Tuesday, April 29, 2008

Mid Session Market

The market has gained further grounds as strong buying continued in the frontline indices after RBI in its monetary policy has kept the Repo and Reverse Repo remained unchanged. However, RBI hikes CRR by 25 BPS to 8.25%. The significant buying witnessed in the Bank, Realty, Metal and Auto stocks. The Mid Cap and Small Cap stocks have maintained their opening gains.

The overall market breadth is positive, as 1455 stocks are advancing while 1007 stocks are declining and the 61 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 48.02 points at 7,115.42 and the BSE small Cap advanced by 47.54 points to trade at 8,757.36.

At 12.30 pm, BSE Sensex was at 17,259.73 up by 243.77 points and Nifty was at 5,145 up by 55.35 points.

BSE Metal index surged by 289.95 points to trade at 15,914.17. The major gainers are Tata Steel (3.12%), NALCO (2.77%), Hindalco Industries (2.28%) and Sterlite Industries (1.27%).

BSE Banks advanced by 176.56 points to trade at 8,993.40. The main gainers are ICICI Bank (2.74%), SBI (2.38%), PNB (2.17%) and HDFC Bank (0.90%) are trading in green.

BSE Oil & Gas index was trading 95.43 points higher at 11,525.45 as Cairn India (2.11%), GAIL India (1.91%), ONGC (1.38%) and BPCL (0.28%) are trading in green.
Gail India will be a part of the consortium, which will build $7.6bn Turkmenistan-Afghanistan-Pakistan-India(TPAI) pipeline. This consortium will build and operate 1680 km pipeline from Dauletabad gas field in Turkmenistan to India through Afghanistan and Pakistan. The TAPI pipeline will cover Dauletabad gas field in Turkmenistan to Afghanistan and from there alongside the highway from Herat to Kandahar and then through Quetta and Multan in Pakistan to Fazilka in India, near the border with Pakistan.

BSE Realty index advanced by 41.26 points to trade at 8,209.33. Leading to its gain are DLF (3.28%), Ansal Infrastructures (2.89%), HDIL (2.21%), India Bull Real (1.83%) and Mahindra Life (1.59%).

BSE Capital goods index dropped marginally by 5.93 points to 13,749.11. The main losers are ABB (1.36%), BEML (1.56%), Crompton Greaves (1.51%) and BHEL (0.78%).

BSE IT index fell by 15.01 points to trade at 4,011.73 as Mphasis (2.32%), TCS (0.34%), and NIIT Technologies (0.16%) are trading in red.

BSE Power index inclined marginally by 1.52 points to trade at 3,306.11 as Tata Power (4.83%), Reliance Energy (1.48%), Power Grid (1.40%) and GVK Power (1.04%) are trading in positive.

BSE Health Care index increased by 36.66 points to trade at 4,252.57 as Glenmark Pharma (5.54%), Ranbaxy Lab (1.94%) and Dr. Reddy (1.15%) are trading in positive.

BSE Auto index improved by 40.62 points to trade at 4,617.82 as Hero Honda (4.21%), Mahindra & Mahindra (1.12%) and Tata Motors (1.52%) are trading in positive.
Mahindra & Mahindra has planned Rs.500crores private placement. It will offer securities on a preferential basis to outside investors for the first time in its history as tight credit markets and ample liquidity with large funds force the company into seeking alternative sources of capital.

No comments: