labels: stock markets - india, markets - general

30 Aug 11.10 AM: Sensex slips 40 points on profit booking news
30 August 2006

Despite a strong closing by US markets, lower crude oil prices and mostly firm Asian markets, Indian indices have come under profit booking in early trades. The August F&O settlement due tomorrow is adding to the volatility.

Sensex opened at 11735 and touched a high of 11748 before declining. The index is trading lower by 40 points at 11667 at 11.10 AM.

Nifty opened at 3426 and touched a high of 3440 before coming under pressure. The index is now trading lower by 11 points at 3415.

Metal stocks are under pressure on market speculation about companies announcing price cuts by early next month. Tata Steel is the worst performer among index stocks, trading nearly 2 per cent lower.

Nalco has lost well over a per cent while SAIL and Hindalco are trading close to a per cent each lower.

ITC is seeing some profit booking after yesterday's gains and is down nearly a per cent.

Infosys has also corrected after yesterday's 2 per cent up move and is trading 0.5 per cent lower.

Gail India is another loser, trading nearly 1.5 per cent lower.

Reliance Energy, VSNL, Bharti, Cipla and IPCL are the other losers.

Oil marketing stocks have made another firm up move as crude oil prices have dropped below the $70 per barrel mark. HPCL is the best performer with gains of close to 3.5 per cent. BPCL has added more than 3 per cent.

Ranbaxy has added nearly a per cent on reports of a favourable court ruling in Norway in the Lipitor patent case. Dr. Reddy's is also up nearly a per cent while Glaxo has added 0.5 per cent.

HDFC is sustaining the up trend with gains of close to a per cent.

Tata Motors has recovered from yesterday's correction and has added over 0.5 per cent. Maruti has added another 0.5 per cent. The decline in oil prices has perked up auto stocks as well.

HCL Tech and Satyam have added 0.5 per cent each.

Mid-caps and small caps also started the day with modest gains, but gave up and have slipped into the red. Profit booking is seen in most major mid-caps.

The NSE mid-cap index is now trading with losses of over 0.25 per cent. BSE mid-cap index has lost more than 0.3 per cent and small-cap index is down close to 0.5 per cent. Market breadth on the NSE was positive in opening trades but is currently modestly negative.

Jaybharat Maruti, Aurionpro, Consolidated Finvest, Gabriel India, RPG Cables, Philips Carbon Black, NRC and Khaitan Electricals are among the major mid-cap gainers.

Sugar stocks are under further pressure in early trades. Sakthi Sugar, Shree Renuka and Rajshree Sugar are the major losers. Rana Sugars is continuing the rally from yesterday and has added another 5 per cent.

Swaraj Engines, Petron Engineering, Mukand Engineering, Sheshasayee Paper and Magma Leasing are the major mid-cap losers.

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30 Aug 11.10 AM: Sensex slips 40 points on profit booking