The market pared gains in afternoon trade. The market had bounced back from lower level in early afternoon trade amid volatility as some Asian markets came off lower level. It had opened with a downward gap in early trade tracking weak global markets. Reliance Industries declined. Banking, consumer durable, metal stocks rose. IT, realty stocks remained subdued. BSE Mid Cap and Small Cap indices outperformed Sensex. Market breadth was strong. Asian markets were mixed.
Worries of impact of credit troubles on the broader US economy heightened after Goldman Sachs on Monday, 19 November 2007, downgraded Citigroup's stock to sell from neutral, forecasting more write-downs by the largest US bank because of mortgage losses.
At 13:20 IST, the 30-share BSE Sensex was up 9.81 points or 0.05% at 19,643.17. Sensex touched a high of 19,714.22 in early afternoon trade. At day's high, Sensex had risen 80.86 points. Sensex hit a low of 19,411.67 in early trade. At day’s low of 19,411.67 Sensex had lost 221.69 points.
The S&P CNX Nifty was down 20.55 points or 0.35% to 5,887.10.
The market breadth was strong. On BSE, 1,935 stocks advanced, while 797 stocks declined and 54 stocks were unchanged. 16 out of 30 stocks from the Sensex pack were in green.
The BSE Mid-Cap index rose 1.09% to 8,825.62 and the BSE Small-Cap index rose 1.99% to 10,672.89. Both these indices outperformed Sensex.
Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries was down 0.25% to Rs 2,848.85, off session's high of Rs 2,857.80.
Banking stocks rose. India's biggest private sector bank in terms of operating income ICICI bank rose 1.58% to Rs 1,205.55. The stock recovered from session's lows of Rs 1,160.
State Bank of India (SBI) rose 1.87% to Rs 2,348.05. As per reports it is seeking to expand its foothold beyond immediate associate banks by possibly absorbing UCO Bank and Dena Bank. UCO Bank jumped 7.99% to Rs 61 and Dena Bank soared 5.46% to Rs 92.75.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.53% to Rs 1,663.90.
Consumer Durable stocks rose. Videocon industries (up 6.09% to Rs 464.90), Titan Industries (up 1.19% to Rs 1,533) and Blue Star (up 1.53% to Rs 435) edged higher.
Metal stocks rose after initial slump. Tata Steel (up 2.52% to Rs 884.50), Steel Authority of india (up 3.68% to Rs 271.10) edged higher. Hindalco Industries (down 0.83% to Rs 203) and Sterlite industries (down 2.69% to Rs 984) remained in red.
Realty stocks declined. DLF declined 2.28% to Rs 926.45. Merrill Lynch (ML) has reportedly acquired 49% equity stake in seven residential projects of DLF for Rs 1,481 crore. Indiabulls Real Estate down 0.27% to Rs 657.20.
Unitech declined 2.28% to Rs 388, on reports the company foraying into Mumbai with a commercial project spread over 80 acre near the Bandra Kurla complex.
IT stocks plunged. Infosys (down 2.33% to Rs 1,581.90), Tata Consultancy Services (down 1.74% to Rs 971), Satyam Computer Services (down 0.51% to Rs 420.50) and Wipro (down 1.17% to Rs 452.05) edged lower.
India’s second largest cement manufacturer by sales ACC rose 3.99% to Rs 1,127.10 and was the top gainer from Sensex pack.
India’s largest cigarette maker ITC by sales rose 2.11% to Rs 203.
Bharat Heavy Electricals declined 1.96% to Rs 2,729.
BEML declined 1.49% to Rs 1772 despite reports that it will take a 48% stake in the three-way joint venture that will take over ailing Mining and Allied Machinery Corporation (MAMC) in Durgapur, West Bengal.
Neyveli Lignite Corporation lost 1.35% to Rs 211.75 after National Stock Exchange of India banned building further futures & options positions in the stock as 95% of marketwide limit was reached on Monday, 19 November 2007.
Jinadal Stainless was the top gainer from A group and rose 16.98% to Rs 207. Balaji Telefilms (up 11.9% to Rs 372), Nirma (up 10.17% to Rs 233), MIRC Electronics (up 9.97% to Rs 35.30) and Century Enka (up 8.93% to Rs 184.80) were other major gainers from A group.
Some Asian markets came off lower level after initial slump. Japan's Nikkei rose 1.12% to 15,211.52 and Singapore's Straits Times gained 0.83% at 3,440.28. Taiwan Weighted index was flat at at 8,680.
Hong Kong's Hang Seng (down 0.05% to 27,436.35) and South Korea's Seoul Composite index (down 1.12% at 1,872.24) were in the red.
US markets suffered sharp losses on Monday, 19 November 2007, after a broker downgrade of Citigroup sparked concerns of more mortgage losses and fears of slumping auto sales hammered GM shares. The Dow Jones industrial average plunged 218.35 points, or 1.66%, to 12,958.44. The S&P 500 index fell 25.47 points, or 1.75%, to 1,433.27, and the Nasdaq Composite slipped 43.86 points, or 1.66%, to 2,593.38.
Crude oil prices edged lower in Asian trade on Tuesday, 20 November 2007 with the dip seen as temporary because traders were still worried about tight global supplies. New York's main contract, light sweet crude for January delivery was down 26 cents at $94.38 a barrel. Brent North Sea crude for January delivery eased 33 cents to $91.95.
Market posted losses for third straight day on Monday, 19 November 2007. The 30-share BSE Sensex lost 64.53 points or 0.33% at 19,633.36 while the broader CNX S&P Nifty was up 0.8 points or 0.01% at 5,907.65 on that day.
No comments:
Post a Comment