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Market update: Sensex hits new high; metal stocks tumble news
05 February 2007

Indices started firm but lost all their gains within minutes before recovering and moving higher. They slipped again as metal stocks are under severe pressure and are now trading with modest gains. Other Asian markets are mixed in early trades.

Sensex opened at 14432 and touched a new lifetime high of 14467. The index is trading higher by 33 points at 14437 at 11.10 AM.

Nifty opened at 4193 and touched an all-time high of 4204. The index is now trading higher by 8 points at 4191.

Base metal stocks are under heavy pressure in early trades following the decline in international metal prices. The decline in metal prices came after reports that a leading hedge fund with heavy exposure to metals is facing financial difficulties. Hindalco is the worst performer among index stocks, trading more than 4.5 per cent lower. Nalco has lost over 1.5 per cent.

Copper manufacturer Sterlite has slipped 7.5 per cent and Hindustan Zinc is down 5 per cent.

SAIL is continuing the down trend and has lost more than 2.5 per cent.

The up trend in oil prices has pulled down oil marketing stocks further. HPCL has slipped 2 per cent while BPCL is down nearly a per cent.

Higher oil prices have pulled down Jet Airways by more than 1.5 per cent.

Tata Motors has lost nearly 1.5 per cent after last week's gains.

Among tech stocks, Wipro is down more than 1.5 per cent and HCL Tech has slipped over a per cent.

MTNL and L&T are the other major losers among index stocks.

Telecom stocks continue to rally ahead in early trades. Bharti has added another 2.5 per cent taking its market cap close to Rs1.5-lakh crore. Reliance Communications is trading nearly 1.5 per cent.

Suzlon is continuing the recovery from Friday and has added close to 1.5 per cent. BHEL has added close to 0.5 per cent.

Reliance Energy has gained over a per cent on unconfirmed reports of a possible bid for some energy assets overseas. Tata Power has added over 0.5 per cent.

Among banks, SBI and ICICI Bank have added around 0.5 per cent each. HDFC is trading well over a per cent higher.

M&M is the other major gainer with gains of over a per cent.

Mid-caps also started the day on a firm note but have shed most of their gains while small caps are doing well. The NSE mid-cap index is now trading with losses of close to 0.15 per cent. BSE mid-cap index has gained close to 0.05 per cent and the BSE small-cap index is trading with gains of nearly 0.6 per cent. Market breadth on the NSE is marginally positive in early trades.

Some of the recent listings have rallied in early trades. Lumax Autotech has surged nearly 14 per cent while Autoline Industries is trading with gains of close to 12.5 per cent. Bluebird has gained 11.5 per cent and XL Telecom has added 10.5 per cent.

Surana Telecom is locked in the 10 per cent upper circuit.

Balaji Tele has gained close to 10 per cent on unconfirmed reports of a tie-up with Star TV.

Jindal Drilling, VLS Finance, Repro India and TVS Electronics are among the major mid-cap gainers.

Logix Micro, Surya Roshni, Nissan Copper, Datatmatics Technologies, Morepen Lab and Rohit Ferro are the major mid-cap losers.

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Market update: Sensex hits new high; metal stocks tumble