Monday, March 24, 2008

Mid Session Market

The market is still trading higher but off the day’s high. But the broader market has lost further grounds as strong selling witnessed in the Mid Cap and Small Cap stocks. The BSE Sensex is hovering around the 15,100 mark and the NSE Nifty has maintained the 4,600 mark. The huge demand is witnessed in the Bank and IT stocks. The Metal, Realty and Oil&Gas stocks are out of favor today. The overall market breadth remains extremely negative, as 472 stocks are advancing while 2032 stocks are declining and the 54 stocks remained unchanged on BSE.

The BSE Mid cap is lower by 169 points at 5,795 and the BSE small Cap lower by 242 points to trade at 6,980.

At 12.50 pm, BSE Sensex was at 15,168 up by 173 points and Nifty was at 4,599.70 up by 25.75 points.

BSE Capital goods index dropped by 59.69 points to 13,036.03. The main losers are BEML (5.35%), Punj Lloyd (3.99%), Siemens (3.66%) and BHEL (1.48%).

BSE Health Care index declined by 2.20 points to trade at 3,669.06 as Fortis Health (4.21%), Aventis Pharma (3.48%), Biocon (1.97%) and Cadila Health care (1.89%) are trading in negative.
Sun Pharmaceuticals advanced by (1.87%) as the company has got the approval from the U.S. Food and Drug Administration to market benzonatate capsules. The drug, used to treat cough, common cold, pneumonia and other lung infections.

BSE Oil & Gas index was trading 72.62 points lower at 9,644.94 as ABN Offshore (12.09%), Essar Oil (9.21%), Cairn India (6.56%) and RNRL (2.60%) are trading in red.

BSE Power index decreased by 37.07 points to trade at 2,947 as Areva (7.34%), Torent Power (4.41%), GVK Power (3.30%) and Reliance Energy (2.74%) are trading in red.

BSE IT index inclined by 51.32 points to trade at 3,420.95 as HCL Technologies (4.35%), TCS (2.73%), Wipro (4.10%) and Satyam Computer (0.65%) are trading in green.
TCS has set up a software development and delivery centre in North America with a capacity of 1,000 seats to cater to the customers.

BSE Metal index slipped by 413.09 points to trade at 13,085.46. The major losers are JSW Steel (16.47%), Gujarat NRE (8.84%), Jindal Stainless (6.81%) and Ispat Industries (5.82%).

BSE Banks index surged by 164.92 points to trade at 7,660.18. The top gainers are ICICI Bank (3.35%), HDFC Bank (2.83%), Kotak Bank (2.17%) and SBI (1.27%).

BSE Auto index grew by 13.10 points to trade at 4,411.35. Leading to its gain are Tata Motors (2.14%), Mahindra & Mahindra (2.07%) and Maruti Suzuki (0.90%).

Maruti Suzuki plans to invest Rs.90 billion in India, mostly on research and logistics. The fresh investment would be made over eight years and be used to set up to five large warehouses spread across the country to cut delivery time.

Tata Motors should complete its proposed $2bn acquisition of iconic car marques Land Rover and Jaguar from Ford Motor this week. Also, the company has signed a deal with Citigroup and JP Morgan to receive a $3bn one-year bridge loan to finance purchase of luxury brands Jaguar and Land Rover.

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