Market Commentary
Market Activity: Key share indices recouped losses in choppy

trade to rise nearly 1% after having slipped into red soon after a positive opening.  

At 10.10AM, Sensex was at 15876.95, up 126.55 points, or 0.8%, from Wednesday. Nifty was at 4792.35, up 38.15 points, or 0.8%. 

Tata Motors rose nearly 2% on reports the company plans to list depositary receipts on Tokyo Stock Exchange to raise over 100 bn yen (Rs 39 bn). Mahindra and Mahindra was also up 1% on news the company’s consortium plans to buy 100% stake in an Italian company Metalcastello SpA. DLF, up over 2%, was the top Nifty gainer. Gammon Infrastructure Projects listed at Rs 170 on NSE against an issue price of Rs 167. Laggards included ACC and Cipla, down 1% each. ABB, down over 1%, was the worst hit on Nifty. 

In the mid trading session, Market was choppy on lack of clear direction from Overseas. Key European markets had slipped into the red, while Asian markets were still trading in the positive territory. At 2.25PM, Sensex was at 15780.49, up 7.15 points, or 0.2%, from Wednesday. Nifty was at 4765.40, up 11.45 points, or 0.2%. Capital goods and power shares were among the worst hit. Reliance Energy fell 4%, while Bharat Heavy Electricals was down 6% after reporting lower-than-expected 2007-08 (Apr-Mar) net profit. Wipro, up 5%, and Dr. Reddy’s Laboratories, up 3%, were among top gainers on Nifty. 

Key share indices ended up after a volatile session in the absence of clear cues from global markets. Asian markets ended up today, while key European markets were trading down. Sensex ended at 15832.55, up 82.15 points, from Wednesday. Nifty closed at 4771.60, up 17.40 points, Shares of capital goods companies were the worst hit, with Bharat Heavy Electricals ending down over 5% on lower-than-expected 2007-08 (Apr-Mar) earnings. ABB had also slipped over 5% at close. Technology shares gained on defensive buying. Wipro was the top Nifty gainer, closing up over 5%. Satyam Computer also ended over 5% up, Infosys Technologies gained 3%, and HCL Technologies rose 1%. Power shares ended in the red, led by Suzlon Energy, down over 4%, followed by Reliance Energy, down 3%, and Tata Power, down 2%. 

Sector Activity : 

Tech stocks showed up trend with exception: Satyam closed up Rs 430.10 with volumes of Rs 231.87 crs, Infosys closed up at Rs 1522.50 with volumes of Rs 185.26 crs, TCS closed up at Rs 885.40 with volumes of Rs 72.17 crs, and Educomp closed down at Rs 3416.85 with volumes of Rs 57 crs. 

Pharma stocks closed positive trend: Orchid Chemical closed up at Rs 174.80 with volumes of Rs 165.76 crs, Sun Pharma closed up at Rs 1268.95 with volumes of Rs 35.43 crs, Dr Reddy closed up at Rs 617.15 with volumes of Rs 25.31 crs, and Cipla closed up at Rs 220 with volumes of Rs 20.44 crs.

Banking stocks witnessed positivity with exception: In the Public Sector SBI Bank down at Rs 1639.05 with volumes Rs 99.23 crs & Bank Of India closed up at Rs 283.10 with volumes Rs 55.44 crs. In the Private sector ICICI Bank closed up at Rs 786.75 with volume of Rs 211.52 crs & HDFC Bank closed up at Rs 1331.15 with volumes of Rs 76.97 crs.

Auto Stocks ended up with exception: Tata Motors closed down at Rs 629.20 with volumes of Rs 55.72 crs & M&M closed up at Rs 645.15 with volumes of Rs 33.75 crs. While in the 2 wheeler segment stocks, Bajaj Holding closed up at Rs 687.30 with volumes of Rs 16.60 crs, Hero Honda closed up at Rs 749.85 with volumes of Rs 11.13 crs.

Cement Stocks showed mixed activity: ACC closed down at Rs 826.90 with volumes of Rs 48.43 crs, India Cem closed down at Rs 186.05 with volumes of Rs 19.74 crs, Ambuja Cement closed up at Rs 121.60 with volumes of Rs 9.79 crs and Mysore Cement closed up at Rs 34.95 with volumes of Rs 62 crs.                   

Nifty ended at 4772 up by 18 points

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