Mid Market Session

The BSE Sensex is recovering fast as the abrupt selling pressure in the morning seems to be fading. The negative influence from the US market could not hold long as the bulls are back to keep a positive momentum. After a quick recovery during the mid the market now looks rather flat. The broader market has outperformed the benchmark indices toady as the BSE mid cap is higher by 33.15 points at 7,271.73 and small cap advanced by 81.68 points to 8,882.

The overall market breadth is positive as 1447 stocks are advancing while 901 stocks are declining on BSE.

At 12.34 pm, BSE Sensex was down by 27.19 points at 17,532.79 while Nifty was low by 16.75 points at 5197.40.

BSE Metal index dropped 48.33 points to trade at 13,897.06. Hindalco is moving ahead with a gain of 3.46% at Rs 180.70, besides Sesa Goa Ltd is also recovering fast with a gain of 6.66% at Rs 2,928, as the scrip was beaten badly during the previous week end.

BSE Capital goods index gained by 64.83 points to 15,494.12. Suzlon is moving ahead as investors are optimistic about the second quarter results. During Q1FY08 the company came with poor results however there are estimates about a good result coming in Q2FY08.

BSE Banks index has gained by 99.87 points to trade at 8,937.42. ICICI Bank and SBI are moving high at Rs 1,054(2.92%) and Rs1,683.80(0.97%) respectively. ICICI Bank has recorded a phenomenal growth in its top, middle and bottom line during Q2FY08. The Net profit of the company grew by a staggering 33% at Rs 1,003cr over Q2FY07. The Bank''s Net interest income and Fee based income gave a fillip to the bottom line growth.

SBI has tied up with Valsad District Co-operative Bank Ltd to sell the SBI life insurance products.

BSE IT index down by 82.36 points to trade at 4,603.55 as the main laggards like Tec Mahindra (3.72%) at Rs 1,279.95, TCS (2.96%) at Rs1,074, Satyam (2.3%) at 449.45 and Infosys (1.47%) at Rs 1,880 are trading low.