After a gap down opening and volatility thereon in the key benchmark index, the market is now trading jittery. The range bound volatility clutched the market from its opening bell due to worries among investors regarding General Election results at one end and fresh buying by foreign funds on the other.
India''s industrial production plunged 2.3% in March from 5.5% rise in the same month of 2008 and as against a decline of 0.7% in February. This is the worst performance for the IIP since January 1993. The capital goods sector was the worst hit which fell 8.2% against growth 20.3% in the same period a year ago.
On the sectoral front, traders on-loaded positions in some of the sectors. IT stocks advanced as weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion’s chunk of revenue from exports.
Further, overnight IT stocks surged in US market. Metal stocks plunged as government has deferred a decision on a proposal to impose provisional safeguard duty on hot rolled coils, sheets/strips.
FMCG stocks advanced on expectations of a surge in sales due to forecast of a good monsoon this year.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,381 stocks traded so far, 1,102 shares advanced while 1,181 shares declined. Nearly 98 shares are unchanged.
The BSE Sensex is trading higher by 221.97 points at 11,904.00 and NSE Nifty is up by 53.00 points at 3,607.60.
The BSE Mid Cap is trading lower by 8.76 points at 3,702.65 and Small cap is trading up by 12.70 points at 4,198.03.
Major gainers from the BSE Sensex pack are Infosys Technologies Ltd spurted 4.32% to Rs. 1,580.00 along with Hindalco Industries by 4.11% to Rs. 69.65, Wipro by 3.92% to Rs. 363.10, HDFC Bank Ltd by 3.42% to Rs. 1,184.00, ICICI Bank Ltd by 2.40% to Rs. 536.00, Bharti Airtel by 2.33% to Rs. 765.10, Mahindra & Mahindra Ltd by 2.19% to Rs. 513.00, Jaiprakash Associates Ltd by 1.92% to Rs. 138.15, Ranbaxy Labs by 1.82% to Rs. 176.00 and Reliance Communication by 1.71% to Rs. 222.70 among other.
Losers from the BSE Sensex Pack are Tata Steel by 2.12% to Rs. 265.90 along with, ACC Ltd by 1.70% to Rs. 582.40, Larsen & Toubro plunged 1.55% to Rs. 948.00, Grasim Industries by 0.79% to Rs. 1716.00, Hindustan Uniliver Ltd by 0.71% to Rs. 224.45 and Tata Motors by 0.06% to Rs. 256.75.
The BSE IT is higher by 93.27 points or 3.46% at 2,789.98. Stocks trading in green are Infosys Technologies by 4.07% to Rs. 1,576.15, Wipro by 3.92% to Rs. 363.10, Mphasis Ltd by 2.66% to Rs. 243.15, HCL Tech by 2.41% to Rs. 144.50, Financ Tech by 1.41% to Rs. 729.80, Oracle Fin by 1.23% to Rs. 855.00 and NIIT Ltd by 1.01% to Rs. 30.00 among others.
Hindustan Zinc Ltd gained 1.07% to Rs. 565.40 despite the company cut lead prices by 1.8%.
Orchid Chemicals & Pharmaceuticals Ltd fell 0.05% to Rs. 101.25 despite the company has received US drug regulator''s nod for a generic drug.
Spanco Ltd surged 18.73% at Rs. 35.50 on reports the firm has emerged as the lowest bidder for BSNL''s Rs. 7,500 crore telecom infrastructure contract.
Infrastructure Development Finance Company Ltd advanced 1.45% to Rs. 87.20 after a block deal of 5.28 lakh shares was executed on BSE at Rs. 88.25 per share.
United Breweries Ltd jumped 5.40% to Rs. 123.00 on reports the company will bottle and distribute Heineken brands in India and will get a one-time fee of Rs. 300 crore.
Amtek Auto Ltd advanced 4.23% to Rs. 117.00 after a block deal of 5.25 lakh shares was executed on BSE at Rs. 110.20 per share.
Infosys Technologies Ltd advanced 4.32% to Rs. 1,580.00 on bargain hunting after the stock fell 7% in the preceding five trading sessions.
Nucleus Software Exports Ltd advanced 1.89% to Rs. 72.70 on bagging an order for one of its software products.
Motilal Oswal Financial Services Ltd advanced 3.53% to Rs. 101.20 after the company reported a 23.2% rise in net profit to Rs 8.67 crore in Q4 March 2009 over Q4 March 2008.
