Market Taking Place Proceeds Booking Mode - June 01, 2009

After a positive gap opening, the major Indian indices pared off its early gains and slipped from their day’s high. After an early rally the profit booking pressures have creep in across the broader level. On a positive note, Chinese manufacturing data boosted hopes of recovery of world economy.

On a domestic front, according to a survey manufacturing activity in India has expanded for a second straight month in May to its highest in eight months, which is also reflecting growth in domestic demand.

Besides, under a stock specific movement Bharti Shipyard is trading nearly trading nearly 10% up after making an open offer for acquisition of additional shares of Great Offshore of upto 20% of its total paid up share capital.

During the last trading hours, among the BSE sectoral indices, Realty, Metal and Power stocks registered a smart gain of 4.64%, 3.71% and 2.60% respectively, while the Bankex declined by 0.11%.

Overall the market breadth is positive as 2036 stocks are trading in green while 389 stocks are in red

The BSE Sensex is up by 100.65 points at 14,725.91 while NSE Nifty up by 46.94 points at 4,495.9. Besides, the BSE Mid Cap and Small Cap are trading higher by 93.46 points and 112.21 points at 5,150.2 and 6,099.04 respectively.

Gainers from the BSE Sensex Pack are Jaiprakash Associates surged by (7.59%) to Rs. 223.25, along with NTPC Limited by (5.73%) to Rs. 227.8, Tata Steel by (4.80%) at Rs. 425.8, Reliance Communication by (4.07%) at Rs. 318.25, Hindalco Industries by (3.90%) at Rs. 88 and Sterlite Industries by (3.53%) at Rs. 644.7.

Gainers from the NSE Nifty Pack are Suzlon Energy up by (7.35%) at Rs. 105.1 along with Unitech Limited by (6.41%) at Rs.84.7, Cairn India by (6.08%) at Rs. 245.95, NTPC Limited by (5.83%) at Rs. 227.95, Ambuja Cements by (5.35%) at Rs. 96.5 and Tata Steel by (4.87%) at Rs. 425.1.

BSE Realty is trading higher by (4.64%) or 177.12 points at 3,997.01. The top gainers in the index are Unitech Limited surged by (7.27%) to Rs. 85.55 along with Penland Limited by (6.07%) to Rs. 70.80, Orbit Co by (5.34%) to Rs. 177.50, Akruti City by (4.99%) to Rs. 518.40, followed by Anant Raj by (4.98%) at Rs. 133.80.

BSE Metal is trading higher by (3.71%) or 403.58 points at 11,282. The major gainers are Gujarat NRE up by (6.67%) at Rs. 45.60 along with Welsp Guj SR by (6.01%) at Rs. 179, Jai Corp by (5%) at Rs. 287.85 followed by Tata Steel by (4.8%) at Rs. 425.8.

Market Gaining Momentum After A Flat Start- March 25, 2009

The benchmark indices are trading in green territory taking mixed cues from the Asian markets. During the last trading hour, the key indices were not able to sustain the gains and fell marginally by over 28 points in opening session on emergence of profit-selling by funds amid weak trend on the global markets. Some volatility is also set in ahead of tomorrow''s F&O expiry. Among the sectoral indices, buying interest has emerged across the board with Realty, Oil & Gas and Banking stocks leading the gains. BSE Realty index is up by 2.50%, while BSE Oil & Gas and Bankex indices are trading with over 1% gains. Overall the market breadth is negative as 955 stocks are trading in red while 930 stocks are in green.

At 11.30AM, the BSE Sensex up by 104.88 Points at 9,575.93 whereas NSE Nifty inclined by 24.75 points at 2,963.45. The BSE Mid Cap and Small Cap are trading higher by 11.76 points and 6.79 points at 2,831.84 and 3,162.25 respectively.

Gainers from the BSE Sensex Pack are Tata Power up by (3.69%) to Rs. 716.5, along with Jai Prakash Associates by (3.25%) to Rs. 81.1, RIL by (2.86%) at Rs.1493.1, DLF Ltd by (2.53%) at Rs. 170.5, Sterlite Industries by (2.50%) at Rs. 334.35 and ITC Ltd by (2.43%) at Rs.179.4.

Gainers from the NSE Nifty Pack are Unitech Ltd by (6.88%) at Rs. 31.05 along with Gail India by (4.09%) at Rs. 235.4, PNB by (3.95%) at Rs. 381.4, Cairn India by (3.36%) at Rs. 188.95 and Tata Power by (3.12%) at Rs. 714.65.

BSE Realty surged by (2.50%) or 39.81 points at 1,630.88. The top gainers in the index are Unitech Ltd, inclined by (6.02%) to Rs.30.80 along with Akruti City by (4.59%) to Rs. 1,836.50, Phoenix Mills by (3.62%) to Rs. 58.70, followed by Indiabul real by (2.65%) at Rs. 104.50.

BSE Oil & Gas is trading higher by (2.28%) or 154.31 points at 6,927.14. The major gainers are Gail India is trading up by (4.76%) at Rs. 236.50, along with RIL by (2.86%) at Rs.1493.1, Cairn India by (3.39%) at Rs. 189, Followed by RPL by (3.05%) at Rs. 92.85.

Markets Opened Flat- March 25, 2009

The markets today opened on a flat note with a negative bias as cues from the US markets weren’t that encouraging. Further the Asian markets are trading mixed. But suddenly the markets gained some grounds, as some buying witnessed among the selective scrips. The Realty, FMCG, IT and Banking stocks are trading higher in the opening trade. However, the Metal, Auto and Power stocks are witnessing some selling pressure in the early trade. The BSE Mid Cap and the BSE Small Cap are also trading higher.

The BSE Sensex is now trading above the 9,500 mark and the NSE Nifty trading above the 2,900 mark.

HDFC is trading lower by (3.61%). the country’s largest housing finance company, has announced a 50 basis points reduction in its retail prime lending rate to 14% effective Wednesday.

At 10.32AM, the BSE Sensex was up by 34.82 points at 9,505.86 and the Nifty was up by 2.80 points to 2,941.50.

The BSE Mid Cap increased by 1.85 points to 2,821.93 and the BSE Small Cap grew by 4.19 points to 3,159.64.

The Asian markets are trading lower today as Hang Seng, Nikkei and Straits Times index are trading down by (0.53%), (0.02%) and (0.45%) respectively. However, Seoul Composite index is trading marginally up by (0.01%). Japan reported a record decline in exports in the month of February, as it fall a record 49.4%.

