labels: stock markets - india, markets - general

06 Oct 11.10 AM: Sensex gains marginally; above 12400 news
06 October 2006

Markets opened with decent gains, but declined within minutes and the indices slipped into the red for a brief period. They have recovered and are trading with modest gains. Major Asian markets are seeing mild profit booking after yesterday's rally.

Sensex opened at 12391 and saw a high of 12434. The index is trading higher by 12 points at 12402 at 11.10 AM.

Nifty opened at 3565 and touched a high of 3584. The index is now trading higher by 9 points at 3574.

VSNL has surged on the back of significant gains in its ADR prices yesterday. The stock is trading more than 9 per cent higher and is the best performer among index stocks.

Among other telecom stocks, MTNL has gained over 1.5 per cent.

Metal stocks are continuing the up trend led by SAIL and Hindalco, which have gained over 2.5 per cent each.

Tata Steel has gained another 1.5 per cent on sustained media reports about the Corus bid.

Among engineering stocks, Siemens has added 2.5 per cent while BHEL is up over 1.5 per cent.

HPCL is continuing the rally with gains of nearly 1.5 per cent.

Among other gainers, Gujarat Ambuja Cement has gained close to 1.5 per cent and Tata Power has added more than a per cent.

Some of the major gainers from yesterday have corrected in early trades. OBC is the worst performer among index stocks, trading more than a per cent lower. HDFC has also lost more than a per cent.

FMCG stocks ITC and HLL have both lost more than 0.5 per cent each

Among tech stocks, Wipro and Satyam have shed more than 0.5 per cent each.

Auto stocks are under pressure and Tata Motors and Bajaj Auto have lost over 0.5 per cent each.

Among other major losers, Glaxo has given up nearly a per cent and Grasim is down nearly 0.5 per cent.

Mid-caps and small caps are continuing the strong rally from yesterday, despite the modest gains in large caps. There is no let up in momentum as most of yesterday's major gainers have rallied further.

The NSE mid-cap index is now trading with gains of over 0.45 per cent. BSE mid-cap index has added close to 0.8 per cent and the small-cap index has gained over a per cent. Market breadth on the NSE is very positive with nearly three stocks advancing for every declining stock.

Dolphin Offshore, Anasal Housing and McNally Bharat, which were listed on the NSE today, are attracting very good buying interest. All the stocks were listed on the BSE.

Jayant Agro, Heritage Foods, Madhucon Projects, India Motor Parts and Archies are among the major mid-cap gainers.

Rama Newsprint continues to be weak and has lost close to 7 per cent.

SIL, Dabur Pharma, IFB Industries, Navneet Publications, Bajaj Hindustan and Educomp are the major mid-cap losers.

 search domain-b
06 Oct 11.10 AM: Sensex gains marginally; above 12400