labels: stock markets - india, markets - general
06 July 01.10 PM: Markets remain weak; Sensex down 122 points news
06 July 2006

Despite a recovery in some Asian markets and a positive opening by Europe, Indian indices remain under pressure. However, they have recovered from the lows touched around noon.

Sensex is trading lower by 122 points at 10798 at 01.10 PM.

Nifty is trading lower by 34 points at 3163.

Technology stocks continue to be weak in early afternoon trades. Satyam remains the biggest loser among index stocks, with losses of more than 3 per cent. TCS has lost nearly 2 per cent.

Infosys, Wipro and Satyam Computers are trading with losses of around a per cent each.

Metal stocks have lost ground in early afternoon trades. SAIL is the worst performer and is trading more than 3 per cent lower. Tata Steel and Hindalco have lost nearly 2 per cent each.

Reliance Industries is still down more than a per cent while ONGC has slipped further and is now trading close to a per cent lower.

L&T remains weak and is down more than 2.5 per cent while Suzlon has lost over 2.5 per cent. ABB and BHEL are trading with losses of nearly 1.5 per cent each.

ICICI Bank is the big loser among banking stocks, trading more than 3 per cent lower. HDFC Bank has lost over a per cent. OBC has lost 2.5 per cent and PNB is down 1.5 per cent.

Zee Tele and Gail are the other major losers among index stocks.

BPCL is holding on to its gains of over a per cent and is still the biggest gainer among index stocks. There are expectations that the government may allow oil marketing companies to raise prices once the price of Indian crude basket cross $70 per barrel.

ACC and HLL are trading with gains of close to 0.5 per cent each.

Mid-caps and small caps have also slipped once again after bouncing back from early weakness. However, losses for smaller stocks are considerably lower than the large caps.

The mid-cap index is now trading with marginal losses of around 0.4 per cent. Market breadth on the NSE is negative with nearly 2 stocks declining for every advancing stock.

Eicher Motors, Tata Coffee, Nicholas Piramal, HMT, GVK Power, IFB Industries, Jindal Photofilms and Infoetch Enterprises are among the major mid-cap gainers.

GM Breweries, BIL, Khaitan Electricals and Searle India are the major mid-cap losers.

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06 July 01.10 PM: Markets remain weak; Sensex down 122 points