The US stock markets on Tuesday ended lower after a sharp rally in the previous session as investors paused to re-assess the likely success of the government''s latest plans to clean up bank balance sheets and revive the financial system. However, trading remained choppy as participants moved to take profits following the prior session''s surge. The Dow Jones Industrial Average (DJIA) dropped by 115.89 points to close at 7,659.97. The NASDAQ Composite (RIXF) index decreased by 39.25 points to close at 1,516.52 and the S&P 500 (SPX) fell by 16.67 points to close at 806.25.

ITC reported the top gainer from the BSE Sensex pack, as it is trading higher by (1.94%) at Rs. 178.55 while HDFC reported the top loser down by (4.06%) at Rs. 1,501.

The overall market breadth is negative as 497 stocks are advancing while 766 stocks are declining on BSE.

BSE Metal index is trading lower by 75.59 points or (1.39%) to trade at 5,349.68. The top losers are Gujarat NRE decreased by (3.24%) to Rs.19.40, SAIL down by (2.59%) to Rs.88.45, JSW Steel declined by (2.34%) to Rs.188.05 followed by Hindalco Industries fell by (2.21%) to Rs. 48.60.

BSE FMCG index is trading higher by 19.62 points or (1%) at 1,986.91. The major gainers are United Spirits up by (3.53%) at Rs. 668.90, ITC increased by (2.06%) to Rs. 178.75, Tata Tea grew by (0.81%) to Rs. 537.95 and Marico Ltd. inclined by (0.52%) to Rs. 58.50.

Indian Market Trading Firm: Follows Global Cues- March 24, 2009

The benchmark indices are continuously trading on a higher note after a smart rally across global markets. The US treasury plan to absorb the toxic assets from bank''s balance sheets has lifted investor''s sentiments all across the globe. During last hour, buying interest has emerged across the board with Banking, Realty and Consumer Durable leading the gains. Among the sectoral indices, the BSE Bankex index is up by 5.31% and the BSE Realty index has gained by 4.44%. The BSE CG index on the other hand has also surged more than 3%. Overall the market breadth is positive as 1308 stocks are trading in green while 503 stocks are in red.

At 11.30AM, the BSE Sensex up by 247.02 Points at 9,671.22 whereas NSE Nifty inclined by 68.15 points at 3,008.05. The BSE Mid Cap and Small Cap are trading higher by 54.17 points and 41.25 points at 2,890.61 and 3,218.17 respectively.

Gainers from the BSE Sensex Pack are HDFC Bank up by (9.20%) to Rs. 966, along with ICICI Bank by (5.65%) to Rs. 366.25, SBI by (5%) at Rs.1074.6, DLF Ltd by (4.69%) at Rs. 175.25, Bharti Airtel by (3.68%) at Rs. 615.3 and HDFC Ltd by (3.62%) at Rs.1584.1.

Gainers from the NSE Nifty Pack are HDFC Bank by (9.71%) at Rs. 970.9 along with Suzlon Energy by (7.27%) at Rs. 43.5, ICICI Bank by (5.80%) at Rs. 366.9, DLF Ltd by (5.64%) at Rs. 176.05 and SBI by (4.97%) at Rs. 1074.4.

BSE Bankex is trading higher by (5.31%) or 229.73 points at 4,555.27. The major gainers are Yes Bank is trading up by (11.46%) at Rs. 51.55, along with Bank of Baroda by (7.48%) at Rs. 237.20, HDFC Bank by (9.20%) at Rs. 966, Followed by ICICI Bank Ltd by (5.65%) at Rs. 366.25.

BSE Realty surged by (4.44%) or 70.09 points at 1,647.77. The top gainers in the index are Omaxe Ltd, inclined by (13.84%) to Rs.48.95 along with Parsavnath by (7.99%) to Rs. 36.50, Orbit co by (7.68%) to Rs. 56.80, followed by Indiabul real by (7.60%) at Rs. 107.65.

Markets Opened Significantly Higher- March 24, 2009

The markets opened on a strong note on the back of positive cues from the global markets. The Asian markets are also trading higher today. All the sectorial indices are trading in green in the opening trade. The rate sensitive stocks are in the demand in the early trade. The Bank and Realty index outperformed the benchmark index in the opening trade and they are trading with a gain of around 5% each. Further the Capital Goods, IT and Auto stocks are also on the buyer’s ride today. The broader markets are also trading higher as both the BSE Mid Cap and the BSE Small Cap are trading with a gain of more than 1% each.

Tata Motors advancing by (0.18%) after the company announced the commercial launch of the Tata Nano, keenly awaited across India since its unveiling on January 10, 2008. The Tata Nano is BS-III* compliant and comes with an all-new 2-cylinder aluminum MPFI 624 cc petrol engine mated to a four-speed gear box and will be available in three variants.

At 10.35AM, the BSE Sensex was up by 209.24 points at 9,633.26 and the Nifty was up by 51 points to 2,990.90.

The BSE Mid Cap increased by 52.32 points to 2,888.76 and the BSE Small Cap grew by 38.37 points to 3,215.29.

The Asian markets are trading higher today as Hang Seng, Nikkei, Straits Times and Seoul Composite index are trading up by (1.59%), (1.37%%), (2.92%), (2.49%) and (0.79%) respectively.

The US stock markets on Monday surged after the treasury department unveiled its plan to remove bad assets from banks'' balance sheets. Further, a better-than-expected existing home sales report also spurted to the rally. The financial sector rallied as much as 17% on the back of the toxic asset plan fueled optimism about revival in the bank lending. The Dow Jones Industrial Average (DJIA) surged by 497.48 points to close at 7,775.86. The NASDAQ Composite (RIXF) index increased by 98.50 points to close at 1,555.77 and the S&P 500 (SPX) grew by 54.38 points to close at 822.92.

The BSE Sensex is now trading above the 9,600 mark and the NSE Nifty trading above the 2,950 mark.

ICICI Bank reported the top gainer from the BSE Sensex pack, as it is trading higher by (7.38%) at Rs. 372.25 while NTPC reported the top loser down by (0.87%) at Rs. 182.05.

The overall market breadth is positive as 1079 stocks are advancing while 452 stocks are declining on BSE.

BSE Bank index is trading higher by 205.45 points or (4.75%) to trade at 4,530.99. The top gainers are HDFC Bank grew by (6.82%) to Rs. 945, Axis Bank increased by (4.67%) to Rs.391.50, Bank of Baroda up by (4.44%) to Rs.230.50 followed by ICICI Bank inclined by (4.90%) to Rs.363.65.

