labels: stock markets - india, markets - general

17 Oct 01.10 PM: Sensex slips further news
17 October 2006

Indices have slipped further after the morning weakness as some of the gainers in early trades have lost ground. Asian indices remain weak while Europe has opened lower.

Sensex is trading lower by 80 points at 12848 at 01.10 PM.

Nifty is now trading lower by 21 points at 3703.

Oil marketing stocks remain weak in afternoon trades as well. HPCL is the worst performer with losses of over 2.5 per cent. BPCL is down nearly 1.5 per cent.

Gail India has lost ground in afternoon trades and is down nearly 2 per cent.

Infosys has lost further ground and is trading more than 1.5 per cent lower. TCS has slipped over a per cent.

There are reports that Tata Sons has sold nearly a per cent stake in TCS to part-finance Tata Steel's bid for European steel maker Corus.

HLL remains weak by more than 2 per cent and Dabur is trading well over a per cent lower.

Grasim is a major loser in early afternoon trades and has lost nearly 2.5 per cent.

HDFC remains weak by more than 2 per cent following the decision to cut home loan interest rates.

L&T is the other loser, down nearly 1.5 per cent.

HCL Tech, which announced good results yesterday, remains the best performer with gains of 2.5 per cent. Satyam is holding on to gains of close to 2.5 per cent in anticipation of good numbers.

Among metals, SAIL has moved up further and is trading nearly 1.5 per cent higher. Tata Steel and Hindalco have declined from early highs and are trading with modest gains.

Among engineering stocks, BHEL has gained over a per cent and Siemens is trading more than 0.5 per cent higher.

Two-wheeler stocks Bajaj Auto and Hero Honda are trading 0.5 per cent each higher.

PSU banking stocks have given up most of their gains with only SBI holding nearly 0.5 per cent higher.

Mid-caps and small caps have also lost ground after the subdued opening. The NSE mid-cap index is now trading with losses of 0.25 per cent. BSE mid-cap index is down 0.15 per cent and the small-cap index has lost 0.4 per cent. Market breadth on the NSE remains negative.

Select mid-cap IT stocks continue to attract good interest, helped by the good results from large IT companies. Vakranjee Software remains locked in the 10 per cent upper circuit while Subex Azure has added over 7.5 per cent. Onward Technologies and Aztec Software are trading with gains of 6.5 per cent each.

Air Deccan has initiated a fresh up move and has added 9.5 per cent.

Uniphos, Binani Industries, McDowell, BPL and Selan Oil Exploration are among the major mid-cap gainers.

Jaybharat Maruti, Apar Industries, Lumax Auto, Quintegra, Godrej Industries, Sanghi Industries, GKW, ING Vysya and Cinevistas are the major mid-cap losers.

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17 Oct 01.10 PM: Sensex slips further