Wednesday, November 02, 2005

Sensex moves past 8,000; L&T spurts

The market firmed up further in mid-afternoon trade with the Sensex moving
past the psychological 8,000 barrier. Firmness in most emerging markets in
Asia and the US supported domestic bourses after a small 25 basis points US
interest rate rise that pleased investors by allaying fears of bigger hikes
in future. The US Federal Reserve did not signal more aggressive hikes in
future, which could lure capital away from high-yielding but relatively
riskier emerging markets.

Steel shares bounced back from the lower levels after sliding in early trade
on reports that they had cut hot rolled coil prices by Rs 500 per tonne.
Select construction stocks surged in mid-afternoon trade.

PSU telecom services firm MTNL spurted. ITC edged higher for the third day
in a row. Software shares recovered from the lower level. Cement scrips held
firm on the back a latest price hike.

PSU banks recovered from the lower level.

Though market breadth was weak, it improved by mid-afternoon trade. 1,169
stocks declined on BSE as compared to 1,070 stocks that rose. 48 scrips were
unchanged. Losers outpaced gainers by a ratio of 1.09:1. This ratio was
about 1.4:1 in afternoon trade.

At 14:30 IST, the Sensex was up 79 points at 8,023. The Sensex hit a high of

The Sensex bounced back from the day’s low of 7,891.23.

MTNL jumped 6% to Rs 119.25. 5.1 lakh shares changed hands in the counter on
BSE. As per reports in a section of the media, the Department of
Telecommunications (DoT) is exploring the option of a quasi merger of BSNL
and MTNL. The plan involves forming four regional wireline companies, a
mobile operator and an infrastructure company from BSNL. The four regional
wireline companies would be BSNL North, BSNL East, BSNL South and BSNL West.
Under the plan, MTNL’s wireline operations in Delhi would merged with BSNL
North and the Mumbai operations will be merged with BSNL West. The mobile
operations of BSNL, along with that of MTNL, would be transferred to a
separate company, BSNL Mobile thus giving the public sector units a
pan-India mobile footprint, reports suggest

Engineering and construction major L&T jumped 5.4% to Rs 1,496. 1.4 lakh
shares changed hands in the counter on BSE.

Cement shares were in demand. Grasim gained 3.5% to Rs 1,165, Gujarat Ambuja
Cements gained 2.7% to Rs 71.75 and ACC advanced 2.5% to Rs 463.50. As per
reports, cement firms have raised prices by Rs 5 per 50 kg bag in the key
Mumbai market. Following the latest price hike, retail cement prices would
rise to Rs 180 per 50-kg bag in Mumbai while those for institutional and
bulk buyers would be about Rs 165 per bag.

Housing finance major HDFC gained 3.5% to Rs 1,003. The stock recovered on
renewed buying interest after a steep recent fall in the counter.

Dr Reddy’s Lab gained nearly 3% to Rs 847. Dr Reddy’s Lab reported a
better-than-expected 72% growth in Q2 September 2005 net profit as per US
GAAP to Rs 89 crore (Rs 51.70 crore). Revenue rose 7% to Rs 580 crore.

Steel major Tisco rose 1.4% to Rs 345. The stock bounced back from the day’s
low of Rs 331.20. 9.4 lakh shares changed hands in the counter on BSE.

Index heavyweight Reliance Industries (RIL) advanced 0.8% to Rs 772.95. 12.3
lakh shares changed hands in the counter on BSE.

Hindustan Zinc surged 3.4% to Rs 225 on reports in a section of the media
that it has effected a steep hike in zinc prices



Blogger Team said...

Dear Visitors,

This blog is really nice and informative. We are pleased to know this blog is really helping people. Its our pleasure to post informative content on this useful blog created by webmaster.

Time changes and with every passing day graphs of stock market changes which in turn changes the portfolio of investor. Like recent fall in Indian stock market
has ruined the portfolio of investors
who were invested in Nse and Bse
listed scripts. They have lost around say 60% of there money. But now once again after that correction in stock market Nifty and Sensex has picked up momentum. But
we again warns all investors that don’t be too over tempted by this rise as its just a minor upmove. Until Nifty doesn’t close above 5300 for 3-4 sessions we are not at all bullish in market. So invest in market for short term or prefer day trading commonly known as Intraday trading.

Apart from it rising price of Crude oil, Rising Inflation is a matter of concern. Though dollar is becoming stronger that will boost IT sector and Exporters.

All in all we suggest be in Indian stock market and if you are investor invest with the proper strategies like go Long for maximum 1 week that too with proper stoploss and target.
If you are day trader be a strict intraday trader then , clear your goals and trade with strict stoploss and target if you want to earn.




2:47 AM  
Blogger kavin smith said...

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3:45 AM  

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