Trading on Friday, 8 February
BSE -62.04
17464.89 -0.35%
NSE -12.90
5,120.35 -0.25%
4:48 PM - It was a rough week for the market. The failed IPOs affected sentiments on the primary market. Wockhardt was the first IPO to bomb and then today Emaar MGF withdrew due to poor subscription figures. SVEC IPO has revised its price band and extended its closing date. The weekly figures are: Sensex was down 4.3% and Nifty was down 3.5%. All sectoral indices were in the negative, BSE Bankex down 6.7%, BSE Auto index down 5.3%, BSE Metal index down 5%, BSE Oil&Gas index, BSE Power index down and BSE Capital goods index, all three down 3.5%, BSE IT down 2.3%, BSE Power index down 1.5% and BSE Realty index down 0.9%.
4:23 PM - The market closed in the negative today. The withdrawal of the Emaar MGF IPO just before close added to its woes. Sensex closed at 17464, down 62 points and Nifty at 5120, down 12 points from the previous close. The CNX Midcaps Index was down 1.7% and BSE Smallcaps Index was down 2.7%. The market breadth was negative with advances at 190 against declines of 1034 on the NSE.
4:16 PM - We may consider listing Emaar IPO after 3-6 months once the market stabilizes, says Shravan Gupta, vice chairman of Emaar MGF in Delhi, on NDTV Profit. Appreciation post listing was a challenge for the company and today's decision is to benefit shareholders, he adds.
4:10 PM - Buying conviction is missing in the market and if Nifty trades convincingly above 5500 then only we can say we are out of the woods, says Ashwani Gujral, technical analyst, on CNBC-TV18. Investors now need to get out of frothy sectors like realty and power and seek value in select stocks (small lots) in the IT, pharmaceuticals, auto and PSU banking space, he adds.
4:06 PM - In the realty space, Godrej Industries and Purvankara are value picks going forward, says Ambareesh Baliga of Karvy Stock Broking on CNBC-TV18.
4:04 PM - Bankers and promoters believe present market conditions are not suitable for the Emaar MGF IPO, says Vallabh Bhansali of Enam Consultants, on CNBC TV18. Emaar MGF IPO was withdrawn today.
3:58 PM - Investors with a 6-12 month horizon can find value in stocks like Bharti Airtel, L&T, BHEL, Punj Llyod, I
3:49 PM - The market will continue to be volatile in February till budget and F&O expiry on the same day, says Gaurang Shah of Geojit Financials, on CNBC Awaaz. The market is likely to stabilize after the budget, he adds.
3:46 PM - Retail participation has been subdued and the market has been volatile due to holidays in other markets, says Hemang Jani of Sharekhan, on NDTV profit. Reliance Power IPO listing on Monday may see some money return to the market which is likely to stabilize next week, he adds.
3:35 PM - It was a volatile day for the market that closed in the negative. Sensex closes at 175420, down 106 points (provisional) and Nifty at 5109, down 23 points (provisional) from the previous close. The CNX Midcaps Index was down 2% and BSE Smallcaps Index was down 2.9%. The market breadth was negative with advances at 200 against declines of 1023 on the NSE.
3:30 PM - SVEC IPO revises its price band to Rs 80-90 vs Rs 85-95 and extends its closing date to February 13, reports NDTV Profit.
3:27 PM - Emaar MGF withdraws IPO due to poor subscriptions (drops from 83% to 43%), it was to close on Monday, reports CNBC TV18. The Emaar management says it will refund IPO money in 10-15 days and it will consider other funding options like private placements, PE at SPV level.
3:21 PM - The volatility continues in the market. Sensex is at 17469, down 57 points and Nifty is at 5116, down 16 points from the previous close. The market breadth is negative with advances at 199 against declines of 1022 on the NSE.
3:12 PM - HDFC Securities has a target price of Rs 470 for Colgate Palmolive, reports NDTV Profit. The stock is currently trading at Rs 388, down 1.8% on the BSE.
3:03 PM - The market sentiment is weak and that may affect the Reliance Power listing on Monday, says Nipun Mehta of UNITIS Tower Wealth Advisors, on NDTV Profit. The worse does not seem to be over yet from the US and we cannot say that we are yet out of the woods despite the rate cuts, he adds. The equity market will continue to offer good returns but on select stocks, he feels.
2:56 PM - The European markets are trading positive on the news of a possible rate cut. The Indian market recovers a little. Sensex is at 17604, up 77 points and Nifty at 5154, up 20 points from the previous close. The CNX Midcaps Index is down 1.1% and BSE Smallcaps Index is down 2.6%. The market breadth is negative with advances at 219 against declines of 997 on the NSE.
2:43 PM - Hindustan Construction has a price target of Rs 300 in one year, says Gaurang Shah of Geojit Financials, on CNBC TV18. The stock is currently trading at Rs 171, down 2.5% on the BSE.
2:37 PM - Firstsource bags $80 million deal from Barclays and to takeover 300 employees in the US, reports CNBC TV18. The company says it is too early to comment on a US listing yet.
