Mid session Market

The market is facing a lot of volatility and slipped from higher level as selling emerged at the higher level. The IT index is the worst hitted among the key indices on account of the Infosys second quarter results. However the Capital Goods & Metal stocks are facing the strong buying momentum. The overall market breadth is negative 1158 stocks are advancing while 1394 stocks are declining on BSE.
At 12.42 pm, BSE Sensex was at 18,589.08 down by 69.17 points while Nifty was at 5,436 down by 5 points. The Mid cap is higher by 7.89 points at 7,492.25 and the small Cap advanced by 7.57 points to trade at 9,030.32.
BSE Capital goods index surged 298.70 points to 16,930.05. The main gainers are L&T (2.94%), BHEL (1.98%) and ABB (0.36%).Larsen and toubro firmed up by (3.41%) to trade at Rs3271 as the company has bagged an order worth $60mn from Saudi Arabia''''s methanol chemical or Chemanol for setting up of high technology methyl amines and dimethyl formamide plants.
BSE Metal index improved 284.72 points to trade at 14,728.24. The major gainers are Sterlite Industries (6.26%), SAIL (2.82%) and Tata Steel (0.12%).
BSE Oil & Gas index was trading 87.09 points higher at 10,637.64 as ONGC (1.88%), RPL (1.73%) and GAIL (1.30%) are trading in green.
BSE Banks index increased by 87.04 points to trade at 9,510.23. The main gainers are PNB (0.59%), HDFC Bank (0.56%), ICICI Bank (0.28%) and SBI (0.26%).
BSE IT index dropped by 252.68 points to trade at 4,796.32 as Infosys (6.92%), Satyam (6%), HCL Tech (5.47%), Wipro (4.17%) and TCS (4%) are trading lower.Infosys dropped by (5.63%) to trade at Rs2005 as the company did not came out with good quarterly numbers. The company has posted a marginal growth of 1.9% in consolidated net profit to Rs1100 Crore for the quarter ended September 2007 as compared to Rs1079 Crore reported during the same period last year.