Markets slip once again despite strong IIP data
The market opened weak tracking weak global markets. However, it recovered from lower level. Asian markets were trading weak today after the US Federal Reserve's small 25 basis points interest rate cut on Tuesday, 11 December 2007, raised worries about US economic growth.The market lost ground despite strong industrial production data for October 2007 which hit the market in early afternoon trade today, 12 December 2007. The market had staged a rebound from lower level in early trade after an initial slump. IT, banking majors declined.
At 12.07 hrs IST, the Sensex is up 5.17 points or 0.03% at 20296.06, and the Nifty down 4.15 points or 0.07% at 6093.10.
The Index of Industrial Production (IIP) jumped 11.8% in October 2007 from 4.5% in October 2006. IIP stood at 9.7% in April-October 2007 compared with 10.1% in April-October 2006. Industrial output data for September 2007 was revised upwards to 6.8% from 6.4%.
Banking stocks declined. ICICI Bank (down 1.22% to Rs 1,300) and HDFC Bank (down 1.78% to Rs 1,743.10), State Bank of India (down 0.29% to Rs 2,438.80) edged lower.
IT stocks declined further in early afternoon trade. Infosys (down 3.04% to Rs 1,690), Satyam Computer Services (down 1.87% to Rs 433.45) and Wipro (down 1.97% to Rs 495.20) edged lower. However, Tata Consultancy Services rose 0.17% to Rs 1,041.
Healthcare stocks rose. Cipla (up 0.97% to Rs 196.85), Ranbaxy Laboratories (up 0.83% to Rs 408.50) and Dr. Reddy’s Laboratories (up 0.74% to Rs 679) edged higher.
Realty stocks surged. Hosing Development & Infrastructure (up 10.35% to Rs 946.90), Ansal Properties & Infrastucture (up 13.5% to Rs 387.05), Indiabulls Real Estate (up 3.12% to Rs 746.10) Unitech (up 1.06% to Rs 484.90), DLF (up 0.32% to Rs 1,016.80) edged higher.
Metal stocks rose. Tata Steel rose 2.17% to Rs 854. The company today said it has signed a joint venture agreement with state-run mineral development company SODEMI for the development of Mount Nimba iron ore deposits in Ivory Coast, West Africa.
Shree Precoated Steel (up 4.46% to Rs 398.15), Maharashtra Seamless (up 3.43% to Rs 618.05), Hindalco Industries (up 1.55% to Rs 202.70), Steel Authority of India (up 0.63% to Rs 278.65) edged higher.
HDFC (up 3.34% to Rs 3,045.05), Reliance Communications (up 1.62% to Rs 751.75), ONGC (up 0.93% to Rs 1,250) edged higher.
India’s largest private sector firm by market capitalization & oil refiner Reliance Industries rose 0.18% to Rs 2,884. The company said on Tuesday, 11 December 2007, it has signed exploration and production contracts with Colombia's Agencia Nacional de Hydrocarburos for two offshore blocks, Borojo North and Borojo South.
Edelweiss Capital was trading at Rs 1,518.10 on BSE, a premium of 84.01% compared to IPO price of Rs 825. On BSE, 17.18 lakh shares changed hands in the counter in early trade. The stock debuted at Rs 1443.75, a premium of 75% as compared to the issue price of Rs 825.
At 12.07 hrs IST, the Sensex is up 5.17 points or 0.03% at 20296.06, and the Nifty down 4.15 points or 0.07% at 6093.10.
The Index of Industrial Production (IIP) jumped 11.8% in October 2007 from 4.5% in October 2006. IIP stood at 9.7% in April-October 2007 compared with 10.1% in April-October 2006. Industrial output data for September 2007 was revised upwards to 6.8% from 6.4%.
Banking stocks declined. ICICI Bank (down 1.22% to Rs 1,300) and HDFC Bank (down 1.78% to Rs 1,743.10), State Bank of India (down 0.29% to Rs 2,438.80) edged lower.
IT stocks declined further in early afternoon trade. Infosys (down 3.04% to Rs 1,690), Satyam Computer Services (down 1.87% to Rs 433.45) and Wipro (down 1.97% to Rs 495.20) edged lower. However, Tata Consultancy Services rose 0.17% to Rs 1,041.
Healthcare stocks rose. Cipla (up 0.97% to Rs 196.85), Ranbaxy Laboratories (up 0.83% to Rs 408.50) and Dr. Reddy’s Laboratories (up 0.74% to Rs 679) edged higher.
Realty stocks surged. Hosing Development & Infrastructure (up 10.35% to Rs 946.90), Ansal Properties & Infrastucture (up 13.5% to Rs 387.05), Indiabulls Real Estate (up 3.12% to Rs 746.10) Unitech (up 1.06% to Rs 484.90), DLF (up 0.32% to Rs 1,016.80) edged higher.
Metal stocks rose. Tata Steel rose 2.17% to Rs 854. The company today said it has signed a joint venture agreement with state-run mineral development company SODEMI for the development of Mount Nimba iron ore deposits in Ivory Coast, West Africa.
Shree Precoated Steel (up 4.46% to Rs 398.15), Maharashtra Seamless (up 3.43% to Rs 618.05), Hindalco Industries (up 1.55% to Rs 202.70), Steel Authority of India (up 0.63% to Rs 278.65) edged higher.
HDFC (up 3.34% to Rs 3,045.05), Reliance Communications (up 1.62% to Rs 751.75), ONGC (up 0.93% to Rs 1,250) edged higher.
India’s largest private sector firm by market capitalization & oil refiner Reliance Industries rose 0.18% to Rs 2,884. The company said on Tuesday, 11 December 2007, it has signed exploration and production contracts with Colombia's Agencia Nacional de Hydrocarburos for two offshore blocks, Borojo North and Borojo South.
Edelweiss Capital was trading at Rs 1,518.10 on BSE, a premium of 84.01% compared to IPO price of Rs 825. On BSE, 17.18 lakh shares changed hands in the counter in early trade. The stock debuted at Rs 1443.75, a premium of 75% as compared to the issue price of Rs 825.
Labels: Nifty.Sensex
posted by SY at 1:15 PM
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