Markets trading quietly
The market posted marginal gains in opening trade. However it was volatile. Asian markets were mixed today, 28 August 2007. US markets closed lower on Monday, 27 August 2007.The markets have shown some strength and pulled back in green on the back of some buying coming in metal, pharma and realty sectors. However, banking stocks are still subdued.At 11.29 hrs IST, the Sensex is up 54.25 points or 0.37% at 14896.63, and the Nifty up 14.55 points or 0.34% at 4317.15.
India’s largest aluminium manufacturer Hindalco Industries advanced 3.44% to Rs 153.50 on 8.22 lakh shares.Other metal shares, Tata Steel (up 1.50% to Rs 612), Hindustan Zinc (up 2.70% to Rs 704), and Sail (up 1.98% to Rs 162), also edged higher
Reliance Industries was up 0.94% to Rs 1850 on 2.33 lakh shares. Reliance Industries (RIL) is reportedly entering into an alliance with Container Corporation of India (Concor), the country’s largest container train operator. Under the partnership, RIL will have access to several infrastructural facilities of Concor, including almost 60 terminals across the country. RIL intends to utilise these facilities as key warehousing points for Reliance Retail.
ICICI Bank lost 1.56% to Rs 871 on 3.73 lakh shares. It was the top loser from Sensex pack. The bank got a setback today, after the Reserve Bank of India made a strong case against intermediate holding companies to float holding companies for their insurance and mutual fund business. The regulator said any clearance for foreign investment in such a holding company by other regulators could be subject to “legal review”.
State Bank of India slipped to a low of Rs 1527 in early trade. However it recovered from lower levels and was now up 0.34% to Rs 1562.
Tata Motors (down 0.80% to Rs 671), and Bharti Airtel (down 0.25% to Rs 875), were the other losers.
Centurion Bank of Punjab rose 1.43% to Rs 39 after the private sector bank got Reserve Bank of India's approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.
Mold-Tek Technologies was locked at upper limit of 5% at Rs 131.90 after its board approved to de-merge plastic business and merge Teck Men Tools with itself.
Swaraj Mazda rose 4.06% to Rs 333 after its board of directors approved rights issue of equity shares of upto Rs 120 crore.
India’s largest aluminium manufacturer Hindalco Industries advanced 3.44% to Rs 153.50 on 8.22 lakh shares.Other metal shares, Tata Steel (up 1.50% to Rs 612), Hindustan Zinc (up 2.70% to Rs 704), and Sail (up 1.98% to Rs 162), also edged higher
Reliance Industries was up 0.94% to Rs 1850 on 2.33 lakh shares. Reliance Industries (RIL) is reportedly entering into an alliance with Container Corporation of India (Concor), the country’s largest container train operator. Under the partnership, RIL will have access to several infrastructural facilities of Concor, including almost 60 terminals across the country. RIL intends to utilise these facilities as key warehousing points for Reliance Retail.
ICICI Bank lost 1.56% to Rs 871 on 3.73 lakh shares. It was the top loser from Sensex pack. The bank got a setback today, after the Reserve Bank of India made a strong case against intermediate holding companies to float holding companies for their insurance and mutual fund business. The regulator said any clearance for foreign investment in such a holding company by other regulators could be subject to “legal review”.
State Bank of India slipped to a low of Rs 1527 in early trade. However it recovered from lower levels and was now up 0.34% to Rs 1562.
Tata Motors (down 0.80% to Rs 671), and Bharti Airtel (down 0.25% to Rs 875), were the other losers.
Centurion Bank of Punjab rose 1.43% to Rs 39 after the private sector bank got Reserve Bank of India's approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.
Mold-Tek Technologies was locked at upper limit of 5% at Rs 131.90 after its board approved to de-merge plastic business and merge Teck Men Tools with itself.
Swaraj Mazda rose 4.06% to Rs 333 after its board of directors approved rights issue of equity shares of upto Rs 120 crore.
Labels: Nifty.Sensex
posted by SY at 12:25 PM
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