Weak market gives way to range-bound trade

The market remained weak in mid-afternoon trade. Tata Motors recovered from the lower level, while IT and telecom shares remained weak. In contrast, Ranbaxy had firmed up.

At 14:38 IST the Sensex was down 13,644. It has moved in a band of about 56 points; between 13,638 and 13,694, since 13:40 IST.The market-breadth was strong. For 1707 shares rising on BSE, 911 declined. Just 47 shares were unchanged. Gainers outpaced losers by a ratio of 1.87:1.The BSE clocked Rs 2965 crore in turnover.

Geodesic Information Systems Ltd declined 3.4% to Rs 203.70 on entering into a co-operative relationship with BenQ to distribute Mundu for multiple BenQ smartphone models scheduled for release in 2007.

Essar oil fell 0.8% to Rs 53.70 after reports that Iran's state oil refining company is in talks with Essar Group to build a new refinery in southern Iran.

Dollex Industries Ltd has commenced the sale of sugar at its recently acquired Godavari Manar Sugar Factory at Nanded after receiving its 'Free Sale Quota' from the Sugar Directorate.

Gitanjali Gems jumped 10% at Rs 245.70, after its board approved allotment of 1.55 million equity shares on private placement basis.

Jagran Prakashan Ltd remained unchanged at Rs 331.55 on announcing the appointment of Rajeev Dhal as head - mobile VAS business.