labels: stock markets - india, markets - general

Market update: Sensex holding above 12700 news
20 March 2007


Indices have shed part of their early gains, mostly because of a decline in select frontline technology and FMCG stocks. Other Asian markets are holding on to gains while Europe has opened lower.

Sensex is trading higher by 66 points at 12711 at 01.50 PM.

Nifty is now trading higher by 18 points at 3697.

Ranbaxy has soared after a firm start and is the best performer among index stocks with gains of nearly 6.5 per cent.

Jet Airways has also rallied further and is now trading more than 6 per cent higher.

HDFC Bank continues to lead the banking stocks with gains of nearly 3.5 per cent. OBC is now trading well over 2.5 per cent higher.

Among cement stocks, Grasim has added close to 3.5 per cent while Gujarat Ambuja Cements is trading nearly 3 per cent higher.

Among oil marketing stocks, BPCL has added 3 per cent while HPCL is trading over 2.5 per cent higher. Gail India is now trading more than 2.5 per cent higher.

Reliance Energy is the other major gainer, trading over 3 per cent higher.

Select technology stocks are under pressure. Infosys has lost nearly 1.5 per cent while HCL Tech and TCS are down close to a per cent each.

Among FMCG stocks, Dabur has lost close to 1.5 per cent and ITC has slipped well over a per cent.

Hero Honda and Bajaj Auto have lost over a per cent each.

Tata Power is the worst performer among index stocks with losses of well over 1.5 per cent.

Among other major losers, Tata Steel and BHEL have lost close to a per cent each.

Mid-caps and small caps have also come off their early highs. The NSE mid-cap index is now trading with gains of over 1.1 per cent. BSE mid-cap index is trading with gains of over 0.75 per cent and the BSE small-cap index is trading 0.65 per cent higher. Market breadth on the NSE remains positive in early afternoon trades.

Among tea plantation stocks, Jayshree Tea is holding on to gains of over 11.5 per cent.

AMD Metplast, which listed yesterday, is holding on to gains of over 9 per cent.

Uniply, RPG Transmission, Educomp and Elder Pharma are the other major mid-cap gainers.

Astral Poly Technik, which had a weak listing on the exchanges today, is now trading at Rs105 against an issue price of Rs115.

JK Industries, Zenith Exports, Oriental Trimex, Wheels India, Orient Hotels, Punjab Chemicals and Dolphin Offshore are the other major mid-cap losers.


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Market update: Sensex holding above 12700