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Markets recover from days low

This article was posted on Nov 26, 2010 and is filed under Market News

The markets have reveresed all its losses in noon trades. The Sensex which plunged to a low of 18,957, has rebounded into green and is now up two points at 19,320. The NSE Nifty has added four points at 5804.

SBI and ICICI Bank are leading the recovery, with gains of 2% each. TCS, Cipla and Hero Honda are the other significant gainers.
However, Jaiprakash Associates, DLF, Reliance Infrastructure, Sterlite Industries, Hindalco Industries and Reliance Communications continue to remain top losers among the Sensex 30 stocks.

Meanwhile, the broader markets are trading weak on concerns that foreign institutional investors might exit the scam hit companies. The BSE mid-cap index has recovered marginally from its intra-day low level of 7,339. Mid-cap index is at 7595 down 257 points and the small-cap index is at 9514 down 448 points.

Core Projects is the top loser among the mid-cap stocks down 30% at Rs 177. ARSS Infra Projects, Amtek Auto, Parsvanath Developers and Shree Ashtvinayak Cine Vision are other loser among the mid-cap stocks down nearly 20% each. Among the small-cap stocks Bheema Cements is the top loser down 20% at Rs 114 followed by Murli Industries, Goenka Diamonds and Jai Balaji Industries down more than 14% each.

The Real estate stocks continue to witness the selling pressure for the third day, the BSE realty index continues to remain the top sectoral loser but has recovered from the intra-day low of 2454 down 5.3% or 152 points at 2724.

Consumer Durable, Metal, Power and PSU indices are also among the sectoral loser. While BSE banking index -Bankex and IT index are in the green.

Parsvanath Developers leads the losers chart among the Realty stocks, Orbit Corp, D B Realty, Phoenix Mills and Indiabulls Real Estate are trading lower by more than 8% each.

The overall market breadth continues to remain extremely negative as 2560 stocks are declining while 355 stocks are advancing.

source: Business Standard

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