Market Is Showing Firm Trading - July 7,2008

The market is trading firm due to the sustained buying across the board. After opening on upbeat note market remains high in the positive territory now. Metal, Capital Goods, Bank and Reality Stocks are giving strong support to the market. Bank and Metal Indices advanced by more than 3%. Among the Sensex pack, 26 stocks are trading in green while 4 stocks are in red.

At 1.32PM, the BSE Sensex is trading higher by 270.42 points at 13,724.42 and NSE Nifty is up by 80.80 points at 4,096.80.

The BSE Mid Cap and Small Cap are trading higher by 127.42 points and 195.09 points at 5,405.66 and 6,644.77 respectively.

Gainers from the BSE are JP Associates up by (6.16%) at Rs162.75 followed by Reliance Infra by (5.88%) at Rs819.00, ACC Ltd by (5.07%) at Rs502.20, Maruti Suzuki by (4.80%) at Rs476.85, ITC Ltd by (4.16%) at Rs177.90, SBI (3.95%) at Rs1,172.00 and Bharti Airtel by (3.92%) at Rs744.35.

The Metal index is trading up by 399.75points at Rs12,437.39 as JSW SL is trading higher by (6.68%) at Rs802.50 along with Jindal Steel (5.68%) at Rs1,780.00, Isapt Industries (5.57%) at Rs21.80, Jindal Saw by (5.27%) at Rs501.00 and Steel Authority by (4.15%) at Rs133.10.

The Capital goods index is trading up by 230.14 points at Rs10,916.69 as Elecon Eng C is trading higher by (7.84%) at Rs93.50 along with Thermax Ltd by (6.36%) at Rs402.00, Areva (6.30%) at Rs1,508.95, Jyoti Struct C (5.62%) at Rs110.00 and Siemens Ltd (5.32%) at Rs450.30.

The Bank index is trading up by 194.90 points at Rs6,015.73 as Bank of India is trading higher by (5.56%) at Rs244.00 along with Kotak Bank Ltd (4.99%) at Rs472.60, SBI (3.94%) at Rs1,171.90, ICICI Bank ltd (3.87%) at Rs623.90 and Bank of Baroda (3.74%) at Rs216.30.

From the telecommunication sector, Bharti Airtel is trading higher by (4.32%) at Rs748.10 followed by Idea Cellular by (3.45%) at Rs91.50 and Tata Communications by (1.93%) at Rs372.20 while Reliance Communications is trading lower by (2.10%) at Rs4247.60.

In auto sector Maruti Suzuki is trading higher by (4.96%) at Rs576.00 along with Hero Honda Motors up by (2.61%) at Rs684.00 and M&M Ltd by (1.06%) at Rs480.15 while Tata Motors is down by (1.27%) at Rs395.15.

In cement sector ACC Ltd is trading up by (5.73%) at Rs504.70 along with Grasim Ind trading high by (3.04%) at Rs1,742.20 and Ambuja Cement by (2.41%) at Rs76.60.

Gail India is trading up by (5.73%) at Rs330.40. Gail India with Reliance industries is going to up a USD 1.3 billion mega petrochemical plant in the gas rich nation Quatar. They had signed a MoU to jointly set up a mega gas-based petrochemical plant.

Investors Lose Rs 6tr In Opening Trades

Investors today lost over Rs 6 trillion within minutes of opening of the Bombay Stock Exchange, which was immediately suspended for an hour after the 30-share barometer index, Sensex, hit the circuit limit of 10%.

This loss of Rs 6,54,887.85 crore comes on top of over Rs 11 trillion loss suffered by investors on the Dalal Street in the last six days. "Small investors should stay away from the markets as of now. Let the market normalise and the volatility reduce," domestic brokerage firm SMC Global Vice President Rajesh Jain told PTI.

"Better to out when in doubt" he said, adding that there is too much of panic in the markets and it is better to stay away from it.

The Sensex lost 5,251 points in last seven trading sessions including today's early morning trade till suspension, while investors' wealth - measured in terms of cumulative market capitalisation of all the listed companies - has declined by a whopping Rs 18,40,173.31 crore.

As per information available on the Bombay Stock Exchange website, the total market capitalisation stood at Rs 59,53,525.87 crore at the end of yesterday's trading against Rs 71,38,810 crore before bourses began business last week on January 14.

The 30-share barometer tumbled 2,029 points to 15,576 within minutes of start of trading. The barometer index yesterday lost 1,408 to 17,605 points on concerns regarding the US economy going into recession.