labels: stock markets - india, markets - general

31 Oct 01.10 PM: Sensex slips below 13000 news
31 October 2006

Markets, which were cautious ahead of the rate announcement by RBI, dropped sharply when the announcement first came. They soon recovered on realisation that only the repo rate has been hiked and the more important reverse-repo rate has been left unchanged. But the indices have started drifting downwards as telecom stocks are seeing some profit booking.

Sensex is trading lower by 26 points at 12998 at 01.10 PM.

Nifty is now trading lower by 15 points at 3754.

Telecom stocks have come under pressure. MTNL is the worst performer among index stocks, trading more than 3.5 per cent lower.

Reliance Communications and VSNL are down around 2.5 per cent each while Bharti has lost more than 1.5 per cent.

HCL Tech has slipped further and is down more than 2.5 per cent. Wipro has lost nearly 1.5 per cent

Gail India continues to trade nearly 2.5 per cent lower

Bajaj Auto remains weak by nearly 1.5 per cent

Among other losers, SAIL and HDFC Bank have lost around 1.5 per cent each.

Arvind Mills has slumped nearly 6 per cent after disappointing results. Colgate has also lost ground after results announcement.

HPCL continues to trade firm and is the best performer among index stocks with gains of more than 2.5 per cent

ONGC is holding on to gains of nearly 1.5 per cent

Lower crude oil prices have helped Jet Airways to stage a recovery and have gained nearly 2.5 per cent

HDFC has gained further and is trading nearly 2.5 per cent.

Tata Power is holding on to gains of over 2 per cent.

Zee Tele and Satyam are the other major gainers

Strong results have pushed HLL to gains of well over a per cent. ITC is trading more than 1.5 per cent higher while Dabur is trading well over a per cent higher.

Mid-caps and small caps have also lost further ground in afternoon trades. The NSE mid-cap index is now trading with losses of over 0.25 per cent. BSE mid-cap index is also down 0.25 per cent and the small-cap index has lost more than 0.6 per cent each. Market breadth on the NSE remains negative.

GTN Industries is locked in 20 per cent upper circuit. GTN Textiles has gained 11.5 per cent.

Deccan Aviation has rallied more than 10 per cent after the recent correction

Jaypee Hotels, Prakash Limited and Indian Hume are locked in the 10 per cent upper circuits.

Bajaj Auto Finance, Sangam India, Salora International and SPL are among the major mid-cap gainers.

Ramco Industries, SPL Industries, Godrej Consumer Products, Celebrity Fashions, Balrampur Chini, Nocil and JBM Auto are the major mid-cap losers.

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31 Oct 01.10 PM: Sensex slips below 13000