Market turns volatile
The market which opened on a firm note, slipped in the red on profit booking at higher levels. However it again recovered from lower levels and moved into the green, as buying resumed. The firm opening was because political worries eased after a key Left party on Wednesday, 23 August 2007, softened its stand regarding withdrawing support to the ruling coalition government at the centre.Though the domestic bourses bucked weak Asian markets, the market breadth turned negative.
At 12.10 pm, the Sensex is up 95.86 points at 14259.84, and the Nifty up 26.40 points at 4141.35.
State Bank of India, the country’s largest bank in terms of net profit advanced 2.43% to Rs 1449.50 on 2.91 lakh shares after the Parliament on Thursday, 23 August 2007 passed a bill to replace an ordinance enabling transfer of the Reserve Bank of India’s stake in State Bank of India to the Union Government.The SBI (Amendment) Bill, 2007 was approved by the Rajya Sabha by a voice vote on Thursday, while it got the Lok Sabha’s clearance on Tuesday, 21 August 2007.
A block deal had taken place in FII segment in SBI on NSE on Thursday, 23 August 2007, at Rs 1750, a premium of 23.70% over the ruling market price.
Reliance Energy (up 2% to Rs 720), Tata Motors (up 2.16% to Rs 635.55), Tata Steel (up 1.75% to Rs 570), and Bhel (up 1.35% to Rs 1684), were the other gainers from the Sensex pack.
Reliance Industries rose 0.72% to Rs 1755.10 on 2.37 lakh shares. The Empowered Group of Ministers, formed to look into pricing and utilisation of natural gas produced from new fields like the KG-D6 of RIL, is likely to hold its first meeting on 27 August 2007. RIL had proposed increase in gas price from $4.33 per million British thermal unit to $4.58, which was opposed by key consuming sectors like fertilizer and power.
HDFC Bank was the top loser.It lost 1.30% to Rs 1085.Infosys (down 1% to Rs 1790) and HDFC (down 0.35% to Rs 1901.80) were the other losers.
Mercator Lines (MLL), the Mumbai-based shipping company rose 3% to Rs 53.50 on reports that it is raising around $250 million in the largest-ever Indian offering in Singapore. It will offload 30% stake in its wholly-owned subsidiary Mercator Lines (Singapore) through the proposed IPO.
At 12.10 pm, the Sensex is up 95.86 points at 14259.84, and the Nifty up 26.40 points at 4141.35.
State Bank of India, the country’s largest bank in terms of net profit advanced 2.43% to Rs 1449.50 on 2.91 lakh shares after the Parliament on Thursday, 23 August 2007 passed a bill to replace an ordinance enabling transfer of the Reserve Bank of India’s stake in State Bank of India to the Union Government.The SBI (Amendment) Bill, 2007 was approved by the Rajya Sabha by a voice vote on Thursday, while it got the Lok Sabha’s clearance on Tuesday, 21 August 2007.
A block deal had taken place in FII segment in SBI on NSE on Thursday, 23 August 2007, at Rs 1750, a premium of 23.70% over the ruling market price.
Reliance Energy (up 2% to Rs 720), Tata Motors (up 2.16% to Rs 635.55), Tata Steel (up 1.75% to Rs 570), and Bhel (up 1.35% to Rs 1684), were the other gainers from the Sensex pack.
Reliance Industries rose 0.72% to Rs 1755.10 on 2.37 lakh shares. The Empowered Group of Ministers, formed to look into pricing and utilisation of natural gas produced from new fields like the KG-D6 of RIL, is likely to hold its first meeting on 27 August 2007. RIL had proposed increase in gas price from $4.33 per million British thermal unit to $4.58, which was opposed by key consuming sectors like fertilizer and power.
HDFC Bank was the top loser.It lost 1.30% to Rs 1085.Infosys (down 1% to Rs 1790) and HDFC (down 0.35% to Rs 1901.80) were the other losers.
Mercator Lines (MLL), the Mumbai-based shipping company rose 3% to Rs 53.50 on reports that it is raising around $250 million in the largest-ever Indian offering in Singapore. It will offload 30% stake in its wholly-owned subsidiary Mercator Lines (Singapore) through the proposed IPO.
Labels: Nifty.Sensex
posted by SY at 12:06 PM
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