BSE Realty is trading higher by 39.66 points at 1,617.34. Leading the gains are Omaxe Ltd. increased by (12.79%) to Rs.48.50, Parsavnath up by (4.73%) to Rs.35.40 followed by Orbit Co and Unitech inclined by (2.18%) and (2.15%) to Rs.53.90 and Rs. 28.55 respectively.

Markets Marching Towards Northward Direction- March 23, 2009

After a phenomenal positive opening the markets are heading towards the northward zone. The Asian markets are also trading firm positive which has helped the domestic investors push the markets upward. Metal sector is leading the rally with a remarkable gain of 3.58%, besides Oil & Gas and Power are also trading with gain of 2.89% and 2.36% respectively. Overall the market breadth is positive as 1292 stocks are trading in green while 565 stocks are in red.

At 11.30 AM, the BSE Sensex up by 246.42 points at 9,213.10 whereas NSE Nifty surged 81 points at 2,888.05. The BSE Mid Cap is trading up by 42.46 points to 2,803.52 whereas Small Cap gained 42.62 points to 3,157.00 respectively.

Top Gainers from the BSE Sensex are Sterlite with a gain of 5.12% to Rs. 331.80, along with Tata Motors which has surged after the launch of Nano Car by 4.85% to Rs. 168.70, Tata Steel by 4.37% at Rs. 183.80, Rel Infra by 4.18% at Rs. 503.10 and Tata Power by 3.62% at Rs. 690.50.

Top Gainers from the NSE Nifty are IDEA by 5.94% at Rs. 49.05 along with TataCom by 5.06% at Rs. 485.05, PNB by 4.99% at Rs. 349.20, Sterlite by 4.81% at Rs. 332.05 and Tata Motors by 4.47% at Rs. 168.10.

BSE Metal is leading the race by 3.58% gain or 188.11 points at 5,448.57. The major gainers are Sterlite 4.85% at Rs. 330.95, along with Tata Steel by 4.63% at Rs. 184.25, followed by SAIL with a gain of 4.40% at Rs. 92.55.

BSE Oil & Gas is the second gainer in the sectoral front with a gain of 2.89% or 184.19 points at 6,552.16. The top gainers in the index are Cairn India 4.40% to Rs. 183.90 along with REL Pet by 4.20% to Rs. 86.80, Essar Oil by 3.76% to Rs. 77.20, Reliance by 3.66% at Rs. 1,387.55 followed by ONGC with a gain of 3.48% to Rs. 781.30.

Markets Surged In The Opening Trade- March 23, 2009

The markets opened on a strong note on the first day of the week in line with the Asian peers. All the sectorial indices are trading in green in the opening trade. Asian markets are trading higher on hopes that the US government stimulus efforts will perk up lending and ease the global economic slump.

The Metal index outperformed the benchmark index in the opening trade and is trading with a gain of more than 3%. However, The significant buying witnessed among the Oil & Gas, Banking, Capital Goods and Power stocks. The broader markets are also trading higher as both the BSE Mid Cap and the BSE Small Cap are trading with a gain of more than 1% each.

Tata Motors surged over 5% ahead of the launch of its Nano, the world’s cheapest car.

At 10.35AM, the BSE Sensex was up by 208.13 points at 9,174.81 and the Nifty was up by 63.35 points to 2,870.40.

The BSE Mid Cap increased by 37.10 points to 9,174.81 and the BSE Small Cap grew by 38.60 points to 3,152.98.

The Asian markets are trading higher today as Shanghai Composite, Hang Seng, Nikkei, Straits Times and Seoul Composite index are trading up by (1.24%), (3.13%%), (2.92%), (2.11%) and (2.44%) respectively.

The US stock markets on Friday ended lower with the banking and technology shares remained in pressure. There are no major economic or earnings reports. The Dow Jones Industrial Average (DJIA) dropped by 122.42 points to close at 7,278.38. The NASDAQ Composite (RIXF) index decreased by 26.21 points to close at 1,457.27 and the S&P 500 (SPX) fell by 15.50 points to close at 768.54.

The BSE Sensex is now trading above the 9,150 mark and the NSE Nifty trading above the 2,850 mark.

Tata Motors reported the top gainer from the BSE Sensex pack, as it is trading higher by (5.28%) at Rs. 169.40 while DLF reported the top loser down by (1.61%) at Rs. 168.35.

The overall market breadth is positive as 1143 stocks are advancing while 469 stocks are declining on BSE.

BSE Metal index is trading higher by 145.74 points or (2.77%) to trade at 5,406.20. The top gainers are Sterlite Industries increased by (4.31%) to Rs.329.25, Sesa Goa up by (4.08%) to Rs.90.65, SAIL inclined by (3.21%) to Rs.91.50 followed by Tata Steel grew by (2.92%) to Rs. 181.25.

Market Down On Account Of Weak Global Cues- March 20, 2009

After a negative opening, market is trading range bound with negative bias. Developed nations'' markets reacted negatively of FED''s latest efforts to stem the US recession are too expensive prompting investors to book profits from recent rallies. On a stock specific move, board members of Satyam computers services are meeting today in Hyderabad for evaluating takeover bids from potential bidders along with assessment of the company''s actual financial position based on inputs from newly-appointed audit firms KPMG and Deloitte. During the last hour, the selling pressure has emerged in Realty and Banking stocks, whereas buying interest is seen across Metal counter. Among the sectoral indices, the BSE Realty and Bankex indices are down by 5.79% and 2.09% respectively, while Metal index surged by 1.28% respectively. Overall the market breadth is negative as 891 stocks are trading in red while 772 stocks are in green.

At 11.30 AM, the BSE Sensex down by 69.9 points at 8,931.84 whereas NSE Nifty declined by 13 points at 2,794.15. The BSE Mid Cap is trading lower by 10.34 points to 2,763.77 whereas Small Cap is marginally up by 6.32 points to 3,103.85 respectively.

Losers from the BSE Sensex Pack are L&T Ltd down by (3.22%) to Rs. 589.9, along with DLF Ltd by (2.97%) to Rs. 168.2, ICICI bank by (2.54%) at Rs. 329.5, Bharti Airtel by (1.56%) at Rs. 562.5, SBI by (1.41%) at Rs. 954.55 and Reliance Communication by (1.28%) at Rs.154.6.

