Sensex, Nifty positive as bank, IT stocks gain - July 17, 2008

Daiichi Sankyo Company and Ranbaxy Laboratories today reiterated that the agreement between Daiichi Sankyo, Ranbaxy and the Singh family, the largest controlling shareholders of Ranbaxy, is binding and final, subject to regulatory approvals.

However, Ranbaxy Laboratories which declined sharply into the red after a positive start, continues to trade weak with a big loss now. At Rs 443, it is now down by 5.85% from yesterday's closing price.

Metal stocks Tata Steel (down 2.65% at Rs 609) and Hindalco (down 0.3% at Rs 136.75) are the other losers in the Sensex which remains well placed in the positive territory with a gain of 356.97 points or 2.84% at 12,932.77 at present. The Nifty is up by around 2.25% or 85.40 points at 3902.10.

HDFC Bank, the biggest gainer in the Sensex now, is up by nearly 6.5% at Rs 962. Tata Consultancy Services is up with a gain of 6%. HDFC, Maruti Suzuki and ICICI Bank are up by 5.9%, 5.6% and 5.1% respectively.

Jaiprakash Associates, Tata Motors, State Bank of India, Satyam Computer Services, Reliance Industries, Wipro, Reliance Infrastructure, Reliance Communications, ONGC, NTPC, Mahindra & Mahindra, Larsen & Toubro, Infosys Technologies, Grasim Industries, ITC, Hindustan Unilever, ACC, Ambuja Cements, Bharti Airtel, Grasim Industries, BHEL and DLF are all up with impressive gains.

IVRCL Infrastructure, HMT, Kotak Bank, Power Finance Corporation, IDFC, Ansal Infrastructure, BPCL, Parsvnath, Axis Bank, Lanco Infratech, Unitech, Union Bank of India, Crompton Greaves and India Bulls Real Estate are among the prominent gainers from BSE 'A' Group.

Besides Tata Steel and Hindalco, other key stocks from the metal space, Nalco, SAIL, Jindal Steel, Sterlite Industries and JSW Steel have also slipped into the negative territory on selling pressure.

Cairn India, Bajaj Holdings, MMTC, Pantaloon Retail, LIC Housing Finance, Bank of Baroda, Titan Industries, Biocon and Reliance Petroleum are among the prominent losers.

Sensex Recovers After A Setback; IT Stocks Move Up @ 11:28 Hrs

Following a moderately severe bout of selling pressure, a few blue chip stocks declined sharply into the red and reflecting the erosion in values, the benchmark BSE index Sensex too gave up its gains and dropped down into the negative territory in mid morning trade today.

However, thanks to strong support at lower levels, a few front line stocks have regained a significant portion of lost ground now and the Sensex, which had tumbled to 17,334.37, has now recovered to 17,453.84, netting a sharp gain of 75.38 points or 0.43%. The Nifty has moved up 0.5% or 26 points to 5221.50.

ONGC, HDFC, Hindalco, HDFC Bank and ACC have lost between 1% and 1.5% on selling pressure. Tata Steel, Reliance Energy, Reliance Industries, ICICI Bank, Ranbaxy Laboratories and Grasim Industries have lost 0.5% - 1%. DLF, which opened on a bright note, has slipped into the negative zone to Rs 723.55, netting a loss of 0.3%.

Ambuja Cements, Cipla, Hindustan Unilever, Larsen & Toubro and State Bank of India have lost most of their gains and are up just marginally over their previous closing levels now.

IT majors Infosys Technologies (0.9%), Wipro (0.6%), Tata Consultancy Services (1.6%) and Satyam Computer Services (0.9%) have moved up sharply on firm buying support.

Tata Motors has rallied sharply to Rs 662.50, up 3.55% over its previous closing prices. Maruti Suzuki and Mahindra & Mahindra are up by 1.8% at Rs 744.50 and Rs 654.15 respectively. Among other stocks from the Auto index, Exide Industries, TVS Motor, Escorts, Apollo Tyre, MRF and Ashok Leyland have posted sharp to moderate gains.

Reliance Communications, NTPC, Jaiprakash Associates, ITC, BHEL and Bharti Airtel are also up with sharp gains.