labels: stock markets - india, markets - general

28 Sep 11.10 AM: Sensex little changed in early trades news
28 September 2006


Markets are yet to set any directional trend in early trades, on the day of F&O settlement. The indices opened with gains, helped by gains across Asian markets, before declining and recovering again.

Sensex opened at 12389 and crossed 12400 before declining to a low of 12342. The index is trading higher by just one point at 12368 at 11.10 AM.

Nifty opened at 3580 and declined to a low of 3565. The index is now trading lower by 6 points at 3573.

Oil & gas stocks are under pressure as crude oil prices have crawled back above $63 per barrel. Oil marketing stocks HPCL and BPCL have lost close to 1.5 per cent each. Gail India is the biggest loser in this sector, down nearly 2.5 per cent.

Nalco is the worst performer among index stocks, down more than 2.5 per cent.

Select pharma stocks are also weak, led by Glaxo which is down nearly 2 per cent. Dr. Reddy's has lost more than a per cent.

Jet Airways remains weak and has lost another 1.5 per cent.

Maruti has corrected after yesterday's rally and has shed more than a per cent.

Satyam is the major loser among tech stocks, down more than a per cent.

Banks and financial stocks continue to do well for the third straight session. OBC is the best performer among index stocks with gains of nearly 2.5 per cent.

HDFC has added another 2 per cent while ICICI Bank has gained over 1.5 per cent. PNB has added close to 1.5 per cent while SBI and HDFC Bank have gained close to a per cent each.

HLL has recovered from its recent correction and has added more than 1.5 per cent.

Index heavyweight ONGC has recovered from yesterday's correction and has added close to a per cent, helped by the rise in crude oil prices.

Tata Power is continuing yesterday's rally and has added more than a per cent.

Pharma stocks Ranbaxy and Cipla have added around a per cent each.

ACC is holding up with gains of nearly a per cent on reports of higher cement prices.

Mid-caps and small caps are mostly positive in early trades despite the uncertain trend in large caps. Though some of the big gainers in recent weeks have declined, laggards like sugar stocks are making a come back.

The NSE mid-cap index is now trading with gains of over 0.3 per cent. BSE mid-cap index has added 0.35 per cent and the small-cap index has gained nearly 0.45 per cent. Market breadth on the NSE is almost neutral, with a very marginal negative bias, in early trades.

Rama Newsprint is locked in the 20 per cent upper circuit today as well.

Sugar stocks are seeing some buying interest after the sustained decline for the last many weeks. Dharani Sugar and Bajaj Hindustan are the major gainers.

Igarashi Motors, Eicher Motors, SB&T International, Hyderabad Industries, Abhishek Industries and Action Construction Equipment are among the major mid-cap gainers.

Sandesh, Khaitan Limited, Tips Industries, Bindal Agro and Jaybharat Maruti are the major mid-cap losers.


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28 Sep 11.10 AM: Sensex little changed in early trades