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The slide may continue

This article was posted on May 21, 2009 and is filed under Market Outlook

Markets would continue to remain under pressure as the whole elections is a bit overdone. Though the convincing win for the UPA has been greeted with cheers, the road to recovery will not be a smooth one.

It was the second straight trading session of losses for the Sensex. Along with the index heavyweights even the mid-cap and the small-cap stocks witnessed some profit booking towards the end. Finally, the Sensex slipped 324 points or 2.3% to close at 13,736 after touching a high of 14,089 and a low of 13,704. The index had opened at 14,043 against the previous close of 14,060.

The NSE Nifty declined 59 points or 1.4% to shut shop at 4,211. Advance declined ended at 3:1 as compared to 10:1 in the morning trades

Shares of KS Oil allied by over 4% to Rs60 after reports stated that the company may get Rs4.5bn funding from PE investors, GDR and promoter funding for development, expansion and acquisition of agricultural assets in South East Asia. The scrip touched an intra-day high of Rs64 and a low of Rs57.5 and recorded volumes of over 3.4mn shares on NSE.

Shares of Pfizer gained by 1% to Rs730 as the company has reportedly inked entered into an agreement with Claris Lifesciences to market off patent injectibles. The scrip touched an intra-day high of Rs748 and a low of Rs721 and recorded volumes of over 7,000 shares on BSE.

Shares of Bajaj Auto surged by over 5.5% to Rs934 after the company posted a net profit of Rs1302.1mn up 8% yoy for the quarter ended March 31, 2009 as compared to Rs1207.9mn for the quarter ended March 31, 2008.

Total Income decreased from Rs20948.9mn for the quarter ended March 31, 2008 to Rs19063.2mn for the quarter ended March 31, 2009.

Shares of Aurobindo Pharma advanced by 6% to Rs344 after the company announced that it has expanded its partnership with Pfizer Inc, by executing licensing and supply agreements for several Solid Dosage and Sterlite products for a number of emerging market countries. The scrip touched an intra-day high of Rs348 and a low of Rs325 and recorded volumes of over 95,000 shares on BSE.

Shares of Opto Circuits rallied by over 8.5% to Rs157 after the California-based Mediaid Inc., the subsidiary company and its International Marketing arm has received Brazilian FDA agency – Agencia Nacional de Vigilancia Sanitaria (ANVISA) – approval for marketing and sale of the Mediaid brand of US FDA-approved Pulse Oximetry (SPO2) products (Patient Monitors & Sensors) in the Country and surrounding geographies.

Markets would continue to remain under pressure as the whole elections is a bit overdone. Though the convincing win for the UPA has been greeted with cheers, the road to recovery will not be a smooth one. It will take some doing for the new regime to engineer the economic turnaround.

source: Indiainfoline

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