Friday, November 28, 2008

Mid Session Market - Nov 28, 2008

The markets have lost further grounds and are trading in deep red even though the GDP number came in slightly better than expected. However the investors are little worried to take any fresh position ahead of the expiry of the F&O November series today. The selling continued among the Realty, Capital Goods, Metal, Banking and Oil & Gas stocks. However, the IT and FMCG stocks are trading with marginal gains. The BSE Mid Cap and the BSE Small Cap index are also trading lower with a loss of around 1% each.

India’s Gross Domestic Products (GDP) growth grew by 7.6% for the Second quarter (July-September quarter) of FY09 as against 9.3% (YoY) and 7.9% (QoQ). However, the numbers were slightly ahead of expectations. India''s growth has slowed in the second quarter due to the high interest rates and record-high inflation.

The BSE Sensex is now trading below the 9,000 mark and the NSE Nifty hovering around the 2,700 mark.

The overall market breadth is negative as 630 stocks are advancing while 1011 stocks are declining and the 55 stocks remained unchanged on BSE.

On the global market front, the Asian Markets are trading mixed as Hang Seng, Nikkei and Seoul Composite index are trading higher by (1.25%), (1.66%) and (1.18%) respectively. However the Shanghai Composite and KLSE Composite index are trading lower by (2.76%) and (0.44%) respectively.

TCS reported the top gainer from the BSE Sensex pack as it was trading higher by (3.23%) at Rs. 544 while Reliance Infra the top loser down by (6.16%) at Rs. 487.50.

The BSE Mid cap is lower by 35.59 points at 2,841.79 and the BSE small Cap slipped by 25.35 points to trade at 3,289.54.

At 12.31 pm, BSE Sensex was at 8,930.70 down by 96.02 points while the NSE Nifty was at 2,712.70 down by 39.55 points.

BSE IT index inclined by 10.23 points to trade at 2,478.68 as TCS (3.23%), Mphasis (2.97%), Patni Computer (2.32%), Tech Mahindra (1.17%) and Satyam Computer (0.87%) are trading in positive.

BSE Metal index slipped by 52.81 points at 4,367.64 as Tata Steel (3.10%), NALCO (3.35%), SAIL (2.48%) and ISPAT Industries (2.45%) are trading in red.

BSE Bankex index is trading lower by 39.62 points at 4,585.61. Losers are AXIS Bank (2.72%), SBI (1.83%), ICICI Bank (1.64%), Yes Bank (2.98%) and HDFC Bank (0.96%).

BSE Oil & Gas index is trading 44.91 points lower at 5,603.15 as Gail India (3.35%), RPL (2.14%), Cairn India (2.08%), HPCL (1.74%) and ONGC (1.06%) are trading in negative.

BSE Capital goods index dropped by 108.16 points to 6,297.10. The main losers are L&T (3.14%), Crompton Greaves (2.34%), ABB (2.79%), Punj Lloyd (1.49%) and Praj Industries (1.08%).

BSE Power index is trading 15.97 points lower at 1,616.33. The main losers are Reliance Power (4.25%), Power Grid (3.91%), Torent Power (2.34%), GVK Power (2.50%) and NTPC (1.77%).

BSE Realty index slipped by 40.21 points to 1,536.06. The major losers are Unitech (9.27%), Ansal Infra (7.94%), India Bull Real (4.90%), HDIL (3.90%) and Sobha Developers (3.10%).

BSE Auto declined by 12.43 points to 2,285.32. Leading to its fall are Tata Motors (4.26%), Ashok Leyland (2.53%), Maruti Suzuki (1.18%) and Hero Honda (1.12%).

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