The market comes off from the day’s low on selective buying across the counters.

The market comes off from the day’s low on selective buying across the counters. Tracking the negative cues from the global markets and the rising inflation figure that stood at 11.98%, the domestic market opened with a huge gap down. The metal stocks are attracting the investors confidence as most buying is seen from this basket. The market breadth is flat as 1114 stocks are trading lower while 1016 stocks are trading in green.

The BSE Sensex is trading lower by 88.42 points at 14,267.33 and the NSE Nifty is trading down by 35.5 points at 4,297.45. The BSE Mid Cap and Small Cap are trading with marginal gains of 10.01 points and 19.38 points at 5,577.38 and 6,932.17 respectively.

Leading the rally form the losers pack of BSE are Rel Com trading down by 12.26% at Rs438.75 followed by Glenmark pharma by 5.56% at Rs610.75, Tata Tea by 4.60% at Rs725, Gammon India by 3.33% at Rs204.95, Tata Power by 3.28% at Rs1122.10, Maruti Suzuki by 3.11% at Rs557.

The Metal index is trading higher by 126.25 points at 13,038.86. Pushing it are JSW Steel trading up by 5.12% at Rs772 along with NMDC by 4.07% at Rs343, Jindal Saw by 3.53% at Rs529.45, Welspun Guj by 3.50% at Rs341.30, Ispat inds by 3.07% at Rs26.85, Tata Steel by 1.99% at Rs668 and Nalco by 1.40% at Rs430.50.

From the Banking Space, Union bank is trading lower by 2.80% at Rs128.25 in line with SBI by 2.04% at Rs1385.85, Bank of Baroda by 1.53% at Rs251.60, Allahabad bank by 1.09% at Rs59.10 and Axis bank by 1.05% at Rs647.

Tata Steel is trading higher by 2.08% at Rs668.7 as the company reported a growth of 21.78% in standalone net profit to Rs1488.40 crore for the first quarter ended June 2008 as against Rs1222.11 crore reported during the same period a year ago. The total income grew to Rs6177.25 crore as against Rs4305.33 crore previous year.

HCL Technologies is trading up by 1.85% at Rs204.05 as the company announced a acquisition of UK based BPO firm Liberata Financial Services (LFS) for $2 million. As per the agreement, HCL will acquire four LFS delivery centres in UK and will invest $24 million in the business over the next three years. This is second acquisition for HCL tech this yaer. Earlier in February its had acquired US based Capital Stream Inc. for about $40 mn in cash.

Suzlon Energy is trading firmly at Rs227.3 up by 1.88% due to strong quarterly numbers. The company has posted a consolidated net profit of Rs39.4 crore as against Rs20 crore. During te same period, the total income rose to Rs2760.46 crore from Rs1944.63 crore previous year.

The markets have gained some grounds from the day’s low and are trading flat.

The markets have gained some grounds from the day’s low and are trading flat. The selling pressure continued in the selective scrips mainly led by the FMCG, Auto, Realty and Pharma stocks. However, the Metal, Capital Goods, Consumer Durables and Power stocks are trading higher. The BSE Mid Cap and BSE Small cap are trading marginally higher.

The overall market breadth is positive as 1218 stocks are advancing while 1135 stocks are declining and the 83 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 24.59 points at 5,591.96 and the BSE small Cap is up by 22.17 points to trade at 6,934.96.

At 12.30 pm, BSE Sensex was at 14,366.17 up by 10.42 points and the NSE Nifty was at 4,329.20 down by 3.75 points.

BSE Metal index surged by 195.71 points at 13,108.32 as Tata Steel (1.93%), SAIL (0.75%), Nalco (0.44%) and Hindalco Industries (0.11%) are trading in green.

BSE Oil & Gas index was trading 53.82 points higher at 9,783.30 as Essar Oil (2.32%), BPCL (0.92%), Gail India (0.90%) and ABN Offshore (0.51%) are trading in positive.

BSE Capital goods index advanced by 143.14 points to 11,826.94. The main gainers are BHEL (1.39%), ABB (1.32%), Siemens (1.21%) and L&T (1.02%).

BSE Power index increased by 15.66 points to 2,589.93. Gainers are NTPC (0.67%), Suzlon Energy (0.38%) while the losers are Tata Power (2.60%), Reliance Infra (2.09%) and Reliance Power (1.85%).

BSE Bankex index is trading higher by 2.80 points at 6,519.21. Gainers are Orienetal Bank (2.08%), Kotak Bank (1.39%), Indus Ind Bank (1.24%) and PNB (0.83%).

BSE Realty index slipped by 69.11 points to 5,009.96. The major losers are DLF (2.42%), Mahindra Life (0.93%), India Bull Real (0.65%) and Sobha Developers (0.48%).

BSE Auto index decreased by 47.54 points to 3,631.97. The top losers are Maruti Suzuki (3.48%), Hero Honda (2.19%), Bajaj Auto (2.96%) and Tata Motors (1.18%).

BSE IT index inclined by 15.63 points to trade at 3,705.20 as Financial Technologies (1.86%), I-Flex (1.34%), and HCL Technologies (1.07%) trading in positive.

Financial Technologies fixes Book Closure for first interim dividend, final dividend

Financial Technologies India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 25, 2008 to August 28, 2008 (both days inclusive) for the purpose of 20th Annual General Meeting (AGM) of the Company to be held on August 28, 2008 and also for the payment of 1st Interim Dividend (F.Y. 2008-09) & Final Dividend (F.Y. 2007-08).

IEC Softwares - Change of Name of the Company

IEC Softwares Ltd has informed that the Pursuant to the Central Government approval under section 21 of the Companies Act, 1956, name of the Company has been changed from IEC Softwares Ltd to IEC EDUCATION LTD with effect from July 31, 2008.