2:28 PM - Religare maintains buy on Bajaj Auto with price target of Rs 2942, reports NDTV Profit. The stock is currently trading at Rs 2230, down 2.1% on the BSE.
2:22 PM - The market recovers, Sensex and Nifty are both in the positive. Sensex is at 17540, up 13 points and Nifty at 5144, up 10 points from the previous close. The CNX Midcaps Index is down 1.3% and BSE Smallcaps Index is down 2.7%. The market breadth is negative with advances at 204 against declines of 1010 on the NSE.
2:14 PM - Indian Hotels has a price target of Rs 190 in one year, says Gaurang Shah of Geojit Financials, on CNBC TV18. The stock is currently trading at Rs 136, down 2.4% on the BSE.
2:07 PM - The market has seen a tremendous correction and now it is likely to go up, says Amit Dalal of Amit Nalin Securities, on CNBC TV18.
1:58 PM - Voltas has a price target of Rs 250 in one year, says Gaurang Shah of Geojit Financials, on CNBC TV18. The stock is currently trading at Rs 193, down 0.4% on the BSE.
1:47 PM - The European markets opened in the positive. The market sees a slight recovery. Sensex is at 17435, down 91 points and Nifty is at 5111, down 22 points from the previous close. The CNX Midcaps Index is down 2.2% and BSE Smallcaps Index is down 3.3%. The market breadth is negative with advances at 121 against declines of 1092 on the NSE.
1:36 PM - Gujarat Industries to set up 2 plants of 1000 MW in South Gujarat, says the management of the company, on NDTV Profit. The company's phase 1 expansion of 125MW will be operational by December 2008. The stock is currently trading at Rs 100, down 4.9% on the BSE.
1:26 PM - Sharekhan has target price of Rs 558 for Ranbaxy, reports CNBC TV18. The stock is currently trading at Rs 375, up 0.5% on the BSE.
1:19 PM - The market may retest 4850-5000 on the Nifty and 16700-17100 on the Sensex, says Anil Maghnani, technical analyst, on CNBC-TV18. This will offer an opportunity to the investor to accumulate good stocks in the portfolio, he says. This level may be maintained for a week so there is enough time for all to invest, he adds.
1:07 PM - In the Asian markets, only Nikkei is trading, and that is weak. Global cues are a side issue. The Indian market is looking intensely volatile and sliding badly. Sensex is at 17215, down 310 points and Nifty is at 5040, down 92 points from the previous close. The CNX Midcaps Index and BSE Smallcaps Index are both down 3%. The market breadth is negative with advances at 102 against declines of 1108 on the NSE.
12:55 PM - As long as ICICI Bank stays above its support levels of Rs 1,168 and Rs 1,138, there is not much reason to worry, says Ashu Kakkar, technical analyst, on NDTV Profit. In fact, it is a good buy at these levels or lower, he adds. Medium to long term target for this counter is Rs 1,400, he says. It is trading at Rs 1,090, down 1.4% on the BSE.
12:48 PM - If one wishes to invest in Arvind Mills, then buying it closer to its support levels of Rs 50 and Rs 38 is advisable, says Ashu Kakkar, technical anlayst, on NDTV Profit. The stock is trading at Rs 51, down 1.7% on the BSE.
12:41 PM - L&T has won a Rs 1,107 crore order from SAIL's I
12:32 PM - NTPC has support at Rs 200 and resistance at Rs 220, says Prakash Gaba, techncial analyst, on CNBC Awaaz. Once the resistance is crossed, it can go up to Rs 240-250, he adds. It is a good buy at current levels, he says. It is trading at Rs 204.80, down 0.8% on the BSE.
12:24 PM - JP Hydro has 6-9 months target of Rs 121-135, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has supports at Rs 75, Rs 64 and Rs 50 and resistances at Rs 97 and 105, he adds. It is trading at Rs 82.15, down 0.2% on the BSE.
12:17 PM - SCI is not only a good investment opportunity for the long term, but also for the short to medium term, says Ashu Kakkar, techncial anlayst, on NDTV Profit. It should be bought on declines, he suggests. The stock has supports at Rs 208, Rs 192 and Rs 178 and resistances at 230, Rs 252 and Rs 295, he adds. It is trading at Rs 220.50 on the BSE.
12:10 PM - Inflation for the week-ended January 26 has come in at 4.11% versus 3.93% the previous week. The market estimated it at 3.97%. Inflation has come in above 4% for the first time since week ended August 11, 2007, reports
12:03 PM - Sensex is currently trading at 17,488, down 38 points from the previous close. Nifty is at 5113, down 19 points. Realty, power, metal and consumer durable stocks are witnessing significant selling pressure, while IT is attracting a good amount of buying interest. Market breadth is weak.
