Mid Session Market

The market is now trading at lower level as selling in the selective index pivotal is stll continuing. The heavy selling is seen in the Banking and Capital Goods stocks. However the strong buying in the Metal and Oil & Gas stocks has provided some support to the market.

The overall market breadth is negative as 1149 stocks are advancing while 1418 stocks are declining and 74 stocks remained unchanged on BSE.

At 12.33 pm, BSE Sensex was at 18,688.91 down by 125.26 points while Nifty was at 5,514.70 down by 10.15 points. The Mid cap is higher by 30.87 points at 7,621.47 and the small Cap advanced by 56.73 points to trade at 9,177.11.

BSE Metal index surged 204.20 points to trade at 15,036.84. The major gainers are Tata Steel (2.82%), SAIL (1.78%), Hindalco Industries (1.70%) and Sterlite Industries (1. %).21

BSE Capital goods index dropped 211.17 points to 16,876.83. The main losers are Suzlon energy (3.04%), Siemens (2.37%), L&T (1.69%) and BHEL (1.20%).

L&T has agreed to buy out the switchgear business of Tamco in Malaysia for $108 million. Tamco has units in Malaysia, Australia, China and Indonesia.

BSE IT index down by 123.70 points to trade at 4,643.02 as TCS (3.54%), Satyam (3.12%), Infosys (2.63%), HCL Tech. (2.56%) and Wipro (2.05%) are trading lower.

BSE Oil & Gas index was trading 66.50 points higher at 10,792.15 as ONGC (4.50%), GAIL (2.74%) and RPL (1.69%) are trading higher. GAIl is likely to see a growth of 40% in revenues to Rs22,446 Crore this fiscal. Also the company has projected to see further rise in revenues to Rs23,918 Crore in 2008-09, Rs27,014 Crore in 2009-10 and Rs29,580 Crore in 2010-11.

BSE Banks index decreased by 180.88 points to trade at 9,389.91. The main losers are ICICI Bank (2.75%), HDFC Bank (2.05%), SBI (1.08%) and PNB (0.78%).

BSE Auto index dropped 21.12 points to trade at 5,582.73. Leading to the loss are Maruti Suzuki (1.70%), Hero Honda (1.19%), Tata Motors (0.72%) and Bajaj Auto (0.08%).