Mid Session Market

The markets managed to gain some grounds from the early losses and turned into positive territory as traders started buying at lower levels. The significant buying witnessed among the Metal, Oil & Gas, FMCG and Pharma stocks. However, Realty, Capital Goods Consumer Durables and Banking stocks are still reeling under pressure. The boarder market indices are however trading flat in the afternoon trade. India’s inflation fell for the fourth consecutive week as it came in at -1.55% for the week ended June 27, 2009 as compared to -1.30% for the previous week ended June 20, 2009 and 12.03% during the corresponding week ended June 28, 2008 of the previous year. The Wholesale Price Index for the week ended June 27, 2009 rose by 0.04% to 234.7 from 234.6 for the previous week. Jai Prakash Associate reported the top gainer from the BSE Sensex pack, as it is trading higher by (2.60%) at Rs. 199.50. While Mahindra & Mahindra reported the top loser from the BSE Sensex pack, as it is trading down by (2.98%) at Rs. 715. The overall market breadth is negative as 930 stocks are advancing while 1332 stocks are declining and the 72 stocks remain unchanged on BSE. At 12.34 pm, BSE Sensex was at 13,795.49 up by 26.34 points and the NSE Nifty was at 4,088.70 up by 9.80 points. The BSE Mid cap is trading higher by 23.52 points at 4,806.36 and the BSE small Cap fell by 2.19 points to trade at 5,335.16. SBI is trading higher by (1.21%) at Rs. 1,599.90. The bank has approval from the Insurance Regulatory and Development Authority (IRDA) for its proposed non-life joint venture with IAG of Australia. DLF, India’s largest real estate developer has sold its stake in a 50:50 joint venture with Ackruti City for developing a commercial project in Mumbai to a US-based real estate fund for over Rs 200 crore. The stake sale by DLF is a part of the company’s asset sale programme to raise Rs 5,500 crore by the end of this fiscal. DLF shares is now trading lower by (1.18%). BSE Realty index dropped by 74.74 points to 2,837.89 as Sobha Developers (11.94%), Orbit Co (4.31%), Omaxe Ltd. (3.93%), Parsavnath (3.90%), Ansal Infra (3.08%) and HDIL (2.64%) are trading lower. BSE Capital Goods index slipped by 192.28 points to 11,488.04. The main losers are BHEL (2.43%), Everest kanto (2.83%), Reliance Industrial Infra (2.37%), Crompton Greaves (2.01%) and Jyoti Structure (1.75%). BSE Bankex index is trading lower by 78.08 points at 7,407.45. The main losers are AXIS Bank (3.01%), ICICI Bank (2.94%), Kotak Bank (1.64%), Indus Ind Bank (1.26%), Yes Bank (1.04%) and Union Bank (0.51%) are trading lower. BSE Oil & Gas index increased by 97.52 points to 8,840.93 as Gail India (3.42%), Cairn India (2.67%), HPCL (2.01%), Reliance Industries (1.68%), Indian Oil (1%), RPL (0.91%), BPCL (0.74%) and RNRL (0.13%) are trading in positive. BSE Metal index grew by 74.42 points to 10,175.58 as Jindal Steel (4.06%), Hindustan Zinc (4.04%), SAIL (3.43%), Sesa Goa (2.39%), Sterlite Industries (2.24%) and NMDC (1.55%) are trading higher. BSE IT index increased by 7.84 points to trade at 3,156 as NIIT Ltd. (4.54%), Patni Computer (2.42%), Tech Mahindra (2.38%), TCS (1.38%), HCL Technologies (1.46%) and Financial Technologies (1.16%) are trading in green. BSE Auto index is trading lower by 18.17 points at 4,605.95. The major losers are Ashok Leyland (3.08%), Mahindra & Mahindra (2.98%), Tata Motors (2.63%) and Maruti Suzuki (0.09%). BSE Power index fell by 17.13 points to 2,652.64 as Torent Power (1.37%) and Suzlon Energy (0.40%) are trading lower. While GVK Power (1.02%), Power Grid (1.08%) and Tata Power (0.805) are trading higher. On the global markets front, the Asian markets are trading mixed as the Shanghai Composite, Hang Seng and Straits Times index are trading up by (1.21%), (0.22%) and (1.73%) respectively. While, Nikkei 225 and Seoul Composite index are trading down by (1.38%) and (0.01%) respectively.