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Sensex may breach 9k mark

This article was posted on Feb 5, 2009 and is filed under Market Outlook

The declining trend may continue as bears would look to breach the psychological 9,000 mark. With no domestic triggers to look forward, global cues would dictate the trend at least in the opening trades. Markets ended with deep losses on Thursday. After a flat start, key indices constantly slipped led by selling pressure in auto, IT and capital goods stocks. Although bucking the negative trend were the shipping, metal and select Pharma stocks. Finally, the Sensex slipped 110 points to close at 9,090 and the Nifty fell 23 points to close at 2,780.

Among the 30-components of Sensex, 22 stocks ended in the red and 8 stocks ended in the green. Among the major laggards in the Sensex were Reliance Industries, HDFC, Infosys, L&T and Hindustan Unilever. On the other hand, major gainers were Grasim, ICICI Bank and ITC.

Shares of Tata Metaliks ended lower by 3% to Rs62. The company yesterday announced that it secured prospecting license for iron ore mines in Maharashtra. The scrip touched an intra-day high of Rs67 and a low of Rs62 and recorded volumes of over 9,000 shares on BSE.

Shares of ONGC ended flat at Rs665. Reports stated that the company might revive its 15mn ton Rajasthan refinery plan. The scrip touched an intra-day high of Rs680 and a low of Rs655 and recorded volumes of over 3,00,000 shares on BSE.

Shares of PTC India slipped by 2% to Rs61. According to reports, the company announced that it plans to mobilize Rs12bn through QIP. The scrip touched an intra-day high of Rs63 and a low of Rs58 and recorded volumes of over 1,00,000 shares on BSE.

Shares of Ashapura Minechem pared all its gains and ended lower by 3% to close Rs18.7. The stock had earlier surged after reports stated that the company was seeking partner for Maharashtra project. The scrip touched an intra-day high of Rs20 and a low of Rs18 and recorded volumes of over 1,00,000 shares on BSE.

Shares of Maytas Infra continued to slide further; the stock was yet again locked at 5% lower circuit to Rs60.1. There were reports stating that the company plans to set up task force to provide managerial assistance to the company. The scrip touched an intra-day high of Rs60.1 and a low of Rs60.1.

Shipping stocks were the talk of the town on Thursday after the Baltic index of prices for shipping commodities rose the most in over 2 decades.

The Baltic Dry Index rose 15% in London indicating strengthening demand for iron ore. The Baltic Index plunged 92% last year as the global economic recession damped demand for transporting commodities.

Shares of MLL rallied by over 23% to Rs31, ABG Shipyard rose over 3.5% to Rs64 and SCI added 1% to Rs83.

Shares of Tata Motors slipped by 3% to Rs131 after reports stated that the company has built up an amount overdue of more than Rs12bn with parts manufacturers and other suppliers over the past few months.

The company has reportedly stopped making payments and slashed orders for parts on account of decline in sales. The parts manufacturer is owed Rs800mn by Tata Motors.

The scrip touched an intra-day high of Rs133 and a low of Rs128 and recorded volumes of over 6,00,000 shares on BSE.

The declining trend may continue as bears would look to breach the psychological 9,000 mark. With no domestic triggers to look forward, global cues would dictate the trend at least in the opening trades.

source: Indiainfoline

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