The markets started the day down nearly 3% but saw some recovery coming in during the final hour of trade. The downtrend in market has been in global peers. The US subprime mortgage worry continues to haunts, it started with Europe yesterday and moved to US, today Asia ended with deep cracks and it down around 3%. Korea shaved off 4%.
Broader markets also ended in red but outperformed the benchmark indices down nearly 1%.
Realty, banking and metal indices are worst hit and are down 2.5%. FMCG, auto, pharma and oil & gas indices are down 1%.
Bharti Aitel, HDFC, Reliance Communication, Hero Honda, NTPC, Sterlite Ind are among the top losers down in the range of 3%-4%.
However, select IT stocks like Infosys and Satyam have managed to keep their head above the water and are trading marginally in the green. The rupee has weakened against the dollar and is tradingnear 40.66 levels against the dollar.
Sensex is down 231.90 points or 1.54% at 14868.25, and the Nifty down 69.85 points or 1.59% at 4333.35.
About 1209 shares have advanced, 1720 shares declined, and 64 shares are unchanged.
The BSE Midcap Index ended at 6,507.62 down 0.8%.
The BSE Smallcap Index ended at 7,904.13 down 0.8%.
The BSE Bankex was down 2.5% at 7,773.71. Kotak Mahindra, Federal Bank, Canara Bank, PNB, Axis Bank, ICICI Bank moved downwards.
The BSE Capital Goods Index was down 1% at 12,768.35. Punj Lloyd, Praj Industries, ABB, Greaves Cotton, Alstom Projects, BEML closed lower.
The BSE Health Care Index was down 0.6% at 3,651.28. Apollo Hospital, Cadila Health, Ranbaxy Labs, Glenmark, Aurobindo Pharm closed lower.
The BSE Auto Index closed at 4,736.40 down 1%. Hero Honda, Mah and Mah, TVS Motor, Maruti Udyog, Cummins, Hind Motors closed higher.
The BSE Metal Index closed at 10,863.61 down 2%. Mah Seamless, Hindalco, Jindal Steel, Sterlite Ind, Hind Zinc, Tata Steel closed lower.
The BSE FMCG Index closed at 1,903.05 down 1%. Godrej Consumer, HUL , Tata Tea, P and G, Dabur India closed lower.
BSE Oil and Gas Index closed at 7,755.96 down 2%. GAIL, ONGC, Reliance, BPCL ended in red.
The BSE IT Index gained 1% at 4,774.13. HCL Tech, Satyam, Mphasis, Patni Computer, Infosys closed higher.
The NSE cash turnover was at Rs 11274.81 crore and the NSE F&O turnover was at Rs 48868.82 crore. The BSE cash turnover was Rs 5200.94 crore. Total market wide turnover was at Rs 65344.57crore.
Source:moneycontrol.com
Friday, August 10, 2007
Intraday Calls for 10th August
Markets may open with a dip gap down something like 400-500 points. But I think market can bounce back from lower levels.
So be carefull but its a buying opportunity for valuable stocks and some small companies which are trading at their lower levels and may bounce. I can suggest some of stocks:
1. Ansal Buildwell CMP Rs. 80/- Very good fundamentals, Land Bank and have potential of 40-50% gain from current levels.
2. ALPS Industries CMP Rs.44/- It is also a very nice co., Strong fundamentals. Buy it for short to med term gain.
3. Orchid Chemical CMP Rs. 220/- Nice results posted by this company in june quarter. So buy for short term target of Rs. 275/-
4. Paramount Communicaion CMP Rs. 28/- Trading at its lower levels and have potential to touch Rs. 40-45/-
Good Luck.
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