11:57 AM - ACC will be rangebound for the next couple of months, says Ashu Kakkar, technical analyst, on NDTV Profit. But this is a good opportunity to buy into the counter, he adds. In a year, the stock can go up to Rs 1,200, he says. It has supports at Rs 752 and Rs 737 and resistances at Rs 805 and 882, he adds. It is trading at Rs 764.95, down 1% on the BSE.
11:50 AM - Power Grid has a good psychological support at Rs 100 and some resistance at Rs 150-160, says Prakash Gaba, techncial analyst, on
11:43 AM - L&T has a target price of Rs 4,200 in the next two months, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has supports at Rs 3,520, Rs 3,484 and Rs 3,368, he adds. It might face resistances at Rs 3,700 and Rs 3,850, he says. It is trading at Rs 3,518.90, down 3.1% on the BSE.
11:37 AM - Omaxe looks technically weak on the charts for now, says PK Agarwal of Bonanza Portfolio, on Zee Business. The stock has support at Rs 240 and resistance at Rs 350, he adds. It is trading at Rs 272.50, down 2.3% on the BSE.
11:30 AM - Reliance Energy is a safe investment for now, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock has strong support at Rs 1,900 and is facing some resistance at Rs 2,150-2,200, he adds. Once Rs 2,200 is crossed, it can easily go up to Rs 2,400, he says. It is trading at Rs 1,958, down 1.5% on the BSE.
11:23 AM - The market is quietly consolidating for now, says Vijay Bhambwani, technical analyst, on CNBC-TV18. As long as the Nifty remains above 5070-5080, there is not major cause of concern, he adds. But initiate a buy only after it moves above 5200 decisively, he suggests.
11:17 AM - Sharekhan has put a 'buy' rating on Bank of Baroda, with a price target of Rs 500, reports NDTV Profit. The stock is trading at Rs 389.95, down 0.9% on the BSE.
11:08 AM - Videocon Industries has support at Rs 410-420 and will face strong resistance at Rs 530, says PK Agarwal of Bonanza Portfolio, on Zee Business. It is advisable to sell the counter on 15-20% rallies, as it will take a long time to go back to its earlier highs, he says. The stock is trading at Rs 432 on the BSE.
11:00 AM - The market is trading lower. Sensex is at 17,447, down 79 points from the previous close. Nifty is at 5105, down 28 points. CNX Midcap index is down 1.9% and BSE Smallcap index, down 2.4%. All sectoral indices, except IT, are trading lower. Market breadth is extremely weak, with 152 advances against over a 1000 declines on the NSE.
10:52 AM - The Nifty will face resistance at 5260 and if it manages to cross that, then there will be resistance at 5260, says Sushil Kedia of K&A Securities, on CNBC-TV18.
10:46 AM - There is no problem with the Indian growth story over the long term, says Ashith Kampani of JM Financial, on NDTV Profit. India is largely a domestic story, while China is export-oriented, he adds. In the current market scenario, systematic investment planning will work the most, he says.
10:38 AM - Short term investors should lighten their positions at higher levels, says Rajat Bose, technical analyst, on CNBC Awaaz. The market is expected to go lower in coming days, he adds.
10:30 AM - The short term outlook for the realty space seems to be dampened, says Shahina Mukadum of IDBI Capital, on CNBC-TV18. But the current level is good to get in stocks like DLF for the medium term, she adds. The stock is currently trading at Rs 820, down 3% on the BSE.
10:23 AM - Karvy Stock Broking keeps an 'outperformer' rating on Tech Mahindra and has a target price of Rs 910 on the stock, reports CNBC-TV18. It is trading at Rs 738.70, up 1.8% on the BSE.
10:16 AM - IT is seeing a pullback rally now, says Rajat Bose, technical analyst, on CNBC Awaaz. Unless Infosys crosses Rs 1,750, no sustainable rally can be expected in the IT space, he adds. The stock is trading at Rs 1,546, up 4.4% on the BSE. BSE IT index is up 4.7%.
10:08 AM - State Bank of India may find support between Rs 2,110 and Rs 2,090 today, says Rajat Bose, technical analyst, on CNBC Awaaz. But it is advisable to buy the stock, only after it crosses Rs 2,150, he says. It is trading at Rs 2,155.60, down 1.3% on the BSE.
10:01 AM - The Wockhardt Hospitals IPO has been withdrawn due to poor response from investors, reports NDTV Profit. The authority of the hospital said that the IPO money would be refunded in 15 days. The Wockhardt stock has been hit by the news and is currently trading 3% lower.
9:54 AM - The market has opened slightly higher on Friday. Sensex is at 17,580, up 53 points from the previous close. Nifty opened flat and is currently at 5150, up 17 points.
9:50 AM - The Reliance pack as well as banking stocks should be bought on any fall, says Anil Maghnani, technical analyst, on CNBC-TV18. These stocks look strong on the charts and once the market starts moving up again, they will lead, he adds.
9:45 AM - The market may have a flat-to-lower opening today, says an NDTV Profit Poll. Crucial level for the Nifty would be 4970. Expect two-sided movement for the day. Power stocks may move today, ahead of Reliance Power listing.
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