Markets trading firm; IT, metal stocks surge
The market edged higher in early trade led by gains in IT stocks. Asian markets which opened before Indian markers were trading mixed. US markets settled higher yesterday, 31 January 2008. IT pivotals were in demand in early trade.
The markets have come off lows of the day and have turned green on the back of heavy buying witnessed in IT sector. Metal. pharma and oil & gas stocks have also attracted some buying and the respective indices have jumped in green.
At 1:10pm, the Sensex is up 77.63 points or 0.44% at 17726.34, and the Nifty up 26.15 points or 0.51% at 5163.60.
IT pivotals extended early gains. India’s fourth largest software services exporter Satyam Computer surged 6.47% to Rs 414.50 on 3.18 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals - Infosys Technoliges (up 4.30% to Rs 1568.05), Wipro (up 0.62% to Rs 415.90) and TCS (up 3.86% to Rs 909) logged gains.
Shares from mid-cap IT pack i flex Solutions (up 6.31% to Rs 1030.15), Tech Mahindra (up 3.25% to Rs 715), Rolta India (up 8% to Rs 252), NIIT Technologies (up 2.60% to Rs 138.10), and Polaris Sofware Lab (up 2.65% to Rs 85.10), also joined the rally
India’s largest dedicated housing finance company in terms of revenue Housing Finance Development Corporation gained 3.25% to Rs 2930. The company said on Thursday that it has reduced its retail prime lending rate (RPLR) by 25 basis points, with effect from 1 February 2008.
Tata Motors, the country’s top truck market in terms of sales, advanced 4.30% to Rs 736.50. Its consolidated net profit rose 8.75% to Rs 654.79 crore on 13.85% growth in total income to Rs 9324.69 crore in Q3 December 2007 over Q3 December 2006. The results were announced after market hours on 31 January 2008
Tata Steel (up 3% to Rs 755.20), Bajaj Auto (up 2.52% to Rs 2415.15) and Cipla (up 2.71% to Rs 193.90), were the other gainers from Sensex pack.
Cement shares rebounded from lower levels, but were still in red. India’s second biggest cement maker in terms of total production ACC slipped 3.15% to Rs 758, after sliding to a low of Rs 741.10. A total of 70,745 shares changed hands on the counter. It was the top loser from Sensex pack.
Ambuja Cements (down 2.38% to Rs 116.25, off day’s low of Rs 115.30), and Grasim (down 2.03% to Rs 2889, off day’s low of Rs 2847), were the other losers from cement pack.
Reliance Energy (down 2.38% to Rs 1934) and HDFC Bank (down 3.10% to Rs 1516.50), edged lower from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2424. It was now up 0.46% to Rs 2491 on 3.04 lakh shares.
DLF, the largest real estate developer in terms of market capitalisation was down 1.30% to Rs 802, off sharply from day’s high of Rs 870. The stock will replace Glaxosmithkline Pharmaceuticals, in S&P CNX Nifty index from 14 March, 2008.
Aurobindo Pharma rose 1.90% to Rs 300 on bagging a contract worth Rs 70 crore for supplying three products to United Nations Office for Project Services, a non-government organization established by the United Nations.
Punj Lloyd declined 9% to Rs 402.60 despite posting 105.7% rise in net profit to Rs 39.16 crore on 91.10% rise in net sales to Rs 1,243.75 crore in Q3 December 2007 over Q3 December 2006. The company announced the results after market hours on 31 January 2008.
Ramco Systems soared 5% to Rs 153.30 after reporting net profit of Rs 28.55 crore in Q3 December 2007 as compared to net loss of Rs 5.23 crore in Q2 September 2007. Ramco Systems’ net sales rose 18.9% to Rs 25.31 in Q3 December 2007 over Q2 September 2007. The results were announced after trading hours on Thursday, 31 January 2008.
A good rollover in derivatives segment was witnessed when the January 2008 derivative contracts expired yesterday, 31 January 2008. As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 75% while rollover was 80% in stock futures.
