Markets recover from lows
The market opened lower on weak global cues. US unemployment rate rose to a 2-year high in December 2007, raising fears the US economy is heading into a recession.The markets have recovered from morning lows and Sensex have pulled back in green on the back of heavy buying coming in banking, FMCG, sugar, and oil & gas stocks. However, IT, metal and IT stocks were still in red.
At 11.19 hrs IST, the Sensex is up 16.61 points or 0.08% at 20703.50, and the Nifty down 28.35 points or 0.45% at 6245.95.
Reliance Industries declined 0.30% to Rs 2977. The stock came off from early high of Rs 3012.
Reliance Energy rose 2.26% to Rs 2567 on reports that Reliance Power, in which it holds 50% stake, is reportedly planning to tap the inorganic route and explore possibilities of taking over existing government power projects, including Ratnagiri Gas and Power plant at Dabhol, to scale up its generation capacity.
The BSE Banking index was down 0.22% to 11,879.15. India’s largest private sector bank by assets ICICI Bank surged 4.76% to Rs 1346.55, off session’s low of Rs 1235.
India’s largest commercial bank State Bank of India (SBI) was 0.18% to Rs 2395. Centurion Bank of Punjab jumped 5.68% to Rs 73.55, Indian Overseas Bank rose 1.93% to Rs 205.75, and Axis bank gained 1.79% to Rs 1075.35.
The BSE Realty index was up 1.19% to 13,443.38. Parsvnath Developers spurted 10% to Rs 581.90, Indiabulls Real Estate jumped 4.02% to Rs 797, and DLF moved up 1.32% to Rs 1127.15.
Ashok Piramal group’s real estate arm Peninsula Land rose 1.47% to Rs 162.65. Foreign investors such as Franklin Templeton, HSBC, ABN Amro have reportedly picked up around 10% stake in Peninsula Land for Rs 525 crore. The new equity holders purchased PLL stake through a qualified institutional placement (QIP) route.
IT stock slipped as weaker-than-expected job growth in United States in December 2007 sparked worries that the US economy may head towards recession. The BSE IT index was down 2.01% to 4,232.30. Wipro declined 3.19% to Rs 481, Infosys Technologies slipped 2.30% to Rs 165.90, TCS shed 2.13% to Rs 983.70 and Satyam Computers fell 1.98% to Rs 413.90. Indian IT companies derive more than half of their revenues from the US market.
The BSE Metal index was down 0.55% to 20,186.13. Hindalco Industries shed 1.57% to Rs 216.50, Sterlite Industries fell 1.66% to Rs 1041.95, Steel Authority of India declined 1.15% to Rs 271.60, and National Aluminium Company (Nalco) slipped 0.73% to Rs 515. India’s largest private sector steel firm by sales Tata Steel rose 0.72% to Rs 936.80.
Eengineering software solutions provider Cranes Software International jumped 3.90% to Rs 153 after the company said on Friday, 4 January 2008, its board has approved buying out US-based Engineering Technology Associates Inc. for Rs 72 crore. The acquisition will be carried out through Cranes' wholly-owned US unit.
Spanco Telesystems & Solutions moved up 2.24% to Rs 258 after the company said on Friday, 4 January 2008 it has got a contract worth Rs 13.75 crore to connect jails and courts in Haryana through a wide area network. The entire project will be implemented in the next three months.
Seed technology firm Advanta India surged 5.68% to Rs 1640 after the company said on Monday, 7 January 2008, it has bought the business of Unicom Seeds.
At 11.19 hrs IST, the Sensex is up 16.61 points or 0.08% at 20703.50, and the Nifty down 28.35 points or 0.45% at 6245.95.
Reliance Industries declined 0.30% to Rs 2977. The stock came off from early high of Rs 3012.
Reliance Energy rose 2.26% to Rs 2567 on reports that Reliance Power, in which it holds 50% stake, is reportedly planning to tap the inorganic route and explore possibilities of taking over existing government power projects, including Ratnagiri Gas and Power plant at Dabhol, to scale up its generation capacity.
The BSE Banking index was down 0.22% to 11,879.15. India’s largest private sector bank by assets ICICI Bank surged 4.76% to Rs 1346.55, off session’s low of Rs 1235.
India’s largest commercial bank State Bank of India (SBI) was 0.18% to Rs 2395. Centurion Bank of Punjab jumped 5.68% to Rs 73.55, Indian Overseas Bank rose 1.93% to Rs 205.75, and Axis bank gained 1.79% to Rs 1075.35.
The BSE Realty index was up 1.19% to 13,443.38. Parsvnath Developers spurted 10% to Rs 581.90, Indiabulls Real Estate jumped 4.02% to Rs 797, and DLF moved up 1.32% to Rs 1127.15.
Ashok Piramal group’s real estate arm Peninsula Land rose 1.47% to Rs 162.65. Foreign investors such as Franklin Templeton, HSBC, ABN Amro have reportedly picked up around 10% stake in Peninsula Land for Rs 525 crore. The new equity holders purchased PLL stake through a qualified institutional placement (QIP) route.
IT stock slipped as weaker-than-expected job growth in United States in December 2007 sparked worries that the US economy may head towards recession. The BSE IT index was down 2.01% to 4,232.30. Wipro declined 3.19% to Rs 481, Infosys Technologies slipped 2.30% to Rs 165.90, TCS shed 2.13% to Rs 983.70 and Satyam Computers fell 1.98% to Rs 413.90. Indian IT companies derive more than half of their revenues from the US market.
The BSE Metal index was down 0.55% to 20,186.13. Hindalco Industries shed 1.57% to Rs 216.50, Sterlite Industries fell 1.66% to Rs 1041.95, Steel Authority of India declined 1.15% to Rs 271.60, and National Aluminium Company (Nalco) slipped 0.73% to Rs 515. India’s largest private sector steel firm by sales Tata Steel rose 0.72% to Rs 936.80.
Eengineering software solutions provider Cranes Software International jumped 3.90% to Rs 153 after the company said on Friday, 4 January 2008, its board has approved buying out US-based Engineering Technology Associates Inc. for Rs 72 crore. The acquisition will be carried out through Cranes' wholly-owned US unit.
Spanco Telesystems & Solutions moved up 2.24% to Rs 258 after the company said on Friday, 4 January 2008 it has got a contract worth Rs 13.75 crore to connect jails and courts in Haryana through a wide area network. The entire project will be implemented in the next three months.
Seed technology firm Advanta India surged 5.68% to Rs 1640 after the company said on Monday, 7 January 2008, it has bought the business of Unicom Seeds.
Labels: Nifty.Sensex
posted by SY at 12:30 PM
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