labels: stock markets - india, markets - general

Market update: Sensex down 22 points at 14261 news
29 January 2007

Frontline indices slipped to their lowest levels before noon but have recovered from those levels, mostly on account of further gains in metal stocks. Most Asian markets are firm in afternoon trades while Europe has opened lower.

Sensex is trading lower by 22 points at 14261 at 01.30 PM.

Nifty is now trading lower by 9 points at 4139.

Suzlon remains the worst performer among index stocks with losses of over 5.5 per cent.

Among tech stocks, Wipro remains weak by more than 2.5 per cent while Satyam is trading 1.5 per cent lower.

ICICI Bank has come under pressure and has lost 2 per cent.

Tata Motors has slipped further and is now down more than 2.5 per cent while Maruti has lost over 1.5 per cent.

ITC has also lost further ground and is now down more than 2 per cent.

Sun Pharma remains weak by close to 2 per cent.

HPCL has come off its lows and is now trading over 1.5 per cent lower.

Jet Airways has also made a modest recovery and is now down nearly 1.5 per cent.

Metal stocks have gained further after last week's spectacular gains. Hindalco is leading the pack with gains of over 3.5 per cent. SAIL has added close to 2.5 per cent while Tata Steel is now trading nearly 1.5 per cent higher.

BHEL has gained further and remains the best performer among index stocks with gains of over 4 per cent. Siemens is holding on to gains of close to 1.5 per cent.

Reliance Communications has moved up further and is now trading 2.5 per cent higher.

Cipla is holding on to gains of 2.5 per cent while Glaxo has added 2 per cent.

IPCL is the other gainer, trading nearly 1.5 per cent higher.

Mid-caps and small caps remains firm and continue to outperform large caps. The NSE mid-cap index is now trading higher by 0.5 per cent. BSE mid-cap index is trading 0.35 per cent higher and the BSE small-cap index is trading with gains of 0.45 per cent. Market breadth on the NSE remains positive in early afternoon trades.

IndiaBulls Financial has surged in afternoon trades and is trading with gains of 11.5 per cent.

Novopan, Sakuma Exports, Bilpower, Havells India, Balmer Lawrie, Induj Enertech and IL&FS Investment Managers are among the major mid-cap gainers.

Mahindra Ugine, GM Breweries, Sutlej Industries, Precision Wire, Rajshree Sugar, Manugraph. Carol Info, Jai Corp and KSB Pumps are the major mid-cap losers.


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Market update: Sensex down 22 points at 14261