labels: stock markets - india, markets - general

03 Oct 11.10 AM: Indices flat in early trades news
03 October 2006

Indices opened with modest gains before slipping, but recovered soon after. Asian markets are mostly negative on fresh concerns of a US slowdown.

Sensex opened at 12474 and saw a high of 12480. The index is trading higher by 10 points at 12465 at 11.10 AM.

Nifty opened at 3589 and touched a high of 3606. The index is now trading higher by 7 points at 3596.

Suzlon Energy is the best performer among index stocks, with gains of over 3.5 per cent.

Among telecom stocks, Reliance Communications has gained nearly 2 per cent and VSNL has added more than 1.5 per cent.

Select auto stocks are doing well in early trades. M&M has gained close to 2 per cent while Bajaj Auto has gained nearly 1.5 per cent.

ICICI Bank has recovered from Friday's correction and has added nearly a per cent.

Hindalco is the best performer among metals, trading more than 1.5 per cent higher.

HPCL has added 1.5 per cent after last week's correction.

Glaxo and Dabur are the other major gainers among index stocks.

Pharma stocks are under pressure in early trades, led by Cipla which is down more than 1.5 per cent. Cipla has lost nearly 1.5 per cent and Dr. Reddy's is down nearly a per cent.

HLL is the worst performer among index stocks, down more than 1.5 per cent.

HDFC has corrected more than 1.5 per cent after last week's up trend.

Among tech stocks, Infosys has lost more than a per cent and Wipro has slipped close to a per cent.

Tata Power has shed close to a per cent after last week's rally.

ONGC has lost close to 0.5 per cent while BHEL is down modestly.

Mid-caps and small caps are maintaining the up trend and are outperforming the large caps by a wide margin. Momentum continues to be very strong though there is selective profit booking in sectors like sugar.

The NSE mid-cap index is now trading with gains of 0.6 per cent. BSE mid-cap index has added over 0.5 per cent and the small-cap index has gained nearly 0.75 per cent. Market breadth on the NSE is positive with more than 2 stocks advancing for every declining stock.

Visual Soft has added more than 7.5 per cent after the announcement of its merger with Megasoft.

Rama Newsprint is continuing the rally and has added close to 20 per cent.

Sakuma Exports, Maharashtra Scooters, Shree Precoated Steel, Numeric Power, FAG Bearing and Sesa Goa are among the major mid-cap gainers.

Sugar stocks are under pressure after last week's rally. Dharani Sugar and Dhampur are the major gainers.

Emami Limited, IVP, Nilkamal, IFB Industries and Kanoria Chemicals are the major mid-cap losers.

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03 Oct 11.10 AM: Indices flat in early trades