Market pared gains in early afternoon trade as profit booking emerged at higher levels. Volatility was high ever since the opening bell. Global cues were mixed. Shares from steel and real estate pack advanced. The market breadth was positive.

The government will release the weekly inflation data today, 7 August 2008, evening. Inflation measured by wholesale price index is forecast to have risen 12.02% in the 12 months to 26 July 2008, up from previous weeks rise of 11.98%.

At 12:25 IST, the BSE 30-share Sensex was up 79.41 points or 0.53% to 15,152.95. At the days high of 15,220.86 struck in mid-morning trade, the Sensex gained 147.32 points. Sensex opened 41.68 points lower at 15,031.86 and slipped further to hit an intra-day low of 14,992.97 in early trade. At the days low, the Sensex lost 80.57 points.

The S&P; CNX Nifty was up 21.35 points or 0.47% to 4,538.90

The market breadth was strong on BSE with 1294 shares advancing as compared to 822 that declined. 67 remained unchanged.

The BSE Mid-Cap index was up 0.84% to 5,904.41 and the BSE Small-Cap index gained 0.59% to 7,185.97.

The total turnover on BSE amounted to Rs 2431 crore by 12:30 IST as compared to Rs 1685 crore by 11:30 IST.

Among the 30-member Sensex pack, 20 advanced while the rest slipped.

Real estate stocks advanced on fresh buying. DLF (up 1.26% to Rs 551.45), Parsvnath Developers (up 3.21% to Rs 128.50), HDIL (up 0.80% to Rs 486.80), and Peninsula Land (up 1.45% to Rs 80.70), logged gains from the realty space.

Steel stocks made a comeback today after declining for two straight days. Indias largest private sector steelmaker by sales, Tata Steel rose 2.02% to Rs 658.70. The stock had hit a low of Rs 640 in early trade.

As per reports, top steel producers have decided not to raise steel prices even as the three month moratorium with the government on price freeze ends today, 7 August 2008.

Bhushan Steel (up 1.38% at Rs 911.95), Ispat Industries (up 3.83% at Rs 28.45) and Steel Authority of India (up 1.44% at Rs 148.25), edged higher.

Auto shares advanced for the third straight day and dominated Sensex gainers. Indias top truck maker in terms of sales, Tata Motors surged 3.89% to Rs 443.30 on 1.69 lakh shares. It was the top gainer from the Sensex pack.

Maruti Suzuki India (up 2.63% to Rs 670), and Mahindra & Mahindra (up 2.73% to Rs 577.35), also logged gains from auto pack.

HDFC (up 2.88% to Rs 2464.80), HDFC Bank (up 2.25% to Rs 1244), and NTPC (up 1.53% to Rs 183), edged higher from the Sensex pack.

Indias largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 1.10% at Rs 2271 on 5.47 lakh shares. The stock moved in a range of Rs 2315.25 and Rs 2248.60 so far during the day.

Bharti Airtel, the nations top mobile operator by revenue lost 2.96% to Rs 844 on 3.47 lakh shares. It was the top loser from Sensex pack. The company yesterday, 6 August 2008, said it would launch Apple Inc's third-generation iPhone in India on 22 August 2008.

Reliance Communications (down 0.91% to Rs 442.45), Bhel (down 1.87% to Rs 1793) and ACC (down 1.02% to Rs 631.10) edged lower from Sensex pack.

Among the mid-cap gainers, Ashapura Minechem (up 6.54% to Rs 126.30), MIC Electronics (up 13.10% to Rs 129.50), Bajaj Auto Finance (up 10.65% to Rs 133), GHCL (up 10.59% to Rs 82.50), and Moser Baer (up 6.91% to Rs 104), surged.

Elecon Engineering Company soared 14.29% to Rs 122.40 after the company said Emtici Engineering, a promoter, purchased 1.07 lakh equity shares on 16 July 2008 from open market. The company made this announcement after trading hours on Wednesday, 6 August 2008.

Ansal Properties & Infrastructure spurted 8.61% to Rs 99 after 9.8 lakh shares or 0.86% of the companys equity changed hands in a block deal on BSE at Rs 92 each.

JSW Steel gained 1.90% to Rs 804 on reports its unit JSW Energy plans to enter the power distribution business as part of its plans to become an integrated power firm.

US crude rose 26 cents to $118.84 a barrel today, 7 August 2008. The contract is almost 20% off the record of $147.27 a barrel hit on 11 July 2008.

Most Asian markets were trading lower today, 7 August 2008. Key benchmark indices in Japan, China, Taiwan Singapore, and South Korea were down by between 0.02% and 1.69%. However Hong Kong's Hang Seng index was up 0.59%.

US stocks rose on Wednesday, building on the previous day's big gains, as a further drop in oil prices and a reassuring outlook from Cisco Systems overshadowed persistent credit concerns. The Dow Jones industrial average added 40.30 points, or 0.35%, to 11,656.07. The Nasdaq Composite index rose 28.54 points, or 1.21%, to 2,378.37.

Back home, stocks ended volatile session slightly higher extending gains for the second straight day yesterday, 6 August 2008. The BSE 30-share Sensex rose 112.47 points or 0.75% to 15,073.54 and the S&P; CNX Nifty rose 14.70 points or 0.33% to 4,517.55, yesterday 6 August 2008.

Powered byCapital Market - Live News