Thursday, February 19, 2009

Volatility continues in the market - 19-02-09

The markets are witnessing some volatility and are swinging in between the positive and negative territory. Further the positive European markets also added to the sentiments today. The markets lost grounds from the day’s high after the inflation number was out. The IT, Auto and Power stocks are trading in green while the Capital Goods, Metal, FMCG and Banking stocks are under pressure. The BSE Mid Cap and the Small Cap indices are however trading marginally lower.

The government has sought the approval from the parliament to spend an extra Rs 10,765 crore during the current fiscal. This amount would be used to fund the additional spending due to raised wages of government staff and also to make payments to the funding institutions in the farm sector. The government would spend the net cash for meeting extra requirement of various government arms to implement the sixth pay commission recommendation on wage raise of government staff, compensation to state governments to introduce value added tax, administrative expenses and compensation to riot victims.

The BSE Sensex is now trading below the 9,050 mark and the NSE Nifty is trading around the 2,780 mark.

The overall market breadth is negative as 1045 stocks are advancing while 1171 stocks are declining in BSE.

Wipro reported the top gainer from the BSE Sensex pack. It is trading higher by (5.19%) at Rs.219.90 while Hindalco Industries the top loser down by (2.77%) at Rs. 40.40.

At 2.30PM BSE Sensex is at 9,044.25 up by 29.07 points and Nifty is at 2,786.95 up by 10.80 points. 

The BSE Mid Cap is lower by 0.17 points at 2,844.13 and the BSE Small Cap decreased by 6.50 points to 3,219.56.

The IT index is trading up by 31.97 points at 2,076.63. Leading form the gainers pack are Tech Mahindra trading up by 5.57% at Rs251 along with Wipro by 4.88% at Rs219.85, Aptech by 2% at Rs79.15, Infosys by 1.19% at Rs1192.80, TCS by 1.05% at Rs485.60, Patni Computers by 0.92% at Rs104.30, NIIT by 0.76% at Rs19.95 and Oracle Finance by 0.46% at Rs705.95.

The Capital Goods index is trading lower by 55.12 points at 6,073.64. Losers from this pack are Everest Kant trading down by 4.17% at Rs107.95 follows by Bharat Bijli by 3.80% at Rs382.25, Elecon Eng by 3.30% at Rs30.80, ABB by 2.11% at Rs395.05, Kalpataru Power by 1.66% at Rs255, L&T by 1.63% at Rs643.40, Praj Inds by 1.03% at Rs52.60, Bhel by 0.96% at Rs1382, Bharat Electricals by 0.37% at Rs880.10.

The most active shares on NSE are WWIL trading at Rs.15.90 with a total traded quantity of 29488989 shares followed by Unitech trading at Rs.28.85 with a total traded quantity of 22028755 shares.

Gayatri Projects Ltd is trading with handsome gains of 9.33% at Rs73.85. The Company has secured two new orders along with Ratna Infrastructure Projects Pvt. Ltd under Joint Venture namely (GAYATRI - RATNA JOINT VENTURE) with a total projects cost of Rs 2,131.62 crores. M/s. Gayatri Projects Ltd share is 80% and Ratna Infrastructure Projects Pvt. Ltd share is 20%. The entire works has to be executed with in a period of 54 months.

On the global markets front, the European markets are trading higher as FTSE and DAX index are trading up by (0.19%) and (0.11%) respectively.