Markets end in red
The markets ended in red on account of weak cues from global markets and downgraded FY08 guidance from Infosys.Sensex closed at 14,910 down 99 points, Nifty closed at 4387 down 19 points.
IT pivotals saw intense selling pressure right from the opening bell.IT bellwether Infosys Technologies slumped 4.65% to Rs 1,926.Satyam Computers shed 3.25% to Rs 481, TCS lost 3.10% to Rs 1,151 and Wipro lost 1.97% to Rs 510.50.
Auto stocks edged lower on profit booking. Tata Motors (down 1.97% to Rs 729.90), Mahindra & Mahindra (down 0.81% to Rs 782) and Maruti Udyog (down 0.37% to Rs 810) edged lower.Leading private sector lender ICICI Bank declined 1.10% to Rs 953 and State Bank of India slipped 0.88% to Rs 1537.
Steel maker Tata Steel galloped 4.20% to Rs 660.55.A recent report by a brokerage states that India’s steel consumption will grow 16% annually until 2012, or twice as fast as in the past five years, fueled by demand for construction projects worth $1 trillion. The construction industry, growing 60% a year, will keep steel mills running at near full capacity. The brokerage house expects global steel prices to rise in 2008 and 2009.
Reliance Energy (REL) vaulted 2.10% to Rs 625.50 on its plans to invest Rs 60,000 crore to add 15,000 mega watts (MW) of power over the next five years.Cement major ACC (up 3.32% to Rs 1071.10), UltraTech Cement Company (up 1.60% to Rs 896.55), Birla Corporation (up 4.28% to Rs 286.20) and Grasim (up 2.77% to Rs 2802) edged higher.
IT pivotals saw intense selling pressure right from the opening bell.IT bellwether Infosys Technologies slumped 4.65% to Rs 1,926.Satyam Computers shed 3.25% to Rs 481, TCS lost 3.10% to Rs 1,151 and Wipro lost 1.97% to Rs 510.50.
Auto stocks edged lower on profit booking. Tata Motors (down 1.97% to Rs 729.90), Mahindra & Mahindra (down 0.81% to Rs 782) and Maruti Udyog (down 0.37% to Rs 810) edged lower.Leading private sector lender ICICI Bank declined 1.10% to Rs 953 and State Bank of India slipped 0.88% to Rs 1537.
Steel maker Tata Steel galloped 4.20% to Rs 660.55.A recent report by a brokerage states that India’s steel consumption will grow 16% annually until 2012, or twice as fast as in the past five years, fueled by demand for construction projects worth $1 trillion. The construction industry, growing 60% a year, will keep steel mills running at near full capacity. The brokerage house expects global steel prices to rise in 2008 and 2009.
Reliance Energy (REL) vaulted 2.10% to Rs 625.50 on its plans to invest Rs 60,000 crore to add 15,000 mega watts (MW) of power over the next five years.Cement major ACC (up 3.32% to Rs 1071.10), UltraTech Cement Company (up 1.60% to Rs 896.55), Birla Corporation (up 4.28% to Rs 286.20) and Grasim (up 2.77% to Rs 2802) edged higher.
Labels: Nifty.Sensex
posted by SY at 5:22 PM
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