Markets off day's high
The market opened on an upbeat note tracking recovery in Asian stocks after Monday (5 November 2007)'s fall caused by renewed fears over the impact of US credit crisis after US financial giant Citigroup said it may suffer up to $11 billion in write-downs for subprime losses. But it soon came off higher level on concerns about FII inflow. As per provisional data, FIIs sold shares worth a net Rs 1093.16 crore on Monday, 5 November 2007.
Currently the markets have given up some of its gains from its days high on account of some selling coming in banking, auto, IT and pharma stocks. However, metal and capital good sectors are still holding up significantly.At 12.49 pm, the Sensex is up 100.39 points or 0.51% at 19691.17, and the Nifty up 0.10 points or 0.00% at 5847.40.
Telecom stocks came under selling pressure. Bharti Airtel was down 3% to Rs 912 and Reliance Communications was down 0.8% to Rs 773. Reliance Communication said on Monday, 5 November 2007, it has tied up with Microsoft to offer Internet protocol television services.
Bank stocks came off higher level. State Bank of India was down nearly 1% to Rs 2220, off session's high of Rs 2289. ICICI Bank was down 0.4% to Rs 1266, off session's high of Rs 1298.
Power sector stocks were in good demand. Neyveli Lignite soared 17.94% to Rs 173.90, Gujarat Industries Power Company rose 4.29% to Rs 122.75, CESC rose 3.20% to Rs 590.50, Reliance Energy was up 2.70% to Rs 1869.80 and Tata Power was up 3.54% to Rs 1414.20. NTPC was up 4.05% to Rs 246.40.
India’s most valuable firm Reliance Industries rose 2.30% to Rs 2725.50 on major fund buying after the stock tumbled 1.8% Rs 2663.65 yesterday, 5 November 2007.
Oil and Natural Gas Corp (ONGC) was up 1.57% to Rs 1319.65 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 No. 2 motorbike maker by sales, rose 1.67% to Rs 2435 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 was up 0.61% to Rs 388.50 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 rose 1.62% to Rs 571.95 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.
GMR Infrastructure was up 6.03% to Rs 202.50, Cairn India was up 1.85% to Rs 225.55, DLF rose 2.29% to Rs 936, HCl Technologies up 0.54 to Rs 308.85, NTPC was up 3.72% to Rs 249.05, Reliance Natural Resources rose 4.73% to Rs 187, Sterlite Industries was up 4..74% to Rs 1040 and United Spirits was up 0.64% to Rs 1890. These stocks have been included in the MSCI India index as part of a semi-annual rejug. The change is effective 30 November 2007. Stocks earmarked to be added to the MSCI indexes tend to rise as funds tracking these indexes will have to buy them.
Mahindra & Mahindra, India's largest tractor and utility vehicle maker by revenue, moved up 0.84% to Rs 749.10 on reports that it has put in the highest bid of 105 million pounds to take over Italian gear maker Metalcastello.
Currently the markets have given up some of its gains from its days high on account of some selling coming in banking, auto, IT and pharma stocks. However, metal and capital good sectors are still holding up significantly.At 12.49 pm, the Sensex is up 100.39 points or 0.51% at 19691.17, and the Nifty up 0.10 points or 0.00% at 5847.40.
Telecom stocks came under selling pressure. Bharti Airtel was down 3% to Rs 912 and Reliance Communications was down 0.8% to Rs 773. Reliance Communication said on Monday, 5 November 2007, it has tied up with Microsoft to offer Internet protocol television services.
Bank stocks came off higher level. State Bank of India was down nearly 1% to Rs 2220, off session's high of Rs 2289. ICICI Bank was down 0.4% to Rs 1266, off session's high of Rs 1298.
Power sector stocks were in good demand. Neyveli Lignite soared 17.94% to Rs 173.90, Gujarat Industries Power Company rose 4.29% to Rs 122.75, CESC rose 3.20% to Rs 590.50, Reliance Energy was up 2.70% to Rs 1869.80 and Tata Power was up 3.54% to Rs 1414.20. NTPC was up 4.05% to Rs 246.40.
India’s most valuable firm Reliance Industries rose 2.30% to Rs 2725.50 on major fund buying after the stock tumbled 1.8% Rs 2663.65 yesterday, 5 November 2007.
Oil and Natural Gas Corp (ONGC) was up 1.57% to Rs 1319.65 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 No. 2 motorbike maker by sales, rose 1.67% to Rs 2435 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 was up 0.61% to Rs 388.50 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 rose 1.62% to Rs 571.95 on reports that the company is in the final stages of negotiations with a drug marketing and distribution firm in the US.
GMR Infrastructure was up 6.03% to Rs 202.50, Cairn India was up 1.85% to Rs 225.55, DLF rose 2.29% to Rs 936, HCl Technologies up 0.54 to Rs 308.85, NTPC was up 3.72% to Rs 249.05, Reliance Natural Resources rose 4.73% to Rs 187, Sterlite Industries was up 4..74% to Rs 1040 and United Spirits was up 0.64% to Rs 1890. These stocks have been included in the MSCI India index as part of a semi-annual rejug. The change is effective 30 November 2007. Stocks earmarked to be added to the MSCI indexes tend to rise as funds tracking these indexes will have to buy them.
Mahindra & Mahindra, India's largest tractor and utility vehicle maker by revenue, moved up 0.84% to Rs 749.10 on reports that it has put in the highest bid of 105 million pounds to take over Italian gear maker Metalcastello.
Labels: Nifty.Sensex
posted by SY at 1:41 PM
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