Geodesic Ltd fell 4.26% to Rs. 85.35 on profit taking after the stock had surged 47.89% in the four trading sessions.
India''s industrial production plunged 2.3% in March from 5.5% rise in the same month of 2008 and as against a decline of 0.7% in February. This is the worst performance for the IIP since January 1993. The capital goods sector was the worst hit which fell 8.2% against growth 20.3% in the same period a year ago.
On the sectoral front, traders on-loaded positions in some of the sectors. IT stocks advanced as weak rupee boosts revenues of IT firms in rupee terms as IT companies earn a lion’s chunk of revenue from exports.
Further, overnight IT stocks surged in US market. Metal stocks plunged as government has deferred a decision on a proposal to impose provisional safeguard duty on hot rolled coils, sheets/strips.
FMCG stocks advanced on expectations of a surge in sales due to forecast of a good monsoon this year.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,381 stocks traded so far, 1,102 shares advanced while 1,181 shares declined. Nearly 98 shares are unchanged.
The BSE Sensex is trading higher by 221.97 points at 11,904.00 and NSE Nifty is up by 53.00 points at 3,607.60.
The BSE Mid Cap is trading lower by 8.76 points at 3,702.65 and Small cap is trading up by 12.70 points at 4,198.03.
Major gainers from the BSE Sensex pack are Infosys Technologies Ltd spurted 4.32% to Rs. 1,580.00 along with Hindalco Industries by 4.11% to Rs. 69.65, Wipro by 3.92% to Rs. 363.10, HDFC Bank Ltd by 3.42% to Rs. 1,184.00, ICICI Bank Ltd by 2.40% to Rs. 536.00, Bharti Airtel by 2.33% to Rs. 765.10, Mahindra & Mahindra Ltd by 2.19% to Rs. 513.00, Jaiprakash Associates Ltd by 1.92% to Rs. 138.15, Ranbaxy Labs by 1.82% to Rs. 176.00 and Reliance Communication by 1.71% to Rs. 222.70 among other.
Losers from the BSE Sensex Pack are Tata Steel by 2.12% to Rs. 265.90 along with, ACC Ltd by 1.70% to Rs. 582.40, Larsen & Toubro plunged 1.55% to Rs. 948.00, Grasim Industries by 0.79% to Rs. 1716.00, Hindustan Uniliver Ltd by 0.71% to Rs. 224.45 and Tata Motors by 0.06% to Rs. 256.75.
The BSE IT is higher by 93.27 points or 3.46% at 2,789.98. Stocks trading in green are Infosys Technologies by 4.07% to Rs. 1,576.15, Wipro by 3.92% to Rs. 363.10, Mphasis Ltd by 2.66% to Rs. 243.15, HCL Tech by 2.41% to Rs. 144.50, Financ Tech by 1.41% to Rs. 729.80, Oracle Fin by 1.23% to Rs. 855.00 and NIIT Ltd by 1.01% to Rs. 30.00 among others.
Hindustan Zinc Ltd gained 1.07% to Rs. 565.40 despite the company cut lead prices by 1.8%.
Orchid Chemicals & Pharmaceuticals Ltd fell 0.05% to Rs. 101.25 despite the company has received US drug regulator''s nod for a generic drug.
Spanco Ltd surged 18.73% at Rs. 35.50 on reports the firm has emerged as the lowest bidder for BSNL''s Rs. 7,500 crore telecom infrastructure contract.
Infrastructure Development Finance Company Ltd advanced 1.45% to Rs. 87.20 after a block deal of 5.28 lakh shares was executed on BSE at Rs. 88.25 per share.
United Breweries Ltd jumped 5.40% to Rs. 123.00 on reports the company will bottle and distribute Heineken brands in India and will get a one-time fee of Rs. 300 crore.
Amtek Auto Ltd advanced 4.23% to Rs. 117.00 after a block deal of 5.25 lakh shares was executed on BSE at Rs. 110.20 per share.
Infosys Technologies Ltd advanced 4.32% to Rs. 1,580.00 on bargain hunting after the stock fell 7% in the preceding five trading sessions.
Nucleus Software Exports Ltd advanced 1.89% to Rs. 72.70 on bagging an order for one of its software products.
Motilal Oswal Financial Services Ltd advanced 3.53% to Rs. 101.20 after the company reported a 23.2% rise in net profit to Rs 8.67 crore in Q4 March 2009 over Q4 March 2008.
Geodesic Ltd fell 4.26% to Rs. 85.35 on profit taking after the stock had surged 47.89% in the four trading sessions.
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