labels: stock markets - india, markets - general

17 Nov 11.10 AM: Sensex slips after firm start news
17 November 2006

Markets opened firm, but have slipped into the red mostly on weakness in heavyweight ONGC. Other Asian markets are trading firm, except Japan, on the sustained rally in US markets and the sharp fall in crude oil prices

Sensex opened at 13678, which is a new lifetime high, before declining to a low of 13443. The index is trading lower by 34 points at 13472 at 11.10 AM.

Nifty opened at 3877 and saw a high of 3892 before slipping. The index is now trading lower by 15 points at 3862.

ONGC has slumped nearly 2.5 per cent on lower crude oil prices and is the main reason for the weakness in indices.

Dr Reddy's is the major loser among index stocks, down nearly 6 per cent. Glaxo has shed another per cent, continuing the down trend.

Cement stocks Gujarat Ambuja and ACC have alost around 1.5 per cent each after yesterday's rally.

FMCG stocks have lost further ground. HLL is down 1.5 per cent while Dabur has lost more than a per cent.

Among banks, PNB has lost nearly 2 per cent after the sustained rally over the last few days.

Hero Honda is another major loser, down more than 2 per cent.

MTNL has corrected further and is down nearly 1.5 per cent.

Oil marketing stocks have soared as expected after the steep fall in crude oil prices. HPCL is the best performer among index stocks with gains of nearly 5.5 per cent. BPCL has rallied close to 4 per cent while Indian Oil is trading well over 4 per cent higher.

Engineering stocks are doing well, led by L&T which has gained nearly 2 per cent. Siemens and BHEL have gained around a per cent each.

Jet Airways is continuing the rally and has added another 1.5 per cent.

HDFC is another major gainer, trading more than 2.5 per cent higher.

Power utility stocks Reliance Energy and Tata Power have added over a per cent each.

Bharti Airtel is trading with gains of nearly 1.5 per cent.

Mid-caps and small caps are under heavy pressure in early trades, as they continue their under-performance as compared to large caps. Many prominent mid-caps are seeing profit booking.

The NSE mid-cap index is now trading with losses of close to 0.85 per cent. BSE mid-cap has lost 0.75 per cent and the small-cap index is trading with losses of nearly per cent. Market breadth on the NSE is very negative in early trades with more than 3 stocks declining for every advancing stock.

Deccan Aviation has rallied another 6 per cent on lower crude oil prices. The company said it expects to be profitable in the next one year.

Lakshmi Vilas Bank, Hitachi Home, Aksh Optifibre, Khaitan Limited and Atlanta are among the major mid-cap gainers.

Sugar stocks remain under pressure today as well. Oudh Sugar, KCP Sugar and Dharani Sugar are among the biggest losers.

IVP, Hitech Gears, Hindustan Dorr Oliver and SIL are the major mid-cap losers.

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17 Nov 11.10 AM: Sensex slips after firm start