Friday, February 08, 2008

Markets trading weak amid volatility

High volatility was witnessed on the bourses in early trade. After a firm open Sensex soon slipped into the red. Though it later recovered, the recovery proved short-lived.The markets continue to trade weak amid volatility on account of some selling witnessed in metal, banking, power and durables. IT stocks have shown smart resilience and are trading with substantial gains.

The news from macroeconomic front is not very encouraging with inflation coming in at higher level above market expectations at 4.11%.At 1:35 pm, the Sensex is down 179.29 points or 1.02% at 17347.64, and the Nifty down 53.95 points or 1.05% at 5079.30.

IT stocks gained on bargain hunting after they fell for the last three consecutive trading sessions. Infosys (up 4.75% to Rs 1,551.25), Satyam Computer Services (up 5.03% to Rs 410.50), Tata Consultancy Services (up 3.3% to Rs 912.05) and Wipro (up 2.48% to Rs 420) edged higher.

Oil & gas stocks rose. India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 1.59% at Rs 2,463.50. Relaice Petroleum (up 0.84% to Rs 168), ONGC (up 0.66% to Rs 995) and Indian Oil (up 0.19% to Rs 506) edged higher.

India’s largest private sector bank by assets ICICI Bank rose 0.9% to Rs 1,115.20.

India’s largest engineering & construction firm by revenue Larsen & Toubro fell 1.72% to Rs 3,567.95.

India’s second largest power utility firm by revenue Reliance Energy rose 1.91% to Rs 2,025.10.

Among the sensex losers, DLF declined 3.43% to Rs 815.90 and was the top loser from Sensex pack. Bajaj Auto fell 1.49% to Rs 2,247, Mahindra & Mahindra down 1.31% to Rs 650 and Bharti Airtel edged lower 0.94% to Rs 854.40.

Bharat Forge rose 1.05% to Rs 277.80. Bharat Forge and state-run power producer NTPC have agreed to set up a joint venture to make power plant components, with an initial investment of Rs 3000 crore.

Gelatine maker Sterling Biotech rose 1.36% to Rs 157 after its board approved raising up to $250 million overseas.

State-run Bank of India rose 0.44% to Rs 362.25 after its board approved raising Rs 1360 crore by issuing shares at Rs 360 each.

Pig iron maker Tata Metaliks rose 0.58% to Rs 182 after Tata Steel acquired 6,04,383 shares or 2.4% in the firm.

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