Friday, May 22, 2009

Profit Booking Drags Market Down - May 22, 2009

After a weak start, the frontline stocks bounced back strongly on the back of some phenomenal buying in realty, capital goods, pharma and power stocks this morning. Although, the sentiments across globe are still bleak after an outlook downgrade by Standard & Poor’s for UK''s triple-A credit rating.

On a stock specific news, Ranbaxy Ltd is trading up by nearly 3% after an announcement that it has acquired trademarks, product dossiers and marketing rights from Ochoa Laboratories for its entire range of dermatological and lifestyle products.

During the last hours'' trading session, buying interest is seen across Capital Goods (CG), Healthcare (HC) and Realty stocks whereas selling pressure has emerged across Consumer Durable (CD), Auto and Metal counters.

Among the BSE sectoral indices, CG, HC and Realty stocks surged by 1.57%, 1.25% and 1.14% respectively, while the BSE CD, Auto and Metal declined by 1.12%, 0.82% and 0.51% respectively.

Overall the market breadth is positive as 1786 stocks are trading in green while 498 stocks are in red.

The BSE Sensex is up by 14.06 points at 13,750.91 while NSE Nifty declined by 9.84 points at 4,201.05. Besides, the BSE Mid Cap and Small Cap are trading higher by 21.17 points and 75.03 points at 4,695.04 and 5,417.56 respectively.

Gainers from the BSE Sensex Pack are HDFC surged by (2.80%) to Rs. 2,158, along with Ranbaxy Ltd by (1.68%) to Rs. 227.4, NTPC Ltd by (1.32%) at Rs. 215.05, Reliance Industries by (1.10%) at Rs. 2140, Reliance Infrastructure by (1.07%) at Rs. 1,121.8 and BHEL by (0.75%) at Rs. 1,979.

Gainers from the NSE Nifty Pack are Reliance Capital up by (4.09%) at Rs. 892.9 along with HDFC Ltd by (3.22%) at Rs. 2,161.1, Idea Cellular by (3.12%) at Rs. 71, Suzlon energy by (2.21%) at Rs. 92.45, Cipla Ltd by (2.17%) at Rs. 221.2 and Hero Honda Motors by (1.61%) at Rs. 1,285.5.

BSE CG is trading up by (1.57%) or 169.06 points at 10,794.96. The top gainers in the index are SKF India surged by (12.37%) to Rs. 226.20 along with Thermax Ltd by (5.17%) to Rs. 407.5, Reliance Industrial Infrastructure by (5.07%) to Rs. 1,004, Everest Kanto by (5.02%) to Rs. 182.05, followed by Walchand In by (5%) at Rs. 172.20.

BSE CD is trading lower by (1.12%) or 28.46 points at 2,507.94. The major losers are Titan Industries down by (3.05%) at Rs. 1,046.05 along with Videocon Industries by (1.79%) at Rs. 142.50, Rajesh Export by (1.28%) at Rs. 38.50 followed by Blue Star by (0.06%) at Rs. 267.

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