Losers from the NSE Nifty Pack are L&T Ltd by (3.45%) at Rs. 588.35 along with DLF Ltd by (3.36%) at Rs. 168.15, ICICI Bank by (2.44%) at Rs. 329.65, BPCL by (2.33%) at Rs. 331.2 and Siemens Ltd by (2.27%) at Rs. 219.7.

BSE Realty is trading lower by (5.79%) or 93.94 points at 1,529.33. The major losers are Akruti City trading down by (25.88%) at Rs. 1,651, along with Mahindra Life by (4.66%) at Rs. 110.50, Orbit Co by (4.64%) at Rs.50.35, Followed by DLF Ltd by (2.97%) at Rs. 168.2.

BSE Bankex dipped by (2.09%) or 86.48 points at 4,049.78. The top losers in the index are Axis Bank declined by (3.18%) to Rs.346.90 along with Kotak Bank by (2.84%) to Rs. 261.8, ICICI bank by (2.54%) to Rs. 329.5, Bank of India by (1.94%) to Rs. 199.45, followed by SBI by (1.41%) at Rs. 954.55.

Markets Opened Lower- March 20, 2009

The markets opened lower today on the back of weak global cues. The Asian markets are however trading mixed due to uncertainty about the US Federal Reserve''s decision to buy Treasury and mortgage-backed debt. The Metal index outperformed the benchmark index in the opening trade and s trading with a gain of more than 2%. However, the Realty, Banking, Capital Goods and Oil & Gas stocks are witnessing significant selling pressure in the early trade. The broader markets are however trading flat.

The Asian markets are trading mixed today as Shanghai Composite, Hang Seng and Nikkei index are trading down by (0.37%), (1.58%) and (0.33%) respectively. However, the Straits Times and Seoul Composite index are trading up by (0.46%) and (0.76%) respectively.

The US stock markets on Thursday fell after a choppy session with the financial shares drag due to uncertainty about the Federal Reserve''s plan to buy bonds to stem the US recession. Further weak economic data and a sharp rise in the crude oil and gold prices also heightened the fall. However, the energy and materials stocks logged solid gains due to the stronger commodity prices. The Dow Jones Industrial Average (DJIA) dropped by 85.78 points to close at 7,400.80. The NASDAQ Composite (RIXF) index decreased by 7.74 points to close at 1,483.48 and the S&P 500 (SPX) fell by 10.31 points to close at 784.04.

The BSE Sensex is now trading below the 9,000 mark and the NSE Nifty trading below the 2,800 mark.

Hindalco Industries reported the top gainer from the BSE Sensex pack, as it is trading higher by (4.88%) at Rs. 47.25 while ICICI Bank reported the top loser down by (3.05%) at Rs. 327.80.

The overall market breadth is negative as 645 stocks are advancing while 670 stocks are declining on BSE.

At 10.35AM, the BSE Sensex was down by 54.72 points at 8,947.03 and the Nifty was down by 14.15 points to 2,793.

The BSE Mid Cap decreased by 1.15 points to 2,772.97 while the BSE Small Cap grew by 9.85 points to 3,107.38.

BSE Metal index is trading higher by 23.93 points or (0.46%) to trade at 5,201.10. The top gainers are Gujarat NRE increased by (6.67%) to Rs.20, Hindalco Industries up by (5.66%) to Rs.47.60, Jai Corp inclined by (5.06%) to Rs.81 followed by Tata Steel grew by (2.34%) to Rs. 77.25.

BSE Realty index is trading lower by 81.82 points or (5.04%) to trade at 1,541.45. The major losers are Akruti City declined by (25.84%) to Rs. 1,652, Orbit Co down by (3.13%) to Rs.51.15, DLF decreased by (2.62%) to Rs.168.80 followed by Mahindra Life down by (2.59%) to Rs.112.90.

Unitech is trading lower by (1.66%) at Rs. 26.70. The company plans to launch residential projects in the range of Rs 5-10 lakh in metro and suburban cities like Gurgaon, Chennai and Kolkata over the next few months.

Market Turned Choppy After A Positive Opening- March 19, 2009

The key benchmark indices have pared off its gains due to profit booking pressures, however still trading in the positive zone. Positive cues from most of the Asian markets and an overnight rally in US market due to fresh effort taken by U.S. fed to lift the slowing economy has helped investors to take fresh positions. The weekly inflation data to come in a couple of hours may influence the market movements. During the last hour, the buying interest has emerged in Realty and Consumer Durable stocks, whereas selling pressure is seen across Auto and FMCG counters. Among the sectoral indices, the BSE Realty and IT index is up by 2.03% and 1.39% respectively, while FMCG and Auto index slipped by 1.34% and 0.56% respectively. Overall the market breadth is positive as 1140 stocks are trading in green while 734 stocks are in red.

At 11.30 AM, the BSE Sensex up by 28.15 points at 9,004.84 whereas NSE Nifty inclined by 5.65 points at 2,800.35. The BSE Mid Cap and Small Cap are trading higher by 21.44 points and 36.41 points at 2,781.34 and 3,100.89 respectively.

Gainers from the BSE Sensex Pack are HDFC Ltd up by (2.11%) to Rs. 1,382.25, along with Sterlite Industries by (2.02%) to Rs. 307.8, Sun Pharmaceutical by (1.72%) at Rs. 1,014, Jai Prakash associate by (1.71%) at Rs. 80.5, TCS Ltd by (1.69%) at Rs. 515.15 and Infosys Tech by (1.53%) at Rs.1,297.

Gainers from the NSE Nifty Pack are Idea Cellular by (4.98%) at Rs. 48.5 along with Tata Communication by (2.58%) at Rs. 452.7, TCS Ltd by (2.16%) at Rs. 516.05, Sterlite industries Ltd by (2.06%) at Rs. 307.5 and HDFC Ltd by (2.05%) at Rs. 1,381.8.

BSE Realty is trading higher by (2.03%) or 32.19 points at 1,616.24. The major gainers are Akruti City trading up by (6.25%) at Rs. 2,138, along with Penland Ltd by (4.51%) at Rs. 20.85, Indianbul Real by (4.24%) at Rs. 95.80, Followed by Omaxe Ltd by (1.99%) at Rs. 43.65.

BSE FMCG is trading lower by (1.13%) or 21.69 points at 1,902.39. The top losers in the index are HUL declined by (2.71%) to Rs.226.4 along with Marico Ltd by (2.11%) to Rs. 60.30, United Spr by (1.92%) to Rs. 675, followed by Britania Industries by (0.8%) at Rs. 1,325.

