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The Southward journey may continue

This article was posted on May 25, 2009 and is filed under Market Outlook

The outlook continues to remain a bit cautious for the coming days as Tuesday saw markets taking a breather. In addition, the global economic slowdown, sluggish local economy, ballooning fiscal deficit continue to remain as headwinds.

Markets witnessed a sharp sell off on Tuesday ahead of the F&O expiry. Offloading in the heavyweights dragged the NSE Nifty to drop below the 4,100 levels in intra-day trades.

The BSE Mid-Cap and the Small-Cap stocks which outperformed the benchmark indices also witnessed some profit booking. Both the small-and the mid-cap indices ended lower by 3% each.

The Sensex slipped 324 points or 2.3% to close at 13,589 after touching a high of 13,991 and a low of 13,518. The index had opened at 13,929 against the previous close of 13,913.

The NSE Nifty fell 130 points or 3% to shut shop at 4,107.

Among the BSE Sectoral indices BSE Realty index was the top loser. The index lost 4%, followed by the BSE Capital Goods index down 3.2%, BSE Power index down 3.1%, BSE Consumer Durable index down 3.1% and BSE Oil & Gas index down 2.7%. Bucking the negative rend was the BSE IT index up 0.5%.

Shares of Parsvnath Developers’ surged by over 4.5% to Rs92 after the board of directors approved a proposal to raise up to Rs25bn by issuing fresh shares to institutional buyers. The scrip touched an intra-day high of Rs98 and a low of Rs90 and recorded volumes of over 2.3mn shares on BSE.

Dishman Pharma was locked at 20% upper circuit to Rs174 after the company’s full-year profit rose 55% from a year earlier. The scrip touched an intra-day high of Rs174 and a low of Rs150 and recorded volumes of over 0.5mn shares on BSE.

Shares of Bharti Airtel dropped by over 5% to Rs770. Reports stated that the company has reopened discussions to acquire a 49% stake in South Africa’s MTN for over US$23bn in a cash-cum-stock swap.

The deal will need the approval of the foreign investment promotion board, in the absence of a policy on share swaps.

The scrip touched an intra-day high of Rs858 and a low of Rs760 and recorded volumes of over 1.8mn shares on BSE.

Shares of L&T declined by over 4% to Rs1254 after reports stated that the Uttarakhand government asked the company to stop work on its 99MW Singoli-Bhatwari hydel project in the hilly Rudraprayag district of the state. The scrip touched an intra-day high of Rs1322 and a low of Rs1245 and recorded volumes of over 0.5mn shares on BSE.

source: Indiainfoline

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