Markets are trading with some volatility. Buying is seen in metal, oil, capital goods, select auto and power stocks while selling in technology, select pharma, banking and realty stocks. Market breadth is negative; about 1250 shares have advanced while 1652 shares declined. Nearly 244 shares are unchanged.
At 12:07 pm, the Sensex was down 63 points at 13,406 while Nifty up 10 points at 4,059. Nifty July Futures was trading at 14 points discount.
ONGC, Tata Motors, Tata Steel, Sterlite Ind and Nalco are top gainers while gainers - Ranbaxy Labs, Infosys, HDFC Bank and HCL Tech.
NDTV, Reliance Capital, Reliance Ind, Ranbaxy Labs and Infosys are most active shares on the bourses.
Markets 10:49 am : Mkts volatile; Ranbaxy, Infy down, metal stocks up
Markets have recovered a bit from lows but witnessing some choppiness. Selling pressure is seen in technology, pharma, banking and realty stocks while buying in metal, auto, select FMCG and capital goods stocks. Midcap and small cap stocks are down. On the global front, Asian markets were trading lower.
At 10:49 am, the Sensex was down 59 points at 13,410 while Nifty up 12 points at 4,060. Nifty July Futures was trading at 13 points discount.
Market breadth is weak; about 1165 shares have advanced while 1743 shares declined. Nearly 238 shares are unchanged.
Top losers are Ranbaxy Labs, Infosys, Satyam and HCL Tech while gainers - Tata Motors, Tata Steel, NTPC, Nalco and Sterlite Ind.
On the primary market front, KSK Energy Ventures was trading at Rs 195.10, down 19% from its issue price of Rs 240.
IT Index plunged 3.6% due to selling in HCL Tech, Infosys, Satyam, Mphasis, Tech Mahindra, TCS and Wipro.
Pharma stocks like Ranbaxy Labs, GSK Pharma, Orchid Chemical, Sun Pharma Adv, Ipca Labs and Matrix Lab have lost ground. Index fell 1.5%.
Bankex went down 1% as selling seen in HDFC Bank, Axis Bank, Yes Bank, ICICI Bank, Federal Bank, Kotak Mahindra and Canara Bank.
Realty stocks like Index slid 0.6%. Orbit Corporation, Mahindra Life, Anant Raj Ind, Sobha Developers, Omaxe, DLF and Akruti City have lost ground.
However, Metal Index gained 1.8%. Hind Zinc, NALCO, Sterlite Ind, Tata Steel, SAIL, Jindal Steel, Ispat Industries and JSW Steel are shining.
Auto surged nearly 1% due to buying in Punj Tractors, Tata Motors, Maruti Suzuki, Hero Honda and M&M.
Power stocks like Power Grid Corp, NTPC, Neyveli Lignite, Suzlon Energy, Reliance Infra and Tata Power have charged up. Index rose 0.75%.
Markets @ 9:56 am : Mkts weak; IT, banks, realty, pharma stocks down
Markets have opened on a weak note following negative cues from US markets and selling in technology, pharma, banking, realty and metal stocks. Market breadth is weak; nearly 222 shares advanced while 693 shares declined on the NSE.
At 9:56 am, the Sensex was down 90 points at 13,379 and Nifty down 8 points at 4,040.
Amongst frontliners, Ranbaxy Labs, Infosys Tech, Reliance Petro, HCL Tech, Hero Honda, ICICI Bank, HDFC Bank and Bharti Airtel lost ground while NTPC, Reliance Comm, Maruti, Zee, Cairn, Sterlite, Nalco, ITC, ONGC and ACC gained.
Ranbaxy Labs plunged over 7% after the news that the company will face legal action against USFDA relating to alleged falsification of records.
HCL Tech fell nearly 10% as it reported forex loss of $ 65-75 million for Q4 including MTM and will incur forex loss of $ 67-77 million in FY08 including MTM.
Infosys Technologies crashed around 4% as ADRs plunged over 13% on Friday in US markets.
KSK Energy Ventures has listed at Rs 220 as against issue price of Rs 240 per share.
Asian markets were trading weak. Hang Seng fell 1.3%, Taiwan -1.4%, Kospi -0.6%, Straits Times -1.6% and Jakarta -0.7%. However, Nikkei was up marginally and Shanghai 0.3%.
In the US markets, it was yet another volatile session with the dow falling below the 11,000 level for the first time since August 2006. Growing concern about the health of Fannie Mae and Freddie Mac send bank shares to an 11-year low.
Dow Jones slid 128.48 points to 11100.54, Nasdaq down 18.77 points at 2239.08. The Standard & Poor's 500 index dropped 13.90, or 1.11 percent, to 1,239.49.
There's no stopping crude, hits another record of USD 147, but finally cools off to USD 144.
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