labels: stock markets - india, markets - general

Market update: Sensex down 86 points news
19 January 2007

Indices remain weak as some of the results from frontline companies were disappointing. Inflation data released today showed a substantial rise to over 6 per cent and has affected sentiment further. Other Asian markets remain mixed while Europe has opened lower.

Sensex is trading lower by 86 points at 14131 at 01.10 PM.

Nifty is now trading lower by 31 points at 4079.

Tech stocks which were weak in early trades following disappointing results remain under pressure. Satyam is still down nearly 5.5 per cent while Tech Mahindra is trading more than 5.5 per cent lower.

Wipro has lost more than 3 per cent while Infosys is down more than 1.5 per cent.

Ranbaxy has slipped further and is now down nearly 3.5 per cent while Cipla has lost 3 per cent.

Siemens continues to trade with losses of over 3 per cent.

Tata Steel has lost close to 2.5 per cent and SAIL is trading more than 2 per cent lower.

M&M has also lost further ground and is now trading 3 per cent lower.

Reliance Energy is the other major loser, down more than 2 per cent.

Reliance Industries is holding on to gains of close to a per cent, supporting the indices to some extent.

MTNL remains the best performer with gains of over 2 per cent. Reliance Communications and Bharti are trading with gains of around 0.5 per cent each.

HDFC Bank has recovered modestly from recent losses and is now trading almost a per cent higher.

ITC has gained further and is now trading over 1.5 per cent higher.

Among cement stocks, Gujarat Ambuja has gained close to a per cent and ACC is trading over 0.5 per cent higher.

Zee Tele and Jet Airways are the other major gainers.

Mid-caps and small caps have slipped further after the weak opening. The NSE mid-cap index is now trading with losses of over 0.7 per cent. BSE mid-cap index has lost 0.5 per cent and the BSE small-cap index is trading with losses of over 0.5 per cent. Market breadth on the NSE remains very negative with more than 2 stocks declining for every advancing stock.

Sarla Poly, Saregama, Everest Industries, JP Hydro, Eicher Motors, Granules India, HOCL, Shivalik Global and Genesys are among the major mid-cap gainers.

Dena Bank, Nocil, Bluestar Info, Eimco Elecon, AVT Natural, Nissan Copper and Flex Industries are the major mid-cap losers.

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Market update: Sensex down 86 points