Markets trading weak ,with low volumes
The market plunged in opening trade tracking weak global markets. Asian markets extended early losses today, 28 January 2008. US markets settled weak on Friday, 25 January 2008.The markets have recovered marginally from the days low as there was some buying interest witnessed in the metal, oil, banking and FMCG stocks. Sensex and Nifty were still trading in deep red as the index heavyweights have shown no signs of recovery.
At 1:40 pm, the Sensex is down 651.73 points or 3.55% at 17709.93, and the Nifty down 215.65 points or 4.01% at 5167.70.
Banking shares were weak ahead of Reserve Bank of India (RBI)’s quarterly monetary policy review scheduled on Tuesday, 29 January 2008. India’s largest commercial bank in terms of net profit State Bank of India slumped 6.86% to Rs 2239.90. The stock hit a low of Rs 2200 in early trade. It was the top loser from Sensex pack. 1.59 lakh shares changed hands on the counter on BSE
Other banking shares, HDFC Bank (down 5.02% to Rs 1520.95), and ICICI Bank (down 2.72% to Rs 1225), also declined. As per media reports, a sharp cut in US interest rates last week has increased the possibility of a 25 basis points repo rate cut by Reserve Bank of India.
Reliance Communications (down 6.11% to Rs 627.75), DLF (down 5.53% to Rs 892.80), and Infosys Technologies (down 5.40% to Rs 1439), were the other losers from Sensex pack
India’s largest private sector engineering company in terms of order book position Larsen & Toubro was down 3.35% to Rs 3760. It reported 40.10% surge in net profit to Rs 481.79 crore on 53.48% rise in total income to Rs 6483.55 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 28 January 2008.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 4.72% to Rs 2486.50. It moved in a range of Rs 2440 and Rs 2590. 2.87 lakh shares were traded on the counter on BSE. As per reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.
India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation lone gainer from Sensex pack. The stock rose 1.72% to Rs 2760, off sharply from day’s low of Rs 2610.20. It had hit a high of Rs 2795 in mid-morning trade.
Among the side counters, Bharat Electricals (down 13.48% to Rs 1629.90), Tantia Construction (down 10% to Rs 125), Yuken India (down 10% to Rs 214.10), India Infoline (down 10% to Rs 1220), and Era Construction (down 8.49% to Rs 715.20), declined
Welspun Gujarat Stahl Rohren declined 1.62% to Rs 488.85. As per reports it is in talks to acquire Remi Metals Gujarat, an integrated steel and seamless pipe maker, from the Saraf family.
At 1:40 pm, the Sensex is down 651.73 points or 3.55% at 17709.93, and the Nifty down 215.65 points or 4.01% at 5167.70.
Banking shares were weak ahead of Reserve Bank of India (RBI)’s quarterly monetary policy review scheduled on Tuesday, 29 January 2008. India’s largest commercial bank in terms of net profit State Bank of India slumped 6.86% to Rs 2239.90. The stock hit a low of Rs 2200 in early trade. It was the top loser from Sensex pack. 1.59 lakh shares changed hands on the counter on BSE
Other banking shares, HDFC Bank (down 5.02% to Rs 1520.95), and ICICI Bank (down 2.72% to Rs 1225), also declined. As per media reports, a sharp cut in US interest rates last week has increased the possibility of a 25 basis points repo rate cut by Reserve Bank of India.
Reliance Communications (down 6.11% to Rs 627.75), DLF (down 5.53% to Rs 892.80), and Infosys Technologies (down 5.40% to Rs 1439), were the other losers from Sensex pack
India’s largest private sector engineering company in terms of order book position Larsen & Toubro was down 3.35% to Rs 3760. It reported 40.10% surge in net profit to Rs 481.79 crore on 53.48% rise in total income to Rs 6483.55 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 28 January 2008.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 4.72% to Rs 2486.50. It moved in a range of Rs 2440 and Rs 2590. 2.87 lakh shares were traded on the counter on BSE. As per reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.
India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation lone gainer from Sensex pack. The stock rose 1.72% to Rs 2760, off sharply from day’s low of Rs 2610.20. It had hit a high of Rs 2795 in mid-morning trade.
Among the side counters, Bharat Electricals (down 13.48% to Rs 1629.90), Tantia Construction (down 10% to Rs 125), Yuken India (down 10% to Rs 214.10), India Infoline (down 10% to Rs 1220), and Era Construction (down 8.49% to Rs 715.20), declined
Welspun Gujarat Stahl Rohren declined 1.62% to Rs 488.85. As per reports it is in talks to acquire Remi Metals Gujarat, an integrated steel and seamless pipe maker, from the Saraf family.
Labels: Nifty.Sensex
posted by SY at 2:08 PM
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