Suzlon Energy (2.10%), Tata Power (2.09%), Torent Power (1.77%) and NTPC (1.68%) are trading lower.
Reliance Industries is trading lower by (2.34%). Reliance Industries and Reliance Petroleum’s boards approved the merger where RPL’s shareholders to receive 1 share of RIL for every 16 shares of RPL. RIL will issue 6.92 crore new shares, thereby increasing its equity capital to Rs.1,643. crore. The merger will be effective from April 1, 2008. The merger will be EPS accretive.
PNB is trading lower by (4.16%). The public sector bank has reduced car loans by half percentage point to 10.5% with effect from March 1.
Maruti Suzuki is trading higher by (1.72%) after the company reported highest ever domestic and total sales in February. The carmaker has registered a 24% growth (YoY) in its total vehicle sales to 79,190 vehicles in February. In the domestic market the company has sold 70,625 units, up by 19.1% over corresponding month last year.
On the global markets front, the Asian markets are trading mostly lower barring the Shanghai Composite index, as it is trading marginally higher by (0.14%). Nikkei 225, Hang Seng, Seoul Composite and Straits Times index are trading down by (3.81%), (3.69%), (4.16%) and (3.17%) respectively.
The overall market breadth is negative as 753 stocks are advancing while 1242 stocks are declining and the 81 stocks remain unchanged on BSE.
Mahindra & Mahindra reported the top gainer from the BSE Sensex pack, as is trading higher by (4.52%) at Rs. 323.90 While ICICI Bank reported the top loser, as it is trading down by (3.90%) at Rs. 315.30.
The BSE Mid cap is lower by 15.85 points at 2,742.44 and the BSE small Cap slipped by 21.64 points to trade at 3,084.37.
At 12.34 pm, BSE Sensex was at 8,705.06 down by 186.55 points and the NSE Nifty was at 2,703.25 down by 60.40 points.
BSE Auto index is trading higher by 20.88 points at 2,703.39. The major gainers are Mahindra & Mahindra (2.82%), Tata Motors (2.11%), Ashok Leyland (1.50%) and Maruti Suzuki (1.82%).
BSE Capital Goods index slipped by 57.06 points to 5,840.86. The main losers are Punj Lloyd (3.86%), Gammon India (3.37%), Crompton Greaves (1.81%), Reliance Industrial Infra (1.69%) and Alstrom Project (0.87%).
BSE Oil & Gas index decreased by 128.16 points to 5,935.95 as ONGC (3.57%), Cairn India (3.17%), Aban Offshore (2.45%), Reliance Industries (2.01%) and Gail India (1.70%) are trading in negative.
BSE Realty index slipped by 4.87 points to 1,408.32 as Anant Raj Ind (1.57%), Unitech (1.42%), DLF (0.79%) and Mahindra Life (0.21%) are trading lower. While Orbitco (14.39%), Ansal Infra (4.56%) and Parsavnath (3.31%) are trading higher.
BSE IT index decreased by 57.78 points to trade at 2,038.39 as HCL Technologies (3.85%), Rolta Ind (2.94%), TCS (2.87%), Patni Computer (2.81%), Wipro (2.34%) and Infosys Technologies (2.54%) are trading in red.
BSE Metal index dropped by 116.03 points to 4,574.94 as JSW Steel (5.77%), Jindal Steel (3.37%), Tata Steel (3.77%), Sesa Goa (3.22%), SAIL (2.83%) and Hindalco Industries (1.42%) are trading lower.
BSE Bankex index is trading lower by 135.85 points at 4,104.25. The main losers are AXIS Bank (4.07%), ICICI Bank (3.90%), HDFC Bank (3.83%), PNB (3.70%), IDBI Bank (3.10%) and Kotak Bank (2.80%).
BSE Power index declined by 28.54 points to 1,723.21. Leading the losers are Power Grid (4.04%), Suzlon Energy (2.10%), Tata Power (2.09%), Torent Power (1.77%) and NTPC (1.68%) are trading lower.
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