labels: stock markets - india, markets - general

Market update: Sensex volatile as Infosys fails to excite news
11 January 2007

Infosys could not repeat its magic during the third quarter as the appreciation of the rupee took its toll and the markets are obviously disappointed. The indices opened lower, but recovered soon after and rallied ahead. They have slipped again and have shed most of their gains. Other Asian markets are mixed with a negative bias in morning trades, despite the positive closing by US indices yesterday.

Sensex opened at 13331, touched a low of 13303 and pulled back to a high of 13477. The index is trading lower by 7 points at 13355 at 11.10 AM.

Nifty opened at 3852 and touched a low of 3834 before recovering to a high of 3886. The index is now trading higher by 3 points at 3853.

Infosys started the session with losses of nearly 4 per cent before recovering almost all the losses. The stock has slipped again and is now trading over 2.5 per cent lower

ONGC remains under pressure and has lost more than a per cent while Gail India has lost nearly 2 per cent

VSNL remains under pressure and has shed close to 2.5 per cent

BHEL and Siemens have lost around 1.5 per cent each while ABB is down nearly a per cent

Zee Entertainment has lost more than a per cent

Grasim and Glaxo are the other major losers

Select metal stocks are doing well and SAIL is the best performer among index stocks with gains of over 2.5 per cent. Nalco has gained nearly 2.5 per cent

Among techs, both Satyam and Wipro are trading with gains of well over 2 per cent each

Lower oil prices are helping oil marketing stocks. HPCL has added nearly 2 per cent while BPCL and Indian Oil are trading nearly 1.5 per cent each higher

Cheaper crude oil has also helped Jet Airways to gain more than 2 per cent

HLL and Gujarat Ambuja Cements are the other major index gainers, trading nearly 1.5 per cent each

Zee News, the de-merged television news business of Zee Tele which listed yesterday, is trading nearly 2 per cent higher from yesterday's close.

Wire and Wireless, the de-merged cable distribution and DTH business of Zee Tele which listed yesterday, has gained 10 per cent in early trades.

Mid-caps and small caps attempted a recovery in opening trades but have shed part of their gains. The NSE mid-cap index is now trading with losses of over 0.2 per cent. BSE mid-cap index has added close to 0.1 per cent and the BSE small-cap index is trading with gains of nearly 0.3 per cent. Market breadth on the NSE is positive in early trades with nearly 1.5 stocks advancing for every declining stock.

Sugar stocks are doing well on reports that the government may consider lifting the export ban. Rana Sugars has added more than 6 per cent

GMR Industries is locked in 10 per cent upper circuit

Shree Ashtavinayak Cine Vision, which got listed yesterday, has gained another 5 per cent in early trades.

Apar Industries, Munjal Auto, KRBL, Bluestar, Shyam Tele and Suryajyoti Spinning are among the major mid-cap gainers.

SPL Limited, NRC, Jaicorp, HB Stock, Nissan Copper, MGF, Onward Technologies and India Motor Parts are the major mid-cap losers.

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Market update: Sensex volatile as Infosys fails to excite