| Markets recover from low levels | |
| SI Reporter / New Delhi Feb 13, 2012, 13:36 | | | | | |
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Markets have recovered from the intra-day low levels led by continued buying interest visible in the index heayweight Reliance Industries. Renewed buying in banking and auto stocks has also helped the markets to recover from the low levels.
At 1330 hours the Sensex was up 30 points at 17,778 levels and the Nifty was up 7 points at 5,388 levels.
Earlier in the day the Sensex touched the low of 17,665.
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(Updated at 1.04 PM)
Markets continue to trade on a weak note in the noon deals on the back of selling pressure visible in the capital goods, realty and IT stocks. The Snesex has shed 21 points to 17,727 levels and the Nifty is down 11 points at 5,370 levels.
According to Hormuz Maloo, Technical Analyst, Geojit BNP Paribas Securities, "the markets seem to be in the process of turning downwards. I think a medium term downtrend is beginning, which could take the market substantially lower from current levels. I feel the downward correction could last till the budget or beyond."
Meanwhile, the Asian markets ended the day on a positive note. The Nikkei ended at 8,999 levels up 52 points, Taiwan advanced 51 points to 7,912 levels and the Hang Seng was also up 85 points at 20,868 levels.
Back home, Tata Power is the top loser among the Sensex stocks, down 3.4% to Rs 107. DLF has also shed nearly 3% to Rs 224. Cipla, Wipro, L&T, SBI, Maruti Suzuki, Jindal Steel, Tata Steel, TCS, Tata Motors, Infosys and Bharti Airtel are also among the laggards.
However, Hero MotoCorp has advanced 1.8% to Rs 2,005. Coal India, Mahindra & Mahindra, Sun Pharma, HDFC Bank, GAIL India, Bajaj Auto, HUL, BHEL and ONGC are also among the gainers.
The index heavyweight Reliance Industries is trading higher by nearly 1% at Rs 849 on reports that the company has signed a deal with France's Dassault Aviation for partnering in the defence and homeland security sector in India.
Capital goods, realty, IT and metal stocks are facing the selling pressure in trades so far. The BSE Capital Goods index has shed 1.2% or 126 points to 10,167 levels. Realty index is also down 1% to 1,867 levels. IT, Metal, Power, PSU, Bankex and FMCG indices are also under pressure, down 0.1-0.7% each.
At the same time, Consumer Durables index is the top sectoral gainer, up 0.8% to 6,220 levels. Oil & Gas and Healthcare indices have also advanced 0.5 and 0.3% each respectively.
Suzlon Energy is the top loser among the capital goods stocks, down 7.3% to Rs 28 on reporting higher-than-expected net loss at Rs 286 crore for the third quarter ended December, due to increase in interest costs and provision for deferred taxes.
ABB, Alstom Projects, Thermax, BEML, Punj Lloyd, Praj Industries and SKF India are also among the losers from this space.
From the consumer durable space Gitanjali Gems is the top gainer, up 4% to Rs 342. Bajaj Electricals, Titan Industries, Whirlpool, Blue Star and Videocon Industries are also trading higher.
Among the individual stocks, Steel Strips Wheels (SSWL) has moved up 12% to Rs 245 on receiving fresh orders from Renault- Nissan. The total value of business is close to Rs 225 crore spanning over five years, reports suggest.
Lovable Lingerie has tanked 10% to Rs 413 after reporting 23% quarter-on-quarter (q-o-q) drop in net profit at Rs 3.53 crore for the quarter ended December 2011, due flat volume growth and higher other expenditure.
The broader markets are trading on a flat note. The BSE mid-cap index is up 7 points at 6,254 and the small-cap index has advanced 5 points to 6,896 levels.
The overall breadth is marginally negative as 1,396 stocks are declining while 1,245 are advancing.
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