labels: stock markets - india, markets - general

08 Sep 01.10 PM: Markets slip into the red news
08 September 2006

The markets have given up all their gains and the frontline indices have moved into negative territory. Other Asian markets have come off their highs but continue to trade with decent gains while Europe has opened with modest gains.

Sensex is trading lower by 10 points at 11844 at 01.10 PM.

Nifty is now trading lower by 7 points at 3448.

SAIL, one of the best performers yesterday, is the biggest loser with losses of nearly 3 per cent.

Technology stocks have lost further ground. Infosys has lost nearly 1.5 per cent while Wipro is trading more than a per cent lower. Satyam has lost close to a per cent.

Zee Tele has corrected further and has lost more than 1.5 per cent.

HDFC is now trading with losses of nearly 1.5 per cent. Sun Pharma is down more than 1.5 per cent.

HLL is another major loser in afternoon trades, giving up nearly a per cent.

ONGC has recovered from its early lows and is now trading 0.5 per cent lower while Reliance Industries is down nearly a per cent.

Jet Airways has lost all its gains and is now trading 0.5 per cent lower.

Grasim and L&T are the other major losers, both trading nearly a per cent each lower.

Reliance Communications remains the best performer among index stocks, with gains of over 4 per cent. The company has reportedly applied for GSM licenses in almost all the telecom circles in the country.

Aluminium stocks are doing well on hopes of better product prices. Hindalco has added nearly 2.5 per cent while Nalco is trading almost 1.5 per cent higher.

Hero Honda has gained further in afternoon trades and is now up nearly 2 per cent. Maruti is holding on to its 2 per cent gains.

HPCL is holding on to its gains of nearly 2 per cent and so is OBC, also trading nearly 2 per cent higher. BPCL is trading nearly a per cent higher.

BHEL, Reliance Energy and Glaxo are the other major gainers among index stocks.

Mid-caps and small caps remain unaffected by the subdued trend in large caps. The NSE mid-cap index continues to trade with gains of around per cent. BSE mid-cap index is trading 0.85 per cent higher and the small-cap index is trading more than a per cent higher. Market breadth on the NSE remains positive with well over 2 stocks advancing for every declining stock.

United Western remains locked in the 10-per cent upper circuit after IndiaBulls also joined the fray to acquire the failed bank.

PSU stocks HMT and ITI continue to trade with significant gains. HMT is trading nearly 17 per cent higher and ITI has added 12.5 per cent.

Pudumjee Pulp, 3M India, Birla VXL, Jaybharat Maruti, Hotel Leela and Bindal Agro are among the other major mid-cap gainers.

Videocon Appliances, Gruh Finance, TCI Finance, Media Video, Shivalik Global, Yokogava and DS Kulkarni are the major mid-cap losers.

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08 Sep 01.10 PM: Markets slip into the red