Markets trading quiet
The market opened lower on weak global cues. IT, banking and metal stocks edged lower. Reliance Communication rose for second consecutive day.The markets have slipped further on account of some more selling pressure witnessed in the banking, auto, IT and metal stocks. The broader markets have shown relative outperformance. IT, auto, metal, bank stocks are trading weak.
At 12.11 hrs IST, the Sensex is down 136.81 points or 0.73% at 18523.51, and the Nifty down 26.60 points or 0.49% at 5436.90.
Liquidity may get a boost from huge refunds that investors will get from Reliance Power IPO though it remains to be seen how much money comes to secondary market in the light of immense volatility witnessed on the bourses last month. Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.
Maruti Suzuki India declined 0.17% to Rs 894.20. Maruti Suzuki may reportedly launch a Rs 1.5 lakh car by end of this year or early 2009 to challenge Tata Motors' Nano. According to reports, it will have a Suzuki 660cc engine - as against Nano's 623cc - and wear a tag of around Rs 1.5 lakh on road (excluding insurance). Nano is expected to be Rs 1.25 lakh on road.
Tata Motors, India's top commercial vehicles maker in terms of sales, declined 2.72% to Rs 749. Tata Motors is reportedly satisfied with the progress of negotiations with US carmaker Ford Motor Company to buy British marquee brands Jaguar and Land Rover. The deal is expected to cost $2 billion.
Hero Honda Motors declined 3.81% to Rs 740.25, Bajaj Auto fell1.99% to Rs 2,410 and Mahindra & Mahindra slipped 1.19% to Rs 687.90.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank fell 0.6% to Rs 1,203. The company has reportedly decided to split its home loans business between itself and an unit called ICICI Home Finance Company. The bank will fund home loans of up to Rs 20 lakh, with the unit handling the rest.
HDFC Bank declined 1.31% to Rs 1,527.90 and State Bank of India fell 1.08% to Rs 2,249.
Shares in software services exporters took a beating due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Tata Consultancy Services (down 1.83% to Rs 958.15), Wipro (down 1.99% to Rs 455), Satyam Computer Services (down 2.46% to Rs 426.80) and Infosys (down 2.9% to Rs 1,595.05) edged lower.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was flat at Rs 2,595. The Bombay High Court will hear petitions on the gas supply dispute between Reliance Industries and Reliance Natural Resources on Tuesday, 5 February 2008.
India’s largest engineering & construction firm by revenue Larsen & Toubro rose 0.72% to Rs 3,830.50.
Power stocks rose. Neyveli Lignite Corporation (up 6.34% to Rs 158.50), Tata Power Company (up 1.01% to Rs 1,415) and NTPC (up 1.8% to Rs 218.30) edged higher. Reliance Energy slipped 0.39% to Rs 2,006.90. It came off from session's high of Rs 2,071.25.
Among the Sensex gainers, ACC rose 1.79% to Rs 781, Ranbaxy Laboratories moved up 2.65% to Rs 383, Cipla gained 1.2% to Rs 201.75 and Bharti Airtel climbed 1.5% to Rs 936.45 .
Tata Steel declined 2.56% to Rs 783. Tata Steel has reportedly lost its bid to buy the rights to iron ore reserves in Liberia to the Johannesburg-based Delta Mining Consolidated Company.
GTL rose 3.37% to Rs 267. GTL and Ericsson UK announced a strategic alliance to jointly address the managed network infrastructure services market in the UK.
Phoenix Mills rose 6.33% to Rs 2,151.25 after it fixed 20 February 2008 as the record date for 5-for-1 share split.
Kulkarni Power Tools surged 15.76% to Rs 222.50 after it fixed 21 February 2008 as the record date for the purpose of a 2-for-1 share split.
At 12.11 hrs IST, the Sensex is down 136.81 points or 0.73% at 18523.51, and the Nifty down 26.60 points or 0.49% at 5436.90.
Liquidity may get a boost from huge refunds that investors will get from Reliance Power IPO though it remains to be seen how much money comes to secondary market in the light of immense volatility witnessed on the bourses last month. Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.
Maruti Suzuki India declined 0.17% to Rs 894.20. Maruti Suzuki may reportedly launch a Rs 1.5 lakh car by end of this year or early 2009 to challenge Tata Motors' Nano. According to reports, it will have a Suzuki 660cc engine - as against Nano's 623cc - and wear a tag of around Rs 1.5 lakh on road (excluding insurance). Nano is expected to be Rs 1.25 lakh on road.
Tata Motors, India's top commercial vehicles maker in terms of sales, declined 2.72% to Rs 749. Tata Motors is reportedly satisfied with the progress of negotiations with US carmaker Ford Motor Company to buy British marquee brands Jaguar and Land Rover. The deal is expected to cost $2 billion.
Hero Honda Motors declined 3.81% to Rs 740.25, Bajaj Auto fell1.99% to Rs 2,410 and Mahindra & Mahindra slipped 1.19% to Rs 687.90.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank fell 0.6% to Rs 1,203. The company has reportedly decided to split its home loans business between itself and an unit called ICICI Home Finance Company. The bank will fund home loans of up to Rs 20 lakh, with the unit handling the rest.
HDFC Bank declined 1.31% to Rs 1,527.90 and State Bank of India fell 1.08% to Rs 2,249.
Shares in software services exporters took a beating due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Tata Consultancy Services (down 1.83% to Rs 958.15), Wipro (down 1.99% to Rs 455), Satyam Computer Services (down 2.46% to Rs 426.80) and Infosys (down 2.9% to Rs 1,595.05) edged lower.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was flat at Rs 2,595. The Bombay High Court will hear petitions on the gas supply dispute between Reliance Industries and Reliance Natural Resources on Tuesday, 5 February 2008.
India’s largest engineering & construction firm by revenue Larsen & Toubro rose 0.72% to Rs 3,830.50.
Power stocks rose. Neyveli Lignite Corporation (up 6.34% to Rs 158.50), Tata Power Company (up 1.01% to Rs 1,415) and NTPC (up 1.8% to Rs 218.30) edged higher. Reliance Energy slipped 0.39% to Rs 2,006.90. It came off from session's high of Rs 2,071.25.
Among the Sensex gainers, ACC rose 1.79% to Rs 781, Ranbaxy Laboratories moved up 2.65% to Rs 383, Cipla gained 1.2% to Rs 201.75 and Bharti Airtel climbed 1.5% to Rs 936.45 .
Tata Steel declined 2.56% to Rs 783. Tata Steel has reportedly lost its bid to buy the rights to iron ore reserves in Liberia to the Johannesburg-based Delta Mining Consolidated Company.
GTL rose 3.37% to Rs 267. GTL and Ericsson UK announced a strategic alliance to jointly address the managed network infrastructure services market in the UK.
Phoenix Mills rose 6.33% to Rs 2,151.25 after it fixed 20 February 2008 as the record date for 5-for-1 share split.
Kulkarni Power Tools surged 15.76% to Rs 222.50 after it fixed 21 February 2008 as the record date for the purpose of a 2-for-1 share split.
Labels: Nifty.Sensex
posted by SY at 12:45 PM
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