Markets Continued To Open Higher- March 19, 2009

The markets continued to open higher today on the back of positive cues from the US markets. The Asian markets are however trading mixed. All the sectorial indices are trading in green in the opening trade. The significant buying witnessed among the Realty, IT, Consumer Durables, Banking and Metal stocks. The broader markets also joined the rally today as the BSE Mid Cap and the Small Cap index are trading with a gain of more than 1% each in the early trade.

The Asian markets are trading mixed today as Shanghai Composite, Hang Seng and Straits Times index are trading up by (0.98%), (0.07%) and (0.69%) respectively. However, the Nikkei and Seoul Composite index are trading down by (0.37%) and (0.40%) respectively.

The US stock markets on Wednesday continued its upward rally as investors were cheered by the Federal Reserve a plan to buy nearly $1.25 trillion bonds. The Federal Open Market Committee leaves benchmark-lending rate unchanged at 0.00% to 0.25%. Further the Consumer Price Index for February shows slightly stronger increase than expected. It increased by 0.4% month-over-month, which topped the 0.3% increase that was expected. The Dow Jones Industrial Average (DJIA) surged by 90.88 points to close at 7,486.58. The NASDAQ Composite (RIXF) index increased by 29.11 points to close at 1,491.22 and the S&P 500 (SPX) grew by 16.23 points to close at 794.35.

The BSE Sensex is now trading above the 9,000 mark and the NSE Nifty trading above the 2,800 mark.

Jai Prakash Associate reported the top gainer from the BSE Sensex pack, as it is trading higher by (3.41%) at Rs. 81.85 while HUL reported the top loser down by (2.02%) at Rs. 228.

The overall market breadth is positive as 944 stocks are advancing while 382 stocks are declining on BSE.

At 10.35AM, the BSE Sensex was up by 88.66 points at 9,065.34 and the Nifty was up by 20.25 points to 2,814.95.

The BSE Mid Cap increased by 40.20 points to 2,800.10 and the BSE Small Cap grew by 44.85 points to 3,109.33.

BSE Bankex index is trading higher by 69.41 points or (1.69%) to trade at 4,180.40. The top gainers are Kotak Bank increased by (5.59%) to Rs.270.15, AXIS Bank up by (3.03%) to Rs.351.60, Bank of India inclined by (1.73%) to Rs.199.70 followed by Indian Overseas Bank grew by (1.50%) to Rs. 43.95.

BSE Realty index advancing by 48.93 points or (3.09%) to trade at 1,632.98. The major gainers are India Bull Real inclined by (4.03%) to Rs. 95.60, Akruti City up by (3.86%) to Rs.2,089.90, HDIL increased by (3.74%) to Rs.77.70 followed by Omaxe Ltd. up by (3.39%) to Rs.44.25.

Market Spurts: Metal & Realty Leading The Race- March 18, 2009

After a Gap up opening, the benchmark indices continue to trade higher on the back of positive cues from its peers around the globe. The better than expected housing data lifted the US markets yesterday, consequently that has brought cheer across other markets around the globe. On a stock move, ICICI bank is trading almost 4.5% up after bank declined a report saying bank is considering spinning off its automated teller machines and point of sale terminals. During last hour, buying interest has emerged across the board with realty, metal and banking stocks leading the gains. Among the sectoral indices, the BSE Metal index is up by 4.05% and the BSE Realty index has gained by 3.38%. The BSE banking index on the other hand has also surged more than 3%. Overall the market breadth is positive as 1367 stocks are trading in green while 531 stocks are in red.

At 11.32 AM, the BSE Sensex up by 171.31 points at 9,035.13 whereas NSE Nifty inclined by 52.4 points at 2,809.85. The BSE Mid Cap and Small Cap are trading higher by 71.05 points and 62.97 points at 2,767.41 and 3,073.29 respectively.

Gainers from the BSE Sensex Pack are Jaiprakash Associates up by (8.54%) to Rs. 80.7, along with Sterlite Industries by (5.43%) to Rs. 308.45, Tata Steel by (4.71%) at Rs.176.6, Reliance Infrastructure by (4.59%) at Rs. 485.4, Reliance Communication by (3.86%) at Rs. 164 and Tata Motors Ltd by (3.78%) at Rs.178.55.

Gainers from the NSE Nifty Pack are Suzlon Energy by (6.36%) at Rs. 38.45 along with Sterlite Industries by (5.04%) at Rs. 307.5, Reliance Infrastructure by (4.91%) at Rs. 487.15, Tata Steel by (4.77%) at Rs. 176.65 and Reliance Capital by (4.50%) at Rs. 326.45.

BSE Metal is trading higher by (4.05%) or 201.47 points at 5,175.49. The major gainers are Welsp Guj SR trading up by (11.37%) at Rs. 67.10, along with Sterlite Industries by (5.43%) at Rs. 308.45, Tata Steel by (4.71%) at Rs. 176.6, Followed by Sesa Goa Ltd by (4.46%) at Rs. 86.75.

BSE Realty surged by (3.38%) or 49.78 points at 1,521.32. The top gainers in the index are Mahindra Life inclined by (9.14%) to Rs.114.65 along with Akruti City by (6.92%) to Rs. 1687, Penland Ltd by (6.68%) to Rs. 19.95, followed by Indiabul real by (4.35%) at Rs. 92.30.

Markets Opened With A Significant Gap - March 18, 2009

The markets today opened with a significant gap up on the back of positive global cues. The Asian markets also rise for the fourth day led by the financials stocks. All the sectorial indices are trading in green in the opening trade. The key benchmark indices surpassed the 9,000 and 2,800 mark in the opening trade. The Realty, Banking, Metal and Power stocks are leading the front. The broader markets also joined the rally today as the BSE Mid Cap and the Small Cap index are trading with a gain of more than 2% each in the early trade.

The Asian markets are trading mixed today as Shanghai Composite, Hang Seng and Straits Times index are trading up by (0.45%), (1.53%) and (1.35%) respectively. However, the Nikkei and Straits Times index are trading down by (0.65%) and (0.22%) respectively.
Japan’s Nikkei crosses above the 8000 mark in the early trade led by sharp rally among the bank shares. The bank shares gained on the back of the Bank of Japan move to bolster banks'' capital. The Bank of Japan said on Tuesday that it would offer up to $10.2 billion in subordinated loans to Japanese banks, in an attempt to prevent lending to companies from drying up.

