Date : Dec-16-2008 13:36
Hopes of additional interest rate cuts by the central bank to support the domestic economy from the global economic recession, is boosting the sentiments of domestic investor. In addition to this, inflow of foreign funds has lifted the market sentiments. The weak industrial output has raised expectations from the government and the central bank to shield the domestic economy from the global recession. The market is anticipating send round of fiscal stimulus package.
Meanwhile, slowdown in companies performance due to decline in demand have resulted in reduction in advanced tax payments for Dec’08 quarter. This is giving strong sign of a slowdown in the economy.
On the sectoral front, traders on-loaded positions in some sectors. Auto stocks were trading mixed on hopes, lower interest rates would boost demand for vehicles which is mainly driven by finance. Whereas, Banking stocks fell on anticipation that defaulters list will increase.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,409 stocks traded so far, 1,687 shares advanced while 657 shares declined. Nearly 65 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 18.48 points at 9,813.91 and NSE Nifty is up by 10.15 points at 2,988.30.
The BSE Mid Cap is trading higher by 49.29 points at 3,214.80 and Small cap is trading up by 85.73 points at 3,744.82.
Gainers from the BSE Sensex Pack are ONGC higher by (4.10%) at Rs.700.50 along with Tata Motors by (3.73%) at Rs.164.00, TCS by (2.36%) at Rs.480.70, NTPC by (2.05%) at Rs.171.95, Infosys Tech by (1.96%) at Rs.1,122.70, Ranbaxy Laboratories by (1.75%) at Rs.217.50 and ACC by (1.59%) at Rs.521.50 among others.
Losers from the BSE Sensex Pack are Sterlite Ind by (5.90%) at Rs.289.55 along with Housing Development Finance Co by (3.86%) at Rs.1,549.80, Reliance Infra by (3.19%) at Rs.632.20, Mahindra & Mahindra by (3.12%) at Rs.293.75, DLF by (3.86%) at Rs.270.00, Maruti Suzuki by (2.18%) at Rs.497.75 and RCom by (1.88%) at Rs.234.50 among others.
The BSE CD index is higher by 78.46 points or (4.29%) at 1,906.92. Stocks trading higher are Videocon Indu by (14.00%) at Rs.118.90 along with Gitanjali Gems by (4.24%) at Rs.76.15, Blue Star by (3.41%) at Rs.147.00, Rajesh Exports by (2.00%) at Rs.28.05.
The BSE Realty index is lower by 25.75 points or (1.15%) at 2,220.12. Stocks trading lower are Anant Raj down by (3.90%) at Rs.76.30, DLF by (3.86%) at Rs.270.00, Unitech Ltd by (1.19%) at Rs.37.45 and Penland Ltd by (0.42%) at Rs.23.55.
Housing Development Finance Corporation slipped by 3.84% to Rs.1550.00 on concerns the company''s margins may get hit if it follows state-run banks in cutting home loan rates.
Suzlon Energy rose by 4.41% to Rs.56.80 after it agreed with Portugal''s Martifer to a revised payment schedule to increase its stake in Germany''s REpower.
Deccan Chronicle Holdings soared by 10.10% to Rs.56.70 since its board approved buy back of shares at a maximum price of Rs 100, a 73.91% premium over the ruling market price.
Meanwhile, slowdown in companies performance due to decline in demand have resulted in reduction in advanced tax payments for Dec’08 quarter. This is giving strong sign of a slowdown in the economy.
On the sectoral front, traders on-loaded positions in some sectors. Auto stocks were trading mixed on hopes, lower interest rates would boost demand for vehicles which is mainly driven by finance. Whereas, Banking stocks fell on anticipation that defaulters list will increase.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,409 stocks traded so far, 1,687 shares advanced while 657 shares declined. Nearly 65 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 18.48 points at 9,813.91 and NSE Nifty is up by 10.15 points at 2,988.30.
The BSE Mid Cap is trading higher by 49.29 points at 3,214.80 and Small cap is trading up by 85.73 points at 3,744.82.
Gainers from the BSE Sensex Pack are ONGC higher by (4.10%) at Rs.700.50 along with Tata Motors by (3.73%) at Rs.164.00, TCS by (2.36%) at Rs.480.70, NTPC by (2.05%) at Rs.171.95, Infosys Tech by (1.96%) at Rs.1,122.70, Ranbaxy Laboratories by (1.75%) at Rs.217.50 and ACC by (1.59%) at Rs.521.50 among others.
Losers from the BSE Sensex Pack are Sterlite Ind by (5.90%) at Rs.289.55 along with Housing Development Finance Co by (3.86%) at Rs.1,549.80, Reliance Infra by (3.19%) at Rs.632.20, Mahindra & Mahindra by (3.12%) at Rs.293.75, DLF by (3.86%) at Rs.270.00, Maruti Suzuki by (2.18%) at Rs.497.75 and RCom by (1.88%) at Rs.234.50 among others.
The BSE CD index is higher by 78.46 points or (4.29%) at 1,906.92. Stocks trading higher are Videocon Indu by (14.00%) at Rs.118.90 along with Gitanjali Gems by (4.24%) at Rs.76.15, Blue Star by (3.41%) at Rs.147.00, Rajesh Exports by (2.00%) at Rs.28.05.
The BSE Realty index is lower by 25.75 points or (1.15%) at 2,220.12. Stocks trading lower are Anant Raj down by (3.90%) at Rs.76.30, DLF by (3.86%) at Rs.270.00, Unitech Ltd by (1.19%) at Rs.37.45 and Penland Ltd by (0.42%) at Rs.23.55.
Housing Development Finance Corporation slipped by 3.84% to Rs.1550.00 on concerns the company''s margins may get hit if it follows state-run banks in cutting home loan rates.
Suzlon Energy rose by 4.41% to Rs.56.80 after it agreed with Portugal''s Martifer to a revised payment schedule to increase its stake in Germany''s REpower.
Deccan Chronicle Holdings soared by 10.10% to Rs.56.70 since its board approved buy back of shares at a maximum price of Rs 100, a 73.91% premium over the ruling market price.
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