Tuesday, February 12, 2008

Markets trade flat amid volatility

Positive global cues were unable to meliorate investor sentiment in India today. The market opened higher tracking firm Asian indices but soon came off higher levels.The markets have succumbed to selling pressure once again and has given up all its early gains. Realty, banking, power, IT and consumer durables space has witnessed heavy selling presure in last one hour of trade. Broader markets have slipped further and are trading weak giving extremely negative breadth on both BSE and NSE.

At 12.45 hrs IST, the Sensex is up 76.30 points or 0.46% at 16707.21, and the Nifty up 24.35 points or 0.50% at 4881.35.

Reliance Industries rose 3.35% to Rs 2351.Anil Dhirubhai Ambani Group firm Reliance Power fell 7.73% to Rs 343.30 on volume of 1.23 crore shares on BSE. On Monday, 11 February 2008, the stock had debuted at Rs 547.80, a premium of Rs 21.73% over the IPO price of Rs 450.

India’s largest private sector bank by assets ICICI Bank rose 1.87% to Rs 1055.

The BSE Metal index was up 2.13% at 14,578.57. Sterlite Industries spurted 5.17% to Rs 716, JSW Steel jumped 3.93% to Rs 1,143, Steel Authority of India gained 3.97% to Rs 193.05, Welspun Gujarat Stahl Rohren climbed 2.99% to Rs 393.05, National Aluminum Company rose 2.26% to Rs 361.55 and Tata Steel gained 1.76% to Rs 738.85.

The BS Oil & Gas index was up 1.26% at 10,010.20. Cairn India jumped 4.24% to Rs 198, Gail India climbed 1.18% to Rs 390.50, ONGC rose 0.84% to Rs 349.10 and BPCL rose 0.77% to Rs 420.

The BSE Consumer Durables index was down 2.48% at 4,394.96. Videocon Industries slipped 5% to Rs 371.40, Blue Star skid 4% to Rs 440, Asian Star Company fell 1.78% to Rs 1,240.10, Gitanjali Gems declined 1.57% to Rs 282.05 and Rajesh Exports gave away 1.35% to Rs 117.

Among the side counters, Nirma soared 6.22% to Rs 187, Indian Bank jumped 4.31% to Rs 212.95, Moser Baer climbed 3.34% to Rs 179.70, Jaiprakash Associates rose 2.90% to Rs 303.10, Punjab National Bank moved up 2.69% to Rs 623.55 and India Cement rose 2.32% to Rs 189.75.

Civil engineering firm McNally Bharat Engineering Company rose 1.60% to Rs 216.40 after the company said it received orders worth Rs 692 crore from Steel Authority of India.

Asian markets were mostly in the green. Key benchmark indices in Hong Kong, Singapore, South Korea and Japan were up by 0.04% to 2.03%. However, Taiwan's Taiwan Weighted index was down 1.57%. Chinese stock markets was closed.

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