Wednesday, June 24, 2009

Market Volatile: Metal And Banks Trading Lower - June 24, 2009

Market after a positive start, the key benchmark indices turned volatile as sentiment across the board was hit by renewed economic worries. Going ahead, lack of prominent triggers from the home front to offset negative cues from global markets encourages the domestic investors to trade on a cautious path.

On a stock specific move, BPO service provider Firstsource Solutions is trading higher by over 1% after it bagged a five-year outsourcing deal worth Rs 145 crore from Idea Cellular. This will be for providing customer management and billing services in Idea’s Kerala and Tamil Nadu circles.

During the last hours'' trading session, selling pressure has emerged across Metal, Bankex and Oil & Gas stocks whereas moderate buying interest seen across Capital Goods (CG), Healthcare and Consumer Durables (CD) counters.

Among the BSE sectoral indices, Metal, Bankex and Oil & Gas stocks declined by 0.92%, 0.83% and 0.74% respectively, while the CG, HC and CD indices surged by 1.01%, 0.82% and 0.80% respectively.

Overall the market breadth is positive as 1,198 stocks are trading in green while 800 stocks are in red.

The BSE Sensex declined by 51.3 points at 14,272.7 while NSE Nifty down by 6.5 points at 4,240.5.

Besides, the BSE Mid Cap and Small Cap are trading higher by 48.35 points and 57.52 points at 4,990.69 and 5,649.92 respectively.

Losers from the BSE Sensex Pack are Sterlite Industries down by (3.29%) to Rs. 558.2, along with HDFC by (2.52%) to Rs. 2,296, ICICI Bank by (2.28%) at Rs. 681.55, Maruti Suzuki by (1.15%) at Rs. 1,040, Reliance Industries by (1.12%) at Rs. 1,993.55 and Tata Steel Limited by (1.10%) at Rs. 396.

Losers from the NSE Nifty Pack are Sterlite Industries declined by (3.09%) at Rs. 559 along with ICICI Bank by (2.23%) at Rs. 681.65, HDFC by (2.22%) at Rs. 2,312.9, Maruti Suzuki by (1.32%) at Rs. 1,039.4, ITC Limited by (1.29%) at Rs. 194.85 and RPL by (1.20%) at Rs. 123.5.

BSE Metal is trading lower by (0.92%) or 97.95 points at 10,514.07. The top losers in the index are Sterlite Industries declined by (3.29%) to Rs.558.2 along with Jindal steel by (1.82%) to Rs. 2,295, Tata Steel by (1.10%) to Rs. 396, followed by Welsp Guj SR by (0.97%) to Rs. 198.50.

BSE CG is trading higher by (1.01%) or 124.01 points at 12,382.42. The major gainers are Gammon India surged by (4.98%) at Rs. 169.75 along with Punj Llyod by (4.54%) at Rs. 205.9, Crompton Greaves Limited by (3.76%) at Rs. 286.85, Suzlon Energy by (3.18%) at Rs. 110.40 followed by Areva by (2.40%) at Rs. 324.85.

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