Sensex down 115 pts as weakness persists

Last Updated: Mon, Nov 08, 2010 06:58 hrs

The market, which slipped into the red after opening higher, continues to trade weak with several front line stocks still trading lower due to profit taking. Weak global markets and caution ahead of some key results are also contributing to the sell-off today.

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At 20,890.40, the Sensex is now down 114.56 points or 0.55% from its previous closing mark. The Nifty is down with a loss of 28.10 points or 0.45% at 6284.35.

Information technology, PSU, realty and bank stocks are mostly trading lower. Capital goods, power and automobile stocks are also seen struggling to make a headway into positive territory. Select metal, healthcare, oil and FMCG stocks have moved up on modest buying support. Midcap and smallcap stocks are mostly subdued.

ONGC is down by over 2% at Rs 1351. Hero Honda, Maruti Suzuki, NTPC, ICICI Bank, HDFC Bank, Infosys Technologies, Wipro, Reliance Communications, Mahindra & Mahindra, State Bank of India, HDFC, Tata Consultancy Services, Larsen & Toubro, Cipla, DLF and ITC are also trading weak.

Sterlite Industries is up with a strong gain of 2.7%. Tata Steel, ACC, Hindalco and Hindustan Unilever are trading higher by 1.3% - 2%. Reliance Infrastructure, Jindal Steel, Tata Motors and Reliance Industries are up with modest gains.

Hindustan Petroleum Corporation has lost around 3.2%. Power Grid Corporation is down with loss of 3%. BPCL, Thermax, MphasiS, Marico, IVRCL Infrastructure, Dish TV India, Indraprastha Gas, Shree Cement, Indian Oil Corporation, Adani Enterprises, Syndicate Bank, IL&FS Transport and Motherson Sumi are trading lower by 2% - 2.8%.

Rashtriya Chemicals & Fertilizers is up nearly 7% at Rs 124. Ambuja Cements, IFCI, Reliance Power, Divi's Laboratories and Godrej Industries have gained 4% - 4.5%. Canara Bank, Reliance Natural Resources, Shree Renuka Sugars, National Fertilizers, Glenmark Pharmaceuticals, Aurobindo Pharma, Hindustan Oil, Exide Industries, Ashok Leyland, GVK Power, Jindal Saw and Axis Bank are also trading notably higher.

Coal India, which made a spectacular debut last week, is down with a loss of 4.75% at Rs 333 due to profit taking. On the National Stock Exchange, over 32.3 million shares have been traded so far at the Coal India counter today.

Orchid Chemicals has gained over 4% on strong volumes. On NZE, the Orchid Chemicals counted has clocked a turnover of around Rs 123.7 crore on a volume of nearly 4 million shares today.

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JMC Projects (India) Ltd has informed BSE that the members of the Company have approved the Special Resolution for issuing 43,50,000 Equity Shares of Rs.10/- each at a premium of Rs.197/- per share to Kalpataru Power Transmission Ltd., one the promoters of the Company on preferential basis at their Extra-Ordinary General Meeting held on November 6, 2010. The stock is up nearly 2% at Rs 211 at present.

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