Market recovers from lower level
Market edged lower on opening as investors rushed to book profits after yesterday’s record breaking rally that was triggered by easing of worries about the US credit crisis. IT stocks edged lower. Index heavyweights Reliance Industries, ICICI Bank declined.The markets are trading weak on account of selling pressure seen in frontliners from banking, capital goods, IT and power space. However, the midcaps and smallcaps are roaring as both the indices are up over 1%.
At 12.56 hrs IST, the Sensex is down 169.06 points or 0.85% at 19760.00, and the Nifty down 34.50 points or 0.58% at 5903.40.
India’s largest private sector firm and oil refiner Reliance Industries fell 0.44% to Rs 2874.75, off session’s low of Rs 2856.30.
Software stocks declined sharply after Wednesday’s rally that was triggered by easing of worries over US credit crisis.Index heavyweight Infosys Technologies slipped 2.95% to Rs 1655.95. Wipro fell 2.91% to Rs 457.50 and Satyam Computers skid 1.75% to Rs 423.20.
TCS inched up 0.32% to Rs 986 after the company said it won a four-year outsourcing deal from Social Security Institute of Mexico worth more than $200 million.
The BSE Bankex declined 2.09% to 10,991.46. Index heavyweight and India’s largest private sector bank by assets ICICI Bank slipped 2.93% to Rs 1240.50. HDFC Bank dropped 3.44% to Rs 1689, Karnataka bank fell 2.02% to Rs 223, Axis Bank fell 1.43% to Rs 975 and Bank of Baroda fell 1.04% to Rs 384.20.
India’s largest commercial lender State bank of India was up 0.03% to Rs 2346.80 on hopes the government would soon approve its right issue. SBI, 59.73% owned by the government, said last month it was planning to raise Rs 10000 crore by selling new equity around the end of 2007. On Wednesday, Finance Minister P Chidambaram said there was a strong case for the rights issue.
Tata Steel gained 2.5% to Rs 880. The company is raising Rs 9135 crore from a rights issue of equity shares and convertible preference shares. The rights issue of equity shares is in the ratio of 1:5, priced at Rs 300 per share. The issue opens on 22 November 2007 and closes on 21 December 2007.
Bharti Airtel rose 4.96% to Rs 902.25 after the company said on Wednesday, margins would not be squeezed by the introduction of number portability and it favours extending the facility nationwide. The telecom minister said on Monday number portability would begin in four cities -- New Delhi, Mumbai, Chennai and Kolkata -- by the first quarter of 2008, allowing mobile phone customers to retain their phone numbers when they switch operators.
Fertiliser stocks rose for the second day in a row on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers (RCF) soared 10.06% to Rs 79.35, Fertilisers and Chemicals Travancore (FACT) spurted 10% to Rs 39.40, Mangalore Chemicals & Fertilisers jumped 9.30% to Rs 45.25 and National Fertilizers soared 8.28% to Rs 82.40.
Packaging firm Shetron moved up 6.16% to Rs 71.50 after its board approved acquiring unlisted Belgian firm, Shetron Sobemi Europe NV, and merging paper packaging products maker Fibre Foils with itself.
Anil Dhirubhai Ambani led financial services firm Reliance Capital soared 6.21% to Rs 2279.10 on volumes of 4.42 lakh shares.
At 12.56 hrs IST, the Sensex is down 169.06 points or 0.85% at 19760.00, and the Nifty down 34.50 points or 0.58% at 5903.40.
India’s largest private sector firm and oil refiner Reliance Industries fell 0.44% to Rs 2874.75, off session’s low of Rs 2856.30.
Software stocks declined sharply after Wednesday’s rally that was triggered by easing of worries over US credit crisis.Index heavyweight Infosys Technologies slipped 2.95% to Rs 1655.95. Wipro fell 2.91% to Rs 457.50 and Satyam Computers skid 1.75% to Rs 423.20.
TCS inched up 0.32% to Rs 986 after the company said it won a four-year outsourcing deal from Social Security Institute of Mexico worth more than $200 million.
The BSE Bankex declined 2.09% to 10,991.46. Index heavyweight and India’s largest private sector bank by assets ICICI Bank slipped 2.93% to Rs 1240.50. HDFC Bank dropped 3.44% to Rs 1689, Karnataka bank fell 2.02% to Rs 223, Axis Bank fell 1.43% to Rs 975 and Bank of Baroda fell 1.04% to Rs 384.20.
India’s largest commercial lender State bank of India was up 0.03% to Rs 2346.80 on hopes the government would soon approve its right issue. SBI, 59.73% owned by the government, said last month it was planning to raise Rs 10000 crore by selling new equity around the end of 2007. On Wednesday, Finance Minister P Chidambaram said there was a strong case for the rights issue.
Tata Steel gained 2.5% to Rs 880. The company is raising Rs 9135 crore from a rights issue of equity shares and convertible preference shares. The rights issue of equity shares is in the ratio of 1:5, priced at Rs 300 per share. The issue opens on 22 November 2007 and closes on 21 December 2007.
Bharti Airtel rose 4.96% to Rs 902.25 after the company said on Wednesday, margins would not be squeezed by the introduction of number portability and it favours extending the facility nationwide. The telecom minister said on Monday number portability would begin in four cities -- New Delhi, Mumbai, Chennai and Kolkata -- by the first quarter of 2008, allowing mobile phone customers to retain their phone numbers when they switch operators.
Fertiliser stocks rose for the second day in a row on reports that the government will issue bonds worth Rs 7500 crore to fertiliser firms by end-November 2007 to compensate them for selling the commodity at discounted prices. Rashtriya Chemicals and Fertilisers (RCF) soared 10.06% to Rs 79.35, Fertilisers and Chemicals Travancore (FACT) spurted 10% to Rs 39.40, Mangalore Chemicals & Fertilisers jumped 9.30% to Rs 45.25 and National Fertilizers soared 8.28% to Rs 82.40.
Packaging firm Shetron moved up 6.16% to Rs 71.50 after its board approved acquiring unlisted Belgian firm, Shetron Sobemi Europe NV, and merging paper packaging products maker Fibre Foils with itself.
Anil Dhirubhai Ambani led financial services firm Reliance Capital soared 6.21% to Rs 2279.10 on volumes of 4.42 lakh shares.
Labels: Nifty.Sensex
posted by SY at 1:50 PM
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