Markets trade flat unaffected by credit policy
The markets opened on strong note today on account of heavy buying witnessed in the capital goods and banking stocks, but gave up all its gains and were trading flat.The markets seem to be unaffected by the the new credit policy with a bit of volatility but no turbulence, as the credit policy is largely inline with street expectations. In the new credit policy, repo rate and reverse repo is left unchanged and CRR has been hiked by 50 bps maintaing the GDP forecast at 8.5%. The rupee has appreciated at 39.38 against the dollar.
CRR hike is largely a liquidity management tool than used for signalling any interest rate changes. The policy has largely managed the status quo, say experts.
At 12.05 hrs IST, the Sensex is down 53.37 points or 0.27% at 19924.30, and the Nifty up 12.25 points or 0.21% at 5918.15.
Auto stocks declined the most. Mahindra & Mahindra (down 4.31% to Rs 762.50), Maruti Suzuki India (down 4.52% to Rs 1,134.75), Hero Honda Motors (down 0.87% to Rs 737.90) edged lower. However, Tata Motors (up 0.73% to Rs 814) and Bajaj Auto (up 0.01% to Rs 2,502.15) edged higher.
Banking majors gained marginally. State Bank of India (up 0.29% to Rs 2,124) and HDFC Bank (up 1.3% to Rs 1,664) edged higher. However, ICICI Bank declined 1.07% to Rs 1,236.
India's largest oil exploration firm in terms of revenue, ONGC rose 0.92% to Rs 1,250. It hit an all time high of Rs 1,260 today.
India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 3% to Rs 1770. It was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.
Among other ADAG group firms Reliance Capital rose 4.19% to Rs 1,931.90 while Reliance Natural Resources rose 3.73% to Rs 114.10.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 2% to Rs 2,771.
Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 2.41% to Rs 2,675. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
Larsen & Toubro rose 0.46% to Rs 4,288.10. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.95% to Rs 1,979.
HDFC Bank (up 1.4% to Rs 1,661.70) and Bharti Airtel (up 0.64% to Rs 1,001) edged higher.
ACC (down 2.01% to Rs 1,060), Tata Consultancy Services (down 1.43% to Rs 1,053.10) edged lower.
Housing Development Finance Corporation declined 1.14% to Rs 2,776. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
CRR hike is largely a liquidity management tool than used for signalling any interest rate changes. The policy has largely managed the status quo, say experts.
At 12.05 hrs IST, the Sensex is down 53.37 points or 0.27% at 19924.30, and the Nifty up 12.25 points or 0.21% at 5918.15.
Auto stocks declined the most. Mahindra & Mahindra (down 4.31% to Rs 762.50), Maruti Suzuki India (down 4.52% to Rs 1,134.75), Hero Honda Motors (down 0.87% to Rs 737.90) edged lower. However, Tata Motors (up 0.73% to Rs 814) and Bajaj Auto (up 0.01% to Rs 2,502.15) edged higher.
Banking majors gained marginally. State Bank of India (up 0.29% to Rs 2,124) and HDFC Bank (up 1.3% to Rs 1,664) edged higher. However, ICICI Bank declined 1.07% to Rs 1,236.
India's largest oil exploration firm in terms of revenue, ONGC rose 0.92% to Rs 1,250. It hit an all time high of Rs 1,260 today.
India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 3% to Rs 1770. It was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.
Among other ADAG group firms Reliance Capital rose 4.19% to Rs 1,931.90 while Reliance Natural Resources rose 3.73% to Rs 114.10.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 2% to Rs 2,771.
Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 2.41% to Rs 2,675. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
Larsen & Toubro rose 0.46% to Rs 4,288.10. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.95% to Rs 1,979.
HDFC Bank (up 1.4% to Rs 1,661.70) and Bharti Airtel (up 0.64% to Rs 1,001) edged higher.
ACC (down 2.01% to Rs 1,060), Tata Consultancy Services (down 1.43% to Rs 1,053.10) edged lower.
Housing Development Finance Corporation declined 1.14% to Rs 2,776. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.
Labels: Nifty.Sensex
posted by SY at 12:28 PM
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