Wednesday, November 21, 2007

Markets trading in red

The market declined in the early trade due to selling pressure in banking and IT majors.The markets continue to trade in deep red without any signs of recovery on account of selling presuure in scrips across sectors.The fall comes inline with rest of the Asia. Even the midcaps and smallcaps have taken it on their chin today. It is large scale equity sell off across markets and sectors.

At 13.16 hrs IST, the Sensex is down 379.59 points or 1.97% at 18901.21, and the Nifty down 116.30 points or 2.01% at 5664.60.

IT stocks recovered. Tata Consultancy Services rose 1.18% to Rs 970 and was the top gainer from Sensex pack. It came off session's low of Rs 941. Infosys rose 0.04% to Rs 1,565, off session's low of Rs 1,545.Satyam Computer Services (down 0.58% to Rs 415) and Wipro (down 1.71% to Rs 441) edged lower.

Index heavyweight and India’s largest private sector firm by market capitalisation Reliance Industries declined 0.42% to Rs 2,775.10. It came off session's low of Rs 2,741. As per reports, Reliance Industries (RIL) has signed production sharing agreement (PSA) for two exploratory blocks 34 and 37 located in the Jeza basin of eastern Yemen, taking its total number of overseas exploratory blocks to nine.

FMCG major ITC declined 2.29% to Rs 192.05. As per reports it is preparing for a series of acquisitions to strengthen its food business, the fastest growing segment among the new businesses under its umbrella.

Auto stocks declined. Mahindra & Mahindra declined 2.73% to Rs 711. As per reports, Mahindra Systems and Automotive Technology (MSAT), Mumbai-based Mahindra & Mahindra’s auto component division, is in talks with the management of South Africa-based auto component manufacturer S P Metal Forgings for an equity buyout. The deal size ranges from $200 million to $300 million (roughly Rs 1,100 crore to Rs 1,200 crore).

India’s largest carmaker by sales Maruti Suzuki India declined 4.09% to Rs 968.90. Tata Motors (down 1.82% to Rs 695) edged lower.

Capital goods stocks declined. Larsen & Toubro slipped 2.82% to Rs 4,214 on BSE, after the company said on Tuesday 20 November 2007 it had signed an agreement with Raytheon for the US defence major's multi-role fighter jet programme, besides co-operation in defence projects. Bharat Heavy Electricals (down 2.72% to Rs 2,581) and Suzlon Energy (down 4.48% to Rs 1,949.60) were other losers from capital goods sector.

Banking majors declined. ICICI Bank (down 5.42% to Rs 1,104) ,HDFC Bank (down 3.41% to Rs 1,576), and State Bank of India (down 1.75% to Rs 2,239.75) edged lower.

Power stocks plunged. Tata Power Company (down 4.37% to Rs 1,164), Reliance Energy (down 2.75% to Rs 1,745), NTPC (down 3.23% to Rs 252), PowerGrid Corporation of India (down 2.61% to Rs 154.95) edged lower.

Metal stocks declined for the second day in a row due to falling global metal prices. Sterlite Industries (down 3.01% to Rs 930), Hindalco Industries (down 1.67% to Rs 191), Steel Authority of India (down 1.61% to Rs 259.55) edged lower.

Tata Steel declined 2.01% to Rs 842.30. As per reports, Riversdale Mining, Tata Steel’s partner in Australia, has discovered around 1.2 billion tonnes of coal at northern Benga in the Moatize district of Mozambique which happens to be the world’s largest unexplored coal province.

India’s largest real estate developer by market capitalisation DLF rose 0.45 % to Rs 904. Indiabulls Real Estate (down 0.79% to Rs 656) and Unitech (down 2.08% to Rs 372.30) edged lower.

India's biggest dedicated housing finance firm HDFC rose 0.05% to Rs 2,639.90 and was the top gainer from sensex pack.

Religare Enterprises was hovering at Rs 548, a premium of 196.49% over IPO price of Rs 185. It was listed on the bourses today, 21 November 2007.

Infrastructure Development Finance Company rose 0.22% to Rs 201 on reports that its wholly owned subsidiary IDFC Private Equity Company is planning third infrastructure fund targeting a little over $500 million.

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