The markets have come off lows of the day and have turned green on the back of heavy buying witnessed in IT sector. Metal. pharma and oil & gas stocks have also attracted some buying and the respective indices have jumped in green.
At 1:10pm, the Sensex is up 77.63 points or 0.44% at 17726.34, and the Nifty up 26.15 points or 0.51% at 5163.60.
IT pivotals extended early gains. India’s fourth largest software services exporter Satyam Computer surged 6.47% to Rs 414.50 on 3.18 lakh shares. It was the top gainer from Sensex pack.
Other IT pivotals - Infosys Technoliges (up 4.30% to Rs 1568.05), Wipro (up 0.62% to Rs 415.90) and TCS (up 3.86% to Rs 909) logged gains.
Shares from mid-cap IT pack i flex Solutions (up 6.31% to Rs 1030.15), Tech Mahindra (up 3.25% to Rs 715), Rolta India (up 8% to Rs 252), NIIT Technologies (up 2.60% to Rs 138.10), and Polaris Sofware Lab (up 2.65% to Rs 85.10), also joined the rally
India’s largest dedicated housing finance company in terms of revenue Housing Finance Development Corporation gained 3.25% to Rs 2930. The company said on Thursday that it has reduced its retail prime lending rate (RPLR) by 25 basis points, with effect from 1 February 2008.
Tata Motors, the country’s top truck market in terms of sales, advanced 4.30% to Rs 736.50. Its consolidated net profit rose 8.75% to Rs 654.79 crore on 13.85% growth in total income to Rs 9324.69 crore in Q3 December 2007 over Q3 December 2006. The results were announced after market hours on 31 January 2008
Tata Steel (up 3% to Rs 755.20), Bajaj Auto (up 2.52% to Rs 2415.15) and Cipla (up 2.71% to Rs 193.90), were the other gainers from Sensex pack.
Cement shares rebounded from lower levels, but were still in red. India’s second biggest cement maker in terms of total production ACC slipped 3.15% to Rs 758, after sliding to a low of Rs 741.10. A total of 70,745 shares changed hands on the counter. It was the top loser from Sensex pack.
Ambuja Cements (down 2.38% to Rs 116.25, off day’s low of Rs 115.30), and Grasim (down 2.03% to Rs 2889, off day’s low of Rs 2847), were the other losers from cement pack.
Reliance Energy (down 2.38% to Rs 1934) and HDFC Bank (down 3.10% to Rs 1516.50), edged lower from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) recovered from day’s low of Rs 2424. It was now up 0.46% to Rs 2491 on 3.04 lakh shares.
DLF, the largest real estate developer in terms of market capitalisation was down 1.30% to Rs 802, off sharply from day’s high of Rs 870. The stock will replace Glaxosmithkline Pharmaceuticals, in S&P CNX Nifty index from 14 March, 2008.
Aurobindo Pharma rose 1.90% to Rs 300 on bagging a contract worth Rs 70 crore for supplying three products to United Nations Office for Project Services, a non-government organization established by the United Nations.
Punj Lloyd declined 9% to Rs 402.60 despite posting 105.7% rise in net profit to Rs 39.16 crore on 91.10% rise in net sales to Rs 1,243.75 crore in Q3 December 2007 over Q3 December 2006. The company announced the results after market hours on 31 January 2008.
Ramco Systems soared 5% to Rs 153.30 after reporting net profit of Rs 28.55 crore in Q3 December 2007 as compared to net loss of Rs 5.23 crore in Q2 September 2007. Ramco Systems’ net sales rose 18.9% to Rs 25.31 in Q3 December 2007 over Q2 September 2007. The results were announced after trading hours on Thursday, 31 January 2008.
A good rollover in derivatives segment was witnessed when the January 2008 derivative contracts expired yesterday, 31 January 2008. As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 75% while rollover was 80% in stock futures.
Labels: Nifty.Sensex
posted by SY at 1:53 PM
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