Thursday, February 07, 2008

Markets trading flat

After opening on a positive note, the market soon slipped into the red before recovering from lower level later. Cement, metal and realty stocks edged higher.The government today unveiled its forecast on GDP growth in the current fiscal year.

India's economy is expected to expand at 8.7% in fiscal 2007/08, slower than 9.6% growth in 2006/07, which was its strongest pace in 18 years, government's central statistics office (CSO) said just a while ago. CSO has pegged manufacturing output growth at an annual 9.4% this fiscal compared with 12% growth in the previous year.

Farm output growth is estimated at 2.6% for the full year 2007/08 compared with 3.8% growth in 2006/07. Services sector growth is estimated at 10.7% for the year against 11.1% growth in 2006/07.

European Central Bank (ECB) holds a policy meeting later today, 7 February 2008. The ECB is widely expected to hold interest rates at 4%, and investor focus is likely to be on whether the ECB would keep its vigilance on inflation risks even as signs show that economic growth in the region may be slowing.

At 12.20 hrs IST, the Sensex is up 10.19 points or 0.06% at 18149.68, and the Nifty up 15.35 points or 0.29% at 5337.90.

Power stocks rose. Reliance Energy (up 4.27% to Rs 2,144.15), Neyvli Lignite Corporation (up 3.06% to Rs 178.75), Tata Power Company (up 1.62% to Rs 1,440) and NTPC (up 0.78% to Rs 219.25) edged higher.

FMCG majors declined. ITC fell 2.05% to Rs 195.85 and Hindustan Unilever was down 1.07% to Rs 202.85.

Consumer durables stocks rose. Videocon Industries (up 5% to Rs 452.35), Rajesh Exports (up 1.18% to Rs 137.55), Titan Industries (up 1.64% to Rs 163.45) and Blue star (up 0.21% to Rs 486) edged higher.

Realty stocks gained. Indiabulls Real Estate rose 4.21% to Rs 689 Indiabulls Infrastructure (IIL), a subsidiary of the company, has acquired 100% shareholding of Catherine Builders and Developers (Catherine) from DLF Home Developers.

Peninsula Land (up 3.04% to Rs 95), Housing Development Infrastructure (up 3.83% to Rs 1,012.60) and DLF (up 1.8% to Rs 885.50) edged higher.

Reliance Industries declined 0.32% at Rs 2544.ICICI Bank was flat at Rs 1,152.70.Larsen & Toubro down 0.18% to Rs 3,772.90.Among the Sensex gainers, ACC rose 3.42% to Rs 791 and Bharat Heavy Electricals flared up 1.18% to Rs 2,053.

Grasim Industries rose 1.77% to Rs 2,940. Aditya Birla Group reportedly intends to scale up its shareholding in its cement flagship Grasim Industries to at least 40%, although it did not set a time frame for the same. According to reports, the move is in line with the idea of holding a majority stake, which according to the reports, is at least 40% in all the major companies.

Among the Sensex losers, Bharti Airtel fell 1.38% to Rs 888, Bajaj Auto declined 2.11% to Rs 2,290, Cipla slipped 1.34% to Rs 199.45 and Satyam Computer Services gave away 1.79% to Rs 401.35 .



Post a Comment

<< Home