Tuesday, November 25, 2008

Mid Session Market - Nov 25, 2008

The markets are still trading higher after slipping from the day’s high due to concern about the domestic fiscal deficit as Finance minister said that India is likely to miss the revenue and fiscal deficit targets in the current financial year. However, US government’s rescue plans for Citigroup followed by the economic team formation by President-elect Obama and prospects of another economic stimulus package by January have added to the rally. All the sectorial indices are trading in green mainly led by the Power, Metal, Banking, Capital Goods and Oil & Gas stocks. The BSE Mid Cap and the BSE Small Cap index are however trading with a gain of around 1% each.

The BSE Sensex is now trading around the 9,100 mark and the NSE Nifty hovering around the 2,750 mark.

The overall market breadth is positive as 1281 stocks are advancing while 830 stocks are declining and the 80 stocks remained unchanged on BSE.

On the global market front, the Asian Markets are trading mixed as Hang Seng, Nikkei and Straits Times index are trading higher by (3.91%), (5.22%) and (2.63%) respectively. However the Shanghai Composite index is trading lower by (1.33%).

ONGC reported the top gainer from the BSE Sensex pack as it was trading higher by (4.68%) at Rs. 710.75 while Ranbaxy Laboratories the top loser down by (3.58%) at Rs. 206.

The BSE Mid cap is higher by 36.47 points at 2,938.76 and the BSE small Cap advanced by 27.44 points to trade at 3,391.40.

At 12.31 pm, BSE Sensex was at 9,094.93 up by 191.81 points while the NSE Nifty was at 2,774.85 up by 66.60 points.

BSE Metal index surged by 115.63 points at 4,425.36 as Sesa Goa (7.89%), Jindal Steel (4.44%), SAIL (3.86%) and JSW Steel (3.25%) are trading in green.

BSE Bankex index is trading higher by 71.96 points at 4,526.64. Gainers are Kotak Bank (4.08%), HDFC Bank (3.87%), ICICI Bank (3.47%), AXIS Bank (1.18%) and PNB (0.52%).

BSE Oil & Gas index is trading 89.01 points higher at 5,715.68 as Cairn India (5.83%), Essar Oil (4.36%), ONGC (5.05%) and RNRL (2.42%) are trading in positive.

BSE Capital goods index improved by 149.37 points to 6,704.09. The main gainers are Praj Industries (6.91%), BHEL (3.83%), Siemens (3%), Punj Lloyd (2%).

BSE IT index inclined by 18.22 points to trade at 2,481.17 as Patni Computer (5.82%), Wipro (3.72%), Tech Mahindra (2.45%) and Satyam Computer (2.40%) are trading in positive.

BSE Power index is trading 49.97 points higher at 1,699.41. The main gainers are GVK Power (11.82%), NTPC (3.92%), Torent Power (3.70%), Tata Power (3.20%) and Reliance Power (2.79%).

BSE Realty index improved by 21.95 points to 1,605.25. The major gainers are Unitech (4.32%), Ansal Infra (3.65%), Parsavnath (1.34%), Sobha Developers (0.68%) and Omaxe Ltd. (0.53%).

BSE Auto inclined by 15.66 points to 2,330.01. Leading to its gain are Hero Honda (2.41%), Tata Motors (1.87%) and Maruti Suzuki (1.54%).

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