Weakness persists in the markets
Market opened on a weak note tracking weak global markets. It came off lower level after initial sharp slide. Reliance Industries edged lower. GSM cellular operators Bharti Airtel and Idea Cellular tumbled. Metal, banking, auto stocks declined sharply.The markets are still trading weak and languishing at the lower levels but are off day's lows. Asia continues to struggle with Taiwan and Japan being the top losers.The equity markets have taken cues from the fall in US on account of credit concerns.
At 12.10 hrs IST, the Sensex was down 187.00 points or 0.95% at 19537.35, and the Nifty down 68.60 points or 1.17% at 5797.85.
FMCG stock rose on buying at lower levels after their recent sharp fall. ITC (up 3% to Rs 177) and Hindustan Unilever (up 0.75% to Rs 195.70) and edged higher.
Auto stocks declined. The India’s largest commercial vehicles manufacturer by sales Tata Motors lost 0.44% to Rs 741 after posting 13% rise in sales at 49,354 units in October 2007 over October 2006. Its commercial vehicles sales rose 16% at 27,103 units and domestic passenger car sales up 8% at 18,021 units in October 2007 over October 2006.
Maruti Suzuki india (down 0.56% to Rs 998), Hero Honda Motor (down 2.02% to Rs 673.05) and Mahindra & Mahindra (down 1.44% to Rs 753.95), edged lower.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 0.71% to Rs 2,649.10.
India’s larget celluar services provider in terms of market share Bharti Airtel declined 5.73% to Rs 888.90 and was the top loser from Sensex pack. Idea Cellular lost 2.86% to Rs 129. The government, on Thursday, 1 November 2007, accepted Telecom Engineering Centre's report that suggested tough norms for spectrum allocation to GSM operators, a move that may make it difficult for players like Bharti, Vodafone and Idea to get additional frequency.
India’s largest public sector bank by operating income State Bank of India rose 1.48% to Rs 2,101 after it revised interest rates on domestic term deposits. It cuts interest rates on 550 day domestic term deposits by 25 basis points to 8.75% from 7 November 2007. The bank has also withdrawn its super-saver term deposit scheme for a minimum deposit of Rs 10,000, carrying a 9% interest for 4-5 years and 8.5% for deposits over 5 years.
HDFC Bank (up 0.8% to Rs 1,689) edged higher. ICICI Bank (down 2.76% to Rs 1,263) edged lower.
Cipla declined 1.19% to Rs 173.50. It has received a notice from the Government demanding Rs 49.47 crore, inclusive of interest, for alleged overcharging by the company during the period April 2006 to March 2007 in respect of the drug Salbutamol.
NTPC (up 0.84% to Rs 233.70) & Infosys Technologies (up 0.63% to Rs 1,882) edged higher.HDFC (down 2.48% to Rs 2,629.80) & Wipro (down 2.43 % to Rs 487.25) edged lower.
India’s second largest cement producer by sales ACC declined 2.03% to Rs 1,031.15 after it posted 6.66% rise in cement dispatches to 1.76 million tonnes in October 2007 over October 2006.
India's third-largest cement maker Ambuja Cements was down 0.21% to Rs 143.50 after it posted 3.6 % rise in cement shipments to 1.48 million tonnes in October 2007 over October 2006.
At 12.10 hrs IST, the Sensex was down 187.00 points or 0.95% at 19537.35, and the Nifty down 68.60 points or 1.17% at 5797.85.
FMCG stock rose on buying at lower levels after their recent sharp fall. ITC (up 3% to Rs 177) and Hindustan Unilever (up 0.75% to Rs 195.70) and edged higher.
Auto stocks declined. The India’s largest commercial vehicles manufacturer by sales Tata Motors lost 0.44% to Rs 741 after posting 13% rise in sales at 49,354 units in October 2007 over October 2006. Its commercial vehicles sales rose 16% at 27,103 units and domestic passenger car sales up 8% at 18,021 units in October 2007 over October 2006.
Maruti Suzuki india (down 0.56% to Rs 998), Hero Honda Motor (down 2.02% to Rs 673.05) and Mahindra & Mahindra (down 1.44% to Rs 753.95), edged lower.
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 0.71% to Rs 2,649.10.
India’s larget celluar services provider in terms of market share Bharti Airtel declined 5.73% to Rs 888.90 and was the top loser from Sensex pack. Idea Cellular lost 2.86% to Rs 129. The government, on Thursday, 1 November 2007, accepted Telecom Engineering Centre's report that suggested tough norms for spectrum allocation to GSM operators, a move that may make it difficult for players like Bharti, Vodafone and Idea to get additional frequency.
India’s largest public sector bank by operating income State Bank of India rose 1.48% to Rs 2,101 after it revised interest rates on domestic term deposits. It cuts interest rates on 550 day domestic term deposits by 25 basis points to 8.75% from 7 November 2007. The bank has also withdrawn its super-saver term deposit scheme for a minimum deposit of Rs 10,000, carrying a 9% interest for 4-5 years and 8.5% for deposits over 5 years.
HDFC Bank (up 0.8% to Rs 1,689) edged higher. ICICI Bank (down 2.76% to Rs 1,263) edged lower.
Cipla declined 1.19% to Rs 173.50. It has received a notice from the Government demanding Rs 49.47 crore, inclusive of interest, for alleged overcharging by the company during the period April 2006 to March 2007 in respect of the drug Salbutamol.
NTPC (up 0.84% to Rs 233.70) & Infosys Technologies (up 0.63% to Rs 1,882) edged higher.HDFC (down 2.48% to Rs 2,629.80) & Wipro (down 2.43 % to Rs 487.25) edged lower.
India’s second largest cement producer by sales ACC declined 2.03% to Rs 1,031.15 after it posted 6.66% rise in cement dispatches to 1.76 million tonnes in October 2007 over October 2006.
India's third-largest cement maker Ambuja Cements was down 0.21% to Rs 143.50 after it posted 3.6 % rise in cement shipments to 1.48 million tonnes in October 2007 over October 2006.
Labels: Nifty.Sensex
posted by SY at 12:47 PM
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