Market Trading Range Bound: IT, Banking Down 1 Per Cent Each - May 06, 2009

Domestic markets drifted lower after a lethargic start due to mixed cues from the global market. Investors locked in profit from a recent rally and turned cautious due to lack of driving news. There is subdued buying in frontline stocks however on the other hand midcaps and smallcaps have outperformed.

On a stock specific move, Reliance Infrastructure surged by 2.04% after it agreed to sign a 500 mw power purchase agreement with Tata Power. Among the sectoral indices, the IT and Bankex indices on the BSE has down by 1.40% and 1.08% respectively whereas the BSE Consumer Durable (CD) and PSU indices up by 1.69% and 1.36% respectively.

Overall the market breadth is positive as 1301 stocks are trading in green while 588 stocks are in red.

The BSE Sensex down by 19.86 points at 12,111.21 whereas NSE Nifty surged by 10.29 points at 3,672.2. The BSE Mid Cap and Small Cap are trading higher by 44.13 points and 76.11 points at 3,763.01 and 4,238.7 respectively.

Losers from the BSE Sensex Pack are ICICI Bank down by (3.57%) to Rs. 549.1, along with Sterlite Industries Ltd by (2.60%) to Rs. 466.4, TCS by (2.38%) to Rs. 635, Tata Motors by (1.89%) to Rs. 267.35, Infosys Tech Ltd by (1.77%) at Rs. 1555 and Tata Steel by (1.68%) at Rs. 281.35.

Losers from the NSE Nifty Pack are ICICI Bank Ltd by (3.39%) at Rs. 549.8 along with Axis Bank by (2.71%) at Rs. 610.35, Sterlite Industry by (2.65%) at Rs. 466, TCS Ltd by (2.49%) at Rs. 634.8, Unitech Ltd by (2.48%) at Rs. 53 and Cipla Ltd by (2.35%) at Rs.230.5.

BSE IT is trading down by (1.40%) or 39.65 points at 2,786.47. The major losers are Oracle Finance trading down by (4.13%) at Rs. 879.10, along with TCS Ltd by (2.38%) at Rs. 635, HCL Tech by (2.01%) at Rs.148.35, Infosys Tech by (1.77%) at Rs. 1555, followed by Wipro Ltd by (1.36%) to Rs. 363.40.

BSE Bankex is trading lower by (1.08%) or 67.65 points at 6,210.51. The top losers in the index are ICICI Bank declined by (3.57%) to Rs. 549.1 along with Axis Bank by (2.91%) to Rs. 609.55, Kotak Bank by (2.67%) to Rs. 442.50 followed by HDFC Bank Ltd by (1.69%) to Rs. 1,169.

Market Is Still Trading Lower - August 18 , 2008

Market is up from the days’ low but is still trading lower after showing little bit of volatility in early trade. Domestic market opened lower tracking negative cues from the Asian markets and further recovered due to some buying in key stocks. But same momentum was not maintained and market slipped into negative territory. Oil & Gas, Metal, Auto and Reality stocks are exhibiting weakness. However IT and Bank stocks are in limelight as witnessing most of the buying from these baskets. Among the Sensex pack 12 stocks are trading in green while 18 are in red.

At 1.31PM, the BSE Sensex is trading lower by 21.21 points at 14,702.97and NSE Nifty is down by 19.69 points at 4,411.00.

The BSE Mid Cap is trading lower by 14.53 points at 5,808.88 along with Small Cap down by 29.15 points at 7,081.28.

Losers from the BSE are Grasim Indus trading lower by (5.05%) at Rs1,952.50 in line with M&M Ltd by (3.41%) at Rs563.10, Hindalco by (2.84%) at Rs131.95, Reliance Comm Ltd by (2.32%) at Rs414.05, Ranbaxy Lab by (2.17%) at Rs488.90, Tata Motorsby (2.12%) at Rs423.10 and ACC Ltd by (2.05%) at Rs597.25.

The BSE Oil & Gas index is trading down by 174.11 points at Rs10,022.94 as Gail India is trading lower by (3.45%) at Rs402.60 along with BPCL (2.96%) at Rs306.80, HPCL (2.73%) at Rs217.00, Reliance by (2.01%) at Rs2,229.50 and Aban Offshore by (1.65%) at Rs2,357.80.

The BSE Metal index is trading lower by 136.47 points at Rs12,457.43 as Hindalco is trading down by (3.02%) at Rs131.70 along with Jai Corp Ltd (2.23%) at Rs373.00, Jindal Saw (2.01%) at Rs546.05, Steel Authority by (1.95%) at Rs140.70 and Sterlite In by (1.64%) at Rs610.05.

From the telecommunication sector, Idea Cellular is trading higher by (0.75%) at Rs86.75 followed by Tata Communications trading up by (0.21%) at Rs428.20 while Reliance Com Ltd is down by (2.56%) at Rs413.00 and Bharti Airtel by (0.44%) at Rs815.00.

In auto sector Hero Honda Motors is up by (0.23%) at Rs786.00 while M&M Ltd is lower by (3.45%) at Rs565.20 along with Tata Motors by (1.99%) at Rs423.40 and Maruti Suzuki by (1.17%) at Rs642.90.

In cement sector Grasim Indus is trading down by (5.19%) at Rs1,950.00 , Ambuja Cement is lower by (3.19%) at Rs81.55 and ACC Ltd is down by (2.63%) at Rs593.50.

Hindalco is trading lower by (2.84%) at Rs131.95 after the company announced to sell more shares to existing holders than previously planned. Hindalco will offer shareholders three shares for every seven held, instead of one for every three held announced on 20th June 2008 to repay part of the $3.03 billion loan raised to pay for U.S. based Novelis.