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Market update: Sensex down over 200 points; Techs slip further news
28 March 2007

Frontline indices remain weak in early afternoon trades. Though technology stocks have slipped further, indices are getting some support from ONGC and select pharma and metal stocks. All other Asian markets, except Shanghai, remain weak and Europe has also opened lower.

Sensex is trading lower by 205 points at 12919 at 01.10 PM.

Nifty is now trading lower by 53 points at 3767.

Technology stocks have slipped further after the weak start. HCL Tech remains the worst performer, trading more than 5 per cent lower. TCS has shed close to 4.5 per cent while Satyam is down over 4 per cent. Wipro has lost close to 3.5 per cent while Infosys has lost nearly 3 per cent.

Among oil & gas stocks, Gail India has lost nearly 3.5 per cent and HPCL is down well over 3 per cent.

Among autos, Tata Motors is still down nearly 3 per cent and Maruti is trading over 2.5 per cent lower.

HDFC is the other major loser, trading nearly 3 per cent lower.

ONGC has resumed its up trend from the previous week and has added nearly 1.5 per cent.

Ranbaxy has moved up further and remains the best performer among index stocks with gains of 2.5 per cent. Dr Reddy's has gained over 2 per cent.

Among metals, Tata Steel and Nalco are holding on to gains of close to a per cent each.

BHEL has gained over 2 per cent.

Zee Entertainment, ITC, Grasim and Reliance Energy are the other gainers among Nifty stocks.

Mid-caps and small caps also remain weak. The NSE mid-cap index is now trading with losses of close to 1.2 per cent. BSE mid-cap index continues to trade with losses of over 1.15 per cent and the BSE small-cap index has lost over 1.25 per cent. Market breadth on the NSE remains negative in early afternoon trades.

Sugar stocks have gained further on reports that the government may announce incentives to boost exports. Sakthi Sugar has added over 15 per cent while Ponni Sugar is trading more than 10.5 per cent higher. Upper Ganges and Uttam Sugar are the other major gainers.

Pudumjee Pulp, Atlas Cycle, Man Industries, Jayshree Tea and Apcotex are the major mid-cap gainers.

Nahar Exports remains locked in 20 per cent down circuit while Nahar Spinning has lost nearly 8.5 per cent.

Emkay Stock, Page Industries, Vardhman Holdings, Uniphos, HBL Power and Astral Poly Technik are the other major mid-cap losers.

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Market update: Sensex down over 200 points; Techs slip further