Friday, May 8, 2009

Market Place Is Trading Extremely Unpredictable - May 08, 2009

After a flat opening, major Indian bourses are trading highly volatile amid mixed cues from its global counterparts. However recovery in the Asian markets from the days'' low has lifted the sentiments in the domestic market. Besides, traders are also eyeing the inflation data which will come by noon.

On a stock specific move, Bharti shipyard is trading up by 16.42% after the company announced the acquisition of the pledged shares equivalent to 14.89% equity stake in Great offshore Ltd at price of Rs. 315 per share.

During the last hour, selling pressure has emerged across Metal and Banking stocks, whereas CD and Realty counters are trading in green territory. Among the BSE sectoral indices, Bankex and Metal stocks declined by 1.34% and 0.86% respectively whereas CD and Realty stocks surged by 2.71% and 1.07% respectively.

Overall the market breadth is positive as 1171 stocks are trading in green while 740 stocks are in red.

The BSE Sensex is down by 9.45 points at 12,107.49 whereas NSE Nifty is marginal up by 4.75 points at 3,688.65. Along with this, the BSE Mid Cap and Small Cap are trading higher by 36.05 points and 70.34 points at 3,812.99 and 4,333.95 respectively.

Loosers from the BSE Sensex Pack are Sterlite Industries down by (4.38%) to Rs. 494.4, along with Hindalco Industries Ltd by (2.71%) to Rs. 68.3, Wipro Ltd by (2.68%) at Rs. 369.85, HDFC Bank Ltd by (2.40%) at Rs. 1148.5, ICICI Bank by (1.05%) at Rs. 543.35 and BHEL by (1.01%) at Rs. 1689.

Gainers from the NSE Nifty Pack are Cairn India up by (3.64%) at Rs. 223.45 along with Power Grid Corporation Ltd by (2.32%) at Rs. 99.35, ONGC by (1.83%) at Rs. 907.6, Ambuja Cements by (1.51%) at Rs. 80.5, Idea Cellular by (1.50%) at Rs. 61 and ABB Ltd by (1.42%) at Rs. 483.3.

BSE Banking is trading down by (1.34%) or 83.44 points at 6,123.02. The top losers in the index are HDFC Bank Ltd declined by (2.40%) to Rs. 1148.5 along with Yes Bank by (2.68%) to Rs. 81.60, Canara Bank by (1.86%) to Rs. 227.50, Bank of Baroda by (1.72%) to Rs. 322.70, followed by Axis Bank by (1.60%) at Rs. 614.55.

BSE CD is trading higher by (2.71%) or 51.89 points at 1,964.33. The major gainers are Videocon Ind up by (7.64%) at Rs. 124.70 along with Blue Star Ltd by (3.32%) at Rs. 186.50, Titan Industries by (1.11%) at Rs. 848 followed by Rajesh Exports by (0.34%) at Rs. 29.55.

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