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Sensex stages a V-Shaped recovery

This article was posted on Jun 4, 2009 and is filed under Market News

At 12:23pm (IST), Sensex was down 124 points at 14,746 and Nifty was down 38 points at 4,492.

Markets continue to remain under pressure however, have managed to stage a V-shaped recovery in the afternoon trades. The recovery is led by the FMCG, Pharma and the PSU stocks. While, the Metal, Oil & Gas and the IT stocks are under selling pressure.

Cues from the Asian markets are in the red. The Hang Seng index in Hong Kong was down by 2% and the Nikkei index in Japan was down by 0.7%.

Among the 30-components of Sensex 15 stocks are in the red and 15 are in the positive terrain. Among the major gainers are, HDFC, HUL, ITC and Bharti. On the other hand, major laggards were, RIL, ICICI Bank, Infosys, ONGC and Sterlite.

At 12:21 pm (IST), the BSE 30-share Sensex slipped 124 points at 14,746 and the NSE Nifty was down 38 points at 4,492.

Shares of Subhash Projects have surged by over 3% to Rs134 after the company announced that it won order worth Rs1.05bn.

The scrip has touched an intra-day high of Rs136.8 and a low of Rs125 and has recorded volumes of over 66,000 shares on NSE.

ICICI Bank has announced a reduction of 0.50% in its Floating Reference Rate(FRR) applicable to floating rate retail loans (including floating home loans) with effect from June 5, 2009. The revised FRR will be 12.75% as against 13.25% p.a. at present.

The Bank has also announced a reduction of 0.50% in its Benchmark Advance Rate with effect from June 05, 2009. The revised I-BAR will be 15.75% p.a. as against 16.25% p.a. at present. The stock is down by 2.1% to Rs704 after hitting an intra-day high of Rs714 and a low of Rs693.

source: Indiainfoline

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