Mid-Session: Market erases early losses; TCS up 3% Analysis for Jul 18, 2014

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Markets recovered from morning lows in noon trades as gains in IT heavyweights capped the losses in SBI, ITC and ONGC. Cipla, Hero MotoCorp, Tata Steel and Mahindra & Mahindra up were among the notable gainers. Among the major losers of the hour were BHEL, Hindalco, Tata Power, NTPC and Coal India.

At 12:07 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 25608.5 up by 47.34 points or by 0.19 per cent and NSE"s broad-based Nifty was at 7641.45 up by 1 points or by 0.01 per cent.

The BSE MIDCAP was at 9285.33 down by -6.36 points or by -0.07 %, while the BSE SMLCAP was at 10219.53 up by 26.41 points or by 0.26 %.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2651, shares advanced were 1232 while 1308 shares declined and 111 were unchanged.

Among the major gainers in the Sensex pack were Tata Consultancy Services Ltd. (Rs. 2468.90,+3.69%), Wipro Ltd. (Rs. 554.00,+3.00%), Cipla Ltd. (Rs. 441.80,+1.06%), Tata Steel Ltd. (Rs. 564.00,+0.91%), Mahindra & Mahindra Ltd. (Rs. 1189.85,+0.72%), among others.

On the flip side, Bharat Heavy Electricals Ltd. (Rs. 237.50,-2.28%), Hindalco Industries Ltd. (Rs. 184.70,-2.15%), Tata Power Company Ltd. (Rs. 106.65,-1.75%), NTPC Ltd. (Rs. 148.00,-1.63%), State Bank of India (Rs. 2566.20,-1.21%), were among notable losers on BSE.

Among the thirteen sectoral indices on BSE, BSE IT index was at 9453.37 up by 185.33 points or by 2%. Persistent Systems Ltd. (Rs. 1389.90,+5.48%), Tata Consultancy Services Ltd. (Rs. 2468.90,+3.69%), Wipro Ltd. (Rs. 554.00,+3.00%), HCL Technologies Ltd. (Rs. 1505.25,+2.66%), Mahindra & Mahindra Ltd. (Rs. 2129.40,+1.71%),.

Meanwhile, BSE PSU index was at 8215.24 down by -94.19 points or by -1.13%. Rural Electrification Corporation Ltd. (Rs. 314.60,-3.30%), Hindustan Petroleum Corporation Ltd. (Rs. 395.45,-3.05%), Power Finance Corporation Ltd. (Rs. 270.85,-2.59%), Bharat Heavy Electricals Ltd. (Rs. 237.50,-2.28%), Union Bank of India (Rs. 198.60,-2.24%),.

Story first published: Friday, July 18, 2014, 13:12 [IST]
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