Markets continue to trade lower
Srujani Panda / 17 Oct 2011
Meanwhile, European stock markets have opened on a positive note on hopes that euro-zone officials are working hard to devise a plan to tackle the sovereign-debt crisis.
Back home, Tata Motors turned biggest gainer among large caps, rallying nearly 5 per cent post very strong global sales data in September due to new launches like Land Rover Evoque and Jaguar XF doing well in main market of UK. Maruti climbed 2 per cent and M&M gained nearly 0.9 per cent. Among other auto stocks, Bharat Forge, Mahindra & Mahindra and Exide Industries were the prominent gainers.
Among financial stocks, ICICI Bank and SBI rose 1 per cent each. Axis Bank jumped 2 per cent. HDFC was up 0.6 per cent ahead of second quarter results and HDFC Bank up 0.44 per cent.
From the oil & gas space, ONGC and Cairn India moved up 0.7 per cent and 2 per cent, respectively. However, Reliance Industries crashed 4 per cent post second quarter results. Indian Oil, HPCL, Bharat Petroleum, Essar Oil, Oil India and Gail India are also among the notable losers among the oil & gas stocks. NTPC, Bharti Airtel, Wipro, BHEL, L&T and Sun Pharma were down 1.4-2.4 per cent. Infosys and TCS fell 0.6 per cent each.
JSW Energy moved higher by 4 per cent at Rs 51.90 after achieving full commercial operations at its 1,200 mega-watt (MW) Ratnagiri power plant and resumption of operations at the Barmer plant. NIIT rallied 13 per cent to Rs 49.35 on reports that the company sold its entire stake in the US-based Element K Corporation to SkillSoft Ltd for $110 million (approx Rs 539 crore).
On the sectoral front, BSE Oil & Gas index was the top loser on the sectoral charts, down 2.3 per cent or 201 points to 8,658. Capital Goods index was also trading lower by 133 points at 10,908. Power, Teck, Healthcare, IY, PSU and Metal indices were also trading lower by 0.3-0.9 per cent. At the same time, auto stocks witnessed a fresh bout of buying, up 1 per cent to Rs 8,947. Consumer durables, banking and realty sectors also witnessed some buying.
The market breadth, indicating the overall health of the market, is negative. On BSE, 1326 shares fell and 1288 shares fell. A total of 115 shares remained unchanged.
In conclusion, we expect the markets to continue this volatile trend for the remainder of day.
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