Friday, July 24, 2009

Market Operate Stressed Out On Weak Sentiment - July 24, 2009

Market after witnessing wild swing in opening trade, which was short lived, the key benchmark indices is now hovering around the base line after gyrating in positive and negative terrain. Meanwhile, as per the provisional figures on the NSE, Foreign Institutional Investors (FIIs) bought shares worth Rs. 511.94 crore yesterday while domestic institutional investors sold shares worth Rs 34.16 crore.

This was augmented by latest economic data indicated improving economic activity. Assimilation of six infrastructure industries, that accounts for 26.7% of India''s industrial output, namely Cement, Coal, Crude Oil, Refining, Electricity and Steel together improved at an annual rate of 6.5% in June 2009 faster compared to 2.8% in previous month.

On the sectoral front, out of 13 Indices, 11 indices advanced whereas 2 indices declined. Auto stocks remained strong on better-than-expected first quarter results from auto major Maruti Suzuki India yesterday.

Metal stocks gains as LMEX, a gauge of six metals traded on the London Metal Exchange rose 1.29% overnight. Bank stocks weaken ahead of quarterly monetary policy review meet on Tuesday, 28 July 2009.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,582 stocks traded so far, 1,524 shares advanced while 971 shares declined. Nearly 87 shares are unchanged.

The BSE Sensex is trading higher by 73.70 points at 15,304.74 whereas NSE Nifty is up by 23.25 points at 4,547.

The BSE Mid Cap is trading higher by 73.64 points at 5,367.01 and Small cap is trading up by 78.42 points at 6,021.28.

Major gainers from the BSE Sensex pack are Tata Motors Limited surged 6.79% to Rs. 363.50 along with Maruti Suzuki India Limited 3.66% to Rs. 1343.00, Tata Steel Limited 3.45% to Rs. 429.05, Sterlite Industries Limited improved 3.11% to Rs. 652.35, DLF Limited improved 2.80% to Rs. 380.00, Hindalco Industries Limited gained 2.76% to Rs. 93.20, Jaiprakash Associates Limited gained 1.96% to Rs. 234.15, Infosys Technologies Limited by 1.70% to Rs. 1993.10, BHEL by 1.55% to Rs. 2201.10, Hero Honda Motors by 1.34% to Rs. 1688.00, Mahindra & Mahindra Limited by 1.23% to Rs. 811.75 and TCS Limited by 0.88% to Rs. 480.00 among others.

Major losers from the BSE Sensex Pack are Bharti Airtel Limited weaken by plunged 48.05% to Rs. 422.85, Housing Development Finance Co by 2.75% to Rs. 2385.00, Reliance Industries Limited by 1.80% to Rs. 2001.50, State Bank of India by 1.22% to Rs. 1704.80, HDFC Bank Limited by 0.95% to Rs. 1441.90, Reliance Infrastructure by 0.80% to Rs. 1157.30 and ACC Limited by 0.78% to Rs. 848.00.

The BSE Auto is higher by 143.53 points or 2.72% at 5,417.76. Stocks trading in green are Tata Motors Limited spurted 6.79% to Rs. 363.50, Bharat Forge Limited 6.72% to Rs. 170.00, Amtek Auto Limited 6.42% to Rs. 123.55, MRF Limited 4.29% to Rs. 3663.95, Exide Industries Limited by 4.05% to Rs. 78.30, Maruti Suzuki India Limited by 3.66% to Rs. 1,343.00 and Escorts Limited 3.21% to Rs. 64.35 among others.

Alstom Projects India Limited advanced 0.97% to Rs. 524.60 after net profit increased phenomenally 100.60% to Rs. 38.75 crore in Q1 June 2009 compared to Q1 June 2008.

Essel Propack Limited spurted 4.94% to Rs. 27.60 after the company posted net profit of Rs 5.24 crore in Q2 June 2009 as against net loss of Rs 9.75 crore in Q2 June 2008, on a consolidated basis.

Maruti Suzuki India Limited spurted 3.66% to Rs. 1343.00 after reporting higher-than-expected net profit in Q1 June 2009.

Gujarat State Petronet Limited zoomed 4.83% to Rs. 66.15 after net profit increased phenomenally 146.6% to Rs. 80.49 crore on a 76.4% rise in sales to Rs. 210.82 crore in Q1 June 2009 over Q1 June 2008.

Bharat Forge Limited shoot up 6.72% to Rs. 170.00 after the company expressed positive outlook for the future at the time of announcing Q1 June 2009 results

Idea Cellular surged 3.53% to Rs. 80.55 after net profit grew 14.7% to Rs. 309.21 crore on a 29.7% increase in sales to Rs. 2817.94 crore in Q1 June 2009 over Q1 June 2008.

Ambuja Cements Limited plunged 2.06% to Rs. 94.95 after net profit sunk 43.74% to Rs 324.65 crore in Q2 June 2009 over Q2 June 2008.

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