Thursday, November 20, 2008

Mid Session Market - Nov 20, 2008

The markets are not showing any sign of recovery and are still trading lower with a deep cut. The selling pressure continued across the board mainly led by the Realty, Banking, Auto, IT and Metal stocks. The BSE Mid Cap and the BSE Small Cap index are also trading lower with a loss of more than 3% each.

Inflation has further declined to 8.90% for the week ended November 8, marginally below the previous week''s annual rise of 8.98%. This sharp fall in inflation was mainly on account of declining prices of fuel items, triggered by fall in international crude prices.

The BSE Sensex is now trading below the 8,400 mark and the NSE Nifty is hovering around the 2,500 mark.

The overall market breadth is negative as 385 stocks are advancing while 1847 stocks are declining and the 60 stocks remained unchanged on BSE.

On the global market front, the Asian Markets are trading lower as Nikkei, Shanghai Composite, Hang Seng and Straits Times index are trading lower by (6.89%), (0.79%), (6.05%) and (3.25%) respectively.

HDFC reported the top loser from the BSE Sensex pack as it was trading lower by (9.96%) at Rs. 1,230 followed by Tata Power down by (8.44%) at Rs. 620.

The BSE Mid cap is lower by 112.09 points at 2,886.30 and the BSE small Cap slipped by 127.42 points to trade at 3,365.70.

At 12.31 pm, BSE Sensex was at 8,363.75 down by 410.03 points while the NSE Nifty was at 2,526.60 down by 108.40 points.

BSE Metal index dropped by 216.83 points at 4,219.31 as Jindal Steel (9.07%), Gujarat NRE (8.04%), JSW Steel (5.47%) and Sterlite Industries (5.12%) are trading in red.

BSE Bankex index is trading lower by 280.82 points at 4,316.13. Losers are ICICI Bank (7.91%), HDFC Bank (7.33%), IDBI Bank (5.88%), PNB (5.49%) and AXIS Bank (4.08%).

BSE Oil & Gas index is trading 263.86 points lower at 5,243.62 as Aban Offshore (5.93%), Essar Oil (5.41%), Gail India (4.58%) and Cairn India (4.56%) are trading in negative.

BSE Capital goods index slipped by 220.13 points to 6,176.63. The main losers are Gammon India (6.83%), Punj Lloyd (5.49%), BHEL (3.82%), L&T (2.76%) and Siemens (1.03%).

BSE IT index declined by 96.96 points to trade at 2,313.98 as Tech Mahindra (5.85%), Wipro (4.74%), Satyam Computer (4.67%), Infosys Technologies (3.67%) are trading in negative.

BSE Power index is trading 69.81 points lower at 1,460.11. The main losers are Tata Power (8.14%), Suzlon Energy (3.78%), Power Grid (3.41%), Reliance Power (2.78%).

BSE Realty index slipped by 138.27 points to 1,692.67. The major losers are HDIL (11.01%), India Bull Real (10.21%), Unitech (7.56%) and DLF (6.89%).

BSE Auto declined by 108.80 points to 2,241.44. Leading to its fall are Maruti Suzuki (6.10%), Hero Honda (4.96%), Bajaj Auto (4.57%) and Mahindra & Mahindra (4.61%).

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