The US stock markets on Tuesday ended higher on the back of surprise increase in the February housing starts and building permits. Further technology shares gained momentum after Goldman Sachs provided upbeat comment on Cisco. The Dow Jones Industrial Average (DJIA) surged by 178.73 points to close at 7,395.70. The NASDAQ Composite (RIXF) index increased by 58.09 points to close at 1,462.11 and the S&P 500 (SPX) grew by 24.23 points to close at 778.12.

The BSE Sensex is now trading above the 9,000 mark and the NSE Nifty trading above the 2,800 mark.

Jai Prakash Associate reported the top gainer from the BSE Sensex pack, as it is trading higher by (6.46%) at Rs. 79.15 while Bharti Airtel reported the top loser down by (1.07%) at Rs. 565.

The overall market breadth is positive as 1140 stocks are advancing while 382 stocks are declining on BSE.

At 10.33AM, the BSE Sensex was up by 179.89 points at 9,043.71 and the Nifty was up by 53.35 points to 2,810.80.

The BSE Mid Cap increased by 61.42 points to 2,757.77 and the BSE Small Cap grew by 61.96 points to 3,072.27.

BSE Metal index is trading higher by 116.93 points or (2.35%) to trade at 5,090.95. The top gainers are Sterlite Industries increased by (4.08%) to Rs.304.50, Gujarat NRE up by (4.08%) to Rs.19.15, Jai Corp inclined by (3.99%) to Rs.83.45 followed by Tata Steel grew by (3.29%) to Rs. 174.20.

BSE Realty index advancing by 41.29 points or (2.81%) to trade at 1,512.83. The major gainers are Mahindra Life inclined by (9.61%) to Rs. 115.15, India Bull Real up by (3.90%) to Rs.91.90, HDIL increased by (3.48%) to Rs.72.90 followed by Orbit Co up by (3.19%) to Rs.46.95.

Markets Are Facing A Huge Buying - Jan 16, 2009

The markets are facing a huge buying momentum and gains further grounds as significant buying is seen among the Oil & Gas, Power, Metal, Capital Goods and Banking stocks. However the Realty and IT stocks are trading with a cautious note. The BSE Sensex is now trading above the 9200 mark and the NSE Nifty near the 2800 mark. The BSE Mid Cap And the Small Cap stocks also joined the rally today.

TCS announced its third quarter results yesterday. The cmpany reported a net profit of Rs.1,352 crore as against Rs.1,261.5 crore up 7.17% and its revenues were up 4.65% at Rs 7,277 crore versus Rs 6,953.4 crore. Further the company is expecting significant reduction in IT budgets from clients and expects that the next fiscal would be even more challenging. The company reported a forex loss of Rs 250 crore, of which Rs 45 crore was a mark-to-market loss and the rest were hedging losses.

Shares of Satyam today surged more than 20% on news of the inclusion of three new members to its board. The three men includes namely Tarun Das, chief mentor of leading industry lobby Confederation of Indian Industry, TN Manoharan, a former president of the Institute of Chartered Accountants of India, and S. Balakrishnan of state-run insurer LIC.

On the global markets front, the Asian markets are trading with significant gains as Shanghai Composite, Hang Seng, Nikkei, Straits Times and Seoul Composite index are trading higher by (2.34%), (0.80%), (2.58%), (1.35%) and (2.15%) respectively.

The overall market breadth is positive as 1201 stocks are advancing while 862 stocks are declining and the 84 stocks remain unchanged on BSE.

Reliance Communication reported the top gainer from the BSE Sensex pack as it was trading higher by (5.80%) at Rs. 184.35 while DLF the top loser down by (3.24%) at Rs.195.75.

The BSE Mid cap is higher by 25.38 points at 3,036.19 and the BSE small Cap advanced by 19.96 points to trade at 3,430.44.

At 12.35 pm, BSE Sensex was at 9,222.48 up by 175.74 points while the NSE Nifty was at 2,795 up by 58.30 points.

BSE Auto inclined by 8.86 points to 2,535.56. Leading to its gain are Ashok Leland (2.44%), Bajaj Auto (1.53%), Mahindra & Mahindra (2.15%) and Tata Motors (0.96%).

BSE IT index increased marginally by 3.16 points to trade at 2,165.86 as HCL Technologies (5.35%), Patni Computer (2.50%), Financial Technologies (1.20%), Oracle Fin (0.76%) and Infosys Technologies (0.32%) are trading in positive.

BSE Metal index advanced by 62.40 points to 4,891.42 as Gujarat NRE (4.86%), Sesa Goa (3.37%), Sterlite Industries (3.19%), Ispat Industries (2.66%), Jai Corp (2.64%), SAIL (2.45%) and Hindalco Industries (2.38%) are trading in green.

BSE Bankex index is trading higher by 89.33 points at 5,008.21. Ganers are Bank of India (3.05%), Canara Bank (2.42%), Bank of Baroda (2.37%), ICICI Bank (2.31%), SBI (1.98%) and PNB (1.50%).

BSE Oil & Gas index is trading 189.05 points higher at 5,835.08 as Reliance Industries (4.19%), RNRL (3.38%), Gail India (3.10%), Aban Offshore (3.12%), RPL (2.64%) and Indian Oil (2.37%) are trading in positive.

BSE Capital goods index surged by 152.67 points to 6,551.94. The main gainers are L&T (3.15%), Praj Industries (3.74%), Siemens (2.53%), BHEL (2.62%), Punj Lloyd (1.66%) and ABB (0.96%).

BSE Power index is trading 51.87 points higher at 1,746.56. The main gainers are NTPC (5.18%), Suzlon Energy (5.01%), Reliance Infra (4.93%), Tata Power (3.49%) and Torent Power (3.37%).

BSE Realty index slipped by 26.20 points to 1,739.82. The major losers are DLF (3.39%), Mahindra Life (2.24%), Anant Raj Industries (2.51%) and India Bull Real (0.39%).

Transgene Biotek's Net Profit Fell - Jan 7, 2009

The scrip has risen 39.38% in six trading sessions from a recent low of Rs 17.65 on 30 December 2008.

Meanwhile, the BSE Sensex was down 16.63 points, or 0.16%, to 10,319.30.

On BSE, 24,050 shares were traded in the counter. The stock had an average daily volume of 11,148 shares in the past one quarter.

The stock hit a high of Rs 24.60 and a low of Rs 23.50 so far during the day. The stock hit a 52-week high of Rs 115.60 on 8 January 2008 and a 52-week low of Rs 14.55 on 3 November 2008.

The small-cap stock had outperformed the market over the past one month till 6 January 2009, gaining 25.14% as compared to the Sensex's return of 15.29%. It had also outperformed the market in the past one quarter, falling 4.48% as compared to the Sensex's decline of 12.42%.

The company's current equity is Rs 15.77 crore. Face value per share is Rs 10.

The current price of Rs 24.60 discounts the company's Q2 September 2008 annualized EPS of Rs 0.24, by a PE multiple of 102.05.

Transgene Biotek said during trading hours on on 2 January 2009 that it had received manufacturing license from the Drug Control Department of Hyderabad for manufacturing four drugs Orlistat, Lovastatin, Simvastatin and Pravastatin. These drugs are used to control cholesterol in blood.

The company had on 30 December 2008 signed a pact with Heber Biotec S.A, Havana, Cuba for the development and commercialization of three different drugs.

Transgene Biotek's net profit fell 75% to Rs 0.09 crore on 2.3% increase in net sales to Rs 0.89 crore in Q2 September 2008 over Q2 September 2007.

The company is engaged in the research and development and manufacture of various medical reagents, both chemical and immuno-diagnostic reagents for the qualitative and quantitative estimation of bio-chemical parameters and diagnosis of diseases.

Market Is Showing Firm Trading - Aug 07 , 2008

Market is showing firm trading after a negative opening. Earlier, during mid session it pared some of its gains ahead of inflation number scheduled to come out today evening. BSE Sensex is above 15,200 level and NSE Nifty is trading above 4,500 mark. All indices are trading in green and among those Metal, Consumer Durables, Bank and Auto stocks are the frontrunners. Among the Sensex pack, 23 stocks are trading in green while 7 are in red.

At 1.30PM, the BSE Sensex is trading higher by 145.25 points at 15,218.80 and NSE Nifty is up by 44.25 points at 4,561.80.

The BSE Mid Cap is trading higher by 55.40 points at 5,910.82 along with Small Cap up by 45.73 points at 7,189.86.

Gainers from the BSE are Sterlite In trading up by (4.86%) at Rs616.50 in line with Tata Motors Ltd by (4.29%) at Rs445.00, HDFC Bank Ltd by (3.47%) at Rs1,259.00, M&M Ltd by (3.38%) at Rs581.00, DLF Ltd by (2.35%) at Rs557.40 and Maruti Suzuki by (2.34%) at Rs668.10.

The BSE Metal index is trading up by 198.28 points at 13,057.47. Scrips that are trading higher are Sterlite In (4.75%) at Rs616.10 followed by Ispat Industries by (4.74%) at Rs28.75, Tata Steel by (2.22%) at Rs660.00, Gujarat Nre C by (2.18%) at Rs105.25 and JSW SL by (2.08%) at Rs805.50.

The BSE Consumer Durables index is trading higher by 111.23 points at 3,942.80 as Gitanjali Ge trading up by (3.74%) at Rs265.00 along with Videocon Industries by (3.72%) at Rs305.20, Titan Ind (3.22%) at Rs1,263.20, Rajesh Exports by (2.57%) at Rs53.80 and Blue Star L by (0.71%) at Rs402.00.

From the telecommunication sector, Tata Communications is higher by (0.64%) at Rs463.50 along with Idea Cellular trading up by (0.22%) at Rs89.95 while Bharti Airtel is down by (2.80%) at Rs845.10 and Reliance Com Ltd by (0.66%) at Rs444.50.

In auto sector Tata Motors is trading higher by (3.67%) at Rs445.00 followed by Maruti Suzuki up by (2.75%) at Rs669.60, M&M Ltd by (2.58%) at Rs578.30 and Hero Honda Motors is by (0.09%) at Rs819.95.

In cement sector Ambuja Cement is trading up by (1.07%) at Rs89.65 along with ACC Ltd is higher by (1.12%) at Rs644.90 and Grasim Indus by (0.09%) at Rs2,044.95.

Market Is In Deep Red On CRR, Repo Rate Hike - July 29 , 2008

Market collapsed further after RBI announced the hike in Repo rate by 50 basis points to 9% and CRR by 25 basis points to 9%, which will be effective from 30th August 2008. Repo rate will be at 9% for the first time since October 2000 and CRR at 9% for the first time since November 1999. The BSE Sensex is trading below 13,800 level and NSE Nifty is below 4,200 mark. The BSE Bank index fell more than 8% and Reality index more than 6%. Banking, Capital Goods, Reality, Metal and Oil & Gas stocks are witnessing most of the selling pressure. Among the Sensex pack, 28 stocks are trading in red while only 2 are in green.

At 1.30PM, the BSE Sensex is trading lower by 557.70 points at 13,791.41 and NSE Nifty is down by 154.50 points at 4,177.60.

The BSE Mid Cap is trading lower by 137.39 points at 5,493.38 along with Small Cap down by 84.14 points at 6,828.83.

Lossers from the BSE are HDFC Bank Ltd up by (10.04%) at Rs1,013.90 along with ICICI Bank Ltd (7.99%) at Rs610.45, Maruti Suzuki (6.81%) at Rs569.00, Reliance Infra (6.79%) at Rs920.00, HDFC (6.64%) at Rs2,073.90, M&M Ltd (6.52%) at Rs495.00 and DLF Ltd by (6.12%) at Rs468.90.

The BSE Bank index is trading lower by 546.64 points at 6,215.18 as Bank of India trading down by (12.12%) at Rs259.10 along with Kotak Bank by (10.51%) at Rs517.00, Indian Overseas Bank (10.17%) at Rs83.00, Axis Bank by (10.07%) at Rs627.00 and Bank of Baroda by (9.95%) at Rs226.30.

The BSE Capital Goods index is trading down by 438.67 points at 11,468.14. Scrips that are trading lower are Siemens Ltd by (7.12%) at Rs508.00 followed by L&T Ltd by (4.65%) at Rs2,597.00, Praj Industries by (4.34%) at Rs192.90, Punj Lloyd by (4.28%) at Rs245.10 and Crompton Greaves by (4.14%) at Rs227.00.

The BSE Reality index is trading lower by 325.92 points at 4,758.20. Pulling it are Pheonix Mill trading down by (9.14%) at Rs165.60 along with Indiabull Real by (8.69%) at Rs262.00, Mahindra Life (7.27%) at Rs438.30, Unitech Ltd by (7.10%) at Rs155.80 and DLF Ltd by (5.45%) at Rs472.25.

