labels: stock markets - india, markets - general

30 Oct 11.10 AM: Sensex recovers from weak start; up 47 pts news
30 October 2006


Markets opened weak as expected, on subdued global cues. Asian markets are mostly down today on fears of a US slowdown. However, frontline stocks have recovered and have smartly moved ahead.

Sensex opened at 12925 and declined to a low of 12845 before recovering to touch a high of 12962. The index is trading higher by 47 points at 12954 at 11.10 AM.

Nifty opened at 3739 and slipped to a low of 3719 before recovering. The index is now trading higher by 8 points at 3747.

M&M continues to soar and is the best performer among index stocks with gains of over 5.5 per cent.

Dr Reddy's has reacted well to its results and is up more than 4 per cent

Telecom stocks are continuing the rally from Friday, led by Bharti, which has gained nearly 2.5 per cent. Reliance Communications has gained nearly 2 per cent.

HPCL has rallied 3.5 per cent as the company has reported a healthy profit, helped by lower crude oil prices. Indian Oil, which also reported good results, has added more than 1.5 per cent.

L&T has added another 2.5 per cent while ABB has gained 1.5 per cent.

Hindalco, Grasim and IPCL are the other major gainers.

SBI has lost nearly 2 per cent as the bank's results have not excited the markets, though they were in line with expectations.

HDFC is the worst performer among index stocks, down more than 2 per cent.

Tech stocks are weak following the weakness in technology stocks in the US on Friday. Wipro has slipped nearly 2 per cent while Satyam has lost over 1.5 per cent. TCS is down more than a per cent.

ONGC has lost nearly a per cent and is putting pressure on the indices.

Jet Airways continues to correct and has lost nearly 1.5 per cent.

MTNL, BHEL and Glaxo are the other major losers.

Mid-caps and small caps are also trading with modest gains. While stocks of companies, which have come out with weak numbers, have been punished, significant price action is seen in select stocks on positive news flows and good results.

The NSE mid-cap index is now trading with modest gains of less than 0.05 per cent. BSE mid-cap and the small-cap indices are trading with gains of nearly 0.45 per cent each. Market breadth on the NSE is positive in early trades with nearly 1.5 stocks advancing for every declining stock.

Jaiprakash Associates is locked in the 20-per cent upper circuit on reports that the government has cleared the Taj Corridor highway project. Seshasayee Paper is also locked in 20 per cent upper circuit.

HB Stock, Indian Hume Pipes and Jaypee Hotels are locked in the 10 per cent upper circuits.

Global Vectra, which had a subdued listing on Friday, has recovered and has gained over 11 per cent.

Nahar Spinning, Hikal, Vardhman Poly and Sundaram Fasteners are among the major mid-cap gainers.

Everest Industries, Star Paper, GTN Industries, Sical, Hyderabad Industries, Softpro Solutions, Eveready and Kajaria Ceramics are the major mid-cap losers.


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30 Oct 11.10 AM: Sensex recovers from weak start; up 47 pts