Markets ends in red in volatile trade
The market ended in red in a choppy trading session. Banking and telecom stocks led the decline. Auto pivotals, Tata Motors and Maruti Udyog drifted lower. L&T witnessed selling pressure towards the fag end of the trading session. Some of the Reliance group shares tumbled.
The 30-share BSE Sensex settled 190.11 points or 0.97% lower at 19,400.67.The broader based S&P CNX Nifty was down 61 points to 5786.50.
Telecom stocks dropped. Reliance Communications lost 4.35% to Rs 745.25 and Bharti Airtel shed 2.52% to Rs 918.45.Larsen & Toubro (down 3.77% to 4125.70), and Satyam Computer (down 2.34% to 453.10) were among other top Sensex losers.
Hindalco Industries (up 4.19% to Rs 191.30), Dr Reddy's Laboratories (up 2.59% to Rs 613.35), Bajaj Auto (up 2.49% to Rs 2454.65), Bharat Heavy Electricals (up 2.29% to Rs 2724.25) and ACC (up 1.34% to Rs 1021.75) were the major gainers from Sensex.
ICICI Bank dropped 2.36% to Rs 1240.80. ICICI Bank said during trading hours today, it will cut interest rates on deposts by 0.25% to 0.50% points 12 November 2007.State bank of India fell 1.41% to Rs 2208.75, HDFC Bank fell 0.21% to Rs 1705.95, Bank of Baroda skid 6.12% to Rs 359.65 and Bank of India slipped 3.84% to Rs 367.90.
Oil and Natural Gas Corp (ONGC) ended up 0.13% to Rs 1300.75 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.
Bajaj Auto, India's second biggest motorbike maker by sales, rose 2.49% to Rs 2454.65 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.
Real estate firm Unitech settled lower 0.26% to Rs 385.15 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.
Biotech firm Biocon edged higher by 1.93% to Rs 573.75 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.
Reliance Energy was up 1.32% to Rs 1844.95. It was the only gainer from the Reliance pack. Reliance Petroleum lost 17.64% to Rs 220.35, Reliance Natural Recources shed 9.02% to Rs 162.45, Reliance Industrial Infrastructure fell 5% to Rs 2388.20, Relaince Communications dropped 4.35% to Rs 745.40 and Reliance Capital slipped 3.62% to Rs 1833.55.
Reliance Industries fell 0.31% to Rs 2655.50. Morgan Stanley raised the price target on the stock by 25% to 3,150 and raised its earnings forecast by 4% for the year ending 31 March 2008. The key reasons for the upgrade were news flows on exploration and production business, including pricing contracts being signed, retail business being executed ahead of expectations and higher global refining and petrochemical margins.
The 30-share BSE Sensex settled 190.11 points or 0.97% lower at 19,400.67.The broader based S&P CNX Nifty was down 61 points to 5786.50.
Telecom stocks dropped. Reliance Communications lost 4.35% to Rs 745.25 and Bharti Airtel shed 2.52% to Rs 918.45.Larsen & Toubro (down 3.77% to 4125.70), and Satyam Computer (down 2.34% to 453.10) were among other top Sensex losers.
Hindalco Industries (up 4.19% to Rs 191.30), Dr Reddy's Laboratories (up 2.59% to Rs 613.35), Bajaj Auto (up 2.49% to Rs 2454.65), Bharat Heavy Electricals (up 2.29% to Rs 2724.25) and ACC (up 1.34% to Rs 1021.75) were the major gainers from Sensex.
ICICI Bank dropped 2.36% to Rs 1240.80. ICICI Bank said during trading hours today, it will cut interest rates on deposts by 0.25% to 0.50% points 12 November 2007.State bank of India fell 1.41% to Rs 2208.75, HDFC Bank fell 0.21% to Rs 1705.95, Bank of Baroda skid 6.12% to Rs 359.65 and Bank of India slipped 3.84% to Rs 367.90.
Oil and Natural Gas Corp (ONGC) ended up 0.13% to Rs 1300.75 on reports the state-run firm was in talks to buy a 30% stake in Sudan's Block 8 from Malaysia's Petronas, as well as a second exploration block.
Bajaj Auto, India's second biggest motorbike maker by sales, rose 2.49% to Rs 2454.65 on reports that it subsidiary has bought 14.5% in Austrian sports motorbike maker KTM Power Sports AG for more than Rs 300 crore.
Real estate firm Unitech settled lower 0.26% to Rs 385.15 on reports that the promoters of the company are said to be close to acquiring up to 40% stake in Orissa Sponge Iron and Steel.
Biotech firm Biocon edged higher by 1.93% to Rs 573.75 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.
Reliance Energy was up 1.32% to Rs 1844.95. It was the only gainer from the Reliance pack. Reliance Petroleum lost 17.64% to Rs 220.35, Reliance Natural Recources shed 9.02% to Rs 162.45, Reliance Industrial Infrastructure fell 5% to Rs 2388.20, Relaince Communications dropped 4.35% to Rs 745.40 and Reliance Capital slipped 3.62% to Rs 1833.55.
Reliance Industries fell 0.31% to Rs 2655.50. Morgan Stanley raised the price target on the stock by 25% to 3,150 and raised its earnings forecast by 4% for the year ending 31 March 2008. The key reasons for the upgrade were news flows on exploration and production business, including pricing contracts being signed, retail business being executed ahead of expectations and higher global refining and petrochemical margins.
Labels: Nifty.Sensex
posted by SY at 6:31 PM
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