Wednesday, July 22, 2009

Markets Trade Choppy Amidst Profit At High Level - July 22, 2009

Market after a robust start, the key benchmark indices pared its early gains amidst profit booking pressure and also cautiousness ahead of results session. However, firm Asian stocks and overnight gains in US stocks boosted the barometer index in the early trading. Meanwhile, government plan''s to fetch a large sum from divestment this year also aided the rebound in equity market that will bridge fiscal deficit to some extent.

On the sectoral front, out of 13 Indices, 3 indices advanced whereas 10 indices declined. Metal stocks mixed as LMEX, a gauge of six metals traded on the London Metal Exchange rose 0.25% overnight.

IT stocks plunged lingered by better-than-expected first quarter FY10 result by Wipro Limited. Realty stocks improved on bargain hunting.

The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,589 stocks traded so far, 1,147 shares advanced while 1,344 shares declined. Nearly 98 shares are unchanged.

The BSE Sensex is trading lower by 175.50 points at 14,886.99 whereas NSE Nifty is down by 60.00 points at 4,409.10.

The BSE Mid Cap is trading lower by 45.61 points at 5,179.59 and Small cap is trading down by 20.69 points at 5,817.12.

Major gainers from the BSE Sensex pack are ONGC Limited surged 3.90% to Rs. 1,085.50 along with DLF Limited 1.75% to Rs. 349.50, Sterlite Industries Limited 1.45% to Rs. 604.50, Sun Pharmaceuticals Limited improved 1.16% to Rs. 1,271.10, Hindalco Industries Limited improved 0.73% to Rs. 89.20, ICICI Bank Limited gained 0.71% to Rs. 777.50 and NTPC Limited gained 0.32% to Rs. 203.25 among others.

Losers from the BSE Sensex Pack are TCS Limited plunged 3.54% to Rs. 460.50 along with, Grasim Industries Limited plunged 3.24% to Rs. 2,699.90, BHEL Limited 2.50% to Rs. 2,159.55, Wipro Limited by 2.04% to Rs. 448.60, Maruti Suzuki Limited by 1.76% to Rs. 1,218.10, ITC Limited by 1.62% to Rs. 216.20, Infosys Technologies Limited by 1.45% to Rs. 1,915.00, HDFC Bank by 1.45% to Rs. 1,440.90, Reliance Industries Limited by 1.42% to Rs. 1,989.00 and ACC Limited by 1.36% to Rs. 813.20 among others.

The BSE IT is lower by 51.77 points or 1.38% at 3,707.84. Stocks trading in red are Tech Mahindra Limited plunged 4.23% to Rs. 777.00, Rolta India Limited 4.22% to Rs. 131.70, Mphasis Limited 3.85% to Rs. 405.00, TCS Limited 3.54% to Rs. 460.50 and HCL Technologies Limited 3.33% to Rs. 220.70 among others.

ING Vysya Bank Limited zoomed 8.74% to Rs. 201.50 after net profit increased phenomenally 48.3% to Rs. 60.26 crore in Q1 June 2009 as against Q1 June 2008.

Shoppers'' Stop Limited spurted 5.16% to Rs. 161.95 after a bock deal of 3.30 lakh shares was executed on NSE at Rs 155 per share

BOC India Limited fell 2.21% to Rs. 165.65 after net profit retreated 42.6% to Rs 9.72 crore in Q2 June 2009 as against Q2 June 2008

Tata Power Company Limited advanced 0.07% to Rs. 1,129.70 following a strong response to an issue of global depository receipts (GDR).

LIC Housing Finance Limited weaken 4.65% to Rs. 605.45 on profit booking

Wipro Limited fell 2.04% to Rs. 448.60 after consolidated net profit as per Indian accounting rules improved merely by 0.54% to Rs. 1,015.50 crore in Q1 June 2009 as against Q4 March 2009.

Dr Reddy''s Laboratories Limited fell 3.78% to Rs. 759.70 despite consolidated net profit increased extensively 159.7% to Rs. 238.89 crore in Q1 June 2009 as against Q1 June 2008.

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