Market stages recovery from lower level
The market tumbled in opening trade today, 27 July 2007, on weak global markets.It was an absolute bloodbath on the street. All the sectoral indices on BSE posting sharp losses. Realty stocks were hammered brutally. Volatility also creeped in the bourses.
It looked as if the market was experiencing one of its worst days in terms of daily losses as it crashed further on panic selling. What started as an initial plunge on global meltdown gained further momentum. Asian markets also extended their fall.At 2:45 p.m, Sensex is trading at 15,360.54 down 415 points, down 3.37% and Nifty is trading at 4480 down 139 points.
India’s largest cigarette maker ITC surged 4.5% to Rs 174 after it reported forecast beating 20% rise in net profit in Q1 June 2007 to Rs Rs 782.87 crore over Q1 June 2006. A total of five brokerages had forecast between 7% to 12.9% growth in ITC’s net profit in Q1 June 2007 over Q1 June 2006. ITC has 4% weightage in Sensex.
Cement shares came off lower level. Gujarat Ambuja Cements gained 0.6% to Rs 125. ACC was down 1.7% to Rs 1,004, off the session’s low of Rs 977.
Car major Maruti Udyog was down 0.2% to Rs 838. The stock came off from the lower level from an intra-day 2% fall. The scrip had risen nearly 4% on Thursday, 26 July 2007, when it beat forecast by reporting a 35.1% growth in net profit in Q1 June 2007 over Q1 June 2007 during trading hours.
IT bellwether Infosys was down 1.6% to Rs 2001. The stock came off lower level from an intra-day 3% fall. Infosys has a 9.6% weightage in the Sensex.
Ranbaxy Laboratories, India's largest pharma firm by sales, was up 2.3% to Rs 382 on 15 lakh shares.Reliance Industries (RIL) shed 2.7% to Rs 1,887. RIL has a huge 13.1% weightage in Sensex. RIL unveils Q1 results tomorrow, 28 July 2007.
Metal shares tumbled. Second largest steel maker in terms of sales in India, Tata Steel lost 5% to Rs 668. India’s largest aluminium maker Hindalco Industries shed 4.4% to Rs 175.
The capital goods duo, Bharat Heavy Electricals (Bhel) and Larsen & Toubro (L&T), suffered steep losses. India’s largest power equipment maker Bhel lost nearly 5% to Rs 1,670. India's largest engineering & construction firm L&T plunged 4% to Rs 2,439.
Realty stocks, too, succumbed to selling pressure. DLF plunged 5.8% to Rs 595 and Unitech lost 5% to Rs 564.
Bank shares remained weak. The major losers among PSU banks were Canara Bank (down 5.8% to Rs 264), Dena Bank (down 5% to Rs 55.20), Bank of Baroda (down 4.6% to Rs 289), Corporation Bank (down 4.6% to Rs 355) and State Bank of India (down 3.5% to Rs 1,496).
It looked as if the market was experiencing one of its worst days in terms of daily losses as it crashed further on panic selling. What started as an initial plunge on global meltdown gained further momentum. Asian markets also extended their fall.At 2:45 p.m, Sensex is trading at 15,360.54 down 415 points, down 3.37% and Nifty is trading at 4480 down 139 points.
India’s largest cigarette maker ITC surged 4.5% to Rs 174 after it reported forecast beating 20% rise in net profit in Q1 June 2007 to Rs Rs 782.87 crore over Q1 June 2006. A total of five brokerages had forecast between 7% to 12.9% growth in ITC’s net profit in Q1 June 2007 over Q1 June 2006. ITC has 4% weightage in Sensex.
Cement shares came off lower level. Gujarat Ambuja Cements gained 0.6% to Rs 125. ACC was down 1.7% to Rs 1,004, off the session’s low of Rs 977.
Car major Maruti Udyog was down 0.2% to Rs 838. The stock came off from the lower level from an intra-day 2% fall. The scrip had risen nearly 4% on Thursday, 26 July 2007, when it beat forecast by reporting a 35.1% growth in net profit in Q1 June 2007 over Q1 June 2007 during trading hours.
IT bellwether Infosys was down 1.6% to Rs 2001. The stock came off lower level from an intra-day 3% fall. Infosys has a 9.6% weightage in the Sensex.
Ranbaxy Laboratories, India's largest pharma firm by sales, was up 2.3% to Rs 382 on 15 lakh shares.Reliance Industries (RIL) shed 2.7% to Rs 1,887. RIL has a huge 13.1% weightage in Sensex. RIL unveils Q1 results tomorrow, 28 July 2007.
Metal shares tumbled. Second largest steel maker in terms of sales in India, Tata Steel lost 5% to Rs 668. India’s largest aluminium maker Hindalco Industries shed 4.4% to Rs 175.
The capital goods duo, Bharat Heavy Electricals (Bhel) and Larsen & Toubro (L&T), suffered steep losses. India’s largest power equipment maker Bhel lost nearly 5% to Rs 1,670. India's largest engineering & construction firm L&T plunged 4% to Rs 2,439.
Realty stocks, too, succumbed to selling pressure. DLF plunged 5.8% to Rs 595 and Unitech lost 5% to Rs 564.
Bank shares remained weak. The major losers among PSU banks were Canara Bank (down 5.8% to Rs 264), Dena Bank (down 5% to Rs 55.20), Bank of Baroda (down 4.6% to Rs 289), Corporation Bank (down 4.6% to Rs 355) and State Bank of India (down 3.5% to Rs 1,496).
Labels: Nifty.Sensex
posted by SY at 2:37 PM
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