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 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.
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