Mid Day Market Commentary

Market was witnessing choppy trade on back of RBI’s meeting on Wednesday, where the central bank is expected to raise short-term interest rates by 25 basis points. Overall market breadth was positive as 1390 stocks advanced and 980 stocks declined on BSE index. Metal and power stocks were in favor whereas software stocks were witnessing selling activities. Further, selective profit booking was seen in FMCG, Banking and engineering merging stocks.

At 12.50 pm, BSE sensex was at 14,254.08 down by 28.64 points and Nifty was at 4135.20 down by 12.50 points. Mid caps was up by 24.56 points to trade at 6113.54 and BSE small caps was up by 36.53 points to trade at 7612.66.

BSE Health index was trading at 3827.15 up by 23.96 points as Cipla (2.3%), Glaxosmithkline (2.06%) and Ranbaxy (1.49%) were trading in green.

BSE capital goods index was trading mixed as L&T (1.32%) was trading in red while BHEL (3.84%), ABB (0.52%) and siemens (1.34%) were trading in green.

BSE FMCG index was trading lower as HLL (0.42%) and ITC (1.69%) were trading lower.

BSE IT index was down 63.40 points to trade at 5302.08 as Wipro (2.51%) Satyam (1.81%), TCS (1.55%) and Infosys (0.87%) were trading in red.

BSE metals indices were trading in green as Tata Steel (0.93%), SAIL (1.79%) and Hindalco (3.85%) were trading higher.

BSE Oil & gas index was trading in green as Reliance (1.13%), IPCL (0.71%), GAIL (0.95%) and BPCL (0.06%) were trading up.

Suzlon was top loser with 5.58% down to trade at 1213.5 after reporting just 7.44% growth in net profit for Q3 December 2006.