From the telecommunication sector, Tata Communications is lower by (5.53%) at Rs401.20 along with Reliance Com Ltd trading down by (4.45%) at Rs490.50, Bharti Airtel by (3.11%) at R770.40 and Idea Cellular lower by (2.12%) at Rs87.60.

In auto sector Maruti Suzuki is trading lower by (6.83%) at Rs568.95 followed by M&M Ltd down by 6.48%) at Rs495.40, Tata Motors lower by (5.32%) at Rs403.70 and Hero Honda Motors down by (3.39%) at Rs735.50.

In cement sector ACC Ltd is trading down by (4.36%) at Rs567.50, Grasim Indus is lower by (2.17%) at Rs1,776.70 and Ambuja Cement down by (2.07%) at Rs80.30.

Sensex dips along with bank heavyweights - July 15, 2008

After a sharp plunge and a subsequent small recovery, the Sensex has slipped deeper into the red once again due to heavy selling in several blue chip stocks this morning.

At 12,984.75, the Sensex is down with a huge loss of 345.76 points or 2.59% at present. At 3944.15, the Nifty trails its previous closing mark by 2.37% or 95.55 points.

Bank stocks are among the worst hit and mirroring their fall, the Bankex has slipped by over 5% now. Power, FMCG, CG, Auto, Realty, PSU, HC and Metal indices have lost between 2% and 3%. The Oil & Gas index is down with a loss of 1.8%. The Consumer Durables and Teck indices have lost 0.91% and 1% respectively.

Information technology stocks, which had nosedived in the previous two sessions, have bounced back on fairly strong buying support. The BSE IT index is up in the positive zone with a modest gain of 0.69%.

IT bellwether Infosys Technologies has gained 0.65% at Rs 1566. Satyam Computer Services has surged 2.7% to Rs 420.25. Tata Consultancy Services is up by around 1.9% while Wipro has moved up by nearly a per cent. i-flex Solutions, MphasiS and Tech Mahindra have posted modest gains.

Banking sector heavyweights ICICI Bank, HDFC Bank and State Bank of India have lost 6.7%, 5.25% and 4.55% respectively. Among other stocks in the Bankex, Axis Bank, Kotak Bank, Punjab National Bank, Bank of India, Yes Bank, Indian Overseas Bank, Bank of Baroda, Andhra Bank, Allahabad Bank, Federal Bank, Canara Bank, Oriental Bank of Commerce, Karnataka Bank and Union Bank of India have declined sharply.

Ranbaxy Laboratories has slipped by 6.5% on heavy selling at the counter. Mahindra & Mahindra has lost over 5%. HDFC, Reliance Communications, ITC, Bharti Airtel, Tata Motors, BHEL and Reliance Infrastructure are down by 3% - 5%.

Maruti Suzuki, ONGC, ACC, Hindalco, Ambuja Cements, NTPC, Jaiprakash Associates and Larsen & Toubro have also declined sharply.

Market Open Significantly Higher. - June 16, 2008

he market today open higher on the back of positive cues from the global markets, as the US market closed sharply higher on Friday and also the Asian markets are trading higher. The significant buying witnessed across the board mainly led by the Bank, IT, Realty and Metal stocks. The BSE Sensex is trading above the 15500 mark and the NSE Nifty is hovering around the 4600 mark. The BSE Mid Cap and BSE Small Cap are also trading higher in the opening trade.

The overall market breadth is extremely positive as 1295 stocks are advancing whereas 275 stocks are declining on BSE.

ICICI Bank reported the top gainer from the BSE Sensex pack, as it is trading with a gain of (4.01%) at Rs.796 while Tata Motors the top loser down by (0.14%) at Rs.506.

At 10.30AM, the BSE Sensex was up by 305.05 points at 15,494.68 and the Nifty was up by 80.85 points to 4,597.95.

The BSE Mid Cap increased by 102.76 points to 6,330.94 and the BSE Small Cap advanced by 125.28 points to 7,707.01.

BSE IT index improved by 122.13 points to trade at 4,458.19. The major gainers are Infosys Technologies, HCL Technologies, Wipro and Satyam Computer grew by (3.24%), (2.63%), (2.09%) and (2.08%) to Rs.1927.05, Rs.297, Rs.488 and Rs.491 respectively.

BSE Bank index advanced by 215.53 points to trade at 7,271.77. The top gainers are ICICI Bank inclined by (4.01%) to Rs.796, HDFC Bank increased by (2.75%) at Rs.1153.05 followed by PNB and SBI up by (1.73%) and (1.34%) to Rs.443.90 and Rs.1353.10.

Sensex Slips Below 17k In Early Trade

MUMBAI: Stocks opened lower on Friday in line with the trend in other Asian markets. Selling pressure in technology and banking majors saw the benchmark sensitive index slip below the psychological 17000 mark in early trade. Apprehension of higher inflation, the data for which is expected around noon, will keep the market in check, analysts said.

At 10:05 am, the Bombay Stock Exchange's Sensex was down 70 points or 0.41 per cent at 17,011.01. The index touched a low of 16,974.62 after opening at 17,020.79.

Biggest Sensex losers were Wipro (down 1.48%), Reliance Energy (1.36%), ICICI Bank (1.27%), Tata Motors (1.06%), Satyam Computer (1.06%) and Infosys Technologies (1.03%).

Bharti Airtel (down 1.08%), DLF (0.03%) and Reliance Communications (0.02%) were the only index gainers.

Market breadth on BSE showed 463 declines against 310 advances.

The National Stock Exchange's Nifty was down 15 points or 0.3 per cent at 5066.60. The index touched a high of 5073.15 and low of 5039.65 in trade so far.

"There may not be any respite for our market this morning inspite of the rise on US indices. The Nifty must keep its head above the 4980 mark to allow the bulls to remain in the reckoning. A close below the 4980 mark is likely to send the market into a tail spin as all the puts that have been written on the 5000 strike price will scamper for cover," Anagram Stock Broking said in a note.

Elsewhere in Asia, stocks were struggling with a stronger yen and a bearish forecast from Toyota Motor as a result of rising raw material costs. The Nikkei 225 was down 1.55 per cent, the Hang Seng fell 1.81 per cent and the Straits Times dipped 0.63 per cent.

US stocks managed to finish higher Thursday, though factors like higher gasoline prices erased some gains. Data showed April retail sales showing consumers still spending, but far more frugally. The Dow Jones Industrial Average added 0.41 per cent, Standards & Poor's 500 Index rose 0.37 per cent and the Nasdaq Composite Index gained 0.52 per cent.