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Mid Session Market Analysis for Feb 09, 2011

By Religare
|

The Indian bourses are currently trading mixed during midsession trade and are hovering around the baseline bearing the unfavorable influence from the Asian peers. On the Asian front, markets started on a negative note and continue to trade in the same trend after the market sentiments were dampened by the news that China has hiked the interest rates by 25 basis points which was the second hike in the last six months to curb the inflation rate. Back to the domestic front, markets opened with a high dismal note following the same from the Asian market. However after some time it managed to gain some momentum to recover from the fall due to buying support across the Oil & Gas and Bankex stocks but then slipped again to hover around the baseline. On the sectoral front, Oil & Gas and Bankex are witnessing some buying support while Realty and Power were the worst hit as most selling pressures was witnessed in these baskets.

 

The broader market indices are trading negative as BSE Mid Cap and Small Cap are trading down by 1.69% and 1.94% respectively. The key benchmark indices are trading at BSE 30-share Sensex below 17,750 mark, while Nifty is below the 5,305 mark.

At 12.24 BSE SENSEX was trading at 17,746.94 down by 28.76 points (0.16%) and the NSE Nifty was trading at 5,304.8 down by 7.75 points (0.15%).

The BSE MIDCAP was at 6,427.16 down by 110.28 points (1.69%) and the BSE SMLCAP was at 7,995.27 down by 155.21 points (1.94%).

On the economic front, due to remarkable contribution of unorganized sector in the production activity, the government has proposed to give more weights for industries such as tobacco, food & beverages and apparels in the Index of Industrial Production. The government has even changed the base year for calculating the index from the current base year 1993-94 to the new base year 2004-05.

On the corporate front, ICICI Bank Ltd. rose by 1.89% to Rs 969.10 after the reports that the bank has undergone MoU with Aircel to enhance its reach in financial products like savings accounts, pre-paid instruments and credit products in the country.

Everonn Education Ltd. rose by 5.32% to Rs 508.15 after the company reported an incline in its net profit by 56% to Rs. 18.95 crore for the Q3 results in comparison to the corresponding quarter previous year. .

 

At present, the market breadth indicating the overall health is negative with 617 stocks advancing, 2,000 shares declining and 85 stocks are left unchanged. Further, the overall market breadth is negative as 10 out of the 13 sectoral indices are trading lower.

Gainers from the Sensex Pact till now are M&M (3.17%), HDFC (2.57%), RIL (1.8%), ICICI Bank (1.69%) and ONGC (0.78%).

Losers from the Sensex Pack till now are BHEL (3.02%), Tata Motors (2.93%), Hindalco Inds (2.88%), Jaiprakash Asso (2.78%) and Reliance Comm (2.21%).

The BSE Oil & Gas index was at 9,414 up by 115.67 points or by (1.24%). The main gainers were RIL (1.8%), Gail India (1.34%), ONGC (0.78%) and IOC (0.02%).

The BSE Realty index was at 2,104.32 down by 62.81 points or by (2.9%). The main losers were Parsvanth Dev (19.98%), D B Realty (16.85%), Unitech (6.67%) and Sobha Dev (5.45%).

The leading Asian bourses are negative as Hang Seng, Taiwan Weighted and Jakarta Composite are trading lower by 150.66, 104.64 and 56.26 points respectively.

Story first published: Wednesday, February 9, 2011, 12:52 [IST]
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