The markets have recovered some early trade losses following recovery in Asian markets but still witnessing huge selling pressure The Sensex is hovering around its 17000 mark and the Nifty maintained above 5000. Selling continued in banking, auto, capital goods, realty, power, oil, FMCG and metal stocks. Market breadth has improved a bit but still weak. Midcap and small cap stocks also recovered smartly but still in red.
At 11:15 am, the Sensex was down 257 points at 16,986 and the Nifty down 72 points at 5,045. About 1323 shares have advanced, 1590 shares declined, and 190 shares are unchanged.
Tata Motors, Reliance Infra, ICICI Bank, Suzlon Energy and BPCL were top losers while TCS, Satyam, Infosys, Cairn India and Dr Reddy’s Labs gainers.
BSE Bankex lost over 2%; Auto and Capital Goods down close to 2%; Power and Realty down over 1.5%. BSE Oil & Gas, Metal and FMCG slipped over 1%.
However, major technology stocks were on buyer’s radar barring Wipro, MphasiS and HCL Tech. BSE IT Index up marginally by 0.22%. The Indian Rupee was trading around 43.15 per dollar.
Tea stocks like Harrisons Malay, Jayshree Tea, Ledo Tea and Tata Coffee, Bombay Burmah, CCL Products, Asian Tea, Dhunseri Tea and Goodricke Group were witnessing buying interest.
Amonst the small cap stocks, KGN Industries resumed its trading again today and locked at 5% upper circuit after yesterday’s unrealistic trading price. Sylph Technologies was up 65,525% at Rs 525 as against earlier close of 80 paise. There is no circuit filter for the stock.
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